BusinessMirror August 07, 2020

DBCC sees worse full-yr contraction at 5.5%

By Bernadette D. Nicolas

@BNicolasBM

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HE Cabinet-level Development Budget Coordination Committee (DBCC) now expects the economy to contract deeper by 5.5 percent this year, potentially marking the country’s worst economic downturn in 35 years.

The latest assumption of DBCC on the country’s GDP growth is even worse than its previous projection in May of -2 to -3.4 percent this year.

Should the economy shrink by 5.5 percent this year, this would be the lowest since the 6.9-percent GDP contraction in 1985 based on 2018 prices.

In 1985, the economy contracted by 6.9 percent due in part to the debt crisis the country experienced that year.

In December 1985, then President

MOTORISTS submit documents as they apply for a travel pass in San Juan City, where police recently arrested a barangay liaison officer who showed fake travel documents at a checkpoint. BERNARD TESTA

Ferdinand E. Marcos called for a snap election, a move that in months would end his absolute rule of 14 years.

In a statement on Thursday, the DBCC said the downward revision was made on July 28 based on the updated indicators on the impact of the Covid-19 pandemic on tourism, trade and remittances throughout the year.

For next year, the DBCC has also cut its GDP growth forecast to 6.5 to 7.5 percent from 8 to 9 percent previously.

Despite this, the DBCC is optimistic that the country is “on track to economic recovery” as the national government continues its pump-priming activities, including the government’s “Build, Build, Build” infrastructure program and revitalization of industry and services sectors.

However, it expressed confidence

that the economy will grow at a slightly faster pace of 6.5 percent to 7.5 percent, up from its earlier projection of 6 to 7 percent.

Goods exports and imports growth are also now expected to plunge by 16 percent and 18 percent, respectively, due to a slowdown in global trade amid the pandemic. This is far worse than the 4 percent and 5.5 percent earlier expected by the economic team. For 2021 and 2022, it retained its earlier forecast that goods exports will grow by 5 percent while goods imports will grow by 8 percent.

Mea nwh i le, rem it t a nces f rom overseas Filipino workers are seen to fall by 5 percent this year, but are expected to return to the normal annual growth rate of 4 percent in 2021 and 2022.

See “DBCC,” A2

‘WITH RECESSION, 5.5% 2020 GDP RETREAT DIM’

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n Friday, August 7, 2020 Vol. 15 No. 302

P25.00 nationwide | 2 sections 16 pages |

DOF: GOVT STICKING TO P180-B STIMULUS PACKAGE THIS YEAR

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DEPARTMENT of Public Works and Highways personnel rush to finish container vans converted into quarantine facilities at the Navotas open area playground, to boost the Covid-19 response. The DPWH is now constructing 23 additional quarantine facilities in the National Capital Region this month as part of the We Heal As One PH program of the government. ROY DOMINGO

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By Cai U. Ordinario

@caiordinario

CONOMISTS believe the President's economic team is being overly optimistic if it expects the economy to shrink only by an average 5.5 percent this year, especially with the double-digit contraction in the second quarter.

On Thursday, the Philippine Statistics Authority (PSA) disclosed that the economy contracted 16.5 percent in the second quarter of the year. This is a new historic low for

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the country.

With this, Acting Secretary Karl Kendrick T. Chua said the inter-agency Development Budget Coord inat ion Committee

(DBCC) revised full-year targets to a contraction of 5.5 percent from the initial estimate of a contraction of 2 to 3.4 percent this year.

“It [the target] doesn’t look doable, especially with the lack of control over the pandemic,” former Socioeconomic Planning Secretary Romulo L. Neri. “Karl Chua came out with a good plan [but] they seem to have backed off.”

In order to attain this growth, the National Economic and Development Authority (Neda) estimates that the country needs to post an average contraction of 2.2 percent in the second half of

the year. The pandemic caused the country’s first semester growth to contract 9 percent.

Neri said this could be possible if the plan of Chua were followed.

He said that the country’s Acting Chief Economist unveiled the plan last May 12.

This was composed of a four-pillar strategy which aimed to devote P1.49 trillion or 7.8 percent of GDP on efforts to arrest the ill effects of the pandemic. “[Currently there is] no coherent policy to save our people and our economy,” Neri said. “Hopefully, it will improve.”

ESPITE the economy officially falling into recession and the likelihood that it would be recording its worst decline in more than three decades, the government is still sticking to its plan to roll out as much as P180 billion in stimulus package this year.

Finance Secretary Carlos G. Dominguez III insisted on Thursday that the country’s stimulus package must be “affordable,”especially since the Covid-19 virus may not be defeated by the end of this year.

He also said he hopes that the Bayanihan To Recover As One Act (Bayanihan II) would finally be passed by next week.

“As they say, we need to keep our powder dry for next year as well,” Dominguez said in a virtual press conference with the Development Budget Coordination Committee (DBCC).

Of the P180 billion, Dominguez said P140 billion will be spent for the stimulus package while the remaining P40 billion will account for the expected forgone revenues from the 5-percent immediate reduction in the corporate income tax rate from the 30 percent to 25 percent under the proposed Corporate Recovery and Tax Incentives for Enterprises or CREATE bill.

“Now this number is arrived at to keep our fiscal deficit in a manageable zone,” he said.

This, as the DBCC also revised upward its deficit targets over the medium term for 2020 until 2022 on the back of expected lower revenues and higher disbursements amid the

Covid-19 pandemic.

A budget deficit occurs when expenditures exceed revenues.

From only 8.4 percent of GDP this year, the DBCC’s new deficit target was hiked to 9.6 percent of GDP. Deficit targets were also revised upward to 8.5 percent in 2021 and 7.2 percent in 2022 from earlier projections of 6.6 percent and 5 percent, respectively.

Borrowing program

DOMINGUEZ also told reporters they expect to borrow roughly P3 trillion next year, which he said would be the same amount this year.

The country’s finance chief said, however, they see the borrowing program to be reduced to P2.3 trillion by 2022.

He also believes additional borrowings as well as state tax revenues would be sufficient to support the proposed P4.5-trillion national budget for next year.

For July, Dominguez said both Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) exceeded their respective collection goals.

Based on preliminary data, Dominguez said BIR’s revenue take for the month reached P126.72 billion, up by 2.08 percent from its revised target of P124.14 billion.

On the other hand, BOC surpassed its goal by 5.03 percent when it collected P50.07 billion against its target of P47.67 billion.

This, he said, signals rising economic activity with the gradual reopening of the economy.

Bernadette D. Nicolas

See “Recession,” A2

US 49.0540 n JAPAN 0.4646 n UK 64.3588 n HK 6.3294 n CHINA 7.0734 n SINGAPORE 35.8346 n AUSTRALIA 35.2747 n EU 58.2173 n SAUDI ARABIA 13.0835

Source: BSP (6 August 2020)

News

BusinessMirror

A2 Friday, August 7, 2020

DBCC… Continued from A1

Higher deficit targets until 2022

GOVERNMENT’S economic managers also approved much higher budget deficit targets over the medium term from this year until 2022 on the back of projected lower state revenue collections and higher disbursements.

The DBCC’s new deficit target this year is now 9.6 percent of GDP, higher than the 8.4 percent of GDP it set in May. This was due to the cut in the estimated revenue take to P2.52 trillion from P2.61 trillion and the expected hike in disbursements to P4.34 trillion from P4.225 trillion previously.

State revenues are seen to drop because of the expected contraction in real GDP growth and the P42 billion in estimated forgone revenues from the implementation of the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. This will reduce the corporate income tax rate (from 30 percent to 25 percent) to provide much-needed assistance to the business sector and help micro, small, and medium enterprises (MSMEs) retain their workers.

On the other hand, disbursements are also seen to rise this year as the government anticipated additional spending of P140 billion under Bayanihan to Recover as One Act or Bayanihan II being pursued in Congress.

Deficit targets are also revised upward to 8.5 percent in 2021 and 7.2 percent in 2022 from earlier projections of 6.6 percent and 5 percent, respectively.

Despite these adjustments in deficit spending, the DBCC said it is confident that the national government’s debt will be kept at a sustainable and responsible level, “within the 60 percent internationally-recommended debt threshold,” by 2022.

This was significantly up from DBCC’s previous estimate of 52.3 percent of GDP. Budget Assistant Secretary and spokesman Rolando U. Toledo also told the BusinessMirror the DBCC is now seeing much higher debt-to-GDP ratios of 53.91 percent for this year and 58.28 percent next year from their earlier estimate of 49.8 percent and 51.5 percent, respectively.

Other assumptions updated

ASIDE from its outlook on GDP, the DBCC also narrowed down its inflation forecast to a range of 1.75 percent to 2.75 percent, from 1.75 to 3.75 percent due to subdued demand. Inflation assumption for 2021 to 2022 was retained at 2.0 to 4.0 percent as prices are expected to remain stable.

The price of Dubai crude oil per barrel for this year was also revised upward from $23 to $38 per barrel to $35 to $45 per barrel, based on the futures market. For 2021 and 2022, the assumption has been maintained at $35 to $50 per barrel.

It also narrowed its projection on the exchange rate of the peso against the US dollar to 50 to 52 for this year, and maintained its assumption of 50 to 54 for 2021 and 2022.

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Recovery? Sure, but first, people must feel safe going out–business

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By Elijah Felice E. Rosales

@alyasjah

USINESS leaders have called on the government to craft a recovery plan that focuses on public health, as regaining the public’s trust to go out again is key to the economy’s bouncing back.

George T. Barcelon, private sector representative at the Legislative Executive Development Advisory Council, told the BusinessMirror no economic recovery is in sight if workers are scared of going out on fears of getting the virus.

As such, he argued it is important that the government cooperate with the health sector in crafting a recovery plan that would bring the public some sense of safety and security.

“The [GDP] contraction is

[understandable] because our country, being a consumption economy, has been disrupted due to the prolonged lockdown. But underlying reason is the fear of being infected by Covid-19,” Barcelon said in an interview with the BusinessMirror.

“The focus now must be on health issues. It’s imperative for government and private sector to closely collaborate to give the general public assurance of medical support and peace of mind to

resume working and stimulate consumption,” he added.

The Philippine Statistics Authority (PSA) on Thursday reported the economy contracted 16.5 percent in the second quarter due to the prolonged quarantine period that kept people home and most businesses closed.

“The safety of public transportation is crucial to the mobility of the working class. It has been a factor in the slow recovery of the economy,” Barcelon said.

“Private sector has done its part in extending assistance in the previous three-month lockdown in foods and funds. They too are financially drained, especially the micro, small and medium size establishments,” he added.

The business leader was referring to the negative performances posted by industry and services, two sectors that rely heavily on manual labor. Millions of workers across the country have either been laid off or

put on floating status due to the cycle of quarantine restrictions put in place by the government.

The PSA reported industry contracted 22.9 percent, from a growth of 2.5 percent last year, while services posted a negative 15.8 percent performance, from a positive 7.5 percent during the same period in 2019.

In an interview with the BusinessMirror on Wednesday, Philippine Exporters Confederation Inc. President Sergio R. Ortiz-Luis Jr. said the government has to expedite the creation of an economic recovery plan, as many businesses are now just hanging by the thread before shutting down for good.

He said workers should be allowed to return to their jobs once the modified enhanced community quarantine in Mega Manila is lifted on August 18.

Any extension of the lockdown would prove to be fatal for the operations of thousands of businesses, he warned.

BINAY, SAGUISAG FILE 25TH SUIT VS. ANTI-TERROR LAW

By Joel R. San Juan

@jrsanjuan1573

F

ORMER Vice President Jejomar Binay led a group of lawyers in filing the 25th petition seeking to declare Republic Act 11479 or Anti-Terror Act of 2020 unconstitutional.

Binay, along with former Senator Rene Saguisag and other lawyers from the Concerned Lawyers for Civil Liberties, argued that the ATA of 2020 should be struck down for being vague and violative of the people’s constitutional rights to due process and equal protection clause of the Constitution.

Joining Binay and Saguisag in the petition are former UP College of Law Dean Pacifico Agabin, former diplomat Anacleto Rei Lacanilao III, National Union of People’s Lawyers (NUPL) President Edre Olalia, Adamson University College of Law Dean Anna Maria Abad and Wesleyan University College of Law Dean JV Bautista, law professor Rose Liza Eisma-Osorio and lawyer

Emmanuel Jabla.

Named respondents in the petition are Executive Secretary Salvador Medialdea, the Senate represented by Senate President Vicente Sotto III, and the House of Representatives represented

by Speaker Alan Peter Cayetano.

The petitioners also asked the Court to issue a temporary restraining order to stop the respondents from implementing it while the merits of their plea are being heard.

“If not so voided, the assailed statute will run roughshod over the 1987 Constitution, particularly its salient provisions on the Bill of Rights,” the petition said.

They argued that the law is vague and constitutes a violation of due process for failure to accord persons, especially the parties targeted by it, fair notice of what to avoid.

Such vagueness, they added, would lead to a “chilling effect” on the freedom of expression.

The petition also cites the report of the UN Human Rights Office which investigated the situationin the country, including the phenomenon

Recession…

Quarantine factor

FORMER University of the Philippines School of Economics Dean Ramon L. Clarete also told BusinessMirror that a -5.5 percent GDP target may not be feasible considering the quarantine.

Clarete said if the same system implemented during the quarantine will continue, the country cannot expect any improvement in economic growth.

“The quarantine is a factor. If it continues then we have also double-digit negative growth. If the same quarantine continues in the fourth [quarter] then we will have double digit contraction of the economy for this Covid-19 year,” Clarete said.

For his part, Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang said the target will only be feasible if the government can organize a common response.

If this response is put in place, he said this will contribute to the expected slower contraction in the third and fourth quarters.

Ang said this takes into consideration the gradual opening of the economy. However, the reimposition of the MECQ would likely not improve third quarter growth.

That target is attainable if they are able to organize a common response,” Ang said. “[This is] considering that the global trade is already improving and the Philippines can be pulled up as seen in June trade data.”

For De La Salle University economist Maria Ella C. Oplas, the target will only be doable if the virus is contained and the government will be able to prime the economy.

Oplas shared Ang’s sentiments that with the MECQ in place, the third quarter will also not be able to post better growth. “For the

Continued from A1

third quarter, I regret, but I don’t see signs of them improving.”

She said the MECQ in Metro Manila and neighboring cities will affect the country’s growth and supply chain. Oplas said this will also pose challenges in terms of an increase in unemployment.

If there is more spending from the government, it can provide financial assistance not only to the poor but also frontliners. Oplas said this is a good start given that frontliners and their families will also benefit and boost the economy.

Health spend ‘good economics’

OPLAS added that additional funds should also be used to hire more health workers. The country’s public health system is already at full capacity and improving it by investing is a way to boost economic growth.

“Covid-19 is the number one enemy right now. We must tackle it face to face,” Oplas said. “Spending on health is good economics at this point in time.”

For Unionbank Chief Economist Ruben Carlo O. Asuncion, the third and fourth quarters will likely still be in negative growth territory. He said they are currently recasting their estimates in light of the second quarter data.

However, Asuncion said he appreciated the economic team’s admission that there was a chance to get back to normal—provided there is a vaccine.

He expressed hope the stimulus would be larger to accommodate additional spending for the economy.

However, Asuncion said P180 billion is “better than having nothing at all” at this

of “red-tagging” which has posed a serious threat to civil society and the freedom of expression.

They also lambasted the provision in the law (Section 29) which allows the Anti-Terrorism Council, composed of officials from the Executive Department, to authorize law enforcers or the military to take custody of suspected terrorists without the benefit of a warrant of arrest issued by the court.

“The authority issued by the ATC to arrest suspected terrorists is not a substitute to the warrant of arrest under the Constitution. It short-circuits the right to due process under the Bill of Rights and must be impugned as a repugnant violation of fundamental rights,” they said.

While warrantless arrests are allowed under certain conditions, the petitioners said they “cannot be based on mere suspicion” which, they added, could be likely based on “legally amorphous products of intelligence reports.”

Binay and Saguisag were both member of the MABINI lawyers’group

point. In order to maximize the amount, government should spend it to create jobs and help micro, small, and medium enterprises (MSMEs).

“I think supporting the MSMEs is key and ‘ayuda’ for the vulnerable people are very important. Healthcare support is also pivotal because of the need to have the virus contained and controlled appropriately,” Asuncion said.

Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III told BusinessMirror that it was difficult to make forecasts at this point given the uncertainty of a pandemic.

However, Sta. Ana said as long as the transmission of the virus is increasing and the healthcare system is overwhelmed, the economy would likely suffer.

There is no guarantee, he added, that a stimulus will boost the economy. However, he said the Bayanihan 2 bill filed in Congress was a better bill than the proposed ARISE bill.

“If the crisis gets prolonged, government would have to borrow more. Bayanihan is still better than ARISE,”he said, noting that the latter “has too many redundant or wasteful items.”

Historic low

THE pandemic has brought the Philippine economy to its knees as the lockdowns meant to control the spread of the deadly disease caused GDP to contract to a historic low.

The largest contraction posted by the economy prior to the second quarter this year was toward the end of the Marcos administration in the third quarter of 1984 at 10.7 percent.

“This is the lowest in the 1981 series.

The GDP quarterly series started in Q1 [first quarter] 1981. So we can say this is the lowest in the entire series,”National Statistician Claire Dennis S. Mapa told BusinessMirror via SMS. PSA said in terms of the major industries, agriculture grew 1.6 percent in the second

which, along with the Free Legal Assistance Group (FLAG), handled many human rights cases during the Marcos dictatorship.

Among those who previously questioned the legality of the measure are former SC justices Antonio Carpio and Conchita Carpio Morales, several lawyers, lawmakers, human rights advocates, youth groups, labor rights groups, journalists, and artists.

The government is now finalizing the implementing rules and regulations (IRR) of the ATA of 2020.

The ATA of 2020 took effect on July 18, and Department of Justice (DOJ) and other concerned agencies have 90 days to come up with its IRR. Earlier, the SC directed the consolidation of 19 petitions earlier filed questioning the constitutionality of the law.

Prior to this, it directed the respondents Office of the President, several agencies under the Executive Department, and both Houses of Congress to comment on the eight petitions that were initially consolidated within 10 days upon receipt of notice.

quarter, higher than the 0.7 percent posted in the same period last year.

However, Industry and Services both became casualties of the pandemic as these sectors contracted 22.9 percent and 15.8 percent, respectively.

Mapa said Industry’s contraction was the worst in the current 2018 based series. The last time industry posted a similar double-digit contraction was in the first quarter of 1985.

Contraction in Services, Mapa said, was also the worst in the data series. Services last posted a double-digit contraction in the third quarter of 1984 at 10.8 percent.

Expenditures

ON the expenditure side, major items that declined were: Household Final Consumption Expenditure (HFCE), 15.5 percent; Gross Capital Formation (GCF), 53.5 percent; Exports, 37 percent; and Imports, 40 percent.

On the other hand, Government Final Consumption Expenditure (GFCE) posted positive growth of 22.1 percent.

Mapa said the contraction in the HFCE was the worst in the series and the last time it contracted was in the third quarter of 1985.

For GCF, Mapa said this was also the worst since the first quarter of 1985 when contraction reached 56.6 percent.

The contraction in exports was also the worst since 1981 when the PSA started released quarterly GDP data, Mapa said.

The PSA data also showed Net Primary Income (NPI) from the Rest of the World and Gross National Income (GNI) both declined by 22 percent and 17 percent, respectively.

In terms of revision, Mapa said the PSA would likely revise the second quarter data given that only 80 percent of the data needed was included in the computation.

He said it was rare for PSA to obtain 100 percent in data collection, especially in the preliminary estimates of the GDP data.

Invest…

Continued from A8

recession” after two consecutive declines in the gross domestic product (GDP), as the GDP declined further to 16.5 percent in the second quarter from 0.7 percent in the first quarter.

He prodded the government to “take swift and decisive actions” within the remaining months of the year to help the poor and revive the demand side of the economy, noting how household consumption in Q2 declined by 15.5 percent.

“We need to do a second round of social amelioration program. We should expand it but we must retain those families who received the first tranche because they are the ones who are badly hit by the pandemic,” said Drilon.

Asserting the urgency for Congress to increase the stimulus fund under Bayanihan 2, Drilon noted the House of Representatives had passed the measure on second reading on Wednesday, with a P162 billion stimulus fund.

Meanwhile, the Duterte government should also take a look at strategies on arresting the increasing Covid-19 cases, Drilon added, saying the rising cases “shatter people’s confidence.”

For his part, Sen. Panfilo Lacson compared the Covid-19 contagion that confronted the Duterte administration to a “tightrope act.”

In a statement, Lacson noted that the Covid-19 pandemic “placed the government in a very precarious situation as in a tightrope-like balancing act between the health and economic issues, which presents a no-win-all situation.”

Lacson laments this was “why it is revolting to discover so much unabated corruption in PhilHealth involving billions that could have been put into good use in adequately addressing at least the issue of health.”

However, Lacson said he was still inclined “to believe, as often expressed by the country’s economic managers, that we continue to benefit from our strong economic fundamentals which can pull us through this crisis, until such time that a vaccine that has guaranteed efficacy is finally developed to address the pandemic.”

Proposals for reconstruction

ACCORDING to Salceda, he is now drafting proposals for economic reconstruction, to be released for government consideration in the coming weeks and months.

Second, Salceda said Congress should urgently pass economic reforms that will enable more investments to enter our country are now urgent.

“We have to pass the Corporate Recovery and Tax Incentives for Enterprises Act [CREATE], the amendments to the Foreign Investments Act, Retail Trade Liberalization Act, and Public Service Act. We have already given our versions of all of these reforms to the Senate, so we hope for their speedy approval,” he said.

“We cannot attract new jobs and new investments if, as the OECD [Organization for Economic Cooperation and Development] says, we are the most restrictive to investments in Asia,” added Salceda, also the chairman of the House Committee on Ways and Means.

Third, the government should also focus on agriculture, which grew by 1.6 percent despite the quarantine, he said.

“Agriculture is a hedge from economic crises. As food will always be an essential good, food production will always be a resilient industry. I am a principal author of the amendments to Agri-Agra, which will boost credit to the whole agricultural value chain,” he added.

He reiterated his proposal [under the stimulus program] to condone the agrarian reform beneficiaries’ loans in LandBank. “This will release 1.228 million hectares of land for more efficient agricultural use, and will benefit 682,000 ARBs,” Salceda said.

LasT, the economist-lawmaker said the country should also expand the healthcare capacity while protecting health care workers at all costs to make consumers and businesses confident.

“Our health outcomes correlate with our economic outcomes. We need to get our stuff together on the health front.

There is no tradeoff between health and livelihood. But there are ways to protect both: expand our healthcare capacity, protect health care workers at all costs, make contact tracing and testing effective and widespread, and make consumers and businesspeople reasonably confident,”he said. Jovee Marie N. Dela Cruz, Butch Fernandez

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Friday, August 7, 2020 A3

www.businessmirror.com.ph

Dizon: Covid-infected count jumped due to PHL’s massive testing

By Samuel P. Medenilla @sam_medenilla

T

HE Philippines now has the biggest Covid-19 testing capacity in the whole of Southeast Asia.

