BusinessMirror August 12, 2020

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ECOZONE INVESTMENTS IN JAN-JULY DOWN 27% www.businessmirror.com.ph

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Wednesday, August 12, 2020 Vol. 15 No. 307

CYCLISTS get their rapid test results in a tent at the drive-through rapid testing center at the Quirino Grandstand in Manila. Some experts have said that the rapid tests are inconclusive, because they only detect antibodies, but others say they serve a purpose in quickly tracking workers returning to work, especially in big workplaces. BERNARD TESTA

CONSTRUCTION workers put finishing touches to the recently inaugurated solar-powered sewage treatment plant at the Baywalk area on Roxas Boulevard in Manila. BERNARD TESTA

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By Elijah Felice Rosales

NVESTMENTS applied in Philippine economic zones declined more than a quarter from January to July, although capital inflows from overseas jumped double digits to show signs of renewed interest from foreign firms.

The Philippine Economic Zone Authority (Peza) on Monday reported investments secured from January to July fell by about 27 percent to P52.01 billion, from P71.21 billion during the same period last year. These investments translated into 164 new projects and expansions.

Broken down, the sevenmonth figure showed the disparity in the financial capability between local and foreign investors: the former was bled to the core by the

coronavirus pandemic, while the latter managed to post a doubledigit growth.

Based on Peza data, domestic investments from January to July plunged nearly 63 percent to P15.75 billion, from P42.46 during the same stretch last year. On the other hand, foreign capital inflows for the period grew over 26 percent to P36.26 billion, from P28.75 billion.

Bulk of the foreign investments went into manufacturing, See “Ecozone,” A2

‘Weak IT system drains PhilHealth of billions’

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HE Presidential Anti-Corruption Commission (PACC) said on Tuesday the Philippine Health Insurance Corporation (PhilHealth) continues to lose P2 billion to P3 billion per week due to corruption.

PACC Commissioner Greco Belgica made the statement during

his testimony at the second hearing of the Senate Committee of the Whole on alleged anomalies in the state-run health insurer.

“Even while we are here in the hearing, the stealing of money [in PhilHealth] continues since the system is still not changed and people involved, except those re-

PESO EXCHANGE RATES n US 49.0380

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

moved by the President, remain there,” Belgica said.

He attributed the persistence of anomalies within the agency to its vulnerable information technology (IT) system and slow process of filing cases against erring medical facilities.

The PACC official noted that

the lack of a “validation mechanism” for the data input in PhilHealth’s IT system makes it susceptible to manipulation by rogue employees and medical facilities.

Belgica said PhilHealth would have no need for additional funding from the national government Continued on A2

SAVINGS ACCOUNT OF NATL GOVT STILL AT ‘HEALTHY LEVELS’

By Tyrone Jasper C. Piad

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HE national government’s savings account is kept at “healthy levels” even though the revenue channels are being blocked by pandemic-induced bottlenecks, an economist said.

ING Bank Manila Economist Nicholas Antonio T. Mapa noted on Tuesday that the government has set aside P824 billion at the Bangko Sentral ng Pilipinas (BSP) as it puts up a Covid-19 war chest.

“The national government’s savings account...remains at healthy levels, in fact now at the highest balance to date at P824 billion,” he said.

On top of this, the Bureau of the Treasury recently raised over P500 billion from its retail treasury bond offering, which could boost the government’s savings further to P1.3 trillion, he said.

Mapa said the projected amount shows how much “muscle ...the fiscal authorities can wield to battle the fallout from Covid-19.”

See “Savings,” A2

n JAPAN 0.4630 n UK 64.1172 n HK 6.3276 n CHINA 7.0436 n SINGAPORE 35.7029 n AUSTRALIA 35.0622 n EU 57.5804 n SAUDI ARABIA 13.0806

Source: BSP (August 11, 2020)

News BusinessMirror

A2 Wednesday, August 12, 2020

www.businessmirror.com.ph

House leader firm: ₧10-B tourism fund for infra, not working capital

By Ma. Stella F. Arnaldo

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Special to the BusinessMirror

HE urgent pleas of the tourism industry for financial assistance seem to have fallen on deaf ears of the powerful members of the House of Representatives.

