BusinessMirror April 17, 2020

Palace rejects debt-payment freeze

By Samuel P. Medenilla

T

HE government will face severe financial repercussions if it implements a moratorium for its foreign debt payments to free more funds for its response to the novel coronavirus disease (Covid-19), Malacañang Palace said on Thursday.

Sen. Imee Marcos made the proposal earlier this week to allow the government to tap P451 billion of the 2020 national budget which is being used for loan payments.

In an online press briefing on Thursday, Presidential Spokesperson Harry Roque said the government is not considering the option since all the country’s foreign loans have a “cross default provision.”

“If we default [with] one of the creditors, we will default with all of our

MANILA Health Department personnel are seen inside the Delpan holding facility for Covid-19 which holds mass testing for Manila’s PUIs and PUMs. BERNARD TESTA

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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

DOMINGUEZ: Sen. Imee Marcos’s “narrowminded proposal” will taint the Philippines’s 34-year track record of honoring its loan obligations. AP creditors . . . what will happen then is all our creditors will demand payment at the same time,” Roque said.

If it needs more resources, the government will more likely sell first

its properties, as earlier announced by President Duterte, to generate more funds before it even considers a default on its loan obligation, Roque said.

Among the other top options of the government to get more funding for its Covid-related initiatives is to realign allocated budgets, as well as to borrow from international financial institutions.

On Wednesday, Finance Secretary Carlos Dominguez III rejected Marcos’s “narrow-minded proposal,” which he said will taint the Philippines’s 34-year track record of honoring its loan obligations.

Dominguez earlier said the government is eyeing to borrow $5.6 billion from the World Bank and the Asian Development Bank (ADB) to help finance government interventions for the Covid pandemic.

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

BSP RENDERS OFF-CYCLE KEY RATE CUT OF 50 BPS T www.businessmirror.com.ph

n

Friday, April 17, 2020 Vol. 15 No. 190

HE Bangko Sentral ng Pilipinas (BSP) on Thursday pulled out an unscheduled rate cut in what it deemed an effort to help insulate the economy further from the effects of the global pandemic.

BSP Governor Benjamin Diokno told reporters that they have approved another 50-basis-point cut, effectively pulling down the BSP’s main overnight repurchase rate to 2.75 percent.

The rate cut was made nearly a month after the BSP cut its rates by 50 basis points—on March 19, two days after a Luzon-wide lockdown was imposed to curb transmission of the deadly coronavirus disease—and a month ahead of the scheduled monetary policy meeting on May 21.

However, Diokno announced on Thursday that the policy setting meeting on May 21 has been canceled.

“Traditionally, there are 8 MB policy meetings in a year. The MB meets every week all year round.

Since we have decided on another hefty cut [50 bps] after a series of cuts earlier [25 bps on February 6 and 50 bps on March 19], we see no reason to have another policy meeting on the next scheduled date [May 21],” Diokno explained.

“Monetary policy works with a lag and it is the sense of the MB that a cut of 125 bps for the first half of the year is appropriate. We continue to monitor domestic and international developments, however,” the BSP chief added.

Govt securities

SOUGHT for reaction to the BSP move, National Treasurer Rosalia V. de Leon saw stronger demand for government securities (GS).

De Leon has since said liquidity remains strong with the additional infusion from the earlier 200-basis-point cut in the reserve requirement ratio by the BSP, as

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

PHILHEALTH SAYS HAS FUNDS TO PAY COVID TREATMENTS

well as from the redemption of retail treasury bonds which matured earlier this week.

“They still would like to put their funds in secure, positive earning assets. Where to go but GS? Some, of course, still would like to hold cash given moratorium on payments,” de Leon said in a text message to the BusinessMirror.

Series of actions

THE most recent rate cut is part of Diokno’s series of actions in an effort to keep the economy afloat amid the enhanced community quarantine brought about by the Covid-19.

In his official Twitter account, the BSP governor said they have decided to cut the policy rate to “strongly encourage lending to various sectors, especially to the most vulnerable, amid the Covid-19 pandemic.”

Prior to the most recent off-cycle rate cut, Diokno already decided to cut the BSP’s main policy rate by 50 basis points in March. Three days later, the governor announced that the BSP is buying P300 billion worth of government securities from the Bureau of the Treasury (BTr) to finance the government’s Covid-19 rescue package.

The BSP continued to flush the ailing economy with liquidity through a 200-basis-point cut in banks’ reserve requirement (RR) ratio the following week.

It has also pledged to remit its P20-billion dividends ahead of time to the national government to help fund efforts against the virus.

Diokno said the most recent rate cut will be effective Friday, April 17.

Continued on A2

PESO EXCHANGE RATES n US 50.6280

A MAN in PPE suit mans a checkpoint in Pasig City as authorities take stricter measures to enforce the enhanced community quarantine. NONOY LACZA

By Jovee Marie N. Dela Cruz

D

ESPITE the changes in its rate packages, the Philippine Health Insurance Corp. (PhilHealth) on Thursday assured the public that the state-owned insurance agency has enough funds to pay for the treatment cost of all Covid-19 patients.

PhilHealth President and Chief Executive Officer retired BGen. Ricardo Morales said the PhilHealth has a P30-billion reserve fund for this Covid-19 crisis.

“We have rolled out a P30-billion anti-Covid war chest to preposition with hospitals,” Morales said following the meeting of the House Defeat Covid-19 Committee.

However, Morales admitted that the PhilHealth is currently facing a revenue shortfall.

“We are now experiencing a shortfall in our collection, we anticipated this because everybody is cash-strapped. But we hope that before things become very critical we can get over and start to recover,” he said.

“But before the Covid 19 pandemic, we were already projecting a net loss, because we were not given the funding which we asked to support the funding of the UHC [Universal Healthcare Law]. However, for Covid we are confident that we can support the requirement,” he said.

TRICYCLE drivers flock to the Batasan High School to claim their P2,000 cash assistance from the Quezon City government. NONOY LACZA

Continued on A2

n JAPAN 0.4715 n UK 63.4419 n HK 6.5324 n CHINA 7.1624 n SINGAPORE 35.5784 n AUSTRALIA 31.9969 n EU 55.2351 n SAUDI ARABIA 13.4703

Source: BSP (April 16, 2020)

News BusinessMirror

A2 Friday, April 17, 2020

www.businessmirror.com.ph

Duque won’t quit as 14 senators seek ouster over Covid-19 fiasco

By Butch Fernandez & Claudeth Mocon-Ciriaco

A

T least 14 senators have signed a resolution seeking the ouster of Health Secretary Francisco Duque III for what they described as his poor handling of the Philippine response to the novel coronavirus disease (Covid-19), Sen. Juan Edgardo Angara confirmed Thursday.

Duque, replying to health reporters, said he was definitely not resigning, however, and defended the Department of Health (DOH) record in handling Covid-19, which has infected 5,660 people in the country, with 362 deaths and 435 recoveries as of Thursday (April 16).

Following the technical working group (TWG) meeting of the House Defeat Covid-19 Committee (DCC) health cluster, Duque also admitted that he was “hurt” by the call for him to resign.

“It’s just unfortunate and I’m really hurt that it is at this time that the Senate is calling for my resignation when it is time for us to come together, we need to unite when we have such an invisible enemy. How I wish the Senate had been more magnanimous and appreciative of the efforts that we have put in place by the time the Covid-19 began in this country,” he said.

“I serve at the pleasure of the President and for as long as he continues to put his trust and confidence in my capabilities, I will lead the DOH and the IATF in putting forward a very effective response against Covid-19 in this country,” Duque added.

Also, he said he will answer senators’ allegations in due time “but right now we will continue to be in the trenches with our healthcare workers and frontliners.”

Status quo untenable

“I AM one of them,” Angara said, as he confirmed signing the resolution against the DOH chief.

“Whether he [Duque] is removed or not, the status quo cannot continue if we want to defeat the virus.

Kelangan mas bibo ang liderato dito laban sa [The leadership should be more proactive against this] virus.”

Angara added: “We were late for testing, contact tracing is almost nonexistent, hospitals [are] short of protective gear—we need to be better. Buhay ng mga Pilipino ang nakasalalay dito [Filipino lives are at stake here].”

In a separate statement, Sen. Panfilo Lacson clarified that the issues raised by the senators against Duque as stated in Senate Resolution 362 have “commonalities as they are glaring and have bearing on the country surviving Covid-19.”

Lacson added, “We all agreed not to recommend any replacement,” and senators left it up to Malacañang to pick a “competent” replacement.

“In case Secretary Duque quits, it is all up to the President being the appointing authority. We are simply for a competent Secretary of Health. Take note: not more competent, but simply a competent one at the helm.”

Lacson added: “Having said that, the resolution does not in-

DUQUE: “How I wish the Senate had been more magnanimous and appreciative of the efforts that we have put in place by the time the Covid-19 began in this country.” AP

volve the President. It is virtually an appeal—demand, if you will, to Secretary Duque to resign and the reasons are stated in the resolution. It is his call.”

At the same time, minority senators also signalled support for the call for Duque to step down to make way for a new Duterte appointee to spearhead the government efforts to effectively contain the deadly virus.

“We support the resolution,” opposition Senator Francis Pangi­ linan said. He recalled that minority senators placed on record in a Senate hearing in February their disappointment in the performance of the DOH leadership in containing Covid.

“Put on record in the hearing was the failure of DOH leadership that we saw in how Secretary Duque acted.”

Pangilinan added: “To our January 28 call for a travel ban on visitors from Covid epicenter Wuhan and other parts of China, Secretary Duque publicly opposed a total travel ban, saying there were diplomatic repercussions. Inuna pa ang interest ng China kaysa sa kaligtasan ng mga Pilipino [He gave priority to China’s interest over the safety of Filipinos].”

Pangilinan also recalled that at the same hearing, “Secretary Duque was oblivious to the escalating health crisis,” noting that the DOH chief “revealed his incompetence as he was unaware that only 17 percent contact tracing of the first confirmed [January 30] Covid-positive patient was done and he was also unaware that 31 of the reported 80 PUIs [persons under investigation] came from Wuhan.”

“DOH failed to do contact tracing of the 31 PUIs, as well as the first confirmed Covid case who arrived on January 21. All these failures led to the spread of the disease,” the senator said, adding: “Naghugas ng kamay.”

The senator aired frustrations that “over two months have passed but we saw no improvement in the slow and unclear implementation of the anti-Covid effort.”

Pangilinan said, in Filipino, that if the DOH had been proactive, “we could have stopped the spread of Covid. Something might have been done to fill the lack of personal protective equipment for hospitals. The deaths of our countrymen, and gallant frontliners might have been prevented.”

Until now, contact tracing is not organized, and travel restrictions and mass testing have just begun. “We need clear, credible data to fight the disease.”

This, even as the senator noted the State of National Emergency has been in effect for sometime now.

The senators who filed the resolution are Senate President Vicente Sotto III, Senate Majority Leader Juan Miguel Zubiri, Senators Angara, Nancy Binay, Grace Poe, Manny Pacquiao, Sherwin Gatchalian, Francis Tolentino, Joel Villanueva, Ronald dela Rosa, Imee Marcos, Lito Lapid, Ramon Revilla Jr. and Lacson.

In a separate statement, Villanueva voiced the senators’ frus-

tration over the delayed DOH effort to effectively contain Covid.

“We cannot allow our response to the Covid-19 pandemic to continue like this. Our efforts on contact tracing and mass testing came in late, while we called our health workers to arms without the proper equipment to protect themselves,” Villanueva said.

“Our public-health leader should empower local governments, and take strategic actions that would make our response more efficient. We expect our public-health leader to show everyone he has the necessary qualities to lead the response effectively because our own people’s lives are at stake here. Every decision matters.

We cannot afford to be indecisive at this point.”

At least three senators—Angara, Zubiri and Pimentel—were infected with Covid-19, which was attributed to their being in contact with many people, especially since the last weeks before the community quarantine was imposed, the Senate was holding hearings and marathon sessions to finish its business before its March 14 recess, just two days before the Luzon lockdown.

House not joining ouster call

FOR his part, Speaker Alan Peter Cayetano said members of the lower chamber will not join the senators’ call for the health chief to resign.

“I respect the opinion of the Senate if that is their judgment then I guess it is their every prerogative and right to have this assessment of his performance,” he said.

“My personal opinion is I’m not joining the call of the senators to call for the Secretary’s resignation.... There’s been no consensus among members of the House because this is a recent development,” Cayetano added.

With Jovee Marie N. Dela Cruz

Marikina mayor confident of DOH okay for testing site T

TEODORO: “This facility is for free. It is for every Filipino—for those without the means to get tested for Covid-19.” BERNARD TESTA

HE final touches are being put in place for Marikina City’s Covid-19 testing facility as Mayor Marcelino Teodoro expressed confidence in getting the long-awaited certification from the Department of Health (DOH).

Teodoro based his optimistism on the endorsement for the facility by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID).

“We are [now] undergoing proficiency training and Biosafety Level 2 traning and testing, based on protocol, biosafety and proficiency, calibrating of all PCR machines and equipment. We are hoping accreditation of DOH will follow on Tuesday,” Teodoro said over the phone with the BusinessMirror.

Teodoro also thanked the IATF, after it advised the DOH to facilitate and expedite the accreditation of the testing facility. He made special mention of Interior and Local Government Secretary Eduardo Año, and Executive

Secretary Salvador Medialdea.

“We are happy that IATF is interceding in behalf of the city,” he said. With the help of IATF, the lab personnel will take the online test earlier than the original schedule on Sunday.

The mayor said the DOH has already pledged support to Marikina City.

Teodoro reiterated that their testing facility is part of their efforts to combat the spread of the disease.

“This will be part of a network of testing centers to do mass testing as prescribed by the directive of President Duterte,” Teodoro said. He noted that early detection and early testing means “early treatment to save lives and effectively avoid transmission of the virus.”

He said Marikina’s testing facility is for less fortunate Filipinos who do not have the money to get tested for Covid-19.

“This facility is for free. It is for every Filipino—for those without the means to

get tested for Covid-19,” he said.

They are currently calibrating the machines that will be used at the twostory testing center located in Barangay Concepcion Uno, Marikina City.

After their training, laborarory technicians will take a proficiency test on Monday. “Then hopefully the accreditation of our testing center will follow,” he added.

DOH an ally

HEALTH Undersecretary Maria Rosario Vergeire clarified on Thursday that the Marikina testing center is “not licensed yet.”

“But we are working with them for immediate compliance so they can open soon,” Vergeire said when reached for comment.

She reiterated that test laboratories without appropriate certifications will expose more people to undue harm.

“The Covid-19 virus is highly contagious. That is the reason why we need a Biosafety Level 2 facility,

laboratory technologists trained on biosafety and PCR procedures, regularly calibrated equipment and instruments, and a well-established protocol on the quality assurance of test results, if we are to conduct tests,” she explained.

Vergeire said the DOH understands that everyone wants to have a faster testing process, “but this should not be at the expense of compliance with protocols set to protect our citizens from harm,” referring to the earlier pronouncement of the City Government of Marikina that it will operate its own testing laboratory even without DOH approval.

The laboratory and biosafety process ensures protection and is not a hurdle for any local government unit’s testing capability. “The DOH is your ally in this Covid-19 battle. It is imperative that we abide by our scientific processes to secure the safety of our fellow Filipinos in Marikina City,” Vergeire concluded.

Claudeth Mocon-Ciriaco

BSP RENDERS OFF-CYCLE KEY RATE CUT OF 50 BPS Continued from A1

Why off-cycle?

WHILE the BSP has yet to issue a formal statement on the off-cycle easing, economists said this “proactive” move will pave the way for another rate cut possible in the scheduled meeting next month, on May 24.

“We expect Diokno to continue to ease monetary policy, reducing RR [ratio] by another 200 basis points before the end of April and cutting policy rates by another 25 basis points by May,” ING Bank Manila economist Nicholas Antonio Mapa said.

“Investors will continue to monitor

the size and scope of the fiscal Covid-19 recovery plan now that the lockdown has been extended to the end of the month with government officials flagging a worst-case scenario technical recession by the third quarter of the year,” he added.

In the view of Bloomberg Economics’ Justin Jimenez, “Bangko Sentral ng Pilipinas’s unscheduled rate cut underscores the serious and urgent pressures on growth.... Looking ahead, we think the BSP could further cut the reserve requirement, following a 200-bps cut in late March. That could happen before the central bank’s next scheduled meeting on May 21.”

Treasury tack

IN a related development, the Treasury has once again changed its tack in an attempt to raise more funds to boost the government’s war chest against the Covid-19 pandemic.

The Treasury wanted to take advantage of the demand for the longer-term Treasury bills (T-bills), prompting them to place a bigger amount for 364-day T-bills.

Sought for comment by this paper, de Leon said: “Past auctions [show] there were good demand for one-year [T-bills] at good pricing.”

Based on its public offering announcement for Monday (April 20), the Treasury is scheduled to offer P10 billion

worth of 364-day T-bills from P5 billion during the previous auctions.

As for the 91-day and 182-day T-bills, the Treasury decided to offer P5 billion each.

Previously, P10 billion worth of 91-day T-bills were offered. The amount of P5 billion for 182-day T-bills remains unchanged.

A total of P20 billion T-bills is set to be auctioned off on Monday.

As for offshore bond issuances, de Leon said they still continue to watch market developments.

“Like [a] tennis match in Wimbledon, we are [at] center watching the play. So we continue to monitor developments with the

likes of Australia and Saudi Arabia recently in the market. Deals are being printed, if you are willing to take the price,” she said in a message to reporters.

Meanwhile, the Treasury on Thursday also postponed the 1st Quarter Raffle Draw of Premyo Bonds to a later date following the extension of the Luzon-wide lockdown until April 30.

The raffle draw was supposed to happen on April 27.

“We will announce [the] new date when we have advice whether enhanced community quarantine [will be] extended or modified so we know [the] protocol to follow,” she said. Reports from Bernadette

Nicolas, Bloomberg

PhilHealth says has funds to pay Covid treatments Continued from A1

According to Morales, the total assets of PhilHealth is P221 billion.

“Our current assets—cash or easily converted to cash—is P70 billion. On top of that, we have investments and securities that also can be converted to cash and that would be about P124 billion,” he said.

As of April 15, Morales said the PhilHealth has already released P8.3 billion out of a total P27 billion approved by the board.

Assurance

IN a separate statement, the PhilHealth assured the public it is committed to pay benefits due all Covid-19 patients regardless of their admission date, upholding its earlier announcement that it pays at cost until April 14, and through its new case rate packages starting April 15 onward.

Under the new case rates, patients confirmed positive with Covid-19 and who developed severe illnesses will be compensated as follows: mild pneumonia for P43,997; moderate pneumonia for P143,267; severe pneumonia for P333,519; and critical pneumonia for P786,384. These new rates and the guidelines on how hospitals should be able to assist patients in availing themselves of the benefits are contained in its Circular No. 2020-0009.

The state agency said that it is now paying for testing based on another circular (No. 2020-0010) which prescribes coverage for Covid-19 tests from P2,710 to as high as P8,150 depending on how the test kits were procured by the accredited testing laboratories.

Earlier, PhilHealth clarified the need for prudence in managing its funds to strike a balance between being able to support patients at present and the need to support more patients in the future. It clarified it has the responsibility to the Filipino people to make sure that their fund is always ready to continue paying for Covid-19 patients as well as the rest of needy members in the country.

To help cover the cost of treatment, the agency said patients can make use of their HMOs or private health insurance, as well as mandatory discounts such as senior citizen and PWD discounts, if applicable, to substantially cover treatment costs. However, PhilHealth assured those who do not have the means and even those whose financial capacity is compromised that they can still apply for additional support.

Reconsider exceptions

QUEZON City Rep. Precious Castelo and Bagong Henerasyon Rep. Bernadette Herrera, meanwhile, urged the PhilHealth to reconsider its decision to limit the cost of Covid-19 treatment it would shoulder.

“It is the poor and senior citizens who will not be able to pay for the excess cost of treatment,” she said.

Castelo said the PhilHealth can seek additional funds from the national government and Congress if it is in danger of running short of money for helping Covid-19 patients.

For her part, Herrera said now is not the time for the PhilHealth to impose health-care financial burdens on suffering citizens.

“It must continue full coverage of all Covid-19 confirmed, probable and suspect patients. Every single one. No exceptions, no loopholes, and no excuses,” she said.

According to Herrera, the PhilHealth should let the Department of Finance look for the funds to transfer to PhilHealth as cover for financial costs of hospitalization, outpatient care and medicines.

The Nation BusinessMirror

www.businessmirror.com.ph

Group hits DSWD’s ‘solicitation permit’ policy amid pandemic

By Jonathan L. Mayuga @jonlmayuga

T

HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Thursday slammed the Department of Social Welfare and Development (DSWD) for imposing a “no permit, no solicitation” policy amid the ongoing public health emergency and implementation of the extended enhanced community quarantine (ECQ) in Luzon.

In a news statement, Pamalakaya said poor Filipino families and displaced workers are burdened by the lack of government support and services. As such, the group said many Filipino families rely on the support provided by the nongovernment organizations (NGOs), people’s organizations and the private companies.

“The government’s incompetence and insecurity will cost the lives of the poor who are adversely affected by the Luzon-wide enhanced community quarantine. Why would the government limit the initiatives of civil society and nongovernment organizations to solicit and conduct relief operations in times of a public health crisis? Is it because they feel that private sectors are doing better in providing relief aid to distressed families than the government?” Fernando Hicap, Pamalakaya national chairman said.

Hicap was reacting to the DSWD’s announcement that it would be regulating “unauthorized public solicitation activities.”

On its official social-media accounts, the DSWD posted a reminder to the public that “no person or organization shall conduct any form of so-

licitation in the country without first securing a permit from the DSWD” in compliance with the Presidential Decree 1564, otherwise known as the Solicitation Permit Law, a Marcos era legislation.

Seeking permit to solicit to help the needy at this point, according to Hicap, only adds another layer of bureaucracy, further impeding the efforts of private sectors and individuals in providing temporary necessities to the people.

“It runs contrary to the government’s supposed slogan, which is the ‘Bayanihan to Heal as One,’” Hicap said.

According to Hicap, instead of regulating solicitation, the DSWD should speed up in providing relief and assistance to the poor instead of an additional red tape to the humanitarian efforts and charitable acts of private sectors, entities and even celebrities,” added Hicap.

Since the lockdown, Pamalakaya has been involved in Tulong Anakpawis, a relief operations campaign led by Anakpawis Party-list together with various peasant and advocate groups. The relief operations drive solicits donations through an open call posted online.

Each relief pack, which is being distributed to families in coastal, peasant and urban poor communities contain rice and vegetables which are being purchased directly from the farmers to assure that they still have income amid the lockdown.

“The real bayanihan has been ongoing from the citizenry level to help those affected by the lockdown. It is morally unjust if the government will hinder the citizens’ initiatives and volunteerism,” Hicap said.

USAID assistance boosts PHL’s fight against deadly pathogen

T

HE United States has completed giving the P203-million ($4 million) assistance for the Philippines to boost Manila’s fight against the novel coronavirus by providing the additional P66 million, or about $1.3 million out of the total fund.

The money was released through the US Agency for International Development (USAID), which will be used in intensifying efforts to control and stop the Covid-19 “in the country and beyond,” according to a statement from the US government.

“This US government support to the Philippine Department of Health for its Covid-19 response demonstrates our long-standing commitment to our Philippine friends, partners, and allies in times of need,” the statement quoted US Ambassador Sung Kim as saying.

Earlier, the US announced an assis-

tance package for Southeast Asia, with the money to be used for a wide range of focused efforts in combating and stopping the spread of the pandemic in the region, with Manila being among the beneficiaries.

The statement said that through the P203 million, the USAID will beef up its anti-Covid-19 support for the Philippines, including on projects such as laboratory systems; intensifying case-finding and event-based surveillance; fortifying systems to prevent and control infections; expand risk communication; and support Filipino and international technical experts to enhance response and preparedness.

It said that the aid will allow Manila to expand its testing capacity “so that more people who have Covid-19 will be able to access life-saving treatment.”

Rene Acosta

IATF allows cruise vessels carrying Pinoy crew to dock at Manila ports

By Samuel P. Medenilla @sam_medenilla

C

RUISE ships carrying Filipino seafarers will now be allowed to dock at the seaports of Manila under a new Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) issuance.

In its Resolution 24, IATF issued the authorization for the measure “subject to the guidelines to be issued by the member agencies of the Sub-Task Group for the Repatriation

D

Another 3.4 million of the wage and salar y workers, Nagkaisa said, is now being targeted by the DOF’s wage subsidy program for micro, small and medium enterprises (MSMEs).

It said another million will be assisted by DOLE’s Covid-19 Adjustment Measures Program (CAMP).

“It also shows that only a fourth of workers in the formal sector are going to benefit from CAMP and the wage subsidy program,” Nagkaisa said.

It also estimated that there also 16 million workers in the informal sector, who will also need help from the government during the crisis.

“Rather than continue its targeted approach which creates bottleneck and social divide, Nagkaisa is reiterating its call for income guarantees for all affected workers,” it said.

