BusinessMirror April 21, 2021

Neda: ₧83B in wages, income lost in NCR Plus ECQ

By Samuel P. Medenilla

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@sam_medenilla

VER P83 billion worth of income and wages were lost during the recent tighter community quarantine in the National Capital Region (NCR) and its surrounding areas, according to the National Economic and Development Authority (Neda).

Neda Acting Secretary Karl Chua said the twoweek enhanced community quarantine (ECQ) in the NCR Plus—Metro Manila,

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Laguna, Cavite, Bulacan, and Rizal—cost the economy P39.2 billion worth of income and wages based on Neda’s computations.

Meanwhile, he said the country will lose P14.7 billion worth of income and wages per week during the threeweek MECQ in NCR plus. The MECQ is expected to last until end-April.

Chua revealed these during the public address of President Duterte late Monday to stress the importance of arresting

the Covid-19 case surge nationwide.

“We believe we must help one another to solve the spike [in Covid cases] and gradually reopen the economy so we could bring back lower prices [of goods] and employment to our citizens,” Chua said.

He noted that prior to the declaration of the ECQ— the strictest community quarantine classification—in NCR Plus on March 29, 2021, the country’s economy has finally started to recover from the impact of the pandemic.

Around 9.3 million jobs were generated in February, which effectively offset the 8.7 million job losses in previous months and provided a net employment of 600,000, according to Chua.

The economic manager said he hopes the country will be able to minimize the country’s unemployment rate to 4 to 5 percent next year from its current rate of 8.8 percent.

“This is important since this [increase in employment] keeps our economy running,” Chua said.

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Wednesday, April 21, 2021 Vol. 16 No. 189

INVESTMENT-GRADE TAG FOR PLANNED EURO BONDS n

P25.00 nationwide | 2 sections 18 pages | 7 days a week

DOMINGUEZ: TARIFF, MAV OPTIONS WERE SUGGESTED BY EDC

By Jasper Emmanuel Y. Arcalas

F

A farmer in Pulilan, Bulacan, spreads rice grains under the sun, a traditional drying method for reducing the moisture content of paddy. The Philippines’s palay (unmilled rice) production is expected to reach 20 million metric tons this year to mark another all-time high, according to the Department of Agriculture. NONIE REYES

By Bianca Cuaresma

I

@BcuaresmaBM

NTERNATIONAL credit watchers S&P Global Ratings and Moody’s Investors Service assigned investment grade ratings to the proposed euro-denominated bond issuance of the Philippine government.

Continued on A2

PESO exchange rates

Unctad pitches reforms as global container crisis bites

By Tyrone Jasper C. Piad @Tyronepiad

A

MID the shortage of cont a i ners a nd cont a i ner ships, the United Nations Conference on Trade and Development (Unctad) urged policymakers to provide further reforms in trade digitalization and

to improve tracking of vessels.

In a recent policy brief, the international agency said carriers, ports and shippers are likely to deal with the disruption caused by shortage of empty containers— which has been observed since late last year—for several months.

@jearcalas

I N A NC E S e c re t a r y Carlos G. Dominguez III, as chairman of the government’s Economic Development Cluster (EDC), on Tuesday took responsibility for the twin proposals to reduce pork tariffs and increase minimum access volume (MAV), measures fac i ng op p o s it i o n f r o m lawmakers.

In a letter to Senate President Vicente Sotto III on Tuesday, Dominguez disclosed that the EDC has instructed the Departments of Agriculture, and Trade and Industry to “work towards” the abolition of the MAV system and “set an appropriate rate of a tariff to regulate the importation of agricultural products.”

Furthermore, Dominguez, a former agriculture secretary, assured Sotto that the importation of pork under the proposed MAV plus of 350,000 metric tons will enter the country “in batches,” according to his letter, a copy of which was obtained by

the BusinessMirror.

Earlier, Agriculture Secretary William Dar had given the House of Representatives similar assurance that import arrivals will be “calibrated” carefully to avoid the “flooding” of imports that the local hog sector fears will wipe out whatever is left from the impact of the African swine fever (ASF).

“As chair of the Economic Development Cluster [EDC] of Cabinet, I take responsibility for supporting and recommending that the President signs Executive Order 128, which temporarily modifies the rates of import duty on fresh, chilled, or frozen meat of swine,” Dominguez said in his later dated April 20. “ I a l so re com me nde d that the minimum access volume [MAV] be increased to address the large supply deficit,” he added.

Sotto earlier issued a statement asking Agriculture Secretary William D. Dar to name who are the brains behind the pork tariff reduction and hike in pork MAV. See “Tariff,” A2

See “Unctad,” A2

n US 48.3990 n japan 0.4475 n UK 67.6908 n HK 6.2326 n CHINA 7.4334 n singapore 36.3875 n australia 37.5189 n EU 58.2724 n SAUDI arabia 12.9064

Source: BSP (20 April 2021)

A2

BusinessMirror

Wednesday, April 21, 2021

Investmentgrade tag for planned euro bonds Continued from A1

Life insurance industry’s premium income rises to ₧247.7B in 2020

By Bernadette D. Nicolas @BNicolasBM

D

In a statement on Tuesday, S&P Global Ratings announced that they have assigned a “BBB+” longterm foreign currency rating to the proposed benchmark-size euro-denominated senior unsecured notes to be issued by the Philippines.

This is parallel to their current rating of the Philippines, which is at BBB+ with a stable outlook.

Moody’s also announced that they have assigned a senior unsecured rating of Baa2 to the eurodenominated bond offering by the Government of the Philippines.

The rating mirrors the Government of the Philippines’s issuer rating of Baa2 with a stable outlook.

Moody’s Baa2 issuer rating on the Philippines has largely been attributed to the country’s steady strong economic performance, strengthening fiscal position and limited vulnerability to external shocks. Moody’s however, issued warnings that the global coronavirus pandemic has disrupted and could potentially reverse these trends.

The stable outlook, meanwhile, reflects Moody’s assessment that the recovery from Covid-19 shock will restore economic growth relative to peers. This is balanced against the risk that the Philippine economy’s potential is hit more significantly than Moody’s current estimates and that if fiscal and economic reform momentum does not resume, it will leave the Philippines’s economic and fiscal strength somewhat weaker.

According to the terms and conditions available to Moody’s, the bonds to be issued will constitute direct, unconditional and unsubordinated obligations of the Government of the Philippines (the issuer).

The proceeds from the bonds are intended for general purposes, including budgetary support.

Earlier this week, the Philippine government said it has appointed BNP Paribas, Credit Suisse, Goldman Sachs, J.P. Morgan, Nomura, and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners to arrange a series of fixed income investor meetings in Asia, Europe and the United States commencing on April 19th 2021.

The proposed euro-bond issuance is expected to be about $500 million. This possible return to the euro bond market may come more than a year after it successfully issued zero-coupon euro-denominated bonds in February 2020 wherein it raised €1.2 billion.

Should the euro bond offering push through, this would be the country’s second offshore bond sale this year after it sold ¥55 billion ($500 million or about P24.2 billion) in three-year zero-coupon Samurai bonds last month. The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020.

With Bernadette Nicolas

www.businessmirror.com.ph

ESPITE the Covid-19 pandemic, the life insurance industry earned more premium income last year at P247.72 billion, up by 5.9 percent from P233.92 billion in the previous year.

Based on data submitted by 31 life insurance companies, the Insurance Commission on Tuesday reported that variable life insurance premiums last year reached P183.24 billion, growing by 7.7 percent from P170.13 billion in 2019. This, as single premiums and renewal premiums rose by 19.72 percent and 13.58 percent, respectively.

On the other hand, premiums earned by traditional life policies also hit P64.48 billion in 2020, inching up by 1.09 percent from P63.78 billion in 2019. The increase was due to the 13.72-percent increase in renewal premiums year-on-year.

In the view of Insurance Commissioner Dennis B. Funa, the mobility restrictions amid the Covid-19 pandemic helped the

middle-class sector save money.

“It has been observed by the financial sector leaders that generally the savings of the middleclass sector grew due to restraints in consumer spending because of the pandemic,” Funa said.

However, Funa said the imposition of lockdowns to curb the spread of Covid-19 also took its toll on the aggregate benefits paid by the industry last year.

The industry only paid P69.36 billion in benefits last year, posting a double-digit drop of 10.06 percent from P77.11 billion in 2019.

“It is highly likely that this contraction is due to the various difficulties encountered in the processing, filing, and pay-out of claims as an effect of certain

community quarantine restrictions imposed by the national government to curb the spread of Covid-19,” Funa said.

Likewise, the life insurance industry’s total New Business A nnu a l Prem iu m Equ iva lent (NBAPE) also dropped to P46.16 billion, plunging by 19.8 percent from P57.56 billion in 2019. Funa said this may be attributed to the restrictions on face-to-face selling of insurance products due to community quarantine measures.

“The industry grappled with the on-and-off quarantine and lockdown measures, and the fact that we were unable to continuously offer insurance agents’ examinations greatly hampered the production of insurance companies,” Funa said.

A life insurer’s NBAPE is computed by obtaining the sum of the value of first year premiums from products newly sold in a specific year (or the initial annualized premium) and 10 percent of single premiums written.

It is an international standard that the Insurance Commission has adopted to more accurately measure the life insurance industry’s sales performance.

Mea nwhi le, t he industr y’s paid-up capital rose to P25.28 billion during the pandemic year, climbing by 7.66 percent from the

previous year’s P23.48 billion.

The life insurance sector’s assets also hit P1.53 trillion last year, jumping by 7.78 percent from P1.42 trillion in 2019.

This may be attributed to the growth in the industry’s total investments, both in traditional and segregated fund, by 6.72 percent year-on-year, from P1.39 trillion for the year 2019 to P1.48 trillion for the year 2020, the Insurance Commission said.

For this year, Funa expressed optimism for a more positive turnout for the negative indicators.

“The Insurance Commission is hopeful that the negative indicators will improve by the year 2021, especially with the rollout of the vaccines towards the third and fourth quarters of the year.

It will be interesting to see the impact of the shift from face-to-face selling to remote selling via videoconferencing technologies in the sale of insurance products, which was already institutionalized in the Circular Letters issued by the Insurance Commission,” he said.

“Also, we also hope to see the impact of the increased awareness of the importance of having life insurance as a way to provide security and peace of mind amid the threats of the Covid-19 pandemic to the lives and health of the Filipino people,” he added.

PHL TO DO OWN CLINICAL TRIAL ON IVERMECTIN USE

By Samuel P. Medenilla

@sam_medenilla

T

HE government will finally conduct its own clinical trial on the use of the anti-parasitic drug Ivermectin, which has sparked debate over reported efficacy to prevent and to treat Covid-19.

This after President Duterte ordered the Department of Science and Technology (DOST) to determine the efficacy and safety of using the drug for Covid-19 patients.

“The President wanted to know if there is basis of said effectiveness of Ivermectin for Covid. Because if it is effective and affordable, why

Tariff. . .

Continued from A1

Sotto welcomes Dominguez letter

Reached for comment on the Dominguez letter, the Senate President confirmed he received the 7-page letter on Tuesday afternoon.

“I welcome Secretary Dominguez’s effort to reach out to senators and explain” the long decision-making process by key members of the EDC on the issues surrounding the pork crisis, Sotto told the B usiness M irror.

That said, the Senate President added “I will invite him [Dominguez] to our next hearing of the Committee of the Whole so he can explain to the senators the basis and the arguments for their recommendations.” Sotto said he will share copies of the letter to his peers.

Sotto stressed he wanted Dominguez to be heard by the senators because, “I’m not speaking for myself here. All the senators have weighed in on these issues” and it is important, he added, that they “hear all sides.”

The D ominguez letter comes amid mounting calls from both the House and Senate for President Duterte to voluntarily recall Executive Order 128 reducing tariff on imported pork, which Dar said was needed to blunt the impact of inflation as supply tightens and prices soar.

would it not be used [locally]. But it must be proven if it is safe and effective,” Presidential spokesman Harr y Roque said in an online press briefing on Tuesday.

Food and Drug Administration (FDA) Director General Eric Domingo said the Philippine Council for Health Research and Development of DOST will conduct the study.

Science Secretary Fortunato de la Peña said they are considering Dr. Aileen Wang of the Philippine General Hospital to conduct the study, which may last for at least six months.

He said the projected period of the study will be shortened if they will be able to secure numerous volunteers.

Support the measure

Dominguez urged the Senate to support the twin proposals to address the current pork shortage and rising prices “so that some 100 million Filipinos who eat pork, especially the poor, will not be penalized by high prices.”

Dominguez explained that data showed domestic pork supply “will remain inadequate for the needs of consumers” as ASF continues to ravage domestic farms.

“If left unresolved, poverty and malnutrition will increase. Elevated pork prices will add another problem to households whose incomes have already been heavily strained by the Covid-19 pandemic,” he said.

“Unless supply issues are urgently resolved, Filipinos will continue to suffer from higher pork prices,” he added.

Short-term measure

Domin g ue z a r g u e d t h a t t h e E D C recommended the twin proposals as an emergency measure since ongoing mediumterm and long-term solutions “will not address the immediate price pressure that affects the consuming majority.”

Duterte’s EO 128, issued earlier this month, slashed pork tariffs for in-quota imports to 5 percent and out-quota imports to 15 percent, for three months until July, before they increase to 10 percent and 20 percent, respectively, for the succeeding 9 months.

“The tenure of the tariff adjustment emphasizes that this is a short-term effort that does not aim to harm the domestic industry.

In fact, it is complementary to the programs of [Department of Agriculture] in helping the industry to recover,” Dominguez said.

The clinical trial, to be funded by the Department of Health (DOH), is expected to be done in the quarantine facility near PGH. “Hopefully, once this trial is completed, we will have a reliable estimate on the effect of Ivermectin as an anti-viral agent,” de la Peña said.

To recall, both DOST and FDA earlier said the local clinical trial of Ivermectin is no longer necessary since there were already such studies being conducted by other countries.

Domingo said they were looking to draw useful information from some of the trials which are expected to be completed in one to two months.

“The President’s Executive Order to temporarily increase MAV and decrease tariff rates for impor ted pork will immediately address the abnormally high pork prices caused by the supply deficit.

This will give some 100 million Filipinos who eat pork, especially the poor, access to adequate and affordable food amid pandemic,” Dominguez added.

The National Economic and Development Authority (Neda) earlier said at a 5-percent tariff the retail price of imported pork would range from P215 to P222 per kilogram compared to a P256 to P277 price range if tariffs are kept at 30 percent to 40 percent rates.

The savings for consumers would be at P61.5 billion if they can buy pork at a retail price range of P215 to P222 per kg, or more than enough to offset the estimated P13.5 billion in terms of possible import revenue losses, Neda said.

Staggered arrivals

Dominguez pointed out that the entr y of the proposed total 404,210 MT pork impor tation this year would arrive in staggered terms due to constraints in cold-chain storage capacity.

“The availability of cold-chain facilities in the country also serves as a physical barrier to surges in importation since the storage capacity for pork is estimated only at 268,000 MT. Since pork is a perishable good, the 404,210 MT proposed for importation will have to get into the country in batches.”

Abolish MAV system

In his letter, Dominguez disclosed that the

However, he said they reconsidered their position after they were tasked by the President to conduct a similar study.

Some lawmakers are pushing for the use of Ivermectin, which is currently being used to treat animals with parasites, for Covid-19 patients.

This despite the World Health Organization (WHO) warning that there is currently no available data that Ivermectin can be used to treat Covid-19.

Among the more notable personalities reported to be using it as prophylactic are former Senate President Juan Ponce Enrile and the incumbent Senate President Vicente Sotto III.

EDC at its March 5 meeting, had said key commodities that contributed to higher inflation rate were a result of “government tariffs, low MAV quotas and non-tariff barriers to trade.”

Due to this, the EDC instructed the DA and the DTI to start the work of removing the MAV system and replace it with an appropriate tariff rate.

“Likewise, the EDC requested agencies to undertake administrative measures to reduce barriers to importation,” Dominguez said.

The MAV is a commitment of the Philippines to the World Trade Organization (WTO) under the Uruguay Round Final Act. Certain industry groups like the United Broiler Raisers Association (Ubra) have long proposed the abolition of the MAV as certain in-quota tariffs for some agricultural commodities, like poultry, have reached parity with its out-quota tariff.

In its letter to Sen. Cynthia A. Villar last month, Ubra proposed to abolish both the MAV for pork and chicken as it is the “fastest way to get rid of corruption.” Ubra made the proposal anew following allegations made by Sen. Panfilo Lacson of an alleged “tongpats” (kickback) in the MAV system of the government.

Industry experts told the B usiness M irror on Tuesday that abolition of the MAV system would help curb technical smuggling as there will be “no incentive to misdeclare when tariffs are uniform.”

However, some industry players told the B usiness M irror that abolishing the MAV without decreasing the high tariffs for pork and chicken would be useless. With Butch Fernandez

Unctad. . .

Continued from A1

“No contingency plans were in place to preempt the lack of availability or to mitigate its negative impacts,” Unctad said.

Still, Unctad said policy-makers can help make supply chains resilient amid the lockdown measures imposed in the pandemic.

The UN agency highlighted the need for digitalization to facilitate trading in a safer manner.

“Customs officials, port workers and transport operators have recognized the need to reduce physical contact, while at the same time keeping ships moving, ports open and cross-border trade flowing,” the policy brief noted.

Unctad said policy-makers should “proactively engage” in enforcing trade and transpor t reforms to be wellprepared for potential future disruptions in the supply chains.

Meanwhile, Unctad said the recent container shortage shocked the stakeholders, noting that there has been a push for the monitoring of port calls and liner schedules, in addition to seeking improvement in tracing and port call optimization.

“Policy-makers need to promote transparency and encourage collaboration along the maritime supply chain, while also ensuring that potential market power abuse is kept in check or prevent,” it added.

Competition authorities are also told to ensure monitoring of freight rates and market behavior.

The international agency noted that shippers have complaints over having no access to empty containers for exports; high freight rates; and blank sailings, which refers to skipped port calls resulting in mismatch of supply and demand for empty vessels.

Competition authorities, Unctad said, are investigating if there is abusive behavior on the part of maritime transport providers.

“It remains important for policy-makers to continue to strengthen national competition authorities in the area of maritime transport and ensure that they are prepared to provide the requisite regulatory oversight,” the UN agency said.

Cause of shortage

Unctad noted that the demand for empty containers was much higher than the supply of shipping capacity.

The agenc y explained that the disruptions caused by the pandemic, trade imbalance and changing trade patterns resulted in “shifts in the geography of container trade.”

“Empty boxes were left in places where they were not needed, and repositioning had not been planned for,” it noted, adding that blank sailings worsen the situation.

The current container crisis, Unctad said, shows the delays in maritime supply chain due to constraints amid the pandemic.

These include shortage in port labor, port congestions and capacity constraints in truck, among others—all of which prolong the container dwell times.

“Added to this is the fact that, since end-2020, container ships have begun to anchor off the west coast of North America, waiting for berths to become free. Full containers, still containing holiday decorations in February 2021, were stuck on ships, leading to a further shortage in capacity,” Unctad said.

The B usiness M irror earlier reported that the lack of available containers has caused shipment delays of two weeks to one month, affecting the revenues of the exporters.

Philexport: Other factors in delay

Philippine Exporters Confederation Inc. said the delays are also caused by piling up of goods in the shipping lines and the traffic going to the ports. This, in addition to ports having no regular operations and employees working in shortened hours amid the pandemic.

Henr y B asilio, chairman of the networking committee on transportation and logistics of the Export Development Council, earlier flagged the surging freight rates amid imbalances of empty containers.

He noted that the cargo handling cost has doubled with the cranage fee amounting to P1,587, in addition to the arrastre fee of P1,575.

Cranage fee is the price paid for the use of cranes when loading and unloading ships.

Arrastre fee is charged for the handling, receiving and custody of shipments.

A4 Wednesday, April 21, 2021 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

DOJ chief, privacy body, solons, Arta support community pantries

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OMMUNITY pantries, volunteer-driven initiatives to help people in a pandemic, on Tuesday got solid support from the Justice secretary, the privacy commission and lawmakers, among others.

This, amid reports that the first of such community pantries—the one started by entrepreneur Ana Patricia Non on Maginhawa Street in QC—had been spooked by apparent attempts of overzealous law enforcers to “profile” Ms. Non, even as some government platforms were accused of “red-tagging” what began as a spontaneous act of volunteerism.

Various groups also denounced the apparent red-tagging of the community pantries, which began over a week ago and have since spread like wildfire across Metro Manila and even several provinces.

On Tuesday, Department of Justice Secretary Menardo Guevarra told law enforcers to leave organizers of community pantries alone unless they are violating any law.

In an interview, Guevarra told reporters that any person voluntarily helping others should not be subject to police interrogation, “unless there is a reason to believe that he is violating any law, ordinance, rule or regulation for the good or welfare of the community.”

Guevarra issued the statement following reports of profiling activities and red-tagging by the police on some organizers of the community pantries.

“Suffice it to say that a person voluntarily doing an act of kindness and compassion toward his neighbor should be left alone,” Guevarra said.

Having lawyers present in the pantries to deter profiling would be unnecessary, he added.

“Organizers of community pantries have no legal duty or are under any compulsion to fill out any forms, as these are not considered business, much less, illegal activities. So, the presence of lawyers at the sites, in my opinion, is unnecessary,” the justice chief said.

Earlier, Interior Secretary Eduardo Año said it has not given the Philippine National Police (PNP) a directive to conduct profiling of

those behind community pantries.

Non, organizer of the Maginhawa Community Pantry (MCP), had said she would temporarily discontinue the initiative for fear of her life after the police conducted a profiling on her, and the phenomenon was being red-tagged in some government platforms.

On Monday, Health Undersecretary Maria Rosario Vergeire had said there is “no need to stop the community pantries,” which, she said, are “good for the people” in times of a pandemic. Instead, she said, the local government units (LGU) must simply help them and provide guidance if health protocols are being breached by the long lines of people seeking to get goods from the pantries.

Arta support

BESIDES the DOJ and the DOH, the idea drew support from the anti-red tape body.

On Tuesday, the Anti-Red Tape Authority (Arta) went to the barangay hall covering the vicinity of the Maginhawa Community Pantry to make sure no permit will be required anymore for this initiative.

NPC raises privacy concerns

THE National Privacy Commissioner (NPC), for its part, urged the PNP to act on alleged profiling of community pantry organizers.

In a news statement issued on Tuesday, Privacy Commissioner Raymund E. Liboro raised concerns over alleged profiling of organizers of now widespread community pantries.

“Individuals were purportedly asked to provide personal data including their e-mail addresses, Facebook account name, family background, among others,” NPC said.

While NPC has not yet received any complaints, the agency noted that such concerns in Pandacan, Manila, are circulating in social media. It is still looking into other areas where said profiling exists.

ficials when the lockdown was first implemented due to the pandemic.

“We have seen similar activities during the community quarantine of 2020 when some farmers’ organizations and LGUs hauled their surplus produce of fruits and vegetables to depressed communities in Metro Manila,” he said.

“Similarly, police did not interfere with these activities rather extended utmost assistance to ensure orderly distribution to the needy,” he added.

‘Detestable’

ANA PATRICIA NON, second from right, arranges donated food with village workers before they distribute it at a makeshift stall called “Community Pantry” beside a road in Quezon City, Philippines, on Monday, April 19, 2021. Non started the Community Pantry in Maginhawa Street by placing food on a makeshift stall for people who need it as many have lost jobs due to quarantine measures set by the government to curb the surge in Covid-19 cases in the country. The theme “Give what you can, take what you need” has spread to several communities which have placed their own makeshift stalls to support people struggling to make ends meet. AP/AARON FAVILA

Community pantries have been set up across the country to provide food to the people who need it most as the country’s economy continues to struggle with the pandemic-induced lockdown. It is also a platform where people can donate food supplies.

The initiative encourages people to only take what they need and donate what they can.

“We would like to emphasize that collecting personal data must be done fairly and lawfully with respect to the rights of a data subject, including the rights to be informed and object,” Liboro said.

With this, NPC urged the PNP Data Protection Office to investigate such reports and “take appropriate measures to prevent any doings of its personnel on the ground that could potentially harm citizens and violate rights.”

NPC noted that PNP has taken action before against unlawful profiling, recognizing the value of protecting the privacy of the public.

“Should there be a need to collect personal information to maintain peace and order, it must be accomplished with transparency, legitimate purpose, and proportionality,” Liboro added.

NPC said that such community efforts are indeed “extraordinary,” especially during a crisis.

“In times of adversity, Filipinos have the ability to come together and do extraordinary deeds. We

must continue these efforts to build trust within and across communities amid this unprecedented health crisis,” Liboro said.

No ‘profiling’ order from PNP HQ

PNP chief Gen. Debold Sinas said,“There is no order from the National Headquarters to conduct any form of profiling of organizers of community pantries.”

“It is beyond the interest of the PNP to delve into purely voluntary personal activities of private citizens,” he stressed.

“We are aware of the activities of these community pantries as an expression of Bayanihan spirit, but we have no intention to interfere but to serve the best interest of the law and order and public safety in such public activities,” the PNP chief added in a news statement.

The spokesman of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), Lt. Gen. Antonio Parlade, however, admitted during a radio interview by DZBB that they were looking into the background of the pantries, whose operators, he said, were a volunteer undertaking to help poor and hungry Filipinos cope with the economic effects of the Covid-19 pandemic.

The PNP chief added that the operations of the pantries are not different from the activities taken by other groups and even local of-

THE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) lambasted on the red-tagging of the MCP in Quezon City.

Pamalakaya, in a news statement, said the red-tagging of community pantries is “unacceptable and detestable.”

“Community pantries are community initiatives in the face of widespread hunger that the government has terribly failed to address. Yet the government has the audacity to spoil the very endeavor of the Filipinos to look out for each other in difficult times,” the group said.

According to Pamalakaya, redtagging of community pantries is “a shameless display of government’s incompetence and insecurity.”

Taking up the cudgels

SENATORS also took up the cudgels for the volunteer-driven community pantries, allaying administration apprehension over the popular feeding program.

Sen. Joel Villanueva suggested that the community pantries should draw official support, not government suspicion.

Sen. Nancy Binay scored the redtagging of community pantries, wondering why organizers of the initiative are being considered as enemies of the state.

Senate President Pro Tempore Ralph Recto reminded that community pantries need more food bags, “not red tags, nor red tape.”

Recto noted that the only thing red in the community pantries are the ripe tomatoes. “Those who see red in these bayanihan projects should have their hearts examined,” he suggested, adding that “community pantries need more food bags, not red tags, nor red tape.” Joel R. San Juan, Tyrone Jasper Piad, Rene Acosta, Jonathan L. Mayuga and Butch Fernandez

PSA red flags dip in condom and contraceptive imports Govt readies ‘mini rollout’ of Russia-made Sputnik vax

By Cai U. Ordinario @caiordinario

T

HE importation of contraceptives, such as condoms and pills, saw a decline in January last year, according to data obtained from the Philippine Statistics Authority (PSA).

Data showed that in January no imported condom entered the country, while contraception pill imports contracted 27.59 percent to $2.45 million in January 2021 from $3.38 million in January 2020.

However, in terms of quantity, there was a 5.72-percent increase to 39,043 pills in January 2021 from 36,931 pills in January 2020.

It can be noted that there are no local manufacturers for condoms and contraception pills in the country.

“I have checked with the major importer of condoms and pills in the country. There is a slight decrease in their importation of condoms, but an increase in importation of pills,” Undersecretary for Population Development Juan Antonio Perez III told the BusinessMirror on Monday.

Perez added that given that the data was only for January 2021, it might be too early for him to say that this could affect the country’s supply of contraceptives for the

rest of the year.

Last year, due to the pandemic, Perez said, limitations in terms of supply and mobility restrictions, the gover nment encountered challenges in extending reproductive health services.

University of the Philippines Population Institute Professor Maria Paz Marquez last year said their study showed that the number of unintended pregnancies in 2020 could reach 5.17 million, representing a 2.07-million increase due to the pandemic.

This represented a 42-percent increase in the number of unintended pregnancies, or 79,000 additional unintended pregnancies, per month of quarantine. She said this was due to the community quarantine induced reduction in family planning services.

“Condoms are used both for family planning and STD/HIV [sexually transmitted disease/human immunodeficiency virus] programs so it may be hard to tell this early,” Perez said. “Will have to see the extent of lockdowns before predicting anything for next year.”

Based on PSA data, January 2021 is the first time the country did not import any condoms since 2006. In January 2020, the coun-

try imported some 86,870 condoms worth $546,969.

This represented a 37.07-percent increase from the $399,051 worth of condoms imported in January 2019. This was able to buy some 45,134 condoms.

Annually, between 2006 and 2020, the country’s condom imports grew 2.1 percent. Total imports in 2020 reached $2.43 million for 289,031 condoms.

This was a 37.26 percent decline from the $3.87 million worth of condoms imported in 2019. In that year, the country imported 341,550 condoms.