Bases Conversion and Development Authority (BCDA) chief and Covid-19 testing czar Vince Dizon said the country’s over 30,000 daily tests is almost double than those from its neighboring countries like Indonesia, Singapore, and even South Korea.

He attributed this to the country’s expanded targeted testing initiative, which now covers more groups, as well as the operation of more testing laboratories.

Since March, Dizon said, the country was able to test 1.7 million

people. Over a million of these cases are from Metro Manila.

The increased testing capacity, he added, contributed to the spike of confirmed Covid-19 cases in the country.

As of Thursday, the Department of Health was able to register 119,460 confirmed cases. Of these infected individuals 2,150 died and 66,837 recovered from the disease.

The Singapore-based newspaper, the Strait Times, reported on Tuesday that the country was now poised to overtake Indonesia as the “epicenter” of Covid-19 in Southeast Asia.

On Wednesday, Indonesia already registered 116,781cases, while Philippines tallied 115,980 infected cases that day. Indonesia has yet to report its latest Covid-19

cases as of this writing.

Dizon called the Strait Times’s report as “speculative,” stressing the country has a higher daily tests compared to Indonesia.

“We will only learn of the actual extent, or numbers of Covid-19 infections, if we conduct the needed testing and tracing,” Dizon said at the launch of the One Hospital Command (OHC) Center in Makati City on Thursday.

The government is ramping up its testing, treatment, isolation, and treatment initiatives for Covid-19 as it plans to once again relax community restrictions in Metro Manila and its neighboring provinces, even as the move may runs the risk of another spike in the count of infected individuals in the country.

Task force chief tags populated areas, ecozones as virus ‘hot spots’

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HE National Task Force (NTF) Against Covid-19 has identified economic zones and densely populated areas as the most likely “hot spots” for infections because of poor compliance to quarantine measures in the said areas.

At the launch of the One Hospital Command (OHC) Center in Makati on Thursday, Chief Implementer of the government’s national policy on Covid-19 Retired Gen. Carlito Galvez revealed they have uncovered “grave violations” in economic hubs.

“We saw that there are grave violations in terms of observing minimum health standards like establishing can-

teens, or having smoking areas, that became the source of contamination,” Galvez pointed out.

He added that ecozone workers may have been also exposed to the infection while availing of shuttle services provided by their respective companies.

The NTF head also said there were more cases of infections in “densely populated areas especially in poor communities.”

He noted people living in the said communities are unable to observe social distancing since they live in small and cramped homes.

These issues, Galvez said, are more

Gamboa rallies cops to carry out mandate as PNP observes police service anniversary

By Rene Acosta

N

@reneacostaBM

ATIONAL Police chief Gen. Archie Gamboa enjoined policemen on Thursday to adhere to their mandate of serving the country and Filipinos in the sustained effort of the Philippine National Police (PNP) to evolve into a world-class organization.

“In honor of our legacy, we will continue performing our mandate with renewed strength and continue building a resilient and stronger PNP,” Gamboa said during the celebration of the PNP’s 119th year of police service anniversary.

In line with President Duterte’s vision of change, Gamboa said the police force “will confidently rewrite the PNPs new narrative and be a world-class law-enforcement agency—a source of national pride.”

President Duterte delivered his virtual message during the celebration, which was attended by top police and other government officials led by Interior Secretary Eduardo Año.

Gamboa paid tribute to current and former officers and men of the PNP who have spelled a name for the organization and contributed to the building of the police force’s great standing and steered it to where it is now.

“As we celebrate this momentous event, let me take this privilege to honor and to thank the strong men and women of our organization for heroism offered and faithful services rendered in the pursuit of our mandate,” he said.

“May we also give our respect to the lives and services of our fallen heroes, who gave their lives in the name of the service. And there is no greater way to honor them, than by carrying on the work that they left behind,” he added.

The PNP chief underscored the efforts of policemen in the national battle against the Covid-19 by serving as frontliners, and as such, “were selflessly sacrificing and risking their lives in the delivery of our mandate to serve and protect the people.”

He said that the contagion, at the same time, was also providing the PNP the critical opportunity to learn more “about the essential principles underpinning large-scale transformative change and innovative solutions” to survive the pandemic.

“Together as a team, we will win this war,” Gamboa said.

pronounced in the National Capital Region, Bulacan, Laguna, Cavite, and Rizal, which were recently placed under modified enhanced community quarantine (MECQ) last week.

The implementation of MECQ aims to allow overworked frontline medical workers in the said areas to rest and give time for the government to intensify its testing, tracing, isolation, and treatment activities for Covid-19 patients.

Galvez said they are now coordinating with local government units to ensure people will comply with basic health standards to minimize their chances of being infected.

Samuel P. Medenilla

PUV drivers, vendors priority in Makati’s Covid pooled testing

M

AYOR Abby Binay on Thursday said Makati City will be the first local government unit in the country to conduct pooled RT-PCR Testing for Covid-19, and will give priority to publicutility vehicle (PUV) drivers and market vendors when it starts testing on August 15.

“We are initially targeting 10,000 individuals, mostly PUV drivers and market vendors who are among the sectors that are most exposed to the virus. Later on, the pooled testing method can be applied to other sectors,” Mayor Abby said in a news statement.

The mayor on Wednesday signed a memorandum of agreement with the Philippine Children’s Medical Center (PCMC), the Philippine Center for Entrepreneurship, and the BDO Foundation, to formally begin the pilot implementation of the pooled RT-PCR Testing, developed under Project ARK. Makati is con-funding the project.

Under the pooled testing method, swab samples of multiple individuals are tested at the same time. If the result is positive, all the individuals in the pool will be tested separately. If the swab test comes back negative, there is no need to test everyone in the batch.

“I am honored that Makati City is taking the lead in this groundbreaking initiative. Covid-19 is bigger than all of us. As mayor, I will gladly take on additional responsibility if it would lead to better testing, isolation, and treatment for patients infected with the coronavirus,” Mayor Abby said.

She noted that the results of the study are expected to have a big impact on mass testing protocols and could lead to more efficient handling of coronavirus cases all over the country. The study was pioneered by PCMC and is now in its second phase.

Under the agreement, Makati City will select groups of people, or communities to be swabbed. Makati health personnel will be trained on proper swabbing and sample pooling methods. The city will then apply the results of the research to its own health policies and programs for better Covid-19 response.

A4 Friday, August 7, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

Household spending to shrink House leaders reaffirm support for Duterte’s Covid-19 response by 4 percent this year–Fitch L

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By Tyrone Jasper C. Piad

HE Philippines’s real household spending this year is seen contracting more than it did during the Great Financial Crisis (GFC) over a decade ago as the Covid-19 pandemic-induced lockdowns dampen consumer behavior.

Fitch Solutions, in a report released Thursday, said household spending in 2020 will shrink by 4 percent, which is higher compared to the 2.9-percent real rate contraction during the 2008-2009 GFC. The recent forecast—traversing to negative territory the first time this year—is the lowest that the Fitch unit gave to the Philippines so far.

In May, it downgraded its outlook to 3.4-percent growth from 5.8 percent earlier as consumers are likely to focus only on the essentials like food and health-related expenses.

The Fitch research arm said the 4percent contraction was also a steep decline from the estimated growth of 5.5 percent last year. Still, this figure is better than BDO Unibank Inc.’s forecast of 6.5-percent drop this year.

“Driving our negative outlook view for 2020 is the general economic outlook for the Philippines, with real GDP [gross domestic product] projected to contract by -2.0 percent in 2020, from a growth of 5.9 percent in 2019,” the Fitch unit explained.

On Thursday, the Philippine Statistics Authority (PSA), however, reported that household consumption plummeted by 15.5 percent already in the second quarter—after only inching up by 0.2 percent three months earlier—as spending in transport, restaurants and hotels, recreation and culture, clothing, alcoholic beverages and education, among others, decreased as well.

The country’s GDP, meanwhile, dropped by 16.5 percent in the second quarter amid the slowdown in

manufacturing, construction and transportation and storage.

Fitch Solutions noted that unemployment was also a primary concern given that it affects the financial outlook for the consumers.

It forecasts unemployment rate, as a percentage of the total labor force, to average at 8 percent in 2020, higher than the estimated 5 percent last year.

PSA said that at least 5 million Filipinos became jobless in April following the lockdown measures in several parts of the country to contain the virus.

Apart from this, the Fitch unit pointed out that there are significant risks seen to the demand, likely affecting the spending habits of the consumers.

For example, it noted that work and social-related spending pattern was already disrupted, noting that cosmetics and hospitality sectors are the most exposed.

“Having been told to limit social contact and in some nations remain indoors during lockdowns, it will take time for consumers to actively seek more crowded settings, such as shopping malls and restaurants,” the research unit added.

Fitch Solutions, meanwhile, is anticipating a recovery for household spending next year or a 6.3-percent expansion. This, as it anticipates a 7.4-percent economic growth for 2021.

EADERS of political parties and party-list groups in the House of Representatives have signed a manifesto reaffirming their support to the government’s response efforts to address the Covid-19 pandemic embodied under the proposed P162-billion Bayanihan to Recover as One bill, or Bayanihan 2.

The House leaders also assured the immediate passage of Bayanihan 2 bill, which has been approved on second reading on Wednesday.

The proposal, which provides for the country’s Covid-19 response and recoveryinterventions,isoneofthelegislative priorities of President Duterte enumerated in his fifth State of the Nation Address (Sona) on July 27.

“We, the leaders of political parties and party-list organizations in the House of Representatives, join the Filipino nation in solidarity as we continue our collective action to contain the spread of the Covid-19 disease in the country, with the hope to mitigate the pandemic’s impact on people’s lives,” they said in the manifesto.

“Heeding to the President’s call, we now declare our commitment to unify our respective political parties and party-list organizations in order for the House of Representatives to pass the Bayanihan 2 bill at the soonest possible time,” they added.

The bill proposes a P162-billion standby fund to support response measures to fight Covid-19.

Under the measure, P10 billion shall be appropriated as a subsidy to

the National Health Insurance Program of the Philippine Health Insurance Corp. (PhilHealth) to be used solely to cover Covid-19 expanded testing and Covid-19 confinements.

A total of P10.5 billion shall be allocated to the Department of Health for continuous employment of emergency human resources for health, risk allowances for both public and private health-care workers, free life insurance for all HCWs, HCW compensation for death and critical illness, and augmentation for hospital operations.

The measure also provides for the allocation of P20 billion for the implementation of appropriate cashfor-work programs for displaced workers amid the pandemic.

A total of P12 billion shall be used to finance the programs of the Department of Social Welfare and Development, including the emergency subsidy for areas placed on hard lockdown and the Assistance to Individuals in Crisis Situations (AICS) program, among others.

A total of P51 billion will be given to government financial institutions as a capital infusion for the grant of low-interest loans to micro, small and medium enterprises and other critically impacted businesses.

“As we affix our signatures in this manifesto, we also reaffirm our support to President Duterte and commit ourselves to assist him in navigating our people out of the public health crisis engulfing the nation,” the House leaders said.

“Under President Duterte’s leadership, and with the people’s overwhelming support to all his undertakings, we trust that we shall overcome this crisis and stand stronger as a nation,” they added.

Speaker Alan Peter Cayetano, Majority Leader Martin Romualdez, Deputy Speakers Paolo Duterte and Luis Raymund Villafuerte have signed the document.

Also, signatories of the manifesto are leaders from different political parties, including Rep. Elpidio Barzaga Jr. of National Unity Party, Rep. Wilter Wee Palma of Lakas-CMD, Rep. Edgar Erice of Liberal Party, Rep. Weslie Gatchalian of Nationalist People’s Coalition, Rep. Aurelio Gonzales Jr. of PDP-Laban, Rep. Raneo Abu of Nacionalista Party, and Rep. Sharon Garin of Party-list Coalition.

Cayetano said because of the “rapidly changing face of this crisis,” Congress has included a provision to allow the Department of Budget and Management to realign and repurpose funds for the purchase of vaccines and other curative medicine as they may become available in the future.

“We all want to defeat Covid-19, but without a vaccine, the most we can do right now is adapt to, innovate, and manage the situation,” he said.

Cayetano added that while assistance to the health-care workers and the entire Bayanihan 2 are all part of the solution, it will “never be enough if we do not help each other.”

Bernadette D. Nicolas with PNA

Zambales backs govt plan for Subic crew-change hub

GOV. Hermogenes Ebdane Jr. calls for the implementation of solid health protocols to ensure the safety of local communities during last Tuesday’s forum on the planned crew-change hub in the Subic Bay Freeport.

By Henry Empeño

S

Correspondent

UBIC BAY FREEPORT—The provincial government of Zambales has thrown its full support behind a plan proposed by the national government to activate Subic Bay Freeport Zone as a crewchange hub for seafarers but underscored the need for “solid protocols” to ensure the safety of local communities affected by the project.

Zambales Gov. Hermogenes Ebdane Jr. said in a dialogue with officials of the Department of Transportation (DOTr) at the Travelers Hotel here on Tuesday that the plan has been approved in principle. He, however, asked that local concerns, especially in the choice of local hotels to be used for quarantine be adequately addressed.

“The health and safety of locals cannot be compromised,” Ebdane said in the forum attended by mayors and representatives of the towns of Subic, Castillejos, San Antonio, and San Marcelino in Zambales.

“This is our first and last requirement,” he said.

According to DOTr Undersecretary Raul del Rosario, who presented the plan, the project seeks to facilitate the arrival and departure of passengers in all airports, seaports, and land transportation hubs in the country in accordance with the guidelines set by the Inter-Agency Task Force on Emerging Infectious Diseases.

It also seeks to implement the socalled Philippine Green Lane to facilitate the speedy and safe travel of seafarers, including their safe and swift disembarkation and crew change during the Covid-19 pandemic.

He said the crew-change hub is an inter-agency undertaking involving the DOTr, Department of Health (DOH), Department of Labor and Employment, the Subic Bay Metropolitan Authority (SBMA), Department of the Interior and Local Government, Bureau of Immigration, and other government agencies.

SBMA Chairman and Administrator Amy T. Eisma, who was present in the forum as resource person, said eight hotels in the free port had agreed to accept returning overseas Filipino workers and expatriates.

But she added that there is a need to involve local government units and consult them at all stages of the crew-change project because the free port workers who would help carry out this plan would be coming from the communities around Subic.

Both Ebdane and Eisma stressed it would be necessary to cover all bases—from the moment seafarers, or other returning overseas Filipinos arrived in Subic—until their departure after quarantine, especially the specific measures in cases when returning seafarers would test positive for the virus.

Castillejos Mayor Eleanor Dominguez also asked that a list be made of all workers from Zambales who

will be assigned in the crew-change facilities so that proper monitoring can be made.

Ebdane further raised the possibility of having to house the crewchange workers at the free port as an added safety measure.

Del Rosario, meanwhile, gave the assurance that all these concerns would be looked into. He said that since July 27, the DOTr task group has consulted with concerned agencies, inspected facilities with the SBMA and Philippine Coast Guard, and drafted procedures for anchorage and airport terminal one-stop shop (OSS), as well as lodging facility protocols, in order to check out all project requirements.

Del Rosario said that as of now, they have already ascertained the availability of a DOH-licensed RTPCR laboratory; certified medical technology practitioners and technicians; swabbers and verification officers; Bureau of Quarantine-accredited facilities; anchorage and docking facility; OSS processing area; dedicated vehicles/vessels; and OSS secretariat.

In the forum, Ebdane also expressed his view that Subic would be ideal as crew-change hub.

“I know that the SBMA, headed

by Chairman Eisma, can handle this project very well. Let us help the national government, but let us also raise our concerns so that perceived problems could be addressed at this early stage,” Ebdane said.

Editor: Angel R. Calso

The World BusinessMirror

World responds to Lebanon’s plight, France’s Macron to visit

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ARIS—As Lebanese rescuers counted the dead and combed rubble for signs of life a day after a huge explosion shattered swaths of Beirut, nations near and far pledged on Wednesday that the country, already trapped in a deep economic crisis, would not be left alone.

The explosion at the capital’s port that killed at least 135 and injured thousands, with shock waves smashing deep into the city, stunned the world. From Australia to Indonesia to Europe and the United States, countries readied to send in aid and search teams.

Reflecting both the gravity of the disaster and France’s special relationship with its former protectorate, French President Emmanuel Macron was to visit Lebanon Thursday.

Paris wasted no time in dispatching two planeloads of specialists, rescue workers and supplies to Beirut on Wednesday.

The blast appeared to have been triggered by a fire that touched off a giant quantity of ammonium nitrate fertilizer stored for years in the port, which exploded with the force of a moderately strong earthquake.

The disaster comes atop the worst economic crisis in Lebanon’s modern history, and hesitancy among some backers, including France, to keep propping up a country in dire need of reform.

The European Union was activating its civil protection system to round up emergency workers and equipment from across the 27-nation bloc. The EU commission said the plan was to urgently dispatch over 100 firefighters with vehicles, sniffer dogs and equipment designed to find people trapped in urban areas.

The Czech Republic, Germany, Greece, Poland and the Netherlands were taking part in the effort, with other countries expected to join. The EU’s satellite mapping system will be used to help Lebanese authorities establish the extent of damage.

Cyprus, where Tuesday’s blast was felt approximately 120 miles (180 kilometers) from Beirut, was sending in emergency personnel and sniffer dogs. Britain promised a $6.6 million humanitarian support package.

Russia flew in a mobile hospital,

along with 50 emergency workers and medical personnel. Another three Russian flights were scheduled to arrive within the next 24 hours, carrying equipment for a coronavirus testing lab and protective gear, among other relief supplies.

Australian Prime Minister Scott Morrison told reporters Thursday that his country pledged an initial 2 million Australian dollars ($1.4 million) to the relief effort and is considering more.

He said the aid will be provided to the World Food Program and to the Red Cross for food, medical care and essential items.

Help also was coming from closer to home. Iraq was sending six trucks of medical supplies and an emergency medical team to help bolster Lebanon’s overstretched health system, and Egypt and Jordan were supplying field hospitals.

Tu n isi a wa s send ing med ic a l teams, and offered to bring 100 patients back for treatment in Tunisia.

In a mark of respect for victims, a UN-backed tribunal postponed until Aug. 18 the delivery of judgments in the trial of four people charged with involvement in the 2005 assassination of former Lebanese Prime Minister Rafik Hariri. The verdicts were to be read out Friday in a Netherlands courtroom.

Even Israeli Prime Minister Benjamin Netanyahu said his country, officially in a state of war with Lebanon, stood ready to offer to assist the Lebanese “as human beings to human beings.”

UN peacekeepers from Indonesia already stationed in Lebanon were helping in the evacuation effort, and Australia said it was donating 2 million Australian dollars ($1.4 million) in humanitarian support.

But the pledges of aid raised new questions for a country whose economic and political crisis, combined with endemic corruption, have made donors wary in recent years.

China foreign minister looks to ease US tensions, rejects ‘new Cold War’

C

hina signaled it did not want relations with the US to worsen and urged against the creation of a “new Cold War” as the world’s two biggest economies continue to clash on multiple fronts.

“We reject any attempt to artificially create a so-called ‘new Cold War’,” Chinese Foreign Minister Wang Yi said in an interview with the official Xinhua News Agency late Wednesday. “Anyone who tries to start a new Cold War in the 21st century will be on the wrong side of history and will only be remembered as the one who has upended international cooperation.”

Tensions between the US and China have heightened in recent months over issues including trade, human rights, and the rise of Chinese technology companies, driving China to say that relations had hit multi-decade lows. Tit-for-tat forced closures of consulates in each country last month were followed by an

announcement this week of the highest-level US trip to Taiwan in more than 40 years, a move Beijing said it “firmly opposed.”

“China has no intention to fight a ‘diplomatic war’ with the US as it will only hurt the interests of the two peoples even more,” Wang said.

“If the US is bent on going down the wrong path, China is ready to make due response.”

Wang also urged the US to “reject decoupling and uphold cooperation,” saying the interests of both sides were deeply entwined. Secretary of State Michael Pompeo has urged US companies to bar Chinese applications from their app stores, part of Washington’s push to banish Chinese technology from American computers and smartphones.

“Forced decoupling will inflict a lasting impact on bilateral relations, and endanger the security of international industrial chains and interests of all countries,” he said. Bloomberg News

Macron’s visit could carry some awkward moments.

In a visit to Lebanon less than two weeks ago, French Foreign Minister Jean-Yves Le Drian made clear that France, Beirut’s steadfast economic backer, would withhold support not destined directly to the Lebanese population, until “credible and serious reform measures” get under way.

W hether the French president would skirt his country’s own no-go zone and offer more than emergency aid was unclear. About $11 billion was pledged to Lebanon at a 2018 Paris conference—but on condition reforms are undertaken.

US Secretary of State Michael R. Pompeo reaffirmed “our steadfast commitment to assist the Lebanese people” in a phone call with Prime Minister Hassan Diab, according to Deputy Spokesperson Cale Brown. It was unclear what support might be forthcoming.

The World Health Organization is airlifting medical supplies to Lebanon to cover up to 1,000 trauma interven-

tions and up to 1,000 surgical interventions, following a request from the country’s health minister.

WHO spokesman Tarik Jasarevic said in an e-mail that supplies were to be airlifted from a “humanitarian hub” in Dubai in the United Arab Emirates and expected to arrive later on Wednesday.

UN deputy spokesman Farhan Haq said it was too early to say if the UN will issue an international appeal to help rebuild Beirut.

“It would seem given the amount of damage that there will be a need for additional international support for Lebanon,” he said, adding that the UN is heartened to see support from many governments and hopes all countries will stand beside the Lebanese people at this time.

Pope Francis offered prayers for the Lebanese, while in Paris a special vigil was to be held late Wednesday in the Notre Dame Maronite Church. The Eiffel Tower will go dark at midnight in mourning. AP

Friday, August 7, 2020

A5

Twitter and Facebook block Trump video, citing Covid misinformation

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witter Inc. and Facebook Inc. blocked a video shared by accounts linked to US President Donald Trump for violating their policies on coronavirus misinformation.

The Trump re-election campaign’s Twitter account, @TeamTrump, was briefly banned from sending new tweets after it posted a clip of an interview Trump did on Wednesday with Fox News in which he said children were “virtually immune” from the Covid-19 coronavirus. “[Children] don’t have a problem, they just don’t have a problem,” Trump said in the video as part of an argument for why schools should reopen.

“It doesn’t have an impact on them. I’ve watched some doctors say they’re totally immune.”

Trump posted the same video to his account on Facebook, which removed the clip shortly before Twitter froze the campaign’s account.

Both social-media companies have policies that forbid sharing misleading information about the coronavirus that could cause people harm.

The Washington Post initially reported that Twitter had barred Trump from posting to his personal account, but later corrected its story to say that the temporary ban had only impacted the @TeamTrump campaign account.

The @TeamTrump account resumed posting on Wednesday evening after the video appeared to have been taken down. “The original Tweet from @TeamTrump is in violation of the Twitter Rules on Covid-19 misinformation, and we’ve required removal,” according to a post from Twitter spokesman Nick Pacilio. Though the president also shared the video on his personal account, @ realDonaldTrump, that account wasn’t punished

because the clip was re-shared from the campaign’s feed instead of uploaded directly, Twitter said.