Fund shortage

NAGKAISA issued the statement af-

of Overseas Filipino Workers.”

Cabinet Secretary Karlo Nograles said Filipino crew can undertake their 14-day quarantine on board the said cruise ships to ensure they are not infected by novel coronavirus disease (Covid-19).

He said the foreign crew of the cruise ships will be allowed to disembark in Manila and to take outbound flights back to their homes after they completed the mandatory 14-day quarantine.

Nograles said Filipino seafarers,

who disembarked abroad before being repatriated, were made to stay in hotels and other accommodations facilitated by the Overseas Workers Welfare Administration (OWWA) for their 14-day quarantine period.

However, he noted, the Philippine Coast Guard (PCG) has recently made available to them two ships, which have been converted into quarantine facilities.

“The PCG kicked off the operations of the quarantine ships by welcoming 90 repatriated Filipino

NDFP alleges govt forces violated own cease-fire declaration in letter to UN chief

By Rene Acosta @reneacostaBM

T

HE National Democratic Front of the Philippines (NDFP) has accused the military and police forces of violating their own ceasefire declaration in a letter sent to the United Nations, even as a member of the New People’s Army (NPA) was killed in a firefight in Bicol while communist supporters yielded in Northern Luzon.

In a letter submitted to UN Secretary-General Antonio Guterres, Luis Jalandoni, member of the executive committee and national council of the NDFP, alleged that government forces carried out attacks across the country while it was observing its own declared cease-fire until April 15 amid the novel coronavirus pandemic.

The BusinessMirror sought for a reaction from the military about Jalandoni’s allegations but it has yet to receive any response from military officials, particularly from Armed Forces of the Philippines (AFP) spokesman Brig. Gen. Edgard Arevalo.

Jalandoni is also the chief negotiator of the NDFP, the umbrella organization of democratic forces in the country that included the Communist Party of the Philippines (CPP), and its armed wing, the NPA, in its scuttled peace talks with the Philippine government.

Jalandoni claimed in a news statement released by the NDFP’s international office that both the police and the military carried out offensive operations from March 16, 2020, up to April 15, 2020, in “196 villages of 96 towns” in the country in “gross violation of their own unilateral cease-fire declaration.”

Citing reports from the CPP’s

14M wage, salary earners won’t benefit from govt’s cash aid program–group

ESPITE the billions of pesos spent by the Department of Labor and Employment (DOLE) for its cash assistance program for workers affected by the novel coronavirus disease (Covid-19), at least 14 million more wage and salary workers would likely be left behind, according to a coalition of the country’s largest labor groups.

In a news statement, Nagkaisa said the programs of DOLE and the Department of Finance (DOF) are not inclusive enough to cover vulnerable members of the estimated 28 million wage and salary workers.

Citing the figure of Marikina Rep. Stella Quimbo, the group said 9 million, would likely be “unaffected” by the business disruptions caused by the Covid-19 crisis, as they continue receiving their salaries since they are government workers, employed in essential services, or work in private households.

Editor: Vittorio V. Vitug • Friday, April 17, 2020 A3

ter the DOLE announced on Thursday that it has already stopped accepting new applications for its CAMP due to fund shortage.

“Effective 5 p.m. of April 15, the online application has been closed,” DOLE said.

Since the implementation of one-time P5,000 cash aid program on March 23, 2020, Labor Assistant Secretary Officer in Charge Dominique R. Tutay said they already released P1.2 billion to give aid to 236,412 workers.

She said the remaining P400 million of their CAMP benefits will be distributed to 85,563 beneficiaries in the coming days.

The labor official said they are still waiting for an additional P2.5billion budget for CAMP, which they have requested from the Department of Budget and Management (DBM) so they could help an additional 500,000 workers. Samuel P. Medenilla

information bureau, Jalandoni told Guterres that the military staged 13 attacks, or “assaults, against the NPA” and carried out “at least five aerial bombardment and artillery shelling in the 96 towns and 196 villages that he did not mention.

“The offensive operations by the soldiers and police forces of the GRP [Government of the Republic of the Philippines] are in defiance of the UN Secretary-General’s appeal,” Jalandoni told Guterres, referring to the latter’s earlier appeal for warring groups across the globe to lay down their weapons and concentrate instead in battling the pandemic.

In response to the appeal of the top UN official, the CPP declared its own cease-fire which lasted until March 15, the same day that Jalandoni submitted his letter to Guterres.

“Despite the GRP violation of their own unilateral cease-fire, the health committees and revolutionary forces of the entire NDFP continue to carry out programs for the health, welfare and safety of the Filipino masses where the NDFP operates. Although the NPA refrains from undertaking attacks against GRP armed forces, it observes an active defense policy to protect the communities from serious violations of the GRP armed forces,” Jalandoni said.

“On the other hand, the NPA has complied fully with the unilateral cease-fire order of the Communist Party of the Philippines, in response to the humanitarian appeal of the UN Secretary-General for parties involved in armed conflicts to declare a global cease-fire,” he added.

In Sorsogon, meanwhile, a rebel was killed on Thursday during a firefight between the NPA and joint elements of the Army’s 31st Infantry Battalion and the police’s 1st and

2nd Provincial Mobile Force Companies at Sitio Tongdol, Barangay Gabao, and Irosin town.

Capt. John Paul Belleza, spokesman of the 9th Infantry Division, said the soldiers and policemen were on security operations when they clashed with the rebels for about 10 minutes at around 7:40 a.m.

He said the operating troops killed one rebel and recovered an M-16 rifle, several anti-personnel mines and rebel documents.

In Dingalan, Aurora, 16 communist front organization members and rebel supporters yielded to the government on Wednesday through the joint effort of the police, military intelligence agents and the 91st Infantry Battalion under Lt. Col. Reandrew Rubio.

The surrender, wherein four short firearms were also surrendered, was personally witnessed by officials led

by Dingalan Mayor Sherwin Taay.

Col. Andrew Costelo, commander of the 703rd Infantry Brigade, said the surrender would greatly contribute to the sustainment of peace and development in Aurora while the government deals with the Covid-19.

In Batangas, Lamberto Asinas, the alleged regional intelligence officer of the NPA’s Southern Tagalog Regional Party Committee was apprehended on Thursday in Barangay Bunducan, Nasugbu, by joint police and military forces.

Asinas, alias Baste yielded a .45 caliber pistol, ammunitions, a hand grenade, a laptop, a mobile phone and rebel document.

Maj. Gen. Arnulfo Marcelo Burgos, commander of the 2nd Infantry Division, said Asinas was the 11th high-value target from the NPA who had been “neutralized” since 2019.

Prices of basic goods, prime commodities in Central Luzon remain stable–DTI report

C

ITY OF SAN FERNANDO— The Department of Trade and Industry (DTI) reported on Thursday that prices of basic goods and prime commodities in Central Luzon remain stable and within the prevailing prices.

“Based on actual monitoring conducted by our provincial teams during the first week of April in supermarkets, public markets and retail establishments, the prices of almost all items monitored were within the suggested retail price table,” DTI Regional Director Judith Angeles said.

An automatic price freeze has been imposed on basic goods and prime commodities since the declaration of a public health emergency last March 9.

In addition, the DTI monitoring teams also noted that the stores they visited complied with the InterAgency Task Force (IATF) on Emerging Infectious Diseases advisories on limiting the number of items

purchased per buyer, especially basic goods and prime commodities.

Groceries and supermarkets also implemented social distancing policies for their customers and staff.

The monitoring teams from the DTI provincial offices also reported that sardines, noodles and other canned goods were the most saleable items, thus, they have the lowest stock level.

The teams also noted that stock inventories of stores ranged from three days to two months. Bulk purchases of basic goods by local government units (LGUs) and private sector for their relief operations is the major reason for the low stocks in the retail establishments.

“Despite these, we have urged stores to facilitate the replenishment of their stocks even while there is an enhanced community quarantine.

Under IATF rules, there should be unhampered movement of essential goods,” Angeles said. Ashley Manabat

seafarers from South Korea, Indonesia, and Qatar last Tuesday,” Nograles said during an online news briefing on Thursday.

The BusinessMirror reported earlier this week another 7,000 Filipino seafarers are expected to arrive in the country in the coming days on board cruise ships. This is on top of the 12,000 other Filipino sailors, who were previously repatriated.

Numerous cruise ships worldwide were forced to cut short their voyages due to the threat of Covid-19 pandemic.

PRC launches ops of virus testing center in Mandaluyong

T

HE Philippine Red Cross (PRC) has taken another major step in its campaign to help prevent the spread of the coronavirus disease 2019 (Covid-19) after its testing center in its national headquarters located along Edsa started operations on Wednesday.

Sen. Richard J. Gordon, PRC chairman and chief executive officer, said in a news statement that the country’s foremost humanitarian organization has taken on a new function with its PRC Molecular Laboratory.

“At present, we have two testing machines, with each one capable of conducting up to 1,500 tests per day, at makakatulong ’yan so we can test more people.

Mas madali nating matatanggalan ng maskara ang kalaban, hindi natin kalaban ’yung taong maysakit kungdi ’yung taglay niyang sakit.

Pag nakita na natin ’yung kalaban, at least mahihiwalay na natin iyan dun sa mga grupo ng mga taong wala at mapagamot na siya kaagad.

At mababawasan ’yung humanto-human contact na mangyayari kung di natin siya aalisin sa isang barangay,” he said.

Gordon said the PRC has already entered, or is in the process of entering into memoranda of agreement with four local government units in Metro Manila, namely, Quezon City, Caloocan, Makati and Mandaluyong. The said LGUs will shoulder the testing cost for their constituents.

Swabbing will be conducted in the barangays by PRC, or LGU personnel, trained by the Research Institute for Tropical Medicine (RITM). Then the test kits will be transported to the Molecular Laboratory in Mandaluyong. There the samples will be placed inside the testing machine including the automated RNA extractor and then the PCR MA 6000 will determine whether the sample is negative, or positive.

The PRC chairman said the public can also avail of the testing by appointment to ensure that social distancing will be strictly complied with at the testing center. They can call 1158, the PRC’s Covid-19 hot line, where trained PRC staff and volunteers, which include doctors, will interview them and schedule them for testing if needed or refer them to appropriate hospitals.

Gordon thanked the PRC’s staff who worked hard to build the testing center and the RITM, Health Secretary Francisco T. Duque III, Foreign Affairs Secretary Teodoro Locsin Jr. and Philippine Ambassador to China Jose Santiago “Chito” Sta. Romana for their help in setting up the facility.

Economy BusinessMirror

A4 Friday, April 17, 2020 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Concepcion says IATF unlikely to extend ECQ beyond April 30

By Elijah Felice E. Rosales @alyasjah

T

HE enhanced community quarantine (ECQ) in Luzon will no longer be extended and public transport and regular work will resume

by May to allow the economy to refuel from the six week recess caused by the lockdown, the President’s business adviser said on Thursday.

In a television interview, Presidential Adviser for Entrepreneurship Joey Concepcion said he is certain the Inter-Agency Task Force (IATF) will not recommend the extension of the quarantine’s existing setup. He admitted it would be difficult for the economy to take another extension, and the

government cannot shell out another round of social subsidy.

“When the lockdown ends toward the end of the month, the economy has to come back. The social amelioration program cannot continue forever,” Concepcion explained. “A lot of micro, small and medium enterprises [MSMEs] has been affected today.”

In lifting the lockdown as scheduled on April 30, the government will likely move its protocols down to the barangay level, Concepcion said. As such, those with high number of confirmed cases and deaths will have to keep on implementing quarantine measures.

“The idea of the focused lockdown is to determine where the virus is. Mass screening should be done to identify

where the enemy [is], and you start that at the barangay level. That’s one of the recommendations we submitted to the President, which he approved immediately,” Concepcion said.

The presidential adviser is referring to President Duterte’s approval of rapid testing in the private sector to allow firms to operate again while, at the same time, identifying infected workers. With such a policy on hand, he is confident companies would be able to resume business while keeping their workplace safe from the respiratory illness.

At the same time, nonessential sectors, including amusement parks, casinos and bars, should not be allowed to open immediately, especial-

ly as they gather crowds of people, which is discouraged at the time of social distancing.

Malls should be permitted to open to the public for as long as owners maintain precautionary measures to prevent possible spread of the virus.

Services, in particular, is requested to recommence to give their workers a source of income under this crisis, Concepcion said.

“I don’t think the government will extend the ECQ. It’s going to be very challenging for MSMEs, as they might have to let go of their workers if they are prohibited from doing business again. It’s going to be challenging, so the IATF will likely recommend a different setup,” he argued.

Group urges Palace to waive GSIS opens online Covid-19 emergency VAT, UC on monthly electricity loan for members, pensioners nationwide bills during quarantine period S

A

N infrastructure-oriented think tank is calling for the suspension of value-added tax (VAT) and universal charges (UC) on power rates until community quarantines remain in place around the country.

“The suspension of VAT and universal charges on electricity rates during the coronavirus crisis translates to around P200 in savings for the average household consuming 200 kilowatt hour [kWh]. More important, this translates into a staggering P4.2-billion indirect economic aid to 21 million lower income households without the need for new loans, or the sale of government assets.”

This was the statement of Terry Ridon, Infrawatch PH convener and former urban poor chief of the Duterte administration.

Ridon said suspending VAT on power rates allows low income families more savings to spend on food and basic necessities.

“Every peso which we can add to the savings of Filipino families is already a win during this crisis. P200 affords families an additional 6 kilos of rice, without the need of fresh funding from government.”

Ridon, who was a former member of the House ways and means committee, said that VAT on power continues to be a very contentious issue because system losses, lifeline subsidies, and franchise taxes are levied with VAT. “This is lazy, unsound policy-making inherited from previous administrations, as non-revenue activities are taxed. The President has the power to stop this, and now is the most perfect time.”

Ridon also said that universal charges can also be suspended, particularly receivables of the Power Sector Assets and Liabilities Management Corp. (PSALM) for the National Power Corp.’s (NPC) stranded debts and contract costs.

“Indirect economic aid to 21 million low income households from the suspension of PSALM universal charges amounts to P207 million. This is an intervention which the President can order at once, without question.”

Universal charges are imposed for the recovery of NPC stranded debts and contract costs and collected from electricity consumers on a monthly basis.

“Together with the Energy Regulatory Commission, PSALM can certainly make this heroic contribution to the country’s coronavirus effort by suspending collection until the worst is over.”

TATE pension fund Government Service Insurance System President and General Manager Rolando Ledesma Macasaet announced on Thursday that GSIS members and pensioners nationwide may now apply for the GSIS Covid-19 Emergency Loan program online.

“Under the GSIS Emergency Loan program, our members and pensioners may take out a P20,000 loan, which is payable in three years at only 6-percent interest per annum. The loan is covered by an insurance, which deems the loan fully paid in case of the borrower’s demise,” Macasaet said.

Macasaet explained that to apply for the loan online, the borrower only needs to e-mail the following to GSIS: duly-accomplished Emergency Loan application form which is downloadable from the GSIS web site (https://www.gsis.gov.ph/ downloadable-forms); picture, or scanned copy of the borrower’s GSIS electronic card (eCard), or Unified Multi-Purpose Identification (UMID) card; and, photo of the borrower holding the filled-out application form. If the eCard, or UMID card is not available, the borrower may submit two valid IDs. The application form and requirements must be sent to the designated e-mail address according to the members’ place of work, or pensioners’ residence: gsiscares@gsis.gov.ph (for borrowers in NCR including Quezon City and Cavite); gsisnorthluzon@gsis.gov.ph (North Luzon); gsissouthluzon@gsis.gov.ph (South Luzon); gsisvisayas@ gsis.gov.ph (Visayas) or gsismindanao@gsis.gov. ph (Mindanao).

Active members and pensioners with UMID cards may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Educa-

Govt agencies, LGUs can now directly buy food for relief from farmers–solon

N

ATIONAL government agencies (NGA) and local government units (LGUs) can now directly buy food for their relief operations from farmers and farmers’ organizations, Sen. Francis Pangilinan said on Thursday.

The senator, a small-scale vegetable farmer himself, said this was made possible by the approval of the Government Procurement Policy Board (GPPB) circular detailing how national government agencies and LGUs can directly procure from farmers and farmers’ organizations, particularly for their food requirements during the enhanced community quarantine period.

Pangilinan said he is constantly in touch with the Department of Agriculture and the Union of Local Authorities of the Philippines in institutionalizing a mechanism for LGUs “to go directly and purchase directly through negotiated contracts with farmers’ organizations for produce which they need as they monitor the enhanced quarantine in Luzon and other areas.”

He said the system will also get rid of the middlemen who purchase the farmers’ produce at lower prices yet sell them at much higher prices in the commercial market.

“Government is stepping in. Dati ang ating mga farmers, hawak sa leeg ng mga traders and middlemen. But now, with government coming in and needing these agricultural products whether it’s livestock, whether it’s chicken, pork, or agricultural products, rice, they will get it at a negotiated price or a fair market price,” he said.

With a support mechanism in place, Pangilinan said farmers will also continue to plant.

“If this is going to be a prolonged quarantine—qualified or transitioning into a semi-quarantine situation because until we have a vaccine precisely, we are going to have to maintain social distancing—we are going to have to maintain a new normal which is very different from how it was before this pandemic and food will be critical,” Pangilinan said.

“And so this is strategically important in the long run. As we face this new normal, how do we secure our food? And, therefore, direct purchases to our farmers and farmers’ organizations is an opportunity for them to up their income but at the same time to sustain their planting practices,” he explained.

While the cash aid that farmers should get from the Bayanihan Law will be a big help, the more sustainable support would come in the form of having a steady market for their produce, so that they can continue with their planting cycle.

tion; and several Robinsons and SM Malls.

The loan proceeds are electronically credited to the borrowers’ eCard or UMID card.

“This is the first time that GSIS is offering emergency loan on a national scale. Previously, emergency loan is offered by GSIS to declared calamity areas which are usually confined to a particular province or region. The last time GSIS offered a region-wide emergency loan was in 2013 when Typhoon Yolanda struck almost all provinces in the Visayas. In the aftermath of Typhoon Yolanda, GSIS disbursed a total of P5.2 billion in loans to members and pensioners in 2013,” Macasaet recalled.

All GSIS members of good standing are qualified to avail of the Covid-19 Emergency Loan, except those who are on leave without pay; incurred arrears in paying the mandatory life insurance contributions; or have unpaid loans for more than six months. To ensure that borrowers would still have adequate takehome pay after availing of the loan, borrowers should have a minimum take-home pay of P5,000 following the deduction of monthly premium contributions and loan amortizations from their salary.

Old-age and disability pensioners may, likewise, apply for the loan if the resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension. This is to ensure that there is still considerable amount left for the pensioners’ usual monthly expenses.

Members and pensioners who have inquiries on the loan program may visit the GSIS web site, www.gsis.gov.ph; GSIS Facebook account, @gsis.ph; send e-mail to gsiscares@ gsis.gov.ph; or call the GSIS contact center at 8847.4747 if in Metro Manila or 1-800-8847-4747 (for Globe and TM subscribers) and 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers).

PIPPA rejects force majeure provision in PSAs with DUs and power co-ops

By Lenie Lectura

T

@llectura

HE Philippine Independent Power Producers Association Inc. (PIPPA) has turned down a proposal for power-generation companies (gencos) to accept a force majeure (FM) provision of their powersupply agreements (PSAs) with distribution utilities (DUs) and electric cooperatives (ECs).

“Mandating generation companies to FM claims by DUs/ECs not only disrupts the power supply chain. It is also tantamount to one sector taking advantage of the other,” said PIPPA. Laban Konsyumer Inc. (LKI) President Victorio Mario Dimagiba, in a letter earlier sent to PIPPA President and Executive Director AnneEstorco-Montelibano, wants gencos to accept the FM claim of DUs, such as Manila Electric Co. (Meralco), and other ECs. LKI reasoned out that electricity consumers in Luzon should be spared from paying fixed charges for generation capacity that was not consumed.

But PIPPA said regulators should not allow this. Using consumer interest as a guise for undermining power-supply contracts should not be allowed, as this will affect the ability of generating companies to pay for fuel, operating costs, and even loans, which will render it unable to continue operating its power plants.

This can happen quickly, in some cases, within one unpaid billing period. FM claims cut both ways, and this will have disastrous consequences if it remains unchecked. It will be each industry player acting solely on the basis of its own commercial interests.

“This is what we need to emphasize that the power industry and its regulators must not allow this. Rather, we must address these problems and all its complications as one industry where everybody shares the burden and everyone benefits from the gains,” it said.

Dimagiba also said that power rates in May should be lower after Meralco invoked the force majeure provision in power-supply agreements.

“Due to the significant reduction in power demand in its service area during the enhanced community quarantine period, Meralco invoked the FM provision in its PSAs for the duration of the lockdown, reducing fixed charges for generation capacity that was not consumed,” Meralco had said.

Dimagiba said Meralco invoked the provision in its PSA for the April rates.

However, this covers only 10 days of the enhanced community quarantine.

“The full 30-day lockdown shall be reported in the May rate report. We believe the bigger relief of peso per kWh shall be passed on to the consumers at that time,” Dimagiba said.

The World

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

BusinessMirror

Friday, April 17, 2020

A5

‘A crisis like no other’: IMF says 102 countries seek assistance

W

ASHINGTON—The head of the International Monetary Fund (IMF) said on Wednesday that the lending agency is facing huge demand for support from its members during the global pandemic.

An unprecedented 102 of the IMF’s 189 member countries are seeking assistance from the organization, Managing Director Kristalina Georgieva said. The agency is prepared to commit its full $1 trillion in lending capacity to meet the demand, she said.

“It is a crisis like no other,” Georgieva told reporters, reiterating her agency’s assessment that

the global economy is in its worst downturn since the Great Depression of the 1930s.

Georgieva spoke at a news conference as the Washingtonbased IMF and its sister lending agency, the World Bank, began its spring meetings, being held remotely this year.

She and World Bank President Dav id Ma lpass bot h

pra ised a dec ision t a ken on Wednesday by the finance ministers and central bank presidents of the Group of 20 major industrial countries to declare a suspension of debt payments for low-income countries.

The debt suspension from May 1 through the end of this year is aimed at allowing poor countries to keep an estimated $12 billion that they can use for meeting health care and other needs stemming from the coronavirus.

In a new economic outlook prepared for this week ’s discussions, the IMF forecast that the global economy will shrink by 3 percent this year, far greater than the 0.1 percent dip that occurred in 2009 in the wake of the global financial crisis.

Georgieva said that the IMF

has already doubled its emergency assistance programs from $50 billion up to $100 billion. At the same time, the agency is preparing to assist to restart economic growth as countries emerge from the crisis.

“We need to think of the challenges we will face on the other side of this crisis,” she said, noting the likelihood of elevated levels of debt and rising bankruptcies in many nations.

It is important that the IMF and individual governments put measures in place to deal with those issues, she said.

As part of the meetings, the IMF’s policy committee will meet on Thursday, with the sessions closing on Friday with a news conference by Malpass following a meeting of the World Bank’s policy panel. AP

Tech companies step up fight against bad coronavirus info

C

H I C AG O — Po te nt i a l l y d a n g e ro u s coronavirus misinformation has spread from continent to continent like the pandemic itself, forcing the world’s largest tech companies to take unprecedented action to protect public health.

Facebook , Google and others have begun using algorithms, new rules a n d f a c t u a l wa rn i n g s to kn o c k d ow n harmful coronavirus conspiracy theories, questionable ads and unproven remedies that regularly crop up on their ser vices— and which could jeopardize lives.

Health officials, critics and others who have long implored the tech companies to step up their response to viral falsehoods have welcomed the new effort, saying the platforms are now working faster than ever to scrub their sites of coronavirus misinformation.

“It was definitely, within the companies, a shift,” said Andy Pattison, manager of digital solutions for the World Health Organization, who for nearly two years has urged companies like Facebook to take more aggressive action against anti-vaccination misinformation.

Pattison said he and his team now directly flag misleading coronavirus information and, at times, lobby for it to be removed from Facebook, Google and Google’s YouTube service.

Last month, Iranian media repor ted more than 300 people had died and 1,000

were sickened in the country after ingesting methanol, a toxic alcohol rumored to be a remedy on social media. An Arizona man also died after taking chloroquine phosphate—a product that some mistake for the anti-malaria drug chloroquine, which President Donald Trump and conservative pundits have touted as a treatment for Covid-19. Health officials have warned the drug hasn’t been proven safe or effective as a virus therapy.

Days later, Twitter and Facebook began cracking down in unprecedented ways on posts promoting unverified treatments.

Twitter deleted a post by Trump’s personal attorney Rudy Giuliani that described hydroxychloroqine, a cousin to chloroquine, as “100 percent effective” against coronavirus.

The company also removed a tweet from Fox News personality Laura Ingraham touting what she called the drug’s “promising results.”

O t h e r w i d e l y s h a re d c l a i m s t h at hydroxychloroquine cures Covid-19 live on. A conservative radio host’s tweet claiming that “ALL hospitals and health-care workers are using it with total success” has been shared more than 12,000 times.