Between 2006 and 2020, the years when the country’s condom imports were the highest was in 2017 and 2018 when shipments of these commodities reached $5.34 million and $5.16 million, respectively.

Meanwhile, in terms of contraception pill imports between 2006 and 2020, the country imported the most in 2020 with imports valued at $26.69 million. This was able to buy 191,701 pills.

This represented an increase of 150.18 percent in 2020 from the $10.67 million worth contraception pills imported in 2019.

This amount was able to purchase 145,153 contraceptive pills.

By Samuel P. Medenilla @sam_medenilla

T

HE government is set to launch a “mini rollout” of the novel coronavirus disease (Covid-19) vaccine Sputnik V manufactured

by Russian pharmaceutical firm Gamaleya Research Institute of Epidemiology.

During the public address of President Duterte on Monday evening, Chief implementer of the government’s national policy on Covid-19 Carlito G. Galvez Jr. reported the limited deployment will cover 20,000 doses of Sputnik V. He said they opted to implement the precautionary measure since the vaccine is comprised of “different component” than the Covid-19 vaccines from Sinovac Biotech and AstraZeneca, which the government have been administering in its inoculation program.

“That is why we opted to first conduct test,” Galvez said.

He said the first batch of Sputnik V would arrive in the

country by April 22, 2021 once they finalize their agreement with Gamaleya.

Another 480,000 doses of Sputnik V are also scheduled to arrive by April 29, 2021.

Galvez said this would make Gamaleya, together with Sinovac, as the main source of steady supply of Covid-19 vaccine by the government.

He noted another batch of 1 million doses of Sinovac’s Covid-19 vaccine, CoronaVac, are expected to arrive in the next two weeks.

The Vaccines Global Access (Covax) facility also committed to finally ship 195,000 doses of the PfizerBioNTech vaccine before the end of April.

Galvez earlier said one of the factors for the slow pace of the government’s vaccine deployment is the utter lack of vaccine supply.

He expressed optimism that the arrival of the additional supplies of vaccines will help fast-track their vaccine rollout.

www.businessmirror.com.ph

Bising leaves 2 dead, destroys P45.93M worth of farm produce

By Rene Acosta @reneacostaBM

& Jasper Emmanuel Y. Arcalas @jearcalas

D

ISASTER officials reported on Tuesday that two people perished in the wake of Typhoon Bising, even as the number of flooded villages in the Visayas had swelled.

The Department of Agriculture (DA), meanwhile, said about 765 farmers and fisherfolk in two regions have lost P45.93 million worth of produce due to the damage caused by the typhoon to some 1,599 hectares of farmland.

The Philippine Coast Guard also reported that search and rescue teams were scouring the waters of Surigao del Norte for crewmen of a vessel that had ran aground.

The two fatalities—47-yearold woman from Catmon, Cebu, and a 79-year-old man from St. Bernard, Southern Leyte—died after they were struck by falling trees, the National Disaster Risk Reduction and Management Council (NDRRMC) said.

In its latest damage report, the DA said Bising damaged 3,009 metric tons (MT) of farm produce in Bicol region and Eastern Visayas, which include rice, corn, assorted vegetables and fruits, as well as livestock.

Based on the DA’s report, the bulk of the damage was recorded in the corn sector. DA data showed that Bising damaged 971 hectares of corn farms with an estimated volume loss of 2,548 MT worth P35.08 million.

DA data showed that damage to the rice sector has reached P8.38 million as Bising affected 566 hectares with an estimated production loss of 461 MT. DA data also showed that 63 hectares of high-value crops have been affected with a production loss pegged at P2.46 million.

About 35 heads of chickens, ducks, and turkeys were also affected by Bising with a total worth of P15,300, according to the DA. The DA said the figures are still subject to validation.

Bising battered Visayas and Bicol region over the weekend and until Monday as it moved near the province of Catanduanes, with its strong rain, triggering flooding and landslides.

Several roads were also closed to traffic due to flooding, which damaged several infrastructure in the Caraga region, including a port and two seawalls.

At least 12,913 families or 50, 523 individuals in Bicol and Region 8 were preemptively evacuated, some of them having been moved to government-run evacuation centers.

The NDRRMC said 56 barangays were flooded in Region 8. It is yet to receive a compiled report on Bising’s effects in the Bicol region where local officials undertook forced evacuation.

T he Coa st Gu a rd t h rough its spokesman Commodore Armand Balilo said that teams were searching for the 20 crewmen of LCT Cebu Great Ocean, which ran aground along the shoreline of Barangay Cantapoy, Malimono, Surigao del Norte at around 3:38 p.m. on Monday.

The vessel was loaded with nickel ore and contains approximately 2,000 liters of diesel oil.

Balilo said that based on the last communication of the station commander of the Coast Guard in Surigao del Norte with the crewmen on Monday morning, the life raft of the distressed crew members was still drifting, although two members have been separated from the crew.

“The search and rescue operations were ongoing,” Balilo said.

Economy BusinessMirror

www.businessmirror.com.ph

ECC drafting IRR for one-time ₧20K cash aid for EC pensioners

T

HE Employees Compensation Commission (ECC) has allotted P600 million to fund the one-time financial assistance to its pensioners.

The Department of Labor and Employment (DOLE) said the fund will be used to provide the P20,000 cash aid to 31,000 members of the Social Security System (SSS) and Government Service Insurance System (GSIS), who receive employees’ compensation (EC) pension.

Last Monday, President Duterte signed Administrative Order 39 authorizing ECC to extend the cash aid to pensioners.

“This is great news for all EC pensioners who are further thrown into deep financial hardships made worse by the Covid pandemic. This attests to the President’s soft spot for the poor and the vulnerable,” Labor Secretary Silvestre H. Bello

III said in a news statement.

ECC Executive Director Stella Zipagan-Banawis said SSS and GSIS members who receive EC pension for permanent partial disability (PPD), permanent total disability (PTD), and survivorship will automatically qualify for the one-time cash aid.

In a Viber message, Banawis told the BusinessMirror they are now crafting the implementing rules and regulations (IRR) for AO 39.

“We are now working on it. We will meet with the SSS tomorrow [Wednesday] to coordinate and finalize [the IRR],” Banawis said.

Among the issues they will discuss will be the processing and the date of the implementation of the AO 39.

She said they are targeting to complete the IRR within the month. Samuel P. Medenilla

Editor: Vittorio V. Vitug • Wednesday, April 21, 2021 A5

DOLE chief: 18,000 OFWs lose jobs anew due to Covid disruption

By Samuel P. Medenilla @sam_medenilla

A

ROUND 18,000 overseas Filipino workers (OFW) have lost their jobs recently due to the economic disruption caused by the novel coronavirus disease (Covid-19) pandemic, the Department of Labor and Employment (DOLE) reported on Tuesday.

In his report to President Duterte last Monday, Labor Secretary Silvestre H. Bello III said the number of displaced OFWs rose to 647,827 from just 630,000 on April 4, 2021.

“They were displaced. Meaning, they lost their jobs or even if they did not lose their jobs, they could not earn a living because

they were prevented from reporting for work because of Covid-19,” Bello said.

Of the latest figure, Bello said 49,000 are in the process of repatriation, while 78,519 opted to remain in their host countries.

Those who opted to remain, the labor chief said, decided to stay onsite since they were already inoculated with the novel coronavirus disease (Covid-19) vaccine, which boosted their chance of being reemployed.

Bello also said 19,148 OFWs were infected with Covid-19. Of the said cases 940 died and the 10,466 were able to recover.

DOLE was able to repatriate the bulk, or 519,566 of the overall displaced OFWs, who were given

They were displaced. Meaning, they lost their jobs or even if they did not lose their jobs, they could not earn a living because they were prevented from reporting for work because of Covid-19.

Labor Secretary Silvestre H. Bello III aid by the Overseas Workers Welfare Administration (OW WA) like accommodation, food, and transportation.

Bello said DOLE already spent P11.4 billion of its funds for the said assistance.

BM

Bello also discussed the disbursement of P5 billion to extend a one-time cash aid of P10,000 or $200 to over 505,000 displaced workers under the Abot Kamay sa Pagtulong sa mga OFW (AKAP) program.

Unescap: Widening social protection crucial in post-pandemic recovery Group pitches for ‘quarry-free’

By Cai U. Ordinario @caiordinario

E

FFORTS to expand social protection are crucial in a postpandemic world that could lift a third of the poor from poverty, according to the United Nations Economic and Social Commission for Asia and the Pacific (Unescap).

In the report, titled Beyond the Pandemic: Building back better from crises in Asia and the Pacific, Unescap said providing a basic social protection package would require an investment of 2 percent to 6 percent of gross domestic product (GDP), which many countries can afford.

Currently, many countries invest less than 2 percent of GDP on social protection, while the average

investment across countries in the Asia Pacific is about 5 percent or less than half the global average of 11 percent of GDP. “In the poorest households in Indonesia, Maldives, the Philippines and Sri Lanka, this basic social protection package would increase purchasing power by around 50 percent,” the report stated.

“Countries need, therefore, to extend coverage to everyone, while also ensuring that benefits are sufficiently high to make a difference to people’s lives,” it added.

Unescap said more than half or over 50 percent of the region’s people are not covered by social safety nets. However, without China, this increases to 75 percent.

This is mainly due to the size of the

informal sector in many countries.

Unescap also said this is a reflection of the lack of political will to provide adequate social protection.

The lack of safety nets leave many children suffering from malnutrition and other deficiencies that have long-term consequences and many households become vulnerable to poverty after an illness or pregnancy.

Further, Unescap said persons with disabilities often mean living below poverty or with meager incomes and the absence of adequate pensions.

“Most individuals and families in Asia and the Pacific manage life’s risks on their own—which not only leaves them very exposed but reduces their opportunities and life

prospects,” the report stated.

Unescap said building back better must involve the creation of universal social protection in countries. This can be done through a mix of contributory and non-contributory schemes.

Apart from social protection, Unescap said enhancing regional cooperation is crucial, especially in a post-pandemic world. This could be done while dealing with climate change; taking into consideration population aging; and technological innovation and new forms of work.

Countries in the region, Unescap said, should also invest in a sustained socioeconomic recovery that is aligned with the Sustainable Development Goals.

Mindanao’s yield offsets big abaca decline in Bicol continued from a10 Documents obtained by the BusinessMirror showed that PhilFida plans to plant abaca on 1,100 hectares this year across 11 provinces.

Costales said they will put up abaca “plan-

tations” in each of the identified provinces, with each plantation being contiguous and having an average size of 100 hectares.

Catanduanes is excluded from the P50million expansion program of the PhilFida

since it will have its own P121-million rehabilitation program.

Costales said the P121-million program for Catanduanes can rehabilitate about 8,000 hectares in the province.

‘Short-term cap on migrant labor affects remittances’ continued from a10 This will reduce the number of migrants and remittances coming from Australia in the next few years.

“While actual entries prior to the reduction were below the ceiling, and indeed closer to the new level, the shift represents less margin for expansion. The majority of permanent migrants to Australia are from Asia,” the report stated.

In Europe, the post-pandemic situation could limit the entry of foreign workers but may allow the entry of more students and highly qualified workers from Asia.

However, in some destination countries like Canada and the United Kingdom, shortterm migration policies could mean an increase of Asian migrants in the next few years.

In Canada, the government announced an increase in annual immigration levels until 2023. This, the report said, could pave the road for additional migrants to come to Canada.

The report said the Canadian government targeted permanent annual inflows at 1 percent of the population and for levels to increase to 421,000 in 2023 from 401,000 in 2021.

“Many of Canada’s permanent residents are former temporary residents—students or workers—so the use of these uncapped channels is expected to become more attractive,” the report stated.

In the United Kingdom, the report said, the exitfromtheEuropeanUnionhasintroducednew labor migration policies allowing entry to more non-EU nationals—qualified foreign workers whomeettheskillsandsalaryrequirements.This will open the doors for more English-speaking Asians to come to the UK, said the report.

In February, the Bangko Sentral ng Pilipinas (BSP) announced that overseas Filipino workers’ (OFWs) cash remittances to the Philippines hit $29.9 billion for the full year

of 2020, only $230 million short of what they sent when the global economy was not affected by the pandemic yet in 2019 at $30.13 billion.

The smaller-than-expected 0.8-percent decline in remittances also exceeded the BSP’s expectations that remittances will decrease by about 2 percent.

By country source, cash remittances from Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Germany and Kuwait declined, while those from the United States, Singapore, Canada, Hong Kong, Qatar, South Korea and Taiwan increased.

The US posted the highest share of the total remittances at 39.9 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar and South Korea.

The combined remittances from all these represented 78.6 percent of the total cash remittances during the year.

LandBank loans for hog sector doubled continued from a10 Under the LandBank SWINE (Special Window and Interim Support to Nurture Hog Enterprises) Lending Program, commercial hog raisers registered as cooperatives or farmers’ associations, small and medium enterprises, as well as large enterprises or corporations may borrow from the state-run bank.

The lending program, to be available until December 31, 2026 in support of the Department of Agriculture’s (DA) hog repopulation plan, was launched last month by LandBank in partnership with the agriculture department.

As of April 15, LandBank said it is already processing six loan applications for the SWINE Lending Program from the provinces of Tarlac, Cavite, Rizal, Bukidnon and South Cotabato, amounting to P2.96 billion combined.

Loans under this program shall be used for swine production, including the acquisition or importation of semen or breeding animals; feed milling operations; the construction, improvement or retrofitting of necessary facilities that are compliant to biosecurity protocols of DA, the industry or integrators; acquisition of fixed assets; and as working capital.

Eligible borrowers may access a short-term loan line or a term loan for up to 80 percent of their total project cost or financing requirement, with an affordable fixed interest rate of 3 percent per annum for three years, subject to annual repricing thereafter.

Short-term loans under the program have a tenor of one year; term loan for permanent working capital is payable up to five years; and fixed asset acquisition is payable based on the

cash flow or payback period of the project, with a grace period on the principal and interest.

The DA will provide the list of eligible program borrowers and assist them in the preparation of a business plan, enrollment in the Philippine Crop Insurance Corp., and in securing necessary permits. It will also provide loan recipients trainings on biosecurity management and breeding or rearing of hogs, while engaging the services of different organizations in capability building and implementation of biosecurity protocols.

LandBank, meanwhile, will accept and evaluate loan applications of eligible borrowers and facilitate the release of loan proceeds.

It will also monitor the performance of the Program and provide monthly reports to the DA. Bernadette D. Nicolas

Upper Marikina Watershed

A

NEW coalition to protect the Upper Marikina Watershed is pushing to make the Upper Marikina Watershed off-limits to quarry operation.

The said watershed encompasses a protected area, t he Marikina River Basin Protected Landscape (UMRBPL).

To be launched on April 21 ahead of the celebration of Earth Day 2021, the Upper Marikina Watershed Coalition (UMWC) said that UMRBPL, a 26,126-hectare protected area, is under constant threat.

The UMRBPL is the northern east part of Rizal Province that forms the upper area of the drainage basin of the Marikina River. It includes ar-

eas in Rodriguez, Baras, San Mateo, Tanaz, and Antipolo City.

According to the group, there are at least 6 Mineral Production Sharing Agreements that exist or overlap with the UMRBPL, covering about 1,500 hectares of protected forest land. An additional estimated 658 hectares appear to be under MPSAs in adjacent protected and conserved areas, the group said.

Officials from the different branches of government led by Sen. Cynthia Villar from the Legislative branch; Rizal Gov. Rebecca Ynares and Marikina City Mayor Marcelino Teodoro from the concerned LGUs, are expected to join the launch via Zoom. Jonathan L. Mayuga

A6

Wednesday, April 21, 2021

The World BusinessMirror

Modi under fire for campaigning as India reels from Covid deaths

I

ndian Prime Minister Narendra Modi faces growing criticism across the political spectrum for holding large election rallies as the country’s health system reels from a deadly wave of Covid-19 cases, forcing citizens to beg for oxygen and hospital beds on Twitter.

Modi avoided wearing a mask at a campaign rally on Saturday, saying “I’ve never seen such huge crowds” at an event in West Bengal. That night he said “India had defeated Covid last year and India can do it again” following a virtual meeting with health officials who spoke of critical shortages of drugs, vaccines and other supplies in a nation that has seen a string of new daily records in the past two weeks.

Leaders of key states lashed out at Modi over the weekend, while the opposition Congress party called off campaigning in West Bengal due to the virus surge. Maharashtra chief minister Uddhav Thackeray, whose state includes India’s financial center, said on Saturday he tried calling Modi to address shortages of oxygen and the drug Remdesivir—but was told the prime minister was too busy addressing rallies.

Even a former finance minister in Modi’s ruling Bharatiya Janata Party blasted him. The prime minister’s “delight” at the large crowd on Saturday “could have come only from a person who is completely insensitive,” Yashwant Sinha, now chairman of the newly created United Democratic Alliance party, said on Twitter over the weekend. “I deplore his remarks.”

A spokesman for the prime minister’s office wasn’t immediately available for comment.

India now has the world ’s fastest - g row i ng Cov id-19 c a se load , adding 273,810 new infections and 1,619 deaths on Monday, leav ing it behind only the US in terms of total numbers. India’s benchmark stock index slumped the most in Asia on Monday as investors worried the high infection rate would hurt the economy and cor porate

profits, while the capital was set to go into a week long lockdow n from Monday night in an attempt to curb the spread.

The growing gap between Modi’s optimism in fighting the virus and the reality on the ground is particularly evident in Delhi, one of the hardest hit places in India. “They killed my son,” one man sobbed outside a crematorium in the capital Saturday.

It’s not yet clear whether the grim scenes will dent Modi’s enduring popularity with voters, who reelected him in a landslide for a second term in 2019 and have largely stuck with him after he imposed a sudden country-wide lockdown last year that pushed the economy into its first recession in decades. Five states, including West Bengal, will count votes in elections on May 2.

W hile it’s “too early to say” if Modi w ill get hit at the polls this time, “certainly many more people are ex pressing their dissatisfaction than was the case even two months ago,” said Neer ja Chowdhur y, a New Delhi-based journalist and political commentator who has written about Indian politics for three decades. A n India Today sur vey released in Januar y found Modi retained a 74 percent approval rating, dow n from 78 percent in August 2020.

Eit her way it a mou nt s to a n a b r u p t c h a n ge i n for t u ne s for Ind i a , wh ic h h ad on ly l a st mont h been hailed for prov iding vaccines to poorer neighbor i ng cou nt r ies.

Now t he world ’s big gest m a nuf ac t u rer of v acc i nes i s look i ng t o i m p o r t s h o t s t o m it i g at e a su rge t h at occ u r red shor t ly a f ter Mod i ’s gover nment a l lowed l a rge e lec t ion gat her i ngs a nd gave t he

Hundreds of migrant workers wait at a bus station to leave for their villages, in New Delhi, India on April 19. New Delhi has imposed a week-long lockdown to prevent the collapse of the Indian capital’s health system amid an explosive surge in coronavirus cases. Authorities said Monday that hospitals have been pushed to their limit. India now has reported more than 15 million coronavirus infections, a total second only to the United States. AP g reen l ight to a re l ig iou s fest iva l t hat attracted a mi l l ion devotees.

punctuated the quiet of the capital’s weekend lockdown.

‘Shameless politics’

‘We are being lied to’

In Punjab, Chief Minister Amarinder Singh criticized Modi for sending millions of doses to other nations while India’s own immunization program has administered nearly 123 million jabs—enough so far to give the full two doses to only 1.2 percent of the country’s 1.4 billion people. Singh also condemned the federal government for failing to approve four oxygen plants in his state since applications were submitted last year.

Modi’s government has also lashed out at state chief ministers from other parties over the pandemic response.

Over the weekend, Railways Minister Piyush Goyal blasted Thackeray, the leader of Maharashtra, for “shameless politics” in requesting more oxygen and said state leaders should manage oxygen demand.

“The demand-side management is as important as the supply-side management,” Goyal said. “Controlling Covid is the responsibility of state governments.”

T he a r my h a s ste pped i n to help treat sick patients, w ith the militar y’s Medical Cor ps running a 250 -bed hospital established in New Delhi. Still, outside hospitals and across social media, the desperate search for life-saving treatment and the wail of ambulance sirens

“Urgently need a bed in Mayur Vihar Phase 1 for friend.... His oxygen level is coming down alarmingly, need immediate hospitalization. Please help if possible,” Niranjan Sahoo, an analyst at a government-funded research group, tweeted on Saturday.

The calls for help on Twitter, echoed across the country, reflected the pain of well-to-do Indians who have usually been able to bypass the disarray of the public health system and pay for better care. Meanwhile, images and reports from government hospitals showed the fear and distress sweeping through the country’s lowerincome families.

Kamal Kumar took his 53-year-old mother to six hospitals across Delhi as her breathing became more and more labored in a frantic bid to find an intensive-care bed with a ventilator. In the end it was too late, he said while standing at the Nigambodh Ghat crematorium on the banks of the Yamuna River. He waited to perform Hindu rites over her body before it was set to burn.

“We are being lied to—there are no hospitals, no beds, no oxygen,” said his uncle Vinay Kumar. “In the emergency room there were three-to-four people lying on a bed. People on the floor.

One doctor was desperately running between patients.” Bloomberg News

Walter Mondale, Carter’s vice president, dies at 93 M

INNEAPOLIS—Former Vice President Walter F. Mondale, a liberal icon who lost one of the most lopsided presidential elections after bluntly telling voters to expect a tax increase if he won, died Monday. He was 93.

The death of the former senator, ambassador and Minnesota attorney general was announced in a statement from his family. No cause was cited.

Mondale followed the trail blazed by his political mentor, Huber t H. Humphrey, from Minnesota politics to the US Senate and the vice presidency, serving under Jimmy Carter from 1977 to 1981.

In a statement Monday night, Carter said he considered Mondale “the best vice president in our country’s history.” He added: “Fritz Mondale provided us all with a model for public service and private behavior.”

President Joe Biden said of Mondale: “There have been few senators, before or since, who commanded such universal respect.... It was Walter Mondale who defined the vice presidency as a full partnership, and helped provide a model for my service.”

Mondale’s own try for the White House, in 1984, came at the zenith of Ronald Reagan’s popularity. His selection of Rep. Geraldine Ferraro of New York as his running mate made him the first major-party presidential nominee to put a woman on the ticket, but his declaration that he would raise taxes helped define the race.

On Election Day, he carried only his home state and the District of Columbia. The electoral vote was 525-13 for Reagan—the biggest landslide in the Electoral College since Franklin Roosevelt defeated Alf Landon in 1936. (Sen. George McGovern got 17 electoral votes in his 1972 defeat, winning Massachusetts and Washington, D.C.) “I did my best,” Mondale said the day after the election, and blamed no one but himself.

“I think you know I’ve never really warmed up to television,” he said. “In fairness to television, it never really warmed up to me.”

Years later, Mondale said his campaign message had proven to be the right one.

“History has vindicated me that we would have

to raise taxes,” he said. “It was very unpopular, but it was undeniably correct.”

In 2002, state and national Democrats looked to Mondale when Sen. Paul Wellstone, D-Minn., was killed in a plane crash less than two weeks before Election Day. Mondale agreed to stand in for Wellstone, and early polls showed him with a lead over the Republican candidate, Norm Coleman.

But the 53-year-old Coleman, emphasizing his youth and vigor, out-hustled the then-74-year-old Mondale in an intense six-day campaign. Mondale was also hurt by a partisan memorial service for Wellstone, in which thousands of Democrats booed Republican politicians in attendance. One speaker pleaded: “We are begging you to help us win this election for Paul Wellstone.”

Polls showed the service put off independents and cost Mondale votes. Coleman won by 3 percentage points.

“The eulogizers were the ones hurt the most,” Mondale said after the election. “It doesn’t justify it, but we all make mistakes. Can’t we now find it in our hearts to forgive them and go on?”

It was a particularly bitter defeat for Mondale, who even after his loss to Reagan had taken solace in his perfect record in Minnesota.

“One of the things I’m most proud of,” he said in 1987, “is that not once in my public career did I ever lose an election in Minnesota.”

Years after the 2002 defeat, Mondale returned to the Senate to stand beside Democrat Al Franken in 2009 when he was sworn in to replace Coleman after a drawn-out recount and court battle.

Mondale started his career in Washington in 1964, when he was appointed to the Senate to replace Humphrey, who had resigned to become vice president. Mondale was elected to a full sixyear term with about 54 percent of the vote in 1966, although Democrats lost the governorship and suffered other election setbacks. In 1972, Mondale won another Senate term with nearly 57 percent of the vote.

His Senate career was marked by advocacy of social issues such as education, housing, migrant workers and child nutrition. Like Humphrey, he was an outspoken supporter of civil rights.

Mondale tested the waters for a presidential

bid in 1974 but ultimately decided against it.

“Basically I found I did not have the overwhelming desire to be president, which is essential for the kind of campaign that is required,” he said in November 1974.

In 1976, Carter chose Mondale as No. 2 on his ticket and went on to unseat Gerald Ford.

As vice president, Mondale had a close relationship with Carter. He was the first vice president to occupy an office in the White House, rather than in a building across the street. Mondale traveled extensively on Carter’s behalf, and advised him on domestic and foreign affairs.

While he lacked Humphrey’s charisma, Mondale had a droll sense of humor.

When he dropped out of the 1976 presidential sweepstakes, he said, “I don’t want to spend the next two years in Holiday Inns.”

Reminded of that shortly before he was picked as Carter’s running mate, Mondale said, “I’ve checked and found that they’re all redecorated, and they’re marvelous places to stay.”

Mondale never backed away from his liberal principles.

“I think that the country more than ever needs progressive values,” Mondale said in 1989.

That year, D emocrats tried to persuade him to challenge Minnesota GOP Sen. Rudy B oschwitz, but he decided against making the race, saying it was time to make way for a new generation.

“One of the requirements of a healthy party is that it renews itself,” he said at the time. “You can’t keep running Walter Mondale for everything.”

That paved the way for Wellstone to win the Democratic nomination, and go on to upset Boschwitz. Wellstone had been preparing to take on Mondale in a primary but would have been a heavy underdog.

The son of a Methodist minister and a music teacher, Walter Frederick Mondale was born Jan. 5, 1928, in tiny Ceylon, Minnesota, and grew up in several small southern Minnesota towns.

He was only 20 when he ser ved as a congressional district manager for Humphrey’s successful Senate campaign in 1948. His education, interrupted by a two-year stint in the Army,

culminated with a law degree from the University of Minnesota in 1956.

Mondale began a law practice in Minneapolis and ran the successful 1958 gubernatorial campaign of Democrat Orville Freeman, who appointed Mondale state attorney general in 1960.

Mondale was elected attorney general in the fall of 1960 and was reelected in 1962.

A s at to r n e y g e n e r a l, M o n d a l e m o ve d quickly into civil rights, antitrust and consumer protection cases. He was the first Minnesota attorney general to make consumer protection a campaign issue.

After his White House years, Mondale served from 1993-96 as President Bill Clinton’s ambassador to Japan, fighting for US access to markets ranging from cars to cellular phones.

He helped avert a trade war in June 1995 over autos and auto parts, persuading Japanese officials to give American automakers more access to Japanese dealers and pushing Japanese carmakers to buy US parts.

Mondale kept his ties to the Clintons. In 2008, he endorsed Sen. Hillary Rodham Clinton for president, switching his allegiance only after Barack Obama sealed the nomination.

When Democrats came to him after Wellstone’s death, Mondale was working at the Minneapolis law firm of Dorsey & Whitney and serving on corporate and nonprofit boards. He returned to the firm after the brief campaign.

Mondale and his wife, Joan Adams Mondale, were married in 1955. During his vice presidency, she pushed for more government support of the arts and gained the nickname “Joan of Art.” She had minored in art in college and worked at museums in Boston and Minneapolis.

The couple had two sons, Ted and William, and a daughter, Eleanor. Ted Mondale served six years in the Minnesota Senate and made an unsuccessful bid for the Democratic nomination for governor in 1998. William Mondale served for a time as an assistant attorney general. Eleanor Mondale, who became a broadcast journalist and TV host, died of brain cancer in 2011.

Joan Mondale died in 2014 at age 83 after an extended illness. AP

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

Xi calls for greater global economic integration, warns against decoupling

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resident Xi Jinping called for greater global economic integration and warned against decoupling while calling on the US and its allies to avoid “bossing others around.”

“International affairs should be conducted by way of negotiations and discussions, and the future destiny of the world should be decided by all countries,” Xi said on Tuesday at the Boao Forum on Asia, without naming the US specifically. “One or a few countries shouldn’t impose their rules on others, and the world shouldn’t be led on by the unilateralism of a few countries.”

In a veiled critique of US efforts to reduce dependence on Chinese supply chains and withhold exports of goods like advanced computer chips, Xi said “any effort to build barriers and decouple works against economic and market principles, would only harm others without benefiting oneself.”

“What we need in today’s world is justice, not hegemony,” Xi said, adding that China would never engage in an arms race. “Bossing others around or meddling in others’ internal affairs will not get one any support.”