“Silicon Valley is hopelessly biased against the President and only enforces the rules in one direction,” Trump campaign spokesman Tim Murtaugh said in a tweet in response to the company’s actions.

Twitter, which had for years been criticized for its lack of action against the US president’s controversial tweets, has taken a more aggressive stand against Trump in recent months. In late May, the company flagged two Trump posts about mail-in ballots, part of a new policy preventing false or confusing information related to voting. Shortly after that, Twitter highlighted another tweet for violating its rules against glorifying violence when Trump tweeted that “when the looting starts, the shooting starts,” a reference to protests against police brutality and racism in Minneapolis.

Facebook has also been under fire for what critics say is a failure to enforce its rules against Trump. In early July, an outside auditor found Facebook didn’t enforce its own voter suppression policies against the president when he posted misleading information about mail-in ballots. Chief Executive Officer Mark Zuckerberg has said that fighting misinformation on Covid-19 is easier than on other topics because the company has reliable sources to help determine what is true, including the US Centers for Disease Control and Prevention and the World Health Organization. Trump’s comments on children and Covid contradicted what officials at those organizations say about the virus.

Bloomberg News

A6

Friday, August 7, 2020 • Editor: Angel R. Calso

Opinion

BusinessMirror

www.businessmirror.com.ph

editorial

The press must work for your trust

P

lease read these two comments on the role and purpose of the press and media. “It is a newspaper’s duty to print the news and raise hell”—Wilbur Fisk Storey, publisher The Chicago Times, 1861. “A legitimate journalist is someone who throws tomatoes at the powers-that-be, constantly” —Filipino freelance writer, 2020.

Mr. Storey was a staunch supporter of the US Democratic Party and backed its candidate Stephen A. Douglas in the 1860 presidential election won by Abraham Lincoln. Storey became particularly interested in “raising hell” after Lincoln signed the Emancipation Proclamation that changed the legal status under federal law of more than 3.5 million enslaved African Americans in the secessionist Confederate states whom “shall be then, thenceforward, and forever free.”

When Storey died in 1884, one obituary from a rival newspaper read: “He was without conscience, without any sense of propriety, had no regard for morality, decency, or the good name of any living creature in his desire to give ‘the news.’”

As to our local journalist, this person became extremely interested in throwing tomatoes after the 2016 Philippine presidential election.

Until then, apparently the powers-that-be were doing an admirable job at least in the mind of a “legitimate journalist.”

In times of increased and intensified national concerns—whether war, political upheaval, or as now a critical health crisis—the press and media have a crucial role to play informing the public. Even then some hell raising and tomato throwing is necessary and beneficial to the nation and the people.

Every member of the BusinessMirror staff—as with all other newspapers and media outlets—has his or her own views, prejudices, political and social biases, and personal agenda as to how the world should be. Yet our founder Ambassador Antonio Cabangon-Chua made it crystal clear from the first day that this newspaper is a public trust. While press freedom is absolute in that we can say whatever we wish to say, we as journalists were told we had the obligation and responsibility to tell the truth as honestly and factually as possible.

The opinion section is reserved for opinion. You may notice that at times our editorial journalist may be at odds with our cartoon journalist. One opinion columnist may completely disagree with another on exactly the same topic, perhaps even in the same issue.

However, when justified, we strive to raise hell and throw tomatoes regardless of who might be deserving of our disapproval. Certainly, sometimes we do not reach the high standard that we strive for but that does not keep us from trying even more to reach our founder’s goal.

Why is this so important? Once again another study of attitudes toward the press conducted by Knight Foundation and Gallup released last week shows that nearly half of all Americans describe the news media as “very biased.” That is probably true for the Philippines also.

The study found 73 percent of Americans feel that too much bias in news reports is a major problem, up from 65 percent two years ago.

John Sands, director of learning and impact at the Knight Foundation: “Our concern is that when half of Americans have some sort of doubt about the veracity of the news they consume, it’s going to be impossible for our democracy to function.” We agree.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

What must be done about PhilHealth

I

This past week, the Senate started yet another investigation into PhilHealth irregularities, this time as the Committee of the Whole. True enough, the hearing uncovered, among many other serious issues, that more than P15 billion had allegedly been wasted or stolen over the years due to many questionable transactions.

Sen. Ping Lacson, in a privilege speech delivered in July last year, claimed that WellMed Dialysis Center received around P4.24 million in reimbursements from PhilHealth, from January to June 2019. Unfortunately, the cases filed were dismissed on August 5 for lack of jurisdiction.

This, and other cases that involved PhilHealth, led to a Senate Blue Ribbon investigation shortly thereafter.

This past week, the Senate started yet another investigation into PhilHealth irregularities, this time as the Committee of the Whole (COW).

True enough, the hearing uncovered, among many other serious issues, that more than P15 billion had allegedly been wasted or stolen over the years due to many questionable

to light. Next, the Governance Commission for GOCCs (GCG) should be invited to the hearings to guarantee the validity and legitimacy of the special audit, as well as report on PhilHealth’s performance score.

The Commission on Audit (COA) should also be invited to succeeding hearings to see if PhilHealth is complying with the observations and recommendations of the commission expressed in recent annual audit reports. The Senate should also issue subpoenas for PhilHealth’s data concerning medical claims and financial information.

Since one of the major issues with PhilHealth this time around concerns their recent procurement of information technology (IT) equipment and software, they should also present their Information Systems Strategic Plan (ISSP), and explain how their purchases are justified,

Sonny M. Angara

Better Days t was only last year that the fraudulent claims of WellMed Dialysis & Laboratory Center Corp. came to a head with the National Bureau of Investigation filing complaints of estafa and falsification of public documents against the said company on June 11, 2019.

Apparently, WellMed had been filing medical claims with the PhilHealth on behalf of deceased patients, or patients who had not been getting their full weekly treatments. transactions. Worse, PhilHealth is already using its reserves, and is expected to have a net loss of P90 billion this year, and P147 billion next year, as benefit payouts increase due to the Covid-19 pandemic. Actuarial analysis by PhilHealth even projected that reserves would run out by 2021.

Clearly, urgent action must be taken—comprehensive reforms must be made. To that end, I proposed the following during my turn at the COW investigation.

The first is for a special audit of PhilHealth’s finances to be conducted, similar to what was done concerning the Priority Development Assistance Fund when the serious issue with Janet Lim-Napoles came

Where is the Philippines’ debt going?

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rothers and sisters, the Catholic social teachings said that the duty of achieving the so-called common good isn’t only borne on our shoulders. This must be expected in our current State because common good is the focus of political authority.

In other words, the welfare of all—not the interest of some—must be prioritized by our leaders in every step they take.

We wish to think that our government truly focuses on the good of all Filipinos whenever they borrow additional funds to bolster our resources in addressing the needs of the public. Did you know that in June this year, the Philippines’ debt has reached over P9 trillion? If we are to write this down, the number ‘9’ is followed by twelve zeroes. Astonishing, isn’t it? This amount of debt includes the loans made by previous administrations, but a large portion of this debt—or P6.2 trillion—came from domestic investors. With this amount, P1.1 trillion was lent within the first six months of 2020, during the onset of the Covid-19 pandemic.

The remaining debt of P2.9 trillion were from foreign lenders, and it’s good that the value of the peso is strong that the amount of our debt didn’t further inflate. We also have debts in the pipeline from the Asian Development Bank and World Bank, amounting to P216.3 billion.

Out of the P9 trillion debt, P2.5 trillion was borrowed by the Duterte administration. And like what is expected, our loans have increased because of our need to address the challenges brought about by the pandemic, like providing financial allowances for poor families, purchasing the wellneeded equipment and supplies for

Those who track government loans like Moody’s, S&P, and Fitch Ratings are confident that our country will be able to pay its debts. This is good news, and hopefully our government can help maintain the strength of our economy amid the crisis being endured by the whole world. hospitals, and implementing programs with the aim to stop the spread of the deadly disease. The temporary or indefinite closing of many businesses did not help because of the reduced collection of taxes. Nevertheless, those who track government loans like Moody’s, S&P, and Fitch Ratings are confident that our country will be able to pay its debts.

This is good news, and hopefully our government can help maintain the strength of our economy amid the crisis being endured by the whole world.

However, as citizens who pay our taxes, we need to know where our loans go, especially during this pandemic. With the enormous amount of loans our government has made to respond to this pandemic, why haven’t we conducted mass testing and aggressive contact tracing that

both in terms of price and use. Their ISSP should also be validated by the proper government departments— in this case, the Department of Information and Communications Technology. Officials from the Department of Budget and Management should also be invited to the hearings, particularly those from the Procurement Service and the Philippine Government Electronic Procurement Services, or PhilGEPS, to check and see if overpricing happened in the procurement of the IT system components. Agencies that have successfully transitioned to digital systems, as well as private sector experts, may also be invited for their inputs.

When it comes to the PhilHealth Board members themselves, the Senate’s investigation should delve deeper to see if the current policy framework ensures that those appointed to the board are independent, qualified and committed to safeguarding PhilHealth’s funds. The Office of the Ombudsman should also consider investigating high-ranking PhilHealth officers, with preventive suspensions implemented when necessary. The Presidential Anti-Corruption Commission (PACC) should also be invited to present the findings of their investigation.

These are just initial recommendations, as the Senate’s investigation See “Angara,” A7

we need to reduce the spread of Covid-19? Why are there hospitals still lacking protective equipment for their frontliners? Did the government buy overpriced protective gear with the money? Why did locally stranded individuals squeeze themselves in a sports stadium? And why hasn’t the provision of allowances for those affected by the dwindling economy continued? How much was spent to have a fast Internet connection for the students this coming school year?

Brothers and sisters, we are reminded in the book of the Romans 13:7 to “Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.”

This is part of our responsibility in achieving the common good. Our government, which collects and manages our taxes, must also be transparent in informing us on how they are using the nation’s funds, including what we borrowed in the name of the people.

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

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BusinessMirror

Growth may be delayed

Breaking the ‘barkada’ in the age of cultural appropriation

Alvin Ang

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Based on data from trade and manufacturing released a day earlier than GDP, there are signs that the lifting of the strict restrictions had allowed economic activity to return albeit slowly. This is reflected in the better trade performance in June and the return of some manufacturing activities. Inflation continues to be relatively controlled at below 3 percent in the midst of the pandemic.

These are now exposed to more instability in the coming months.

Moving forward, the reality is that the economy will have a rough sailing subject to a potential close-open game unless we do a unified and decisive approach in managing the virus and make a clear protocol of how we are to live with it until we have the vaccine. The reality is that most of the assumptions we can make on the economy is based on the confident response of consumers and firms.

This clearly is not easy and calibration mechanisms are not easily implementable. From the responses of government economic managers, the focus continues to be in the infrastructure, which is good but may not be enough if not implemented in an overall plan that integrates health systems, workplaces, transportation and housing contexts. What is good is that we hear voices of our economic managers that now recognize that there is a need to first address a unified mechanism in testing, tracing, isolating and treating. This is the base element that needs to be cemented, clarified and understood by the general public if the muchawaited confidence is to be restored.

Since resources will be pushed to the maximum limit, it must be clear that the coming months will lead to challenging business environments that will not allow for full capacity utilizations. Government cannot help everyone with dwindling resources. We cannot continue to borrow, while we are unable to collect more taxes. But government can provide the environment of confidence by ensuring that people and firms can work and do business, while observing the necessary health protocols. Along this line, what is needed is a unified communication plan to have everyone in one accord and understanding. This means that situational protocols need to be communicated to everyone because the minimum health standards may not all apply to different business situations. For example, in an office set up, what additional steps are required to ensure that the workers limit interaction? That will not be the same for a factory or for the malls and

Angara. . .

continued from A6

is still ongoing. But some courses of action could already be taken. PhilHealth President and CEO Ricardo Morales said during the Senate inquiry that 20,000 cases of possible fraud are being investigated now, and that additional investigators were hired to handle the heavy caseload.

There is no stopping the justice system from charging, convicting and imprisoning the guilty—which in turn could serve as a deterrent to any further corruption.

My late father, Senate President Edgardo J. Angara authored the National Health Insurance Act of 1995

Moving forward, the reality is that the economy will have a rough sailing subject to a potential close-open game unless we do a unified and decisive approach in managing the virus and make a clear protocol of how we are to live with it until we have the vaccine. restaurants. Clearly, there will be businesses that will require stricter protocols; we need a combination of medical practitioners and industrial engineers working together to develop appropriate workspaces. For those that cannot implement the protocols, private sector practices can be instructive. Some firms that save jobs have focused on alternate working arrangements or reskilling their workers. For essential businesses, firms should be assisted in providing in-house or near workplace accommodations. This is already being done by some BPOs and for some firms that cannot afford the scheme, this is where government should provide subsidies and loans since the firms are continuing to operate.

It should be made clear, however, that not all businesses can wait out this pandemic. We have seen many well-loved restaurants already giving up, for indeed, even if they borrow money to maintain operations, they will hardly make any sales since there are few people to visit them.

Apart from situational protocols, government will need to work out a virus-limiting public transportation plan. This is one of the challenges that require a medical, scientific and engineering approach as well. We will leave the how to of this process to the experts, but it is important that this is pointed out. We need to have a clear protocol on this because we need to move people to work and back home safely. We need the same to implement the process of assisting those who are stranded in many urban centers in the country.

All told, these are simply to help restore confidence because we should not worry about the growth of the economy at the moment. We should be developing business, consumption and working protocols on how to continue life with the virus around.

What is important is that government and private sector response will be unified and organized for the purpose of protecting the capacities of our people and industries and ensuring that they will be ready to move up swiftly once the virus threat is minimized.

(RA 7875), which established PhilHealth. His vision was for PhilHealth to play a decisive role in ensuring that our people remain healthy. I can’t help but be saddened that it is now suffering from inefficiency and has allegedly become the venue for unconscionable levels of corruption.

Nothing less than sweeping and decisive changes must be made so that PhilHealth remains a trusted pillar of our health-care system.

Sen. Sonny Angara has been in public service for 15 years—nine years as Representative of the Lone District of Aurora, and six as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate.

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

A7

Tito Genova Valiente

annotations

EAGLE WATCH

he gross domestic product results in the second quarter validated what we already know—that the virus is going to take a deep impact on our people’s lives and our firms. The 16.5 percent contraction is the deepest since the 1980s. Prior to going back to modified enhanced community quarantine this week, we were looking at a better second half economic performance. However, this now does not look plausible given the reimposition of lockdowns that will effectively push back the economic restart. Thus, we are not going to see any growth in the coming quarters probably extending early next year.

Friday, August 7, 2020

T

he most toxic debate can take place online. But last week, I could not resist partaking of the global toxin provided by social media when I responded to a heated debate about a bar or restaurant.

Life is short, really short for this concern. That was my comment. It was polite. I could have said, “Life is short for this dumbness,” but the worlds of those involved in the discussion were hurting. I did not want to contribute to the wound and scar.

At the center of this “concern” is a bar, opened by four young men in D.C. It bore the name “Barkada.”

Tony and sleek, both the font of the name and the façade of the building connote sophistication. In fact, if I am to quibble, there is a dissonance in the hoi-polloi and gutter sound of the word and the place which uses such branding. But it is precisely that dissonance that calls one’s attention to the place.

The same dissonance would vary on two or three or even more complex labels. For the Filipino, the name would connote men huddling, macho and cool, masculine and sh_t-head but warm. The name could encompass young boys and girls mindful and unmindful of their genders, with one or two of them leaning toward the right and the rest to the left but still friends. You could go on defining what “barkada” would mean to Pinoys and Pinays (let me use these two labels because they just have chemistry with that label “Barkada”) and the semantic possibilities are endless.

For the non-Filipino, the name would be strange, not even exotic.

There is a guttural moan when you pronounce the word. But to this nonFilipino, the name is meaningless unless he asks the owners about the name and their decision to name the place as such.

Until people, mostly Fil-Americans, started to question the act of giving the place a Filipino name when it does not aim to offer any Filipino delicacy. That was one issue. Some thought it was stealing an idea from

the usually passive culture (“ah, so, they think we will just look and be shy about it?”), which would be flattered by the token use of the word that we embrace as Filipino. Yes, token. The decors are not even Filipino, another sector waved an angry flag.

What is a debate without another side or sides? A group of people, mostly Fil-Americans, found the issue a non-issue. Some saw in the conversation, however conflicted, a chance for Filipino culture to be properly introduced in another domain. Not in the form of a bamboo dance or songs about infidelities.

Anyway, who really taught us not to smile when we are performing dance steps from the deep North and the far South? Do we always leave the silly smiles to the lowland Christians in our musical presentation? But, hey, this is another issue.

But the backlash would not abate. The pressure would not stop from, I suppose, Fil-Americans who may not even like the name I append to their group. But this is another matter to debate upon.

The whole discussion, however, is not bad. Filipinos fused with whatever ethnicity have found their voices. And yet, I feel, we have lost the opportunity to have a place upon which other ethnic groups can develop a greater awareness about us—us in the States and the majority of us who have remained in the country.

The men behind the Barkada enterprise finally came out. They are Sebastian Zutant, Anthony Aligo, Nick Guglietta, and Nate Fisher. Mark those names because my friend’s reaction was: Are they Americans? They are Americans and they have apologized to those who ask that they change the name of their project. Here is their published apology: We apologize to all

we offended, and to our community we hope to serve. It was never our intention to appropriate or capitalize on the Filipino culture and we fell short in engaging more of the Filipino community.

“Community” is singular; “Filipino community” is also singular.

Outside of the US we are not Filipino community. But I do not propose that these men express their apology to all Filipinos. Some or many of us do not care about this issue. There are other battles to fight and they do not involve labels and bars.

The fact is culture is never homogeneous. It will be boring if culture has one true color. Culture is interesting because it contains different colors. Or, cultures are interesting because they are not just one single culture.

Authenticity has long been regarded as misunderstood or overrated. The cultures as lived are always about people in a journey between two or more domains of behaviors and thought-processes. We are, as James Clifford puts it, “oscillating between cultures.”

Confrontations are good; they yield new confronting idea. One thing that we all learned from this

identity dispute is the word, “Barkada” itself. The contentious label traces its roots to the Spanish word, “barcada,” which means “boatload.”

Did some (not all) of our ancestors learn about the word and its meaning? Did they decide to appropriate it in place of “balangay” or that sense of belonging to that clan based on the name of a big boat?

In 1972, a dictator changed the smallest political unit in our country from barrio to barangay, and the rest is martial law history.

What is the problem with cultural appropriation? All cultures have appropriated other cultures. We call that process change or domination or colonization. The entire United States of America is a product of massive cultural appropriations.

Filipinos in America have appropriated behavior, sense of wealth and propriety so that they would become part of the monumental American dream and citizenship. It is called living and surviving.

In the end, shouldn’t some of us apologize to Spain for our appropriation of the Spanish “barcada”? Now, this is another essay and debate.

E-mail: titovaliente@yahoo.com

PM of Spain assassinated to avenge Rizal Manny F. Dooc

TELLTALES

L

ittle is known about the murder of the Spanish Prime Minister by an Italian anarchist to avenge the death of Dr. Jose P. Rizal some eight months after our national hero’s execution by the Spanish authorities. On August 8, 1897, one Sunday afternoon, Prime Minister Senor Canovas del Castillo of Spain was shot to death in front of his wife by an Italian national named Michele Angine Golli. Del Castillo was lounging at the public bath of San Agueda in Barcelona when Golli approached him and fired at the top government official. Upon his arrest, Golli readily admitted that he shot the Prime Minister to retaliate against the execution of his fellow Barcelona anarchist, Rizal, on December 30, 1896.

Del Castillo’s wife, who was with her husband when he was shot, immediately accosted Golli while her husband was lying prostrate and dying on the ground. Golli said to the wife: “I respect you because you are an honorable lady. But I have done my duty, and I am now easy on my mind, for I have avenged my friends and brothers at the Montjuich.” The whole of Europe was horrified as reported by the New York Times on its August 9, 1897 issue. Golli was later found guilty and executed for his crime. Montjuich Castle was a fortified prison in Barcelona, like Bastille, where anarchists and revolutionaries were incarcerated. Once found guilty of the crime, the convicts were executed inside the compound by shooting them at the back. Similar

to what the Spanish executioners did to Rizal except that he had the presence of mind to make a sudden turn as the shots rang out. In Rizal’s time, only the traitors were shot at the back.

When the Spanish-American War broke out in 1898, Dr. Rizal, upon advice of his good friend Ferdinand Blumentritt, volunteered his medical services to serve in Cuba where the war was raging. When his request was approved by the Spanish Governor General Ramon Blanco, Rizal left Dapitan where he was exiled and boarded a boat, Isla de Panay, to Cuba in September 1896. Blanco even gave Rizal a letter of recommendation addressed to the Ministry of War in Spain, since Rizal would serve under the Spanish medical corps, which

read in part: “His [Rizal] conduct during the 4 years he remained in Dapitan has been exemplary, and he is, in my opinion, the more deserving of pardon and benevolence in that he is in no way involved in the chimerical attempt we are deploring, neither in the conspiracy nor in any of the secret societies that have been formed.” Blanco was referring to the incipient uprising of the Katipuneros under Andres Bonifacio following the discovery of the Katipunan in August 1896, less than a month before Rizal set sail to Cuba. However, while his ship was crossing the Mediterranean Sea, the ship captain placed Rizal under arrest upon order of the Minister of the Colonies who sent Blanco and the ship captain a telegraphic transfer. Through pressure of the friars in the Philippines, Rizal was accused of being the secret leader of the revolution, which was gaining ground while he was travelling. Rizal was arrested and confined in Montjuich Castle when his vessel bound for Cuba docked in Barcelona on October 6, 1896. Rizal was sailed back to Manila to face the charges lodged against him. His arrest made news in Spain, particularly in Barcelona. This obviously did not escape Golli’s attention who had a number of fellow anarchists imprisoned and suffering inside the Montjuich Castle. Rizal’s vessel, SS Colon, arrived in Manila on November 8, and immediately Rizal was imprisoned in Fort Santiago. In less than two months, Rizal was found guilty of high treason, rebellion, and other crimes and was sentenced to death.

Governor General Camilo Polavieja decreed the execution of Rizal by firing squad at 7 a.m. on December 30, 1896 on the field of Bagumbayan, Manila. Golli, who definitely idolized our national hero, diligently followed Rizal’s case and was shattered by Rizal’s execution. He vowed to take revenge, which resulted in the Prime Minister’s assassination.

Only recently, the cell where Rizal was detained in Montjuich was refurbished and opened to the public.

It was named the “Sala Jose Rizal.”

Aside from writing his immortal poem, “Mi Ultimo Adios,” he also penned separate letters to his father, mother, his brother Paciano, and close friend Blumentritt, and told them: “I am going to die with a tranquil conscience.” How many of us can mumble the same parting words on our deathbed?