In what may be a first, Facebook removed a post from Brazilian President Jair Bolsonaro, who promoted hydroxychloroquine as “working in every place” to treat coronavirus. Twitter also removed an associated video.

Facebook has long resisted calls to fact check or remove false claims directly made by politicians, arguing the public should be able to see what their elected officials say. In this pandemic, however, the platforms have no choice but to rethink their rules around misinformation, said Dipayan Ghosh, codirector of the Platform Accountability Project at Harvard Kennedy School.

“The damage to society is clear-cut: it’s death,” Ghosh said. “They don’t want to be held responsible in any way for perpetuating rumors that could lead directly to death.”

Other sites have also tightened their policies.

YouTube began removing videos that claimed coronavirus was caused by 5G wireless networks last week. Some of the videos had racked up hundreds of thousands of views. Google searches for “5G” and “coronavirus” now redirect users to news videos debunking the theory.

Facebook-owned private messaging service WhatsApp has limited how many chats users can forward messages to in an effort to limit the spread of Covid-19 misinformation. Since WhatsApp encrypts all messages, it can’t read them to determine if they contain misinformation.

The pandemic has thrown up new challenges to content moderation. Early on, health considerations forced the contractors that employ human moderators to send most

of them home, where for privacy reasons they couldn’t do their jobs. Facebook eventually shifted some of that work to in-house employees and leaned more heavily on artificial-intelligence programs. More recently, it has made new arrangements for contract moderators to do their jobs remotely.

Meanwhile, bogus ads for masks, hand sanitizer and unregulated blood tests for Covid-19 still appear on Facebook and G oogle. And one Nor th Carolina man with 44,000 YouTube subscribers who complained that his videos promoting the 5G and coronavirus theor y were removed is now using the platform to hawk $99 subscriptions to view his videos.

The tech platforms point out they are putting facts about the virus from news outlets, fact checkers, and health officials in front of their users when their safeguards fail.

Google “coronavirus” and you’ll be directed to your local health department. Search on Twitter for “coronavirus hoax” and you’ll get a link to the US Centers for Disease Control and Prevention. Watch a coronavirus conspiracy theory video on YouTube and you’ll see a label promoting legitimate news outlets and Covid-19 information from the CDC hovering over it.

“There’s a lot of misinformation when there is a lack of good information,” said Pattison.

“People will fill the void out of fear.” AP

banks brace for big loan defaults by U.S., global customers

N

EW YORK—The major banks in the US are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic.

JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Goldman Sachs raised the funds set aside for bad loans by nearly $20 billion combined in the first quarter, earnings reports released over the past two days show. And Wall Street expects that figure may go even higher next quarter, a possibility bank executives acknowledged on earnings conference calls.

Bank of America and Citigroup said on Wednesday that their profits sank more than 40 percent in the first quarter as both set aside billions for potentially bad loans. A day earlier, JPMorgan Chase and Wells Fargo reported even steeper drops in profit as those banks also set aside large sums to cover loan losses.

Even the investment banks were not immune to the pandemic.

Goldman Sachs’ first-quarter profit dropped by 46 percent from a year earlier, due to significant losses on its own investments as well as a buildup in reserves for potential loan defaults.

The coronavirus outbreak has bought the US economy to a

virtual standstill in just weeks.

Most economists—and bank CEOs—expect the US to go through a depression. The only question is how severe: Second-quarter gross domestic product is expected to drop from 30 percent to 40 percent and the unemployment rate is seen rising as high as 25 percent.

On Tuesday, JPMorgan CEO Jamie Dimon said the bank was preparing for a “severe recession.” Wells Fargo CEO Charlie Scharf said, “We all know we haven’t seen anything like this before.”

One signal on how quickly consumers are pulling back came in the latest retail sales data from the government. Retail sales fell by 8.7 percent in March, the worst monthly drop in that datapoint on record. Consumers spending accounts for roughly 70 percent of US gross domestic product, so that drop is particularly troublesome.

Bank of America’s own data showed the consumer pulling back dramatically. Until the beginning of March, spending on BofA’s credit and debit cards was running at a steady 7.5-percent growth rate. That’s a fairly standard figure for the industry.

By early April, that figure had dropped to roughly 2 percent.

Many of the loans now at risk were fine only weeks ago, but the

pandemic has caused companies to shutter and millions to be put out of work.

Banks have scrambled to come up with payment options for their nowdistressed customers, from cutting fees, making monthly payments smaller or allowing borrowers to skip a month’s payments altogether.

Roughly one in six small businesses that have loans with Bank of America are now in some sort of payment deferral program, the bank said on Wednesday.

On Wednesday, BofA said it nearly quintupled its loan loss provisions to $4.76 billion, while Citi set aside $7.03 billion, up from $1.98 billion in the first quar ter a year earlier. Both have large credit card operations, and BofA also has a large consumer banking business while Citi has a large international banking franchise and lends to companies around the globe.

B ofA and Citi fared better than rivals JPMorgan and Wells, which both saw steeper profit declines and propor tionately set aside more money to cover loan losses. B ut Wall Street expec ts the industr y will have to boost its bad loan cushion even fur ther.

“These are all guesses at this stage,” said Octavio Marenzi with

the consultancy firm Opimas, in an e-mail to investors. “The credit risk models created by banks have never seen anything like this crisis and are not likely to be able to make accurate forecasts. If anything, it looks like BofA’s loss provisions are on the light side and we expect to see greater provisions for loan losses in Q2.”

In a conference call with investors, BofA CEO Brian Moynihan said the figures out Wednesday were preliminary and added the bank would set aside more money next quarter if needed.

Charlotte, N.C.-based BofA earned a profit of $4.01 billion, or 40 cents a share, down from $7.31 billion or 70 cents a share, a year earlier. Citi’s profit fell to $2.5 billion, or $1.05 per share, from $4.7 billion, or $1.87 per share, a year earlier.

Goldman Sachs had to set aside $937 million to cover potentially bad loans, up from $224 million a year earlier. But Goldman took the biggest hit in its own portfolio. The investment bank owns stakes in several large public companies as well as its own private equity portfolio.

Many of those companies saw their stocks plummet last quarter as the stock market ended its 11-year bull run, so Goldman had to mark those losses on its balance sheet. AP

A6

Friday, April 17, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

BSP cuts interest rates

T

he Bangko Sentral ng Pilipinas (BSP) yesterday reduced its benchmark interest rate by 50 basis points—or one-half percent—to 2.75 percent.

Policy-makers were scheduled to make their next interest rate decision on May 21. This came on the heels of inflation for the month of March coming in at a low 2.5 percent.

While much of the focus—and most certainly from the political opposition to the Duterte administration—is centered on “today” and maybe a little on “tomorrow,” the BSP policy change looks to the future.

The initial analysis on the BSP move, that the central bank is “seeking to keep the economy afloat amid the coronavirus outbreak,” is inaccurate. This has nothing to do with today or even tomorrow, but when the economy begins once again to do business.

Granted, business as usual is still far away, this BSP rate cut will do nothing to improve economic activity while we are under extended community quarantine.

There is a clear trend about some serious fear mongering around the world. Over the past two months the models that projected the number of cases and deaths have been ridiculously inaccurate. Initially, models were predicting 4 million global cases of Covid-19 by now, and the world is at half that number. Even taking into account large lapses in reliable number of cases and death counts, the experts have been lowering forecasts on a weekly basis.

It is suspect that the US state of New York suddenly added to the Covid-19 death count individuals who had died that were never tested for Covid-19 but were presumed to have been infected. Is this simply a justification for the quarantine and lockdowns? A German medical lawyer who criticized the coronavirus lockdown law was arrested and taken to a psychiatric ward.

Nonetheless, the lockdowns are causing economic disasters in all countries where they have been imposed. While we are absolutely adhering to the local ECQ and fully support it, we do not believe that this Covid-19 pandemic is the end of the world. That’s why we are looking forward and planning for the future, as we believe the BSP is also doing.

Lowering interest rates will make borrowing easier and cheaper for companies, but the rate cut has nothing to do with today as virtually no local companies are heading to their banks for loans. In fact, individuals and corporations are having great problems taking down tranches of their existing credit lines that were established long before Covid-19.

You cannot blame the banks for being doubly cautious, as the future is terribly uncertain. Further, government policies regarding economic stimulus in a variety of forms is fluid and unpredictable.

In the end, for the economy to get back on its feet will depend on what the private sector does, and how it does it.

The banking system will remain relatively strong even as the government’s fiscal position somewhat deteriorates. That is, of course, assuming no disastrous decisions being made, such as suspending foreign debt payment. The short-term financial gains would be offset negatively ten-fold if that caused a lowering of the nation’s sovereign and corporate debt rating.

The next 12 months with the strong potential of significantly reduced remittances and export slowdown are going to be difficult.

However, as long as the BSP is forward-looking with its monetary policies, the business sector can pull its own weight and that is what will be needed.

Since 2005

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

T. Anthony C. Cabangon

Online Editor

Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

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

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

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

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

www.businessmirror.com.ph

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

Better Days

W

hile our frontliners and citizenry are fighting Covid-19, we need to consider how this pandemic is affecting—and will affect—our economy. While the enhanced community quarantine can minimize Covid-19 cases and keep our healthcare system from being overwhelmed, our economy is taking a beating. Due to ECQ, many small and medium enterprises (SMEs) are in danger of serious losses or outright closure.

The prospects of a quick recovery also appear to be dim. The International Monetary Fund (IMF) projected in its recent World Economic Outlook 2020 that the “Great Lockdown” recession could in fact be the global economy’s steepest in nearly a century. If global demand slows, several of our producers and exporters are bound to suffer declines in their sales. Banana growers in the Philippines for instance have already projected that their overseas shipments will drop by nearly 40 percent—from 4 million tons in 2019 to 2.5 million this year—due to lockdowns and transport curbs in their main markets.

Therefore, it is critical that while significant resources and man-hours are devoted to containing the virus

and providing for the needs of ordinary citizens under lockdown, immediate support for businesses should also be made available.

Recently, President Duterte approved the Department of Finance’s P51 billion-proposal to implement a two-month wage subsidy program for small businesses, where their employees can receive anywhere from P5,000 to P8,000 a month for two months, depending on the applicable regional minimum wage. Alongside all the grace periods, loans, and payment extensions provided under the Bayanihan Act, such wage subsidy will hopefully keep businesses open long enough until the lockdown is completely lifted.

Actions should also be taken toward laying the foundation for

Fear and hope

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

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

Sonny M. Angara

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

Regaining our economic foothold after Covid-19

Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

B

rothers and sisters, in the Gospel according to Matthew, the story of the resurrection of Jesus occurred during a convergence between two women, one of them being Mary Magdalene, and an angel when the women visited His tomb. We can see in the book of Matthew 28:5-6 the first words spoken by the angel to them: “Do not be afraid, for I know that you are looking for Jesus, who was crucified. He is not here; He has risen, just as He said. Come and see the place where He lay.” Quite likely, it was long before the women realized what the angel said to them.

But, according to the Gospel, their fear and sorrow were replaced by amazement and joy.

Amazement and joy! These are the blessings brought by the resurrection of Christ. We may ask, “What thing should we be amazed at or be joyous about when we are in the middle of a heavy suffering?” Like the two women, we are also looking for Jesus. Where is Jesus now?

Whether we believe it or not, there is a valid reason for us to be amazed and be joyful, and to

be full of hope. If we sharpen our observation and senses, we will be amazed at how our God moves in many small and silent ways to save us from sins that burden us.

Is it not a clear proof of the presence and movements of God in our society today that we see so many people propagating good-heartedness, compassion for others, and sacrificing a lot in order for us to

the country’s resilience and planning out its recovery. To this end, a Technical Working Group (TWG) on Anticipatory and Forward Planning under the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) is already formulating such a plan.

Led by the National Economic and Development Authority (Neda), this TWG has already conducted a 44,000-respondent survey to assess the epidemic’s damage to the economy and understand the needs of SMEs and consumers alike, based on their experiences under the ECQ. Such surveys are integral parts of efforts to formulate strategies to address the effects of Covid-19 on the economy. Hopefully, the insights from this survey are released soon and prove to be useful.

The UP School of Economics (UPSE) has also released a discussion paper worth considering as the post-ECQ recovery effort is being formulated. In the paper, several UP economists argue that the Covid-19 pandemic revealed deep institutional weaknesses that can be addressed once we emerge from lockdown. Areas such as public health, fabrication and logistics, research and development systems, and social safety nets were among those identified.

Indeed, helping citizens with their everyday needs should remain the foremost concern of the

economic recovery effort. But, as argued in the UPSE paper, any government economic stimulus package could include investments in forward-thinking initiatives toward establishing a nationwide electronic medical records system, fabricating and stockpiling medical equipment, or even modernizing the Bureau of Quarantine.

Stimulus expenditures could also be devoted to boosting supply chains for food and essential goods, as well as augmenting production capacities, warehousing, transport, and distribution channels. The same may be done for technology and research and development, with an eye to promoting the adoption of useful technologies among SMEs, and upskilling workers.

For our part, we filed SBN 1418, or an “Economic Rescue Plan for Covid-19,” which seeks to create a P108-billion fiscal stimulus package that will address the economic impact of Covid-19 and keep our economy on track. This is a counterpart to the measure first filed

by Marikina Representative Stella Quimbo.

Rep. Quimbo revealed a new proposal worth P370 billion, at a recent online TWG meeting of the House of Representatives Defeat Covid-19 Committee. This measure basically aims to support “nonessential businesses” so that they do not have to See “Angara,” A7

become one in beating the disease that already affected more than 2 million people and taken the lives of over 135,000 people in the world?

If the crisis did not happen, we may have remained blind to the truth that many people are goodhearted, and also remained blind to the many ways we ourselves can be good to others who are in need. If the crisis never happened, we might have remained blind to the fact that much is needed to be changed, like the widespread poverty in our midst.

Couldn’t it be that Jesus is moving into our hearts and minds for us to change our views of ourselves, our society, and seriously think about the things that we can do for these changes to occur?

Our hope does not come from blind faith; it comes from a strong foundation. Christ is alive and He is here with the people who continue to love, to serve, and to sacrifice for the good of all. He tirelessly evokes His love to the people. As Pope Francis said in his message before the Holy Week, because of love, people become creative. Our hope is hoping for a greater day, where each and every one of us, and all mankind, can live far greater than good. Because of the

love that we see in the people who love, we have a reason to believe for a greater day.

Christ is with us while there are people thinking about how they can help solve the loss of justice in our society that this crisis is showing us. Christ is with us while we are being enlightened to give financial help to the workers who cannot fend for themselves. Christ is with us when there are those who think of ways to make health and care needs to be more affordable.

Christ is truly alive when more and more people are seeing clearly what must be changed in our lives after this crisis.

Brothers and sisters, where else can we find Christ except within us, in every person ready to help others, and in every person ready to reform his life to be like Jesus’ and take action for the greater good of a just society. Christ is truly alive, which is why we are full of joy and hope.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

Opinion BusinessMirror

www.businessmirror.com.ph

ECQ is a classic case of ‘double bind’

Friday, April 17, 2020

A7

Ending an era Tito Genova Valiente

Manny F. Dooc

TELLTALES

T

he lockdown is a draconian measure that presents an impasse to our people. It’s a solution that is as deleterious as the problem. No drastic public policy in recent memory has caused severe disruption to work and our people’s livelihood. By his own admission, Labor Secretary Silvestre Bello III said Covid-19 had displaced some1.5 million workers, mostly from the manufacturing, construction and tourism sectors. Based on the reports submitted by the affected establishments to Department of Labor and Employment (DOLE), the massive job losses were caused by the temporary closures of the establishments as a result of the enhanced community quarantine. Metro Manila reported the highest number of job losses accounting for almost a quarter of a million. Work is the main source of people’s livelihood but the ECQ causes loss of employment. This is a dilemma that confronts every government. How do you balance medical objectives with the economic imperatives? Do we prioritize physical well-being over financial well-being?

The ECQ is a classic case of “double bind.” It’s a Catch-22 situation. As the poor in our society lament, “we may survive Covid-19 but we may die from hunger.” The “no-work, no-pay” workers, which dominate our labor force, are virtually pushed to severe financial hardship. Their MSME employers are the hardest hit by this pandemic from which they may not recover at all. The lockdown may not just shutter these small-scale businesses temporarily but may place them totally out of business, unless the government gives them a lifeline.

Is there a compromise to this?

As suggested by some experts, can we adopt a calibrated response to Covid-19 short of closing down our schools, shutting down our businesses, canceling office works, suspending all forms of transportation and banning business and social meetings?

The initial four-week ECQ has almost crippled our economy with nary a sign of business life except those involving essential activities.

Even Ms. Teresita Sy-Coson, whose family owns our country’s largest business conglomerate, has appealed for a modified approach calling for restoration of 50 percent business operations of all industries.

Extending the ECQ by another two weeks will inevitably cause untold sufferings to our poor people.

The grim alternative, unless government’s mitigating efforts succeed, is that hunger and unemployment will result. Such dire condition could trigger violence and social unrest, which will cause more serious problems to our society.

DOLE has taken the initiative to launch programs to help our displaced workers. It introduced Covid-19 Adjustment Measures Program (CAMP) to provide a one-time cash assistance in the amount of P5,000 to P8,000 depending on the region where the beneficiary resides. To date, close to 250,000 workers from the formal sector have received a total amount of P1.1 billion.

This complements the DOLE’s Tulong Panghanapbuhay Program, which has already assisted about 250,000 workers from the informal sector. The national government has started distributing the Bayanihan cash assistance to qualified beneficiaries. There is no question that the financial stimulus package will somehow prop up our economy.

Angara. . .

continued from A6

let go of their employees.

At the same TWG meeting, Albay Representative Joey Salceda shared his proposed economic stimulus package, which involves P270 billion for transitional, more immediate measures (such as wage subsidies) and a multiyear budget of P1.65 trillion for more long-term interventions.

While several initiatives are

Putting money in the pocket of millions of households will improve their purchasing power. More shops will open to sell basic necessities to the recipients. They will crowd the markets to buy food. Groceries will open their doors to their customers.

The surge in business activities will mean more banking transactions.

With greater demand, farmers and producers will be encouraged to produce more and bring their products to the consumers. With increasing consumption, greater production will follow. Consumption fuels our economy and it will be our engine for growth. nnn

The universal lockdown, now dubbed as the “Great Lockdown” by the IMF, is now being compared to the Great Depression, which shattered the world, particularly the US, in the 1930s. The Great Depression produced heroes who proved equal to the challenge. In the US, President Franklin Delano Roosevelt not only led his nation during the depression but over the horrible global war—two of the worst cataclysms that ever confronted mankind. How did he and his team do it? He empowered the federal government through various reforms and programs called the New Deal, which his people overwhelmingly supported by electing him to the White House for an unprecedented four terms. The Great Depression resulted in a worldwide economic downturn in the 20th century.

Underestimating the gravity of the situation, then President Herbert Hoover stated: “This is a passing incident in our national lives.”

He assured his countrymen that it would be over in 90 days. He lost to Roosevelt in the next election. On the darkest days of the depression, John D. Rockefeller, the great American industrialist, said: “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.”

Today, we face Covid-19, which will likely cause the most severe economic depression in our century.

In our lifetime, we have lived a cycle of boom and bust but we need great leaders in government, business, medicine and science who will deliver our nation from recession to economic recovery. That is the collective prayer of our people. under way, it’s imperative that the government and the private sector work with each other. This pandemic could very well be this generation’s great war, and nothing less than a unified effort is needed if we are to recover from this at all.

Sen. Sonny Angara has been in public service for 15 years—nine years as representative of the Lone District of Aurora, and six as senator. He has authored and sponsored more than 200 laws. He recently won another term in the Senate.

E-mail: sensonnyangara@yahoo.com| Facebook, Twitter and Instagram: @sonnyangara.

W

annotations

hen history is written about this period, it will be about an ending that we never thought would arrive in our lifetime.

What shall we call this era?

Unfair it is to define a civilization, even if it has been subjugated by an affliction brought by that crowned virus, as the Age of Covid.

Remember this is the Age—a cluster of many Ages—that has seen communication reduced to the speed of light when such process requires the pace of sentimental darkness, the kind where a sun slowly hums to the Earth toward the West as it slumbers to sunset. Note also that it is in this our lifetime—for we from the age of 60 to six are covered by a spellbinding progress—that we see information and a minefield of information larger than our solar system (or so we thought) condensed before tiny screens that we allow to flicker in front of our wakefulness and lack of sleep.

When did our era end? Is that a fair question? Is that even a loyal summation of our love affair with our own humanity?

The beginning of our fall grace was never in the Garden. It was the short trip from that Garden, when the early forms of ourselves discovered that the answer to existence was not in discoveries but in the constant query, the investigation of everything from the eternal to the quicksilver loneliness of the ephemeral. We were the great Inquisitor venturing into explorations funded by our own endless wealth use of the resources, which were both exploited and experimented upon.

When the Virus came upon, we were unashamedly Humanists.

The term has grown so old that we thought it was that noble, that precious to put man at the center of Creation. There is no one to blame but the Big Books, the grand thoughts of Philosophers who thought of everything from atom to anomie.

The grandest of them all commanded us to go forth and subjugate the Earth. Science was with the Bible—this we did not get to check.

We always assumed that Religion and Science were bipolar opposite.

Thus, it was too late for many of us overthinking and overreaching with conclusions that bipolarity could be a wellspring of trenchant and trendy oppositions. That order was overrated and that chaos was merely a metaphor for sweet kisses that end with the most sensual of coupling.

The sacred and the profane begin to be whipping boys, with us believers ardently jailed in the secular space and the kings and priests, the saints and martyrs cloistered with the sacral.

Humanism began in the period when a Church and its monarchs and bishops, all delusional, began to believe in the press releases of their own prophets and evangelists. Art initiated a long march to development, where walls were filled with portents and prophecies. Fashionable then as it is now to mark the end of the world with every terminus of a reign. No one ever signified the closing of the year with the good behavior of the general population. In fact, the word “population” was a token for that mass of beings not important, not

counted by the statistics of the blue bloods and leaders.

Leadership was such a poisonous notion that universities and academics crafted terms such as “benevolent dictator” and “servant-leader.”

A generation would, succinctly and with a glorious smirk, call this lie made corporate by human resource practitioners as a lot of BS! And then the virus came. It came without much fanfare and so, we, members of the Human Group, used to welcoming or repudiating forces or temptations with ceremonials, were caught dead. With our vitality linked to structures of knowledge and ideologies, we were immediately annihilated by our own ignorance.

Irony of ironies! We are supposed to belong to the Age of Knowledge, the Era of Information. The enlightened in us believed in scaling down or even struggling with the vast universe of information. At least in the old Greek story (for haven’t the Greeks thought of everything?), a curious woman opened the box, which was not supposed to be opened, and brought into this world all the evils, all the hardships and diseases, but, with a quick shutting of the lid of that box, left inside a tiny creature called “Hope.”

In our Age, there is nothing to release, there is nothing to keep. Everything was out already including any feeling for the return of a nice day or the sunrise for the quotidian.

And so when it is written, as it will be written, the generation gifted with knowledge at its fingertips, disappeared not with the lack of knowledge but with the surplus of ideas so

effusive humankind did not know what to do with them.

These will be documented: The geomancers failed in detecting the relationship between man/woman and the geo. It was because we really never believed we belonged to this Earth. The philosophers and theologians whose business it was to bicker to maintain their social presence had nothing to do when the Age where they pursued those critical knowledge was threatened by a mere virus. The sociologists registered also their puzzlement at the thought that they have not really clarified the meaning of middle class and even that simple grouping called household. What about the anthropologists? Well, they were celebrating the diversity of cultures responding to the pandemic!

The filmmakers had no space to make their films. The film scholars had nothing to curate. The visual artists had all the time in the world to imagine what this world was coming to. Or, they could stick to drawings of still fruits and still birth of stars.

And so we are surprised how the skies have turned blue and the seas have clearer waters because human activities have greatly been reduced.

Have we ever realized that this Earth we call ours does not have a need for us?

And so, how do we bid goodbye to an Age that is dead, if not dying?

We cannot, because we do not even know that our Age has already come to an end.

E-mail: titovaliente@yahoo.com

Why the political boundaries can be misleading Victor Venida

EAGLE WATCH

T

he political clearly does not match the social and economic boundaries, this we witnessed when the quarantine was first imposed. And this should make us realize how crucial it is to understand, appreciate and accept the social and economic forces at work for political decisions to become effective and equitable.

The enhanced community quarantine was first imposed on Metro Manila or the National Capital Region on March 15, a Sunday. It allowed “essential” work to continue to maintain the basic requirements of society, namely health workers, skeleton staff of selected industries, those involved in food preparation and delivery, delivery of basic consumer commodities, among others. It was understandable that Metro Manila would be initially subject to quarantine since the coronavirus was regarded as having come from China and Metro Manila is the main gateway for most international travelers. Imposing restrictions on entry and exit of people from the NCR would be a logical attempt at containing the spread of the virus.

But by Monday, the dissonance between the political and economic boundaries were stark: huge traffic jams occurred at the main entry points to the NCR, at Nlex, Slex, Marcos Highway, Ortigas, and other places. Many of the essential work force were actually trying to enter the NCR to report for work but could not. A number of news reports have noted that the work force of several “essential” businesses have

not been reporting for work, with the understandable apprehension of what this might imply for the continued supply of food and other basic commodities.