Xi spoke by video to more than 2,000 officials and business executives attending the Boao conference in person in the southern island province of Hainan. Global leaders and the heads of the International Monetary Fund and United Nations

attended the opening ceremony via video-link, according to state media.

After canceling the forum last year because of the coronavirus outbreak, China is signaling it’s open for business with the resumption of the conference, billed as an Asian version of the World Economic Forum in Davos. Officials have in the past used the event to announce major steps to open up the financial system, including the establishment and expansion of the stock connect program that links mainland exchanges with Hong Kong.

China is making a concerted effort to improve ties with US businesses in particular. A slew of American executives will be participating in the conference, including Apple Inc.’s Tim Cook, Tesla Inc.’s Elon Musk, Blackstone Group Inc’s Stephen Schwarzman and Bridgewater Associates’ Ray Dalio.

Another focus will be on any new climate goals from Beijing, following promises from the US and China to work together to tackle climate change after a visit by US global climate envoy John Kerry to Shanghai last week. Experts close to the climate diplomacy said China may announce new targets to reduce greenhouse gas emissions during the tropical forum, in a response to the climate summit that President Joe Biden will host with 40 world leaders later this week. Bloomberg News

China’s overvalued yuan seen adding momentum to global reflation trade

C

hina’s yuan is overvalued, and that could end up stoking global inflation.

The yuan ranks as the most overvalued among 32 major currencies in real effective exchange rate terms, an analysis of JPMorgan Chase & Co. indexes show. As Chinese exports are ubiquitous across a range of goods, the strength could translate into quicker inflation globally, adding to investor expectations for tighter central bank policies.

The potential impact from the Chinese currenc y’s inflation-adjusted strength is a reflection of the nation’s quicker economic recovery from the pandemic, and its importance as the factory of the world. Since July, the yuan has advanced more than 5 percent against a basket of major trading partners, which includes the euro and the yen.

“China could start to lead global inflation higher,” said Kota Hirayama, senior emerging-market economist at SMBC Nikko Securities Inc. in Tokyo.

“Reflation is likely to accelerate” with increasing upward pressures on bond yields, he said.

The yuan’s real effective exchange rate is about 2.8 standard deviations higher than its fiveyear average, according to an analysis based on JPMorgan’s indexes. The differential is the widest among 32 major currencies measured.

Even though the Chinese currenc y has also suffered from recent dollar strength, it has held up better than almost ever y other Asian peer—a sign of how investors view the economies of China and the US as the t win engines of global growth. And while concerns about the pace of a US recover y is transmitted globally through Treasur y yields, China’s impac t would come from its expor ts

of goods from elec tronics, appliances and clothing to medical and chemical produc ts.

There are already signs that price pressures are building in China, with its producer-price index rising at the fastest pace since 2018 last month. The US—the Asian nation’s biggest export market—recorded the biggest advance in the cost of living in almost three years.

The flip side of a stronger currency is reduced export competitiveness and slower inflation as import become cheaper. Economists expect gains in China’s shipments to slow through the quarters this year as the effect of a lower base wears off although price pressures are likely to quicken.

To be sure, modeling by the Institute of International Finance indicates the yuan is undervalued by 12.8 percent, according to its latest assessment published in March. The report also shows that the dollar has become increasingly overvalued.

JPMorgan’s index of the yuan’s real effective exchange has climbed almost 8 percent from a June low to hover near an all-time high. The elevated rate is due to the stronger nominal yuan and a faster pace of increase in China’s cost of living compared with other countries, according to Dariusz Kowalczyk, chief China economist at Credit Agricole CIB. “The elevated REER is a challenge for some exporters, but for most it is acceptable given China’s relatively fast productivity gains,” said Kowalczyk.

“Productivity gains have by far exceeded real appreciation over the long run, and also in recent years, hence exports are so strong, and should remain so.”

The onshore yuan gained as much as 0.3 percent to 6.4918 per dollar on Tuesday, the strongest since March 18. Bloomberg News

Asian Americans wary about school amid Covid, violence

B

OSTON—A Chinese American mother in the Boston suburbs is sending her sons to in-person classes this month, even after one of them was taunted with a racist “slanted-eyes” gesture at school, just days after the killings of women of Asian descent at massage businesses in Atlanta.

In the Dallas area, a Korean American family is keeping their middle schooler in online classes for the rest of the year after they spotted a question filled with racist Chinese stereotypes, including a reference to eating dogs and cats, on one of her exams.

As high schools and elementary schools across the country gradually re-open for full-time classes, Asian American families are wrestling with whether to send their children back out into the world at a time when anti-Asian hostility and violence is on the rise.

Some Asian American parents say they’re content to keep their children in virtual classes, especially with the school year winding down and Covid-19 cases rising in places. Others are conceding to adolescents craving normalcy, while still others refuse to shield their youths from bigotry.

Asian American students have the highest rates of remote learning more than a year after the coronavirus pandemic shuttered school buildings and forced districts to pivot to online classes. A federal government survey released earlier this month found just 15 percent of Asian American fourth graders were attending classes in-person as of February, compared with more than half of white fourth graders.

Those rates appear to be rising in some cities, but are still far lower than those of Black, Latino and white students. In Sacramento, Boston and Chicago public schools, for example, roughly a third of Asian American students are expected to return to in-person classes this month, compared with some 70 percent of white students, according to the most recent district data available.

Asian American youths have also not been spared anti-Asian harassment. A September report by Stop AAPI Hate found about 25 percent of Asian American youths surveyed experienced discrimination, including verbal harassment, social

shunning, cyber bullying and physical assault, during the pandemic. The San Francisco-based group, which tracks incidents of discrimination against Asian Americans and Pacific Islanders, also says more than 12 percent of its reported incidents involved youths ages 17 and under.

Concerns about virus spread and rising racism are factors in the in-person learning disparities, but many Asian families also benefit from living in multi-generational households where grandparents and other relatives can help out, said Peter Kiang, director of Asian American Studies at the University of Massachusetts in Boston.

“These ethnic-defined support systems have been operating for more than a year already while parents are out working long hours, so there is no urgency to return to in-person classrooms,” he said.

Another factor is that many Asian Americans live in major urban areas like Boston where schools are only now starting to widely re-open, said Robert Teranishi, a professor of education and Asian American studies at UCLA. Meanwhile San Francisco, where about a third of public school students are of Asian descent, has no timetable for the return of middle and high school students.

For Grace Hu, a 16-year-old in Sharon, Massachusetts, who has been learning remotely all school year, the decision to go back to in-person classes later this month was easy.

The high school sophomore helped organize a recent rally against anti-Asian hate in Boston, but said she’s not concerned about facing vitriol in school.

The district, about 25 miles (40 kilometers) south of Boston, has a sizeable Asian American student population and she’s felt generally safe and welcomed.

“I’m feeling trapped at home,” Hu said. “I just want to see my classmates again.”

Closer to Boston, in Quincy, a city with the highest concentration of Asian Americans in the state, Kim Horrigan said she and her husband have struggled with their decision to keep their 8-year-old son in remote learning this school year, but for altogether different reasons. AP

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

POSITION

21TH CONSTRUCTION DEVELOPMENT CORPORATION #28 Lot 12 Blk 94 R. Papa Ave. Cor. P. Garcia St. Phase 6, Afpovai Western Bicutan Taguig City WANG, XIANG ASST. PURCHASER 1.

Chinese 24/7 BUSINESS PROCESSING INC. 7/f Capella Bldg. L-3&4 B2, Asean Drive Filinvest Alabang Muntinlupa City 5th-6th-7th Flr. 81 Newport Bl Newport City Brgy. 183 Pasay City 10/f Capella Bldg. L-3&4 Asean Drive Filinvest Alabang Muntinlupa City CUSTOMER SERVICE DING, JIAXI 2.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE DONG, WENLONG 3.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LI, NA 4.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LI, WEI 5.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LI, YANHUI 6.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LIN, WEIFENG 7.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LIU, JIAN 8.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE LIU, WENZHU 9.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE RAN, JIAN 10.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE TRAN THI THO 11.

REPRESENTATIVE Vietnamese (CHINESE ACCOUNTS) CUSTOMER SERVICE WANG, SHUI 12.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE WANG, PAO-HSIEN 13.

REPRESENTATIVE Taiwanese (CHINESE ACCOUNTS) CUSTOMER SERVICE ZHANG, QI 14.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) CUSTOMER SERVICE ZHU, MINGYOU 15.

REPRESENTATIVE Chinese (CHINESE ACCOUNTS) MANDARIN SPEAKING FAN, YONG 16.

CUSTOMER SERVICE Chinese REPRESENTATIVE MANDARIN SPEAKING JIA, XILONG 17.

CUSTOMER SERVICE Chinese REPRESENTATIVE MANDARIN SPEAKING XU, TAO 18.

CUSTOMER SERVICE Chinese REPRESENTATIVE 2UP CORP. Unit 1806 18/f Cityland Pasong Tamo Tower 2210 Chino Roces Ave. Pio Del Pilar Makati City GE, JUN MANDARIN MARKETING 19.

Chinese CONSULTANT 8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1 Pitx Kennedy Road Tambo Parañaque City 5/f To 10/f, Tower 4 Pitx #01 Kennedy Road Tambo Parañaque City CUSTOMER SERVICE ZHANG, JIAN 20.

REPRESENTATIVE MANDARIN Chinese SPEAKING HUA THI LOAN PHUONG MANDARIN CUSTOMER 21.

Vietnamese SERVICE REPRESENTATIVE HUANG, HUANZI MANDARIN CUSTOMER 22.

Chinese SERVICE REPRESENTATIVE HUANG, QIUYUE MANDARIN CUSTOMER 23.

Chinese SERVICE REPRESENTATIVE LONG, JIAO MANDARIN CUSTOMER 24.

Chinese SERVICE REPRESENTATIVE ZHANG, QIANG MANDARIN CUSTOMER 25.

Chinese SERVICE REPRESENTATIVE ZHANG, WEI MANDARIN CUSTOMER 26.

Chinese SERVICE REPRESENTATIVE FENG, ZHICHAO MARKETING STAFF 27.

Chinese MANDARIN SPEAKING ACCENTURE, INC. 7f Robinsons Cybergate Tower 1 Pioneer St Mandaluyong City MASIKA, YOLANDE TECH WRITING & 28.

KABUYAYA TRANSLATION PROJECT Congolese EMPLOYEE AMOREPACIFIC PHILIPPINES, INC. 22nd Floor Unit 2205 The Podium Adb Avenue Cor. Ortigas Mandaluyong City KIM, BYOUNGJIN BRAND GENERAL MANAGER 29.

South Korean (KOREAN SPEAKING) KIM, KIHYWAN STRATEGY EXECUTIVE 30.

South Korean (KOREAN SPEAKING) ANOC99 CORPORATION 5/f Ayala Malls Manila Bay Building D. Macapagal Blvd. Cor. Aseana Street Tambo Parañaque City ZENG, ZHIHE CHINESE CUSTOMER 31.

Chinese SPECIALIST ASIAN TECHNOLOGY SERVICES, INC. 11/f Tower 2 Double Dragon, Macapagal Blvd. Brgy. 076 Pasay City HWANG, SUNHWA CUSTOMER SERVICE 32.

South Korean REPRESENTATIVE KIM, YOUNGHOON CUSTOMER SERVICE 33.

South Korean REPRESENTATIVE ATLAS FERTILIZER CORPORATION 2/f Builders Centre 170 Salcedo St. San Lorenzo Makati City PRESIDENT, CHIEF EXECUTIVE FUNAHASHI, HIRONORI 34.

OFFICER (CEO) AND EVPJapanese ADMIN GROUP VICE PRESIDENT - RISK SUGAMA, HIDENOBU 35.

MANAGEMENT AND Japanese ACCOUNTING BAYVIEW TECHNOLOGIES, INC. 43/f Yuchengco Tower Rcbc Plaza Ayala Ave. Cor. Sen. Gil Puyat Ave. Bel-air Makati City SUN, XIULIAN CS DEPUTY MANAGER (MULTI36.

Chinese LINGUAL) BIGCAT SOFTWARE SOLUTIONS, INC. 18/f Pbcom Tower, 6795 Ayala Avenue Cor. Rufino Street Salcedo Vill.

Bel-air Makati City BAHASA INDONESIAN FANI ANDRIANI 37.

LANGUAGE - SUPERVISOR Indonesian FUND MANAGEMENT CHINA HARBOUR ENGINEERING COMPANY 5/f Rm 501 Ramon Magsaysay Center 1680 Roxas Blvd. 076, Bgy. 699 Malate Manila LIU, XIANGRU 38.

BIDDING ADMINISTRATOR Chinese CXLOYALTY PHILIPPINES, INC. 10f W Fifth Building 32nd St. Cor. 5th Avenue Bonifacio Global City, Fort Bonifacio Taguig City MISENGA, DORCAS FRENCH CUSTOMER CARE 39.

BUABUA SPECIALIST Congolese

Wednesday, April 21, 2021 A7

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS

NO.

NO.

NO.

FOREIGN NATIONAL / POSITION NATIONALITY NTANTAY, TITUS ARNOLD FRENCH CUSTOMER CARE LUKUBA 40.

SPECIALIST Congolese TAWA ETHY, IRENE FRENCH CUSTOMER CARE SOLANGE 41.

SPECIALIST Cameroonian TOUKO LEUTCHIE, GINETTE ARMELLE FRENCH CUSTOMER CARE 42.

GERALDINE SPECIALIST Cameroonian DENSO TEN SOLUTIONS PHILIPPINES CORPORATION 2309-2310, B2 B4, 24th & 25th Flr. Hanston Square Bldg. 17 San Miguel Ave. San Antonio Pasig City YAMASAKI, FUMIHIRO 43.

TECHNICAL CONSULTANT Japanese DYNAMIC STUDIO TECHNOLOGY INC. 5th To 10th/f Platinum Tower Building Aseana Ave. Cor. Fuentes Street Baclaran Parañaque City BO, JIALIN CUSTOMER SERVICE 44.

Chinese REPRESENTATIVE CHEN, LIN CUSTOMER SERVICE 45.

Chinese REPRESENTATIVE CHEN, YINGHAO CUSTOMER SERVICE 46.

Chinese REPRESENTATIVE FU, BO CUSTOMER SERVICE 47.

Chinese REPRESENTATIVE GAO, DEJIN CUSTOMER SERVICE 48.

Chinese REPRESENTATIVE LIU, XUHONG CUSTOMER SERVICE 49.

Chinese REPRESENTATIVE LIU, JIAWEN CUSTOMER SERVICE 50.

Chinese REPRESENTATIVE LUO, HAOBIN CUSTOMER SERVICE 51.

Chinese REPRESENTATIVE SU, QIULIAN CUSTOMER SERVICE 52.

Chinese REPRESENTATIVE TRANG QUOC HUNG CUSTOMER SERVICE 53.

Chinese REPRESENTATIVE XIANG, WEIMING CUSTOMER SERVICE 54.

Chinese REPRESENTATIVE XIN, ZI CUSTOMER SERVICE 55.

Chinese REPRESENTATIVE YAO, XINGHAI CUSTOMER SERVICE 56.

Chinese REPRESENTATIVE YIN, TIANWEI CUSTOMER SERVICE 57.

Chinese REPRESENTATIVE YIN, XIAOMIN CUSTOMER SERVICE 58.

Chinese REPRESENTATIVE ZHANG, PENG CUSTOMER SERVICE 59.

Chinese REPRESENTATIVE ZHANG, LEI CUSTOMER SERVICE 60.

Chinese REPRESENTATIVE ZHAO, DONGSHENG CUSTOMER SERVICE 61.

Chinese REPRESENTATIVE ZHU, WEI CUSTOMER SERVICE 62.

Chinese REPRESENTATIVE FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower Moa Coral Way Brgy. 076 Pasay City ZHAO, FUYANG CUSTOMER SERVICE 63.

Chinese REPRESENTATIVE (CSR) FIRSTSOURCE SOLUTIONS LIMITED 5/f Firstsource Building Plaza D Northgate Cyberzone Alabang Muntinlupa City RAJ, BALASUBRAMANI GENERAL MANAGER64.

Indian TECHNOLOGY FLYING DRAGON NETWORK PHILIPPINES INC. Malate Bayview Mansion 1781 M. Adriatico Street 076, Brgy. 699 Malate Manila CHEN, CHUN-WEN 65.

CHINESE CUSTOMER SERVICE Taiwanese LI, JIE 66.

CHINESE CUSTOMER SERVICE Chinese NIE, JIA 67.

CHINESE CUSTOMER SERVICE Chinese WANG, BINBIN 68.

CHINESE CUSTOMER SERVICE Chinese WANG, BIN 69.

CHINESE CUSTOMER SERVICE Chinese WU, MINGXIA 70.

CHINESE CUSTOMER SERVICE Chinese XIE, KAILIANG 71.

CHINESE CUSTOMER SERVICE Chinese XU, YANZHOU 72.

CHINESE CUSTOMER SERVICE Chinese XU, KUN 73.

CHINESE CUSTOMER SERVICE Chinese YAN, ZHIJIE 74.

CHINESE CUSTOMER SERVICE Chinese YUAN, CHENG 75.

CHINESE CUSTOMER SERVICE Chinese ZHANG, RUI 76.

CHINESE CUSTOMER SERVICE Chinese ZHAO, FENG 77.

CHINESE CUSTOMER SERVICE Chinese GLOBALLGA BUSINESS PROCESS OUTSOURCING 2nd, 3rd & 6th Flr. Ortigas Technopoint 2 Ortigas Home Depot Complex #1 Doña Julia Vargas Ave. Pasig City Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City CUSTOMER SERVICE CHEN, TAO 78.

REPRESENTATIVE MANDARIN Chinese SPEAKING CUSTOMER SERVICE PENG, FANG 79.

REPRESENTATIVE MANDARIN Chinese SPEAKING HENTSON BUSINESS CONSULTANCY INC. Unit Ug-8 Cityland Herrera Tower 98 V.a. Rufino Cor. Valero Sts. Bel-air Makati City TRAN DUC TAM 80.

MANDARIN COORDINATOR Vietnamese HUAWEI TECHNOLOGIES PHILS. INC. U-5302, 53/f Pbcom Tower 6795 Ayala Ave., Cor., V.a. Rufino St. Bel-air Makati City PROJECT DIRECTOR FOR PEI, XUAN 81.

SMART IN-BUILDING (IBS) Chinese PROJECT TECHNICAL DIRECTOR FOR WANG, RUI 82.

GLOBE WIRELESS EXPANSION Chinese PROJECT JINSHENGLONG BUSINESS SUPPORT, INC. 3rd, 4th, 5th, 7th, 9th Flr. Filinvest Bay City Brgy. 076 Pasay City CHEN, ZHENJIE CUSTOMER SERVICE 83.

Chinese REPRESENTATIVE CHI QUOC CUSTOMER SERVICE 84.

Vietnamese REPRESENTATIVE DU, SHAOJIE CUSTOMER SERVICE 85.

Chinese REPRESENTATIVE JIAN, LU CUSTOMER SERVICE 86.

Chinese REPRESENTATIVE LIAO, QINGJU CUSTOMER SERVICE 87.

Chinese REPRESENTATIVE WANG, WEI CUSTOMER SERVICE 88.

Chinese REPRESENTATIVE WANG, XINYUE CUSTOMER SERVICE 89.

Chinese REPRESENTATIVE XIE, XIANGGUI CUSTOMER SERVICE 90.

Chinese REPRESENTATIVE ZHANG, PEIMIN CUSTOMER SERVICE 91.

Chinese REPRESENTATIVE

FOREIGN NATIONAL / POSITION NATIONALITY K.B.C. DREAM TRAVEL AND IMMIGRATION CONSULTANCY CORPORATION (K.B.C. TRAVEL AND IMMIGRATION CONSULTANCY) U-ug02 Cityland 8 Condo. 98 Sen Gil Puyat Ave. Pio Del Pilar Makati City DING, SHIKAI 92.

ADMIN ASSISTANT Chinese LI, LEYANG 93.

MARKETING MANAGER Chinese MA, YUANYUAN 94.

MARKETING STAFF Chinese XIANG, LINGHUA 95.

OFFICE STAFF Chinese LI, SHAOSHAN SALES REPRESENTATIVE 96.

Chinese LI, GUANGWEN SALES REPRESENTATIVE 97.

Chinese LIANG, MEIMEI TRANSLATOR 98.

Chinese ZHU, GANG 99.

TRAVEL CONSULTANT Chinese KONGANBUDDIES MARKETING INC. 48/f Lower Ground Pbcom Tower 6795 Ayala Ave. Cor. V.a. Rufino St. Bel-air Makati City ANTON LUGITO INDONESIAN CUSTOMER 100.

Indonesian SERVICE REPRESENTATIVE RICKY INDONESIAN CUSTOMER 101.

Indonesian SERVICE REPRESENTATIVE SURYANTI INDONESIAN CUSTOMER 102.

Indonesian SERVICE REPRESENTATIVE TOMMI SAMOSIR INDONESIAN CUSTOMER 103.

Indonesian SERVICE REPRESENTATIVE LIU, YUXUAN MANDARIN SPEAKING 104.

Chinese HELPDESK SUPPORT LIU, HAN MANDARIN SPEAKING 105.

Chinese SERVICE DESK SUPPORT LARKSPUR INC. 19/f Marco Polo Hotel Manila Sapphire Road Ortigas Center San Antonio Pasig City CHINESE SPEAKING GAO, NANNAN 106.

CUSTOMER SERVICE Chinese REPRESENTATIVE LEONG HUP (PHILIPPINES), INCORPORATED Penthouse 6 Landsdale Tower #86 Mother Ignacia Ave. Paligsahan 4 Quezon City WONG HWA YAO ASSISTANT ACCOUNTS 107.

Malaysian MANAGER/TREASURER MG EXEO NETWORK, INC. Elizabeth Ave. Sta. Ana Drive Sun Valley Parañaque City OKA, TAKAYUKI CONSULTANT FOR CORPORATE 108.

Japanese SERVICES BABA, YASUHIRO SENIOR CONSULTANT FOR 109.

Japanese OPERATIONS MINDSCAPE CREATIVES INC. Unit 19-o, Burgundy Corporate Tower 252 Sen. Gil Puyat Ave. Pio Del Pilar Makati City JIA, YANGFAN MANDARIN OPERATIONS 110.

Chinese SPECIALIST MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City CHEN, JIAN 111.

CHINESE CUSTOMER SERVICE Chinese HONG, PENG CHINESE CUSTOMER SERVICE 112.

Chinese HUANG, LU 113.

CHINESE CUSTOMER SERVICE Chinese MI, JIA 114.

CHINESE CUSTOMER SERVICE Chinese SONG, LICONG 115.

CHINESE CUSTOMER SERVICE Chinese TIAN, YONGMING 116.

CHINESE CUSTOMER SERVICE Chinese WAI LIN OO 117.

CHINESE CUSTOMER SERVICE Myanmari WAN, LIANGJI 118.

CHINESE CUSTOMER SERVICE Chinese WANG, JIQIANG 119.

CHINESE CUSTOMER SERVICE Chinese WANG, LINA 120.

CHINESE CUSTOMER SERVICE Chinese WANG, PEIYU 121.

CHINESE CUSTOMER SERVICE Chinese WANG, ZHIGANG 122.

CHINESE CUSTOMER SERVICE Chinese WEI, CAIYI 123.

CHINESE CUSTOMER SERVICE Chinese WU, YAN 124.

CHINESE CUSTOMER SERVICE Chinese XIONG, DONGQIN 125.

CHINESE CUSTOMER SERVICE Chinese XU, QUNHAO 126.

CHINESE CUSTOMER SERVICE Chinese XU, DANDAN 127.

CHINESE CUSTOMER SERVICE Chinese YAIP WEI JIEN 128.

CHINESE CUSTOMER SERVICE Malaysian YANG, ZHONGQIU 129.

CHINESE CUSTOMER SERVICE Chinese YU, HAO 130.

CHINESE CUSTOMER SERVICE Chinese ZHANG, LIANGCHENG 131.

CHINESE CUSTOMER SERVICE Chinese ZHOU, SHIBO 132.

CHINESE CUSTOMER SERVICE Chinese ZHOU, JIABIN 133.

CHINESE CUSTOMER SERVICE Chinese HE, HONGMEI CHINESE CUSTOMER 134.

Chinese SPECIALIST HU, WEIGUI CHINESE CUSTOMER 135.

Chinese SPECIALIST JIAO, YANG CHINESE CUSTOMER 136.

Chinese SPECIALIST LEE CHA WEI CHINESE CUSTOMER 137.

Malaysian SPECIALIST XIN, BINGNI CHINESE CUSTOMER 138.

Chinese SPECIALIST YANG, RUI CHINESE CUSTOMER 139.

Chinese SPECIALIST ZHANG, NA CHINESE CUSTOMER 140.

Chinese SPECIALIST ZHANG, PENGHUI CHINESE CUSTOMER 141.

Chinese SPECIALIST ZHOU, HUANHUAN CHINESE CUSTOMER 142.

Chinese SPECIALIST NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg. Aseana Avenue, Entertainment City Tambo Parañaque City CHEN, YUELAN 143.

CHINESE CUSTOMER SERVICE Chinese ZHANG, BOBO 144.

CHINESE CUSTOMER SERVICE Chinese CHAU CHU THANH VIETNAMESE CUSTOMER 145.

Vietnamese SERVICE NEWBAY INTERNATIONAL TECHNOLOGY INC. 2/f Mezzanine Tower 1 The Enterprise Center 6766 Ayala Ave. Cor. Paseo De Roxas Makati City 146.

CHAN HUI YING Malaysian

MANDARIN CUSTOMER SERVICE

FOREIGN NATIONAL / POSITION NATIONALITY WU, YAN MANDARIN TECHNICAL 147.

Chinese SUPPORT OCEAN NETWORK EXPRESS PHILIPPINES INC. Units 1101-1105 11/f Aseana Ii Building Bradco Avenue Tambo Parañaque City FUNAKI, KUNIYASU MANAGING DIRECTOR/ 148.

Japanese COUNTRY HEAD PHILIPPINE FULL DEGREE COMMUNICATIONS CORP. 10/f Alphaland Makati Place 7323 Ayala Ave. Cor. Malugay St. Bel-air Makati City WANG, JUE MANDARIN ADMINISTRATIVE 149.

Chinese SPECIALIST XU, HAIHAN MANDARIN TEAM LEADER 150.

Chinese RAINBOW PROMISE SOLUTIONS INC. Unit A 14/f B.a Lepanto Bldg. 8749 Paseo De Roxas Bel-air Makati City JANPRAM, WIRUN HUMAN RESOURCE 151.

Thai SPECIALIST (THAI SPEAKING) S DIVISION HOLDINGS INC. U-gf A & 2-cd Seibu Tower 24th St. Cor. 6th Ave. Fort Bonifacio Taguig City MATSUYAMA, 152.

MICHIHIKO SENIOR PROJECT MANAGER Japanese SA RIVENDELL GLOBAL SUPPORT, INC. 5th & 7th Flr. Star Cruises Ce Andrews Drive Newport City Brgy. 183 Pasay City 9-11 Flr., The Biopolis Bldg. Macapagal Blvd. Brgy. 076 Pasay City CHEN, YI CUSTOMER SERVICE 153.

Chinese REPRESENTATIVE DUAN, HAIBING CUSTOMER SERVICE 154.

Chinese REPRESENTATIVE HUANG, YONGZHEN CUSTOMER SERVICE 155.

Chinese REPRESENTATIVE JIA, HUI CUSTOMER SERVICE 156.

Chinese REPRESENTATIVE KHUONG THI THUY CUSTOMER SERVICE 157.

Vietnamese REPRESENTATIVE LIN, XIANGYANG CUSTOMER SERVICE 158.

Chinese REPRESENTATIVE QIU, WENJUN CUSTOMER SERVICE 159.

Chinese REPRESENTATIVE TENG, DAQUAN CUSTOMER SERVICE 160.

Chinese REPRESENTATIVE WU, XIFU CUSTOMER SERVICE 161.

Chinese REPRESENTATIVE XIONG, TINGTING CUSTOMER SERVICE 162.

Chinese REPRESENTATIVE ZHOU, ZHUANYU CUSTOMER SERVICE 163.

Chinese REPRESENTATIVE SC RESERVATIONS (PHILIPPINES), INC. 27/f, 28/f & 29/f Tower Ii Rcbc Plaza 6819 Ayala Avenue Bel-air Makati City ETTAHCHI, BADR RESERVATIONS SALES AGENT 164.

Moroccan - ARABIC SCG MARKETING PHILIPPINES INC. Unit 802 8/f Fort Legend Towers 3rd Ave. Cor. 31st Street Fort Bonifacio Taguig City CHAIPROM, BANCHA PRESIDENT AND CHIEF 165.

Thai OPERATING OFFICER SH&HS GLOBAL SYSTEM INC. Unit B 7/f 8 Rockwell Bldg. Hidalgo Drive, Rockwell Center Poblacion Makati City WANG, HUIYI CHINESE OUTBOUND SALES 166.