You may wonder why a total stranger and a foreigner at that, an Italian anarchist, would be so affected by Rizal’s martyrdom to kill the Spanish Prime Minister at the cost of his life. Maybe another great Filipino could give us a glimpse of Rizal’s greatness. Rafael Palma, 22 years old at that time, personally attended Rizal’s execution in Bagumbayan field and recorded this entry in his diary, describing Rizal’s final steps to his death: “He walked with noble bearing, his body was upright, erect yet without affectation. To me that represented his whole character—inflexible, daring. I could understand why he did not bend neither to tyranny nor to death.”

A8 Friday, August 7, 2020

‘With poor info system, PhilHealth fund projections hard to validate’

F

By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary Carlos G. Dominguez III admitted that the information system of Philippine Health Insurance Corp.

(PhilHealth) does not allow them to make secure projections on its fund life as it is “in shambles.”

Dominguez told reporters that they have already made this known to PhilHealth since October last year.

“A nd now t he y ’re a rg u i ng about spending P2.1 billion on an information system, when in fact they spent close to P200 billion and…their information system is not, it’s not robust enough to capture all the data,” he said.

“So we’re saying, number one,

they have to improve their information system so we can make, not only a one-year projection, but a 10-year projection for PhilHealth.

So as of now, I will take their word that probably by late 2021 or late, 2022, they may run out of money,” he added.

This is why Dominguez said the government has allocated around P70 billion to P80 billion to subsidize PhilHealth this year.

However, in the long term, he

agreed that the administration of PhilHealth must be fixed “in order to be able to get a good handle of what exactly their liabilities and fund life are.”

Dominguez’s remarks came days after PhilHealth Acting Senior Vice President Nerissa R. Santiago revealed that the Covid-19 impact slashed the agency’s actuarial life to just one year from more than 10 years before the pandemic hit the country.

Santiago also said in a Senate hearing that PhilHealth may collapse in 2022 should it get no additional funding from the government as it needed to increase benefit payouts despite declining collections.

Officials deny pocketing P15B

IN a related development, PhilHealth also strongly denied on Thursday that its senior officials

have “pocketed” some P15 billion as alleged by its former anti-fraud officer who recently resigned.

“The Philippine Health Insurance Corporation [PhilHealth] categorically denies in strongest terms that its senior officials have ‘pocketed ’ some P15 billion as alleged by Thorsson Keith during the Senate hearing on August 4, 2020,” it said in a statement.

“His malicious claims not substantiated by evidence were obviously made to malign officers that rejected his ambitions for higher offices which he is not qualified for,” he said.

Moreover, PhilHealth said the fund alluded to by Keith was the Interim Reimbursement Mechanism (IRM) that was released to a total of 711 health-care facilities to ensure efficient and timely response to the Covid-19 pandemic.

The state health insurer also debunked the alleged favoritism in the release of funds to hospitals.

It has also since pointed out that the IRM is governed by government accounting and auditing rules, hence, it is subject to liquidation by its recipients.

“The PhilHealth regional offices have been given the flexibility in the timing of liquidations recognizing the situations in each hospital,” it said.

“It is worthy to note that in recognition of the crucial help that the IRM plays in the fight against Covid-19, the Philippine Hospital Association, in a statement, expressed their support to its implementation in all levels of hospitals [including infirmaries] to help them to financially cope with the demands of increasing its capacity to respond to Covid-19,” it added.

AMRO downgrades forecast for growth in Asean, PHL this year

By Cai U. Ordinario @caiorditnario

T

HE Asean+3 Macroeconomic Research Office (AMRO) has revised its GDP forecast for

the Philippines and the rest of the region downward this year.

In its Asean+3 Regional Economic Outlook 2020 Update, AMRO said the Philippine economy will likely contract by 6.6 percent this year

before posting a growth of 6.5 percent next year.

For the Asean, AMRO expects GDP to contract 2.6 percent this year before rebounding to 5.7 percent next year. For all Asean Plus-

3 economies, including Asean Plus China, Hong Kong, Japan, and Korea, the growth will average zero percent in 2020 and hit 6 percent in 2021.

“The biggest challenge facing Asean+3 policy-makers will be balancing the trade-off between easing restrictions to revive the economy and risking a second or even third wave of infections,” the report stated.

“Developments observed elsewhere in the world serve as salient lessons for the region’s policymakers when designing the lifting of current curbs on domestic activity and, more so, cross-border travel,” it added.

Cur rently, A MRO said the Asean-5—consisting of the Philippines, Indonesia, Malaysia, Thailand, and Singapore —are the slowest to recover from the pandemic.

Other Asean countries, particularly the BCLMVI—Brunei Darussalam, Cambodia, Laos, Myanmar, and Vietnam—were proactive in implementing social distancing measures. This has made them successful in their containment measures.

AMRO said the region is expected to follow a gradual U-shaped recovery due to the efforts to contain the virus. However, all Asean+3 economies are expected to rebound.

“AMRO expects the region’s weak economies in 2020 to re-

bound in 2021, in part because of this year’s low base, but high uncertainty surrounds these projections,” AMRO said.

“This trajectory assumes that any unwinding of policy measures proceeds smoothly, and is predicated on the effective containment of the Covid-19 virus, both regionally and globally,” it added.

In a statement, AMRO said strict containment measures to prevent the virus from spreading in the Asean+3 region have caused economies to come to a standstill, leading to massive increases in unemployment.

The lockdowns also caused disruptions of business operations and widespread collapse in domestic demand. Bans on international travel have decimated the region’s all-important tourism sector.

However, AMRO said the pandemic has been relatively well contained in the region and authorities have begun to gradually open up their economies.

Recent indicators show significant improvements in production and trade for some, while highfrequency indicators of people movement suggest that activity within the region has been gradually recovering in recent weeks as containment measures are eased.

However, the opening up has also led to renewed outbreaks in several places and authorities have had to retighten restrictions.

INVEST IN HUMAN CAPITAL, SAVE PEOPLE’S INCOMES–LAWMAKERS

T

HE cochairman of the House Economic Stimulus Response Package Cluster on Thursday urged economic managers to make infrastructure and human capital development investments to ensure that the contraction in the gross domestic product (GDP) will not translate into permanently lost income.

Albay Rep. Joey Sarte Salceda said the government should first have to make equivalent investments in infrastructure and human capital development either this year or next year, saying, “I am in talks with the economic managers on this matter.”

“This [16.5 percent GDP contraction in the second quarter] is a bad number, but this is best understood in perspective. Even with 50 percent to 70 percent of mobility paralyzed, the Philippine economy can still

perform at about 80 percent capacity. If that is not the definition of economic resilience, I don’t know what is. We can build on these strengths.

But we, the economic team in Congress, and our counterparts in the Cabinet, will have to keep working hard,” he added.

Quick action

SENATORS said they expect the government to take quick remedial measures to bounce back from 16.5 percent decline in the GDP, even as Senate Minority Leader Frank Drilon described “the grim turnout to be worse than what the Duterte administration expected it to be.”

Recalling that Bangko Sentral Governor Benjamin Diokno had earlier projected it to be around 5.7 to 6.7 percent decline in the second quarter, Drilon noted the Philippines is “now in See “Invest,” A2

H1 palay output up, RCEF role debated

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE country’s palay output in the first half grew slightly to 8.386 million metric tons (MMT) from 8.269 MMT as farmers used more “good quality” seeds provided by the government under the Rice Competitiveness Enhancement Fund (RCEF).

However, industry stakeholders and experts sounded the alarm that the impact of RCEF is yet to be seen as palay output this year was lower compared to 2018 and 2017, when additional rice production interventions like RCEF were absent.

Palay output in the January-toJune period of 2017 and 2018 was at 8.569 MMT and 8.71 MMT, respectively, Philippine Statistics Authority (PSA) data showed.

PSA data also showed that palay output in the second quarter rose by 7 percent to 4.125 MMT from 3.852 MMT recorded last year.

The Department of Agriculture (DA) attributed the recovery to farmers using more “good quality” seeds.

Industry stakeholders noted, however, that dismal palay output in the second quarter last year was due to the adverse impact of El Niño to rice farms.

Furthermore, despite initial RCEF interventions such as free high-yielding seeds, palay output in the second quarter was still lower than the 4.15 MMT recorded output in the April-to-June period of 2017, based on PSA data.

The second quarter output was just also slightly higher than the 4.09 MMT output recorded in the same period of 2018, PSA data showed.

Economist Pablito M. Villegas said the loss of about 150,000 rice harvest area last year could be a factor to the paltry performance of the rice sector in the first half.

However, Villegas pointed out that the RCEF seed interventions may have mitigated somehow the detrimental impact of the shrinkage in total harvest area.

“Producers respond to price signals and under the rice trade liberalization law palay prices were depressed last year. It adversely affected farmers’ planting intentions for the first quarter and second quarter this year,” he told the BusinessMirror.

“However, this could also be the initial impact of the RCEF seeds, the positive incremental output. Because somehow it was able to offset the dramatic decision of farmers not to plant this year,” he added.

Federation of Free Farmers (FFF) National Manager Raul Q. Montemayor echoed Villegas’s remarks that buying prices for palay are still a bigger consideration than RCEF in determining farmers’ planting intentions.

“I was also intrigued about the good performance of rain-fed areas during the first semester. I don’t think many rain-fed areas are included in the RCEF seed program, so the good performance might have been due to good weather,” Montemayor told the BusinessMirror.

“And if we analyze the first semester as a whole - not just second quarter - we performed even worse than in 2018, and only marginally better compared to 2019,” he added.

Montemayor said palay output in the first half should have been better than 2017 and 2018 production levels due to RCEF interventions.

“So it seems the impact of RCEF was negligible if any,” he said.

Under the RCEF, which was created by the RTL law, rice farmers will receive P3 billion worth of highyielding seeds for free from 2019 to 2024. Rice farmers would also receive P5 billion worth of free machinery during the period. The BusinessMirror sought comments from the DA about the matter but there was no response as of press time.

Companies BusinessMirror

www.businessmirror.com.ph

SMC incurs losses as units reel from pandemic fallout

C

By VG Cabuag

@villygc

onglomerate San Miguel Corp. (SMC) said it incurred a net loss of P4 billion in the first half, a reversal of the P26.15-billion net income it posted last year, as lockdown restrictions paralyzed the operations of its subsidiaries.

Revenues declined 31 percent to P352.8 billion, from last year’s P509.49 billion, while consolidated operating income plunged 74 percent to P14.9 billion, from the previous P57.61 billion.

“The first half was particularly challenging for most in the business sector but we are seeing strong indications of a recovery for SMC businesses, and we remain focused and determined to build on these gains,” San Miguel President and COO Ramon S. Ang said.

“Government reopening the economy, and allowing businesses to operate under strict health and safety protocols was a very good call. Given that we’re still in a pandemic, saving lives is still our priority. As such, we fully support the new modified enhanced community quarantine in support of our medical frontliners.”

The pandemic shut almost all economic activity in the country from mid-March to mid-May, and two of

Lockdown wipes out Philippine Seven gains

P

hilippine Seven Corp., the holder of the local master franchise of 7-Eleven convenience stores, said it incurred a net loss of P389.7 million in the first half, compared to last year’s net income of P485.3 million.

The company attributed the losses to the lockdown which prevented customers from going to their stores. Much of the loss was incurred in the April-to-June period, when the damage reached P493.5 million and wiped out the company’s income in the first quarter.

System-wide sales for the first half was down 11 percent to P24.04 billion, from last year's P26.98 billion. Much of the drop also came in during the second quarter when sales fell 31 percent to P9.9 billion, from last year's P14.45 billion.

“The impact of the various levels of community quarantine was fully felt in the second quarter as same-store sales significantly dropped by 25.5 percent. This is attributed to the sharp decrease in average customer count,” the company said.

The company said during the first few weeks of the enhanced community quarantine that started in mid-March, up to 30 percent of all stores were closed. The company slowly reopened during the sec-

ond quarter to provide essential services to the public.

In June, less than 10 percent of stores remained closed and this was further reduced to 5 percent in July. The company earlier said those that remained close until today may have to be permanently shut due to various reasons.

The company ended the first half with a nationwide store count of 2,930, 10 percent more than same period in 2019.

There are 2,222 7-Eleven stores in Luzon, of which 1,019 are in Metro Manila, 425 in Visayas, and 283 in Mindanao. The franchised-stores accounted for 55 percent of the total, while the remaining 45 percent are corporate-owned.

The company said its cash level remains to be above the normal operating requirements and there are still sufficient credit lines made available by major banks to provide additional liquidity if needed.

“This shall enable the company to pursue its corporate strategies as response to the lingering threats brought about by the pandemic. The pivot to more essential products and service offerings is being executed swiftly to respond to the changing needs of the customers,” it said. VG Cabuag

CAAP requires flyers to wear face shields starting Aug. 15

I

nternational and domestic passengers will be required to wear face shields—aside from face mask— starting August 15, according to the Civil Aviation Authority of the Philippines (CAAP).

The advisory came in the wake of the Department of Transportation (DOTr) directives addressed to all public transportations, including the aviation, railway, road and maritime sectors after the National Capital Region and other provinces were placed anew under modified enhanced community quarantine (MECQ).

CAAP said it will implement the DOTr directives seeking to reduce the transmission of Covid-19 infection in all public transport facilities.

CAAP said airlines officials in all airports in the country were directed to require all passengers to wear face mask upon arrival at the airport and wear the face shield prior boarding the aircraft.

Aside from the mask and face shields, passengers are also required to bring their negative Covid-19 test results or certification and present them to airline staff at the counters.

Health authorities pointed out that the use of face shields and masks reduces exposure to and emission of respiratory droplets considerably.

“Let us not think of this requirement of using face shield as an additional cost or inconvenience,” Transportation Secretary Arthur Tugade said. “Let us remember

that no amount of protection is too much when it comes to health and safety, especially that we are battling an invisible enemy.”

Meanwhile, Philippine Airlines (PAL), Cebu Pacific (CEB) and Air Asia have cancelled their domestic flights from Manila to other domestic destination while some international destination continues but with restrictions.

The local carriers continue to implement enhanced biosecurity preventive measures to keep their passengers and personnel safe. These safety measures include daily extensive cleaning and disinfection protocols for all aircraft and facilities, rapid antibody testing for all frontliners and crew and contactless flight procedures, based on global best practices and safety standards.

“Local authorities may have specific requirements and regulations, depending on the destination. Passengers are advised to check with the concerned LGU [local government unit] first and select destinations that are closest to their residences,” the carriers said.

“Without any of these requirements, passengers may be denied check-in or boarding.”

The local carriers appealed to all departing passengers headed for the airport to check for real-time flight status on airline websites and not to go to the airport unless they have verified and confirmed their flight schedules.

Recto Mercene

its subsidiaries were particularly hit the hardest—San Miguel Brewery Inc. and Petron Corp. Both companies suffered steep decline in revenues, with the refiner reporting a P14.23-billion loss for the period from the previous income of P2.62 billion, while the brewer's income was cut by 61 percent to P5.02 billion, from last year's P13.25 billion.

Petron continues to improve its productivity and reduce expenses to cope with the Covid-19 impact. Cash preservation initiatives have also been initiated. With crude prices stabilizing on the back of improving demand, some recovery in refining margins are expected moving forward, the company said.

Its other businesses such as food, liquor, power generation and infrastructure all generated income, but were all offset by Petron’s losses.

“The best thing we can do is to work hard to continue providing essential goods and services to our people, while adjusting our operations to fully adhere

to the quarantine,” Ang said.

"We are fortunate that during the easing of the quarantine, we were able to put in place and strengthen strategies that will help us operate better, get our products and services to more customers, support long-term growth, and help boost our economy during these challenging times.”

One of the measures the company implemented is the opening of its own Covid-19 PCR testing lab, designed to test and safely get some 70,000 employees, consultants, service providers, and partners back to work. It has a capacity of 4,000 tests per day.

The company also recently launched its online ordering platform (www.themall.sanmiguel.com.ph) that houses all its major consumer product segments.

“Our commitment is to continue doing our part to help our country any way we can, including providing aid, pushing through with major investments to boost and strengthen our economy,” Ang said.

Friday, August 7, 2020

B1

Global health crisis cuts profits of ICTSI

I

nternational Container Terminal Services Inc. (ICTSI) saw its profits declining by 12 percent to $113.4 million in the first half, from $128.5 million a year ago, due to the global health crisis.

Enrique K. Razon, the company’s chairman, also reported that his group’s revenue fell 4 percent to $724.3 million, from $751.8 million, as Covid-19 continued to affect the global supply chain. The group handled 7.78 million twenty-foot equivalent units in the said period, a 5-percent decline from 5.04 million TEUs the year prior.

Its consolidated cash operating expenses in the first six months of 2020 was 4 percent lower at $222.8 million compared to $232.0 million the year before, as it implemented costreduction measures to cushion the impact of the pandemic.

“Our primary focus and central to our decision making since the start of the Covid-19 outbreak has been, and remains, the safety and wellbeing of our employees, customers, and our stakeholders," Razon said.

“We took immediate action to preserve cash and reduced our capital expenditure in what has been a period of significantly reduced economic and international trade activity, brought about by protracted lockdown periods for many countries around the world.”

ICTSI has reduced its capital expenditure program for 2020 to approximately $160 million, which will be utilized to complete its ongoing expansion projects.

“These prudent measures taken early on, our diversified portfolio and maintaining a very high level of service to our clients has helped cushioned the impact from the pandemic and generated a resilient and better than expected performance,” Razon said. Lorenz S. Marasigan

B2

Companies BusinessMirror

Friday, August 7, 2020

PSE STOCK QUOTATIONS

August 6, 2020

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

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

45.3 90.85 65.3 20 7.57 35.15 8.02 19.92 15.76 90 52.95 21.75 0.485 2.52 0.95 0.265 700 0.61 154.1 1

46.65 91 65.5 20.05 7.58 35.3 8.2 19.98 15.78 91 53 21.8 0.54 2.63 0.99 0.275 735 0.62 156 1.14

46 91.4 65.6 20.05 7.5 35.4 8 19.9 16.06 90.1 53.8 21.6 0.48 2.64 0.95 0.27 740 0.61 155 1

46.65 92 66.5 20.05 7.64 35.65 8 19.98 16.06 92 53.8 21.75 0.56 2.64 0.95 0.27 740 0.63 155 1

46 90.1 64.05 19.9 7.5 35 8 19.7 15.74 89.8 52.95 20.7 0.48 2.51 0.95 0.265 740 0.6 154 1

46.65 91 65.5 20.05 7.57 35.3 8 19.98 15.78 90 52.95 21.75 0.56 2.62 0.95 0.265 740 0.62 154.1 1

6000 4757730 5591900 74000 1116300 2452400 11200 31600 65700 288970 940 48400 14000 194000 10000 650000 10 472000 820 20000000

276650 433454560 363762819.5 1480944 8434378 86588875 89600 627934 1037670 26246576 49885 1047060 6960 497750 9500 172600 7400 289840 126316 20000000

271985 -56116638.5 -76485220.5 -516005 -24293 -17169385 39824 -932037.9999 732070 9508 -

INDUSTRIAL AC ENERGY 2.55 2.57 2.63 2.69 2.55 2.55 17428000 45293470 10791170 1.18 1.2 1.2 1.26 1.18 1.18 937000 1136770 -331920 ALSONS CONS ABOITIZ POWER 24.25 24.3 25 25.3 24.3 24.3 2555600 63227995 36406565 BASIC ENERGY 0.16 0.168 0.172 0.172 0.153 0.168 2790000 452160 26.7 26.75 26.7 26.7 26 26.7 458000 12111705 2453780 FIRST GEN 58.6 58.65 58.3 58.75 58.3 58.6 507170 29726281.5 -28291116 FIRST PHIL HLDG MERALCO 263 266.6 259.4 266.6 259.2 266.6 98330 26072204 5506219.9997 MANILA WATER 12.7 12.72 12.8 12.8 12.58 12.7 346000 4389924 -2103006 3.08 3.1 3.1 3.12 3.03 3.1 1603000 4931790 2695900 PETRON 3.13 3.24 3.2 3.32 3.12 3.12 95000 299430 PETROENERGY PHX PETROLEUM 11.2 11.4 11.3 11.4 11.12 11.4 68100 775512 17.68 17.7 17.4 17.86 17.32 17.68 1337900 23603782 -560664.0002 PILIPINAS SHELL 7.96 8 8 8.04 7.96 8 56300 449020 -2400 SPC POWER 7.29 7.38 7.4 7.4 7.21 7.38 36600 269005 91144 AGRINURTURE AXELUM 2.12 2.13 2.17 2.22 2.12 2.13 13676000 29405200 -116620 CENTURY FOOD 15.8 15.82 14.9 15.94 14.88 15.8 4773000 74466094 11997642 5.96 5.97 6.1 6.1 5.85 5.97 858100 5140337 -1993771 DEL MONTE DNL INDUS 4.55 4.56 4.65 4.69 4.54 4.56 2083000 9516670 -4857170 EMPERADOR 9.1 9.13 9.13 9.23 9.07 9.1 10183500 92,929,212( 20,857,668.0003) 62.85 63.2 63.5 63.5 62.5 63.2 86290 5425855 -2106275.5 SMC FOODANDBEV 0.62 0.63 0.62 0.63 0.6 0.62 437000 266830 ALLIANCE SELECT FRUITAS HLDG 1.18 1.19 1.22 1.22 1.17 1.19 7055000 8364950 26140 GINEBRA 35 35.75 33.95 35.85 33.95 35 230100 7968285 239755 135 135.1 130 135 129 135 842300 112551592 41896263 JOLLIBEE 6.88 7.48 7.5 7.5 7.5 7.5 900 6750 MACAY HLDG MAXS GROUP 4.47 4.54 4.59 4.72 4.5 4.53 314000 1448030 -34460 SHAKEYS PIZZA 5.58 5.6 5.61 5.87 5.58 5.6 1634400 9159151 -3307345 1.15 1.17 1.19 1.21 1.15 1.17 2260000 2652330 -404770 ROXAS AND CO 4.43 4.54 4.48 4.54 4.48 4.54 529000 2380770 31110 RFM CORP UNIV ROBINA 133.9 134.4 132 134.4 130.3 134.4 715880 95403777 72446709 VITARICH 0.77 0.78 0.79 0.79 0.77 0.77 6402000 4990010 -70840 2.23 2.65 2.22 2.22 2.22 2.22 3000 6660 VICTORIAS CONCRETE A 51.35 54.35 52.05 54.45 51.05 54.35 330 17402.5 54 54.5 55.95 55.95 54.5 54.5 320 17737.5 CONCRETE B 0.99 1 1.01 1.01 0.98 0.99 12843000 12772890 4341300 CEMEX HLDG 10.3 10.38 10.3 10.38 10.26 10.38 114000 1177868 -324224 EAGLE CEMENT EEI CORP 5.08 5.09 5.05 5.09 5.03 5.09 278300 1407086 5 5.02 5.38 5.44 4.98 5 2055500 10564555 -52040 HOLCIM 6.5 6.51 6.67 6.75 6.45 6.5 1426600 9372438 -2356686 MEGAWIDE 8.85 9 9 9 9 9 500 4500 PHINMA TKC METALS 0.65 0.69 0.68 0.7 0.64 0.69 324000 219730 0.76 0.77 0.75 0.77 0.73 0.76 529000 399070 VULCAN INDL 1.85 1.88 1.89 1.89 1.88 1.88 15000 28300 CROWN ASIA 1.98 2 2.05 2.05 1.97 1.98 1104000 2208270 -7920 EUROMED MABUHAY VINYL 3.59 3.63 3.83 3.83 3.63 3.63 36000 131950 4.02 4.1 4.02 4.02 4.02 4.02 2000 8040 PRYCE CORP 18.32 19.7 18.96 18.96 18.96 18.96 2200 41712 CONCEPCION GREENERGY 1.69 1.7 1.71 1.71 1.68 1.7 1841000 3124500 10910 INTEGRATED MICR 4.63 4.64 4.7 4.71 4.63 4.63 67000 312000 -181390 0.95 0.98 0.95 0.98 0.95 0.98 51000 49230 -2940 IONICS 1.35 1.36 1.42 1.44 1.35 1.36 2878000 3976260 -899.9999 SFA SEMICON CIRTEK HLDG 5.98 5.99 6 6.19 5.75 5.99 2945400 17716569 -2727152