The thing is that when one refers to Metro Manila as a social and economic region, this encompasses several barangays outside of the political boundaries of the NCR—Bulacan, Rizal, Laguna and Cavite. The US Census Bureau since the 1940s has always collected data for what is termed as a “metropolitan statistical area” (MSA), defined as a geographical region with an urban core and close economic ties throughout the region. This recognizes the fact that many people do have work in the city centers but actually live in a town or city outside of the political jurisdiction of the city where the urban core is located. The usual reason for this is that housing is more affordable outside the city centers and for as long as transport facilities are available, a lot of workers in the city centers would rather live away from the urban core.

A few years ago, the then-Manila Mayor Joseph Estrada had expressed disbelief at the Census data that showed the population of Manila as

having declined in the 2010 census, and increased slightly with the 2015 census. He argued that there were more people going to the city than before.

He clearly was confused between the resident population of the city, and the daytime population, comprised largely of those who go to Manila for work, schooling, shopping, pilgrimage, entertainment, and general business, and many of these do not live in the city but elsewhere. The same can be said for the working population of the NCR in general.

A lot of the middle- and low-income workers of the NCR do live in the towns and cities right outside because housing in these places would be more affordable. They bear the brunt of the increasingly inefficient transport system of the capital as they spend hours on daily commute from their homes to their place of work. Family members may send the younger ones to school in their towns but in many cases, also in schools located within the political jurisdiction of the NCR. Many who live in Marikina would regularly go to Robinson’s Metro East and Sta Lucia malls, which are located in Cainta, or to SM Masinag in Antipolo.

This would show how integrated the economies of the NCR with those of nearby towns and cities in Bulacan, Rizal, Laguna and Cavite.

Yet not all of these provinces can be considered part of the economic zone of Metro Manila. One can argue in fact that not all of Antipolo’s barangays would be covered.

But one cannot easily obtain this information. The same can be said for the economic region covered by Cebu City, Baguio City, Angeles in Pampanga and many others.

This explains the huge traffic jams at the established political boundaries of the NCR when the enhanced commu-

nity quarantine was imposed. Many of the “essential” workers do occupy the middle- but mostly lower-paid jobs, as health workers, sanitation workers, food preparation and delivery, retail personnel and the like. And many of them can only afford to live in the barangays that are outside the NCR. The implementation of the restrictions on movement used the political boundaries, which are not consistent with the social and economic activities. And these traffic jams effectively countered any demand for social distancing.

Perhaps it would be necessary for the Philippine Statistical Authority, as it implements the Census, to consider developing this notion of a metropolitan statistical region. It would need to identify which barangays in the towns and cities immediately outside a major urban core (such as Metro Manila, Cebu, Iloilo, Baguio and others) would have a substantial proportion of residents who regularly travel to the urban core for work, schooling and the like. This information would be worthwhile in terms of transport planning, urban zoning, product flow and logistics, and emergency management. This will be one very significant form of inclusivity as many of the lower income households that make the urban centers thrive and function happen to live outside these cities.

If we had the information on the extent of the economic region of Metro Manila, then the checkpoints could have been relocated, which could have minimized all these problems that the quarantine has wrought. Of course, we hope the need for quarantine would not happen again, but we still need transport and urban planning.

Victor Venida, PhD, is a Department of Economics professor at the Ateneo de Manila University.

A8 Friday, April 17, 2020

DA chief: PHL rice stockpile will rise to 84 days before lean months

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

By Claudeth Mocon-Ciriaco

HE Department of Agriculture (DA) on Thursday said the country has more than enough rice supply to cover the lean months as it projected an 84-day stockpile by end of the first semester.

Agriculture Secretary William D. Dar said the DA’s anti-Covid interventions would boost the country’s rice output, hence, expanding staple supply by end-June.

“We earlier said that we have rice supply for the country good for 75 days. With the implementation of the Plant, Plant, Plant [PPP] Program, we are optimistic to produce an additional nine-day supply going into the lean months of July to September,” Dar said in

a statement.

Dar explained that higher-thanearlier estimated rice stocks is attributed to the yield increment caused by the DA’s Ahon Lahat, Pagkaing Sapat (ALPAS) Kontra Covid-19 program or PPP. The DA projects that local palay output coupled by rice imports by the private sector would be more than enough to meet the country’s total staple requirement.

“By the end of 2020, the DA

Covid-19 recoveries still higher than deaths

Correspondent

F

Agriculture Secretary William D. Dar and Quezon City Mayor Joy Belmonte sign a memorandum of agreement at the launching of the Urban Agriculture Program for Quezon City. Dar said the Department of Agriculture is distributing seeds to the barangays for planting in backyards during the enhanced community quarantine. NONOY LACZA

expects a total rice supply of 18 million metric tons (MMT), which is 18 percent more than this year’s

demand of 14.67 MMT of rice,” Dar said.

“At a conservative assumption of 70-percent adoption rate of the Plant, Plant, Plant Program interventions on rice, we can produce an additional 1.3 MMT. Add that to our projected local production and imports with SPSICs of 1.86 MT, we will have a year-end stock good for more than three months,” he added.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases recently approved the P8.5-billion fund for the Rice Resiliency Project (RRP) under the Plant, Plant, Plant Program, according to DA. “The RRP aims to boost palay production by the end of 2020 to 22.12 million metric tons, equivalent to 13.51 MMT of rice,” it said.

“Right after the current dry season, the DA under its RRP will urge farmers to plant more areas by providing them quality seeds, fertilizers, and appropriate technical assistance,” it added.

The DA explained that the RRP will cover additional rice areas this main cropping season, with a total 2.7 million hectares—1.2 million hectares under the Rice Competitiveness Enhancement Fund to be planted to inbred rice; 550,000 hectares planted to hybrid; and 950,000 hectares to inbred rice.

However, the DA disclosed that by end-22020, six regions—CAR, NCR,4 A, 7, 11 and BARMM—will not have enough rice supply. But the projected supply deficits in these regions would be augmented by supplies coming from 10 regions with surplus.

OR two consecutive days, the Department of Health (DOH) reported that the number of recoveries was higher than the total number of deaths as the Philippines recorded a total number of 5,660 confirmed cases of Covid-19.

As of 4 p.m. on Thursday (April 16), DOH announced 82 new recoveries.

This brings the total number of recoveries to 435.

With the number of recoveries surpassing the number of deaths, Health Undersecretary Maria Rosario Vergeire said that they all “hope for good things to happen.”

Meanwhile, 13 more patients have died from the respiratory disease, raising the death toll to 362.

Also, 207 new cases (PH5454PH5660) of Covid-19 were reported.

The DOH said the country’s fatality rate is now at 6.6 percent. The global average case fatality rate is 6.4 percent.

As of April 15, the DOH said that the Philippines accounted for 0.28 percent of the more than 1.9 million confirmed cases of Covid-19 globally.

The United States still has the highest number of Covid-19 cases with 578,268; followed by Spain, Italy and China.

During the meeting of the House of Representatives Covid-19 Committee (DCC) health cluster, Health Undersecretary Lilibeth David said 349 have died of the disease, with a case fatality rate of 6.6 percent as of April 15 in the Philippines.

“The global average case fatality rate is 6.4 percent and this is superseded by Italy with 12.9-percent case fatality rate, Spain at 10.5 percent and Indonesia with 9.4 percent. The Philippines in comparison has a case fatality rate of 6.6 percent,” she said.

“It really shows that most of our confirmed cases and admitted cases are those in the working-age group and older—20 years and above. But if we look at our deaths, its really the older persons group at 50 years old and older,” David said.

IATF okays Neda tool to detect logistics bottlenecks amid Covid

By Cai U. Ordinario

T

@caiordinario

HE Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) has approved the creation of a Supply Chain Regulatory Impact Assessments and Supply Chain Analysis (SCAN) Dashboard to better monitor logistics bottlenecks and reduce inequality nationwide during the pandemic.

In a presentation to the IATFEID, Nat iona l Economic a nd Development Authority (Neda) Undersecretary for Regional Development Adoracion M. Navarro said SCAN is an online reporting tool that will help IATF determine where logistics bottlenecks are located.

Navarro said in so doing, the IATF-EID and the National Task Force (NTF) against coronavirus disease (Covid-19) can better respond to supply issues needed in the country’s fight against the pandemic. “[There is a] need to urgently address supply chain disruptions which delay the government’s response to the Covid-19 crisis,” Navarro said in the presentation. “[There is also a] need to avoid worsening the inequality across

regions which is in part due to inefficient logistics, especially in the interisland interface.”

The creation of SCAN entails a Networks’ Hub, the conduct of Regulatory Impact Assessments (RIA), and an online dashboard where information can be made available.

A Networks’ Hub is needed to generate information on supply chain bottlenecks and potential solutions from the subnational (regional and local) stakeholders/ players.

This is composed of Regional Development Councils that are under Neda and private-sector groups such as the Philippine Chamber of Commerce and Industry (PCCI), Supply Chain Management Association of the Philippines (SCMAP), and Philippine Exporters Confederation (Philexport), among others.

The Networks’ Hub will also include national government agencies involved in supply chain or logistics and local government unit (LGU) leagues.

The RIA, Navarro explained, provides a quick analysis of the impact of regulations pre-, during, and post-quarantine on supply chains.

These regulations include the request for regulatory forbearance on demurrage fees as well as the

estimated economic impact of the closure of agriculture and food industries in Region 10 and the request for intervention, among others.

The third component is the Dashboard which helps in visualizing supply chain problems. This includes incident pages that provide summaries of the incidents, geographical maps and other visuals, including videos, of reported incidents.

Navarro said the intended user of the landing page are government officials and technical personnel who can interpret the data.

“This will help the IATF and NTF COVID [and is intended to be used by] supply chain players only. [The public has no access] for integrity of data and better handling of response,” Navarro told BusinessMirror on Thursday. “We take care of the public’s need for smoother flow of goods in the supply chain.”

The Neda has partnered with the UP Public Administration Foundation-Regulatory Support Program for National Development (UPPAFRESPOND), a USAID grantee, as well as the Anti-Red Tape Authority (Arta).

Navarro said these partners have signed on as of April 15. She said Neda is still open to accept additional partners to undertake SCAN.

Companies BusinessMirror

www.businessmirror.com.ph

Friday, April 17, 2020

B1

SEC flags 3 firms for Ponzi-like schemes

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has flagged three firms or groups offering reseller business partnerships, saying this may be a front for their unauthorized investment schemes.

In separate advisories, the SEC called out the Ponzi-type investment operations of JOCALS688 Beauty and Wellness Products Trading Inc., TBCMMP Masa Mart Inc. and CashCowRobot.

JOCALS688 entices the public to

invest P10,000 to P100,000 with an assured 30-percent monthly return.

One may pay a smaller amount of P3,980 to become a member and receive certain products.

Members can earn money through direct selling and the buy-and-earn

program of the entity that has an office in Zamboanga del Sur. In addition, they may receive socalled direct referral, pairing and unilevel bonuses.

Even if there are products involved, the scheme relies heavily on inviting people for a promise of high returns. Using a referral link, one can recruit a member and earn P500 for every successful registered account.

The products distributed by JOCALS688, however, are not registered with the Food and Drug Administration (FDA), and the company does not have a license to operate from the FDA-Center for Food Regulation and Research, the SEC said.

According to the SEC, Masa Mart offers a package price of products for P5,888, which it claims included

instant benefits, such as products worth 75 percent of the amount invested, free annual subscription worth $10 and a $100 investment in The Billion Coin or TBC. One may earn through the Helping Others Task Program, or the 1:5 Helping Formula promoted by Masa Mart. Under the scheme, a new member will only have to recruit five people to enjoy the benefits.

Selling products is another way of earning money in Masa Mart. However, at least three of the 40 products offered by the entity have also been the subject of FDA advisories.

One may also gain from subscribing to the TBC Cookie Rewards and UMC Masa Coin. Upon payment of the subscription fee ranging from $25 to $20,000, the investor may

URC income rises by 7% in 2019 U

niversal Robina Corp., (URC) the food group of the Gokongwei family, said its income last year rose 7 percent to P10.1 billion, from the previous year's P9.46 billion, but the weakness in its overseas operations limited its growth.

The maker of Chippy and Granny Goose chips said its net sales last year grew 5 percent to P134.17 billion, from the previous year's P127.76 billion. Net debt of P22 billion is mainly attributable to the remaining debt associated with the Oceania acquisitions.

The branded consumer foods contributed P105.9 billion to the company's revenues.

Domestic revenues increased by 8 percent, while operating income pivoted back to a growth of

PLDT, Smart unveil easy payment program

S

tarting May, postpaid subscribers of the PLDT Group may avail of a sixmonth installment payment program for outstanding monthly bills, an initiative that aims to “help ease the financial burden of its customers during the Covid-19 crisis.”

All postpaid customers of PLDT Home, Smart, and Sun may opt to pay for their outstanding balances as of end-April in six monthly payments without interest and penalties.

To wit, a Smart postpaid subscriber with an outstanding balance of P6,000 by April 30 may opt to pay P1,000 per month starting May until October. Missed payments in any of the installment periods will go through the normal collection process, however.

“We hope that through this payment program, we will help keep you connected whether you are at home, the office or elsewhere after the enhanced community quarantine period. As one community, we will get through these challenging times together,” said PLDT Inc. Chairman Manuel V. Pangilinan.

All postpaid accounts are eligible for the six months installment program. Customers need not to enroll to avail of the relief.

However, customers may also opt to pay the outstanding balance in full.

Lorenz S. Marasigan

12 percent versus last year. This was driven by the turnaround of the coffee business, the acceleration of its chips and noodles operations, recovery of C2 tea drinks and contributions from joint venture businesses with Danone and Vitasoy.

International revenues went up by a mere 2 percent on a constant currency basis, but declined by 2 percent in peso terms to P42.15 billion as against P43.2 billion in 2018 due to negative impact of foreign exchange translation.

The company's said its international operating income still grew by 8 percent versus last year.

“We are happy that we have accelerated the growth of the Philippine business and have brought our core branded foods business back on

track. Our transformation journey continues in full throttle as we take on the new challenges of 2020 and beyond,” said Irwin Lee, URC president and CEO. “We will continue to reinvest in brand building through innovation and enhance our distribution further as we anticipate a stronger fightback from the competition. Despite the challenges ahead, we are excited with our portfolio lineup this year as we continue to strengthen our core while expanding into new adjacencies across markets where we operate,” he said.

Sales from the international market was pulled down by weaker performance in Thailand, offsetting the growth coming from Vietnam and Oceania, compounded by forex devaluations particularly in New

Zealand and Australia.

In constant US dollar terms, sales improved by a mere 2 percent to $816 million from $801 million in 2018.

Vietnam recovered with stronger growth of 9 percent driven by C2 with significant contributions from new product launches, partly offset by decline in Rong Do. New Zealand sales was flat due to slow domestic market while Australia grew by a slim 4 percent driven by strong performance across the board.

Thailand sales fell 5 percent driven by decline in biscuits and wafers while exports grew due to strong sales to Cambodia.

“Thailand’s performance remains challenged as the economy continues to affect consumer sentiment,” it said. VG Cabuag

Waze includes Covid-19 features in app

By Roderick L. Abad @rodrik_28 Contributor

W

aze said it has activated its community and network of partners across its Volunteer communities, Waze for Cities programs to help motorists plan their essential travels and strengthen crisis response, especially in countries badly hit by the coronavirus disease 2019 (Covid-19).

According to Waze data, most countries have dramatically stopped driving since they implemented lockdowns to stop the rapid spread of the Chinese flu.

Globally, Waze users are driving 60 percent fewer kilometers compared to the February daily average for a two-week period (February 11 to 25).

Given the Luzon-wide enhanced community quarantine (ECQ) mea-

sures in the Philippines, Filipino Waze users’ driving distance also dropped by 88 percent compared to the same daily average during the same period two months ago.

In line with this, Waze Map Editors and Waze Crisis Response team are now working with 58 countries (and counting), including the Philippines, to add region-oriented relief efforts like adding road closures, red zones, and more, to the map.

Locally, Covid-19 Reference Laboratories in Metro Manila, Baguio, Cebu and Davao have been added to Waze map for easy search of the nearest medical testing center by typing “COVID” or “covid” in the destination search bar.

A “Luzon Quarantine” notification will appear every 24 hours onscreen on the app to remind users in Luzon about the ongoing ECQ with this message: “Travel is allowed only for buying essentials or if you work

in an essential industry.”

Meanwhile, Waze has kicked off a Covid-19 Landing Page to encourage governments internationally to contribute data on medical testing center and emergency food distribution hub locations to help enhance its maps for users.

Once the data is received, Waze will validate and add the details to the map, and then inform drivers accordingly.

What’s more, support for drivethroughs and curbside pickup has been rolled out to aid users with minimal contact access to Waze partners’ products, such as food and other essentials, while still complying with social distancing rules with the new Location Personalities badges and search features.

Businesses that require updates on their information can do so in a few steps or contact Waze’s support team for assistance.

Globe offers business continuity solutions

By Lorenz S. Marasigan @lorenzmarasigan

G

lobe Telecom Inc. is offering business continuity and telecommuting solutions to enterprises to help them continue with their operations amid the coronavirus diseases 2019 (Covid-19) outbreak in the Philippines.

Offering nine different digital services and solutions to its enterprise clients, Globe is capitalizing on the increasing demand for connectivity and digital services that ensure continued productivity despite the global health crisis.

For work-from-home arrangements, corporate clients may avail of Globe’s Zoom Video Conferenc-

ing subscriptions, Tattoo Business Surf Plan, and Globe Home Prepaid Wifi.

They may also avail of Globe’s cloud solutions powered by Amazon Web Services or Azure, and have their bandwidths upgraded to ensure continuous business operations.

Likewise, Globe offers clients a load disbursement facility that allows clients to top-up the load credits of their employees to keep with the demands for steady communication.

Lastly, Globe offers various cybersecurity solutions such as Checkpoint Sandblast for cloud management, Zscaler to filter content, deploy firewall, and prevent data loss.

“Sooner or later a situation will occur where normal ‘office access’ will not be available and this is not an issue that will quickly go away.

Every business needs a business continuity plan. It sets out how you will prepare for a pandemic and continue to operate and reduce your business losses,” Globe said in an advisory to clients.

With the pandemic, Filipino companies were forced to implement work-from-home arrangements and deploy skeletal work forces to keep with social distancing and health protocols. This has caused “spikes” in data usage at home, as most employees are now connecting the Internet in their homes to continue working.

earn 30 percent monthly to 2,561 percent in returns per annum.

CashCowRobot, the SEC said, offers the public to earn as much as P8,000 per day by recruiting more members, completing tasks online and selling digital products.

To join the program, one only needs to pay P1,000 for a lifetime membership. The investor may then receive unlimited referral commissions, pairing bonuses and compensation for selling products and completing tasks online.

The SEC said the investment schemes of the three entities constitute the sale and offering of securities, which should not be sold or offered for sale or distribution without a registration statement approved by the agency.

The agency said the three firms are not authorized to solicit investments from the public.

JOCALS688 and Masa Mart are registered corporations, but SEC said this does not authorize them to issue, sell or offer for sale securities to the public or engage in business activities requiring a secondary license from the SEC. CashCowRobot, meanwhile, is registered with the Department of Trade and Industry as "CashCowRobot Computer Solutions," an entity owned by a certain Khen Narajo Salce and headquartered in Misamis Occidental.

“Such registration similarly limits CashCowRobot from soliciting investments from the public,” the SEC said.

Higher expenses cut BLFI earnings in 2019

By Tyrone Jasper C. Piad @TyronePiad

B

DO Leasing and Finance Inc. (BLFI) registered a steep decline in net earnings last year on the back of lower revenues, coupled with higher operating costs and expenses.

The listed bank, in an annual report posted on the local bourse on Thursday, noted that its net profit reached P46.8 million last year, 85.85 percent lower than the P330.7 million notched in 2018.

For the period, BLFI saw its revenues skid by 6.27 percent to P3.01 billion in 2019 from the previous year's P3.22 billion. Interest income contributed bulk, or 65.85 percent, of the topline figures at P1.98 billion.

Rent income dropped by nearly 10 percent to P844.6 million last year, from P938.3 million in 2018 following the implementation of Philippine Financial Reporting Standard (PFRS) 16, BLFI explained. PFRS 16 recognizes qualified leases on the balance sheet, like a loan facility.

The total operating costs and expenses, meanwhile, increased by 5.60 percent to P2.95 billion last

year from 2018's P2.80 billion. Interest and financing charges accounted for most of the expenses last year at P1.40 billion, followed by occupancy and equipment-related cost at P811.9 million.

BLFI's leasing and financing portfolio was at P24.78 billion as of end2019, half of which were exposed to firms in the fields of transportation, construction, food and beverage, consumer products and other community services.

As of end-2019, the listed bank's total assets, liabilities and equity stood at P30.95 billion, P25.33 billion and P5.61 billion, respectively.

BDO Unibank Inc. announced in January that it was selling controlling stake in BLFI to third party as it restructured its leasing business.

The Sy-led bank is set to incorporate a new, privately held finance company, BDO Finance Corp., instead to continue offering its lease products and services.

BLFI’s board of directors is in the process of amending corporate name to “United Platinum Holdings Corp.” and changing its nature of business from leasing and financing to holding company.

Airbnb partners with PdrF to support PHL frontliners

A

irbnb is now preparing to expand its global Frontline Stays initiative to assist frontliners fighting coronavirus disease 2019 (Covid-19) in the Philippines through a partnership with the Philippine Disaster Resilience Foundation (PDRF).

The company made the announcement after following the launch of its global Frontline Stays program to help house 100,000 health-care professionals, relief workers and first responders around the world.

The program’s launch in the Philippines is expected to roll out this month and will be a joint effort between Airbnb and Filipino hosts, aiming to provide health-care staff and frontliners with safe and convenient places to stay while they carry out their critical work.

PDRF, through partner hospitals such as St. Luke’s Medical Center Global City, The Medical City, and Makati Medical Center, will also help pinpoint priority areas by identifying health workers in need of temporary housing. Moreover, PDRF partner company Unilever will be donating disinfectant kits for hosts who sign up for the program and house health-care workers.

Airbnb will continue to waive all fees for the first 100,000 stays booked through this program. Hosts can also opt into the program and have the option of

opening their homes for free through Airbnb’s Open Homes platform.

The Philippines is the latest country to roll out a local program in Asia-Pacific, following local Frontline Stays launches in Thailand, Malaysia, Australia and New Zealand.

“Amid this global pandemic, we at Airbnb recognize that medical workers are at the forefront of saving lives and we are committed to working with our community to do whatever we can to support them”, said Mike Orgill, general manager (Southeast Asia, Hong Kong and Taiwan), Airbnb.

Butch Meily, president of PDRF, thanked Airbnb for its offer to accommodation to frontliners in the Philippines. PDRF is the country’s major private sector vehicle and coordinator for disaster resilience.

“Our health-care workers are among the true heroes of the Covid-19 crisis; they risk their lives every day. Providing temporary housing near their hospital is another way we can support them,” said Meily in a statement.

Accommodation for relief and medical workers who have higher exposure to Covid-19 requires robust preventive practices and stringent safety standards.

Airbnb said it has worked with leading experts and officials to develop a protocol for hosts who support this collective health effort.