Chinese CONSULTANT SHANGHAI ELECTRIC POWER CONSTRUCTION PHILIPPINE CORPORATION Unit 2703-d 27/f West Tower, Psec Exchange Road Ortigas Ctr. Pasig City WANG, XINGCHANG 167.

PROJECT MANAGER Chinese WANG, CAILONG 168.

PROJECT MANAGER Chinese WU, CHUANYANG 169.

PROJECT MANAGER Chinese WU, JIALIANG 170.

PROJECT MANAGER Chinese SPEED QUALITY TECH INC. 3/f Eco Plaza Bldg. 2305 Chino Roces Ave. Extn. Magallanes Makati City YANG, LIN MANDARIN CUSTOMER 171.

Chinese SERVICE SPECIALIST TELOQUET OUTSOURCING SERVICES INC. Upper 2/f Unit B 2444-a Burgundy Transpacific Place Taft Ave. 079, Bgy 727 Malate Manila LIU, CHUNWEN 172.

MANDARIN ACCOUNTS STAFF Chinese DU, HONGYAN MANDARIN TECHNICAL 173.

Chinese SUPPORT BESSALA, FERNAND 174.

AIME FRENCH OPERATIONS CSR Cameroonian TOPKING TECHNOLOGY INC. U/604 6/f Itc Bldg. 337 Sen. Gil J. Puyat Ave. Bel-air Makati City XING, ZIQIANG MANDARIN COMPUTER 175.

Chinese PROGRAMMER VAN GOGH BUSINESS PROCESS OUTSOURCING INC. 5th To 8th Flr. Sm Southmall Tower 2 Alabang Zapote Rd. Almanza Uno Las Piñas City CHEN, YAOMING INFORMATION SECURITY 176.

Chinese ANALYST WANG, HAO INFORMATION SECURITY 177.

Chinese ANALYST ZHOU, YI INFORMATION SECURITY 178.

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A8 Wednesday, April 21, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Millions of Filipinos are going hungry

T

he number of Filipino families experiencing involuntary hunger hit a record 21.1 percent for the whole of 2020, according to a survey conducted by the Social Weather Stations (SWS). The results, which were published in December 2020, indicated that the average hunger rate for 2020 surpassed the previous record of 19.9 percent in 2011 and 2012, and is double the average of 9.3 percent for 2019. The highest hunger rate last year was recorded in September, when it reached 30.7 percent or 7.6 million families.

The reopening of the economy following the easing of quarantine restrictions in many areas, including the National Capital Region (NCR), certainly helped reduce the number of families experiencing involuntary hunger, which the SWS defined as hunger due to lack of food to eat. As businesses reopened, people started earning income again, which allowed them to buy basic necessities. The jobless rate eased to 8.7 percent in October 2020, from a high of 17.6 percent in April 2020, when the country was under the most restrictive quarantine status (See, “Jobless Data ‘Improves’ But Raises New Worries,” in the BusinessMirror, December 4, 2020).

However, the world is not out of the woods yet even if vaccination has started and major economies—including the top buyers of Philippinemade products—are showing signs of recovery. The United Nations World Food Programme warned that the Covid-19 pandemic, conflict and climate change would put some 270 million people at risk of starvation. Even before the outbreak of Covid-19, a report published by the Food and Agriculture Organization (FAO) revealed 690 million people went hungry in 2019, up by 10 million from 2018 and by nearly 60 million in five years.

A report titled “The State of Food Security and Nutrition in the World,” published by FAO in July 2020, revealed that the Philippines has already been grappling with food insecurity even before the pandemic. The number of moderately or severely food insecure people in the Philippines, according to FAO’s estimate, rose to 59 million in 2017 to 2019, from 44.9 million in 2014 to 2016. FAO defined food security as “when all people, at all times, have physical, social and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life.”

The pandemic and the trade logjam and supply bottlenecks caused by restrictions put in place to contain the spread of Covid-19 have made it all the more challenging for people in many countries including the Philippines to have access to sufficient food. In the case of the Philippines, the outbreak of African swine fever, which decimated hog farms, has made it more difficult to temper the rise in food prices. Inflation in the first quarter was mainly due to the spike in meat prices, particularly pork, and the so-called Bottom 30 bore the brunt of the acceleration in consumer prices (See, “March Inflation Slows, But Still Impacts Poor,” in the BusinessMirror, April 7, 2021).

Aside from putting pressure on food prices, the continued implementation of quarantine restrictions is also limiting income opportunities for millions of Filipinos (See, “Mobility Curbs Yield Higher Jobless Data,” in the BusinessMirror, March 31, 2021). This, coupled with the increase in food prices, makes it imperative for the government to find ways to improve access to sufficient food. Policy-makers can draw inspiration from various initiatives introduced by citizens, such as the community pantries that have sprouted in a number cities in the NCR and Region 4, to supplement the ayuda given to low-income families to expand access to nutritious food.

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All About Social Security

A

personal bank account is a key prerequisite these days as most transactions are conducted online to ensure fast and timely crediting of cash proceeds.

Since the government started implementing quarantine lockdowns and safety protocols last year to curb the spread of the Covid-19 virus, there has been a noticeable rise in applications for SSS benefits and loans. And understandably so, we have already digitalized a large part of our services instead of the usual walk-in and face-to-face transactions.

Aside from maximizing the usage of the My.SSS account in the SSS web site, members are empowered not only to view their account history but also make the necessary changes online.

One significant feature in the My.SSS portal is the Disbursement Account Enrollment Module or DAEM. Employers and members may be able to use DAEM for the crediting of SSS benefit and loan proceeds directly to their enrolled bank accounts.

How do you sign up for DAEM? n First, log in to your My.SSS account. n Click “Disbursement Account Enrollment Module” under the “EServices” tab. n Carefully read the reminders

on account enrollment, then tick the box to certify that you understood the guidelines. n After clicking on the “Proceed” button, choose your PESONet participating bank/E-wallet or Remittance Transfer Company (RTC)/ Cash Payout Outlet (CPO)—currently through DBP Cash Padala via M Lhuillier—from the dropdown menu and encode the required disbursement account number or mobile number twice. n Tick the box to agree to the Data Collection and Usage clause. n Click “Enroll Disbursement Account,” then “OK.” n Check your e-mail inbox for a confirmation notice from SSS. To avoid payment delays, make sure to provide the correct bank account details or mobile numbers— not closed/dormant or frozen accounts, dollar, joint (and/or), timedeposit accounts, incorrect or nonexisting bank accounts or invalid mobile phone number. However, bank accounts that bear a different account name from the employer or member, different disbursing bank, or prepaid account or account with restrictions and duplicate accounts/mobile

Dennis Gorecho

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numbers will be rejected.

Be sure to enter your bank account number and not your ATM number. To make sure you have the correct information, you may want to confirm first with your bank. Do not put a dash in-between numbers or any non-numeric character.

If you will be using a cash card, please ensure that the issuing bank allows its use for SSS disbursements.

For E-Wallets, make sure your account is upgraded so that it can receive the full amount of proceeds beyond the usual limit. And for RTCs and CPOs, SSS will send the Reference Number needed to claim the benefit proceeds via text message, so you need to make sure that your enrolled mobile number and your SIM card is active. You just need to encode your mobile numbers in its 11-digit format without any dash or non-numeric character.

It is important to note that errors in the details of your enrolled disbursement account will result in non-crediting of the benefit proceeds. Re-crediting of the benefit amount may take up to 30 days of processing time upon correction of erroneous account details.

Enrollees, however, may list up to three disbursement accounts but may nominate only one account per benefit claim or loan application. Employers or their authorized personnel must also enroll only one PESONet-participating bank account, which may be used for all its branches or subsidiaries. You will also be required to upload any of the following documents bearing the complete account name and account number to establish ownership, such as passbook, ATM card with account

A seafarer’s legal battle for disability benefits due to knee, leg or foot injuries

Ruben M. Cruz Jr.

BusinessMirror is published daily by the Philippine Business Daily Mirror

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How to enroll bank account for SSS disbursements

Pinoy Marino Rights

S

eafarers work in a hostile environment and no matter how many precautionary measures are taken, accidents are bound to happen resulting to injuries ranging from minor to the most gruesome types; some even leading to fatalities.

A knee, leg or foot injury can affect a seafarer’s life physically, financially and emotionally.

These types of injuries are very painful as a seafarer may not be able to walk without assistance for many months while undergoing extensive physical therapy to help him recover to his pre-injury state.

Losing the use of one’s lower extremities can mean losing any ability to financially support oneself and his family since the injury can also prevent a seafarer from returning to work.

Seafarers can be injured while performing daily work functions in a moving ship, due to slipping and

The Supreme Court consistently ruled that “disability need not render the seafarer absolutely helpless or feeble to be compensable; it means disablement of an employee to earn wages in the same kind of work, or work of similar nature that he was trained for or accustomed to perform, or any kind of work which a person of his mentality and attainment could do.”

falling down on deck, ladders, gangways and stairs, tripping over a hose or rope, getting caught in machines and equipment malfunctions.

A seafarer must present evidence or report that he suffered the injury while working on board the vessel during the term of his contract.

This is to give the company the basis

number and name, validated deposit slip, bank certificate/statement issue not earlier than 2019, foreign remittance receipt, or screenshot of online/mobile app account in the case of E-Wallets.

After uploading the supporting document, you need to tick the box to agree to the Data Collection and Usage clause. Once uploaded, employers and members will be informed via e-mail if their uploaded proof of account has been verified and approved. Double check that all the information you have encoded is correct to minimize delays in receiving the benefit or loan proceeds.

Please take note that the approved benefit claim and loan applications can be disbursed through any of the following: UMID ATM, Unionbank Quick card, PESONet banks, E-Wallets, and RTC/CPOs. You may also verify the Reference Number to claim the benefit proceeds from your My.SSS account. Just click Inquiry, then from the dropdown, select RTC/CPO Reference Number.

We hope our members will familiarize themselves with DAEM so that future transactions will be smoother, especially when applying for SSS benefits and loans. This is really what we envisioned when we intensified the digitalization of our services through our campaign ExpreSSS—mas pinadali, mas pinasimple and mas pinabilis for all our stakeholders.

Stay safe everyone!

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

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

for evaluating whether the personal injury in question can be recognized as an occupational injury or disease.

The Philippine Law Dictionary defines “accident” as that which happens by chance or fortuitously, without intention and design, and which is unexpected, unusual and unforeseen.

Under the POEA contract, the employer is liable for a seafarer’s disability, resulting from a work-connected injury or illness, only after the degree of disability has been established by the company-designated physician within the 120/240-day period.

The seafarer may be declared fit to work or disabled either partially (Grade 2 to 14) or total permanent (Grade 1).

There are only three situations where the company doctor will issue a Grade 1 assessment under the POEA See “Gorecho,” A9

Opinion BusinessMirror

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Hog raisers, meat processors should do importation

Abundance. Community pantry. Lessons Dr. Carl E. Balita

Entrepreneurs’ Footprints

Dr. Jesus Lim Arranza

MAKE SENSE

I

’m humbly calling on our leaders and policy-makers to find the best solution to the prevailing high pork prices, and make it as simple as possible.

We all know what the root cause of the problem is: There’s a huge supply gap because of the big drop in our swine population (estimated at 3 million heads as of February 2021 compared to 2020 levels, or a 24-percent drop) due to culling and the death of pigs that were infected with the African swine fever (ASF).

So what should we do? Let’s approach this in a very simple manner.

The supply shortage can be addressed by importation. Everyone agrees to this.

I also agree with the government’s stand that we temporarily increase the current minimum access volume (MAV) to around 400,000 metric tons (MT) from 54,000 MT. I also support the temporary lowering of tariffs to 5 percent to 10 percent.

Both of these actions will result in lower pork prices in the market.

But who should do the importation, the traders?

No! Why? Simple: the traders were not the ones who were severely affected by the ASF but the hog raisers.

So, instead of the commercial importers, the government should let the hog raisers—probably through their cooperatives—do the importation of pork. In doing this, we are also solving another problem, which is the economic situation of our hog raisers. The Land Bank of the Philippines or Development Bank of the Philippines can provide loans to the hog raisers or their cooperatives so they can do the importation.

The profit that they will gain from this endeavor will not only alleviate their financial condition amid the pandemic, it will also give them the needed capital to buy piglets and other inputs so they can restock their swine inventory.

This will also erase the problem of finger-pointing, or finding the

one who should take the blame if the shortage and high prices of pork will persist because the hog raisers will be solely responsible for the supply and pricing in the market.

The banks, on the other hand, need not worry about loan defaults because as the loan providers, they can keep track of the transactions, including arrival, deliveries, and payments.

Aside from the hog raisers, who should be allowed to benefit from the increase in MAV? I say, the meat processors.

Again, this is very practical. Meat processors are also affected by the supply shortage, and their woes are also being felt by the Filipino consumers.

The worst that the government can do at this time is to give these importation privileges to traders who did not really lose anything because of the ASF-triggered supply shortage.

But learning from experience, we should also be wary of the possibility that the hog raisers or their cooperatives will just surrender their right to import to the traders for a fee. This happened in the case of rice when there was also a supply shortage years back.

Let’s just make sure this will not happen again.

Again, let’s find the simplest and most practical approach to this problem so the people who are adversely affected will immediately feel the benefits. These are the hog raisers, the meat processors, and the consumers.

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

Wednesday, April 21, 2021 A9

T

he Philippine version of Community Pantry is not an original. It is inspired by a scene of a large crowd that followed Jesus in a remote place. They went there for healing. The disciples wanted to send the crowd away so they could go to the villages and buy themselves some food. And Jesus didn’t allow the idea. With only five loaves and two fish, Jesus was able to feed 5,000 men, besides women and children. They all ate and were satisfied, and the disciples picked up 12 basketfuls of broken pieces that were left over.

This event was documented at Matthew 14:13-21.

This biblical moment must have happened when a great leader influenced everyone to share what they had and realized that there is more than enough for everyone. This is the magical spirit of abundance—there is more than enough for everyone.

The same happens when a concerned community enjoined a small circle to share to the other members of the community. There was no photo opportunity, no media funfare, no government support and no intention to be popular. A street called “Maginhawa” became literally true to its name of giving comfort to those who need help. And the ripple of compassion and generosity brought the surge of the community pantries in countless streets guided by a simple mantra: “Magbigay ayon sa kakayanan at kumuha batay sa kailangan” (Give what you can, take what you need).

Ana Patricia Non, the creator of Maginhawa Community Pantry, admits in an interview that there are a few who would get more than what they should get. But she prescribes to delay judgment and understand the underlying circumstances behind the survivalmindset and behavior. Openness and kindness, according to her, may lead us to our better understanding of the dynamics of this relatively new concept to Filipinos.

And communities after communities are inspired by this act of sharing love, following its newsworthy features both in social and traditional media. There is already a Facebook page that serves as discussion venue for those who want to set up and op-

erate community pantries, facilitating exchanges of best practices and experiences. Volunteers have come forward to provide services like digital mapping, online donation facility, logistical platforms and others. Rural farmers are seen sending their produce for the urban poor. The middle class and the rich found a way to give more meaning for their excesses found in their home pantries and refrigerators.

It has inspired hope and popularized compassion and generosity.

Some politicians are expected to exploit the goodwill in the stories and hard sell their obvious agenda. Well, if they become helpful enough in crisis, the public may see some level of sincerity behind such early campaign propaganda—community pantry style. Exploitative entrepreneurs may also take advantage of seeing a need to fill for profit agenda. Well, social entrepreneurs achieve social purpose over profit. Some socio-civic organizations are expected to ride on the wave of giving love through a project and may embrace this to be more relevant beyond weekly meetings and picture-taking.

The community pantry now needs to secure a permit from local government. The Philippine National Police is watching over community pantries like potential propagandists and super-spreaders. But this government intervention gained criticism for obvious reason that these pantries are feeding people they should have fed. And if the government subsidy program has been effective, the community pantries would not have been needed at all. And, the baran-

Community Pantry should be enabled for its sustained presence toward a more equitable society.

As it inspires and creates ripples for like-minded people to follow, the Community Pantry feeds the hungry—one poor soul at a time—and nourishes the innate nature of humans—one act of kindness at a time.

gays should have been the initiators of these benevolent projects. The government may want to exercise its enabling role, rather than their regulatory power-tripping interventions, as usual.

Worst, the “community pantry,” that co-incidentally sounds like “communist party” has been redtagged. The slogan “Give what you can, take what you need” has been linked to “from each according to his ability, to each according to his needs” of Karl Martx, the author of the Communism Manifesto. Marxism is a social, political, and economic theory which focuses on the struggle between capitalists and the working class. Marx wrote that the power relationships between capitalists and workers were inherently exploitative and would inevitably create class conflict. There were background checks of Patricia for the co-incidental alignment of the action with a philosophy of the 18th century.

Beyond the act of generosity founded on abundance, and the government’s intervention founded on its mandate to protect the public, (and the paranoia derived from a wrong notion that what is not aligned with it must be anti-government), there are lessons that can be learned from this commendable initiative.

Here are 10 of the many lessons: 1) Government isn’t always the solution. Government help may lead to dependency-mindset bridging sense of entitlement; while community initiatives lead to collaborative-mindset generating care among members of the community.

2) It is not always about giving or taking. It can be exchanging, which preserves the human dignity and self-worth. Even the poor who is in need is able to share something.

3) Money is not always the basis of all transaction. Goodwill is also a cur-

‘Climate action for people and planet: The time is now’

By António Guterres

Secretary-General of the United Nations

I

N this pivotal year for humanity, now is the time for bold climate action.

The science is irrefutable and globally agreed: To stop the climate crisis from becoming a permanent catastrophe, we must limit global heating to 1.5 degrees Celsius.

To do this, we must get to net zero emissions of greenhouse gases by mid-century. Countries making up about two-thirds of the global economy have committed to do so. This is encouraging, but we urgently need every country, city, business and financial institution to join this coalition and adopt concrete plans for transitioning to net zero.

Even more urgent is for governments to match this long-term ambition with concrete actions now, as trillions of dollars are mobilized to overcome the Covid-19 pandemic. Revitalizing economies is our chance to re-engineer our future.

The world has a strong framework

Gorecho. . .

continued from A8

contract: (a) paralysis of both lower extremities (b) loss of both feet at ankle joint or above and (c) failure or fracture of both hips to unite.

The lowest assessment, or Grade 14, will be given to loss of a toe other than the big one and scar the size of a palm or larger left on an extremity.

One contentious issue in disability cases is the grading system assessment under the POEA contract,

for action: the Paris Agreement, in which all countries committed to set their own national climate action plans and strengthen them every five years. Over five years later, and with damning proof that if we don’t act we will destroy our planet, it is time for decisive and effective action as the United Nations convenes all countries in Glasgow in November for COP26.

The new national plans must cut global greenhouse gas pollution by at least 45 percent by 2030 compared to 2010 levels. Many have been presented already, and set out clearer policies to adapt to the impacts of climate change and boost access to which is not really reflective of the benefits that should be given to the seafarer. There are medical conditions that are classified as partial disability (from Grade 2 to 14) but in essence should have been considered as total permanent (Grade 1).

The list includes paralysis of one lower extremity (Grade 3); loss of 10 digits of both feet (Grade 5); loss of one foot at ankle joint or above (Grade 6); total loss of a leg or amputation at or above the knee (Grade 3); failure or fracture of a hip to unite ( Grade 3); complete immobility of a

rency. Before money, barter was the human invention to exchange goods.

4) Necessity is the father of invention and the mother is compassion.

With both parents, invention makes a difference and become more meaningful. These gave birth to social entrepreneurship.

5) Generosity is contagious. An act of kindness sells as news—contrary to what media believed, for the longest time, that only the bad news sells.

6) Scarcity happens when greed rules. And greed is insatiable. “The world has enough for everyone’s need, but not for everyone’s greed” as Mahatma Gandhi said.

7) Abundance is when there is enough for everyone. The top 10 richest people have enough resources to feed all the hungry. The top 10 Philippines’ richest persons have combined wealth worth $42.9 billion (P2.07 trillion), which, divided among 110 million Filipinos, gives P18,818.00 each.

8) This crisis does not create our character. It manifests and amplifies our character. If we are good, we become better. If we are bad, we become bitter.

9) If we can guide the poor into the understanding of what they need and teach them how to moderate it, they need not go to the politicians and sell their votes. Self-reliance comes from their self-perceived dignity.

10) Maginhawa is not anymore just a street. It is a Filipino Value and aspiration of generosity that makes life comfortable. It has footprints of abundance toward a better society— one street at a time.

Community Pantry need not be anchored on any written Philosophy. It is not intended to insult governments that should have invented it, after all, if they had limitations to provide for the poor. It should not elicit paranoia based on over-thinking of its impact and social value. Community Pantry should be enabled for its sustained presence toward a more equitable society. As it inspires and creates ripples for like-minded people to follow, the Community Pantry feeds—one poor at a time—and feeds the innate nature of humans—one act of kindness at a time.

For feedback, please send e-mail to drcarlbalita@ yahoo.com.

Phasing out coal from the electricity sector is the single most important step to get in line with the 1.5-degree goal. Immediate action to remove the dirtiest, most polluting fossil fuel from power sectors offers our world a fighting chance.

renewable energy.

But so far, those plans achieve less than a 1 percent cut in emissions. This is a true red alert for people and planet.

In the months ahead, beginning with the upcoming Leaders Summit hosted by the United States, governments must dramatically step up their ambitions—particularly the biggest-emitting countries that have caused the vast bulk of the crisis.

Phasing out coal from the electricity sector is the single most important step to get in line with the 1.5-degree goal. Immediate action to remove the dirtiest, most polluting

fossil fuel from power sectors offers our world a fighting chance.

Global coal use in electricity generation must fall by 80 percent below 2010 levels by 2030. This means that developed economies must commit to phase out coal by 2030; other countries must do this by 2040. There is simply no reason for any new coal plants to be built anywhere. One third of the global coal fleet is already more costly to operate than building new renewables and storage. COP26 must signal an end to coal.

As the world moves toward clean air and renewable energy, it is essential that we ensure a just transition. Workers in impacted industries and the informal sector must be supported as they move jobs or reskill. We must also unleash the vast power of women and girls to drive transformation, including as equal participants in governance and decision-making.

The countries that contributed least to climate change are suffering

many of the worst impacts. Many small island nations will simply cease to exist if we don’t step up the response. The developed countries must deliver on their commitments to provide and mobilize $100 billion annually by: n doubling current levels of climate finance; n devoting half of all climate finance to adaptation; n stopping the international funding of coal; and n shifting subsidies from fossil fuels to renewable energy.

The G7 Summit in June offers the opportunity for the world’s wealthiest countries to step up and provide the necessary financial commitments that will ensure the success of COP26.

While governments must lead, decision-makers everywhere have a vital role to play.

I ask all multilateral and national developments banks, by COP26, to have clear policies in place to fund the Covid recovery and the

transition to resilient economies in developing countries, taking into account crippling debt levels and huge pressures on national budgets.

Many local governments and private business have committed to net zero emissions by 2050, and have engaged in significant reviews of their business models.

I urge all to set ambitious targets and policies.

I encourage young people everywhere to continue to raise their voices for action to address climate change, protect biodiversity, stop humanity’s war on nature and accelerate efforts to achieve the Sustainable Development Goals.

Time is running out, and there is much hard work ahead, but this is no time to raise the white flag. The United Nations will keep flying our blue flag of solidarity and hope. This Earth Day and over the crucial months ahead, I urge all nations and all people to rise together to this moment.

knee joint in full extension (Grade 10) or in strong flexion (Grade 7); complete immobility of a hip joint in flexion of the thigh (Grade 5 ) or in full extension of the thigh (Grade 9).

Employers will never hire a seafarer who has suffered from these medical conditions due to mobility issues.

Fit-To -Work cer t if icat ions are even given to seafarers who are still not cured or in essence can no longer be employed.

The findings cannot be taken as “gospel truth” due to the proliferation

of obviously biased company doctors (Wallem v. NLRC 318 SCRA 623).

From the business point of view, it will be risky for the employers to let the seafarer be re-employed since the harsh working environment might only aggravate his fragile condition and in the end expose the company to more serious insurance liabilities.

Disability is intimately related to one’s earning capacity. The test to determine its gravity is the impairment or loss of one’s capacity to earn and not its mere medical significance. In disability compensation, it is not the

injury per se which is compensated but the incapacity to work. (Seagull Maritime Corp., v. Jaycee Dee, 520 SCRA 109).

The Supreme Court consistently ruled that “disability need not render the seafarer absolutely helpless or feeble to be compensable; it means disablement of an employee to earn wages in the same kind of work, or work of similar nature that he was trained for or accustomed to perform, or any kind of work which a person of his mentality and attainment could do.” (Valenzona v. Fair

Shipping Corp., 659 SCRA 642) In the case of Alpha Ship Mgt. v.

Calo (GR 192034 January 13, 2014), the Supreme Court notes that while the seafarer was given an Impediment Grade 10 by his physician, he was nevertheless deemed unfit to work as seafarer in any capacity and not expected to land gainful employment given his medical background.

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

A10 Wednesday, April 21, 2021

LandBank loans for hog sector doubled

S

TATE-RUN Land Bank of t he Ph i l ip pi ne s ( L a nd Bank) doubled the available loan window for distressed hog industry hit by the African Swine Fever (ASF) to P30 billion from P15 billion to finance hog repopulation and feed milling operations.

This came after Finance Secretary and LandBank Chairman Carlos G. Dominguez III ordered the state lender to double its support for hog raisers, feed millers, and other industry players dealing with supply shortfalls and retail price spirals of pork products.

“LandBank is doubling its funds available for financing swine repopulation, feed milling operations and facility upgrades in order to help address at the soonest the supply shortfalls and subsequent retail price spirals affecting both hog producers and pork consumers,” Dominguez said.

He added the steep rise in pork prices is partly responsible for the current elevated inflation amid the pandemic.

Continued on A5

Mindanao’s yield offsets big abaca decline in Bicol

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country’s abaca output in the first quarter grew by 4.1 percent to 14,887.1 metric tons (MT) buoyed by higher Mindanao production amid double-digit decline in output of Bicol, the country’s top producer of the natural fiber.

Latest Philippine Fiber Industry Development Authority (PhilFida) data showed that nationwide abaca production from January to March was 585.44 MT higher than the 14,301.66 MT recorded in the same period of last year.

PhilFida data showed that increased abaca production in Northern Mindanao, Davao Region, Western Visayas and Caraga offset the decline in output in eight other regions, including Bicol.

PhilFida data showed that abaca output in Bicol, the country’s topproducing region, fell by 12.5 percent to 5,463.36 MT from 6,244.56 MT as it reeled from the devastation caused by Typhoon Rolly last year.

PhilFida data showed abaca production in Davao Region, the country’s second top producer of the natural fiber, expanded by

31.9 percent to 3,037.52 MT from 2,303.05 MT last year.

Abaca production in Northern Mindanao rose by 95.5 percent to 1,788.05 MT from 914.71 MT last year; while production in Caraga increased by 2.9 percent to 1,562.92 MT, based on PhilFida data.

“Abaca production in these regions have been continuously increasing as farmers are concerned about their plantations unlike in other provinces where farmers still have a plant-and-forget mentality,” PhilFida Executive Director Kennedy T. Costales told the BusinessMirror.

“Abaca diseases in these regions are not rampant and are not frequently affected by typhoons. Also, varieties planted in these regions like in Davao are high-yielding that could grow to as high as 6 meters,”

Costales added.

Costales said the continuous increase in abaca production outside Bicol is also a result of the government’s expansion of abaca farms nationwide, outside usual areas like the Bicol region.

Costales said they plan to expand abaca plantation by 2,300 hectares this year on top of the 800 hectares that they plan to rehabilitate.

The BusinessMirror earlier reported that the country’s abaca output this year is seen to further decline from last year’s 7-year-low as the industry reels from devastation caused by Typhoon Rolly (international name Goni), particularly in Catanduanes, the top producer of the natural fiber. (Related Story: https://businessmirror.com.ph/2021/03/16/ abaca-yield-seen-to-dip-f urther-in-2021-p171-million-rehab-ongoing/) Costales, in an earlier interview, said they are implementing a P171million rehabilitation and expansion program for the abaca industry this year.

“We are doing everything to rejuvenate the industry and in two years’ time we will return to the 70,000-MT production level or even exceed that volume,” he said.

Continued on A5

‘SHORT-TERM CAP ON MIGRANT LABOR AFFECTS REMITTANCES’

By Cai U. Ordinario

T

@caiordinario

HE government’s shortterm policy of limiting the deployment of health workers abroad could affect remittance flows in the coming years, according to a study released by the Asian Development Bank Institute (ADBI).

In the report Labor Migration in Asia: Impacts of the Covid-19 Crisis and the Post-Pandemic Future, ADBI, the Organisation for Economic Co-operation and Development (OECD), and the International Labour Organization (ILO) said short-term migration policies could lead to remittance flow and policy changes in the next few years.

The study listed the Philippines among the countries that last year took a short-term protectionist stance with regard to the migration of health workers.