In an interview with the BusinessMirror, Jose C. Clemente III, president of the Tourism Congress of the Philippines, said Rep. LRay Villafuerte III (Second District, Camarines Sur), principal sponsor of the Bayanihan 2 bill, stood pat on the House’s decision to allocate P10 billion to infrastructure, instead of working capital for the tourism stakeholders.

“He said, history shows daw infrastructure development is one of the solutions to combat economic depression. We agreed, but at this point it’s not what the industry needs. The infrastructure development can come when things start to normalize,” stressed Clemente.

But, “Industry stakeholders are now hanging on by string, wala na kaming pagkukunan ng working

capital namin. We were looking at Bayanihan 2 and ARISE bills as possible sources of working capital,” he said. “Basically, [the meeting] really didn’t go anywhere; they were stuck to that P10-billion tourism infra allocation. He also said, if we didn’t want the P10 billion, they would allocate it to other government agencies instead,” according to Clemente.

Villafuerte, who is also deputy speaker, is among the principal authors of Bayanihan 2, or House Bill 6953 (An Act Providing for Covid-19 Response and Recovery Interventions and Providing Mechanism to Accelerate the Recovery and Bolster the Resiliency of the Philippine Economy, Providing Funds therefor, and for other Purposes), which was approved on

final reading on Monday.

In the Senate version of Bayanihan 2, P10 billion was allocated directly to the tourism industry for working capital loans. In HB 6953, the P10 billion was allocated to the Tourism Infrastructure and Enterprise Zone Authority, the infrastructure arm of the Department of Tourism. In several position papers and meetings with lawmakers, the DOT supported the industry’s call for working capital loans.

(See, “House cuts on tourism recovery assailed,” in the BusinessMirror, August 11, 2020.)

In a text message, Rep. Sol Aragones (Third District, Laguna) said at the forum with the tourism stakeholders, “Deputy Speaker LRay Villafuerte was able to explain that the benefits of Bayanihan 2 bill are a balanced combination of hard and soft. Direct assistance can be accessed from the P51-billion allocation through the government financial institutions (GFIs) like LBP (Land Bank of the Philippines) and DBP (Development Bank of the Philippines). In addition, loans will have a grace period of 365 days.”

She noted, “Regarding their concern on easier access to these loans, the next step is to have an-

other meeting with them together with LBP and DBP officials, and the economic team. It was also explained that the P10-billion tourism infrastructure allocation is needed because it has a multiplier effect. We assured them that we will continue to support the tourism sector.” She said Villafuerte mentioned he would “help the industry expedite their loans.”

Aragones, who chairs the tourism committee, convened the meeting with the tourism stakeholders on Tuesday, which was attended by Villafuerte and Rep. Edgar Chatto (First District, Bohol).

Chatto was one of the principal authors of Republic Act 9353, the Tourism Act of 2009. Aside from the TCP, other tourism stakeholders who attended the meeting were the presidents of the Philippine Travel Agencies Association, Hotel Sales and Marketing Association, Bohol Federation of Travel and Tour Operators, Cebu Association of Tour Operators, Boracay Foundation, Philippine Association of Amusement Parks and Attractions, Paceos, Davao Association of Tour Operators, and the Philippine Hotel Owners Association.

Under HB 6953, GFIs will receive P51 billion in capital infu-

sion, of which P5 billion will be allocated for the credit guarantee program of PhilGuarantee, P30 billion to support banking facilities and equity infusion of LBP in ARISE Inc., P15 billion to support banking facilities and equity infusion of the DBP in ARISE Inc., and P1 billion in additional funding for the Covid-19 Assistance to Restart Enterprises Program of the Small Business Corp. and for its other lending programs to be extended to micro, small and medium enterprises affected by the Covid-19 pandemic and by other socioeconomic reversals.

Section 4 HB 6953 also authorizes LBP and DBP to enter into a joint-venture agreement to incorporate a special holding company, called Accelerating Recovery to Intensify Solidarity and Equity Inc. (ARISE Inc.), which is designed to “assist strategically important companies affected by the Covid-19 pandemic to address solvency issues, such as those with considerable impact on the economy, including companies from the agriculture, infrastructure, service and manufacturing industries, and other industries to be identified in the implementing rules and regulations.”