B2

Companies BusinessMirror

Friday, April 17, 2020

PSE STOCK QUOTATIONS

April 16, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK 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

45.15 103 57.5 19.9 7.8 39.9 8.8 23.8 42.4 17.1 103 54 15.26 2.53 0.91 0.29 615 0.61 165 1600 0.96

48.5 103.8 57.85 19.96 7.82 39.95 8.95 23.95 43.95 17.5 103.5 54.05 15.3 2.69 0.96 0.305 648.5 0.67 166.9 1619 1.09

48.5 107 63 20.1 7.99 40.5 8.8 23.9 43.95 17.6 107 53.9 15.3 2.78 0.87 0.29 621 0.68 169 1695 1.09

48.5 107 63 20.1 7.99 40.5 8.95 24 43.95 17.6 110 54.45 15.48 2.78 0.97 0.29 621 0.68 169 1695 1.09

48.5 103 57.5 19.88 7.74 39.6 8.8 22.5 43.95 17.5 103 53.9 15.2 2.69 0.87 0.28 615 0.61 162 1600 0.96

48.5 103 57.5 19.96 7.82 39.95 8.8 23.8 43.95 17.5 103 54 15.3 2.69 0.97 0.29 615 0.61 165 1600 0.96

3100 5316190 4096810 200200 348100 7129300 52700 819400 1300 3800 1308220 12610 794600 22000 3000 80000 80 20000 570 70 2000

150350 552345642 250130948 3987228 2732739 285631690 463800 19435715 57135 66860 139414537 682463.5 12155650 59620 2810 22950 49310 12910 94223 115315 2050

INDUSTRIAL

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

2 0.93 25.9 0.17 17.7 54.95 260 11.06 3.12 2.3 10.4 19.14 7.97 14.4 7.16 2.46 83 12.64 14.4 3.75 5.57 7.95 58 0.5 1.35 32.6 141.4 6.38 1.78 6 1.4 4.4 1.3 0.105 120 0.8 2.31 1.06 3.16 7.69 5.48 11.46 7.66 8.26 0.74 0.68 1.82 2.18 3.21 4.26 24.1 0.88 5.6 1.06 3.94 1.09 8.85

2.01 0.94 26.2 0.181 18 55 262.4 11.1 3.14 2.4 10.48 19.36 8 15.1 7.19 2.47 89.9 14 14.44 3.95 5.6 7.96 58.1 0.52 1.36 33.9 141.5 6.39 1.8 6.03 1.43 4.51 1.43 0.109 120.4 0.81 2.48 1.07 5 7.7 5.49 11.58 7.8 8.95 0.78 0.7 1.83 2.2 3.31 4.75 28.55 0.9 5.61 1.08 4.91 1.1 8.88

2.08 0.98 27.8 0.181 18.66 56 274 11.6 3.02 2.43 10.98 19.1 8.05 15.08 7.12 2.5 82.05 13.98 14.66 4 5.89 7.96 59.25 0.54 1.41 34 147 6.81 1.8 6.27 1.38 4.51 1.38 0.105 129 0.84 2.49 1.11 4.6 7.8 5.6 11.7 7.8 8.95 0.75 0.71 1.83 2.27 3.21 4.23 22.2 0.92 5 1.01 3.5 0.97 7.1

2.08 0.98 27.85 0.181 18.66 56 274.6 11.6 3.14 2.43 10.98 19.8 8.05 15.08 7.2 2.5 82.05 13.98 14.66 4 5.89 7.97 60 0.54 1.41 36 147 6.81 1.81 6.28 1.43 4.51 1.38 0.105 129 0.85 2.49 1.11 4.6 7.9 5.72 11.96 7.8 8.95 0.79 0.72 1.83 2.27 3.21 4.23 22.2 0.92 5.61 1.09 3.5 1.1 9.05

2 0.94 25.9 0.181 17.7 54 260 11 3 2.4 10.2 19.02 7.96 14.4 7 2.45 82.05 12.64 14.4 3.75 5.5 7.91 57.65 0.49 1.33 32.55 137.4 6.21 1.76 5.85 1.38 4.51 1.3 0.105 120 0.81 2.49 1.05 4.6 7.65 5.47 11.58 7.28 8.95 0.72 0.65 1.83 2.12 3.2 4.23 22.2 0.85 4.9 0.95 3.5 0.9 7.1

2 0.94 25.9 0.181 17.7 54.95 260 11.06 3.14 2.4 10.5 19.36 8 14.4 7.19 2.47 82.05 13.98 14.44 3.95 5.57 7.96 58.1 0.52 1.36 33.9 141.5 6.39 1.8 6 1.42 4.51 1.3 0.105 120 0.81 2.49 1.06 4.6 7.7 5.49 11.58 7.66 8.95 0.78 0.69 1.83 2.2 3.2 4.23 22.2 0.9 5.6 1.08 3.5 1.1 8.85

10536000 651000 1939200 10000 1803100 15070 629900 4882300 3324000 12000 40600 921500 39500 2000 435100 1943000 20 1400 1194500 94000 1742400 6650100 471240 3437000 12050000 168100 2318510 3423100 333000 6480900 190000 15000 171000 480000 3402590 3547000 1000 4338000 50000 285500 995300 424200 1526300 1100 415000 1170000 7000 2113000 32000 1000 100 1531000 1951000 2429000 75000 4443000 15936100

140650 -59961243 -51375316 -1419264 -1215099 -90800580 435610 -7176755 52740 15659183 -394505.5 -11346678 -

21242340 620960 51545390 1810 32172066 828600 166636786 54640558 10191610 29010 427984 17836822 316069 28868 3113570 4796180 1641 18892 17250746 362840 9695552 53000499 27353086.5 1726400 16431440 5714175 329576249 22401731 591210 39316372 269160 67650 227500 50400 416096569 2926770 2490 4640650 230000 2198301 5514376 4935756 11541454 9845 314050 813450 12810 4634660 102430 4230 2220 1350520 10399720 2522340 262500 4649550 127494627

157959.9999 -31786645 -5326522 247934.5 -20694836 -15748700 -808570 -319368 -1141750 80000 70984 -2261390 -2866976 -5163076 -52492975 7421156.5 5000 163190 4964000 7144272 4329492 44990 16488519 -4510 -212792744 -5740 -1191040 -607111 -596879 -725960 2513113 -42160 30960 -16600 -86630 -1350 -50600 825455

HOLDING & FRIMS ABACORE CAPITAL 0.55 0.56 0.58 0.58 0.54 0.56 5912000 3264150 7.32 7.6 7.99 8.3 7.17 7.6 13900 104898 ASIABEST GROUP 560 565 570 573 554.5 560 1115760 626318510 AYALA CORP ABOITIZ EQUITY 41.25 41.65 48 48 41.25 41.25 4001100 173838595 ALLIANCE GLOBAL 7.02 7.1 7.4 7.4 7.02 7.02 4640300 33036322 1.5 1.52 1.6 1.63 1.5 1.5 3543000 5412210 AYALA LAND LOG 5.96 6 6.17 6.17 5.96 5.96 3200 19183 ANSCOR 0.54 0.55 0.55 0.56 0.53 0.55 71000 38510 ANGLO PHIL HLDG ATN HLDG A 0.46 0.465 0.49 0.49 0.435 0.46 2650000 1231700 0.485 0.5 0.485 0.485 0.48 0.485 290000 140550 ATN HLDG B 4.81 4.87 5 5 4.8 4.81 1668300 8119048 COSCO CAPITAL 4.2 4.31 4.47 4.48 4.2 4.2 11254000 49078280 DMCI HLDG FILINVEST DEV 8.5 8.6 8.6 8.6 8.5 8.6 6800 58017 450 455 475 480 450 450 425700 197754204 GT CAPITAL HOUSE OF INV 3.61 3.88 3.88 3.88 3.88 3.88 1000 3880 51.95 52 56.9 56.9 52 52 4191890 224733511 JG SUMMIT 5 6.6 5 5 5 5 100 500 KEPPEL HLDG A LODESTAR 0.435 0.455 0.455 0.465 0.435 0.435 340000 150350 2.8 2.87 2.89 2.92 2.8 2.88 1577000 4425590 LOPEZ HLDG 7.74 7.75 8 8.1 7.6 7.75 740100 5806749 LT GROUP 2.6 2.63 2.75 2.75 2.6 2.6 75726000 201242010 METRO PAC INV 2.71 3.05 3.19 3.19 3.19 3.19 1000 3190 PACIFICA HLDG PRIME MEDIA 0.73 0.75 0.75 0.78 0.72 0.75 106000 79820 0.92 0.95 0.95 0.95 0.92 0.93 19000 17730 SOLID GROUP 165 184.8 178.9 200 170 170 8370 1558904 SYNERGY GRID 820 828.5 850 850 820 820 560260 466121145 SM INVESTMENTS SAN MIGUEL CORP 100.4 100.5 104.1 104.9 100 100.5 512850 52288322 SOC RESOURCES 0.62 0.71 0.68 0.72 0.68 0.72 41000 28820 1.79 1.99 1.78 1.78 1.78 1.78 2000 3560 SEAFRONT RES 151 152 151 151 151 151 100 15100 TOP FRONTIER 0.175 0.2 0.207 0.207 0.207 0.207 10000 2070 WELLEX INDUS ZEUS HLDG 0.136 0.141 0.141 0.141 0.137 0.137 290000 40610

-245400 -31699305 -134743445 -14868556 -4000 -111550 -3500094 -21959140 -23975944 -3880 -141889911 541830 -253926 -49399600 -5970 -182725560 -5369966 -

PROPERTY ARTHALAND CORP 0.56 0.57 0.58 0.58 0.56 0.56 1347000 763170 5800 30.2 30.25 32.3 32.3 30.2 30.2 26302600 823,747,375( 382,835,194.9999) AYALA LAND 1.02 1.05 1.03 1.05 1.03 1.05 60000 62450 -2100 ARANETA PROP BELLE CORP 1.37 1.38 1.44 1.44 1.37 1.38 133000 184740 37060 A BROWN 0.54 0.55 0.59 0.59 0.54 0.54 1720000 951360 0.71 0.72 0.73 0.73 0.73 0.73 1000 730 CITYLAND DEVT 0.12 0.125 0.144 0.144 0.12 0.12 3040000 379730 182400 CROWN EQUITIES 5.9 6.04 6.03 6.03 6.03 6.03 100 603 CEBU HLDG CEB LANDMASTERS 3.9 4 3.93 4.1 3.8 4 767000 3058130 -134450 CENTURY PROP 0.355 0.36 0.375 0.375 0.35 0.355 7690000 2746150 17900 16.04 16.18 16.68 16.68 16 16.18 160000 2596406 161228 DOUBLEDRAGON 7.02 7.1 7.26 7.26 7.02 7.02 26400 188177 709 DM WENCESLAO EMPIRE EAST 0.29 0.3 0.3 0.3 0.3 0.3 80000 24000 -24000 EVER GOTESCO 0.09 0.099 0.079 0.079 0.079 0.079 10000 790 0.95 0.96 0.99 0.99 0.94 0.95 13413000 12778490 -5024820 FILINVEST LAND 0.81 0.87 0.84 0.85 0.81 0.81 195000 162060 GLOBAL ESTATE 12 12.06 11.66 12.1 11.62 12 246700 2907868 -23362 8990 HLDG PHIL INFRADEV 0.78 0.81 0.81 0.81 0.77 0.81 913000 725810 3.02 4.42 3.89 3.89 3.89 3.89 4000 15560 KEPPEL PROP 0.65 0.74 0.74 0.74 0.68 0.74 4000 2900 CITY AND LAND 2.7 2.71 2.85 2.9 2.7 2.7 52250000 145667930 -63436910 MEGAWORLD 0.141 0.142 0.145 0.146 0.141 0.141 7370000 1048610 MRC ALLIED PHIL ESTATES 0.32 0.35 0.34 0.34 0.33 0.33 2090000 700600 1.65 1.74 1.74 1.77 1.63 1.74 32000 55590 PRIMEX CORP 14.42 14.5 16.82 16.82 14.1 14.42 5879100 90194838 -24902288 ROBINSONS LAND 0.247 0.26 0.25 0.25 0.25 0.25 160000 40000 PHIL REALTY ROCKWELL 1.49 1.5 1.52 1.55 1.5 1.5 342000 521350 -142880 SHANG PROP 2.63 2.67 2.67 2.7 2.67 2.67 32000 85470 29400 STA LUCIA LAND 1.92 1.93 1.88 1.93 1.85 1.92 56000 105860 -44830 29.55 29.75 30.35 31 29.55 29.55 19134500 572980835 -165153070 SM PRIME HLDG 3.66 3.69 3.61 3.69 3.51 3.66 95000 343090 VISTAMALLS SUNTRUST HOME 1.3 1.31 1.18 1.34 1.12 1.3 6695000 8458520 3.96 3.99 4.13 4.13 3.96 3.96 1975000 7941580 -4155690 VISTA LAND

SERVICES ABS CBN 17.26 17.3 17.6 17.74 17.3 17.3 256700 4489614 4.91 4.94 4.97 5 4.9 4.94 395000 1946610 GMA NETWORK 2100 2142 2190 2190 2100 2100 107800 228506190 GLOBE TELECOM PLDT 1114 1115 1150 1150 1111 1115 379915 425759625 APOLLO GLOBAL 0.04 0.041 0.04 0.04 0.04 0.04 100000 4000 2.9 3.03 3.05 3.05 3.03 3.03 31000 93990 DFNN INC 1.89 1.9 1.89 1.93 1.83 1.9 38797000 72852170 DITO CME HLDG 1.08 1.73 1.47 1.47 1.47 1.47 10000 14700 IMPERIAL ISLAND INFO 0.084 0.085 0.085 0.085 0.084 0.084 230000 19340 1.65 1.66 1.73 1.73 1.64 1.66 1423000 2370400 NOW CORP 0.175 0.177 0.178 0.178 0.175 0.175 770000 135770 TRANSPACIFIC BR 2.32 2.33 2.4 2.4 2.2 2.32 2944000 6760910 PHILWEB 2GO GROUP 6.14 6.16 6.11 6.19 6.11 6.16 56400 346887 ASIAN TERMINALS 14.5 16.7 16.88 16.88 16.88 16.88 100 1688 2.83 2.84 2.95 2.95 2.74 2.84 1016000 2897430 CHELSEA 50.3 50.4 54 54.1 49.6 50.4 272690 13820769 CEBU AIR 75.2 75.5 82.5 83 75.2 75.2 2636240 207994458 INTL CONTAINER LBC EXPRESS 12.48 12.5 12.1 12.48 12 12.48 34300 421042 0.71 0.77 0.7 0.72 0.7 0.71 6000 4250 LORENZO SHIPPNG 4.86 4.87 5.2 5.22 4.82 4.87 5174900 25713812 MACROASIA 1.71 1.72 1.88 1.88 1.6 1.72 5593000 9697420 METROALLIANCE A 1.66 1.84 1.86 1.86 1.63 1.63 18000 29990 METROALLIANCE B PAL HLDG 7.05 7.19 7.19 7.19 7 7.1 13200 94626 0.8 0.81 0.8 0.8 0.78 0.8 970000 771180 HARBOR STAR 0.028 0.03 0.029 0.03 0.029 0.03 17900000 527900 BOULEVARD HLDG 1.31 1.85 1.85 1.85 1.85 1.85 8000 14800 DISCOVERY WORLD WATERFRONT 0.415 0.42 0.425 0.425 0.415 0.415 80000 33550 6.02 6.66 6.47 6.47 6.47 6.47 1000 6470 CENTRO ESCOLAR 747 830 830 830 830 830 10 8300 FAR EASTERN U 0.37 0.375 0.375 0.375 0.365 0.375 9820000 3661200 STI HLDG 2.2 2.38 2.19 2.39 2.19 2.39 78000 176610 BERJAYA BLOOMBERRY 5.77 5.8 5.95 5.97 5.7 5.77 5927400 34547001 PACIFIC ONLINE 1.69 1.7 1.71 1.71 1.7 1.7 17000 28920 LEISURE AND RES 1.38 1.39 1.46 1.47 1.38 1.39 154000 218340 2 2.2 2 2 2 2 57000 114000 MANILA JOCKEY 3.35 3.4 3.4 3.4 3.35 3.4 26000 88200 PH RESORTS GRP PREMIUM LEISURE 0.315 0.325 0.335 0.335 0.315 0.32 5840000 1867850 ALLHOME 5.43 5.44 5.85 5.88 5.44 5.44 3554900 19738798 1.49 1.52 1.57 1.57 1.49 1.49 2469000 3726390 METRO RETAIL 44.05 44.1 44.9 46 43.1 44.1 4910500 219421400 PUREGOLD 58.5 60.4 64.95 64.95 55.05 58.5 409740 24676304.5 ROBINSONS RTL PHIL SEVEN CORP 130.1 134 136 136 130 130.1 358880 46689726 SSI GROUP 1.28 1.31 1.39 1.39 1.26 1.28 1980000 2588840 14.28 14.3 13.96 14.38 13.22 14.3 1959300 27044566 WILCON DEPOT 0.3 0.315 0.32 0.325 0.305 0.305 1260000 395600 APC GROUP EASYCALL 5.25 5.28 5.04 5.29 5.04 5.28 11900 60773 325 337 341 341 330 337 230 77220 GOLDEN BRIA 0.206 0.21 0.219 0.219 0.205 0.21 2380000 505180 PRMIERE HORIZON 5.41 5.83 5.84 5.84 5.84 5.84 1400 8176 SBS PHIL CORP

-119178460 -115787210 -2071710 186350 -26550 -33820 -139098 -5794557 -29117594 2100 -4352155 800 -3027050 -1266993 5100 4190 -114000 -157500 -1801861 -2196100 -66921270 -7783285.5 35112 -788569.9997 14228468 -

MINING & OIL ATOK 10.06 10.86 10.86 10.86 10.86 10.86 6800 73848 0.92 0.93 0.92 0.96 0.89 0.92 2209000 2031910 -818980 APEX MINING ABRA MINING 0.001 0.0011 0.001 0.0011 0.001 0.0011 13000000 14200 1.73 1.98 1.98 1.98 1.98 1.98 20000 39600 ATLAS MINING 0.95 1.16 1.16 1.16 1.16 1.16 1000 1160 BENGUET A 0.207 0.208 0.209 0.209 0.208 0.208 810000 168640 COAL ASIA HLDG 2.62 2.75 2.7 2.7 2.61 2.7 281000 738980 59400 CENTURY PEAK DIZON MINES 6.8 7.06 6.95 6.95 6.54 6.95 7300 50684 0.7 0.71 0.76 0.76 0.71 0.71 7556000 5486640 -601540 FERRONICKEL 0.192 0.197 0.197 0.197 0.193 0.193 30000 5860 GEOGRACE 0.079 0.081 0.078 0.082 0.078 0.079 7510000 605680 LEPANTO A LEPANTO B 0.077 0.078 0.081 0.087 0.065 0.077 1930000 135100 4310 MANILA MINING B 0.0071 0.0077 0.007 0.0075 0.007 0.0075 39000000 280100 0.57 0.59 0.58 0.59 0.58 0.58 35000 20310 MARCVENTURES 0.94 0.98 0.99 0.99 0.94 0.95 126000 119830 NIHAO 1.72 1.74 1.84 1.84 1.7 1.74 10034000 17493840 1049970 NICKEL ASIA ORNTL PENINSULA 0.465 0.47 0.475 0.475 0.47 0.47 160000 75500 2.21 2.22 2.21 2.35 2.2 2.22 859000 1912530 -229480 PX MINING 12.46 12.5 13.2 13.2 12.5 12.5 2739200 34846996 -10034036 SEMIRARA MINING 0.004 0.0042 0.0041 0.0041 0.004 0.004 5000000 20200 UNITED PARAGON 6.21 6.29 6.25 6.4 5.96 6.29 277600 1733744 ACE ENEXOR ORNTL PETROL A 0.0083 0.0084 0.0084 0.0084 0.0084 0.0084 3000000 25200 0.0084 0.01 0.0084 0.0095 0.0084 0.0095 12000000 107400 ORNTL PETROL B 0.0083 0.0087 0.0082 0.0082 0.0082 0.0082 8000000 65600 PHILODRILL 4.09 4.11 4.44 4.44 4 4.09 1715000 7048810 -232520 PXP ENERGY

PREFFERED HOUSE PREF A 95.05 98.7 94.7 94.7 94.7 94.7 10 947 490 510 520 520 510 510 530 275100 AC PREF B1 AC PREF B2R 485 490 490 490 485 485 12470 6087214 -3479000 CPG PREF A 98.75 100 100 100 100 100 50 5000 97.4 97.5 97.5 97.5 97 97.4 11270 1097645 DD PREF 499.8 500 502 502 502 502 40 20080 GLO PREF P 951 995 997 997 997 997 1800 1794600 GTCAP PREF B MWIDE PREF 99 99.9 99 99 99 99 500 49500 101 104 104 104 100.8 104 230 23600 -13520 PNX PREF 3B 1005 1010 1015 1015 1010 1010 830 842400 PCOR PREF 3A 1010 1030 1010 1010 1010 1010 100 101000 PCOR PREF 3B SMC PREF 2C 75.85 76 76 76.2 75.85 75.85 28590 2172745 -76762 SMC PREF 2D 74.05 74.45 74.5 74.5 74 74 610 45191.5 75 75.5 75.1 75.1 75 75 1400 105025 SMC PREF 2F 74.25 75 75 75 75 75 2380 178500 SMC PREF 2G 74.6 75.5 75 76 75 76 68110 5129348 SMC PREF 2H SMC PREF 2I 73.9 74.75 75 75 74.75 74.75 55080 4117405

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.62 16.18 15.54 15.62 15.54 15.62 131900 2050712 -1272158 4.85 4.89 4.89 4.9 4.89 4.89 63000 308520 -220500 GMA HLDG PDR

WARRANTS LR WARRANT 0.76 0.8 0.8 0.82 0.75 0.8 158000 123050

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.58 1.59 1.76 1.76 1.56 1.59 11506000 19134850 101940 6.2 6.37 6.44 6.44 6.1 6.37 94300 590591 610 KEPWEALTH XURPAS 0.6 0.61 0.56 0.6 0.55 0.6 4967000 2878540 -40

EXHANGE TRADE FUNDS

FIRST METRO ETF 87 87.45 89.9 89.9 85 87.45 39710 3485303.5 115364.5

www.businessmirror.com.ph

ERC greenlights staggered payment of electricity bills

T

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has directed distribution utilities (DUs) to implement a staggered payment scheme for their customers whose electricity bills fall due within the enhanced community quarantine (ECQ) period.

“All DUs and RES [Retail Electricity Customers] are directed to provide a grace period to all captive and contestable customers through the deferment of their electricity bill falling due within the period of the ECQ or from March 16 to April 30, 2020, without interest, penalties, fees and other charges,” the ERC said in an advisory.

The agency said the cumulative amount of electricity bills that was supposed to have fallen due within the ECQ shall be amortized in four equal monthly installments, payable in the four succeeding billing months following the end of the ECQ. “This shall be reflected as a separate item in the electricity bill due on

those succeeding months, provided that the first billing due date following the ECQ shall be earlier than May 15, 2020,” said the ERC. When sought for comment, the country’s largest DU said it would comply with the ERC’s directive.

We welcome the recent ERC directives and as such will implement all the guidelines in the ERC advisory, said Manila Electric Co. (Meralco) First Vice President and Head Regulatory Management Atty Jose Ronald V. Valles.

We are confident that under the ERC’s guidance, Meralco’s implementation of the grace period, deferment of electricity bill, and 4-month amortization of the bills falling within the ECQ will help ease and lessen the

BillEase, Lazada launch loan program for MSMEs

By Tyrone Jasper C. Piad @TyronePiad

D

igital credit platform BillEase and ecommerce firm Lazada have rolled out a financial relief program to help online merchants stay afloat during the coronavirus disease 2019 (Covid-19) pandemic.

BillEase operator First Digital Finance Corp.

(FDFC), in a statement on Thursday, said the program was launched to provide working capital support to the affected micro, small, and medium enterprises (MSMEs) via the fintech platform.

The loans to be applied by online merchants seeking additional capital will be based on their sales record before the Luzon-wide enhanced community quarantine.

The said program is open to Lazada sellers who have been in operation for at least six months on the platform.

Loans, with interest at 2 percent and 3.5 percent, are processed within one banking day.

Borrowers have an extra one-month grace period for payment deadline under the program.

“The spread of Covid-19 is creating challenges to most businesses today and in particular to online merchants that’s why we launched this program as part of our commitment to financing small business owners during this difficult period,” said FDFC CEO Georg Steiger.

“Lazada’s commitment and key priority during this extraordinary time is to support our sellers and prepare them for when business operations resume,” Lazada Philippines CEO Ray Alimurung added.

FDFC last year introduced “BillEase for Business” financial service platform under its BillEase brand that targets small business lending. It has provided MSMEs credit for several hundred clients since.

BillEase said it is waiving interest on installment payments for essential goods acquired via Lazada until April 30 to provide relief to consumers.

The interest-free offering initially ran from April 1 to 15 but was extended as the government called for longer lockdown period.

The BillEase operator said the offer aims to encourage customers to use digital payment options because cash-on-delivery service has been temporarily suspended.

BillEase is a virtual credit application offering quick installment payment for e-commerce and booking platforms, integrating online channels to instantly issue credit at the point of sale.

FDFC was established in the Philippines in 2015. Apart from Billease, FDFC also operates Loan Ranger which offers online cash advance and Balikbayad caters to overseas Filipino workers and seamen.

SMC, NGCP hike aid to fight virus

C

onglomerate San Miguel Corp. (SMC) on Thursday said its donation to fight the spread of the coronavirus disease 2019 (Covid-19) reached P947.7 million, as the company said it continues to find ways to bring relief to the hardest hit communities and provinces nationwide.

Company President and Chief Operating Officer Ramon S. Ang said SMC has responded to calls for assistance from local government units (LGUs) outside of Metro Manila, reaching provinces as far as Iloilo and Leyte. “Our people are working hard to be able to extend our assistance to more provinces and communities and to support our national government’s efforts. Our goal is to help keep our countrymen away from hunger and illness, and somehow, in our own way, give them hope during this difficult time,” said Ang. As of April 14, the company's total allotted food donations topped P227 million, which consisted of canned goods, biscuits, coffee, and milk delivered through the LGUs, nonprofit organizations and church-based groups, among others.

San Miguel distributed some 1.1 million kilograms

of rice, worth an estimated P38.4 million and donated a total of 864,740 liters of 70 percent ethyl alcohol worth P64.9 million. The alcohol was produced from the Ginebra San Miguel facilities and are being distributed to various hospitals, LGUs, national government agencies, and other institutions and organizations. Half of the company's donations of about P500 million were used to purchase protective gear from local and international suppliers, including those in China.