“The short-term impact on deployment and demand in OECD countries may have repercussions in the next few years through policy changes,” ADBI, OECD, and ILO said in the study.

“For example, the Philippines introduced a limit on deployment of new agencies or direct hires of healthcare workers to

other countries. A protectionist stance to health workers may have an impact on flows, although these workers are a relatively small share of total flows,” the study explained.

The study said recent policies introduced in host countries would also affect deployment and remittance flows.

As an example, it said, Singapore and Malaysia put in place policies that reduced the employment of less skilled migrant workers.

While these policies had limited effect to date, they had the potential to “constrain opportunities for migrant workers” in these countries, added the study.

In the United States, the proposal to lift permanent migration caps according to country of origin could increase migration from India and China.

However, “other signals” from the US government suggest that migration from Asia could face more restrictions in the coming years.

In Australia, the study said, permanent migration planning levels were adjusted downward in 2019 to 160,000 migrants from 190,000 migrants.

Continued on A5

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, April 21, 2021

B1

PHL largest initial public offering secures SEC nod

By VG Cabuag

T

@villygc

he Securities and Exchange Commission (SEC) has approved the P72.45-billion initial public offering (IPO) of Monde Nissin Corp., the maker of Lucky Me! Noodles, SkyFlakes biscuits, and other snacks.

The SEC has greenlighted Monde Nissin’s registration statement which covers some 17.96 billion common shares to be listed and traded on the main board of the Philippine Stock Exchange.

The registration statement covers 3.6 billion common shares, comprising the primary offer priced up to P17.50 per share and an overallotment option comprising up to 540,000,000 existing common

shares.

The said overallotment option shares will mainly come from the holdings of Indonesian Henry Soesanto, the company’s chief executive.

Assuming that the overallotment option is fully exercised, the total gross proceeds could reach as much as P72.45 billion, which would become the largest IPO ever in the country.

Proceeds will be used for capi-

tal expenditures at P26.52 billion, redemption of a convertible note at P17.31 billion and repayment of loans P16.78 billion.

Monde Nissin said in its registration papers that it will run the public offering from May 17 to 21, and list on the PSE on May 31.

UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities PLC will serve as joint global coordinators for the IPO, while Credit Suisse (Singapore) Ltd will serve as joint international bookrunner, alongside international co-bookrunners Jefferies Singapore Limited and Macquarie Capital Securities (Singapore) Pte. Limited.

BDO Capital and Investment Corp., BPI Capital Corp. and First Metro Investment Corp. will serve as local lead underwriters. China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. were also engaged as domestic co-lead underwriters.

Some 70 percent of the share sale will be offered to institutional investors overseas and the rest to the domestic market. The company is about 70 percent owned by Indonesian investors and the rest by Betty Ang, the company’s president.

Main shareholders of the company before the IPO includes Ang, who owns 22.73 percent of the company, Indonesians Hartono Kweefanus with 29.33 percent ownership and Soesanto with 12.63 percent.

Ang is married to Hoediono Kweefanus, Hartono’s brother who owns 6.6 percent of the company.

Soesanto, meanwhile, is the husband of Hoediono’s sister, Monica Darmono, the company’s treasurer, who owns 5.33 percent.

Monde Nissin operates two core businesses known as the Asia-Pacific branded food and beverage business, which consists of instant noodles, biscuits, and other products; and the meat alternative business.

Petron completes securities sale

By Lenie Lectura @llectura

P

ETRON Corp. concluded the issuance of $550-million capital securities, which are now traded on the Singapore Exchange Securities Trading Limited (SGX-ST).

“This is to advise that the company has completed today the issuance of US Dollar undated unsubordinated capital securities with an issue size of $550 million. The Securities are expected to be listed with the SGX-ST on April 20,” the oil

SM Prime names 3 new independent directors

S

hopping mall operator SM Prime Holdings Inc. has appointed 3 new independent directors, including former Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. In its annual stockholders’ meeting, the company’s long-time independent director Jose L. Cuisia Jr., also a former central bank governor, has stepped down after holding the position for 27 years.

Two other independent directors—former investment bankers Gregorio U. Kilayko and Joselito H. Sibayan—have also given up their post.

They will be replaced by former Pag-Ibig Fund President and CEO Darlene Marie B. Berberabe and SGV and Co. Vice Chairman J. Carlitos G. Cruz.

Meanwhile, SM Prime has allocated some P80 billion in capital expenditures (capex) this year, or the same as last year’s capex.

“This year’s capex is subject to review every quarter given the current situation but this will be used for mall and residential development as well as strategic landbanking,” Jeffrey C. Lim, the company’s president, said.

The company said it will open three malls in Grand Central in Caloocan, Daet in Camarines Norte and Roxas in Capiz.

The planned mall launches and expansion projects will add around 367,000 square meters of gross floor area to the group’s portfolio.

SM Prime’s income last year dropped by more than half to P18 billion from P38.1 billion in the previous year as rental revenue from its properties fell due to the lockdown measures.

Consolidated revenues for the period fell 30 percent to P81.9 billion from the previous P118.3 billion. VG Cabuag

company disclosed Tuesday.

Petron earlier said the securities have an initial rate of distribution of 5.95 percent per annum until April 19, 2026, payable semi-annually in arrears on April 19 and October 19.

Net proceeds could amount to $547.8 million, after the deduction of commissions. Petron will utilize this for the repayment of indebtedness and for general corporate purposes.

Based on company filings, Petron’s liabilities reached P263.53 billion as of end-2020. The amount is made up of P149.07 billion in cur-

rent liabilities and P114.46 billion in non-current liabilities.

It has earmarked P11 billion in capital expenditure (capex) this year, higher than the P8.5 billion it allocated for 2020.

This year’s capex will be financed by a combination of internal cash generation and external financing sources.

Petron temporarily closed down its 180,000-barrel-per-day refinery in May last year and reopened in October. It again ceased refinery operations on February 10 and will reopen either May or June this year.

It is now seeking to complete the requirements cited by the Authority of the Freeport Area of Bataan to make Petron’s Bataan refinery one of the registered enterprises of the freeport zone. This involves an additional investment of P3 billion in the next 5 years.

It also plans to build a Refinery Solid Fired Boiler Phase 3. The P11billion “Petron Refinery Special Projects” will consist of two 200 tph Circulating Fluidized Broiler (CFB), two 22megawatt Backpressure Turbine Generators, 500-meter fuel transfer line.

SBMA tweaks work sked to protect workers

SBMA Chairman and Administrator Wilma T. Eisma discusses health protocols in the workplace with SBMA employees.

By Henry Empeño Correspondent

S

ubic Bay Freeport Zone—Workers of the Subic Bay Metropolitan Authority (SBMA) will now follow a new timetable, which would practically entail having half of them working in the office in the morning and the other half in the afternoon.

SBMA Chairman and Administrator Wilma T. Eisma said the new scheme tweaked the usual 8 a.m. to 5 p.m. daily grind into two shifts—“Shift A” workers will be in the office from 7 a.m. to 1 p.m. while “Shift B” workers are onsite from 1 p.m. to 7 p.m.

“This is our latest adaptation in the new normal,” Eisma explained on Tuesday, adding that the two-shift work schedule would enhance health safety in the workplace while sustaining the high level of output and efficiency despite the ongoing Covid-19 pandemic.

“We have tried a Team A-Team B weekly alternate schedule to minimize health risks and prevent workplace transmission of Covid-19, but the downside was unavoidable work backlogs,” Eisma said.

“Now, with this Shift A-Shift B scheme, we prevent backlogs, discourage intermingling among workers, and minimize the number of persons in the office at any given time.”

The new work schedule, which was approved by the Civil Service Commission (CSC), will start on Thursday, April 22, said SBMA Senior Deputy Administrator for Support Services Ramon Agregado.

He also clarified that the new shift work would only apply to office workers, and that field workers who have been assigned shifts would maintain their existing schedules.

Agregado said that under the two-shift work plan, employees will work in the office for 6 hours and from home for another 2 hours every day to comply with the 40hour workweek requirement.

MVP Group opens quarantine facility for employees

Photo by Henry Empeño

He added that those under Shift A, who would report to office from 7 a.m. to 1 p.m., will be on work-from-home status from 2 p.m. to 4 p.m., while those on Shift B will be on work-from-home status from 10 a.m. to 12 noon and would report to the office from 1 p.m. to 7 p.m.

The one-hour window between office work and work-from-home periods would give employees time for travel between office and residence. “But the same can be further adjusted in the case of workers from farther areas like Zambales and Bataan,” Agregado added.

He added that new work schedule will also allow employees who take public transport to avoid the rush hour, as they will go to work very early in the morning or in the afternoon.

Eisma said on Tuesday that the SBMA adopted the two-shift work plan as a “winwin” solution to the safety and productivity dilemma.

“The truth is, we can no longer afford a drop in productivity because the SBMA has been financially bleeding since the pandemic curtailed much business in the Subic Freeport. This, we hope, would give us more business, but not at the expense of our employees’ health,” she said.

Eisma said the new shift schedule would result in better service to Subic Freeport stakeholders and SBMA customers because offices would be open for a longer time, from 7 a.m. to 7 p.m. instead of from 8 a.m. to 5 p.m.

Contributed Photo

By Lorenz S. Marasigan @lorenzmarasigan

T

he MVP Group, collectively the businesses led by tycoon Manuel V. Pangilinan, has converted some areas of its 10-hectare leadership academy in Antipolo as an emergency quarantine facility for its employees.

With this, asymptomatic or mild cases of Covid-19 may now use the facility for their quarantine or isolation at the First Pacific Leadership Academy (FPLA), which houses a total of 240 individual air-conditioned quarantine tents and beds.

“The essential services—connectivity, power, water, road networks, among others—we have continuously provided since the onset of the pandemic have been the source of stability for many Filipinos, and it is our employees - the backbone of all our Companies—that have allowed us to be contributors in moving for economic recovery,” Pangilinan said.

He added that doctors and nurses to be housed in the facility will work

on 8-hour shifts for seven days a week to help treat the group’s employees throughout their 14-day isolation.

The group will cover all meals, medical supplies, and data connectivity throughout their stay.

Employees were also given a quarantine leave benefit, which is separate from the standard sick leave credits.

The group is also shouldering the vaccination of 300,000 individuals—employees, qualified dependents, and their household members.

“Our efforts to take care of our workforce aim to reduce overall community transmission, while protecting and providing breathing space to hospitals and medical frontliners, who have been our anchor and support as we continue to battle this pandemic,” Pangilinan added.

Metro Pacific Hospital Holdings Inc. operates the largest hospital chain in the Philippines. Some of its employees from Mindanao were flown into Manila to augment the capacity of hospitals in the capital region.

B2

Companies BusinessMirror

Wednesday, April 21, 2021

PSE STOCK QUOTATIONS

April 20, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

41.8 105.7 82.95 22.95 9.49 45 22.85 55.35 96.8 17.2 116.1 70 1.63 3.93 3.32 1.5 0.7 147 2,338

42 106.5 83 23 9.5 45.1 23 56.4 101 17.32 116.5 70.05 1.67 3.95 3.4 1.53 0.72 147.2 2,346

42 105.2 83.6 22.9 9.59 44.95 22.9 56.6 97 17.1 115 70 1.61 3.96 3.3 1.5 0.73 149.8 2,338

42 106.5 84 23 9.59 45.15 22.95 56.6 97 17.32 116.5 70.5 1.7 3.97 3.42 1.52 0.73 149.9 2,338

41.8 104.4 82.5 22.8 9.47 44.85 22.8 55.2 97 17.1 115 70 1.61 3.91 3.3 1.48 0.7 147.2 2,338

41.8 106.5 83 22.95 9.49 45 22.85 55.2 97 17.1 116.5 70.05 1.68 3.96 3.4 1.52 0.72 147.2 2,338

14,400 2,919,560 1,241,510 275,400 191,300 2,310,100 619,000 3,260 40 7,900 111,980 55,590 47,000 208,000 74,000 294,000 582,000 970 625

604,230 309,087,484 103,447,811.50 6,313,085 1,816,599 103,961,110 14,126,220 182,095.50 3,880 135,464 12,992,151 3,892,909 77,000 821,050 248,220 446,320 415,160 143,740 1,461,250

-117,050 174,148,728 -12,397,465 -5,453,640 -1,059,987 -6,246,805 -13,664,025 -92,714 -8,635,963 -842,020.50 -320,760 -400,560 -71,106 1,461,250

INDUSTRIAL AC ENERGY 7.48 7.49 7.55 7.57 7.4 7.49 11,500,800 86,087,546 1.34 1.35 1.33 1.35 1.28 1.34 1,892,000 2,496,370 ALSONS CONS ABOITIZ POWER 23.55 23.6 23.7 23.8 23.55 23.6 662,600 15,652,545 1.03 1.04 1.03 1.05 1.01 1.03 24,559,000 25,212,910 BASIC ENERGY 31.45 31.5 31.3 31.45 30.9 31.45 1,585,400 49,374,225 FIRST GEN FIRST PHIL HLDG 67.2 67.25 67.15 69.25 67.15 67.25 46,140 3,106,225 275.8 278 274.4 278 274 278 137,060 37,862,198 MERALCO 14.6 14.62 14.48 14.86 14.4 14.6 503,400 7,319,704 MANILA WATER PETRON 3.16 3.2 3.18 3.18 3.14 3.16 581,000 1,833,010 3.7 3.8 3.64 3.7 3.64 3.7 53,000 196,040 PETROENERGY 11.88 12.3 12 12.3 12 12.3 72,700 889,294 PHX PETROLEUM PILIPINAS SHELL 20.7 20.75 20.4 20.75 20.4 20.7 16,800 344,975 10.32 10.36 10.26 10.36 10.2 10.36 380,500 3,904,066 SPC POWER 6.76 6.8 6.97 6.97 6.76 6.8 2,338,900 16,179,978 AGRINURTURE AXELUM 3.33 3.39 3.42 3.42 3.27 3.39 1,260,000 4,225,040 13.2 13.48 13.22 13.24 13.22 13.24 2,200 29,114 CNTRL AZUCARERA 20.75 20.8 20 20.85 20 20.75 4,905,000 101,418,700 CENTURY FOOD DEL MONTE 10.8 10.86 9.84 10.98 9.84 10.86 954,100 9,989,867 7.14 7.18 7.15 7.19 7.13 7.14 775,500 5,541,994 DNL INDUS 10.28 10.3 10.42 10.42 10.3 10.3 3,997,500 41,182,560 EMPERADOR SMC FOODANDBEV 68.3 68.4 68.5 68.5 67 68.4 266,060 18,193,529.50 0.63 0.64 0.66 0.66 0.63 0.63 187,000 118,080 ALLIANCE SELECT 1.38 1.4 1.39 1.4 1.38 1.4 5,007,000 6,941,430 FRUITAS HLDG GINEBRA 55.5 55.6 55.5 56.5 55.5 55.6 51,610 2,887,227.50 176.1 177 177 180 176.1 176.1 1,230,730 218,434,165 JOLLIBEE 31.35 32.45 31.8 31.95 31.25 31.25 1,600 51,005 LIBERTY FLOUR MAXS GROUP 5.89 5.92 5.92 6.03 5.89 5.92 23,000 136,393 0.33 0.335 0.325 0.335 0.325 0.33 6,080,000 1,994,800 MG HLDG SHAKEYS PIZZA 7.28 7.32 7.29 7.29 7.26 7.28 26,800 194,790 1.02 1.04 1.05 1.05 1.02 1.04 1,868,000 1,920,400 ROXAS AND CO 4.63 4.75 4.63 4.63 4.63 4.63 1,000 4,630 RFM CORP ROXAS HLDG 1.46 1.52 1.52 1.52 1.52 1.52 12,000 18,240 0.134 0.137 0.138 0.138 0.134 0.134 380,000 51,570 SWIFT FOODS 132 132.2 125.5 132.2 125.5 132.2 1,531,590 199,475,632 UNIV ROBINA VITARICH 0.82 0.83 0.84 0.84 0.82 0.83 333,000 275,550 2.27 2.3 2.27 2.27 2.27 2.27 3,000 6,810 VICTORIAS 55.55 60.95 55.5 55.9 55.5 55.9 710 39,685 CONCRETE A CONCRETE B 58.6 64 58.5 64 58.5 64 20 1,225 1.23 1.26 1.29 1.29 1.23 1.23 4,517,000 5,642,580 CEMEX HLDG 3.03 3.04 3.05 3.12 3.03 3.04 1,763,000 5,426,120 DAVINCI CAPITAL EAGLE CEMENT 11.7 11.88 11.68 11.7 11.52 11.7 103,900 1,207,350 EEI CORP 7.49 7.62 7.43 7.62 7.41 7.62 172,400 1,292,908 5.59 5.67 5.68 5.74 5.56 5.59 159,600 897,010 HOLCIM MEGAWIDE 7.03 7.06 7.14 7.14 7 7.03 632,300 4,451,451 PHINMA 12 12.36 12.3 12.36 12 12.36 51,100 625,184 1.17 1.19 1.18 1.19 1.17 1.19 484,000 567,280 TKC METALS VULCAN INDL 2.35 2.36 2.27 2.37 2.27 2.36 2,976,000 6,941,640 CROWN ASIA 1.89 1.9 1.89 1.94 1.89 1.9 174,000 330,280 2.02 2.06 1.97 2.05 1.97 2.05 184,000 371,170 EUROMED MABUHAY VINYL 4.53 4.65 4.64 4.69 4.54 4.65 7,000 32,450 5.2 5.39 5.22 5.24 5.2 5.2 15,900 82,913 PRYCE CORP 22.1 22.3 21.65 22.1 21.65 22.1 17,900 390,550 CONCEPCION GREENERGY 3.77 3.78 3.7 3.78 3.7 3.78 7,020,000 26,348,910 10.98 11 11.3 11.3 11 11 491,500 5,421,250 INTEGRATED MICR 1.11 1.12 1.1 1.12 1.1 1.12 70,000 77,800 IONICS PANASONIC 5.7 5.87 5.75 5.75 5.7 5.7 1,800 10,265 1.36 1.38 1.38 1.38 1.36 1.36 122,000 166,620 SFA SEMICON 5.85 5.86 5.9 5.9 5.81 5.86 831,200 4,862,770 CIRTEK HLDG

10,218,669 -5,484,215 92,340 9,987,175 -2,008,566.50 648,254 1,004,204 -930,600 -646,864 219,310.00 31,000 -685,657 9,030 -22,442,575 204,096 -3,731,856 268,830 -1,719,629 -96,800.00 1,634,931 -52,569,718 -14,210 3,300 -79,310 -4,630 -10,730 -15,671,900 -2,715,410 83,190 -548,750 -937,292 -67,566 -187,097 -185,100 -23,350 18,950 1,111,060 48,236 16,500 -5,520 47,887

HOLDING & FRIMS ABACORE CAPITAL 1.11 1.12 1.16 1.16 1.12 1.12 31,495,000 35,647,730 7.1 7.35 7.42 7.42 7.35 7.35 4,200 30,880 ASIABEST GROUP AYALA CORP 746 750 747 758 745.5 750 161,640 121,336,990 35.05 35.3 34.8 35.35 34.75 35.3 290,500 10,226,735 ABOITIZ EQUITY 10.66 10.68 10.76 10.76 10.64 10.68 3,893,700 41,609,518 ALLIANCE GLOBAL AYALA LAND LOG 3.41 3.44 3.47 3.48 3.39 3.41 2,761,000 9,439,190 6.7 6.76 6.6 6.6 6.6 6.6 5,400 35,640 ANSCOR 0.7 0.71 0.68 0.72 0.68 0.71 1,666,000 1,173,710 ANGLO PHIL HLDG ATN HLDG A 0.73 0.74 0.72 0.74 0.72 0.74 457,000 333,780 0.73 0.76 0.73 0.76 0.72 0.76 113,000 82,400 ATN HLDG B 5.17 5.18 5.19 5.2 5.15 5.17 1,301,000 6,725,273 COSCO CAPITAL DMCI HLDG 5.24 5.25 5.28 5.3 5.22 5.25 1,996,700 10,496,482 0.26 0.29 0.26 0.26 0.26 0.26 70,000 18,200 FORUM PACIFIC 526 530 532 536.5 525.5 526 57,640 30,617,850 GT CAPITAL HOUSE OF INV 3.66 3.73 3.72 3.72 3.72 3.72 202,000 751,440 58.4 58.55 58.5 58.7 58.2 58.4 1,656,080 96,732,773 JG SUMMIT 1.05 1.06 1.09 1.09 1.04 1.06 3,432,000 3,638,190 LODESTAR LOPEZ HLDG 3.39 3.47 3.36 3.47 3.36 3.47 7,000 24,070 13.6 13.62 13.48 13.62 13.48 13.6 1,333,200 18,129,642 LT GROUP 3.98 3.99 4 4 3.95 3.99 4,348,000 17,306,320 METRO PAC INV PACIFICA HLDG 3.62 3.72 3.83 3.83 3.62 3.72 26,000 96,070 3.2 3.22 3.27 3.29 3.17 3.2 3,194,000 10,291,120 PRIME MEDIA 1.29 1.31 1.33 1.34 1.29 1.31 101,000 131,430 SOLID GROUP SM INVESTMENTS 974.5 977 973 978 970 977 239,330 233,621,715 116.5 116.8 117 117.6 116.5 116.8 165,960 19,391,734 SAN MIGUEL CORP SOC RESOURCES 0.69 0.73 0.7 0.7 0.69 0.69 103,000 71,600 134.5 136 134 136.1 134 134.5 27,940 3,763,481 TOP FRONTIER 0.265 0.27 0.26 0.265 0.26 0.265 1,060,000 280,800 WELLEX INDUS ZEUS HLDG 0.239 0.24 0.239 0.245 0.231 0.239 6,620,000 1,584,540

1,333,900.00 -742 -37,536,460 -2,285,865.00 -14,768,296 -146,970 700 83,924 -1,738,700 -8,241,390 -613,800 -36,762,423.50 676,424 -7,691,500 436,610 20,659,025 -1,599,279 -862,861 -

PROPERTY ARTHALAND CORP 0.66 0.67 0.66 0.67 0.66 0.66 308,000 204,960 7.48 8.2 7.46 8.2 7.46 8.2 1,300 10,438 ANCHOR LAND AYALA LAND 33 33.05 33.2 33.5 33 33.05 22,741,900 753,298,770 1.21 1.29 1.29 1.3 1.21 1.21 111,000 135,140 ARANETA PROP 33.6 33.7 33.5 34.1 33.5 33.7 636,300 21,527,245 AREIT RT BELLE CORP 1.58 1.59 1.58 1.59 1.58 1.58 9,104,000 14,475,060 0.88 0.9 0.88 0.9 0.88 0.88 203,000 179,320 A BROWN 0.98 0.99 1.05 1.05 0.99 0.99 2,181,000 2,181,940 CITYLAND DEVT CROWN EQUITIES 0.132 0.135 0.137 0.137 0.132 0.135 850,000 113,870 6.39 6.78 6.32 6.79 6.32 6.78 4,800 31,453 CEBU HLDG 5.61 5.89 5.67 5.89 5.57 5.89 758,600 4,344,622 CEB LANDMASTERS CENTURY PROP 0.38 0.385 0.385 0.385 0.38 0.385 570,000 218,350 0.345 0.35 0.335 0.35 0.335 0.345 290,000 99,700 CYBER BAY 12.9 13.06 13.14 13.14 12.88 13.06 924,800 12,004,558 DOUBLEDRAGON DDMP RT 2.18 2.19 2.18 2.21 2.18 2.19 8,738,000 19,157,920 6.9 6.93 6.8 6.9 6.8 6.9 12,200 84,170 DM WENCESLAO 0.29 0.295 0.295 0.295 0.28 0.29 400,000 115,900 EMPIRE EAST EVER GOTESCO 0.128 0.129 0.134 0.134 0.127 0.128 5,830,000 750,030 1.12 1.13 1.13 1.13 1.12 1.13 3,509,000 3,960,740 FILINVEST LAND 0.81 0.82 0.82 0.82 0.81 0.81 669,000 544,620 GLOBAL ESTATE 8990 HLDG 7.22 7.3 7.26 7.26 7.22 7.22 17,700 128,176 1.38 1.39 1.39 1.39 1.38 1.38 126,000 174,210 PHIL INFRADEV 2.2 2.21 2.4 2.4 2.15 2.2 14,138,000 31,625,740 CITY AND LAND MEGAWORLD 3.23 3.24 3.27 3.31 3.23 3.24 36,462,000 118,826,180 0.405 0.41 0.4 0.41 0.395 0.405 15,610,000 6,302,950 MRC ALLIED PHIL ESTATES 0.7 0.71 0.74 0.74 0.7 0.71 20,454,000 14,621,070 PRIMEX CORP 3.25 3.26 3.19 3.28 3.11 3.25 4,469,000 14,432,700 17.38 17.4 17.3 17.4 17.28 17.38 1,283,300 22,236,114 ROBINSONS LAND PHIL REALTY 0.265 0.27 0.265 0.265 0.265 0.265 10,000 2,650 1.46 1.49 1.54 1.54 1.45 1.46 536,000 791,000 ROCKWELL 2.63 2.69 2.62 2.62 2.62 2.62 20,000 52,400 SHANG PROP STA LUCIA LAND 2.24 2.29 2.24 2.29 2.24 2.29 81,000 182,940 SM PRIME HLDG 35.9 36.25 35.6 36.25 35.25 36.25 7,200,400 259,115,875 3.67 3.89 3.89 3.89 3.89 3.89 1,000 3,890 VISTAMALLS SUNTRUST HOME 1.53 1.55 1.53 1.56 1.5 1.55 214,000 324,750 3.68 3.69 3.78 3.78 3.68 3.69 1,379,000 5,109,250 VISTA LAND

-10,050 -407,815,120 -84,700 -7,630,100 -33,220 -542,500 -242,509 -83,600 -3,425,578 -2,909,400 -87,000 1,103,350 13,900.00 100,470 -11,156,820 -74,190 8,372,080 -12,972,750 -231,530 105,280 9,209,740 -1,227,800

SERVICES ABS CBN 10.94 10.96 10.92 11 10.9 10.96 28,800 316,170 7.7 7.71 7.82 7.85 7.68 7.7 2,288,600 17,714,299 GMA NETWORK MANILA BULLETIN 0.465 0.49 0.47 0.495 0.47 0.49 330,000 160,450 1,864 1,867 1,855 1,880 1,851 1,864 67,460 125,752,800 GLOBE TELECOM 1,239 1,240 1,250 1,250 1,239 1,240 116,890 145,022,125 PLDT APOLLO GLOBAL 0.223 0.224 0.221 0.228 0.216 0.223 517,830,000 114,908,400 19 19.04 18.86 19.18 18.8 19 6,917,600 131,532,948 CONVERGE 3.95 4.15 4 4.19 3.92 4.12 598,000 2,401,790 DFNN INC DITO CME HLDG 10.52 10.54 10.74 10.84 10.48 10.52 13,911,200 147,299,896 2.26 2.41 2.14 2.68 2.14 2.41 540,000 1,313,730 JACKSTONES 2.79 2.8 2.76 2.8 2.73 2.79 1,405,000 3,885,570 NOW CORP TRANSPACIFIC BR 0.455 0.46 0.45 0.47 0.445 0.46 16,040,000 7,341,050 2.64 2.68 2.68 2.69 2.62 2.68 318,000 846,230 PHILWEB 8.86 9 9 9.07 8.9 9 88,600 793,381 2GO GROUP ASIAN TERMINALS 15 15.5 15 15 15 15 1,000 15,000 3.34 3.35 3.42 3.42 3.35 3.35 291,000 978,670 CHELSEA 48.05 49 48 49 47.2 49 157,500 7,540,470 CEBU AIR INTL CONTAINER 129.1 130 129 130 128.2 130 995,410 129,032,577 15.32 16.2 16.3 16.3 16.3 16.3 100 1,630 LBC EXPRESS 4.86 4.9 4.88 4.96 4.85 4.9 634,000 3,091,030 MACROASIA METROALLIANCE A 2.37 2.4 2.4 2.4 2.36 2.4 97,000 230,200 2.34 2.67 2.39 2.4 2.39 2.39 25,000 59,770 METROALLIANCE B 6.06 6.12 6.1 6.15 6.06 6.12 7,000 42,880 PAL HLDG HARBOR STAR 1.2 1.23 1.22 1.24 1.19 1.23 228,000 274,640 1.87 1.94 1.87 1.94 1.77 1.94 325,000 605,100 ACESITE HOTEL BOULEVARD HLDG 0.105 0.106 0.105 0.107 0.098 0.105 866,670,000 89,187,540 DISCOVERY WORLD 3.69 3.7 3.7 3.73 3.7 3.7 386,000 1,428,860 9.68 10.6 10.6 10.6 10.6 10.6 100 1,060 GRAND PLAZA WATERFRONT 0.64 0.65 0.65 0.66 0.64 0.65 2,762,000 1,787,320 7.01 7.46 7 7.48 7 7.48 1,500 10,884 IPEOPLE 0.38 0.385 0.39 0.39 0.38 0.38 540,000 206,700 STI HLDG BERJAYA 4.49 4.8 4.65 4.75 4.65 4.75 37,000 174,950 BLOOMBERRY 6.94 6.99 6.95 7.02 6.92 6.99 1,011,800 7,055,868 2.04 2.1 2.05 2.05 2.05 2.05 5,000 10,250 PACIFIC ONLINE LEISURE AND RES 1.75 1.76 1.75 1.8 1.72 1.76 730,000 1,274,020 PH RESORTS GRP 2.11 2.12 2.06 2.11 2.06 2.11 1,581,000 3,313,730 0.455 0.46 0.455 0.465 0.455 0.46 3,990,000 1,837,600 PREMIUM LEISURE PHIL RACING 6.05 6.15 6.15 6.15 6.06 6.15 400 2,442 7.88 7.91 7.99 7.99 7.86 7.91 589,500 4,659,600 ALLHOME 1.31 1.33 1.31 1.33 1.3 1.33 755,000 1,003,260 METRO RETAIL PUREGOLD 37.4 37.45 36.5 37.75 36.5 37.45 3,693,100 137,921,555 ROBINSONS RTL 50.8 51.8 54.1 54.1 50.15 50.8 2,162,160 110,583,827.50 103 105 103 106 103 103 740 76,450 PHIL SEVEN CORP SSI GROUP 1.21 1.23 1.24 1.24 1.21 1.23 586,000 713,230 WILCON DEPOT 17.48 17.62 17.6 17.6 17.48 17.5 100,700 1,763,494 0.385 0.395 0.39 0.39 0.385 0.39 1,540,000 600,550 APC GROUP EASYCALL 6.31 6.58 6.31 6.5 6.31 6.5 3,600 23,020 4.17 4.8 4.95 4.95 4.9 4.9 4,000 19,700 IPM HLDG 2.3 2.45 2.3 2.3 2.3 2.3 5,000 11,500 PAXYS PRMIERE HORIZON 2.22 2.23 2.22 2.25 2.22 2.22 9,663,000 21,527,900 SBS PHIL CORP 4.24 4.39 4.3 4.3 4.3 4.3 7,000 30,100