PALACE CITES P18-B DAILY LOSS TO RULE OUT MECQ EXTENSION

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ALACAÑANG on Tuesday said the country is losing P18 billion daily because of the new round of modified enhance community quarantine (MECQ) in Metro Manila and its surrounding areas.

Presidential spokesperson Harry Roque made the statement on Tuesday to stress how the government can no longer afford to implement a monthlong ECQ.

“For Metro Manila, the estimate is that not lower than P18 billion is lost per day of MECQ. This will be higher if it was placed under ECQ,” Roque said.

The National Economic and Development Authority (Neda) earlier said at least 25 percent of the country’s economy became nonoperational when NCR and its surrounding areas were placed under MECQ.

In areas under MECQ, public transportation is banned and business operations are limited.

Aside from an MECQ’s economic costs, Roque said the government no longer has any additional funds for now to provide additional cash aid to people who will be affected by the MECQ or ECQ. The National Capital Region (NCR), Bulacan, Laguna, Cavite

and Rizal were placed under MECQ from August 4 to 18 to allow the medical workers in these areas to rest and to give time for the government to improve its measures against Covid-19.

But while unlikely, Roque said President Duterte may still opt to impose an ECQ or extend the MECQ in NCR depending on the utilization rate of critical care in the region, as well as case dou-

bling rate of novel coronavirus disease (Covid-19).

He said the government acknowledges that the most effective way to stop the spread of Covid-19 is to declare a long ECQ or MECQ.

"The problem is we no longer have [funds] for assistance. And if people will not be allowed to go to work, they may die from not having a livelihood,” Roque said.

Samuel P. Medenilla

‘Weak IT system drains PhilHealth of billions’ Continued from A1

if it had addressed both issues by setting up a validation system for its IT and decentralized its filing of cases to its regional offices.

Also at Tuesday’s hearing, Senate Majority Leader Miguel Zubiri zeroed in on “fraudulent transactions,” listing questionable rebates, ghost patients, as well as “legal and administrative cases.”

At the start of the Senate Committee of the Whole hearing, Senate President Vicente Sotto III reminded PhilHealth officials and other witnesses they were testifying under oath, indicating they could be held liable for perjury.

Long process

MEANWHILE, Belgica blamed PhilHealth’s long process for filing cases, which needs to go through the central office, as the main reason why there is few or no case filed against erring hospitals.

Belgica said many PhilHealth official and personnel are aware of these gaps and have used them to perpetrate illegal activities, such as filing claims for “ghost” patients or resorting to upcasing—here, a

simple prescription for a hypertensive patient may be levelled up and written as a mild stroke, in order to claim higher rates.

PACC vowed to go after not only the erring top officials of PhilHealth, but also its rank-and-file workers involved in anomalies, and then sue them before the Ombudsman.

In a related development, Malacañang said there will be a status quo on the leadership of PhilHealth until the task force created to investigate its alleged anomalies submits its report to President Duterte.

Presidential spokesperson Harry Roque said the President may only consider changing the leadership of the agency upon the recommendation of the task force led by the Department of Justice.

PhilHealth President and CEO Ricardo Morales and other PhilHealth officials are under investigation from the task force due to PhilHealth’s alleged overpriced purchase of P2 billion worth of IT items, among others.

Favoritism in IRM?

TAKING his turn, Zubiri bared a list of assorted anomalies, giving Senate probers a rundown of PhilHealth’s “history of corrupt practices, ranging from unreleased Interim Reimbursement Mechanism (IRM) funds to nonexistent and ghost patients,” as well as “questionable legal and administrative cases within PhilHealth.”

While reports cited cases of hospitals getting hundreds of mil-

lions in IRM funds even though they hardly handled Covid cases, Zubiri said some critical public institutions like Ospital ng Maynila have yet to receive IRM funds (P19.3 million in the latter’s case).