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.485 0.485 0.47 0.475 1780000 841550 7.52 7.86 7.51 7.93 7.19 7.85 32700 244928 ASIABEST GROUP AYALA CORP 705 720 711 720 697.5 720 95690 67979135 ABOITIZ EQUITY 45.85 47.25 46 47.25 45.55 47.25 535600 25014145 5.53 5.59 5.68 5.68 5.49 5.53 35306200 194729124 ALLIANCE GLOBAL 1.72 1.73 1.75 1.8 1.7 1.72 1695000 2947140 AYALA LAND LOG ANSCOR 6.03 6.2 6.05 6.05 6.05 6.05 10000 60500 0.58 0.59 0.6 0.6 0.57 0.59 544000 316000 ATN HLDG A 4.9 4.94 4.99 4.99 4.89 4.9 3907000 19177070 COSCO CAPITAL 3.69 3.75 3.76 3.76 3.63 3.75 2447000 9050950 DMCI HLDG FILINVEST DEV 8.2 8.5 8.53 8.6 8.5 8.5 4900 42116 0.177 0.209 0.176 0.176 0.176 0.176 80000 14080 FORUM PACIFIC 402.4 409.6 407 409.6 400.2 409.6 192680 77971156 GT CAPITAL 2.89 2.9 2.9 2.9 2.9 2.9 65000 188500 HOUSE OF INV JG SUMMIT 61.25 61.3 60.8 62.35 60.5 61.25 2052160 125522535.5 LODESTAR 0.6 0.61 0.58 0.62 0.58 0.6 880000 526000 2.33 2.44 2.33 2.33 2.33 2.33 1002000 2334660 LOPEZ HLDG LT GROUP 7.25 7.44 7.55 7.55 7.2 7.44 615900 4536573 METRO PAC INV 3.19 3.2 3.1 3.26 3.1 3.2 44321000 142185820 2.83 2.98 3.12 3.12 3.12 3.12 1000 3120 PACIFICA HLDG 0.73 0.77 0.76 0.77 0.76 0.77 90000 68500 PRIME MEDIA SYNERGY GRID 160 170 170 170 170 170 130 22100 868 878 870 878 851 878 1982200 1699493990 SM INVESTMENTS 97.15 97.3 97 97.5 96.9 97.3 64660 6286717 SAN MIGUEL CORP 0.65 0.68 0.64 0.69 0.64 0.65 130000 86610 SOC RESOURCES TOP FRONTIER 120 124.5 124.4 124.5 124.3 124.5 4050 503956 WELLEX INDUS 0.178 0.194 0.178 0.178 0.178 0.178 20000 3560 0.151 0.152 0.15 0.158 0.149 0.152 4400000 671770 ZEUS HLDG

103024 6343335 8543875 -175750668 -2803360 -3461140 -44756800 -188500 -83286920.5 -3195074 -18804620 1400523755 629637.5 6220 -

PROPERTY ARTHALAND CORP 0.51 0.52 0.5 0.52 0.5 0.52 1782000 897450 32.5 32.8 32.8 32.8 32.1 32.8 8045800 262087070 AYALA LAND ARANETA PROP 0.99 1.03 0.99 1.04 0.97 1.03 304000 298190 1.35 1.37 1.36 1.37 1.36 1.37 64000 87120 BELLE CORP 0.74 0.75 0.77 0.77 0.73 0.75 1805000 1337330 A BROWN 0.117 0.12 0.12 0.12 0.117 0.117 1260000 147810 CROWN EQUITIES CEBU HLDG 5.75 6 5.73 6 5.73 6 8100 46467 CEB LANDMASTERS 5 5.02 5.01 5.02 4.98 5.02 542600 2721654 0.355 0.36 0.365 0.365 0.355 0.355 5800000 2072000 CENTURY PROP 0.25 0.26 0.255 0.255 0.24 0.255 4590000 1134300 CYBER BAY DOUBLEDRAGON 15.98 16 16 16.04 15.96 16 118400 1893462 DM WENCESLAO 6.05 6.1 6.05 6.1 6.05 6.05 209600 1269416 0.241 0.249 0.249 0.249 0.24 0.24 510000 123670 EMPIRE EAST 0.094 0.099 0.099 0.099 0.099 0.099 10000 990 EVER GOTESCO FILINVEST LAND 0.85 0.86 0.85 0.88 0.85 0.85 14865000 12751900 GLOBAL ESTATE 0.78 0.82 0.79 0.79 0.78 0.78 1604000 1259720 8.35 8.38 8.38 8.38 8.38 8.38 3200 26816 8990 HLDG PHIL INFRADEV 0.87 0.88 0.86 0.9 0.86 0.87 4487000 3932930 2.98 2.99 3 3.02 2.96 2.99 6671000 19898310 MEGAWORLD 0.239 0.24 0.236 0.245 0.232 0.24 63030000 15078710 MRC ALLIED 1.26 1.29 1.33 1.33 1.25 1.26 99000 126360 PRIMEX CORP ROBINSONS LAND 13.5 13.66 14.3 14.4 13.5 13.5 7123400 98203378 ROCKWELL 1.5 1.55 1.55 1.55 1.49 1.55 424000 632590 2.6 2.69 2.7 2.71 2.7 2.71 14000 37820 SHANG PROP 1.8 1.85 1.85 1.86 1.85 1.86 5000 9270 STA LUCIA LAND SM PRIME HLDG 29.1 29.45 29.15 29.45 28.5 29.45 4306000 125163135 VISTAMALLS 3.74 3.85 3.75 3.9 3.72 3.8 95000 362660 1.1 1.12 1.13 1.14 1.1 1.12 620000 690380 SUNTRUST HOME 2.95 2.96 2.98 3.03 2.93 2.95 4174000 12383890 VISTA LAND

7000 -50542755 10960 -1200 120000 -730996 -205826 -899660 10894 -9512690 9520 -79402702 10800 -3720 -40136785 -761470

SERVICES ABS CBN 7.29 7.3 7.32 7.32 7.29 7.29 159800 1166550 5 5.02 5.07 5.1 4.95 5 958400 4790793 GMA NETWORK MANILA BULLETIN 0.4 0.405 0.385 0.4 0.385 0.4 690000 274400 11.12 11.9 11.68 13.28 11.12 11.12 21200 256210 MLA BRDCASTING 2118 2120 2120 2124 2106 2118 66005 139772320 GLOBE TELECOM 1370 1372 1358 1380 1355 1370 275925 377816065 PLDT APOLLO GLOBAL 0.049 0.051 0.051 0.052 0.05 0.052 8390000 421480 2.9 2.91 2.9 2.9 2.9 2.9 86000 249400 DFNN INC 2.75 2.76 2.75 2.83 2.75 2.75 14422000 40387350 DITO CME HLDG 0.068 0.07 0.069 0.069 0.067 0.068 870000 59240 ISLAND INFO JACKSTONES 1.61 1.68 1.61 1.61 1.61 1.61 4000 6440 2.02 2.03 1.99 2.05 1.97 2.02 4329000 8726600 NOW CORP 0.17 0.174 0.17 0.177 0.17 0.17 4060000 699020 TRANSPACIFIC BR 1.97 1.99 1.87 2.04 1.87 1.97 1022000 1986360 PHILWEB 2GO GROUP 8.21 8.4 8.59 8.59 8.21 8.4 19800 169070 ASIAN TERMINALS 15.42 16.74 15.42 15.42 15.42 15.42 300 4626 3.34 3.36 3.37 3.38 3.33 3.33 371000 1241940 CHELSEA CEBU AIR 37.9 38.05 39.5 39.5 37.65 37.9 114500 4350745 INTL CONTAINER 97.4 97.5 97.25 97.55 96 97.5 3463530 337128156 13.88 14 14.36 14.36 14 14 4600 64544 LBC EXPRESS 0.72 0.75 0.76 0.77 0.72 0.72 22000 16640 LORENZO SHIPPNG MACROASIA 5.23 5.25 5.45 5.45 5.16 5.25 3023100 16107378 METROALLIANCE A 1.73 1.74 1.77 1.77 1.66 1.73 611000 1040400 5.89 5.9 5.92 5.92 5.89 5.9 165700 978843 PAL HLDG 0.76 0.77 0.76 0.79 0.76 0.76 326000 249970 HARBOR STAR BOULEVARD HLDG 0.033 0.034 0.035 0.035 0.033 0.034 85400000 2907800 0.365 0.385 0.385 0.385 0.385 0.385 360000 138600 WATERFRONT 0.29 0.295 0.295 0.295 0.29 0.29 1190000 346300 STI HLDG 2.1 2.17 2.16 2.18 2.16 2.17 12000 26100 BERJAYA BLOOMBERRY 6.3 6.38 6.28 6.39 6.25 6.3 5996600 37789470 PACIFIC ONLINE 1.96 2 2.05 2.05 1.96 2 58000 115970 1.25 1.29 1.26 1.29 1.25 1.29 211000 266200 LEISURE AND RES MANILA JOCKEY 2.2 2.58 2.22 2.22 2.1 2.1 61000 130980 2.08 2.19 2.1 2.1 2.1 2.1 28000 58800 PH RESORTS GRP 0.285 0.29 0.29 0.29 0.285 0.29 1640000 471250 PREMIUM LEISURE 6.58 6.59 6.38 6.65 6.3 6.59 1374100 8877288 ALLHOME METRO RETAIL 1.43 1.44 1.46 1.47 1.43 1.43 380000 546440 49.95 50 48 50.3 47 50 5675400 282539425 PUREGOLD 58.45 58.5 59 59 58.3 58.5 1384720 81087411 ROBINSONS RTL 123.1 125.8 125 125 125 125 34920 4365000 PHIL SEVEN CORP SSI GROUP 1.01 1.03 1.02 1.04 1.01 1.01 2891000 2928490 WILCON DEPOT 15.12 15.14 15 15.12 15 15.12 121100 1824250 0.305 0.31 0.315 0.315 0.3 0.31 680000 208100 APC GROUP 6.16 6.42 6.2 6.22 6.16 6.16 15000 92953 EASYCALL GOLDEN BRIA 285 300 300 300 300 300 10 3000 4.03 5.08 4.1 4.1 4 4 10000 40340 IPM HLDG 0.227 0.228 0.216 0.235 0.213 0.228 23720000 5377040 PRMIERE HORIZON

14255930 -143866355 -2530870 7480 -1736640 -57368 -337825 -64397248.5 -1010962 53280 -5900 26853216 51249.9999 61740 56700.0001 1429249 -27313265 -64816896.5 831250 -1494090 -116658 -

MINING & OIL ATOK 7.64 8.09 8.14 8.14 7.63 8.09 5200 39773 APEX MINING 1.66 1.67 1.73 1.76 1.66 1.67 10698000 18199340 -333630 ABRA MINING 0.0008 0.0009 0.0008 0.001 0.0008 0.0009 6153000000 5525800 65700 2.64 2.67 2.68 2.68 2.64 2.67 77000 205410 ATLAS MINING 2.07 2.1 2.21 2.35 2.05 2.1 549000 1189590 BENGUET A BENGUET B 2.08 2.15 2.22 2.34 2.03 2.08 650000 1365520 348590 COAL ASIA HLDG 0.191 0.201 0.191 0.202 0.191 0.202 120000 23690 2.59 2.68 2.68 2.69 2.59 2.68 725000 1916850 637700 CENTURY PEAK 7.51 7.69 7.79 7.8 7.51 7.69 30400 232535 DIZON MINES FERRONICKEL 1.11 1.12 1.15 1.17 1.12 1.12 8839000 10047690 -336090 GEOGRACE 0.234 0.236 0.235 0.237 0.234 0.235 70000 16470 0.154 0.156 0.165 0.166 0.153 0.154 60660000 9573970 LEPANTO A 0.156 0.158 0.165 0.165 0.154 0.156 5530000 875900 123200 LEPANTO B MANILA MINING A 0.01 0.011 0.011 0.011 0.01 0.01 218600000 2200600 0.01 0.011 0.011 0.011 0.011 0.011 2500000 27500 MANILA MINING B 0.84 0.85 0.86 0.88 0.82 0.85 2163000 1837270 25800 MARCVENTURES NIHAO 1.72 1.73 1.68 1.94 1.65 1.72 4327000 7617820 17300 NICKEL ASIA 2.68 2.69 2.85 2.87 2.66 2.68 28341000 78342520 -1247420 0.58 0.59 0.58 0.61 0.58 0.59 3680000 2177560 -3000 ORNTL PENINSULA 3.41 3.46 3.53 3.55 3.4 3.41 3888000 13444870 -378720 PX MINING SEMIRARA MINING 10.06 10.14 10.5 10.66 10 10.14 3163300 32417264 -8590786 UNITED PARAGON 0.0054 0.0056 0.0054 0.0057 0.0054 0.0056 64000000 357000 5.81 6 5.91 6 5.9 6 63700 376400 ACE ENEXOR 0.0086 0.0088 0.0086 0.0088 0.0086 0.0088 13000000 112600 ORNTL PETROL A ORNTL PETROL B 0.0085 0.0092 0.0084 0.0092 0.0084 0.0084 12000000 104800 0.0095 0.0096 0.0098 0.0099 0.0095 0.0095 76000000 737400 PHILODRILL 5.55 5.56 5.44 5.83 5.44 5.56 1566400 8834965 346490 PXP ENERGY

PREFFERED HOUSE PREF A 100.9 101 100.9 101 100.9 100.9 4040 407936 100.6 103.9 104.5 104.5 104 104 2140 222630 ALCO PREF B CPG PREF A 101 102 101 101 101 101 3000 303000 101 101.3 101.4 101.4 101 101 71860 7261804 DD PREF 104.2 105.9 104 104 104 104 33000 3432000 FGEN PREF G 100.5 101.5 101.5 101.5 101.5 101.5 3010 305515 1015 MWIDE PREF PNX PREF 3B 107 108 107.3 107.3 107.3 107.3 210 22533 22533 PNX PREF 4 1010 1025 1026 1026 1005 1025 10035 10086975 1030 1035 1035 1035 1035 1035 120 124200 PCOR PREF 2B 78.15 78.3 78.3 78.3 78.3 78.3 70 5481 SMC PREF 2C SMC PREF 2F 76.95 78 77.5 77.5 76.8 76.8 26600 2044973 75.8 76.95 75.75 75.75 75.6 75.6 3000 227020 SMC PREF 2G

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 7.03 7.1 7.03 7.3 7.02 7.1 6300 44650 -7104 4.48 4.49 4.57 4.6 4.48 4.49 1039000 4681280 -4272810 GMA HLDG PDR

WARRANTS LR WARRANT 0.62 0.66 - - - - - -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.52 12.6 13 13.38 12.5 12.52 832900 10648166 -1323246 1.9 1.91 1.94 1.98 1.87 1.9 5140000 9988350 46470 ITALPINAS KEPWEALTH 5.12 5.18 5.18 5.3 5.18 5.18 10500 55224 2.73 2.74 2.79 2.87 2.73 2.73 34410000 96495310 5668710 MERRYMART 0.55 0.56 0.56 0.57 0.55 0.56 646000 360410 132160 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 88.8 90.5 90.5 90.5 88.8 90.4 12750 1140136.5 156651

www.businessmirror.com.ph

‘PLDT to stay on growth path despite challenges this year’

P

By Lorenz S. Marasigan

@lorenzmarasigan

LDT Inc. said it hopes to sustain growth momentum throughout the rest of the year, even as it expressed concern over the prospects for the second half due to the technical recession.

“We do expect the momentum that we created in the second quarter to continue to the second half subject to the caveats,” Manuel V. Pangilinan, the company’s president, said in a virtual briefing Thursday.

He reported that in the first half, the telco titan booked P13.9 billion in telco core income, a 5-percent increase versus the P13.2 billion registered the year prior as its individual,

home, and enterprise businesses also posted positive results during the period.

Its net income was flat at P12.2 billion.

The company’s service revenues rose by 7 percent to P82.8 billion, from P78.3 billion, driven by a 16-percent increase in revenues from the consumer wireless individual business group to P39.8 billion, the

7-percent growth in home revenues to P19.6 billion, and the 5-percent rise in revenues from the enterprise group to P20.3 billion.

“We are obviously pleased that our numbers have held up well despite the challenging times and we are hopeful that we can maintain a bottom line similar to 2019. But more importantly, we are happy that we have been able to provide uninterrupted, essential communications services to our countrymen," Pangilinan said.

“This pandemic has underscored how staying connected is crucial to everyone’s lives. We are social creatures by nature and thankfully, technology has made it possible to keep in touch, even during a lockdown.”

The company has allotted P70 billion for its capital expenditure (capex) program for 2020, a 15-percent difference from the original spending plan of P83 billion, as pandemic

restrictions are expected to impact its network development program.

Pangilinan noted that the balance of the original capex program will be spent in 2021, adding that his group is always ready to spend more money to further improve its networks.

“While our capex or investment strategy is premised on our shortterm requirements, it is always with an eye to the future. Yes, it may seem simple as turning on a switch but that switch is part of a complex network system, with multiple layers of technology elements, embedded over years of investments.

And we will not stop investing in our networks, in our people, in our country,” he said.

The group initially intended to cut its capex program for the year by around 20 percent to 25 percent due to limitations on supply and mobility. While some of these issues have already been partially addressed, they remain a challenge for PLDT.

Alliance Global bares virus survival plan

By VG Cabuag @villygc

A

lliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, on Thursday rolled out its strategy aimed at helping its various businesses to quickly recover from the impact of the Covid-19 pandemic.

“Adapting to change is not new to AGI, as we have always been constantly transforming the way we do business through the years as we keep pace with advances in technology while innovating our operations and making them future-ready," Tan said during the company's stockholders' meeting it conducted online.

“And as our stakeholders continuously look for more, we must harness our dynamism to give ourselves better footing to meet any hurdle we face.”

The company said its strategy will focus on sustainability and well-being, earnings diversity, digitalization, financial flexibility and adaptability. Tan’s son, Kevin Andrew L. Tan, the company's CEO, said businesses should find a way to co-exist with the virus to survive.

He said the strategy has proven effective for the conglomerate even during the past periods of uncertainty in the country, such as the launch of Eastwood City during the Asian financial crisis, and the launch of Travellers Hotel Group Inc.'s Resorts World Manila during the global financial crisis.

“All throughout those milestones in our company’s history,

one underlying factor that allowed AGI to take advantage of those opportunities was its strong balance sheet, which was achieved through years of financial discipline and prudence,” he said.

AGI is cutting its capital expenditure this year by almost half to P42 billion from the previously announced P79 billion as it tries to preserve cash.

Tan said some P36 billion of the said capex will be for Megaworld Corp.'s office and mall projects that are already committed for completion this year. Another P4 billion will be allocated for gambling arm Travellers International.

The balance of P2 billion is spread out between liquor firm Emperador Inc. and Golden Arches Development Corp., the company that it co-owns with George Yang for the operation of McDonald's franchise in the country.

“Each of our subsidiaries has always funded their capex normally using internally generated cash with some borrowings with no need for capital infusion from the parent,” Tan said.

Kingson Sian, the company’s president and COO, said AGI is rethinking its plan of doubling the number of its hotel rooms in the near term.

“We remain optimistic about the long term potential of the country’s tourism industry and at the same time the hotel industry. However, because of the new realities and the changes in the behavior and purchase demand we need to reassess our current offerings as well and also the timetable of our hotel projects,” Sian said.

Megaworld creates venture capital unit

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roperty developer Megaworld Corp. on Wednesday said it created a wholly-owned subsidiary called Agile Digital Ventures Inc., a venture capitalist that will lead the company's investments into digital innovations and technology.

The company’s first start-up investment is Pick.a.roo, a lifestyle delivery application, set for public rollout this month.

Customers can purchase products ranging from food to gadgets, hardware, kitchenware, and liquor from over 300 local and international merchants.

Orders may either be delivered on-demand, or on a later schedule.

Megaworld said it is allocating some P250 million in spending spread over three years in the new venture capital, which will engage in investing and building technology start-ups that hopes to support the country’s food, retail and

hospitality industries.

“Our main goal is to help retailers smoothly migrate to the digital platform especially during these challenging times. Since 2018, we have been looking for investment opportunities on an app that will enable our retail partners sell and deliver their products online and ondemand. We have talked to several potential partners, but eventually, we decided to build our own,” said Kevin Andrew L. Tan, Megaworld's executive vice president and president of Agile Digital.

“We started from scratch to build our first start-up brand. Aside from the technology itself, we put focus on operations which will be integral to the success of every brand that we create."

Agile Digital is also looking for other investment opportunities in digital technology platforms that will further boost Megaworld’s core businesses. VG Cabuag

mutual funds

August 6, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 192.33 -26.55% -11.01% -6.63% -23.63% ATRAM Alpha Opportunity Fund, Inc. -a 1.005 -38.32% -14.28% -6.83% -27.28% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5733 -36.82% -15.79% -9.18% -30.04% Climbs Share Capital Equity Investment Fund Corp. -a 0.6616 -30.55% -13.07% n.a. -26.33% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.654 -24.59% n.a. n.a.

-23% First Metro Save and Learn Equity Fund,Inc. -a 4.1274 -23.91% -9.77% -6.34% -22.54% -25.68% -12.38% n.a.