26,714,215 -73,879,630 -60,440 52,397,150 -539,590 3,477,884 -9,200 72,200 -13,750 6,750 2,666,935 19,973,623 -695,140 -38,560 244,520 23,550 -1,970,778 10,250 -513,500 2,070 27,800 4,336,150 -26,400 25,856,525 -58,637,153 58,710 -196,590 1,570,146 -749,630 -

MINING & OIL ATOK 9.98 10 10 10.16 9.85 10 1,385,300 13,853,294 367,765 APEX MINING 1.58 1.59 1.61 1.62 1.58 1.59 2,881,000 4,606,350 -78,790 7.11 7.12 6.54 7.12 6.5 7.12 3,838,200 26,130,163 -387,522 ATLAS MINING 3.2 3.39 3 3.39 2.93 3.39 1,190,000 3,837,200 BENGUET A BENGUET B 3.11 3.14 2.9 3.2 2.85 3.14 1,007,000 3,101,980 -738,040 0.315 0.33 0.335 0.335 0.315 0.325 460,000 149,400 COAL ASIA HLDG 2.75 2.8 2.79 2.8 2.79 2.8 49,000 137,150 125,950 CENTURY PEAK DIZON MINES 8.28 8.48 8.5 8.5 8.47 8.48 15,700 133,094 24,590 2.67 2.68 2.72 2.72 2.61 2.67 4,537,000 12,125,400 -404,130 FERRONICKEL 0.375 0.38 0.37 0.38 0.36 0.375 1,570,000 581,900 0 GEOGRACE LEPANTO A 0.179 0.18 0.163 0.18 0.162 0.18 442,120,000 76,554,440 0.18 0.181 0.164 0.18 0.164 0.18 45,900,000 7,994,960 95,070 LEPANTO B 0.014 0.015 0.013 0.015 0.013 0.015 2,679,700,000 38,188,900 MANILA MINING A MANILA MINING B 0.015 0.016 0.013 0.015 0.013 0.015 618,900,000 9,006,600 -681,000 1.34 1.36 1.41 1.41 1.32 1.36 1,250,000 1,686,230 -66,040 MARCVENTURES 1.82 1.87 1.95 1.95 1.81 1.82 344,000 640,500 57,600 NIHAO NICKEL ASIA 5.65 5.66 5.53 5.67 5.53 5.65 9,853,400 55,484,006 1,362,407 0.405 0.42 0.415 0.415 0.405 0.405 310,000 126,550 OMICO CORP 1.05 1.06 1.08 1.09 1.04 1.06 2,123,000 2,263,250 -30,740 ORNTL PENINSULA PX MINING 5.32 5.37 5.22 5.4 5.2 5.32 5,473,200 29,099,967 186,718 12.16 12.18 12.2 12.24 12.06 12.16 255,200 3,105,122 72,012 SEMIRARA MINING 0.01 0.011 0.011 0.011 0.01 0.011 128,900,000 1,362,800 22,200 UNITED PARAGON ACE ENEXOR 22.2 22.4 21.75 22.6 21.75 22.4 453,300 10,051,225 154,710 0.012 0.013 0.012 0.013 0.012 0.013 48,400,000 600,900 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.012 3,600,000 45,900 0.012 0.013 0.012 0.013 0.012 0.013 17,700,000 213,900 PHILODRILL 8.03 8.05 8.1 8.15 8.01 8.05 207,900 1,679,617 -813,466.00 PXP ENERGY

PREFFERED HOUSE PREF B 100.6 101 100.5 100.5 100.5 100.5 250 25,125 100.5 101.5 100 101.5 100 101.5 6,500 655,445 HOUSE PREF A AC PREF B1 511 535 515 515 515 515 50 25,750 45.25 45.6 45.5 45.6 45 45.25 67,000 3,026,945 -153,445 CEB PREF 101.5 103.5 103.5 103.5 103.5 103.5 510 52,785 CPG PREF A DD PREF 101 101.9 101.1 102 101 101 1,510 153,432 1,020 106.8 110.5 106.8 106.8 106.8 106.8 10 1,068 FGEN PREF G 1,031 1,048 1,048 1,048 1,048 1,048 105 110,040 GTCAP PREF B MWIDE PREF 101.8 102.1 102 102.1 101.8 102.1 30,010 3,063,018 101.6 101.8 101.8 101.8 101.8 101.8 200 20,360 MWIDE PREF 2B 102.1 104.6 104 104.6 103 104.6 910 93,978 -20,800 PNX PREF 3B PNX PREF 4 996 1,000 1,000 1,000 1,000 1,000 70 70,000 1,070 1,119 1,117 1,118 1,069 1,118 2,155 2,404,035 PCOR PREF 3A 79.6 79.8 79.6 79.6 78.05 79.6 1,570 124,894.50 SMC PREF 2C SMC PREF 2F 78.7 79.85 78.7 78.7 78.7 78.7 850,000 66,895,000 78.85 78.9 78 78.85 77 78.85 103,330 8,061,780 SMC PREF 2H 78.7 82 78.7 78.7 78.7 78.7 630 49,581 SMC PREF 2I SMC PREF 2K 76.4 76.55 76.55 76.55 76.4 76.55 2,520 192,606 -

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 7.6 7.62 7.56 7.7 7.54 7.62 329,700 2,506,483 2,308,953

WARRANTS LR WARRANT 2.05 2.06 2.1 2.15 2 2.06 2,467,000 5,088,030 20,400

SMALL & MEDIUM ENTERPRISES ALTUS PROP 19.4 19.7 19.7 19.7 19.4 19.7 118,700 2,310,896 46,890 2.47 2.51 2.49 2.54 2.46 2.51 267,000 666,410 4,710 ITALPINAS MAKATI FINANCE 2.53 2.72 2.53 2.53 2.53 2.53 4,000 10,120 5.47 5.48 5.47 5.59 5.46 5.48 4,352,600 24,010,445 -241,267 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 98.5 98.9 98.95 98.95 98 98.5 23,490 2,317,811.50 607,486

www.businessmirror.com.ph

Imported car sales almost double in March–AVID data

C

By Tyrone Jasper C. Piad

@TyronePiad

ar importers and distributors saw their sales nearly double in March due to the increase in the uptake of passenger cars (PC) and light commercial vehicles (LCV).

According to the latest data from the Association of Vehicle Importers and Distributors Inc. (AVID), sales of imported cars rose by 95 percent to 5,193 units in March from 2,663 units a year ago.

March sales, however, showed a 4-percent decline from 5,401 units sold the previous month.

For the period, sales of LCV improved by 125 percent to 3,676 units year-on-year while the PC segment sold 1,372 units, which is 34 percent more than 1,026-unit sales in March 2019. In total, LCV and PC sales soared by 90 percent to 5,048 units in March from 2,657 units last year for the same month.

Commercial vehicle (CV) sales, meanwhile, grew exponentially to 145 units in March from just 6 units last year.

In the first quarter, total imported car sales rose by 9 percent to 15,587 units from 14,554 units in the comparable period last year.

The LCV segment comprised the bulk of the sales at 11,198 units, which is a 13-percent improvement from 9,895 units sold last year. Ford Group Philippines led this segment with 4,786 units sold, followed by Suzuki Philippines Inc. and Hyundai Asia Resources Asia Resources Inc. with sales of 2,628 units and 1,780 units, respectively.

Sales of CV were up by more than fourfold to 418 units in the first quarter from last year’s 92 units.

Hyundai accounted for all the sales in this segment.

PC sales, meanwhile, slid by 7 percent to 4,241 units for the period from 4,567 units in the previous year. Suzuki and Hyundai accounted for the lion’s share, selling 2,067 units and 1,484 units, respectively, in the first quarter.

“The slow uptick of PC is a result of continued low consumer confidence,” AVID President Ma. Fe Perez-Agudo said.

“But let us not discount the commendable performances of LCV and CV, and the hardworking teams that drive them. We see these two segments as our industry’s lifesavers as they lend indispensable support to the country’s revitalized infrastructure development programs.”

Globe builds 318 new cell sites in Q1

By Lorenz S. Marasigan @lorenzmarasigan

G

lobe Telecom Inc. said it has expanded and extended the capacity of its networks by “leaps and bounds” in the first three months of the year, at least when compared to the year prior, its top official said on Tuesday.

Ernest L. Cu, the company’s president, said Globe built 318 new cell sites in the first quarter, a 152-percent surge from the 126 sites built last year. Globe has also upgraded its sites to 4G and 5G, reaching 7,065 sites, which is 245-percent higher than last year.

He added that Globe has installed 287,000 high-speed lines during the same period, a 212-percent jump from last year, while it also deployed in-building solutions to 844 areas.

“Armed with our purpose, Globe is resolutely marching forward, staying attuned to the new customer and reinventing their experience to make us more relevant. Together with all our stakeholders, we are one with the nation on working towards our country’s economic recovery in the days ahead,” Cu said in a statement.

Globe is spending P70 billion in capital expenditures this year to modernize and upgrade its wireless and fixed line networks. The figure is more than a third higher than the capital outlays spent last year, as the group sees “strong demand for connectivity and ensuing economic recovery post-vaccinations.”

The company said it has laid out a 3-pronged strategy for its network upgrades and expansion, which includes aggressive cell site builds; upgrading its cell sites to 4G/LTE using many different frequencies; and fast tracking the fiberization of Filipino homes nationwide.

In a related development, Globe appointed Issa Guevarra-Cabreira as its new Chief Commercial Officer, replacing Albert de Larrazabal, who has taken a new role as the CFO of Ayala Corp.

“I am humbled, honored and excited to take on this role. At the heart of what we do are our customers. We want to provide them with products and services that not only enhance their overall connectivity experience, but more importantly uplift and enrich their lives,” GuevarraCabreira said.

Honda launches new model, sets sales goals

H

onda Cars Philippines Inc. (HCPI) is targeting to sell more than 40 units per month of the newly introduced City Hatchback.

On Tuesday, the local arm of the Japanese automaker Honda Motor Company Ltd. launched the all-new City Hatchback, the latest offering under the company’s B-Segment hatchback category.

HCPI General Manager for Sales Louie Soriano said during a virtual briefing that the company aims to surpass the monthly sales of Honda Jazz to corner the market.

“Right now, we are selling 40 units of Jazz every month. And if we want to dominate the market, you know what figures we have in mind. Basically, we are going to sell more than the number of Jazz,” Soriano said.

“We believe that the City Hatch will be a worthy alternative to the iconic Honda Jazz, but moreover, it will be a model that will make its own mark in the automotive landscape,” HCPI President Masahiko Nakamura added.

Soriano said the model is imposed with the safeguard duty amounting to P70,000 per unit.

“What we are going to do is require the customers to deposit P13,000.

So basically, we are making the customer, giving them less of a burden, with respect [to] passing of the duty,” he added.

In January, the Department of Trade and Industry imposed provisional safeguard duties in the form of a cash bond amounting to P70,000 per unit for imported passenger cars and P110,000 per unit for imported light commercial vehicles.

“With its sleek hatchback body style, spacious and flexible interior capabilities, advanced technologies and powerful yet efficient engine, the All-New City Hatchback aims to provide a sporty yet versatile and cool vehicle that would complement the diverse needs and active lifestyles of our customers,” HCPI Executive Vice President Ryohei Adachi said.

HCPI introduced two new models, the New CR-V and the All-New City, in October last year. Nakamura said the All-New City has sold over 1,700 units already. Tyrone Jasper C. Piad

mutual funds

April 20, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 207.4 8.81% -7.58% -3.88% -8.72% ATRAM Alpha Opportunity Fund, Inc. -a 1.2934 35.59% -6.29% 1.09% -1.49% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8528 11.45% -11.89% -6.12% -8.94% Climbs Share Capital Equity Investment Fund Corp. -a 0.726 10.59% -7.65% n.a. -9.69% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6755 2.04% n.a. n.a. -8.91% First Metro Save and Learn Equity Fund,Inc. -a 4.5591 10.66% -5.22% -2.99% -7.73% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6561 1.5% -9.11% -7.72% -13.65% MBG Equity Investment Fund, Inc. -a 97.46 29.89% -5.6% n.a. -4.39% PAMI Equity Index Fund, Inc. -a 42.5584 11.34% -5.6% -2.59% -9.16% Philam Strategic Growth Fund, Inc. -a 446.05 9.11% -5.63% -3.13% -8.78% Philequity Alpha One Fund, Inc. -a,d,5 1.0196 20.91% n.a. n.a.

-7.08% Philequity Dividend Yield Fund, Inc. -a 1.0894 11.87% -5.02% -1.99% -6.75% Philequity Fund, Inc. -a 31.9043 11.53% -5.28% -1.63% -8.24% Philequity MSCI Philippine Index Fund, Inc. -a 0.8267 9.14% n.a. n.a. -9.45% Philequity PSE Index Fund Inc. -a 4.3591 12.01% -5.12% -1.84% -9.02% Philippine Stock Index Fund Corp. -a 729.18 12.1% -5.02% -1.99% -9.04% Soldivo Strategic Growth Fund, Inc. -a 0.6616 11.98% -9.31% -5.39% -7.97% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3057 8.87% -7.23% -3.34% -8.78% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8331 11.51% -5.38% -2.11% -9.22% United Fund, Inc. -a 3.062 10.61% -4.76% -0.88% -7.74% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.8399 12.08% -4.81% -1.31% -9.03% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2723 45.32% 4.58% 8.37% 5.77% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7638 47.2% 5.44% 10.88% n.a.

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6276 9.04% -1.72% -1.36% -2.46% ATRAM Philippine Balanced Fund, Inc. -a 2.1493 9.32% -2.41% -0.75% -5.96% First Metro Save and Learn Balanced Fund Inc. -a 2.4922 6.71% -1.2% -1.44% -5.13% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1875 2.01% n.a. n.a. -5.59% NCM Mutual Fund of the Phils., Inc. -a 1.8932 5.65% 0.5% 0.56% -3.6% PAMI Horizon Fund, Inc. -a 3.5341 6.25% -1.01% -0.75% -6.71% Philam Fund, Inc. -a 15.8466 6.47% -0.88% -0.72% -6.44% -1.86% Solidaritas Fund, Inc. -a 1.9857 7.06% -0.5% -5.18% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3638 6.08% -3.31% -1.78% -5.86% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9566 6.42% n.a. n.a. -6.45% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8616 7.12% n.a. n.a. -9.23% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8456 7.98% n.a. n.a. -9.38% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8299 6.78% -4.31% -2.42% -6.51% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0381 -0.08% 2.62% 1.34% -2.61% PAMI Asia Balanced Fund, Inc. -b $1.1437 25.81% 2.57% 4.96% -0.57% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6836 33.74% 8.08% 8.51% 3.78% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.207 17.5% 4.02% n.a.

0.41% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.37 2.47% 3.09% 2.52% -0.19% ATRAM Corporate Bond Fund, Inc. -a 1.9104 -0.74% 0.8% 0.16% 0.53% Cocolife Fixed Income Fund, Inc. -a

3.2204 1.92% 3.99% 4.48% 0.18% Ekklesia Mutual Fund Inc. -a 2.2526 -0.32% 2.22% 1.53% -1.89% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4296 1.15% 3.15% 1.73% -0.96% 1.75% -3.88% Philam Bond Fund, Inc. -a 4.4548 -0.18% 3.87% Philam Managed Income Fund, Inc. -a,6 1.3169 3.75% 4.2% 2.66% -0.33% Philequity Peso Bond Fund, Inc. -a

3.9562 3.13% 4.25% 2.44% -1.12% Soldivo Bond Fund, Inc. -a 1.027 1.77% 4.06% 1.81% -1.44% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1786 2.51% 4.71% 2.71% -0.85% Sun Life Prosperity GS Fund, Inc. -a 1.7341 1.1% 3.98% 2.03% -1.19% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.46 3.46% 2.98% 2.29% -0.08% ALFM Euro Bond Fund, Inc. -a Є219.81 2.77% 1.02% 1.2% 0.29% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1775 0.58% 1.75% 1.08% -8.04% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0% 1.46% 0.95% -2.63% PAMI Global Bond Fund, Inc -b $1.0564 0.7% 0.48% -0.57% -3.32% Philam Dollar Bond Fund, Inc. -a $2.4842 4.33% 4.46% 2.07% -2.03% Philequity Dollar Income Fund Inc. -a $0.0626402 5.36% 3.37% 2.19% 0.52% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1467 -0.37% 2.38% 0.95% -2.39% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.94 2.15% 3.16% 2.52% 0.1% First Metro Save and Learn Money Market Fund, Inc. -a 1.0504 1.41% n.a. n.a.

0.22% Sun Life Prosperity Money Market Fund, Inc. -a 1.3019 2.03% 2.89% 2.58% 0.41% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0557 1.45% 1.73% n.a.

0.31% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2379 n.a. n.a. n.a. 9.59% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $1 9.89% n.a. n.a.

2.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

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

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

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

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

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Banking&Finance BusinessMirror

Listen to IMF, use wide fiscal space for recovery–Salceda

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By Jovee Marie N. dela Cruz

@joveemarie

ouse Committee on Ways and Means Chairman Joey Sarte Salceda said the Duterte administration should maximize the fiscal space noted by the International Monetary Fund (IMF) for more funds for better vaccine rollout.

Salceda echoed the IMF’s view that the Philippines still has an elbow room to recover from the health crisis that has spilled over to the economy.

“The IMF’s statement shows that we can approve Bayanihan 3 with little adverse consequence on our credit standing,” he said. “Together with the revenue-generating efforts of the House, we should be alright.”

IMF Representative to the Philippines Yongzheng Yang said in a statement the IMF staff advises that fiscal policy should “continue doing its part this year.”

“The Philippines still has some fiscal space and can and should maintain its fiscal support to recovery,” Yang said.

With more fiscal space as validated by the IMF, the solon said the government can authorize more funding for

vaccination efforts.

“The experience of countries like the US is that for every dollar spent on vaccines, you need at least 80 cents more to get it injected: transport, storage, personnel costs and syringes are not cheap,” Salceda said. “There is no way back to the old normal without mass vaccination.”

The lawmaker added that if the funding for vaccine rollout is not there, “vaccines procured will go to waste.”

“To waste vaccines in this crisis is an offense to humanity,” Salceda said.

The lawmaker, however, said he was not satisfied with the replies of health officials to earlier questions on the budget for vaccine rollout during the Bayanihan 3 hearings.

“The answer they gave was P4-5 billion, which is totally inadequate to do ‘mega-vaccination,’ when the global

supply becomes looser after July,” he said.” So, we in Congress will need to have some foresight and prepare fiscal space for vaccine rollout requirements.”

Salceda said he received “the impression that the DOH [Department of Health] has not simulated the costs of mass vaccination well.”

“That worries me. We need to be ready to authorize more funding,” he added.

More room

SALCEDA also cited that average interest-rate payment per peso of debt has actually gone down during the Covid-19 pandemic, leaving more room for fiscal support from the government.

“We have significant fiscal protection from a credit rating downgrade, and the decline in interest payments is further proof of this downside buffer. In fact, the average interest rate on national government (NG) debt declined from 4.67 percent in 2019 to 3.88 percent in 2020. In other words, despite an increase in debt burden, we are actually paying lower interest pesoon-peso,” Salceda said.

“Coupled with the revenue measures the House has already passed, and with the reforms like higher GOCC remittances that we are pushing for, Bayanihan 3 should pass without affecting our credit standing,” the lawmaker added.

Last week, Salceda said funding for the Bayanihan 3, which now stands at P370 billion, will be derived from “obese” government-owned and -controlled corporations (GOCCs) and other tax measures.

But Speaker Lord Allan Velasco said economic managers are still studying potential funding sources for Bayanihan 3, a proposal seen as a “lifeline” as Covid-19 cases continue to spike and lockdown measures has nearly pushed the economy to tank.

Household income

SALCEDA said protecting household incomes while the vaccines have not been administered en masse is the most urgent priority of Congress.

“Ultimately, because we are a consumption-driven economy: when household income goes down, the economy suffers severely. So, our priority is really to support household income with government aid, protect jobs by supporting businesses, and try to stabilize prices so that real income does not suffer,” he said.

“That’s why Bayanihan 3, particularly its universal basic income component, is very important,” Salceda added.

The lawmaker emphasized the need for vaccines to protect people from dying of Covid-19.

“But we need to extend aid to prevent people from dying of something more basic: hunger,” Salceda added.

DTI payment-options policy begins April 23

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HE trade department said that the guidelines on payment options—in line with its mandate of consumer protection—will take effect on Friday, April 23.

In a statement on Tuesday, the Department of Trade and Industry (DTI) announced the issuance of Department Administrative Order 21-03 or the “Guidelines for Payments Options on the Purchase of Consumer Products and Services.”

The DTI said its order is in accordance with Republic Act 7394 or the Consumer Act of the Philippines.

The department, under this policy, is tasked with protecting consumers

against “deceptive, unfair and unconscionable sales acts and practices and false and misleading advertisements, among others.”

The order directs registered and unregistered individuals and companies engaged in selling products and services to provide consumers the option to pay in cash, in installment, or a combination of the two.

The DTI emphasized that the “installment only” mode of payment is not allowed.

The guidelines also mentioned that no additional charge should be incurred if the transaction was settled through debit, credit or prepaid cards,

QR (quick response) codes, electronic fund transfers or other digital means available.

“No interest shall be due unless expressly stipulated in writing in accordance with Article 1956 of the Civil Code,” the guidelines noted for consumers opting to pay in installment. The seller, meanwhile, should not impose interest rates that are higher than the market-oriented interest rates.

In addition, the seller is not allowed to collect a year-worth of interest in advance. The seller is also mandated to release documents proving ownership of the buyer for

War tension over South China Sea

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HINA’S aggressive building of man-made islands and the recent presence of hundreds of Chinese fishing vessels and/or paramilitary ships over the South China Sea could provide a flashpoint for a big war.

According to the 2020 “Powerindix of the Global Firepower Ranking,” militarily, the top nations in the world (in order) are the United States of America, Russia, China, India, Japan, South Korea, France and the United Kingdom. Will they get involved in the maritime conflict over the most traveled-over body of water in the world today—the South China Sea? Lately, some 240 Chinese fishing and/ or militia vessels have been swarming the Philippine-claimed Juan Felipe Reef and the West Philippine Sea, fishing everything they can—estimated at some 240,000 kilos of fish every day. The Philippines fired diplomatic protests and vowed more armed supervision of the area and will invoke the “mutual defense treaty” with the USA if armed conflict ensues.

As of press time, most of the Chinese vessels had already left but not before Filipino fighter jets flew over the disputed water areas.

As if on cue, the USA also sent the aircraft carrier USS Theodore Roosevelt while China did the same with her Liaoning (the USA has 11 aircraft carriers to China’s 2), short of eyeballing each other.

Almost simultaneously, Washington had sent two dignitaries to “show support to Taiwan’s democracy” even as the largest fleet of Chinese warplanes invaded Taiwan’s air space to show displeasure over the USA-Taiwan friendly overture. Taiwan had, likewise, promised to defend herself to the death of its territories from any incursion by Beijing.

According to former US Secretary of State Hillary Clinton, the PhilippineChina Sea imbroglio was hardly men-

tioned ever during the the conflict. But what presidency of Donald J. about Russia, a strong Trump. However, a mamilitary power? jor pivot will be seen in Russia is not a “dethe Biden administraclared” ally of China tion as Hillary warns but has a chummy the Philippines from relationship with the “becoming a subject of Philippine president China” by allowing the Zoilo ‘Bingo’ Dejaresco III and has a sweet hislatter’s undue influtory of “shared vicence and its soft stance tory” in the Vietnam against the maritime buildup of China. war against the Americans. It pursues A clear head-on collision between the harmonious economic partnerships in USA and China is imminent. the Asean. Russia, we surmise, would iniMeanwhile, France declared that any tially rather concentrate its adrenaline clash in the Indo-Pacific region and the in fighting off border conflicts involving Taiwan Strait—involving China and the Ukraine and Crimea. the USA—would not make “Europe just However, the very recent expulsion watch and do nothing.” In fact, Germany of 10 Russian diplomats, 32 companies (its first since 2002), the UK (warship and individuals from the USA for alleged Queen Elizabeth) and France will be meddling in the US (2020) presidential sailing warships across the disputed sea polls and hacking of agencies has agiin protest over the aggression of China tated Russia’s head, Vladimir Putin. Dethis year. spite the threat of a possible “financial On the other hand, South Korea and squeeze” by Washington on Moscow, Japan (55,000 US troops) play hosts to this recent animosity may yet drive PuAmerica’s overseas combat troops and tin into the arms of China and side with are clearly Washington’s allies. Lately, them in the South China Sea conflict.

China sent a naval strike force near In the first place, Moscow had already Okinawa, Japan (site of American base) approved of Beijing’s position in rejectto show its wariness over the Japan-US ing the ruling of the Permanent Court military connivance in the region. of Arbitration in The Hague with respect Meantime, Japan who has been vocal to the disputed seawater territories in about China’s human rights violations, favor of the Philippines. trade malpractices, and incursions into Will these interlocking events above, the controversial seawaters cannot be unfortunately, drag the regional maritoo vehement in her protests, however. time issue into a worldwide global conThe main reason -clearly- is that China flict? and Japan are each others’ biggest trade History recalls that it all started in partners. Too much to lose economically 1972- with the controversial first-ever for Japan. visit of an American president (Richard India (over a billion population) has Nixon) to China, armed with an attitude also had a recent history of shooting in of “constructive engagement” with Chiborder conflicts with China but is too na as the latter tried to endeavor into a far away from the South China Sea to reblend of the capitalist-socialist form of ally be interested in injecting itself into governance and economy.

Finex free enterprise

bigger items and to comply with the requirements should the goods be repossessed.

“The DTI highlights the consumers’ right to choose not only on products and services that she/he needs but also the mode of payment for these goods or services. The DTI reminds all sellers to comply with DAO 21-03 to avoid being penalized,” DTI Consumer Protection Group Undersecretary Ruth B. Castelo said.

Violation of this policy has a penalty of imprisonment for five months to one year or a fine amounting to P500 to P10,000, or both.

Tyrone Jasper C. Piad

Writer-philosopher John Horvat claims that in the process- the US had unwittingly created a Frankenstein in China which has become a fire-breathing dragon that transformed into the world’s second-biggest economy and a very consequential military power.

Today, China aims for a “Made in China 2025” global economic dominance eclipsing the USA, a virtual leader in artificial intelligence and quantum computing, and is gunning at becoming the biggest naval force in the world, investing $250 billion in its military budget last year.

Added to this is the physical aggression China has displayed over the South China Sea which promises to be one of the world’s richest fishing grounds and tremendous sources of mineral energy under the seas. The US and its allies have awakened to this grim reality staring at their faces today and seem to have gathered enough courage and realistic resolve to at least halt the Chinese aggression- at least leading to a standoff in this important part of the globe’s geopolitical map.