The company said it also gave P100 million to “Project Ugnayan,” a broad coalition of businesses groups also helping in the Covid-19 battle.

The National Grid Corporation of the Philippines (NGCP) said Thursday that it donated P5 million worth of gift certificates to assist families affected by the pandemic.

The grid operator said it turned over 10,000 supermarket gift certificates worth P5 million to Project Ugnayan, the collaborative initiative between the Philippine Disaster Resilience Foundation (PDRF) and top business groups, companies, and institutions. VG Cabuag, Lenie Lectura

burden of our customers during these trying times, as we face the global pandemic, and endure through the current lockdown, he added.

For those who have the ability to pay, the ERC encouraged consumers to settle their bills within the original date to help manage the cash flow in the energy supply chain and ensure the continuous supply of electricity.

“Consequently, DUs are authorized to adopt incentive schemes to encourage early payment of the deferred amount by customers who are able to settle ahead of the four months,” added the ERC. Meralco was earlier urged by Senator Sherwin Gatchalian to temporarily waive the P47 convenience fee so that consumers may be able to pay their electricity bill using the company’s mobile app without extra charges.

When paying via mobile app, Meralco customers are required to pay the said convenience fee, on top of their monthly electricity bill.

“For our customers who wish to settle their accounts we also have many options available, including our Meralco Online service. We would like to clarify, however, that the P47 convenience fee does not go to Meralco, but is paid to our payment partners. But for customers who wish to skip the convenience

mutual funds

fee, there are many other payment options being offered at your convenience,” said Valles.

In the same notice, the ERC directed power generation companies, Power Sector Assets and Liabilities Management Corp., National Power Corporation, National Transmission Corp., National Grid Corporation of the Philippines, Independent Power Producers, Independent Power Producer Administrators and the Market Operator to extend the same payment scheme to the RES and other customers.

The ERC also reminded DUs of their obligation to procure their power requirements in the least cost manner and to ensure efficient and equitable utilization of their approved power supply contracts.

All DUs are required to submit their power supply contract utilization report, record of payments received from customers, and record of payments made to suppliers, covering the period March 16 to April 30 this year not later than May 31.

The ERC also suspended again the collection of the feed-in-tariff allowance from electricity customers for another billing period to be implemented on the next electricity bill to be issued by the collection agents.

April 16, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.82 -25.15% -9.67% -7.14% -22.66% ATRAM Alpha Opportunity Fund, Inc. -a 0.9582 -40.25% -12.85% -8.67% -30.67% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6103 -35.89% -14.61% -9.75% -29.03% Climbs Share Capital Equity Investment Fund Corp. -a 0.6713 -27.98% n.a. n.a. -25.17% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6654 -22.55% n.a. n.a. -21.65% First Metro Save and Learn Equity Fund,Inc. -a 4.2029 -22.58% -7.31% -6.27% -21.12% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.6636 -23.16% -10.88% n.a.

-22.26% MBG Equity Investment Fund, Inc. -a

73.37 -42.7% n.a. n.a. -28.99% PAMI Equity Index Fund, Inc. -a 39.2414 -23.51% -8.07% n.a. -23.48% Philam Strategic Growth Fund, Inc. -a 417.49 -22.24% -7.76% -6.38% -21.64% Philequity Alpha One Fund, Inc. -a,d,8 0.8665 n.a. n.a. n.a. -15.88% Philequity Dividend Yield Fund, Inc. -a 0.9947 -23.4% -7.71% -5.5% -22.71% Philequity Fund, Inc. -a 29.2543 -23.56% -6.97% -5.39% -22.81% Philequity MSCI Philippine Index Fu nd, Inc. -a,1 0.7789 -23.91% n.a. n.a. -23.49% Philequity PSE Index Fund Inc. -a 3.9951 -23.08% -7.52% -5.23% -23.52% Philippine Stock Index Fund Corp. -a 667.85 -22.96% -7.47% -5.44% -23.42% Soldivo Strategic Growth Fund, Inc. -a 0.6011 -34.9% -12.01% -9.64% -29.4% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1057 -27.16% -8.67% -6.56% -26.21% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7671 -23.04% -7.62% n.a. -23.35% United Fund, Inc. -a 2.8151 -23.57% -5.72% -4.37% -22.94% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.6037 -22.75% -6.96% -4.59% -23.39% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8849 -15.42% -1.65% -3.78% -13.95% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2099 -6.28% 3.3% n.a. -12.24% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4752 -13.47% -5.55% -5.37% -5.61% ATRAM Philippine Balanced Fund, Inc. -a 1.9587 -14.95% -5.54% -3.58% -10.2% First Metro Save and Learn Balanced Fund Inc. -a 2.3499 -10.2% -2.62% -4.16% -10.7% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1869 n.a. n.a. n.a.

-18.21% NCM Mutual Fund of the Phils., Inc. -a 1.8011 -5.4% -1.25% -1.62% -8.25% PAMI Horizon Fund, Inc. -a 3.3402 -8.4% -3.16% -3.2% -11.85% Philam Fund, Inc. -a 14.9549 -9.16% -3.28% -3.28% -11.83% Solidaritas Fund, Inc. -a 1.878 -11.77% -3.91% -2.63% -11.66% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2134 -15.77% -4.51% -3.97% -16.83% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.9038 -8.54% n.a. n.a. -11.02% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.8172 -16.93% n.a. n.a. -17.98% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.7987 -18.64% n.a. n.a. -19.58% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7836 -19.43% -5.99% -5.72% -19.61% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03795 5.45% 2.33% 1.46% -0.73% PAMI Asia Balanced Fund, Inc. -a $0.9102 -9.23% -0.98% -2.38% -12.3% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.5141 -5.42% 2.41% 1.11% -10.14% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.045 -3.79% 0.88% n.a.

-7.42% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 361.28 3.93% 2.89% 2.35% 0.97% ATRAM Corporate Bond Fund, Inc. -a

1.9221 2.14% 0.77% -0.34% 1.06% Cocolife Fixed Income Fund, Inc. -a 3.1574 4.71% 5.16% 5.09% 1.32% Ekklesia Mutual Fund Inc. -a 2.2532 4.53% 2.52% 1.99% 1.27% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3871 5.97% 2.65% 1.42% 1.19% Philam Bond Fund, Inc. -a 4.424 10.12% 2.9% 1.69% 1.17% Philequity Peso Bond Fund, Inc. -a 3.8235 6.14% 3.19% 1.63% 0.93% Soldivo Bond Fund, Inc. -a 0.991 8% 2.35% 0.76% 2.77% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0884 7.21% 4.28% 2.5% 0.41% Sun Life Prosperity GS Fund, Inc. -a

1.7085 7.02% 3.81% 2.13% 0.44% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $466.92 2.87% 2.28% 2.35% -0.28% ALFM Euro Bond Fund, Inc. -a Є213.91 -0.94% 0.47% 0.52% -2.65% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1657 -0.02% 1.44% 1.52% -3.44% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 2.38% 1.19% 1.12% 0% PAMI Global Bond Fund, Inc -a $1.0435 -1.54% -0.77% -0.89% -4.72% Philam Dollar Bond Fund, Inc. -a $2.3687 5.19% 2.52% 2.01% -1.46% Philequity Dollar Income Fund Inc. -a $0.0593788 2.2% 1.41% 1.33% -1.55% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1499 6.25% 2.26% 2.06% -0.8% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.11 3.89% 3.06% 2.3% 1.06% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0354 2.74% n.a. n.a.

0.89% Philam Managed Income Fund, Inc. -a 1.2647 5.8% 3.29% 1.77% 0.64% 3.4% 3% 2.5% 0.88% Sun Life Prosperity Money Market Fund, Inc. -a 1.2757 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0405 1.68% n.a. n.a.

0.32% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.9 n.a. n.a. n.a.

-9.09% 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

By using pawnshops, money transfer agents, government can reach more Filipinos

By Cai U. Ordinario @caiordinario

T

he national government could transfer the social amelioration funds to Filipinos eligible for the assistance through pawnshops and money transfer agents, according to a policy brief from the Ateneo de Manila University (Admu).

In a policy brief titled “Alternative Delivery of Subsidy Funds during Covid-19,” Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang and Admu Professor Ser Percival K. Peña-Reyes said this is a recommendation they are giving the Department of Social Welfare and Development (DSWD).

Ang said these establishments can distribute the government’s assistance even if the recipient doesn’t have an identification card. Given the Bangko Sentral ng Pilipinas (BSP) relaxation of KYC (Know Your Customer) rules, claimants need only to present documents such as Barangay certifications to receive the assistance.

“If they don’t have IDs, they can present Barangay certificates,” Ang told the BusinessMirror. “This is possible given that BSP has relaxed KYC rules and the distribution of the social amelioration benefits makes these establishments conduits of the government’s [pandemic] response.”

Ang and Peña-Reyes said tapping pawnshops and money transfers is also feasible given the high awareness of Filipinos of their existence and offerings as well as the poor’s use of their services.

In a 2010 study of domestic payments in the Philippines, the authors said, about 95 percent of those who use these services belong to the income class D and income class E or those who were poor and very poor.

Only 5 percent belong to the upper 70 percent of the population, the

study noted.

Ang and Peña-Reyes said the respondents used the facilities of pawnshops and money transfers mainly for sending and receiving money, as well as paying bills and loans.

“The study showed that awareness of these micro channels is very high, with more than 70 percent of respondents recognizing neighborhood facilities,” the authors said.

The reach of these pawnshops and money transfers are also wider with over 17,000 branches spread across the country and located in every town center.

As such, Ang and Peña-Reyes said, the DSWD can use the existing systems of these establishments such as records of the poor who have used and are using their establishments.

These records can help with the validation of beneficiaries assistance and unburden the LGUs of doing the validation of and distribution to beneficiaries.

“The payout process can be done by batches, where beneficiaries can come to designated and approved centers,” Ang and Peña-Reyes said.

The authors said data from the World Bank showed that only 34 percent of Filipinos are “financially included,” making the country a laggard among its Asean-5 peers.

The financial inclusion rate in Indonesia was at 49 percent; Thailand, 82 percent; Malaysia, 85 percent; and Singapore, 98 percent.

Ang and Peña-Reyes said the World Bank defined financial inclusion as a state where individuals and businesses have access to useful and affordable financial products and services that meet their need such as transactions, payments, savings, credit and insurance.

The Washington-based lender also stated that financial inclusion meant these financial services are delivered in a responsible and sustainable manner.

Medical frontliners to get P1.5B worth of insurance coverage

T

he Philam Foundation Inc. announced on Wednesday it would provide free compassionate benefit coverage worth P50,000 to 30,000 medical frontliners, initially with the partner hospitals of the Philam Group.

The program will provide coverage that translates to a total sum assured of P1.5 billion, the organization said in a statement.

“The pandemic caught everyone by surprise, and our immediate response was to take a 2-pronged approach with our support: the containment of the virus by providing for the needs of medical frontliners and the food security programs to prevent social upheaval among the marginalized daily wage earners,” Philam Foundation President Max Ventura was quoted in the statement as saying. “After addressing the more pressing needs, we are now ready to provide a more meaningful intervention that’s aligned to our mission of protection through [this] initiative.

The donation is a long way from ideal but this at least provides our frontliners some measure of protection as they battle Covid-19 face to face.”

The Philam Group includes AIA Philam Life and its affiliate companies, namely BPI-Philam Life Assurance Co., Philam Asset Management Inc. and Philam Foundation.

AIA Philam Life recently announced the actions the company has taken to address the needs of its customers, employees and partners during the enhanced community quarantine period, the company said.

As we continue to respond to the other needs of the frontliners whose lives are at risk as they fight the pandemic, the entire Philam Group has combined its efforts to strengthen this initiative and provide much needed coverage, the company added. This will include housekeeping and security personnel assigned to

areas exposed to the coronavirus, aside from the doctors, residents, nurses, technicians, orderlies and nursing aides, depending on the classification of the hospital’s Human Resource Department.

The initial list of hospitals who have enlisted their frontliners for the compassionate coverage include the designated Covid-19 treatment hospitals, both government and private, as well as hospitals from different areas and affiliations nationwide, the company said. More hospitals will be added to the list composed of 20 institutions.

The special compassionate benefit is good for a three-month coverage initially, with the option to extend, and will be issued through the hospitals that are members of the Alliance for the Philippines’ Health and Advocacy. Alpha is the Foundation’s consortium together with the Philippine College of Physicians and the Philippine College of Surgeons, established to create programs that address health challenges faced by Filipinos through data-driven and evidence-based health advocacies and projects.

“It is AIA Philam Life’s first time to provide compassionate coverage made especially for medical frontliners, which aims to provide muchneeded protection for these heroes.

We want to give them peace of mind that as they battle an unseen enemy, they can rest assured that if anything happens, their families will receive something,” Philippine American Life and General Insurance Co. CEO Kelvin Ang was quoted in the statement as saying. “We are happy to support this Foundation-led initiative that allows us to protect the frontliners, part of fulfilling our mission of racing against risk to protect every Filipino family and empower them to live healthier, longer and better lives.”

Friday, April 17, 2020 B3

Banks have enough buffer for pandemic stress–analysts

By Tyrone Jasper C. Piad

@Tyronepiad

adding that the industry had dealt with an economic slump before.

“Both the 1997 Asian financial and the 2008-to-2009 global financial crises have provided enough preparation for the banking sector, I believe,” he said.

Apart from this, Ricafort noted that the local banks have activated their business continuity plans, making it “increasingly prepared/ready amid evolving and varying economic conditions.”

The Bankers Association of the Philippines earlier renewed commitment to continue serving customers during the extended enhanced community quarantine (ECQ) in Luzon.

Some banks already announced that they are waiving remittance fee and delaying payment deadlines again to provide relief.

The government recently announced that the lockdown will continue until April 30 amid mass testing. Since mid-March when ECQ was ordered, banks have operated in skeletal work force arrangement and work-from-home scheme with shortened working hours to keep offering

services while lessening exposure to the virus.

“At this point, the most important matter is to keep banks running and to make sure that the economy has enough liquidity to support essential banking activities during the community quarantine,” Asuncion added. While the industry is well capitalized, Asuncion warned that local banks might still face potential post-pandemic losses, which Ricafort hoped to be one-off only.

“Hopefully, [financial impact] would be temporary or one-off in nature and improvements or rebound in economic growth would resume once the coronavirus is better contained or controlled,” the RCBC economist said.

Moody’s recently revised its outlook for the Philippine banking system to negative from stable as the pandemic is seen to take a toll on the industry’s profitability. With limited mobility, the slowdown in activities can materially impact economic growth this year, including the banking sector, the debt watcher explained.

PhilGuarantee approves two measures to encourage lending for small farmers

LandBank opens lending window for SMEs, co-ops affected by ECQ

T

he local banking industry has enough capitalization to cushion the economic stress brought about by the coronavirus disease 2019 (Covid-19) pandemic, analysts said, noting that it should continue providing liquidity into the market to support the economy.

“The financial performance and position of the local banking industry has been strong and robust, with capitalization that is well above the minimum requirements set by regulators and also way above the acceptable international standards,” RCBC chief economist Michael L. Ricafort told BusinessMirror in an e-mail.

In its latest report, the Bangko Sentral ng Pilipinas noted that the capitalization of local banks rose by

By Bernadette D. Nicolas @BNicolasBM

T

he Philippine Guarantee Corp.

(PhilGuarantee) has approved two measures to encourage lending to support small farmers amid the enhanced community quarantine (ECQ).

According to an April 15 advisory posted on its web site and signed by PhilGuarantee President and CEO Alberto E. Pascual, the Governing Board approved the reduction of the rate of guarantee fee from 1 percent to 0.5 percent and the increase of guarantee coverage from 85 percent to 90 percent of the loan amount.

However, the reduced guarantee rate and the increased percentage of coverage shall apply only to loans granted by the partner lending institutions to farmers who are producing

14 percent to P2.07 trillion in 2018 from P1.76 trillion the previous year.

Moody’s Investors Service, meanwhile, said that capitalization will remain stable given that rated local banks have an average common equity tier 1 capital ratio of 13.7 percent as of end-2019.

UnionBank Chief Economist Ruben Carlo O. Asuncion agreed that the sector could withstand the pandemic-induced economic shocks,

palay, regardless of whether or not they are agrarian reform beneficiaries or the loans are covered by the Philippine Crop Insurance Corp.

“The measures are also in line with the efforts of the government to increase palay production in order to meet the country’s needs during the ECQ period,” the advisory by PhilGuarantee, a government-owned and -controlled corporation (GOCC) said.

For its part, the Government Procurement Policy Board chaired by Budget Secretary Wendel E. Avisado has also encouraged procuring entities to directly purchase agricultural products from local farmers or farmers’ associations or cooperatives to ensure the availability of food for all affected sectors.

In its Circular 01-2020 dated April 6 indicating the guidelines for emergency procurement under Republic

Act 11469, procuring entities shall observe the following in negotiating prices for agricultural products: n the average prevailing farmgate price for the province, if purchased directly from the farmers; n the market price, if purchased from farmers’ association or cooperative; or n the recommended retail price by the local price coordinating council for commodities sold by capable farmers, and farmers’ associations or cooperatives in their respective provinces, municipalities and cities.

The farmer shall also sign the disbursement voucher prepared by the procuring entity to show actual delivery and receipt of payment. This shall also serve as the delivery invoice showing the quantity, description of the articles, unit and total value of the items delivered.

Association leadership in a pandemic

I

N my July 19, 2019 column, I wrote about the “Two leadership roles in associations” under a board-management-delineated association governance model: that of the Board, represented by a volunteer chairman (or president), and that of the paid professional head of management or secretariat (CEO, executive secretary or secretary general).

The delineation of roles under this governance model is clear: strategic direction, oversight, policy setting, and fund-raising for the Board, and execution of Board-approved programming and day-to-day operation and staff supervision for the CEO, similar to what is practiced in the corporate sector. Equally important as delineation is teamwork and “mission single-mindedness.”

I laid out the above premise because in times of crisis, like the current coronavirus disease 2019 (Covid-19) pandemic, the Board and the management need to work together to face a common problem, as well as continue to cater to the needs of their members.

Below are some noteworthy actions of what association leaders around the world have done: Virtual collaboration. Leaders of the Meetings Mean Business Coalition (MMBC), which has 60 members worldwide, was formed to showcase the value that business meetings, trade shows, incentive travel, exhibitions, conferences and conventions bring to people,

Association World Octavio Peralta businesses and communities. MMBC recently announced the postponement of its in-person “Global Meetings Industry Day” scheduled this month in more than 50 countries, and asked its members to come and meet together virtually.

Communicating and listening.

The International Association of Fairs and Expositions leadership says what it is trying to do during this difficult time is to be a “voice of calm” when it can and stay on top of the information. Noting that the “hunger to connect” is acutely felt, the Iafe organized a virtual roundtable for members to discuss concerns and share resources.

While attendance was limited to 100 people, the event hit full capacity in a matter of hours.

Active advocacy. Arlington, Virginia-based School Nutrition Association has more than 55,000 members who provide high-quality, low-cost meals to students across the United States. It spent weeks talking with congressional and government regulatory leaders to advocate for expanded school lunch programs and to give kids food at home due to school closures and community lockdowns.

Supporting small businesses.

The American Bar Association, the world’s largest voluntary professional organization with over 400,000 members and more than 3,500 entities, offers pro bono advice to small business owners. It advised on issues ranging from the piling up of rent, utilities and payroll; and whether limited cash flow could allow small businesses to keep operating once the virus is contained and firms across the US are allowed to reopen.

During an interview on NBC’s Today Show, Ford Executive Chairman Bill Ford Jr. answered questions about how the automaker is responding to the Covid-19 pandemic and looking for creative ways to help.

He said: “Looking around, it isn’t hard to find opportunities where you can help. You just might have to be a little creative about finding ways to serve your customers, employees and community. Do anything you can!”

The column contributor, Octavio Peralta, is concurrently the secretary general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder and CEO of the Philippine Council of Associations and Association Executives.

The PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center, which is expected to draw over 200 association professionals here and abroad. The two-day event is supported by Adfiap, the Tourism Promotions Board, and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

T

he Land Bank of the Philippines (LandBank) is offering a new lending program to help small and medium enterprises (SMEs), microfinance institutions (MFIs) and cooperatives recover after the island of Luzon was brought under enhanced community quarantine (ECQ) due to the coronavirus disease 2019 (Covid-19) pandemic.

Through the lending program, LandBank said it will provide assistance through credit and loan restructuring under more flexible terms and conditions.

Interested SMEs, MFIs and cooperatives may borrow up to 85 percent of their actual need for working capital, at an affordable interest rate of 5 percent per annum, payable up to a maximum of five years, with grace period on the principal payment.

The program, which LandBank dubs “i-Rescue,” likewise, offers restructuring of existing loan account via additional loan, extended repayment period, or through other means (or combination of means). The loan may be extended up to a maximum of 10 years, with up to three years grace period on principal and up to one-year grace period on interest, depending on cash flow.

“LandBank stands ready to respond to the financial needs of enterprises hardhit by the Covid-19 pandemic for rehabilitation support,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying. “We hope that [this] program will help restore economic and social activities in our country, especially in the countryside.”

The Landbank said the new lending window is in support of Republic Act 11469, which ensures the provision of timely and affordable credit to sectors affected by Covid-19, including small farmers and fishermen.

B4

Show BusinessMirror

Friday, April 17, 2020

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: : Rooney Mara, 35; Jennifer Garner, 48; Liz Phair, 53; Sean Bean, 61.

Happy Birthday: Aim for a simple, affordable lifestyle that will result in less stress and fewer responsibilities. Don’t feel you have to do something to keep up with a friend or appease someone pushing you to participate in something you don’t want to do.

Focus on goals that will encourage greater stability and security. Personal gains are within reach. Your lucky numbers are 6, 14, 25, 27, 30, 33, 49.

a

ARIES (March 21-April 19): Honesty and integrity matter. Whether it’s you or someone you are dealing with, be upfront and, when in doubt, ask questions. Personal training, physical fitness and better health should be your goal. Romance will enhance your life. HHHH

GMA first Philippine network with 2 YouTube channels with 10M subscribers each GMA Public Affairs, widely regarded as home of the country’s best documentary, docudrama, news magazine, and lifestyle TV programming, has successfully established itself as a digital powerhouse as it recently hit 10 million subscribers on YouTube.

The feat makes media conglomerate GMA Network the first-ever Philippine network to have two Diamond Creator Awards for having two YouTube channels with 10 million subscribers. GMA’s Entertainment channel reached the 10 million-subscriber mark last year.

GMA Public Affairs’ YouTube channel recorded its first million-view in November 2015 via an episode of awardwinning news magazine show Kapuso Mo, Jessica Soho. In October 2016, it surpassed 100,000 subscribers, and was given a Silver Play Button plaque by YouTube.

Then in April 2018, GMA Public Affairs received the Gold Play Button from YouTube after its channel scored 1 million subscribers. Around the same time, it garnered, a total of 1 billion views. In 2019, GMA Public Affairs’ YouTube channel recorded over 2.77 billion views.

The number continues to increase. As of this writing, it is close to reaching 6 billion views.

Kapuso Mo, Jessica Soho’s segment on “Dalaga sa Davao, bakit tila hindi tumatanda?” was named as the Philippines’s top trending video on YouTube for 2019 after garnering more than 17.7 million views. Meanwhile, the Wagas episode titled “Woman Gets Impregnated by a Tikbalang” remains as the most-watched video on GMA Public Affairs based on watch time.

Across all social-media platforms, GMA Public Affairs prides itself of having more than 44 million followers. The number is expected to grow further as the social-media team of GMA Public Affairs continues to produce innovative and trendsetting content for all GMA viewers worldwide.

b

A day after ire, CNN’s Chris Cuomo says ‘I love where I am’

N

By Mark Kennedy The Associated Press

EW YORK—CNN anchor Chris Cuomo has reaffirmed his commitment to CNN and his gratitude for his prime-time perch, a day after the TV host expressed frustration at elements of his job.

“I’ve never been in a better position professionally, I’ve never been more grateful, I’ve never been on a better team,” Cuomo said Tuesday on his SiriusXM show. “I love where I am. I love the position that I’ve been given. And I love who I’m doing it with.”

The latest comments were in marked contrast to the way he described his job 24 hours before, saying he was tired of interviewing disingenuous politicians and didn’t “value indulging irrationality, hyperpartisanship.” He also said: “I don’t like what I do professionally.”

Cuomo clarified what he meant on Tuesday, saying, “It is frustrating to do this job in an environment where people are not interested and open. It is hard to practice journalism when people are so intent on believing what they want to believe for political advantage.”

Cuomo has tested positive for the coronavirus and has been broadcasting from his basement while in self-quarantine. He said he’s been “rethinking a lot of things on an existential basis all the time.”

On Tuesday, he thanked the network for giving him a long-term contract and for its coverage of the coronavirus, which he called “phenomenal.” He said he had no intention of leaving CNN but questioned how much a difference he was making.