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6472 -24.18% MBG Equity Investment Fund, Inc. -a 77.71 -34.87% n.a. n.a. -24.72% PAMI Equity Index Fund, Inc. -a 38.4786 -25.97% -9.63% -5.63% -24.97% Philam Strategic Growth Fund, Inc. -a 415.11 -23.71% -8.79% -5.68% -22.09% Philequity Alpha One Fund, Inc. -a,d,5 0.8517 n.a. n.a. n.a. -17.32% Philequity Dividend Yield Fund, Inc. -a 0.9825 -25.52% -9.14% -5.36% -23.65% Philequity Fund, Inc. -a 28.7986 -25.53% -8.78% -5.13% -24.01% Philequity MSCI Philippine Index Fund, Inc. -a 0.7619 -26.36% n.a. n.a. -25.16% Philequity PSE Index Fund Inc. -a 3.9154 -25.78% -9.15% -5% -25.04% 656.29 -25.51% -9.08% -5.18% -24.73% Philippine Stock Index Fund Corp. -a Soldivo Strategic Growth Fund, Inc. -a 0.5925 -36.58% -13.12% -9.14% -30.41% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0411 -29.76% -10.51% -6.29% -27.75% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7523 -25.69% -9.27% -5.15% -24.83% United Fund, Inc. -a 2.7691 -25.33% -7.9% -4.53% -24.2% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 88.0994 -25.34% -8.62% -4.38% -24.67% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0545 11.85% 0.55% 1.94% 2.54% Sun Life Prosperity World Voyager Fund, Inc. -a $1.483 15.09% 7.72% n.a.

7.57% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.566 -10.11% -4.08% -3.69% 0.2% ATRAM Philippine Balanced Fund, Inc. -a 2.0273 -12.73% -5.03% -2.48% -7.05% First Metro Save and Learn Balanced Fund Inc. -a 2.3709 -10.77% -3.7% -3.67% -9.9% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1817 n.a. n.a. n.a.

-20.48% NCM Mutual Fund of the Phils., Inc. -a 1.8168 -6.88% -1.57% -0.86% -7.38% PAMI Horizon Fund, Inc. -a 3.4378 -9.37% -2.76% -2.05% -9.27% Philam Fund, Inc. -a 15.3263 -9.96% -3.05% -2.21% -9.64% Solidaritas Fund, Inc. -a 1.8854 -12.22% -4.24% -2.21% -11.15% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2145 -17.64% -5.37% -3.5% -16.8% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9271 -9.33% n.a. n.a.

-8.72% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8201 -18.93% n.a. n.a. -17.69% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7934 -21.31% n.a. n.a. -20.12% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7903 -20.95% -6.44% -4.76% -18.93% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03964 4.92% 3.41% 2.21% 3.77% PAMI Asia Balanced Fund, Inc. -b $1.0417 6.45% 1.05% 2.18% 2.93% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0906 9.16% 5.48% 4.57% 4.6% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1595 4.91% 3.02% n.a.

2.73% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.42 4.24% 3.18% 2.57% 2.65% ATRAM Corporate Bond Fund, Inc. -a 1.9468 1.95% 1.11% -0.04% 2.36% Cocolife Fixed Income Fund, Inc. -a 3.1978 4.46% 5.02% 5.04% 2.56% Ekklesia Mutual Fund Inc. -a 2.3054 4.39% 3.05% 2.37% 3.69% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4355 4.1% 3.28% 1.85% 3.24% Philam Bond Fund, Inc. -a 4.6707 9.2% 4.6% 2.79% 6.81% Philam Managed Income Fund, Inc. -a,6 1.3044 5.93% 4.24% 2.36% 3.8% Philequity Peso Bond Fund, Inc. -a 3.9598 6.26% 4.44% 2.33% 4.53% Soldivo Bond Fund, Inc. -a 1.0388 9.32% 3.81% 1.87% 7.73% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1808 5.6% 4.89% 2.87% 3.42% Sun Life Prosperity GS Fund, Inc. -a 1.748 4.55% 4.29% 2.33% 2.76% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.48 3.81% 2.63% 2.82% 2.16% ALFM Euro Bond Fund, Inc. -a Є216.83 -1.14% 0.72% 1.05% -1.35% 4.66% 3.35% 2.77% 3.11% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2448 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0266 3.5% 2.23% 1.74% 3.1% PAMI Global Bond Fund, Inc -b $1.0959 0.25% 0.54% 0.64% 0.21% Philam Dollar Bond Fund, Inc. -a $2.5238 6.36% 4.14% 3.55% 5.01% Philequity Dollar Income Fund Inc. -a $0.0610953 2.47% 2.17% 1.93% 1.32% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2621 4.23% 2.64% 2.81% 2.74% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.64 3.59% 3.28% 2.48% 2.23% First Metro Save and Learn Money Market Fund, Inc. -a 1.0435 2.44% n.a. n.a.

1.68% 2.93% 3.03% 2.59% 1.68% Sun Life Prosperity Money Market Fund, Inc. -a 1.2862 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0467 1.61% n.a. n.a.

0.81% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0166 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a.

-4.04%

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."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Zest-O banking arm hikes provisions vs credit loss

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hilippine Business Bank (PBB) deemed it necessary to heighten the provisions for potential credit losses by more than three times in the first half after reviewing its loan portfolio.

The listed bank said in a disclosure on Thursday it allocated P550 million in loan loss reserves in the first half, higher than the P150 million earmarked in the same period last year.

PBB shares ended flat at P8 each amid the 1.18-percent growth for the main index on Thursday.

“As a result of a thorough portfolio management and review processes of the Bank, PBB deemed it prudent to provide P550.0 million in loan loss reserves for the first half of 2020,” PBB President Roland R. Avante said.

Despite the hike in credit buffer, the banking arm of the Zest-O Group of Companies saw its net income rise by 37.2 percent to P794.9 million in the first semester from last year’s P578.9 million.

Interest income climbed by 14 percent to P3.73 billion while core income doubled to P1.37 billion yearon-year in the first half.

Total assets as of end-June rose by 14.3 percent to P114.8 billion from

last year’s P100.5 billion. Of this amount, P84.2 billion is accounted by total loans and receivables.

On the funding side, deposit liabilities stood at P95.1 billion in the first semester.

Total equity reached P14 billion for the period, translating to P20.85 book value per share net of preferred stocks.

Net interest margin accelerated to 5.04 percent in the first half from 4.11 percent in the previous year. Return on average assets and return on average equity stood at 1.39 percent and 11.81 percent, respectively.

“Even as market conditions continue to be challenging, our good balance sheet position allowed us to deliver robust core income and [pre-tax pre-provision profit],” Avante said.

He added that the bank remains committed in providing liquidity for the small and medium enterprises via “well-structured financing” to jumpstart the economy.

The merger of PBB and Insular Savers Bank, the former being the surviving entity, was greenlighted by the Securities and Exchange Commission in June last year. Their merged operations began a month after the approval. Tyrone Jasper C. Piad

The ‘4S’ strategy to survival

I

was invited to a virtual introductory session of “Survive! Bootcamp” organized by the Convergent Experience, a Philippine-based learning and development solutions provider.

The main presenter was Jam M. Mariquit, managing director at Actillegos Competitive Intelligence and senior consultant of Convergent Experience.

The online session served as a teaser to a full-blown, four-day, self-paced, deep-dive program to equip business owners with the principles and tools they need to adapt to the “new normal” by being able to navigate through this pandemic and emerge stronger and more agile.

The core of the presentation focused on four key business strategies: suit up, scan, survive and scan (the ‘4S’). While these strategies were meant for forprofit organizations, I thought it would be a useful guide also in the context of associations: Suit up: This covers an internal assessment of the organization and its business.

Based on my experience in managing an association, this strategy called for looking first into financial survivability. My instinct was to review our association’s financials, specifically our revenue sources, overhead costs and reserve funds.

As revenues were down due to the pandemic, our recourse was to rationalize costs while keeping the staff employed. We are monitoring our reserve funds closely while developing new sources of revenues.

Scan: This relates to external assessment where two tools were presented: environmental scanning and scenario setting.

In our association, this meant looking at and consulting with what other associations are doing, as well as reaching out to potential partners and collaborating with them to fulfil common interests and have economies of scale. This also involved brainstorming sessions and working with our team on how best to strategize and plan ahead.

Survive: This connotes scenario development where a pandemic survival checklist was presented.

The checklist contains these six action items for associations to do: protecting employees;

Association World Octavio Peralta keeping them informed; securing the future of business; supporting the community; initiating key policies; and, protecting the current business.

Some of the priority questions to ask could be: “Are our services to and engagement with members and stakeholders still relevant?;” “Are the modes of delivery of these services still applicable?;” “How will the organization be structured to align with the situation?;” and, “Will our business model be sustainable?”

Soar: This deals with future strategy building where four tools based on levels (easiest to most complicated) were presented.

These tools are: “Now-NextNew;” “Strategy Square;” “Business Model Canvas;” and “Logic Model.”

For associations, the “NowNext-New” framework would be useful. “Now” covers creative service offerings to support members now and maintain relationships. “Next” means thinking ahead and planning on how to deliver value to members soon and sustain relationships and “New” is to capitalize on and integrate learning from innovation into a unique strength going forward.

You may also wish to read similar resources in my past column articles, “Pandemic Management Strategy for Associations” (June 12, 2020) and “Time for transition” (July 3, 2020) in the Businessmirror.

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center which is expected to draw over 200 association professionals here and abroad. The two-day event is supported

by Adfiap, the Tourism Promotions Board, and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

Friday, August 7, 2020 B3

DOF chief: Law cutting CIT to be passed ‘right away’

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By Tyrone Jasper C. Piad

@Tyronepiad

inance Secretary Carlos G. Dominguez III believes that the Corporate Recovery and Tax Incentives for Enterprises (Create) bill will be passed soon.

In a webinar hosted by Security Bank on Thursday, Dominguez pointed out that President Duterte has already mentioned the second package of the government’s tax reform twice during his last two state of the nation addresses (Sona), hinting at its urgency.

“The President has mentioned Create already in two Sonas. That was the one in 2019 and this Sona,” Dominguez said. “So, I guess, the timeline is, if you listened to him, is right away.”

The bill aims to cut the corporate income tax rate by five per-

cent to 25 percent immediately.

CIT will then be reduced by 1 percentage point every year from 2023 to 2027.

The Department of Finance chief emphasized that the Create bill is “the biggest stimulus ever,” with the immediate 5-percent cut seen to free up almost P42 billion in business capital during the first year. Additional P625 billion is seen over the next five years of implementation.

“It proves that this government is trusting of the private sector,” he said. “That the private sector will be able to responsibly spend that saving, instead of giving it to the government, spend that in improving their businesses, maintaining their employees and such

other programs.”

Dominguez added that the bill also seeks to rationalize the current incentives program given that there is no centralized manner of doing it yet. A “specific strategy” is needed, he said.

Business groups, including the Financial Executives Institute of the Philippines, have been encouraging the government to pass the second package of tax reform immediately.

Bringing down the CIT to 25 percent immediately will draw the Philippines nearer to the 23 percent average in the Association of Southeast Asian Nations region, the Finex argued, which is seen to boost investor confidence.

DBP launches financing program for agri-preneurs

T

he Development B ank of the Philippines (DBP) announced the roll-out of a financing program that offers interest-free loans of up to P500,000 for aspiring entrepreneurs in the agricultural sector, or “agri-preneurs.”

The DBP said it is teaming up with the Department of Agriculture (DA) and financial technology firm PayMaya Philippinces Inc. for the initiative.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the state-owned financial

intermediary would be the settlement bank to the lending conduits of the Agricultural Credit Policy Council and PayMaya in the implementation of the DA’s program offering capital access to agripreneurs.

“DBP takes pride in this partnership which opens a whole new spectrum of opportunities in boosting agricultural productivity, food security and self-sufficiency, and in eradicating poverty and hunger, especially in the countryside,” Herbosa said.

The DA’s digitized financing

Citi PHL is sole settlement bank for dollar transfers

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itibank N.A. Philippine Branch (Citi Philippines) announced it won in a bidding process conducted by the Bankers Association of the Philippines (BAP) to be the country’s sole settlement bank for domestic dollar transfers.

The BAP oversees the selection of industry players who can support the banking industry in the efficient clearing and settlement of dollar transfers domestically, Citi Philippines explained. The selection is based on the key criteria of efficient operations and service as well as credit availability.

Citi Philippines CEO Aftab Ahmed said the financial services provider is now “given the opportunity to demonstrate Citi’s leadership in cash management solutions.”

Ahmed said the company is “strongly committed” to delivering operational availability and solutions to member banks of the BAP. Clearing of the domestic dollar transfers will be performed by the Philippine Clearing House Corp., having been appointed likewise by the BAP as the sole clearing operator. The PCHC has been the country’s clearing operator for checks since 1980 and for electronic peso transfers via PESONet since 2017.

The appointment of Citi Philippines and PCHC as the settlement bank and clearing operator, respectively, will take effect on August 17 and will end in five years.

PCHC President and CEO Emmanuelle E. Barcena was quoted in a statement as saying the “renewed partnership with Citi Philippines is most welcome.”

“It is an additional opportunity for PCHC to serve the banking industry,” Barcena said. “PCHC will always endeavor to fulfill its mandate to work with Citi in delivering its services to member banks participating in the nationwide clearing of both peso and dollar denomi-

CONSING

nated electronic fund transfers/ exchanges. We continue to strive in making our payment gateway world-class.”

The Philippine Dollar Domestic Transfer System (PDDTS) clears and settles transactions daily from 47 participating banks, including the Bangko Sentral ng Pilipinas.

“The BAP and its reputable partners are fully committed to pursuing efficient and effective banking services.”

—BAP President Cezar P. Consing The flows come from the Interbank FX (foreign exchange) flows and commercial transfers from the member banks. With this payment capability being settled domestically, dollar transfers are settled on the same day.

BAP President Cezar P. Consing was quoted in the same statement as saying the association is completing this year its third decade of implementing the PDDTS. “The BAP and its reputable partners are fully committed to pursuing efficient and effective banking services,” Consing said.

program aims to support funding of startup or existing agri-based projects. The loan can be repaid in five years.

Last week, the DBP announced its accord with PayMaya, Bureau of Customs (BOC) and the Bureau of Treasury (BTr) to automate the collection and remittance of customs fee and charges.

Herbosa said the partnership would utilize the bank’s online banking system to ensure “seamless” transfer of the fees to the state coffers.

The agreement outlines that all

collections and payments to DBP will be remitted to a BTr-BOCPayMaya clearing account. The state-owned bank is also providing additional services to BTr, allowing it to monitor remittance via digital platforms.

In June, the DBP reported it has provided P11.12-billion worth of credit relief for around 400 borrowers through its payment moratorium. Herbosa said it is seen to benefit companies from different sectors, including construction, manufacturing, health, education and transport. Tyrone Jasper C. Piad

B4

Friday, August 7, 2020

Relationships BusinessMirror

Hotels, restos grapple with MECQ OLD Swiss Inn in Makati City voluntarily closed its dine-in service on Monday in response to the call of medical frontliners for breathing space to cope with rising Covid cases.

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Charlize Theron, 45; David Mann, 54; David Duchovny, 60; Wayne Knight, 65.

Happy Birthday: You’ll see the good and the bad this year, making it easier to use discretion when necessary and to encourage help in the most efficient way possible. What you contribute this year will turn heads and encourage others to follow suit. Don’t let the changes others decide to make cause distraction.

Personal gain, enlightenment and respect are heading your way. Your numbers are 5, 11, 21, 27, 35, 41, 47.

E

VEN before President Rodrigo Duterte declared late Sunday evening the return to a modified enhanced community quarantine (MECQ) for Metro Manila and adjoining provinces to control the spread of the novel coronavirus, the iconic Old Swiss Inn already announced it was closing its dine-in service for two weeks starting August 3.

Katrina Limcaoco, managing director of the popular restaurant in Makati and Paco, now in its 74th year, told me she had been wary of the rising number of Covid-19 cases reported by the Department of Health. “I was already telling my staff and my family to practice ECQ protocol the week before. We already prepared barracks for our staff and told all people to work from home as much as possible, beef up their data connections, and move all data to the cloud.”

Then the call of the health-care workers came on Saturday for the metro to return to ECQ to give the medical community breathing space and cope with the surge in Covid cases, which had impacted even their own colleagues. “They are our frontliners who take care of us. I felt I didn’t need to wait for any official announcement to contribute. If it helps in any small way, then I’d do it,” she added.

Even her staff agreed it was a good idea to temporarily close their doors, even if they would rack up losses again. “They were also getting scared about the number of people coming in,” she said.

“The momentum was building and we were seeing the return of guests. But I figured it was only for two weeks [although every day of sales counts]. And I would still have my delivery and take-out sales, which is now the majority of my sales.”

More importantly, she said, closing the dinein service “would give my staff peace of mind and they will be able to continue working with less fear.” Celebrated for its corned beef, deep fried pork knuckles, sausages, and raclette, Old Swiss Inn is accredited with the Department of Tourism (DOT) and had to adhere to stricter health and sanitation standards when it reopened its dine-in service under general community quarantine (GCQ) declared on June 1. (See “Branded restos, popular food chains secure DOT accreditation,” in BusinessMirror, July 1, 2020.) As of July 2, there were 155 DOT-accredited restaurants in Metro Manila, up from 78 in 2019.

Aside from a ban on dine-in service in restaurants, under MECQ rules, hotels are also closed unless they have long-term staying guests, foreign nationals who are already checked-in as of March 17, and frontliners. Tourist destinations such as water parks, reservation service and related services are likewise prohibited from operating, as well as travel and tour agencies. Domestic flights are cancelled while select international flights are allowed, according to Presidential Spokesman Harry Roque in a news briefing on Monday.

Tourism Secretary Bernadette Romulo Puyat expressed the DOT’s gratitude to the tourism stakeholders such as hotels “for investing time, effort and money to respond to the needs of the national government since the start of the crisis.”

Under modified general community quarantine, GCQ and MECQ, “our accommodation enterprises have complied with IATF-EID [Inter-Agency Task Force for the Management of Emerging Infectious Diseases] mandated minimum health and safety standards, and were given Certificates of Authority to

a

ARIES (March 21-April 19): Your actions will make a statement. Don’t take a risk when dealing with your health or affairs of the heart.

Stick to your plan, regardless of what others do or say.

You’ll gain stability by doing what’s right and best for you. HHH

b

TAURUS (April 20-May 20): Inconsistency will be your downfall. Stop second-guessing, and trust your intuition to guide you in the right direction. Positive thoughts will help you deter those trying to lead you astray. Anger will get in the way of your ability to get ahead. HHH

c

GEMINI (May 21-June 20): Refuse to let emotional matters stifle your plans. Stay focused on what you are trying to achieve, and say no to anyone who is tempting you with anything that will interfere with your progress. HH

Operate [CAO] by the DOT. For instance, our National Capital Region office had already issued more than 600 CAOs representing over 62,000 rooms. These hotels can continue to operate under MECQ with a skeleton force and still housing our overseas Filipino workers [OFWs], returning overseas Filipinos [ROFs], workers from essential industries, and stranded tourists,” she underscored.

Hotel Sales and Marketing Association Inc. (HSMA) President Christine Ann U. Ibarreta said many of her members had various reactions to the MECQ. Quoting one member: “It’s disappointing to be back to MECQ because some people are not disciplined enough to follow health and sanitation protocols. The hotels are currently still accommodating OFWs, ROFs and stranded individuals. The staff will be billeted again at the hotels as public transportation is not available for use.”

Another HSMA member opined that while “it’s sad for us to go back to MECQ, we have to support our frontliners so that more [Covid-19 patients] can be saved.” And one member noted: “It’s just so sad that we are relying on [a] vaccine and not because of a clear action plan. We’re back to MECQ because of the frontliners’ request. Let’s do our part in our own household adhering to the guidelines to support medical frontliners.”

For her part, Ibarreta averred, “This time, people should seriously adhere to government’s call to ensure that sanitation is given priority to prevent further increase in Covid cases. I’m enjoining everyone to please follow these health and sanitary protocols.”

Personally, I feel for the medical health workers who had appealed for a “time-out” to keep Metro Manila residents at home, so they can cope with the rising number of Covid-19 cases. Their ranks are also being decimated as their tireless work, helping out at the hospitals amid the pandemic, has also lowered their immunity, making them more susceptible to the dreaded virus.

But all these quarantines—whatever authorities want to call them—are useless unless government steps up its contract-tracing program and implement mass testing using RT-PCR. This has already been proven in many countries as more effective methods to contain the virus, aside from quarantining infected people, whether symptomatic or otherwise.

If authorities just go about doing the same ineffective procedures and programs, I’m afraid this close-open, close-open quarantine strategy will keep being implemented, without making any dent on government’s ability to contain the virus. n

ARC distributes refreshments to stranded Dualtech scholars

THE Luzon-wide quarantine has helped reduced the number of new Covid-19 cases, according to experts. While it may have been an expedient measure, the swift implementation of the lockdown has left many people stranded including students who are living in dormitories for the school year.

Some of those affected are the scholars of Dualtech Training Center, a private vocational school in Calamba, Laguna, that pioneered the German Dual Training System in the Philippines. As part of its #RCColaborate initiatives, ARC Refreshments Corp. (ARC) upon hearing of the plight visited the 300 stranded scholars staying in the institute to distribute cases of ARC products.

Most of the Dualtech scholars hail from indigent families in Visayas and Mindanao. They are temporarily lodged in nearby boarding residences for the duration of their training.

The students spend six months to a year of in-school training and up to 18 months on-the-job training with partner companies. They are sponsored by individuals, nonprofit organizations, local government units or the private sector.

“To be away from your families during these trying times is really frustrating and also frightening. We hope we were able to provide a sense of normalcy for these industrious scholars in our own simple way,” says James Loverio, ARC head of marketing. #RCCollaborate is ARC’s umbrella advocacy that is responsive to government’s call for collective support in its fight against Covid-19. Apart from consigning donations to various recipients, the company has initiated different activities aimed at promoting quarantine compliance among the youth while encouraging netizens to donate to selected beneficiaries. ARC Refreshment Corp. is the manufacturer of RC Cola. Juicy Lemon, Seetrus, Fruit Soda Orange, Arcy’s Rootbeer, and Rite ‘N Lite are the company’s other brands.

d

CANCER (June 21-July 22): What are you waiting for? Push your ideas and plans through. Be innovative, persistent and ready to challenge anyone who stands between you and what you want. Opportunity is within reach; refuse to let anyone stand in your way. HHHHH

e

LEO (July 23-Aug. 22): You’ll get charged up quickly and respond with finesse. The attention you attract will invite criticism, as well as praise. Be prepared to stand up for your beliefs and to follow through with your promises. HHH

f

VIRGO (Aug. 23-Sept. 22): Handle decisions concerning money, livelihood and reputation with care. The threat of emotional interference is apparent. A mistake will hinder reaching your full potential. Clear your mind, and make practical decisions. HHH

g

LIBRA (Sept. 23-Oct. 22): Look at every angle before entering a confrontation. Know what you want and what you are willing to give up. Don’t try to change others or a plan that’s already in motion.

Change your attitude, and do what’s best for you. HHH

h

SCORPIO (Oct. 23-Nov. 21): Confusion will set in if you believe everything you hear.

The changes someone wants you to make will be for his or her benefit, not yours. Rethink your strategy, and consider what makes you happy before you commit to someone’s plan. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You can wheel and deal, finalize an agreement, start a new fitness routine or anything else you fancy as long as you thwart interference. Know when to say no, and you’ll have more time to follow your dream.

Romance is encouraged. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): A steady pace forward with little interaction will help you reach your goal. An emotional situation will put you in a precarious position with someone you deal with daily.