For how long will a standoff remain as it is- before other nations take more serious sides on either part of the Great Divide and escalate the conflict into such a magnitude that will make the Covid-19 crisis look like a kindergarten class?

One must not forget that North Korea, a nation with nuclear power led by a trigger-happy and somewhat delusional leader, has always been an ally of China for a long time.

Zoilo Dejaresco, a former banker, is a financial consultant, media practitioner and book author. He is a Life and Media Member of Finex. His views here, however, are personal and do not necessarily reflect those of Finex and the BusinessMirror. E-mail: dejarescobingo@yahoo.com.

Wednesday, April 21, 2021 B3

Govt raises P35B from T-bonds as market liquidity still strong

By Bernadette D. Nicolas @BNicolasBM

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HE Bureau of the Treasury sold P35 billion in new 7-year Treasury Bonds (T-bonds) as it continues to take advantage of strong liquidity in the market.

The tenor attracted total tenders of P90.4 billion, almost three times oversubscribed compared to the P35 billion offering.

The 7-year T-bonds also fetched a coupon rate of 3.625 percent, lower than prevailing secondary-market rates.

Following the auction, National Treasurer Rosalia V. De Leon expressed satisfaction over the auction results.

“Healthy auction with strong demand for 7 year [securities] at rates marginally lower than secondary levels,” De Leon told reporters in a message.

She added they also opened the tap facility for an additional P25-billion offering. This offering is significantly bigger than what was offered in the previous tap facility auctions.

The tap facility auction opened to 11 government securities eligible dealers-market makers fetched P25 billion.

The bigger tap facility offering also comes a day after the government announced on Monday it plans to offer euro-denominated bonds. The government said they may offer 4-year and/or 12-year and/or 20-year euro-denominated bond offering; the offering, however, is subject to market conditions. Government expects the bonds to get a “Baa2” rating from Moody’s, a “BBB+” from S&P and a “BBB” from Fitch.

Proceeds from this possible euro bond offering will be used for budgetary support.

This would be the country’s second offshore bond sale this year after it sold last month about 55 billion yen ($500 million or about P24.2 billion) in 3-year zero-coupon Samurai bonds.

The last time that the government tapped the euro bond market was in February last year wherein the government was able to raise €1.2 billion.

The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020.

The bulk of the gross borrowings this year will be sourced locally at P2.58 trillion while P442.36 billion will be raised from foreign sources.

China Banking retail arm appoints new president

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HINA Bank Savings Inc. (CBS), the retail banking arm of China Banking Corp. (China Bank), announced that it has appointed James Christian Dee as its new Director and President.

“James is very much a part of the China Bank Savings story, including the acquisition of Plantersbank in 2014 and its subsequent merger with CBS. His membership in key management committees has also prepared him well for his new role as CBS President,” said CBS Chairman Ricardo R. Chua.

Dee has been with the China Bank Group for 14 years, working with China Bank’s Treasury Group prior to his secondment to CBS as Treasury Head and Treasurer in 2012.

He also has an extensive banking experience of more than 20 years, including stints with Citibank.

“We are confident that James is the right choice and that he

DEE

can take CBS farther,” said China Bank President William C. Whang.

Dee obtained his BS Mechanical Engineering degree from the University of the PhilippinesDiliman and his Masters degree in Business Management from the Asian Institute of Management.

“I am truly honored to lead CBS and continue to build a better, stronger, more resilient bank with our board of directors, management team, and all our employees,” Dee said. Bianca Cuaresma

B4

Show BusinessMirror

Wednesday, April 21, 2021 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Nicole Huff, 23; Rob Riggle, 51; Andie MacDowell, 63; Iggy Pop, 74.

HAPPY BIRTHDAY: Uncertainty is a red flag to reevaluate and consider your options before you make a move. Patience, gathering knowledge and preparation will be essential if you want to get ahead. Time is on your side, and verifying facts will pay off. Leave nothing to chance. Take care of responsibilities personally.

Concentrate on self-improvement, not trying to change others. Your numbers are 4, 16, 21, 25, 32, 41, 47.

FAKE CONVO

TIKTOK is where all the gossip is at. A recent scandal involves the alleged conversation between two people, one of whom is a minor. The other person is asking the minor (who is off-cam) about her relationship with her former mentor, a famous comedian. The minor allegedly said the falling out was caused by her mentor’s boyfriend with whom she had sexual relations. It was obviously not the minor’s voice. As it turned out, the unseen person in the TikTok video is not the minor in question but another TikTok personality. It’s not clear what caused the fallout between the minor and her mentor but certainly, the former would never disclose it over TikTok. When will these people realize what slander means and that jokes like this aren’t funny at all?

CONSIDERATIONS

HE is probably the network’s most prized star and while he is not young and his popularity is not as it was before, the comedian is still very powerful. He is also a favorite of the network bosses. This is why so many people were shocked to hear that he had been exploring offers from other groups. It’s not that he is unhappy where he is. It’s just that he wants to see what options are available for him. The star hasn’t renewed his contract yet even if his network has made a good offer. It’s not as good as the star expected but he is also seriously looking at it and considering the circumstances and current economic situation.

HER DILEMMA

SPEAKING of transfers, a female star from the same network is also considering going solo because of a big project. It’s a project that could finally make her career. While she is very popular, the star’s career has been sidelined by marriage and motherhood. Now that there is a pandemic, the star and her husband are having difficulty finding work and she’s had no offers from her own network. So she is eyeing a freelance status just because she is being considered for a big role in a Korean drama adaptation. She hasn’t made a decision yet but she has to as filming for the drama will start soon.

FRIENDS FOR LIFE

THE TV host has been finding comfort from her two colleagues-turned-friends for a marital problem. The two friends have given her good advice. The TV host doesn’t want to leave her husband but she’s scared that he might leave her for the other woman who is rumored to have given birth recently in another country. Because of this problem, the TV host has lost a lot of weight. One of her two colleagues has also dealt with marital infidelity and this friend has reportedly given the TV host tips on how to weather the storm if she wants her marriage to last.

a

ARIES (March 21-April 19): Reconnect with an old friend or someone you like to collaborate with regarding work or shared interests, and it will lift your spirits and encourage you to head in an exciting direction. Don’t give up on your aspirations; initiate your dream. HHHHH PRINCE William, Peter Phillips and Prince Harry walk in a procession behind the coffin of Prince Philip, during the funeral of Britain’s Prince Philip inside Windsor Castle in Windsor, England, on April 17. AP

Harry, William seen chatting together after royal funeral

By Sylvia Hui | The Associated Press

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ONDON—A year after they last saw one another, Prince William and his brother Prince Harry put their fraught relationship aside as they said farewell to their grandfather at his funeral on Saturday.

The brothers were somber and silent as they walked together in a procession behind Prince Philip’s coffin before his funeral at Windsor Castle along with their father, Prince Charles, and other close relatives.

They were seen chatting and walking together after the service concluded.

It was the first time the brothers had been together in public since Harry stood down from royal duties and moved to the US with his wife Meghan, the Duchess of Sussex, and their son Archie in early 2020.

Tensions between Harry, 36, and William, 38, came to the fore after Harry and Meghan gave a revealing interview to US talk show host Oprah Winfrey last month. The couple portrayed the royal family as indifferent to Meghan’s mental health struggles, and Harry described his relationship with William as “space at the moment.”

On Saturday, William and Harry walked in silence on either side of their cousin, Peter Phillips, as they joined other senior royals in Philip’s funeral procession. At one point Phillips fell behind slightly to allow the brothers to walk side by side—a visual echo of the moment the pair, as boys in 1997, walked behind the coffin of their mother Princess Diana in another royal funeral televised around the world.

‘DOWNTON ABBEY’ CAST RETURNS FOR SEQUEL OPENING IN DECEMBER NEW YORK—The original principal cast of Downton Abbey are returning for a second film that will arrive in theaters December 22 this year, Focus Features announced on Monday. Downton Abbey creator Julian Fellowes has written the sequel’s screenplay, and Simon Curtis (My Week With Marilyn) is directing. Hugh Bonneville, Michelle Dockery and 86-year-old Maggie Smith will all be back, along with some new faces, including Hugh Dancy, Laura Haddock, Nathalie Baye and Dominic West.

Production began last week on Downton Abbey 2.

“After a very challenging year with so many of us separated from family and friends, it is a huge comfort to think that better times are ahead and that next Christmas we will be re-united with the much beloved characters of Downton Abbey,” said producer Gareth Neame.

The 2019 film, coming three years after the series ending, made $194.3 million on a modest budget of less than $20 million. AP

The brothers sat opposite each other in St. George’s Chapel for the funeral, which was attended by only 30 people because of coronavirus restrictions. While William sat next to his wife Kate, Harry was on his own because Meghan is pregnant with their second child and was advised by her doctor not to make the long trip. Afterwards, Harry, William and Kate strolled together outside the chapel. Moments later, the brothers walked together alone while Kate spoke to Zara Tindall, another of Queen Elizabeth II’s eight grandchildren who is William and Harry’s cousin.

Rumors of a rift between the brothers—William, the heir, and Harry, the “spare”—have rumbled at least since 2019. That’s when Harry and Meghan separated from the Royal Foundation, originally set up as the brothers’ joint charitable venture, to set up their own platform. That year, Harry said he loved his brother dearly but they were “on different paths” and have “good days” and “bad days.”

Many believe that William was angered and hurt

by Harry’s decision to speak so publicly about the royal family’s issues during the Winfrey interview. In one explosive allegation, they said a family member— not the queen or Philip—had expressed “concerns” about Archie’s possible skin color before he was born.

Meghan has a Black mother and a white father.

Days after the interview aired, William insisted “we are very much not a racist family,” and said he had not spoken to Harry since the broadcast.

It’s unclear whether the passing of their grandfather will help the brothers heal their rift. It wasn’t immediately clear how long Harry, who has been self-isolating in line with the UK’s coronavirus restrictions since arriving from California early this week, will stay in his home country.

Saturday’s funeral was limited to only 30 people, who all had to wear masks, sit in family bubbles and remain socially distanced in the same church that had hosted hundreds of people for Harry and Meghan’s royal wedding in 2018. And Britain’s continued coronavirus restrictions may limit how much opportunity the brothers will get to smooth over their differences.

“Because of the restrictions of Covid, it’s difficult to get down to decent conservations,” said royal biographer Penny Junor. “It’s probably quite difficult to sit down as they normally would over a beer and discuss things.” n

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TAURUS (April 20-May 20): Don’t feel pressured to accommodate others. Social gatherings will put you in harm’s way. Follow the rules and regulations, and you will avoid a setback that can affect your mental, physical or emotional wellbeing. Make fitness, nutrition and a healthy lifestyle your priorities. HH

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GEMINI (May 21-June 20): Keep your thoughts to yourself. Take note of what others do and say, but don’t get into a senseless spat over something trivial. Focus on what you can do to make your life better and your surroundings more comfortable, convenient and rejuvenating. HHHH

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CANCER (June 21-July 22): Take a moment to go over your financial situation. Spending on something that you don’t need or making a donation you cannot afford will set you back. HHH

LEO (July 23-Aug. 22): You’ll face opposition if you try to do things differently.

Stick to the instructions, and you’ll avoid being in a vulnerable position that can affect your reputation, as well as your relationships with others.

HHH

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VIRGO (Aug. 23-Sept. 22): Dig in and finish what you start. A new opportunity will come your way if you do a good job. Don’t let what others do interfere with your plans. Honor your promises, and it will influence the way others treat you. HHH

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LIBRA (Sept. 23-Oct. 22): Take part in something you feel passionate about, and you’ll make a difference in the outcome.

Someone you connect with will offer exciting solutions.

Offer time, not money, to avoid a loss or added stress.

HHHH

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SCORPIO (Oct. 23-Nov. 21): Take a moment to recap what’s happening around you. Rethink your plans and consider your options. It’s time to do things differently, let go of the past and move forward with confidence. HH

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SAGITTARIUS (Nov. 22-Dec. 21): Gather information, verify what you hear and plan to make adjustments that encourage better relationships with the people you cherish. Take on a new project that interests you, or sign up for a course to help you get ahead. HHHHH

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CAPRICORN (Dec. 22-Jan. 19): Address emotional issues swiftly. If you let things fester, you’ll have difficulty maintaining a good rapport with those you count on personally or professionally.

Make getting along with colleagues, friends and relatives a priority. Romance is in the stars. HHH

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AQUARIUS (Jan. 20-Feb. 18): Listen carefully and respond with compassion and understanding. Look for solutions instead of dwelling on negativity. Don’t limit what you can do because someone chooses to do things differently. Do something you enjoy, and explore new possibilities.

HHH

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PISCES (Feb. 19-March 20): Pay attention to detail, focus on using your skills uniquely, and deal with challenges openly. Be the one who solves problems, and you will get the support you need to carry out your ideas. HHH BIRTHDAY BABY: You are impatient, productive and persistent.

You are energetic and engaging.

‘leadership summit’ BY LAURA ZIPIN AND ROSS TRUDEAU The Universal Crossword/Edited by David Steinberg

ACROSS 1 “___ on earth?”

5 “Confound it!”

9 Big ___ (7-Eleven drink) 13 Sharpen 14 Landlocked African nation 15 Chimpanzees and bonobos 16 Nobelist Tokarczuk or Olympic medalist Korbut 17 On-screen parent such as Lorelai Gilmore 18 Transcript figs.

19 Cookbook author Curry 21 Most gauzy 23 Queen’s domain 25 Declare 26 Sphynxes might sit on them 29 Agenda component 30 Soccer ball filler 31 Not just think 32 Have the final turn 35 Nutrition fig.

36 11-year-old, say 38 Med. research agency 39 Thing an anxious writer may chew

2 Dull and dreary 4 44 Letters before a pseudonym 45 Middling 46 Have plenty of vegetables, say 48 Ones deserving of respect 50 Honey-mooners’ hotel booking 51 “Who wouldn’t want to date me?!”

53 Hole-enlarging tool 56 Org. fighting to end bullfighting 57 Wishful words 59 Thompson who qualified for the U.S. Women’s Open at age 12 60 “All right already!”

61 Birds with big eyes 62 Not eliminated 63 “I double-dog ___ you!”

64 Zilch 65 “Boy” or “girl” lead-in DOWN 1 “Amazing!”

2 Word before “Grail” or “Ghost” 3 Title for Obama’s satirical assistant Luther 4 Buckingham Palace service?

5 Driver’s license org.

6 7 8 9

Bashes into Hawaiian greeting 3/4, e.g., in music Source of laughs at the end of a comedy?

10 Top of an organizational chart, and a hint to the first words of 3-, 8- and 17-Down 11 ___ common denominator 12 Cheater’s sound during a test 17 Competition within Miss America but not Miss Universe 20 “___! The Herald Angels Sing” 22 This, in Spanish 24 Sound from a tabby 26 Complain 27 Helper on the hill 28 Greta Thunberg, nationality-wise 33 Believer in a turban 34 This’ partner 37 Noted stretches 40 Savory fish appetizer 41 Offshore 43 Sometimes-baked cheese 47 Roma’s home

48 2004-2005 NBA Rookie of the Year Okafor 49 Unstressed vowel 51 Device with a phased-out Shuffle variety 52 Embrace 54 Leave 55 EGOT winner Moreno 58 Charitable ad, briefly Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, April 21, 2021

HOW COVID MAKES A NORMAL COUGH PROBLEMATIC

LIKE any other days since the pandemic began, Sol, a realestate executive, was about to attend a virtual meeting. As he patiently waited for participants to be complete, he suddenly felt a tickle in his throat. He tried to clear it but it just wouldn’t go away so he slightly pushed down the monitor of his laptop and let out a productive cough. When he tilted his monitor back up, all 12 of his colleagues were in the gallery wearing facial masks and shields.

Was that embarrassing? Wait till you hear the story of Ace, a tech guy who had a major crush on the accounts executive named Suzie, but couldn’t make her notice him.

One day, an opportunity presented itself as Suzie was having technical problems with her desktop computer. Ace swooped into the rescue but accidentally choked on his own saliva, causing him to cough incessantly. Suzie immediately ran out of the room. Pharmaceutical giant Unilab has now mounted a campaign for its Solnux Adance brand, dubbed “#PigilHiningaMoments,” in order to educate people that not all coughs are Covid-related.

“Contrary to what most people think, a cough is not a disease but rather the defense mechanism of the lungs and airways from irritants like cold air, cigarette smoke, or strong perfumes,” says pulmonologist Dr. Gwen Agra.

She adds: “A cough is a reflex that starts when the respiratory system sensory nerves are stimulated. An impulse is sent to the brain, which then sends a message to the muscles in the respiratory system to contract to produce a cough.”

There are three parts to a cough, according to Agra. First, you take a breath in. Next, pressure increases in your throat and lungs when the vocal cords close. And then there’s the explosive release of air as your vocal cords open, creating that characteristic sound.

Agra reiterates, “Cough is supposed to protect you by getting stuff that doesn’t belong in your lungs and windpipe.

But if a cough persists for three weeks with no sign of improvement, go see a doctor.”

There are myriad triggers for cough apart from irritants.

Some of these are allergies and asthma, chronic obstructive pulmonary disease, even acid reflux and postnasal drip.

But the most common of all triggers are viruses that cause respiratory tract infections.

“Colds and the flu are the most common causes.

Wet or productive coughs get the germy mucus out of your lungs when you’re sick. Most will go away in a few days.

After a cold, though, some ‘dry’ cough last weeks or months,” shares the doctor.

Agra, however, also warns: “A cough that is a symptom of a more serious condition is unlikely to go away on its own.

If left untreated, the condition could worsen and cause other symptoms.”

Unilab’s Solmux Advance is an over-the-counter medicine that provides complementary action against Respiratory Tract Infection (RTI) addressing both sticky, hard to expel phlegm and lowered immunity when one is sick. It contains carbocisteine and zinc, a unique formulation that aids return to health in no time. Zinc is a nutrient that people need to stay healthy, as it helps the immune system fight off invading bacteria and viruses. Meanwhile, carbocisteine has been recognized as an effective treatment for the management of COPD. Several studies also show that it has antioxidant and anti-inflammatory properties.

“I usually coprescribe minerals like zinc with a mucolytic like carbocisteine. Together, this is an ideal combination that effectively relieves cough by aiding in the expulsion of phlegm with decreased bacterial adhesion to cells, and helping in faster recovery by boosting immunity,” concludes Agra.

PULMONOLOGIST Dr. Gwen Agra

IMAGE FROM GALLUP. COM

The dotted line T

HE first time I saw a dotted line in an organizational chart a few years back, my manager explained that aside from their direct supervisor, the person also reports to someone else in the organization for a specific deliverable which affects a business need. I asked my manager: Isn’t that confusing? She said that there is a possibility for it to be confusing, especially if the managers they report to do not agree with each other.

How then do we ensure a seamless and mutually beneficial professional relationship if your position entails a dotted line? The first thing you need to understand are the similarities and differences between a solid line and dotted line manager.

A solid line manager is your main supervisor.

This means they create your individual development plan and evaluate your performance based on agreed measures for your assessment. Hence, they determine if you are eligible for performance bonuses and decide whether to promote you or send you to additional training. They have a broader administrative accountability over you because in the organizational hierarchy you directly report to them. Hence, in terms of disagreements between your solid line manager and your dotted line manager, you acquiesce to your solid line manager.

A dotted line manager, on the other hand, is placed over you due to a business need. They are typically assigned to manage tasks in an interdepartmental project, or one where the involvement of another department helps to create the teamwork needed to solve a business need. A common manager handling dotted line reports are project managers. Others

include heads of a line of business or an internal client who needs to report to the head company.

Dotted line managers are typical of big and complex organizations, and they help to break down silos and ensure projects and tasks are done. However, their responsibilities are limited—they can assign tasks and provide feedback but the performance evaluation rests on the solid line manager.

But as it is with serving two masters, a person will favor one over the other. To help you navigate between two managers, ensure both your managers are aligned on what is expected from you. A clear understanding of the priorities of both managers will help you find a balance on how much effort is needed and help you develop an agreement on schedules and workload. Since your direct supervisor evaluates your performance, it would also be good to agree on feedback from the dotted line manager and how it feeds into your performance appraisal.

Dotted line managers tend to delegate work as if you are a direct report. When they do so, gently remind them you report to a solid line manager or refer them to agreed schedules and workload. When there is conflict, alert your direct manager right away so they can intervene when needed. Your direct manager can reinforce agreed terms of the reporting or rearrange some of your workload to accommodate their needs. The bottom line is they need to talk and agree on what is best for you and the organization.

Communication is key in understanding your roles and functions under two managers.

To safeguard against being given more workload than agreed and for your direct manager to easily intervene, keep both managers in the e-mail thread or create a group chat, so they both have visibility on what you are working on and help your direct manager clarify what is assigned to you and adjust your availability. This will prevent future assignments without the knowledge of your direct manager and prevent the dotted line manager from overloading you.

Not all dotted lines are permanent. Often, these are developed due to a business need, like a project manager who has people reporting to him for status and updates in organization-wide programs and

initiatives. Or, when the organization is so complex that there are multiple internal clients, or when the organization is in different geographic regions and several geographic heads report to the main office.

When a dotted line becomes a necessary business need more than a project-based function, then organizations need to rethink their organization structure and make the necessary adjustments to meet the business need. Recurrent problems need permanent solutions.

When dotted lines are frequently abused, you need to be the one to set defined boundaries of your dotted line reporting, especially for managers who may not be familiar with your workload. If your direct manager and your dotted line manager do not talk, take it upon yourself to appraise both of your deliverables and set their expectations. And since the final decision in your workload is your direct manager, gently point out to the dotted line manager how much time you can spend on the assigned task and provide timelines so they can evaluate additional resources.

And when push comes to a shove, notify your direct manager right away. Ultimately, your direct manager determines how much time is spent on the dotted line reporting and better understands the function you need to perform for your role. If the dotted line manager is encroaching on your primary function, go to your direct manager. They can discuss and agree on realistic deliverables and help adjust the dotted line manager’s expectations. It will also alert your direct manager on potential issues which could be prevented if discussed sooner.

Dotted line reporting helps people understand their role and function in additional projects or responsibilities. It should be based on a business need and should be clearly documented and agreed on by all those involved. It also provides you with an opportunity to showcase your other skills, along with new opportunities for career growth. It becomes problematic when it overloads a direct report, or when a dotted line manager abuses their temporary authority. But when done right, it can maximize resources and dissolve silos to create a natural and sustainable synergy in the organization. ■

Filipino chef provides online culinary tutorials for small businesses amid quarantine WHEN the pandemic temporarily closed the doors of Chef RV Manabat’s café-restaurant and boutique baking and cooking studio in Biñan, Laguna, he immediately decided to focus on his online platform, to share free video tutorials on recipes and secrets so others may earn a living amid the lockdown.

Although he has been posting these videos since 2019, he doubled the effort on his cooking and baking lessons to encourage others to start their own businesses. His Facebook page received positive feedback from fans who who went on to establish their own businesses thanks to his recipes and tips. Currently, he has approximately 430,000 YouTube subscribers and 1.2 million Facebook followers.

Thirty-year-old Chef RV, an alumnus of the De La Salle-College of Saint Benilde’s School of Hotel, Restaurant, and Institution Management (SHRIM), pursued a Postgraduate Degree in Boston

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University Major in Food, Wine and Cheese Studies. He has further explored the world to update his techniques from prestigious institutions and trusted sources in the US, Argentina, Brazil, France, Belgium, Italy, Spain, Malaysia, Taiwan, Thailand, South Korea and Vietnam.

Author of national best-selling cookbooks Baking Secrets and More Baking Secrets, he initially imparted this knowledge in several academies and colleges in the country, including his alma mater. He then eventually opened his own personal cooking and baking studio, which has grown to conduct faceto-face classes several days a week. His eponymous café-restaurant in Biñan was a favorite of patrons for homecooked meals and pastries which are genuinely timplang Biñan.

However, much like other food and beverage enterprises, his beloved shop suspended operations due to the lockdown.

This also halted the face-to-face baking

and cooking classes.

For his ongoing online videos, the chef has chosen low-cost, easy-to-follow recipes which are perfect for small productions, to include treats, such as puto, maja blanca, ube cheese pan de sal, Spanish bread, banana bread, cheesy milky donuts, caramel bars, vanilla cupcakes with stable buttercream icing, ube cheese macaroons and brownies, no-bake banoffee pie and no-bake cheesecake.

“Any God-given knowledge and gift must be imparted for the better good of the society,” he said. “To be able to share, one has to be selfless and extremely happy to see another person’s success. We should uplift one another—that is the best tool we have right now to recover our economy and enhance our community.”

His most successful recipe is the Moist Chocolate Cake. “Everybody likes chocolate—it is easy to make and also easy to sell,” he beamed.

He has likewise shared tips on all-

time favorites, such as embotido, pork barbecue with java rice, pansit with crispy pork and easy beef salpicao, plus a wide range of pastas including aglio olio pasta, cheesy meaty lasagna, creamy pesto and mushroom pasta, and truffle cream pasta.

He even shared easy hacks on the popular Korean dishes samgyupsal, kimchi and kimchi fried rice.

“The videos are for everyone who enjoys food, or simply for people who want to be entertained through food. We just don’t share recipes and techniques—my main goal is to help people acquire a stable livelihood and improve their quality of life by imparting positivity,” he added.

As advice to those who wish to pursue a career in the galleys, he states “Always enjoy the heat in the kitchen, avoid stress and make everything with love. By imparting the basics to all of you and, of course, with the strongest prayers—you can do it. Remember what I always tell you on my videos: When you know, you can!”

CHEF RV Manabat

B6 Wednesday, April 21, 2021

Get ready for binge watching party with 6 Calbee Potato Chips and one month of iFlix VIP access promo

Filipino household income negatively impacted by pandemic —TransUnion

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EW research from TransUnion (NYSE: TRU) found that 93% of Filipinos surveyed have seen their household income negatively impacted by the COVID-19 pandemic.

This breaks down to almost two-thirds (65%) of consumers who said their household income is currently being negatively impacted by the pandemic, and a further 28% who said it had been negatively impacted but not currently.

Additionally, almost half (49%) of the respondents said they expected that their household income will be negatively impacted by the pandemic in the future.

TransUnion initiated its Consumer Pulse study, a survey of adults in the Philippines and abroad, to better understand the financial impact of COVID-19 on consumers. The initial Philippine survey (conducted from March 5–22, 2021) of 865 adults marked the first by TransUnion in the country and is part of what is planned to be a series of ongoing research.

“Whether it’s their financial health, financial wellbeing, or changes in dayto-day living, the lives of millions of people in the Philippines and abroad have changed dramatically because of COVID-19. The Philippines, like many other countries, has had extended periods under lockdown, and we continue to manage the ongoing impact as the number of cases remains high.

The aim of our regular Consumer Pulse research is to better understand the financial impacts of the pandemic and better inform consumers, businesses,

and government decisions during these unprecedented times,” said Pia Arellano, TransUnion Philippines president and CEO. Among the respondents whose household income is currently negatively impacted, 45% said they or someone in their household had lost their job, 42% said they or someone in their household had had their work hours reduced and 24% said someone in their household owned a small business that closed or had orders that dried up. As a result, it has become even more challenging to manage household budgets.

Of those whose income is currently negatively impacted, 88% said they are concerned about their ability to pay their current bills and loans in full, with 48% reporting they will not be able to pay their bills in less than four weeks.

Among those whose household income is currently decreased and has these bills and loans, 47% said they would be unable to pay their mortgage, 41% auto lease, 36% house/rental insurance and 35% credit card.

In addition, consumers whose household income is currently negatively impacted have made changes in their approach to savings or debts. Almost half (47%) reported they had cut back on discretionary spending, while 31% cancelled/reduced digital services, among other budget changes. Meanwhile, 48% said they had saved more in emergency funds; 26% had paid down their debt faster; and 19% had saved more for retirement.

TransUnion’s research also found that fraudsters are adding to the pressure, taking advantage of consumers’ move to the digital space in the conduct of their lives during the pandemic. Forty-four percent of respondents claim they have recently been targeted by digital fraud related to COVID-19, with 4% having acted on a fraud scheme and are now a victim.

Gen X respondents (born 1965–1979) have been most susceptible to falling for digital fraud related to COVID-19 with 9% of this generation indicating they had acted on attempts and become a victim. The top pandemicthemed digital scam for those targeted with COVID-19-related digital fraud is phishing at 40%, followed by thirdparty seller scams on legitimate retail websites at 31%.

Recovery Plans

IN response to the financial challenges posed by COVID-19, Filipino consumers surveyed cited several ways they plan to address their obligations.

Forty-nine percent of those who reported their household income currently negatively impacted said they planned to use their savings to pay current bills, and 44% said they would borrow money from a friend or family member. Meanwhile, 45% said they would pay a partial amount, and 17% plan to take out a personal loan to pay their current bills or loans.

For context, nearly one-third (31%) of Filipinos are in the medium risk credit range (those who say their credit score is 750–789 – i.e. EE-FF)*, and nearly a third (31%) do not know their credit score.