PhilHealth likewise failed to act on the IRM fund applications of at least two other government healthcare institutions, also handling Covid-19 cases—the Western Visayas Medical Center in Iloilo City that reported P121.4-million unreleased IRM funds and the Corazon Locsin Montelibano Memorial Regional Hospital in Bacolod that, Zubiri said, was “still waiting” for the release of P41.7-million IRM. Zubiri likewise lamented what he found to be the troubling phenomenon of nonexistent and “ghost patients.”

Zubiri also raised the case of Golingay General Hospital in Malalag, Davao del Sur, as “a prime example of the nonexistent patient scheme,” after finding out that the infirmary, with an 18-bed capacity, was “paid P18 million in claims in 2014, and almost P10 million in just the first semester of 2015.”

Without guidelines

SEN. Panfilo Lacson questioned the dubious release of multibillion PhilHealth funds “without guidelines,” noting the subsequent release of another P9.3 billion.

“What are the guidelines for release without an IRR for guidance?”

Lacson asked, adding, “How can they release funds without IRR?”

The senators, however, were informed by PhilHealth officials that they were “in a state of calamity…in a state of panic” and needed to come up with a prompt response.

Sen. Joel Villanueva also took issue with PhilHealth’s favoring some clinics and not releasing sufficient funds to Covid-19 hospitals under its IRM program.

Villanueva said PhilHealth should have ensured the hospitals treating Covid-19 patients were prioritized in the grant of IRM, instead of allowing other medical facilities to utilize the same program for their claims.

“The numbers would speak for themselves: All freestanding dialysis clinics got releases of 100 percent of their IRM limit, while many hospitals only got 60 percent to 70 percent of their limits.”

Whistleblowers

MORE alleged fraudulent schemes in PhilHealth were unveiled at the hearing by whistleblowers.

Resigned PhilHealth antifraud legal officer Atty. Thorsson Montes Keith disclosed an alleged attempt in May 2019 to “embezzle” P9.7 million in PhilHealth benefit claims, said to be “inadvertently credited” by PhilHealth Region 2 office personnel to Balanga Rural Bank, which is located in Region 3.

Keith said he doubted the claim that the amount was mistakenly credited to Balanga Rural Bank because the money was credited in multiple transactions.

Moreover, he said he learned that it is impossible for one PhilHealth regional office to deposit money to an account in another region except when it is “given” by Senior Vice President and Chief Information Officer Jovita Aragona.

He added the Balanga Rural Bank did not want to return the money at first, but later relented after getting a demand letter from

PhilHealth. Still, the bank demanded compensation for all the inconvenience it suffered by the error, with PhilHealth paying the equivalent one half of 1 percent of the amount being claimed or P49,193.

This amount, Keith believed, was not paid by the personnel from the PhilHealth Region 2 but by the PhilHealth central office. “The question that should shed light in this investigation is who owns the account in Balanga Rural Bank and what is the account number?”

He said he gathered that Senior Vice President Rodolfo del Rosario Jr. had travelled frequently to Balanga so he said it is “possible” that the money was transferred to his account.

Del Rosario, he said, was supposed to investigate these kinds of fraud but he allegedly “sat down” on it.

“Be that as it may, the only thing to do is to determine the real owner of the account in Balanga, Bataan, and it will open a pandora’s box. Further this case has established one of the modus operandi of PhilHealth mafia untouchables and I have identified some of them,” Keith added.

Responding to the allegation, Aragona maintained that there was an error in selecting the bank that will receive the money.

For his part, Del Rosario insisted that he is not involved in any corrupt practices, adding that the allegations of Keith were “ridiculous.”

He denied sitting on the case, saying an ad hoc committee was formed to hear the case.

He described his trips to Bataan as work-related meetings.

Samuel P. Medenilla, Butch Fernandez, Bernadette D. Nicolas

Savings…

Continued from A1

“With the economy projected to only return to a base effect-induced growth by 2Q 2021, investors and Filipinos can take comfort knowing that the government continues to have scores of funding and more at its disposal to endure what will likely be a long drawnout battle with the pandemic,” Mapa added.

To recall, Mapa said that the delay in passing of the budget last year resulted in a build-up of P763 billion in the government’s deposit account in May. Authorities went on a “spending binge” following its approval, with the balance ending at P159 billion by end-2019, he added.