“I was talking about having legitimate questions,” he said. “Is the way I do this working? If it’s not working, can I do it differently? Do I want to do it differently? Would that work?” n

#TogetherWeHeal with Araneta City live online activities IN line with its #TogetherWeHeal slogan, Araneta City has been staging a series of live online activities via its official Facebook page.

The activities, which run up to April 18, are aimed to help Filipinos attain healing and fight fatigue brought by the extended enhanced community quarantine (ECQ).

Following its partnerships with Slimmers World and The Addlib Dance Studio for online fitness workouts, Araneta City concludes this runof activities on April 18 with the playlist online acoustic sessions that kicks off with first featured guest, singer and song writer Alex Corner.

Araneta City fans and followers will be serenaded with Corner’s

TAURUS (April 20-May 20): Look at the big picture before you decide to make a change.

You’ll face interference if you share too much personal information. Gather information, and it will put you in a stronger position when asked to make a decision. HH

c

GEMINI (May 21-June 20): Offer suggestions, do what you do best and take action once you commit to your plan. What you accomplish today will be life-altering. Discipline and hard work will pay off. Celebrate your success with someone you love.

Romance is on the rise. HHHHH

d

CANCER (June 21-July 22): Do what makes you happy. A creative project that takes your mind off situations that aren’t going your way will give you the break required to gain perspective regarding how best to deal with the changes taking place. HHH

e

LEO (July 23-Aug. 22): Speak up, share your thoughts and feelings, and find out where you stand. Use your charm and experience to handle people who are putting pressure on you to do things you don’t want to do. Make personal gains, romance and money your priorities. HHH

f

VIRGO (Aug. 23-Sept. 22): Choose to spend time with the people who inspire you to have fun. Mixing business with pleasure will encourage deals that you want to close. A change of scenery will motivate you to do things differently. Be open to suggestions. HHH

g

LIBRA (Sept. 23-Oct. 22): Be careful how you handle loved ones and your money. Don’t get involved in lofty pastimes that are costly or indulgent. Stipulate what you can do to avoid stressful situations. HHH

h

SCORPIO (Oct. 23-Nov. 21): Slow down, and take a moment to reevaluate your position, lifestyle and relationships. Make a change if you feel stressed and anxious. It’s up to you to put an end to what you don’t want in your life. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Emotional manipulation is apparent. Whether it’s you trying to avoid something or someone, or someone offering you false information, it’s time to take an honest look at your life and decide what you want to do next. HH

j

CAPRICORN (Dec. 22-Jan. 19): Remember the good times, but don’t try to go back in time. It’s what you do moving forward that will have the most significant impact on your life. Don’t limit what you can do because you are afraid to let go of the past. HH

soothing and romantic voice as he performs acoustic songs and a couple of his original compositions. Fans can also get a chance to request their favorite songs online.

Follow Araneta City on its official Facebook page to catch these exciting virtual events and other live online happenings for the entire ECQ period.

Also, Araneta City, in coordination with the J. Amado Araneta Foundation, opens the #TogetherWeHeal Donation drive to interested donors who would like to help families in Metro Manila who are affected by the health crisis.

More information on this initiative is available at www.ticketnet.com.ph.

k

AQUARIUS (Jan. 20-Feb. 18): Don’t let a change someone makes cause uncertainty.

Proceed with your plans, and refuse to let anyone stand between you and what you want. A personal change will lift your spirits and give you a new lease on life. HHH

l

PISCES (Feb. 19-March 20): Expand your interests; do something unique. Handle situations carefully. Take a minimalist approach to helping others. Offer suggestions, not your cash or time. You owe it to yourself to focus on what will help you achieve the most. HHH Birthday Baby: You are sensitive, caring and original.

You are determined and supportive.

‘conflicting investment advice’ by zhouqin burnikel The Universal Crossword/Edited by David Steinberg

ACROSS 1 Wine and dine 5 Word before “the day” or “the date” 9 Discreet “Hey, you!”

13 ___ the Terrible 14 Stage whisper 16 Type of IRA 17 Bank teller’s call 18 Hit the sack, to toddlers 20 Provide with funds 22 Rome-based fashion house 23 Horror movie street 24 Fail to include 26 “My sentiments exactly” 28 Oxygen transporter 33 O, in a love letter 34 Impatient personality 35 Ferret (out) 38 Sister brand of Nilla 40 Secret supply 42 Secluded valley 44 Exam that may cover a dissertation 46 Poet T.S. 48 Historical period 49 Rare

2 E.R. medicine dispenser 5 55 BTS music genre 56 “Right this instant!”

57 Rest stop for a caravan 61 High-energy Rio Carnival dance 64 French sea salt 67 Time for a lunch break 68 Celebratory nights 69 Public spat 70 Touch up, as a YouTube video 71 Mechanical memorization 72 Lecture program focused on local communities 73 Place to get a Reuben DOWN 1 “Works for me” 2 All squared up 3 Target of an IRS audit 4 Lay to rest in a pyramid 5 Old couch woe 6 Starting on 7 Vague feeling 8 Garden with a treacherous snake 9 Ask nosy questions 10 Not at all wasted

1 Fashion blogger’s concern 1 12 Central idea 15 ___ Bauer 19 Cockpit features 21 Shrivel in the heat 25 Pile in a playroom 27 Loud drinking noise 28 P, to Pythagoras 29 Money in Montenegro 30 Decided 31 Passed out cards 32 Big name in watches 36 Power-saving computer setting 37 Typical University of Belgrade student 39 Aloha Tower’s island 41 Take to the pawnshop 43 Dissenting vote 45 Repair bill component 47 Summits 50 Enjoys a paperback 51 ___ and groaned 52 Conclude through reasoning 53 Largest company in Sweden 54 Message with up to 280 characters

58 Religious subdivision 59 “Makes sense now” 60 Drop in the mailbox 62 More than simmer 63 Prefix for “gravity” 65 Practical purpose 66 Supervillain Luthor

Solution to yesterday’s puzzle:

Relationships BusinessMirror

www.businessmirror.com.ph

Isolating together is challenging—and relationship stresses can affect biological functioning

BY HANNAH L. SCHACTE� Wayne State University IN the wake of Covid-19 social distancing and stayat-home orders, young couples may find themselves spending more time with each other than ever before.

As a developmental psychologist who conducts research on adolescent and young adult relationships, I’m interested in understanding how young people’s everyday social interactions contribute to their health.

Past research shows that people who have higherquality friendships and romantic relationships during their teens and 20s typically have lower risk for illness and disease during adulthood, whereas individuals with early relationships characterized by conflict or violence experience heightened risk for negative health outcomes. Why might this be the case? Can matters of the heart affect your heart?

My colleagues and I wondered whether young people’s everyday, seemingly mundane, interactions with their dating partners might have acute effects on their physiological functioning. These direct connections between social functioning and physiology could accumulate over time in ways that ultimately affect long-term health.

We conducted a study to examine whether young dating couples’ everyday romantic experiences were related to their physiology. We specifically investigated if couples’ feelings toward one another during the day predicted changes in their heart rate while they slept.

We focused on overnight heart rate because other research shows that having chronically elevated heart rate can hamper the essential restorative effects of sleep and increase risk for later cardiovascular disease, the leading cause of death for men and women in the United States.

To test our question, we used participants from a larger, ongoing study in our lab at the University of Southern California to capture a “day in the life” of young dating couples. The couples, most of whom were in their early 20s and had been dating for one to two years, were recruited from the Los Angeles area.

They were asked to choose a day they were planning to spend most of their time together and, on that chosen day, couples came into our lab first thing in the morning. They were equipped with a wireless chest-strap heart monitor and lent a mobile phone that sent surveys every hour until they went to bed.

When participants left the lab, they were told to go about their day as they normally would.

Our study focused on 63 heterosexual couples who had valid 24-hour heart rate data (some participants took the monitors off when they slept or reattached them incorrectly after showering).

Every hour during the day, participants rated two things: how annoyed and irritated they felt with their dating partner, and how close and connected they felt to their dating partner. Participants also reported on their hourly behaviors to make sure we knew about anything else that could affect their overnight heart rate—like whether they drank alcohol, exercised or took medication. For 24 hours, the heart rate monitor tracked couples’ heartbeats per minute, an indicator of physiological activity.

Even after taking into account both partners’ daytime heart rate, stress levels, drug or alcohol use and physical activity, we found that men’s overnight heart rate changed depending on how women felt toward their partner throughout the day.

When women felt closer and more connected to their partners during the day, men had lower overnight heart rates. When women felt more annoyed and irritated with their partners during the day, men had higher overnight heart rates. On average, men’s overnight heart rates were about 2 beats to 4 beats per minute slower in couples where women expressed more closeness. On the other hand, men’s heart rates were about 1.5 beats to 3 beats per minute faster if women expressed greater annoyance.

Interestingly, we found that women’s annoyance did not predict increases in men’s heart rate, if women also felt close to their partners throughout the day.

In other words, the negative effects of annoyance got diluted if some closeness was also in the mix.

There were actually no effects of men’s annoyance or closeness on women’s overnight heart rates—men’s cardiovascular responses appeared to be uniquely sensitive to women’s daytime relationship feelings.

Other research has found similar gender differences.

One possibility is that women are more likely to express their feelings of closeness or annoyance, whereas men may feel less comfortable engaging in such communication.

Of course, every relationship has its natural ups and downs, and our study only captures a snapshot of young dating couples’ lives together. However, the findings suggest the way romantic partners feel about one another, even within a single day, can have acute effects on their biological functioning during sleep.

These seemingly trivial, everyday experiences could build up over time and help explain why relationships wind up affecting people’s health—for better or for worse. THE CONVERSATION

Friday, April 17, 2020

B5

Keeping busy while on lockdown SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

I

T’S impossible not to wake up every morning with a sense of dread these days.

I sometimes have coughing or sneezing fits, and think I should head to the ER. I actually have allergic rhinitis and asthma, so for the past years this has been the new normal for me. But with the global Covid-19 health crisis, all sorts of terrible thoughts about one’s mortality can enter the mind with just a single cough.

Sometimes it’s difficult to snap out these morbid thoughts. We watch TV or go on social media and we’re confronted by depressing news of the rising Covid-19 cases in the country, one government pronouncement after another reminding us how inept some officials are in handling this crisis, and stories of just how the rest of society are faring in dealing with the lack of food, transportation, income and health care.

To keep my mental health in check, I have stopped watching the TV news, and the televised speeches of the Oh Powerful One in Malacañang, never mind that I’m a journalist who should be keeping up with the latest news. I catch up the next day via Twitter or on Facebook where I have more invested media colleagues who post news stories.

Of course there is work to deal with on a daily basis, interviewing sources, and filing my stories or writing my column, as well as attending to the domestic chores and tasks of cleaning the house and doing the laundry.

I am proud to say I finally learned to machinewash my comforters, which in the past I would just drop off at the laundromat.

Those things are huge and heavy, and I can only fit one comforter at a time in my 5-kilogram washing machine. Hanging them out to dry is another story altogether, which is equally merciless.

Like most people, evenings are often devoted to Netflixing or Amazon Priming. There was a time last year I marathon-watched This is Us, and while it’s an excellent drama series, I ended up feeling fluish because each episode would leave me emotionally drained from all the weeping. Having learned from that experience, I’ve only been watching comedies. I feel the happy hormones coursing through my body, boosting my immunity. So, no to CLOY or any other Korean telenovelas for me in the meantime.

From Netflix, I recommend Kim’s Convenience (travails of a Korean family in Canada—like Fresh Off the Boat, but way funnier), Sex Education (son of sex therapist gives out sex advice to classmates), The Good Place (a group of people die and wake up in heaven), Grace & Frankie (two seniors whose ex-husbands are gay and decide to marry each other), and the stand-up comedy shows by Jo Koy, Ali Wong and Ronny Chieng.

On Amazon Prime, The Marvelous Mrs. Maisel is a must-watch. It tracks the life of a housewife who suddenly finds a career in stand-up comedy. Fleabag is also a riot; it’s about a woman trying to get over her best friend’s death, while hurling herself through

meaningless sexual relationships, and angrily dealing with family issues while living in London.

Despite the social distancing, technology keeps many of us in touch with our family and friends.

Facebook, Messenger, Instagram and Viber are all there to ease one’s isolation. On my FB Stories, I try to post funny photos, memes and images of my latest kitchen experiments, just to balance it out with the rants I post on my status regarding the political issues of the day.

In the few times I have been out to the neighborhood talipapa, I take the opportunity to chat with the tinderas and other buyers, share a joke or two, but quickly and always masked, before rushing home.

What can I say? Human beings are social creatures and despite the apps and tech we use to keep in virtual touch with others, we still need the face-to-face (masked) interaction to prove, I guess, that we’re still alive and doing fine.

I suppose it is for that reason (and mounting cabin fever) that drove many people to the few open Starbucks branches (now closed again) for takeaway coffee concoctions, even if they probably have coffee beans or three-in-one packets at home. It’s a reminder of our former lives, when we were free to walk into the coffee shop to order a Mocha Frappuccino any time we wanted, and meet friends for some java and jiving. (Fortunately I am not a Starbucks fan—I have way better coffee at home—and have no car. What I have are lots and lots of whipped cream to top my iced

coffee. Hahaha.)

Cooking is also what keeps me sane these days.

It’s like a form of meditation to me: I am focused on the recipe, making sure each ingredient is ready and available, chopped, minced or grated, before they go into a hot pan. The process of getting the ingredients to blend well, and bringing the dish to a level of taste I am accustomed to, is quite immersive. Once those unique flavors and taste are achieved, I experience an enormous sense of pleasure and joy, with a shot of pride thrown in.

I have just entered the baking phase and recently made simple shortbread cookies with a champagne marmalade. I’m not really into fruit jams and preserves, but I’ve received bottles of the stuff over the years. Thanks to this cookie recipe, I can put these jams to better use, and enjoy a great dessert to go with my coffee.

Tomorrow, I will be testing out a focaccia recipe (I bought yeast on my last sojourn to the supermarket) and perhaps Mark Bittman’s no-knead bread recipe.

It’s important to keep ourselves busy, and stick to a daily routine despite being in quarantine. If you feel lonely, isolated, or stressed, reach out to friends and family. Engage in a new hobby like gardening, cooking or learning a new language—many of these are stuff we’ve thought about doing for years, but never got around to doing because of our busy schedules.

Make the most of your time while at home, and keep yourselves in tip-top mental and physical health. ■

VIBER CALL VOLUME 4X HIGHER DURING COVID-19 PANDEMIC

BLACKWATER SOAPS FOR CALOOCAN L.G.U.s TO FIGHT COVID-19

BLACKWATER, Ever Bilena Cosmetics Inc.’s (EBCI) personal grooming line, has donated 36,000 pieces of its Deo soaps and antibacterial Deo Splash to the local government of Caloocan as response to the threats of the 2019 coronavirus disease (Covid-19). The products were distributed to different communities and health facilities in the city.

Donating the Deo soaps and antibacterial Deo Splash is only one of the efforts of Blackwater and EBCI to stop the spread of the virus. More is available at www.blackwater.com.ph.

ONE of the world’s biggest communication platforms, Viber has recorded an increase in usage worldwide after increasing its capacity for core features and creating initiatives as a response to the Covid-19 pandemic.

With the enhanced community quarantine in place all over Luzon and other parts of the country, users have turned to the app to stay connected safely. Worldwide, group messages and calls are the most popular features on Viber right now.

Group messages sent at 134 percent greater, and the number of group calls received by an average Viber user increased by 370 percent in the past two weeks. The average number of community engagement has risen 78 percent. The number of daily active Viber users as of last week of March has also increased by 18 percent and the number of new users registering in the app daily is up 25 percent compared to the average several weeks ago. Viber users are also making longer calls—the call duration is up by 35 percent, and they send 75 percent more videos.

In the Philippines, messages sent increased by 120 percent, and the number of calls received by an average Viber user increased by 85 percent in the past weeks. The average number of community engagement has risen by 120 percent.

The number of daily active Viber users as of last week of

March has also increased by 40 percent, while the number of new users registering in the app daily is 55 percent higher compared to the average.

Since the outbreak of Covid-19, Viber has increased its capacity and introduced new initiatives, with more on the way.

The app has boosted the number of participants in audio calls from five to 20 people at a time.

Together with authorities, Viber launched special communities in several countries where users can receive official and trusted information about the pandemic. Here in the Philippines, the Department of Health created the DOH PH Covid-19 Viber Community to disseminate valuable and verified information about the coronavirus to its over 1 million members. The leading communications app has also launched an official WHO bot (chats.viber.com/ coronavirusinfo) and is working with Unicef U-Reports to deliver real-time updates and information about the coronavirus in multiple languages.

“During this challenging time, we are adapting and responding to help keep students and teachers, coworkers and partners, friends and families in constant contact with each other,” said Rakuten Viber CEO Djamel Agaoua. “Our users rely on us, and we will continue enhancing their experience while keeping people connected freely and safely.”

AMONG the activities that have kept me busy (and sane!) during the ECQ are gardening—I'm waiting for my tomatoes to grow (clockwise); returning to my coloring books; and baking cookies! MA. STELLA F. ARNALDO

B6 Friday, April 17, 2020

Homeless Shelter in Valenzuela takes in street dwellers

Eagle Cement extends support to Bulacan communities amid COVID-19 pandemic

With the assistance of the AFP, Eagle Cement has distributed food packs to families in Bulacan Volunteers from Eagle Cement packed relief goods in the company’s plant for amidst the enhanced community quarantine (ECQ) period. distribution to families in its neighboring communities

I

N its mission to empower and serve local communities where it operates, Eagle Cement Corporation (EAGLE) has donated food packs to the residents of Bulacan amidst the enhanced community quarantine (ECQ) period due to the COVID-19 pandemic.

With the help and dedication of the Armed Forces of the Philippines, volunteers from the Company’s workforce and the local government of San Ildefonso, EAGLE has distributed thousands of food packs containing rice and canned goods to 20 barangays in San Ildefonso and Dona Remedios Trinidad (DRT).

While supporting affected families during the ECQ, the Company follows strict measures such as social distancing and temperature screening to ensure safety of volunteers and cleanliness of products during the packing and distribution of relief goods.

Apart from food packs, vitamins and other medicine were also distributed to residents who are most in need. Heeding to the needs of the communities, EAGLE has also allocated free water supply for residents who are currently experiencing water shortages.

“Our Company is committed to give assistance to families in our community who are affected by the ECQ, especially daily-wage earners, senior citizens, and persons with disabilities. Being able to help the communities where we operate and thrive has always been at the heart of Eagle Cement. Through this effort, we hope to help augment the food supply and slightly ease the current economic situation of the citizens in Bulacan,” said EAGLE President & CEO Paul Ang. EAGLE’s manufacturing plant has been operating in San Ildefonso, Bulacan since 2010. Apart from its manufacturing operations that have provided employment opportunities for local residents, the Company continues to develop and serve its local communities through sustainable family and community programs that focus on providing support for nutrition, livelihood, infrastructure, growth and development, health and emergency responses, technology, and education.

The relief operations also included providing assistance to 60 families of the Dumagat tribe in a remote mountainous area of DRT, which EAGLE has been supporting since 2017 through

its feeding programs and classroom donation.

Aside from food packs, EAGLE plans to extend its hand to more communities in the area by providing them with better access to essential hygiene products such as soaps and sanitizers.

Apart from its commitment to the local residents of Bulacan, EAGLE has vowed to protect the health and safety of its employees and clients during the ECQ through its business continuity plan. The Company earlier stated that it will allocate funds to support the needs of its workforce and the community, as well as extend help to its partners during this pandemic.

“This pandemic has impacted our country and the rest of the world in an unprecedented way. As a Filipino company, we have a duty to serve our fellow countrymen in this time of need.

We will continue with our efforts to look out and care for our internal and external stakeholders, including employees, clients, and the communities where we serve. We would like to assure them that they can always rely on Eagle Cement’s support, especially during this troubled time,” said Ang.

W

ITH no one to turn to and with no place to call a home, Valenzuela City took in individuals found dwelling in the streets who were affected by the enhanced community quarantine (ECQ) period in temporary homeless shelter.

Another program spearheaded by Valenzuela City this ECQ brought by the coronavirus disease (COVID-19), VC Cares extends to help street dwellers – with the “Sagip Kalinga” operations ongoing amid the pandemic.

As of April 13, 2020, eleven (11) street dwellers were saved and were housed temporarily at the Pisces Resort and Pavilion, a resort in Brgy. Coloong, Valenzuela City. The facility was borrowed by the City to give street dwellers a chance to take a bath and rest until the ECQ was lifted.

Meals are also served during their stay.

"They are given a chance to bath and then we house them sa [at the] Pisces Resort [and Pavilion] where we serve them meals, salamat sa [thank you to the] owners ng [of the] resort for lending us their facility," Mayor REX Gatchalian said in his Twitter post.

“New homeless folks come in from outside Valenzuela will be placed in Pisces Resort and Pavilion,”

Mayor REX added.

Moreover, a medical check-up was provided by the City Doctors to ensure the good health and wellbeing of the homeless individuals.

Since 2004, Valenzuela City has a sustained campaign to bring down and prevent growing numbers of vagrants, mendicants, children and adults from frequenting the streets through the "Sagip Kalinga Project”. The rescued individuals were being assessed by the City Social Welfare and Development Office (CSWDO) and were usually brought to Bahay Kalinga, an 894-square meter halfway home for abused and neglected children, street wanderers and foundling children.

Bahay Kalinga implemented a “No Visitor Policy” last March 11, 2020 due to the ECQ. Pisces Resort and Pavilion shall be the temporary shelter for the new clients.

The CSWDO conducts regular roving and reach out operations to make sure that there are no street dwellers found in Valenzuela City. With the intensified operations during the ECQ, homeless individuals can be assured of a safe, secured place to stay -- giving them hope to pursue a positive road to recovery.

How online learning boosts students’ well-being at home

Smart Padala by PayMaya agents deliver critical financial services to common folk in the wake of COVID-19

N

EAR the border separating Bulacan and North Caloocan in the northern part of Metro Manila stands the small school supplies store and Smart Padala by PayMaya center of Dina de Leon, a typical establishment in the municipality’s urban center.

But as the entire Metro Manila was placed on an enhanced community quarantine by the government last March 15, her small remittance outlet quickly turned into a lifeline for many workers virtually trapped inside the nation’s capital.

“May bangko na malapit dito, sa loob ng mall.

Pero sa San Juan del Monte, Bulacan na, so maraming nahaharang ng checkpoint,” Dina narrates. Many informal workers who had families in the provinces were suddenly unable to go home and were forced to stay in the capital due to the quarantine.

Dina usually opens her store at nine in the morning, but ever since the quarantine was imposed on the island of Luzon there’s now always a beeline of people in front of her store even before she lifts the metal doors. Some of the customers are sending much-needed money to family in the provinces, while others are receiving remittances from relatives to sustain them while stuck in Metro Manila.

“Our Smart Padala agents may not be medical frontliners, but they provide very critical services to Filipinos at this time and need and they deserve to be commended for it. As much of the country reels from the effects of the pandemic, many can rest assured that their friendly neighborhood Smart Padala center can continue to offer them assistance for their financial transactions, one way or another,” said Shailesh Baidwan, President of PayMaya. Smart Padala is the domestic remittance arm of PayMaya.

Continuing service despite the pandemic In Lapu-Lapu City in Cebu, the lotto outlet of Ray Lagunda was forced to close down as the local government enforced more stringent measures preventing non-essential consumer businesses from operating due to the public health situation.

But because he knew that some of his patrons–also known as “suki” in local terms—would still need to send money, he decided to be creative.

He made a note and posted it on the closed doors of his store that read: “For Smart Padala/ PayMaya transactions please contact [agent's

D

number]”. This meant his customers only needed to contact him if they wanted to transact via Smart Padala, and he would come running from his house and in front of his store to do the remittance.

“Gusto ko lang po kasi tumulong, lalo na sa sitwasyon ngayon,” he explains. “Marami sa mga customers ko mga empleyado ng export processing zone, kailangan magpadala ng pera sa pamilya.”

Because Smart Padala by PayMaya is largely a mobile remittance service that doesn’t rely on complicated equipment or systems, essential services such as money transfers and bills payments can continue to be delivered even in times of crisis.

To make sure that her frontline personnel are protected, Dina has installed a plastic-straw barricade in front of her Caloocan store to make sure that customers are keeping their distance.

She also devised a flow wherein her customers would have to fill up the remittance form on a table away from everyone else, and the frontliner would just have to pick it up once it’s ready. To protect people in the line, she also reminds them to stand at least one meter apart.

“Naiintindihan naman ng mga customer, kasi para sa kanila din ‘yun,” she says.

Providing assistance from afar

With more than 28,000 centers nationwide, Smart Padala by PayMaya offers perhaps the largest digital financial footprint in the country today, covering even the remotest barangays not traditionally reached by banks or payment centers.

As the enhanced community quarantine went into place last March 15, some Metro Manila residents have turned to sending monetary assistance and salary wages to their kasambahay or their families by transferring money from PayMaya to Smart Padala, which the recipients can claim at the outlets nearest them.