Among all survey respondents, more than a quarter (28%) said they have received a financial accommodation such as deferral, forbearance, payment holiday or eviction prevention in the past year.

Among those with these bills, 21% have gotten an accommodation for life insurance or a personal loan, and 18% for either an auto lease, credit card bills or medical bills (all at 18%).

On a positive note, only 6% of those with accommodation said they weren’t prepared at all for when their financial accommodation period ends, with almost half (49%) saying they were very well or completely prepared.

New on the menu: Flavour-Packed Tortilla Wraps

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UBWAY has introduced its Flavour-Packed Tortilla Wraps. This new product carrier, as a fresh alternative to the regular 6-inch bread, will be permanently added to Subway's menu items across all their restaurants and is also available on the delivery platforms.

The tortilla wraps are packed with your favorite sub fillings with a Mexican-inspired treat and are easily consumable for people who are always on the go. Shareable with family and friends too!

The New Flavour-Packed Tortilla Wraps is also more satisfying as it is on the same size as your regular 6-inch subs with a more ‘full-filling’ contentment!

While the wraps are available in all sub flavors, you may want to try first the classic Roasted Chicken wraps for Php145, Tuna and Spicy Italian wraps for Php155 each, or the Meatball Marinara wraps for Php175. Prices vary for delivery or pick-up via FB Messenger ordering.

As you stay safe at home, you can

enjoy your favorite subs and the New Flavour-Packed Tortilla Wraps through FB Messenger ordering for delivery.

Delight yourself and your friends & family with Subway’s delicious and

freshly made subs and wraps at the safety and comfort of your homes through delivery via FB Messenger “Botty”.

Also available in other delivery platforms via GrabFood & FoodPanda.

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N the mood for a binge watching party?

Then the #CalbeeXiFlix Binge Bento is just what you need.

The CalbeeXiFlix is limited-edition bento box that gives you six bags of Calbee potato chips for only P240. Yes, not six bags—and all four flavors too! For only P240, you get one 170 grams bag of Honey Butter, one 170 grams bag of Wasabi, two 28 grams bag of Classic Salted, and two 28 grams bag of Cheddar and Sour Cream. And as if that’s not enough, it also comes with a free 30-day VIP access in iFlix.

Talk about great value. For the uninitiated, Calbee is Japan’s number one snack brand. Their potato chips are especially loved by fans all over the world for their deliciously unique flavors and delectable taste. Prior to being sold locally, Filipinos traveling to the Land of the Rising Sun would often bring home bags of these truly premium potato chips (especially its

Honey Butter variant) as pasalubong to loved ones.

The binge bento is being sold for a limited time only. Get yours today via Lazada, Shopee, or Zalora.

CCP remembers departed artists and cultural workers through an online memorial site

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HE Cultural Center of the Philippines, through the Office of the Artistic Director and the Intertextual Division, pays tribute to artists, cultural workers, and media practitioners who have gone before us during the COVID-19 pandemic through an online memorial site.

Launched on April 9, 2021, via CCP Intertextual Division Facebook page, the Hanggang sa Muli: Pagpupugay at Pasasalamat sa mga Pumanaw memorial website features obituaries, with short biographies and photos of the Filipino artists, cultural workers, CCP employees, patrons of arts and culture, and media personalities who have passed away from March 2020 to the present.

The site will also serve as a bulletin board to inform the general public about the passing of an artist and/or cultural worker. It is virtual space where the creative community can mourn, celebrate the life of the departed, and offer support to each other in time of grief. It is a good venue to share their expressions of grief and the good memories they have with the departed through comments and posts.

Through the Hanggang sa Muli website, the CCP wishes to bring comfort to a difficult and challenging time. It is a virtual place where families, friends, and individuals may gather and connect online to celebrate the life, works, and great contributions to the country of their loved ones.

As it gives tribute and preserves the legacy of these members of the artistic community, the Hanggang sa Muli memorial website also presents a chance for the younger generation to honor, learn, and gain inspiration from the dearly departed.

The memorial site serves as a permanent platform which the Filipino people, especially the young generations, to learn and gain inspiration from the life and works of these great artists and cultural forces. While it primarily aims to preserve the legacy of the departed artists and cultural workers, it puts the spotlight on their contributions in the development and preservation of the Philippine arts and culture.

Visit the online memorial site at https://hang gangsamuli.culturalcenter. gov.ph/. You can check also the official Facebook page, https://www.facebook.com/ hanggangsamuli.ccp. The website will be continuously updated.

Global Gender Gap Report: Microagression threatens gender equality in the Philippines

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HE Philippines leads Asia when it comes to closing the gender gap, according to the latest Global Gender Gap Report of the World Economic Forum.

Filipinas already outnumber men in senior and leadership roles at work, as well as in professional and technical professions.

More women are enrolled in higher education compared to men. Women even have better health, expecting to live five years longer than the average man.

Yet despite all these advances, there exists a serious threat to women’s progress.

But unlike economic indicators, it’s hardly visible, let alone measurable.

The threat, called gender microaggression, refers to small, seemingly harmless comments that slowly add up over time and affect a person’s sense of self and identity.

They are so commonplace that people perpetuate them without even noticing. But their effect on women can be huge.

Gender microagressions range from sexist jokes to outright displays of misogyny. It occurs in humor tropes (“Mainit ulo? Baka nireregla”), sexual objectification (“Ay, walang boobs?”), assumptions of inferiority (“Parang babae mag-drive!”), restrictive gender roles (“Paano ka magkaka-asawa niyan?”), and other forms of dismissive speech.

They come in many subtle forms, all stemming from the same problematic point—that women are expected to conform to a standard that is different from that of men.

It’s the focus in the latest video by Avon Philippines, which reminds us of just how nasty these common quips can be.

Watch #LetHerBe Video, https:// www.fa ceb o ok .com/AvonPhilip pines/ posts/4035133849870234.

“The burden has always been on the woman to ignore the status quo and just mind her own business,” says Anna Garces,

AVON continues to make high quality products that are designed to give women the freedom to live as they feel without having to mind the little worries that hold them back. Feelin’ Fresh Quelch Deo Cream is one of these products.

Marketing Director for Avon Philippines “By insisting that we #LetHerBe, we shine the light on the aggressor and question the culture that has enabled gender microagression for so long.”

At its core, Avon believes in using the power of beauty to transform lives. The global beauty brand continues to make high quality products, all designed to give women the freedom to live as they feel without having to mind the little worries that hold them back. These include products like Avon Feelin’ Fresh Quelch Deo Cream, which protects against odor and wetness that restrict movement; and Avon Intimate Apparel, which comes in all sizes to give every woman the comfort and support to rock every outfit.

“Avon will continue to stand up for women, whether it’s through beauty, business, or our bold stance on advocacy,” adds Garces. “But before we make progress, the first step is always to #LetHerBe.”

BusinessMirror

Editor: Tet Andolong

Wednesday, April 21, 2021 B7

Office space sector continues to show resilience

The Makati Central Business District remains one of the favorite business centers in the country AYALA LAND INC.

Bonifacio Global City is expected to grow as demand for more office space will continue this year AYALA LAND INC.

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By Rizal Raoul S. Reyes @brownindio

ESPITE the overall gloomy scenario in the economy, the office sector continued to show resilience as it posted new demand in the first quarter registering a 109,000 sq.m, up by 68 percent from 65,000 sq.m in the third quarter of last year.

In a press briefing, Leechiu Property Consultants Inc. (LPC) expressed optimism saying that companies are “thinking long term and are preparing to go back to the office. LPC said the information technology-business pro-

cess management [IT-BPM] sector emerged as the biggest space taker with 33,000 sq m followed by e-commerce at 19,000 sq m, which tripled its take-up from its fourth-quarter level of 6,000 sq m. “E-commerce is proving to be a

sunshine industry,” LPC Chief Executive Officer David Leechiu said.

Moreover, LPC also said active office requirements of 266,000 sq m are needed by companies within the year. Aside from the IT-BPM sector, the sectors that are looking for space are the Philippine Offshore Gaming Operators (POGOs), 12 percent; and retail firms, 7 percent. “Despite the hardships the retail industry has experienced we are seeing companies adapt, innovate and commit to space in anticipation of a recovery,” Mikko Barranda, associate director noted.

He also added that POGOs again expressed interest with a requirement of 31,000 sq.m. Although it is still premature to determine if POGOs still want continue operating in the country, Leechiu said crafting a coherent policy of POGO operations and taxation would be a

Lamudi doubles manpower for stronger digitization in PHL real estate

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MID the challenges and uncertainties brought about by the pandemic, leading real-estate platform Lamudi is gearing up for expansion. In its seventh year in the industry, the team plans to double its Philippine team and cater better to the country’s growing and recovering real-estate market.

Kenneth Stern, Lamudi Philippines’ CEO, said that he looks forward to 2021, as the year brings fresh new opportunities for achieving unprecedented growth amid the crisis. Stern joined the group in September 2020 at the height of the pandemic.

“We set new aggressive targets that will continue to raise the bar for what is possible,” he said.

Stern added that Lamudi Philippines will be focusing on the “right people, right leaders, and the right culture” as the company moves to augment its work force and business operations.

Foundation for expansion

Lamudi’s new parent company offers a stable backing for its expansion plans. It was announced in May last year that EMPG, one of the leading digital classifieds groups in the Middle East-North America, South Asia and Southeast Asia regions, acquired Lamudi Global, covering ventures in the Philippines, Indonesia and Mexico.

The digital classifieds giant owns and operates various online marketplaces, including Bayut in the UAE, Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, Mubawab in Morocco and Tunisia and Kaidee in Thailand.

Similarly, it owns and operates Dubizzle in the UAE, OLX Pakistan, OLX Egypt, and OLX Lebanon. EMPG’s acquisition of OLX

raised its valuation to $1 billion.

The acquisition by a unicorn company allows Lamudi to learn from EMPG’s knowledge and expertise in the global market.

This has helped Lamudi seize opportunities in overseas demand while continuing to strengthen their presence in the Philippine real-estate market.

According to Lamudi’s trend report, Hotspots Unwrapped: 2020’s Most Popular Locations, Singapore, Dubai, Doha, Abu Dhabi, and Riyadh drove the strongest overseas interest in Philippine properties in 2020.

The report added that the most active property market segment was the millennials. The age bracket of 25 to 34 represented the highest number of pageviews, accounting for 30.58 percent. The most motivated, on the other hand, were the generations older, 45 to 54, fueling the greatest number of leads, 28.60 percent.

Lamudi works on seizing opportunities in the overseas market and reaching more property buyers and sellers in the Philippines, as it is backed with EMPG’s financial resources and industry expertise.

Collaborations with real-estate giants

More than the support of its parent company, Lamudi draws its strength from the partnerships it has forged with property developers.

Recently, the portal has renewed its partnership agreement with real-estate giant Robinsons Land Corp. (RLC). Leveraging Lamudi’s monthly pageviews of up to 7 million, the partnership will bring unparalleled exposure and reach to RLC Residences, the consolidation of RLC’s three divisions—Residences, Luxuria, and

good factor to entice them to stay.

On the supply side, Barranda said the current vacancy rate across Metro Manila is 11 percent or 1.4 million sq m., with the biggest vacancies in Quezon City and Ortigas. “But it is worth noting that the vacant spaces are spread or fragmented across 330 buildings. Of that total, only 40 buildings have vacancies larger than 10,000 sq m,” Barranda explained.

There is no doubt that the figures are a far cry from the sector’s pre-pandemic performance. However, Leechiu sees a silver line as the property sector appears to be on a rebound. Overall, the pace of office contractions has slowed down by 19 percent from the fourth quarter of 2020, which is getting strong support from the IT-BPM and corporate occupiers.

Meanwhile, POGO contractions have leveled off to118,000 sq m—a

figure close to their fourth quarter of 2020 contraction of 114k sq.m and Q3 2020 contraction of 116k sq m.

B a s e d o n t h e i r s t u d y, LPC said the trend of decreasing contractions supported by quarter-on-quarter increases in office demand were signs of improving investor confidence.

Residential sector

Meanwhile, the residential sector is also on the path to recovery since the third quarter of 2020.

According to LPC, demand grew in the third quarter and increased once more in the succeeding first quarter of 2021 by 5.7 percent in terms of unit sales, Tam Angel, the associate director reported.

Tam said the upper-middle to lu x ur y seg ment rema ined stable and showed significant growth. Nevertheless, the demand

in the mid-income and lower segments would be affected because of the stricter 2021 quarantine measures from March 29 to April 30 (MECQ).

Angel added that demand is expected to pick up as interest rates continue to decline, which will be an opportunity to help support the residential sector and will provide greater access to funding for investors across the board.

Despite the overall bearish sentiment prevailing in the country, LPC said capital values have remained steady as developers were quick to adjust to launching new projects to maintain market velocity. On the other hand, rents softened owing to the lockdowns and quarantine restrictions. Nevertheless, the market view over the long-term supports recovery and growth, thus depreciation in prices is expected to be temporary.

Home

Communities—into “a single and meaningful brand.”

Despite the challenges of the health crisis, Lamudi managed to provide a comprehensive campaign and maintain a strong relationship with its partner developers.

The team is confident that its expansion plan will succeed, fueled by its ties with real-estate giants.

Growth on all fronts

As the real-estate partner turned seven last March, Lamudi has seen the gradual shift to online transactions through the years.

In 2016, Lamudi launched its housing fairs; now, in 2021, it is set to host the first and biggest online housing fair in May, featuring a huge network of property developers all over the Philippines—RLC, AboitizLand, Federal Land, Shang Properties, Solar Resources, and Primehomes, to name a few.

This change is testament to how onlinefirst is the move companies make in the new normal, and how property seekers are more active than ever when it comes to online property search. Overcoming obstacles from last year, Lamudi finds more motivation in reaching greater heights.

Overseas pageviews on Lamudi saw a 17-percent year-on-year growth in 2020, despite the setbacks brought on by the pandemic. In 2021 so far, overseas pageviews have posted a 20.51-percent increase in the monthly average compared to 2020, with real-estate listings receiving attention from overseas destinations with sizable OFW populations such as Singapore, Dubai, London and Sydney. With Lamudi’s expansion plans under way, it will have more manpower to address the strong demand from these regions.

The architectural design for each Sola home follows a modern tropical theme: a fusion of organic materials, such as wood, stones and lush vegetation with clean lines, contemporary curves and a muted color palette.

Hamilo Coast premieres residential lot with Sola

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NDENIABLY, this challenging year has taught us that family and health are paramount. Thus, maintaining a lifestyle that is stress- and worry-free is what we want for ourselves and our loved ones.

And what could be more relaxing than being away from the madding crowds and cocooning inside a natural sanctuary of sorts? Having all this is not a pipe dream anymore.

With this in mind, Costa Del Hamilo Inc. (CDHI)—developer of SM Prime’s premium beach resort communities—offers Sola at Pico de Loro Cove, an alternate primary home and haven weekend getaway. Sola at Pico de Loro Cove is CDHI’s first horizontal project and an exclusive residential community inside the luxury seaside sanctuary of Pico de Loro Cove in Hamilo Coast, Nasugbu, Batangas.

The key here is the merging of a healthier lifestyle in the tropics with access to modern conveniences.

Sola at Pico de Loro Cove, approximately

a 90-minute drive from SM Mall of Asia, is a private, 2.7-hectare enclave that boasts open spaces, a healthy environment, as well as amenities and services that redefine primary living in the new normal. Approximately 40 percent of the area is allocated for lush greens, pathways, roads and open spaces. There are lounging areas for small gatherings or chilling with an engaging book and an equally good brew. There are play areas for kids and ample lawns for outdoor activities.

CDHI Senior Assistant Vice President for Projects & Sales Alexis Ortiga said that the master plan is an answer to the rising demand for an exclusive residential lot development that features a sustainable seaside lifestyle.

“This new seaside resort community of Hamilo Coast will exude the same modern tropical appeal as the nine residential condominium developments currently sprawled across Pico de Loro Cove. Lot cuts will be single-loaded and regular-shaped, which face a Central Park

Spine that will serve as an area for leisure and recreation. It will be incorporated with spaces that are serene and functional, including a meditation garden, children’s playground, bike lane, and jogging trail.” Ortiga added that a Rejuvenation Zone pocket park that connects to Pico Beach is designed to reinvigorate the senses as residents make their way to the beach’s white sands.

The maiden community of Hamilo Coast (www.hamilocoast.com), Pico de Loro Cove is a designated marine-protected area with a 1.5 km stretch of powder-smooth white-sand beach, a 4-hectare lagoon centerpiece and with a mere five-minute walk to Pico mountainside forest. The development integrates multiple locators, including a hotel, beach and country club, and mid-rise residential buildings.

Imagine waking up mornings to take a stroll and to soak in the colors of the horizon, God’s own wallpaper. Reni Salvador

MARCIAL

20% SALARY

CUT IN PBA

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Sports B8

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| Wednesday, April 21, 2021

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Josef Ramos

HE Philippine Basketball Association (PBA) finally yielded to the Covid-19 pandemic’s lethal blow to the economy as the 46-yearold league announced a 20 percent salary cut that would cut across everyone involved in the games—from the players to personnel.

PBA Commissioner Willie Marcial made the announcement in an online press conference on Tuesday and although he didn’t reveal any figures, he expressed that the pay cut was meant to cushion losses incurred from the games still shuttered by the pandemic.

“It’s about time to give our contribution to all the teams—to the league—that supported us for the whole 16 months without deducting anything in our salary,” Marcial said.

The pay cut will be imposed starting next month.

The PBA, despite playing only one conference at the Clark bubble in the final quarter of 2020, incurred losses from sponsorships and gate receipts that equates to hundreds of millions. With the games played at least four hours in each of the three playing days each week, the league lost significant potential sponsorships and TV ads.

“In fact, there were companies which terminated employees ,while some are implementing a no-work, no-pay policy,” Marcial said. “On our part, we are receiving a full salary even if there’re no game.”

Marcial said the board of governors agreed on the pay cut during their virtual meeting on Monday. He said the players also were amenable to the measure.

There are 12 teams in the league and each employs no less than 30 individuals—players, coaches, utility, among others—thus the pay cut would affect close to 400 team personnel.

The PBA employs a total of 120 personnel, 41 of them administrative staff and the rest are referees or technical officials.

Players’ salaries range from a low P70,000 to a maximum P450,000 a month. Coaches are also paid in six figures.

The PBA has yet to set a date for the opening of the 46th season amid the ongoing quarantine.

Marcial also announced that Governor Matthew Manotoc offered to host a bubble in Ilocos Norte.

Marcial, Ancajas fly back home unannounced

BusinessMirror

PHILIPPINE Olympic Committee President Rep. Abraham “Bambol” Tolentino says the cities of Taguig, Tagaytay and Santa Rosa are willing to adopt athletes.

3 CITIES HEED CALL TO ADOPT ATHLETES A

T least three LGUs (local government units) are opening their doors to national athletes gearing up for the 31st Southeast Asian Games in Hanoi in November.

Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino identified the LGUs as the cities of Taguig, Tagaytay and Santa Rosa in Laguna.

“I called friends who are willing and who have the passion for sports,” Tolentino told the online Philippine Sportswriters Association Forum on Tuesday.

Taguig City Mayor Lino Cayetano said his LGU could accommodate athletes in volleyball and table tennis, while Tagaytay City Mayor Agnes Tolentino will host those from cycling and kickboxing.

Santa Rosa Mayor Arlene Arcillas said the city could take in 50 athletes from any martial arts or combat sports like karate, judo or even wrestling.

Tolentino, a congressman from Cavite’s Eighth District and head of the cycling federation, said the LGUs have agreed to provide accommodation, food and training venue.

“Everything they need will be provided and the training starts on July 1 up to November. It’s up to the NSAs (national sports associations) to decide on the length of their stay,” Tolentino said.

Last week, SEA Games chef de mission Ramon Fernandez, also a board member of the Philippine Sports Commission, appealed to LGUs to provide training venues for SEA Games-bound athletes considering that major sports facilities like the Rizal Memorial Sports Complex in Manila

and PhilSports Complex in Pasig City are being used as Covid-19 quarantine facilities.

Tolentino also told the forum presented

by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corp. that two more LGUs might join the cause.

“If we get them, then good,” said Tolentino, adding that there’s ample time for the Filipino athletes to train for the SEA Games scheduled from November 21 to December 2.

Athletes in fencing have been training in a protected environment in Ormoc City while those in archery are based in Dumaguete City.

Tolentino said athletes in athletics and aquatics would train in Clark, site of the 2019 SEA Games.

Tolentino also said the vaccination program for the athletes to the SEA Games as well as those vying in the Tokyo Olympics in July are in place.

“We have three sources of the vaccine— the national government, (business tycoon) Mr. Enrique Razon and the subsidy from the Olympic Council of Asia,” said Tolentino in the session powered by Smart and Upstream Media as official webcast partner. “Whichever comes first, we will take it.”

But he assured athletes, officials, coaches and media who will be part of Team Philippines that they will get the vaccine.

“The best vaccine is the available one,” he said.

Curry hits 10 3s, scores 49 in Warriors’ win

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HILADELPHIA—Stephen Curry stripped off his No. 30 jersey and handed stuffed duffle bags full of memorabilia to a Delaware state trooper who stopped in full uniform to shoot hoops on the playground with neighborhood kids.

“That’s Curry! That’s Curry!” one kid yelled after Joshua Morris shot a long 3.

Curry put on a three-point spectacle in Philly worthy of the trooper’s own effort.

Curry hit 10 3-pointers and scored 49 points to extend his sizzling stretch, leading the Golden State Warriors to a 107-96 victory over the Philadelphia 76ers on Monday night.

Morris later gifted the kid on the video—he called him his “hype man”—a pair of Curry’s basketball sneakers. The video caught Curry’s attention and he invited Morris and guests to the game. Curry posed for pictures after the game and walked back to the

He buried 3s late in the fourth to whisk the Warriors past the top team in the Eastern Conference. Joel Embiid, who scored 28 for the 76ers, threw the ball away late and Andrew Wiggins scored on the other end to put away the game.

The Sixers played without All-Star Ben Simmons (illness) and starting forward

locker room without a shirt.

“He’s an amazing story...with the little kid that was hyping him up,” Curry said.

“I had to show him some love.

The love he showed the young man and just the foundation of impact that he shared. It’s pretty impressive.”

Curry wasn’t so bad himself.

Curry’s 3 that tied the game at 86-all gave him 11 straight games with 30 or more points, topping Kobe Bryant for the most by any player 33 or older. Curry, who turned 33 last month, also has the longest 30-point game streak by a Warriors player since Wilt Chamberlain in 1964.

Curry had his fifth 40-point game in April and topped Bryant and Michael Jordan for most 40-point games in a month by a player 33 or older.

STEPHEN CURRY’S recent stretch of sensational shooting ranks among the best of his career. AP

Tobias Harris (20.5 points; sore right knee).

The Curry brothers went head-to-head—yes, in the City of Brotherly Love—in a spirited showdown from the opening minutes when Seth buried a 3 over his sibling. Steph answered with a tough 3 at the end of the first quarter and had 20 points at the half.

Even for Curry, his recent stretch of sensational shooting ranked among the best of his career. He averaged 43.8 points (.573 field goals percentage, .545 three-point percentage, .906 free throw percentage), 5.8 rebounds and 5.0 assists in four games last week. Curry even shook off an injured left ankle that he turned in Saturday’s game against Boston to torch the 76ers. AP

CHILD’S PLAY A child plays with the Olympic rings in Tokyo on Tuesday. The Olympics— set from July 23 to August 8—will be played without fans from abroad. AP

Aquastars sweep first round

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JAS Zenith-Talisay City completed a first round sweep of the Chooks-to-Go Pilipinas VisMin Super Cup-Visayas Leg eliminations with a convincing 85-65 rout of Tabogon on Tuesday at the Civic Center in Alcantara, Cebu.

The Aquastars poured it all in the third quarter where they blew open a 39-34 edge with a 28-10 run for a huge 23-point lead, 67-44, heading to the final period.

Perimeter marksman Patrick Cabahug and athletic wingmen Egie Boy Mojica and Jaymar

Gimpayan were lethal in the last 10 minutes and scored 26 of their team’s 28 points for the game’s biggest lead at 83-55.

Cabahug and Mojica finished with 13 points each for Talisay City which went unbeaten in five games.

Gimpayan almost had a double-double of nine points and nine rebounds while big man Jhaymo Eguilos added eight points, seven rebounds, three assists and three blocks.

With the rest of the Aquastars torching the

Mitra should crack the whip Al Mendoza | alsol47@yahoo.com

THAT’S ALL THE Mindanao leg of the now-soiled Pilipinas VisMin Super Cup has also been scrapped.

Just right.

That means the Games and Amusements Board (GAB) headed by Baham Mitra will have all the time to thoroughly probe the scandal that rocked the league’s Visayan leg last week.

Even as tournament officials had already kicked out Siquijor, several players and coaches out of the league, there’s a lot more crying to be done to get to the bottom of the brouhaha.

Like, why was Lapu-Lapu City given the light punishment of suspension when it seemed so clear, too, that some of its players appeared complicit in the obvious attempt to fix its game against Siquijor?

It was also almost seemly that some coaches

OKYO Olympics-bound Eumir Felix Marcial flew back home unannounced with world champion Jerwin Ancajas on Tuesday morning, wrapping up a six-month training at the world renowned Wild Card Gym in Los Angeles.

The 25-year-old Marcial didn’t reply to messages nor answer calls, but MP Promotions President Sean Gibbons told BusinessMirror that he wanted to visit his sick father Eulalio in his native Barangay Lunzuran in Zamboanga City.

Besides International Boxing Federation super flyweight world titleholder Ancajas, also flying back home via a Philippine Airlines flight was Marcial’s sparring partner Jonas Sultan and Ancajas’s trainer and manager Joven Jimenez.

The group headed straight to the Marine Base in Ternate, Cavite, for a mandatory quarantine.

Jimenez said Marcial will continue to train in the country but didn’t discount the possibility that the Olympic gold medal prospect would still return to the Wild Card Gym where he trained for six months since last October and figured in a successful professional debut in Los Angeles, beating American Andrew Whitfield via unanimous decision last December 16.

Marcial is also programmed to join his fellow national boxers and Olympic qualifiers Nesthy Petecio, Irish Magno and Carlo Paalam in the Asian Elite Men and Women Boxing Championships from May 21 to 31 in New Delhi.

Association of Boxing Alliances in the Philippines (ABAP) secretary general Ed Picson, however, said the India stint could be scratched because of the enormous Covid-19 cases in the country.

“We are still monitoring the situation in India, but we haven’t received any notice yet [from the organizers], so the tournament is still on,” Picson said. Josef Ramos

could be involved in the most bizarre basketball charade in recent memory.

For, why did not a single coach step in when players from both sides were deliberately missing free throws, lay-ups and jumpers—not to mention flipping away wayward passes?

And weren’t the referees possibly in cahoots, too?

C’mon, they should be the first to know when a hanky-panky is going on in a game.

I commend the officials who finally halted the game after halftime. Never mind that they waited a bit too long before they did so. At least, they acted. Better late than never.

Now, it’s Mitra’s turn to crack the whip.

And, I’m glad, too, that Al Panlilio, the youthful president of the Samahang Basketbol

hoops, skipper Paulo Hubalde played limited minutes but still managed eight assists to go with four points and four rebounds.

Talisay City head coach Aldrin Morante, however, warned his wards to not let their guard down.

“We are now the biggest target of the other teams so we can’t be complacent,” he said.

Cebuano wingman Gayford Rodriguez debuted in style as the former Rain or Shine draft pick had 18 points and five rebounds for the Voyagers who dropped to a 2-3 won-lost card.

Arvie Bringas contributed 16 points, 10 boards, two assists and two steals and Joemari Lacastesantos had 13 points, four rebounds and six assists for Tabogon. ng Pilipinas (SBP), has linked up with Mitra.

If heads should roll wholesale, so be it.

Shenanigans have no place in a sport that the nation so madly, devotedly, adore like religion.

THAT’S IT My heart aches over the two tournamentleading 64s in the first two rounds scored by our Yuka Saso, whose firepower sort of vanished, with her 70-71 finish in last weekend’s Lotte Championship in Oahu, Hawaii. She salvaged a still commendable tie for sixth behind winner Lydia Ko, 23, the former child prodigy from New Zealand, who strung up two 65s in her final rounds for her 16th Ladies Professional Golf Association victory. But at only 19, Yuka, who pocketed P2.6 million, is on course for a much-anticipated greatness. Patience, my dear…I mourn the death of my Pareng Louie Visorde, the former mayor of Calauag, Quezon, who was my brother, confidante, ally, defender/protector, glass mate and many more. But even as this cruel Covid-19 took the wedding godfather of my daughter so suddenly away from us, Pareng Louie will eternally remain our pillar, though in spirit, in our revered KABIG (Kapalohan Bisita Iglesia Group).

He is just absent, and his presence in our hearts and minds will last forever. Enjoy your vacation, Pareng Louie, in the bosom of our Lord Jesus Christ.