Concentrate on getting concrete results. HH

k

AQUARIUS (Jan. 20-Feb. 18): Work hard to finish what you start, and you will get good results and gain respect. Plan something special, celebrate with someone you love or pamper yourself. Don’t let anyone coerce you into something you don’t want to do. HHHH

l

PISCES (Feb. 19-March 20): Get approval from someone you are trying to please before you make a change. Someone’s response to your work or attitude will make you consider heading in a different direction. Wait until you have all the facts.

HHH

Always a champion of youths, ARC donates packs of RC Cola products for the stranded scholars of Dualtech Training Center.

Birthday Baby: You are charming, playful and competitive.

You are helpful and sentimental.

‘hollywood golf’ by gary larson The Universal Crossword/Edited by David Steinberg

ACROSS 1 Exhibits 6 Congress’ Fischer or Haaland 9 Alternatives to Ubers 13 For better or for ___ 14 Carmen solo 16 Berry in some smoothies 17 Frodo Baggins portrayer 19 Industrial tanks 20 Brouhaha 21 Put the kibosh on 22 One may be pulled out of a bed 24 Rudder handle 27 Golden Globe nominee for Penny Dreadful 31 Ridicules 33 Tough guy in superhero films?

34 “We’ve been approved!”

36 Wrath 37 An Education Oscar nominee 42 Firm way to stand 43 Nervousness 44 Oval 48 They don’t stay in

51 American Beauty screenwriter 53 Some farm machines 55 Conde ___ 56 Recline 58 Period of history 59 “Nuts!”

61 He starred alongside Scarlett Johansson in Marriage Story 65 Toledo’s lake 66 Arizona city near California 67 More than passing 68 Part of DJ 69 Explosion sound 70 Chaotic fight DOWN 1 Worry about 2 “Stop right there!”

3 National’s Baltimore rival 4 Paper covering the NYSE 5 Word before “star” or “level” 6 Time to crow?

7 Gradually wear down 8 Life story, briefly 9 Carlsbad chamber

0 College life 1 11 Hanging mammal 12 Solange, to Beyonce, for short 15 Marketing battle 18 Unorthodoxy 23 A compliment may boost it 25 Wild animal’s retreat 26 Italy’s Villa d’___ (TEES anagram) 28 Bottom rainbow color 29 Bring in, as money 30 Spain-to-Norway dir.

32 David and Goliath’s Bible book 35 Rev 37 Telephone 38 Down under island?

39 Covered with cooking fat 40 Words said with a nod 41 Trait carrier 42 Stew morsel 45 “Be right with you!”

46 Nova”network 47 Skewered Asian appetizer 49 Austin Powers’ nemesis 50 Unruffled

2 South American wool source 5 54 Boot camp boss, informally 57 Mosque prayer leader 59 Top rainbow color 60 MSNBC host Melber 62 Do a voice-over for 63 Ewe’s mate 64 Bar staple Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

UK judge: Meghan friends can stay anonymous in privacy case

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By Jill Lawless The Associated Press

ONDON—A British judge ruled on Wednesday that the Duchess of Sussex can keep the names of five close friends secret while she brings a privacy invasion lawsuit against a British newspaper—but he chided both sides in the case for playing out their battle in the media as well as the courtroom.

High Court judge Mark Warby agreed, “for the time being at least,” to grant Meghan’s request to protect the anonymity of friends who defended her in the pages of a US magazine in order to spare them a “frenzy of publicity” before the case comes to a full trial.

The former Meghan Markle is suing the publisher of the Mail on Sunday and the MailOnline web site over five articles that published portions of a handwritten letter she wrote to her estranged father, Thomas Markle, after her marriage to Prince Harry in 2018.

Meghan, 39, is seeking damages from publisher Associated Newspapers Ltd. for alleged misuse of private information, copyright infringement and data protection breaches.

The duchess asked the judge to prohibit publishing details of female friends who spoke anonymously to People magazine to condemn the alleged bullying she had received from the media. She argued that the friends were not parties to the case and had a “basic right to privacy.”

The women’s names are included in a confidential court document, but they have been identified in public only as A to E. Associated Newspapers’ attorney Antony White said during a court hearing last week that the friends were potential witnesses, and keeping their names secret “would be a heavy curtailment of the media’s and the defendant’s entitlement to report this case, and the public’s right to know about it.” The judge acknowledged he had to balance “the competing demands of confidentiality and open justice.”

Warby ruled in favor of anonymity, saying it would serve justice by shielding Meghan’s friends from the “glare of publicity.”

“Generally, it does not help the interests of justice if those involved in litigation are subjected to, or surrounded by, a frenzy of publicity,” he said.

But he added that when it comes to a full trial, “that is a price that may have to be paid in the interests of transparency.”

No date has been set for the full trial, which is expected to start next year and will likely be one of the United Kingdom’s highest-profile civil cases in some time. The judge said that during the pretrial wrangling, each side had “overstated its case” and made “hyperbolic assertions” about the other.

“Both sides have demonstrated an eagerness to play out the merits of their dispute in public, outside the courtroom, primarily in media reports,” Warby said. “That approach to litigation has little to do

with enabling public scrutiny of the legal process, or enhancing the due administration of justice.”

Associated Newspapers, which is contesting the duchess’s privacy-infringement claim, says it was Meghan’s friends who brought the letter into the public domain by describing it in the People article.

One told the magazine that the duchess had written: “Dad, I’m so heartbroken. I love you. I have one father.

Please stop victimizing me through the media so we can repair our relationship.”

The publisher’s lawyers argue that the information about the letter must have come “directly or indirectly” from Meghan.

They say Thomas Markle then revealed the letter to the Mail to correct the false impression Meghan’s friends had given about him to People.

Meghan’s attorneys say the duchess was unaware her friends were speaking to the magazine. They say the anonymous interviews were arranged by one of the five friends, who was concerned about the toll

media criticism was taking on the duchess, pregnant at the time with her first child.

Mark Stephens, a media lawyer at London legal firm Howard Kennedy, said on Wednesday’s ruling was important because the case hinged on “whether or not Meghan, through her friends, curated an attack on Thomas Markle.”

“If they did, he was entitled to respond by giving the letter or extracts of the letter to the Mail on Sunday,” Stephens said.

American actress Meghan Markle, star of TV legal drama Suits, married Harry, grandson of Queen Elizabeth II, in a lavish ceremony at Windsor Castle in May 2018. Their son, Archie, was born the following year.

In January, the couple announced they were quitting royal duties and moving to North America, citing what they said was unbearable intrusion and racist attitudes from the British media. They are currently based in the Los Angeles area. n

ABS-CBN leverages digital platforms

FOUR years ago, Apple CEO Tim Cook declared the future of TV is in apps. This was during the launch of an all-new Apple TV, with Cook standing onstage in front of hundreds of journalists and employees promising to bring TV viewing into the app age.

Hindsight has proven Cook to be wrong. Apps showed little growth while streaming services skyrocketed. It may be one of the few “mistakes” Apple has committed as streaming is indeed the future.

Viewing habits have changed and more people are moving to a digital viewing experience. How and when people watch TV, plus the actual content itself, has changed drastically.

Some consumers demand for more content that are elevated, having been exposed to more international TV shows. A lot watch whatever they want, whenever they want. But knowing how TV is so dynamic, I am pretty sure this will change too.

While this has been brought about more by circumstances beyond their control rather than

choice, ABS-CBN is pivoting to meet the Filipino audiences’ growing demand for content online with the launch of Kapamilya Online Live.

Three months after going off the air and a month after being denied a new franchise to broadcast, ABSCBN is bringing more of its content to the digital space by streaming its new and well-loved programs on its Facebook and YouTube accounts, which have over 50 million followers and subscribers combined.

Available in the Philippines via ABS-CBN Entertainment’s Facebook and YouTube accounts, Kapamilya Online Live will livestream new episodes of FPJ’s Ang Probinsyano, It’s Showtime, ASAP Natin ’To, Love Thy Woman, A Soldier’s Heart, Magandang Buhay, Paano Kita Mapasasalamatan and Iba ’Yan. The Kapamilya Online Live livestream is offered for free and without any subscription as part of ABSCBN’s move to strengthen its digital presence to reach more Filipinos.

Kapamilya Online Live will livestream ABS-CBN programs throughout the day and will also allow viewers to catch the latest episodes of their favorite shows as it will be available on-demand in the next 24 hours.On YouTube, the Kapamilya Online Live will stream continuously throughout the day from as early as 7:40 am until 10 pm. On Facebook, viewers can catch their favorite shows on regular timeslots with scheduled breaks between timeblocks.

This marks another milestone in ABS-CBN’s digital transformation that began in recent years as audiences continued to consume more and more content online.

The company also operates the streaming service

iWant, which boasts of the largest library of Filipino content and with over 11 million subscribers.

ABS-CBN Chief Operating Officer for Broadcast Cory Vidanes said the launch of Kapamilya Online Live demonstrates the company’s commitment to remain in the service of the Filipino regardless of the situation.

“By livestreaming our shows on our Facebook and YouTube accounts for free without any subscription fees, we hope to be able to reach more Filipinos and stay true to our promise to continue to serve Filipinos in whatever way we can,” Vidanes said.

Viewers in the Philippines now have a new option to view the programs of ABS-CBN, which launched the Kapamilya Channel on cable and satellite TV nationwide last June.

Meanwhile, with its own strong subscriber base, ABS-CBN News will continue to house news programs TV Patrol and The World Tonight on its Facebook page with 20 million followers, and YouTube channel with 9.83 million subscribers.

With Kapamilya Online Live, ABS-CBN is poised to make an impact on the media landscape again, similar to what it did in broadcasting. Founded over six decades ago, ABS-CBN pioneered television in the country and was also first to respond to the government’s mandate to shift to digital TV broadcast with the launch of the ABS-CBN TVplus in 2015.

ABS-CBN recently disclosed that it would focus on businesses that do not require a legislative franchise, including digital channels, cable, international licensing and distribution, and production of content for various streaming services.

Friday, August 7, 2020

B5

KATRINA HALILI (left) does Wish Ko Lang! and Doc Ferds Recio of Born to Be Wild

Interesting weekend fare with Katrina Halili, famous vets IT should be an interesting weekend for TV viewing as GMA serves up fresh episodes for its popular public affairs programs. For the next fresh episode of Wish Ko Lang! airing this August 8, GMA star Katrina Halili brings to life the story of Teresa, a loving and hardworking mother who gets mysteriously sick. Joining her are Kim Rodriguez, Luis Hontiveros and Elijah Alejo.

Nothing can stop Teresa when it comes to the welfare of her children. So, when her coworker Cristel (Kim) picks on her 12-year-old daughter Marissa (Elijah), Teresa does not back down in defense of her young daughter. This leads to her being fired by their boss Lander (Luis).

Then, something mysterious happens to Teresa: not only does she find difficulty breathing but her legs become swollen and her body, bloated. Her family begins to wonder if Cristel has something to do with Teresa’s condition.

Katrina shares how she saw herself in Teresa: “’Yung pagmamahal at pagsusumikap niya para maging maayos ang pamilya niya, dun ako naka-relate sa kanya.”

The Wish Ko Lang! episode also serves as the reunion for her and her Prima Donnas costar Elijah. “Yes, na-miss ko si Elijah! Nung taping na kami talaga nagkita. Nakakatuwa at nagkaroon kami ng chance na magkasama sa Wish Ko Lang!”

Meanwhile, the latest Wish Ko Lang! offering is the first project of Luis following his recent signing of a contract with GMA. “I am extremely humbled to be part of such a significant show. I am grateful that Wish Ko Lang! was the first show to allow me to showcase my craft.”

This Sunday, August 9, also brings a fresh episode of award-winning environmental and wildlife program Born to Be Wild, where hosts and expert veterinarians Doc Ferds Recio and Doc Nielsen Donato continue to rescue animals and, at the same time, document the wild affected by the quarantine.

With many areas under lockdown in the past months, local authorities say that the number of stray or abandoned dogs has increased. In Old Balara, Quezon City, barangay officials used to collect three stray dogs a week before the pandemic. But since quarantine began, this number has increased to seven. They suspect some residents who can no longer support their pets’ food needs have left the animals on their own.

Doc Ferds visits a place in Old Balara where stray dogs are kept. These dogs are now up for adoption thanks to a concerned citizen. But before the dogs can meet their new families, Doc Ferds must check the animals to make sure they are healthy. Doc Ferds and the team accompany one dog named “Saver” to his new home.

In recent months, many have found it more difficult to acquire food supplies. In the animal world, finding food in the changing environment has already been a struggle. Some species bury themselves under mud and wait for hours for their prey. Others wait for low tide so they can search for their meals. Doc Nielsen and his team document these food hunters.

Born to be Wild airs after AHA! on GMA.

B6 Friday, August 7, 2020

Here’s why Filipino homebuyers should consider living in a condo in times of pandemic

Toyota is offering more great deals this August with the restart of your journey promo

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OYOTA Motor Philippines (TMP) finds ways to keep you moving forward, with your own Toyota vehicle! Enjoy value for money deals and flexible financing from August 1-31, 2020 with Toyota’s Restart Your Journey promo.

Level up your drive and flexible rates of as low as P7,417 per month or savings for the 2020 Vios. Participating variants also come with free periodic maintenance up to 20,000KMs, free 1-year insurance, and 5-year warranty.

You can also get rebates when you trade in your vehicle for the New Vios!

Get up to P35,000 rebate which can be used on top of existing promos or to purchase accessories.

The New Vios is also available through Toyota Financial Services Philippines’ (TFSPH) new full service

lease package “KINTO One” which allows customers hassle-free usership with no down payment required, and the new “Balloon Payment Plus” which offers flexible financing terms through TFSPH inclusive of Periodic Maintenance for the full term.

Meanwhile, you can get the New Wigo with free 1-year insurance for as low as P5,981 per month and get as much as P20,000 additional rebate when you trade in your vehicle for the New Wigo.

All-in low down payment packages, light monthly plans, or outright cash discounts are also available for the Corolla Altis, Rush, Innova, Fortuner, and Hilux. Participating variants get free periodic maintenance service up to 20,000KMs and additional rebates when you trade in your vehicle for a

Toyota. Avanza customers are eligible for financing packages and savings, as well as trade in rebates.

Various financing deals and discounts are also offered for the Hiace, with trade in rebates available for the pre-FMC Commuter variant and for free periodic maintenance service up to 20,000KMs for the FMC GL variants.

For more information on available deals, visit https://toyota.com.ph/promos/ restartjourney. You may also check out more information on any Toyota model in our Virtual Showroom at toyota.com. ph/showroom.

For more Toyota updates, visit www.toyota.com.ph or check out Toyota’s official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter).

Have a healthy heart and COVID-free home

Dr. Orlando Bugarin, PHA President

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HE cardiovascular disease (CVD) war is far from over. It is the top killer illness in the Philippines.

What we have now is a war within a war.

While confronting the perennial CVD, we have been scrambling to seize COVID-19 for the past six months.

“Spikes in CVD cases have been noted around the country these past months.

People with underlying CVD conditions should take extra precaution because they are at high-risk for COVID,” Dr. Orlando Bugarin, Philippine Heart Association (PHA) president warned the public.

CVDs belong to a group of disorders of the heart and blood vessels – like coronary heart disease, cerebrovascular disease, heart failure, peripheral arterial disease, deep vein thrombosis and stroke. Diabetes and hypertension are also linked to CVD. People with these pre-existing conditions are high risks for COVID-19, according to the 1,925-member PHA. June and July saw an increase in CVD prevalence. These patients’ lab results showed an abnormally high cholesterol, sugar and blood pressure levels; and they have added unwanted extra pounds – which are the risk factors for CVDs, said Bugarin.

That's because pandemic and lockdown gave them all the time in the world to do non-stop gastronomic trips, stress cooking and eating; and

Dr. Luigi Pierre Segundo, PHA Director and Advocacy Committee Chair

made them put off their regular exercise routine till tomorrow.

“The home quarantine challenged everyone’s creativity in cooking from scratch to churning out a variety of versions of fusion dishes. It converted most Filipino kitchens into 24-7 food mills and cyber cafes. Gadgets and Netflix became the most abused tool and medium. A dramatic increase in the number of couch potatoes has also been noted,” said Dr. Luigi Pierre Segundo, PHA director and Advocacy Committee chair.

The home is where both golden values and healthy habits should be embedded and cultivated.

Cooking is an art that's therapeutic... but this art attack does not need to lead to a heart attack. So bonding over food should be about creating happy memories and nourishing good health too, according to Dr. Segundo.

Time and again, PHA has always underscored the wisdom of embracing a Healthy Lifestyle (HL) to stay healthy.

Amid the two pandemics, PHA harps on its HL 52100 Campaign. Making 52100 a daily habit as in 5 servings of fruits/ vegetables daily; maximum 2 hours of video time/ not more than 2 gms. of added salt daily; 1 hour of physical activity daily; 0 sugared drinks and 0 smoking -- will put you on the defensive and safe stand. 52100 is the cheapest daily dose of ‘vitamins or supplement’. It

naturally boosts the immune system and aids the body in fighting diseases, according to PHA. The “1 hour of daily physical activity” tenet spurred the adoption of the “PHA Sneakers Friday” (which promotes walking 10,000 steps per day, with the last work day of the week as the take-off point to a “walk more and less ride option) and Fit Heart Minute which endorses a one-minute workout -- a combination of squats, jumping jacks, push ups and lunges that should be repeated 10 times -every hour, whether you are home or in the workplace.

Knowing your numbers, being conscious about the changes in your body and doing something about it, is also crucial in early prevention and intervention.

What’s in a number? Keeping your cholesterol (<200) and sugar count (80100), blood pressure (<120/80), and waist circumference (<32 for women/<34 for men) measurements within normal levels, lessens your CVD risks.

Listen to your body. Never downplay the symptoms of heart attacks and strokes – such as pain or discomfort in the center of the chest; pain in the arms, left shoulder, back, elbows and jaw; shortness of breath; nausea, vomiting, numbness on one side of the body; loss of balance and coordination, excruciating headache and fainting. When you have any of these symptoms, rush to the hospital.

And if you are on maintenance medication, take your pills religiously.

A compliant patient “sees” his doctor during his/her tele-consult appointment; or face-to-face check up.

A significant number of patients who contracted and succumbed to COVID had chronic CVD and comorbidities.

“CVD-COVID is the nastiest combo. It is the worst nightmare for the patient and his/her loved ones. Let us continue working on a healthy heart, and COVID-free home, -community, -country. A recurring major health issue is the last thing that we need because it intensifies our vulnerability to the COVID plague,” Bugarin said.

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T cannot be denied that the majority of Filipinos, especially in Metro Manila - employed or not, rich or poor - have been affected by the COVID-19 pandemic.

The rate of its cases has been increasingly alarming in the last two weeks. Together, with efforts from the government, private institutions, and inspiring individuals drastic measures have been introduced to help overcome this crisis.

Reliefs have been given to the most distressed families, temporary accommodation offered to stranded individuals, and monetary assistance provided to Filipinos who are greatly affected by this phenomenon.

Everyone is expected to comply with improved health and safety measures, imposed by the government, like the regular washing of hands, curfew restrictions, and the “stay-at-home” program.

And as homes become the temporary refuge for most of us, it is during these times that everyone is given an excellent opportunity to pause and rethink their lives, choices, and the future.

If you think that “Securing a future is, indeed, a compelling reason to invest today” here are some of the reasons why considering investing in a condo is the best idea you’ll ever think about today!

A good chance to start anew, It offers a revival for people who would like to take their second chances in life. A chance to live the life of their dreams. An opportunity to expand their city experiences while enjoying their comfort zone.

A more resilient and sustainable way of living, We cannot fully grasp the promises of the future, that’s why as early as now, we must establish our grounds and develop our visions to live a more resilient and

sustainable lifestyle.

Most of today’s condos are developed and built to withstand any crisis - from natural phenomenon to inevitable crises like the one we are experiencing today.

Condo communities are secured with facilities that could cover the growing needs of their residents - green spaces, generators, and eco-friendly energy sources like solar panels. The camaraderie of the community is also a bonus gift in times of crisis.

Flexible payment terms and affordable prices, Given the situation, most property developers have offered affordable prices and flexible payment terms to homebuyers.

Top property developer Empire East is known for its affordable mid-income condos and flexible payment terms that made them democratize homeownership in the Philippines. As of the moment, they are extending their biggest and most exclusive REPLAY CHEERS promo yet until July 15, 2020, which includes big discounts and a later payment option until August 31.

If you are interested in investing in one of their pre-selling condos in Metro Manila, you may reach them at (02)88103333. You may also visit their website www. empire-east.com or follow their official social media accounts @empireeast (Facebook, Instagram, and Youtube) for more inspiring stories and daily updates.

OWWA partners with NTT DATA Philippines to launch DOLE-AKAP

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VERSEAS Filipino Workers (OFWs) are among the largest expat workforce in the world and their contributions account for 10% of the Philippines GDP. Due to the COVID-19 pandemic, over a million of these OFWs have been displaced and unemployed. The Overseas Workers Welfare Administration (OWWA) responded to the people’s call for help through the DOLE-AKAP (Embrace) initiative which provides a onetime financial assistance of Php10,000 or US$200 for displaced land-based and seabased OFWs. Since OWWA partnered with NTT DATA to start their digital transformation journey years ago, hosting their applications in Microsoft Azure, OWWA was able to optimize their existing assets across both on-premises and cloud sources, and migrate key services to cloud.

As proof of the partnership’s success and their timely and immediate response to the plight of the OFWs, NTT DATA Philippines was one of the organizations recently recognized by Microsoft, beating 3,000 entries from 100 countries, with the Community Response Award – a new global award category that recognizes partner organizations providing innovative

support or services to customers and the community. This year, the award acknowledges innovative solutions to the challenges of the COVID-19 pandemic.

Through the technology solution provided by NTT DATA using Microsoft Azure, OWWA was able to provide fast, secure, and contactless financial assistance for displaced OFWs due to Covid-19 via the DOLE-AKAP (Embrace) portal.

“The Philippines’ OFWs embody the heart and soul of the nation: resilience and sacrifice. They contribute so much to the Philippines and through this program we are able to support them in return. We are privileged to be of service and empower our modern – day heroes during these challenging times,” said Andres Ortola, Country General Manager, Microsoft Philippines.

“On behalf of Secretary Bello, I’d like to congratulate the OWWA teams and our cloud partner NTT DATA Philippines for this global recognition from Microsoft.”

OWWA administrator Hans Leo Cacdac shared. “I’m proud of our stellar IT team led

by Rosanna Siray and Joseph John Padilla, and our indispensable administrative units that provided support services to set up real-time electronic application, evaluation, and database systems to support the DOLE-AKAP financial assistance program for our OFWs.” Pocholo Reyes, CEO of NTT DATA Philippines said, “I am extremely proud of our team, and the partnerships with OWWA and Microsoft that made this possible. We’ve seen and heard how so many of our modern heroes have lost their livelihood due to this global COVID-19 pandemic, so we have been equally inspired to do our part as a technology partner and our commitment to our nation to help OWWA deliver a safe and reliable financial assistance application portal to our Overseas Filipino Workers (OFWs) and their families as well.