This has also become a way for others to offer assistance to workers stuck in Metro Manila, since a vast majority of Filipino adults–around 70% of them–still do not have a bank account to be able to receive funds from others.

And as other provinces around the country begin to implement their own respective quarantines, services such as Smart Padala by PayMaya and its partner agents will continue to offer much-needed financial services at a time when Filipinos need them the most.

To know more about how to use Smart Padala and find the Smart Padala center nearest you, visit www.smartpadala.ph or follow @SmartPadalaPH on Facebook.

UE to the enhanced community quarantine in many parts of the Philippines, schools are faced with closures and cancelled activities. In a report, UNICEF cited that“almost 90 per cent or 1.5 billion of the world’s students are now affected by nationwide school closures due to the spread of coronavirus disease (COVID-19).”

This has impacted the lives of children and teachers in such a way that their learning and teaching methods have shifted online.

Families have embraced online learning to ensure that children continue their education at home and parents’ role has become central to this. But how can parents, teachers and students manage this new normal?

Create better relationships at home by having a study-play balanced lifestyle.

Parents play a central role to a student’s education. Now more than ever, this is the best time for parents to maximize their bonding activities with their children by making them a learning experience as well. According to UNICEF, the school shutdown is a “chance to make better relationship with children.” UNICEF encourages parents to have one-on-one time with children and create flexible but consistent daily routines with them. This will also help children to create a balance between studying and playing at home, and not to feel stressed or pressured by the home-school situation.

UNICEF also encourages parents to spend at least 20 minutes or longer in a day with children at home. Have some family games, cook meals, go on virtual museum tours, or watch your favorite streaming series and movies together. It helps children to feel loved, safe, and secured at home during this uncertain period.

Explore digital tools for teaching.

School time can be fun as it helps children grow their social skills. Online learning has disrupted the traditional way of teaching and social interaction between teachers and students. It has, however, presented opportunities for teachers to explore different teaching methods such as online journals, audio books, video conferences or live class sessions.

With so many things happening out there, we don’t want the children to remember this time as boring or isolating. Teachers can bring the outside world to the students at home by encouraging them to read books, watch educational videos, be social by continuously interacting with schoolmates and teachers online, and continue learning at home.

Engage with creative learning activities at home.

Welcome distractions at home. This is the best time for students to enjoy their creative freedom while learning new skills.

Let them find helpful distractions especially when they need relief from their school work.

There are many creatives ways to learn online to make the experience more interesting and effective for parents and kids.

Your kids may enhance their skills such as cooking, arts and crafts, singing orplaying musical instruments. You can also encourage them to help you stitch homemade face masks or protective face shield that can be donated to the community and frontliners. This will help children understand better the situation that they are in.

Teach them the value of kindness.

During this unprecedented time, we hear an increasing emphasis on the importance of obedience, respect, sharing, and kindness for our fellow citizens. This is the time when we reflect on other people’s needs and find ways to help. Being kind to others is a sure way to boost our moral and well-being.

Children are pure-hearted, and their kindness comes in many forms. It is important now to give your kids meaningful ways to spread their kindness. You can encourage them to do simple acts of kindness such as checking in on their friends or talking to their elderly relatives to boost their mood while in isolation, helping on donation drives, or sending encouraging letters, drawings, or videos through e-mail for the COVID-19 frontliners.

To ensure that students will be able to continue their education via online learning, PLDT HomeWifi Prepaid has become more affordable particularly for students and teachers. PLDT Home Wifi Prepaid is now at Php795, a special offer for students and teachers nationwide until December 2020. All they have to do is present their valid student or teachers ID to avail of the offer. What’s more, the PLDT Home Wifi Prepaid can be conveniently purchased at these channels. Just note that availability may vary per store or location. Make sure to refer to the store’s official announcements on operating hours: Facebook Marketplace –just look for PLDT authorized sellers with official Dealer or Retailer Badge.

Select SM Supermarket, SM Hypermarket, SM Savemore – just inquire at the Bills Payment Counter PLDT Home WiFi Prepaid is powered by Smart, the country’s undisputed fastest LTE network as certified by Ookla and OpenSignal. New customers can also get free 10GB worth of data valid for seven days upon purchase of a new PLDT Home WiFi Prepaid. Customers can also enjoy double the data promo until April 30. That’s up to 200GB worth of data from PLDT Home Wifi Prepaid FamLoad packages.

For more information on the PLDT Home WifiPrepaid, visit www.pldthome.com

Sports BusinessMirror

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Men’s soccer plays on in Belarus

V

M

OLLEYBALL Community Gives Back to the Philippines (VCGBPH) expanded its fund-raising drive to assist tournament personnel who were affected by the suspension of domestic leagues due to the Covid-19 pandemic.

The VCGBPH—led by Charo Soriano, Alyssa Valdez, Dzi Gervacio and Gretchen Ho—heeded the request of referees, ball retrievers and bouncers for assistance during enhanced community quarantine.

“With the implementation of the enhanced community quarantine, daily wage earners have found themselves struggling to earn a living. Earning their livelihood has been one of the greatest uncertainties that a lot of countrymen have been worrying about. Some of these daily wage earners hit closer to home for the volleyball,” the VCGBPH said in a statement.

In the spirit of bayanihan, the VCGBPH launched #CARINGFORALL: Down The Line, We Are One to provide assistance for daily wage earners in the volleyball community.

Rebisco was the first responder to the drive.

“We are humbly asking for support in assisting our volleyball heroes behind the game, who are in need of our help. Any amount will be of help to get us through this crisis,” the VCGBPH added.

Donations could be sent to Ryan Sordan through BPI bank account 8069-063277. Visit Volleyball Community Give Back on Facebook and @vcgbph on Instagram and Twitter for more details.

Still ongoing is #ServeOurFrontliners: RAFFLES FOR HEROES, a drive to provide personal protective equipment (PPE) for the medical frontliners. VCGBPH already donated 310 PPEs to Sultan Kudarat in Mindanao.

PBA SCRIBES HONOR MENESES

Rams’ Allen 1st NFL player to test positive for Covid-19

L

THE third-year pro Brian Allen is not hospitalized and is “feeling good.” AP

V SOME races may be sacrificed to give priority to the Grand Tours and Monuments.

W

ITH the Tour de France now scheduled for August 29 to September 20, the Union Cycliste Internationale (UCI) has confirmed that other races—including the Road World Championships in Switzerland, Giro d’Italia and Vuelta a España—will all follow on from the Grande Boucle with the 2020 post-COVID season likely to run into late November.

The UCI said it is also working to redesign the women’s WorldTour race calendar and hopes to confirm new versions of the entire UCI International Calendar—men’s and women’s races across all cycling disciplines—on May 15 at the latest.

The UCI pointed out that the calendars “will nevertheless remain dependent on the world health situation.”

The UCI held another

conference call on Wednesday morning with race organizers—AIOCC and leaders of ASO, RCS, Unipublic and Flanders Classics—teams (AIGCP) and riders (CPA) involved.

The UCI said it unanimously decided to rewrite the race calendar in an attempt to save the season. The UCI also said that suspension of racing on the UCI International Road Calendar has been extended by a further month until July 1.

“Holding the Tour de France in the best conditions possible is judged essential given its central place in cycling’s economy and its exposure, in particular for the teams that benefit on this occasion from unparalleled visibility,” the UCI said in a statement.

The UCI acknowledged that the Tour de France would overlap with the opening day of the Road World Championships but confirmed the previously announced schedule would be maintained with the elite men’s time trial scheduled for September 20, just a few hours before the Tour de France is scheduled to finish on the Champs Elysées in Paris.

A solution to ensure the likes of Tom Dumoulin, Primož Roglič, Geraint Thomas and Rohan Dennis can ride both events could be to switch the recently created team relay from Wednesday to Saturday, giving the big-name time trialists a few days to recover after the Tour de France.

The UCI said that the Giro d’Italia will take place after the World Championships and will be followed by the Vuelta a España later in the autumn. Dates of October 3 to 25 for the Giro d’Italia have reported in Italy, while the Vuelta could overlap the Italian Grand Tour by a week or be held later and deeper into November.

The UCI made it clear that the biggest one-day Classics would all be held this season but has yet to confirm dates for Milan-San Remo, Tour of Flanders, Paris-Roubaix, LiègeBastogne-Liège and il Lombardia.

“As many events as possible on the UCI International Calendar, and notably the UCI WorldTour, will be rescheduled later in the season,” it added.

This means that some races

Froome: Revised Tour my No. 1 target

F

OUR-TIME Tour de France winner Chris Froome (Team Ineos) has welcomed the news of the revised calendar dates announced by the International Cycling Union (UCI) and Tour de France organizer ASO. Speaking to Cyclingnews on Wednesday, the British rider said that a September Tour de France would remain his main goal, with the World Championships also a target.

“Looking at the potential dates set by the UCI, the Tour de France would be my No. 1 target,” Froome said. “Beyond that, I would hope to do the UCI Worlds, providing it doesn’t clash with the Tour de France.”

The end of the Tour de France (September 20) would clash with the elite men’s time trial at the World Championships in Switzerland, although the road race would come a week later on September 27.

The UCI confirmed that the worlds dates won’t move, but there could be scope to reschdedule the elite men’s individual time trial later in the week to allow Tour de France riders to compete for a rainbow jersey.

“Depending on the dates of the other Grand Tours, I would

B7

Volleyball stars expand fund drive

INSK, Belarus—The start of the new women’s soccer season in Belarus has been delayed by fears that players have been exposed to the new coronavirus, but the men’s league shows no sign of stopping.

The women’s league was due to start its 2020 season on Thursday, but the Belarus soccer federation said Wednesday it is now “suspended until further notice.”

The federation added that “several” players had contact with “possible carriers” of the coronavirus.

Belarus is the only country in Europe still playing professional men’s soccer games with spectators in the stands. Belarusian President Alexander Lukashenko has opposed strict lockdown measures and even played in an ice hockey game in front of spectators last month.

“There is no basis to close down the championship,” Sports and Tourism Minister Sergei Kovalchuk said of the men’s league in an interview broadcast Wednesday by the state Belarus 5 TV channel. He was speaking before the announcement that the women’s league was suspended.

Attendance for men’s league games in Belarus has plummeted in recent weeks as many fans chose to stay away. Fan boycotts have been organized at the majority of the 16 top-tier clubs.

“Nowadays, the number of fans has shrunk by more than 70 percent,” Kovalchuk said. “No one is forcing anyone to go to the stadium. You can go, or not go.”

The Belarusian league has attracted fans from other countries in lockdown and signed new foreign TV deals with broadcasters keen to show live sports.

Belarus has recorded 3,728 cases of the new coronavirus as of Wednesday, with 36 deaths. AP

OS ANGELES—Los Angeles Rams center Brian Allen says he tested positive for Covid-19 three weeks ago.

Allen is the first active National Football League (NFL) player to acknowledge testing positive during the coronavirus pandemic.

The third-year pro is not hospitalized and is “feeling good,” according to a statement issued by the Rams on Wednesday night only after Allen spoke to Fox Sports about his positive test.

Allen became the team’s starting center last season.

He played in nine games before missing the rest of the year with a knee injury.

Allen is expected to start at center again this season. He was a fourth-round draft pick out of Michigan State in 2018, playing largely on special teams as a rookie.

The 24-year-old Allen was training and rehabilitating at the Rams’ training complex when he began to feel symptoms last month. He told Fox Sports that he lost his sense of smell and taste, and they haven’t returned even after his other symptoms abated.

New Orleans Saints Coach Sean Payton revealed last month that he tested positive for the virus. The Los Angeles Chargers last week revealed a positive test and symptoms for unidentified members of their organization, but the Rams hadn’t acknowledged Allen’s positive test.

Rams General Manager Les Snead and Coach Sean McVay both dodged the question last week when asked if any members of the organization had fallen ill.

“Everybody is doing really well,” McVay said at the time. “There’s been a couple guys that we’ve had some conversations with, but they’re in a good place right now.” AP

Friday, April 17, 2020

also like to do either the Vuelta a España or Giro d’Italia,” Froome said. “I’ll be discussing my program with [Ineos Head Coach] Tim Kerrison and the performance team over the coming weeks and will take it from there.”

“This is all assuming that things keep heading in the right direction in terms of the Covid-19 situation,” he said.

Froome has been holed up in his home in the south of France for the past several weeks as the country shut down as a result of the Covid-19 pandemic.

After returning to racing at the UAE Tour, Froome headed to South Africa for a training camp with teammate Dylan van Baarle in mid-March but was forced to cut the trip short as European governments began to put into place lockdown and travel restrictions.

Earlier this week he said that his recovery from his brutal 2019 Critérium du Dauphiné crash is “pretty much complete” and also shed light on how his time in lockdown is doing after competing against his Ineos teammates in a special Zwift virtual race.

Cyclingnews

CHRIS FROOME hopes to race in the World Championships and another Grand Tour in the new 2020 calendar.

may be sacrificed to give priority to the Grand Tours and Monuments but also confirms a super-sized racing season and Classics campaign is planned for the autumn.

The different national road race championships that are traditionally held on the weekend before the start of the Tour de France will be held on the weekend of August 22 and 23, with the UEC European Road Championships in Trento, Italy, maintained in their original date of September 9 to 13 but during the new dates for the Tour de France.

The UCI also announced that an agreement had been reached between the AIGCP teams’ association and the CPA riders’ association on the framework that will enable teams in serious financial difficulty to take measures to help them survive, while preserving the rights of their riders and staff.

“I would like to pay tribute to the representatives of the organizers, teams and riders for their collaboration and their commitment in these difficult times. We still have work to do to finalize the establishment of an entirely revised 2020 UCI International Calendar given the coronavirus pandemic that has shaken the world, but a first very important step has been taken today,” UCI President David Lappartient said.

“Likewise, we have established a framework that will allow the fundamental rights of teams’ riders and staff to be preserved, while enabling the measures necessary for the survival of these teams to be taken. Together, we will manage to get through this crisis and rebuild cycling post-Covid-19,” Lappartient added.

Cyclingnews

ERGEL MENESES, the Philippine Basketball Association’s (PBA) one and only “Aerial Voyager,” continues to soar 16 years after his retirement.

Following an illustrious basketball career, the 51-yearold PBA Legend is now carving his name in public service as the esteemed mayor of Bulakan, Bulacan, faces the biggest challenge yet of his young political career wrought by the coronavirus pandemic.

Meneses is so far coping up with the pressure of leading one of the oldest towns in the country in this time of crisis, just as he did during his 14-year playing stint that earned him three PBA championships and hailed as Most Valuable Player 25 years ago.

In celebration of the silver anniversary of his MVP feat and emerging as the only one among the 40 Greatest Players in league history to be elected mayor, Meneses will be honored with the President’s Award by the PBA Press Corps during its annual awards night.

Meneses will also be the guest of honor and speaker in the affair originally scheduled last March 16 at the Novotel Manila at the Araneta City in Cubao that will be aired by Cignal TV. It was postponed indefinitely when the entire Luzon was put under enhanced community quarantine.

A two-time Mythical First Team member and threetime Best Player of the Conference, Meneses is the second recipient of the award first handed out to the entire PBA Board led by Chairman Ricky Vargas in 2018.

Meneses first caught the public’s attention when as an 18-year-old forward from then Jose Rizal College, he beat established amateur stars Jojo Lastimosa, Alvin Patrimonio, Bong Alvarez and Nelson Asaytono in the 1987 Philippine Amateur League Freedom Cup slam dunk contest.

When he turned pro in 1992, he was tabbed by Presto as the No. 1 pick in the draft and then had a brief stint with Sta. Lucia, which bought the CFC franchise.

But it was with Swift where Meneses established himself as a superstar, becoming its franchise player who will eventually lead the team to three championships— including consecutive Philippine Cup and Commissioner’s Cup titles in the 1995 season when he emerged MVP. The two-time slam dunk champion and four-time All-Star MVP also suited up for Barangay Ginebra, FedEx, Red Bull and finally, Talk ‘N Text. His No. 18 jersey was retired by Air21 Express in 2006 as he finished with a total of 9,453 career points in 590 games, including averages of 16.0 points, 3.2 rebounds and 3.6 assists.

During his pro career, Meneses was also a vital cog for the 1998 Centennial Team of Coach Tim Cone, which won the Jones Cup and bagged the bronze medal in the Bangkok Asian Games.

Four years after retiring, Meneses tried his hand at coaching at his alma mater Jose Rizal University, steering the Heavy Bombers to five Final Four appearances in the National Collegiate Athletic Association with an 84-76 (win-loss) record in almost a decade before resigning to run for Bulakan mayor last year.

VERGEL MENESES soars as mayor of Bulakan, Bulacan.

Motoring BusinessMirror

B8 Friday, April 17, 2020

Citimuber making a difference; Petron assures

I

NDEED, what is there to write about now but the charity work done by so many of our countrymen, whose hearts pour out incessantly in this concerted effort to fight the Covid-19 pandemic. Definitely, their rewards are Up There.

One such entity worth highlighting here is Citimuber. I give the floor to Maribelle Alba to expound: “Are your grocery supplies getting low? Is your stash of instant noodles down to the last pack?

Worried about having to line up for hours just to replenish your food supplies?

“Many may have probably consumed most of their groceries now and been wondering how to buy their sardines, corned beef,

chips, etc., again.”

Food delivery

“IF you’re in Metro Manila and nearby provinces, Citimuber is your lifesaver. Just download the Citimuber User app on the Google Play Store for Android devices and the Apple App Store for iOS devices.

“It is a one-stop app for your personal needs, like food delivery and grocery needs.

“Clicking on the Food Delivery

option gives you the list of available restaurants in your area, although actual store hours/operations may be limited by the quarantine conditions. Some outlets previously open have been closed due to operational constraints.

“With Grocery Delivery, you can choose from the list of available supermarkets near you. Fill up your shopping cart with your selection of grocery items and then proceed to checkout.

“Packing, as well as handler/ pabili charges, will be added to your total bill. Only credit-card payments are currently available, and you will have to allow one to three days for delivery.

“One unique service offered in the Citimuber app is the Driver For Rent. If you need someone to do specific errands, you can click on this button to hire a Driver or a Rider in a motorcycle on an hourly or daily basis. You can then instruct the Driver/Rider to buy multiple products in different stores of your choice.

Serving OFWs

“CITIMUBER caters to OFWs as the founder, Rommel Villaroman, is himself a Hong Kong-based overseas Filipino worker. He says that Citimuber riders are currently kept busy by orders from Fili-

pinos abroad who want to provide for their family’s needs during the current crisis.

“They have been able to serve grocery delivery packages ordered from Hong Kong, the Middle East, and even Canada. The app accepts foreign-denominated credit-card payments.

“Said Villaroman: ‘Through Prizesmart, our chain of Filipino convenience stores here in Hong Kong, we have been serving the needs of the OFW community for many years. We understand that in the present situation, it may be impractical for them to remit money to their families in the Philippines. With the Citimuber grocery delivery service, they can continue to provide for their loved ones’ basic necessities while keeping them safe at home. We also offer them a more favorable exchange rate, so they are getting more value for their hard-earned money.’”

Variety of services

“ALTHOUGH Citimuber is still in its infancy, the app hopes to evolve into a one-stop app offering a variety of services. In addition to the Citimuber User app for clients, there is also a Citimuber Provider app for riders and other enterprising service providers such as mechanics, electri-

The Kia Soluto: Your dependable partner at all times

cians, therapists, etc.

“If you have a product to sell and wish to register your store, you can also sign up on the Citimuber Oneshop app.

“Citimuber is preparing its operations and software infrastructure to gear up for the anticipated legalization of motorcycle taxis and hopes to get government approval to offer the moto-taxi option as part of its services.

“Prior to the community quarantine, it set up a 1,600-squaremeter training facility in Caloocan City, where safety riding seminars and rider skills assessments were held for their riders.

“It has about 10,000 riders already enrolled and plans to resume recruitment and screening of new rider-applicants once conditions normalize.

“But they are now in Metro Manila, Bulacan, Cavite, Laguna, and Quezon. Those interested may visit their web site www.citimuber.com or their Facebook page CitimuberPhilippines.”

Petron assurance

PETRON Corp. has assured consumers of continuous supply of its petroleum products as the entire nation steps up its fight against Covid-19.

Petron President and CEO Ramon S. Ang said that the company

I

vides more than adequate power and fuel efficiency for both city and highway drives—both of which medical profesionals regularly traverse.

Those long or short jaunts will be made more relaxing with its standard six-speaker audio system controlled by a 7-inch touchscreen with Bluetooth device pairing, as well as Apple CarPlay and Android Auto.

This allows occupants to stay connected even on the move.

Again, this is perfect for medical professionals who constantly need to keep in touch with their patients and places of assignment—albeit in a safe manner.

Apart from being free from distracted driving, driver and

pasengers are given peace of mind thanks to safety features like rear parking sensors (for the EX) and a standard reverse camera—amenities that go a long way in easing stress.

Plus, a clean and stylish design makes it an ideal ride that represents the dynamism of the person and health institution they’re connected with. Not too flashy yet still has a feel of sensible styling.

The Kia brand has received recognitions for design, safety, quality, and performance from the likes of JD Power, Interbrands (Best Global Brands 2019), the Insurance Institute for Highway Safety, and the World Car of the Year awards and with the Ayala-

owned AC Motors backing it up locally, the Kia Soluto with its five-year/100,000 km warranty and 24/7 Emergency Roadside Assistance is the perfect vehicle for medical professionals and individuals looking for a stylish and feature-packed ride that won’t break the bank.

The Kia Soluto is available in four variants: n 1.4 LX MT: P665,000 n 1.4 LX AT: P710,000 n 1.4 EX MT: P710,000 n 1.4 EX AT: P755,000 To learn more about the Kia Soluto, visit www.kia.com/ph or like and follow Kia Philippines on Facebook and Instagram.

PEE STOP We continue to pray for God’s mercy. There is no one but God, whatever you conceive Him to be, Who can end our misery. He is mankind’s cure, doctor and shoulder to lean on rolled into one.

Carrying the loads that matter in the most challenging times

A

T’S no secret that many medical professionals are in search of vehicles that will be their partner as they go about helping to keep people healthy and saving lives. For the likes of nurses, medical technicians, resident doctors and other health workers, Kia Philippines serves up the Soluto subcompact sedan.

While the Soluto may be compact, it doesn’t scrimp on features and is designed to make life a bit less stressful for those who are constantly on the go.

The 1.4-liter Kappa inline-4 engine with Dual CVVT (Continuous Variable Valve Timing) puts out 95 PS at 6,000 rpm and 132 N-m of torque at 4,000 rpm.

Mated to a four-speed AT, it pro-

will also make sure that there is enough fuel especially for vital industries to keep the economy running.

“So far, our entire supply chain is working overtime to ensure that enough products are produced at our refinery. Vessels are continuously loaded so that our terminals are filled, and tank truck operations remain consistent. We are also trying our best to keep as many of our stations open and filled as possible while putting the safety and wellbeing of our employees first,” Ang said.

Petron is the Philippines’s largest refiner, providing 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.

“Let me reiterate that there is no need to panic. We will step up and we will get through this together. In these critical times, rest assured that basic necessities will be delivered and our brave frontliners will reach their destinations,” added Ang.

T a time when you need your pickup truck to be as powerful, versatile, and efficient as you need it to be, few pickups can rise to the occasion like the Maxus T60 can.

The Maxus T60 can take charge and be a crucial tool to keep key supply chains moving.

For the agricultural, industrial, medical, utilities and construction sectors, the Maxus T60 pickup, in either 4x2 or 4x4 variants, provides the space, power, and adaptability to keep people and goods moving efficiently and continuously.

The upsized dimensions of the T60 ultimately lead to bigger and heavier capabilities, in terms of payload capacity, towing power, and water wading depth, and in real world applications this means that the T60 can accommodate the varying needs of Filipino pickup owners, be they in the city or in the countryside.

The Maxus T60 is powered by the Euro 4-rated 2.8-liter Turbo Diesel engine with Variable Geometry Turbocharger and intercooler mated to a six-speed manual or automatic transmission, generating maximum power of 150 PS at 3,400 rpm and maximum torque of 360 N-m at 1,600 to 2,800 rpm—more than enough for Filipino motorists to

maximize their hauling potentials. The engine power and efficiency can be further managed by selecting either the Economy or Power Drive Modes.

The Maxus T60’s exterior design is complemented by standard exterior features such as automatic headlights, rain-sensing wipers, front and rear fog lamps, electric outside rearview mirror and side stepboards, 17-inch alloy wheel, rear bedliner, and LED headlights with automatic levelling function and LED daytime running lights for the 4x4 variant. The interior, meanwhile, is comfortable and convenient, with the Touchscreen monitor with Apple CarPlay and Mirrorlink, Cruise Control, Multifunction steering wheel, Keyless entry, six-way driver, four-way passenger seat adjust.

For safety, the Maxus T60 scores the highest five stars in the Australian NCAP safety rating. The pickup offers standard safety features, including the European-style laser welding technology, three-point seatbelts, ISOFIX seats, ABS + EBD, Immobilizer, dual front air bags, and rear camera and sensors, while for the Elite 4x4 there is the added Electronic Stabilisation Program and Tire Pressure Monitoring System.