The global COVID-19 pandemic has left an indelible impact in our society today, and we recognize the enormous role of technology in helping us respond and adapt. We are eager to continue collaborating with Microsoft to contribute to the success of our customers especially during these challenging times.”

Within three days of launch, OWWA received 54,000 online applications through the DOLE AKAP portal.

Moreover, the OWWA IT personnel was able to configure, deploy the application, and modify updates remotely using DevOps and Azure providing flexibility at an instant with minimal downtime.

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Sports BusinessMirror

Friday, August 7, 2020 B7

IS TOUR OF POLAND CURSED? W

DUTCH cyclist Dylan Groenewegen crashes to the ground as a bicycle—most probably that of Fabio Jakobsen—flies overhead in a major collision in the final stretch of the opening stage of the Tour de Pologne. AP

By Tim Reynolds

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The Associated Press

AKE BUENA VISTA, Florida—The National Basketball Association’s (NBA) bubble is still working.

The league released its latest results Wednesday for coronavirus tests performed on players participating in the restarted season at Walt Disney World, and the numbers are still perfect. Of the 343 players tested since results were last announced July 29, none has been confirmed positive.

That means no player has tested positive since entering the so-called bubble last month. There were two players who tested positive on arrival at Disney, with neither of those making it out of quarantine and potentially exposing anyone inside the bubble.

“The NBA has done an amazing job, right?

They’ve been great,” Los Angeles Clippers Coach Doc Rivers said. “They’re on us. They’re making us wear our masks.... We get tested every day.

We have to do a health app every day. The NBA is doing all the things that we need to do.

“This whole virus, it’s a lot about self-control, self-discipline as well,” Rivers added. “I think not only has the league, but I think the players and everyone, they’ve followed through. We got to just keep trying to do that.”

Everyone inside the bubble must fill out a questionnaire on their mobile device each

NBA DISNEY BUBBLE: SO FAR, SO GOOD morning, plus measure their temperature and level of oxygen in their bloodstream. Social distancing rules are in place and mask usage—mandated since the start of the rebooted season—has been an even higher priority this week, with the league stiffening some standards and requiring teams to hold meetings with players so they can be reminded to be vigilant.

“There’s absolutely no doubt that the NBA, under the leadership of [Commissioner] Adam Silver, has done a magnificent job of being visionaries in the sense of looking at the big picture and trying to figure out what unintended consequences may appear,” San Antonio coach Gregg Popovich said.

He said players also deserve credit for showing self-discipline.

“I think it’s a great example for the country,” Popovich said.

Fred VanVleet, meanwhile, had 21 points and 10 assists, and the Toronto Raptors held on to beat the Orlando Magic, 109-99, on Wednesday night.

Pascal Siakam added 15 points and Kyle Lowry finished with eight points, nine rebounds and 10 assists.

Toronto (49-18) has won its last seven dating back to before the hiatus and three straight games since the restart.

VanVleet said the Raptors knew early on that things were clicking for them.

“Just a rhythm and a flow, and everybody locked in and keying into the game plan,” he said.

“I thought we started off strong, had a drop off and then got back to it late. We’ve been playing with each other long enough to kind of know when we’re in sync.”

The Magic (32-37) missed an opportunity to clinch a playoff spot following Washington’s loss to Philadelphia earlier Wednesday. But they maintained their 7 ½-game lead over the Wizards for the eighth seed with four seeding games to play.

They also may be without forward Aaron Gordon for an undetermined amount of time after he left the game in the third quarter with a left

hamstring injury after taking a hard foul from Lowry.

Gordon was going up for a dunk and was hit on the arm as Lowry went to strip the ball. Gordon’s left leg extended high in the air before he crashed to the floor and immediately reached for his left hamstring.

He was able to shoot the ensuing free throws but then struggled to run down the court. He went to the locker room on the next timeout.

Lowry received a Flagrant 1 foul after a review by officials. Gordon had nine points and 11 rebounds at the time of his injury. Magic coach Steven Clifford said he hadn’t seen the replay of the foul and didn’t known the extent of the injury.

Jaylen Brown, on the other hand, scored 21 points, Robert Williams had a career-high 18 points in 19 minutes, and the Boston Celtics rolled past the Brooklyn Nets, 149-115, on Wednesday night without All-Star point guard Kemba Walker.

Williams was 7 of 7 from the field and 4 of 4 from the free throw line. He hadn’t played in Boston’s first three games of the restart, but didn’t let himself get discouraged.

Woods eyes new putter for PGA Championship

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THIS week, Tiger Woods has been working with a putter just like his Cameron Newport but with adjustable weights in the sole to adjust to green speeds. AP

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HE Tokyo 2020 Olympics will be held next year “with corona,” according to the Organizing Committee’s Chief Executive Toshirō Mutō.

Mutō said the global health crisis would likely not have disappeared by the time of the postponed Games, which have been moved to 2021 due to the Covid-19 pandemic.

These comments come despite record daily infection rates in Tokyo and struggling economies worldwide. Most nations globally also still have social and travel restrictions in place.

AN FRANCISCO—Tiger Woods appears to have something new in store for this Professional Golfers’ Association (PGA) Championship: his putter.

And this PGA Championship might have set a record for most players who decided not to play.

Woods has won all but one of his 15 majors with a Scotty Cameron Newport 2 GSS, the putter he borrowed from Mark O’Meara in 1998 and never returned. The only other time he switched at a major was at Saint Andrews in 2010, when he used a Nike Method.

Woods has experimented with other putters since then, such as a TaylorMade variety in 2018 before going back to his regular putter at the Tour Championship, which he won.

This week he has been working with a putter just like his Cameron Newport but with adjustable

weights in the sole to adjust to green speeds. Golf Channel reported it would be in the bag Thursday, and Woods used it during a practice round Wednesday with Steve Stricker and Davis Love III. “It’s basically the same putter with a little bit more flexibility,” Stricker said. “He’s able to change the weights around a little bit, but the length is the difference. He’s got a little more length on there, and that’s just so he can practice a little bit more without back pain.

That’s what excites him the most is that he was able to put in a lot of time with this putter. And watching him putt, it looked exactly the same to me. He rolled the ball great.”

Notah Begay III, a longtime friend who now works as an analyst for NBC and Golf Channel, said Woods was looking “to create some new sensations in his hands.”

“The extra weight might give him something to at least work on and focus as he tries to find that putting stroke,” Begay said.

Will he make the switch? And if he does, for how long?

“I promise you, old faithful is back at the place where he is staying right now,” Begay said on Golf Channel. “It is not far away.”

Vaughn Taylor, meanwhile, withdrew Wednesday, citing an injury. He is the 11th player to withdraw from the PGA Championship since the field was first released six days ago.

But it actually goes deeper than that. Four other players who were either eligible or on the invitation list from being in the top 100 in the world ranking—Lee Westwood, Eddie Pepperell, Shugo Imahira and former PGA champion YE Yang—informed the PGA of

SAN ANTONIO Spurs Head Coach Gregg Popovich wears a mask as he talks with his guard Dejounte Murray during their game last Friday. AP

America they would not be playing.

Yang played two weeks ago on the Korean PGA Tour.

Westwood, Pepperell and Harrington cited international travel and the Covid-19 pandemic for not playing. Others cited injuries. Thomas Pieters of Belgium hasn’t played since the European Tour shut down in March. Neither has Francesco Molinari, and his time has been consumed moving his family from London to California.

Alex Noren replaced Taylor in the field. Next on the alternate list is Pat Perez, who was at the TPC Harding Park.

Perez said it was a short drive from Lake Tahoe at the Barracuda Championship and he had a place to stay with Jason Kokrak.

Otherwise, he said he might not be on site.

At this rate, he might wind up getting a tee time, although the 155 players tested for the coronavirus all had negative results.

That leaves the PGA Championship with 91 players from the top 100 in the world. AP

Tokyo Olympics chief says Games would be staged ‘with Covid-19’ “I don’t know what the state of coronavirus infections will be next summer, but the chance it is a thing of the past are not high,” Mutō said. “Rather, the important thing is to deliver an Olympics for people who must live with Covid-19.”

Despite the rising costs involved, Mutō said he has been reassured by the Japanese Government which has pledged to take a higher

level of responsibility in the preparations.

The decision to postpone was made by the Japanese Prime Minister Shinzō Abe and International Olympic Committee President Thomas Bach in March, although there are still widespread doubts about the Games taking place successfully.

Mutō added: “It was the National Government that

decided to delay a year. With that, the situation has changed a little,” he said. “Furthermore, to hold an Olympics during corona means the antivirus strategy is crucial—the Covid-19 strategy has to be set at the national level.”

Mutō hopes to have a new budget in place

by October with a priority for the Organizing Committee to cut costs where possible. A slimmed down Games has repeatedly been

promised and there is speculation that events could be held behind closed doors.

Japanese companies collectively spent around $3.1 billion to sponsor the Games, with it being estimated it will cost Japan $25 billion.

Mutō also admitted it may be difficult to attain new sponsors in the current climate— with one sponsor asking for clarity over the fate of the Games. Insidethegames

ARSAW—Dutch cyclist Fabio Jakobsen endured a five-hour surgery and remained in a serious but stable condition on Thursday after a controversial crash with countryman Dylan Groenewegen near the finish line of the Tour of Poland.

Jakobsen was fighting for victory with Groenewegen on Wednesday in the first stage when the latter deviated from his line in the final meters and sent Jakobsen crashing through roadside barriers.

Groenewegen crossed the line in first place then hit the tarmac in a mass crash.

Jakobsen, who was awarded the stage win after Groenewegen was disqualified, was taken to St. Barbara’s Specialized Hospital in Sosnowiec, southern Poland, where he underwent surgery on his skull and face.

“There is no direct threat to his life now,” hospital Deputy Director and Doctor Pawel Gruenpeter said on Thursday.

Gruenpeter added surgery was “very complicated due to the nature of the injuries but went with no complications.”

Jakobsen’s Deceuninck Quick-Step team said no brain or spinal injury was revealed, and doctors would try to bring him out of coma later Thursday.

The International Cycling Union (UCI) condemned Groenewegen’s attitude and determined he was responsible for the crash.

Groenewegen was disqualified by the race jury and faces further disciplinary sanctions.

“The UCI, which considers the behavior unacceptable, immediately referred the matter to the disciplinary commission to request the imposition of sanctions commensurate with the seriousness of the facts,” the federation said in a statement.

Police and prosecutors in Katowice are investigating the crash.

Groenewegen’s Jumbo-Visma team offered “sincere apologies” following the crash.

Many riders or former professionals also criticized the poor quality of the security barriers set up in the final section of the race, which did not seem to offer an appropriate protection.

“Situation like yesterday must make the UCI reflect on the current conditions of the race, they are no longer the 80s when the mattress was sufficient for protection,” Italian rider Alessandro de Marchi wrote on Twitter. “Today the speeds are absurd, we need an evolution in safety measures, and also how certain race actions are judged: we need tolerance zero!”

The crash took place exactly a year after Belgian Bjorg Lambrecht died in the hospital from injuries he sustained when he crashed into a concrete barrier during the third stage of the 76th edition of the Tour de Pologne.

The 77th edition runs through August 9.

The Jumbo-Visma team offered an apology an hour after the stage, acknowledging that “crashes like these should not happen.”

A number of other riders came down in the crash, including Groenewegen himself and Marc Sarreau (Groupama-FDJ), who tore tendons in his shoulder and has been forced to abandon the race.

A course-side official was also impacted by the crash and was transported to hospital. Race Director Czeslaw Lang confirmed that the official suffered a head injury and is now in stable condition.

“Every year the same silly downhill sprint in the @Tour_de_Pologne Every year I ask myself why the organization thinks it‘s a good idea. Bunch sprints are dangerous enough, you don’t need a downhill finish with 80kph!” wrote Simon Geschke (CCC Team) on Twitter.”

Groenewegen was judged to have deviated from his line in the sprint, and his Jumbo-Visma team wrote on Twitter on Wednesday evening that “crashes like this should not happen,” offering their apologies, and saying that they “will discuss internally what has happened before we may make any further statement.”

Understandably, there was a strong reaction from Jakobsen’s own Deceuninck-QuickStep squad, with Manager Patrick Lefevere going as far as suggesting that Groenewegen should be jailed for his manoeuvre.

One of Lefevere’s riders—overall pre-race favorite Remco Evenepoel—called for a life suspension, although the tweet appeared to have later been taken down. AP and Cyclingnews

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

B8 Friday, August 7, 2020

Editor: Tet Andolong

This will be our finest moment–Toyota’s Ty

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HE reimposition of the MECQ (modified enhanced community quarantine) on August 4 has sort of practically stopped economic activity again, mainly wreaking havoc on our hapless working class especially those employed in the nonessentials segment in the five provinces covered by the virtual lockdown: Bulacan, Cavite, Laguna, Rizal and Metro Manila.

Likew ise severely af fected would be those employed in companies inherently needed to keep commerce afloat, specifically the manpower that rely mainly on

public transport to get to their places of work from home and back up to August 18.

Several already have complained of being forced to fork hard-earned

moolah for cab fare that is often exorbitant but “we just have to bite the bullet” in order to arrive in the office on time.

Thank God our frontliners have rides provided by hospitals in the two-week standoff.

I wish the essential companies could also provide free shuttle to their workers?

Toyota is 32

BURIED in the din of the pandemic is the 32-year anniversary of Toyota in the Philippines, marked somberly with the launch recently of the New Vios.

“In our over 30-year history, we have faced many challenges but this is by far the most challenging we have seen,” said TMP chairman Alfred Ty. “Of one thing I am sure: this will be our finest moment.

We will draw on our collective strength to support government in its recovery efforts and we will assure our customers and each one in our Toyota family that we will stand by each other every step of the way.”

TMP team members would normally begin the day with a general assembly to honor its achievements and achievers. And TMP President Atsuhiro Okamoto kept tradition by calling a virtual gathering to commemorate the occasion.

Okamoto shared his optimism about the fight against the Covid-19 virus. He pointed to the success of countries like New Zealand and Thailand in their efforts to contain infections.

“Other countries have shown that this virus can be controlled,” he said. “We will get there, too, if we continue our adherence to the necessary health protocols. We will win this battle. I thank the government and all our frontliners for their selfless efforts in this time of crisis. Let us work together and heal as one.”

In 2019, Toyota scored its 18th consecutive triple crown as No. 1 anew in passenger car, SUV and commercial vehicle segments.

Toyota has been the most preferred automotive brand of Filipinos in all but three of its 32-year history.

From just 3 to 78 models

FROM 1988 up to June 2020, TMP has put 1.78 million Toyota vehicles on Philippine roads.

Starting with just three models, TMP now has 78 variants, including such favorites like the Vios, Innova, Hilux, Fortuner, Wigo, Rush, Avanza and Hiace—not to mention its growing breed of hybrid electric vehicles and luxury lines under its Lexus brand.

By 2019, TMP has employed

55,000 Filipinos, invested P64 billion and paid P384 billion in cumulative taxes and duties.

Annually, TMP generates exports of $1 billion in Philippinemade local parts. Since it started its local production in 1989 until June 2020, TMP has produced almost 880,000 units.

Together with its 71 dealers nationwide, Toyota is transforming itself into a one-stop solution provider to meet the growing mobility needs of Filipinos, establishing the Toyota Financial Services, Toyota Insure Program and Toyota Certified Used Vehicles.

TMP has also started offering Connected Auto Loans, Full Service Leases and a newly launched Kinto package that is similar to a vehicle subscription program. It is also piloting On-Demand Shuttle services with the Department of Transportation and offering Fleet Management Services to select partners.

‘Together we are stronger’

THE company has introduced MyToyotaPH app that makes vehicle maintenance via your mobile phone, plus substituting the wellfollowed Vios Cup with the exciting new Supra GT Cup race.

During the quarantine, TMP donated 30 Vios vehicles to the

Department of Health and Local Government of Santa Rosa and loaned 50 vehicles to essential workers. Dealers across the country worked with their respective communities to provide much needed relief goods, while also distributing 43,000 masks to health workers.

These are all on top Toyota’s environmental programs like its Coastal Clean-Up and Mangrove Planting Program; education through the TMP School of Technology; and sports involvement through its partnership with the Philippine Paralympic Committee.

“This crisis is surely a very challenging experience for everyone,” Ty said. “But as market leader, it is our responsibility to elevate customer service even in these most difficult times. We will redouble our efforts in helping to bring the Philippine economy back on track to a better tomorrow. Indeed, together, we are stronger.”

PEE STOP Toyota’s new movements placed Tini Arevalo as the new head of the New Mobility Business Division while still maintaining her post as first vice president. Elijah Marcial is vice president for marketing services, Elvin “Hayes” Luciano PR and communications manager, and Nadinne B. Capistrano PR specialist.

Cheers to you, guys!

Kia extends ‘Worth the Drive Deals’ with easy-to-own packages

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The all-new FL 10-wheeler Cab Chassis option. Hino Motors Philippines

The Wing Van option.

Hino rolls out all-new FL 10-wheeler truck

By Randy S. Peregrino

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INO Motors Philippines (HMP), the exclusive distributor of Hino trucks and buses in the country, introduces its newest addition to the 500 series medium-duty trucks—the all-new FL 10-wheeler. The event also marked the company’s firstever virtual launch event via Facebook live stream. The allnew FL 10-wheeler truck sets a new standard for medium-duty trucks with improved safety and comfort, superior reliability, and optimum fuel economy. With all these features, the FL 10-wheeler truck is ready to cater to Filipinos’ various trucking and logistics needs nationwide.

“We at Hino will always be a committed and solid business partner who innovates and adapts to our customers’ changing needs. We

expand our product portfolio and broaden our trucking solutions to provide our customers with the right Hino truck that meets their business needs. With this new Hino truck, we aim to partner with more businesses and establishments and support Filipinos at this time. We assure our customers of the Hino promise of reducing total running cost and downtime and maximizing lifetime value through the excellent quality of our aftersales services,” said HMP Chairman Vicente T. Mills Jr. The new Hino 500 truck (FL 8J) has a load capacity of up to 18,620kg with a total gross vehicle weight of 26,000kg. It is powered by J08E 7.7-liter six-cylinder, Euro 4-compliant, turbodiesel engine generating 280 hp, and 834 N-m of maximum torque.

Also, power was increased with a better cooling system and lower

carbon emission. It is mated to a nine-speed manual transmission and has 320-liter fuel capacity.

The top speed is at 108 km/h at 2,600 rpm, with 40.4 percent gradeability at full load capacity.

Its suspension features semi-elliptical leaf springs on both the front and rear.

Safety-wise, the all-new Hino FL truck is equipped with fullair dual circuit brakes with an anti-lock braking system (ABS) and a leading/trailing shoe brake system with auto brake shoe adjuster, and air operated spring brake for parking assist. Moreover, the truck is built with Hino’s Easy Start (ES) technology, which helps the driver safely maneuver the vehicle during steep inclines by maintaining a braking force that prevents the truck from rolling backward and making other accidental movements.

The ES technology simultaneously allows the driver to reduce fatigue by resting their feet off the brake pedals and automatically releasing them once the clutch is engaged. Operating in both forward and reverse gears, this feature optimizes the truck’s overall performance by minimizing maintenance costs through reduced stress placed on the brakes and clutch. There’s also an easyto-adjust seat suspension system for that secure, smooth and safe ride. Additionally, there are airconditioning system, power windows, and doors.

The all-new Hino FL truck is available in all Hino 3S dealerships nationwide at the starting price of P3.775 million for the 32ft. Body. Customers may request a quotation online through Hino’s official Facebook page or www.hino.com.ph.

ITH the announcement of the national government on modified enhanced community quarantine in select areas of the country and as the demand for personal cars and vehicles that allow physical distancing increases, Kia Philippines continues to keep its Promise to Care by way of helping Filipinos to purchase vehicles with easy- to-own packages. As we learn to navigate the many twists and turns of living—and making a living— in this period of “new beginnings,” opportunities for safe personal and business mobility are ripe for the taking.

Kia Philippines has its fingers right on the pulse of the transport industry, providing the resilient, enduring, and adaptable Pinoy motorists and entrepreneurs the chance to own its stylish yet practical, versatile and efficient vehicles as it extends its “Worth the Drive Deals.”

With Kia’s Worth the Drive Deals, buyers can choose from flexible offers such as cash discounts, low downpayment, low monthly amortization, or zero-percent interest programs.

Enticing offers on most sought-after vehicles (Picanto, Soluto and K2500)

Kia Philippines extends its Worth the Drive Deals on its most in-demand vehicles. Those who are looking for a personal car can get a Picanto LX MT for as low as P1,000 downpayment or with a cash discount of P50,000, while the Soluto LX MT can be availed of with P40,000 savings or a low down of just P16,000.

Kia also gives entrepreneurs the chance to grow their businesses with the K2500 as their dependable partner for a low P18,000 downpayment, or with as much as P70,000 savings.

Equally amazing deals on Rio, Forte, Stinger, Seltos, Sportage, Sorento, and Grand Carnival

Buyers can get amazing deals on the Sportage and the Sorento SUVs. The Sportage LX Diesel and the Sorento EX 4x4 both come with huge cash discounts of as much as P300,000 and P430,000, respectively. These can also be availed of with zero-percent

interest of up to 60 months or on a zero downpayment scheme.

However, as they avail of the promo, buyers are assured of acquiring awardwinning nameplates that have gotten the nod of esteemed institutions such as J.D. Power. The Sorento is the highest ranked upper midsized SUV in J.D. Power’s 2020 US Initial Quality Study, while the Sportage has been recognized as among the highest ranked compact SUVs in the same study.

The rest of the Kia lineup also comes with cool deals. The Rio Hatchback is available with a P70,000 discount. Meanwhile, the Forte LX AT downpayment goes for as low as P7,000 or with a cash discount of P80,000. It is also available through a Zero-percent interest program of up to 24 months.

The Seltos LX AT is being offered with a P50,000 discount or with Zero-percent interest of up to 18 months. Families can get the Grand Carnival LX 11-seater with a cash discount of P120,000 or with a downpayment as low as P32,000. It can likewise be availed of through a Zeropercent interest plan of up to 24 months.

For those dreaming of the day they can call the Stinger GT their own, Kia’s performance car is within their grasp via a Zero-percent monthly interest program for up to 24 months or by way of a cash discount of P250,000.

Every Kia vehicle comes with a five-year/160,000-km warranty (whichever comes first). Kia Philippines also offers 24/7 Roadside Assistance that includes emergency towing, minor onsite repairs, medical and personal assistance, and information services.

“Kia Philippines extends its Worth the Drive Deals as our way of giving Filipinos the chance to acquire not just award-winning but dependable and quality vehicles through our irresistible packages,” said Manny Aligada, Kia Philippines’s president.

The Kia Worth the Drive Deals is made possible with the help of partner banks BPI Family Savings Bank, BDO Unibank, China Bank Savings, EastWest Bank, PSBank, and, Rizal Commercial Banking Corp. The promo runs until August 31, 2020.

For more information about Kia Philippines and its Worth the Drive Deals, log on to www.kia.com.