“Once the 2019 budget was passed, authorities were on a mission to churn out the unused budget, even passing legislation to allow unused 2019 funds to be spent in 2020,” Mapa said.

‘Substantial’ packages

EARLIER, Mapa said that passing “substantial” fiscal packages are helpful in combating an economic recession, noting that this is what the country’s neighbors in the Asean region are doing.

The economist pointed out that the lockdown measures have left many Filipinos jobless, thereby affecting consumer spending. The decline in household consumption, he said, can then hit revenue collection.

“Recognizing that it is indeed consumption that makes the little Philippine economy tick, perhaps an alternative strategy would be to come out swinging and look to land a knockout punch of our own,” he said. “Consumption begets more consumption and in turn can help drive government revenues which translates to the government spending multiplier effect.”

The House of Representatives recently approved on third and final reading the proposed P162billion Bayanihan to Recover as One Act or the Bayanihan II. The bill seeks to cushion the potential losses from the pandemic.

Ecozone…

Continued from A1

as well as information technology and business process management (ITBPM), according to the Peza.

Investments in manufacturing rose more than 24 percent to P23.34 billion, from P18.77 billion, while those in the IT-BPM industry surged 37 percent to P11.4 billion, from P8.32 billion. However, the Peza did not disclose the numbers for other activities, including economic zone development, where the slowdown can be attributed.

For the first semester, shipments by economic zone firms amounted to $24.81 billion and their employment totaled 1.47 million—a contraction of 7 percent and 3 percent, respectively, when compared to last year’s figures—the Peza reported.

Peza Director General Charito B. Plaza is optimistic the Philippine economy can recover from the ill effects of the pandemic. Conceding “it is true that the Covid-19 pandemic affected our economy badly,” she vowed the Peza will carry on with its task to pull investors to the country, bearing a mindset of looking at the health crisis both as a lesson and an opportunity.

Plaza stressed the importance of putting up economic zones particularly in the regions even in trying times like this, as they boost countryside growth largely by generating exports and jobs and creating supply chains.

“Covid-19 cannot stop Peza in performing its mandate to register, manage and operate public and private economic zones in the country,” Plaza said. “Peza continues to attract investors to come and invest in the Philippines despite the crisis.

If the trend goes on for the rest of the year for Peza, it will be its third straight year to endure a double-digit decline in investment registrations.

Last year investments applied to the agency slipped by over 16 percent to P117.54 billion, from P140.24 billion in 2018. The Peza leadership has been attributing its declining performance to uncertainties caused by the legislative move to rationalize fiscal incentives.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Wednesday, August 12, 2020 A3

DOJ chief taps TF on EJK to probe Echanis ‘killing’

By Joel R. San Juan @jrsanjuan1573

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USTICE Secretary Menardo Guevarra has tapped the interagency task force on extrajudicial killings (EJK) to conduct an investigation into the reported killing of Anakpawis chairman and National Democratic Front of the Philippines (NDFP) consultant Randall “Randy” Echanis and his neighbor in Novaliches, Quezon City.

However, the DOJ chief said before the task force (TF) could start its investigation, it must be determined first by forensic experts if it was Echanis’s body due to conflicting claims from the Quezon City police, who said that based on the identification cards retrieved from the crime scene, the person’s name was Manuel Santiago.

The National Bureau of Investigation (NBI) Forensic Investigation has been tasked to establish the identity of the victim.

“Upon the assumption that the subject was indeed peasant leader

Echanis, I have directed the task force on EJK to form a special investigating team to look into the incident. In view of the emerging confusion as to the identity of the subject, however, we shall await confirmation by the family of the deceased that the subject was indeed peasant leader Echanis,” Guevarra said.

Guevarra stressed that it was important to establish the identity of the victim before the TF could commence its probe since it only covers summary killings of persons on account of their advocacies, such as labor and peasant leaders, but not common crimes involving ordinary persons.

DOJ spokesman Undersecretary Markk Perete said the positive identification of Echanis’s wife of the body would not prevent the NBI from conducting forensic examination.

“Considering questions about the identity of the victim, a thorough forensic examination may be necessary for the purpose. We leave it to experts to complete this identification. That said, the AO [Administrative Order]

35 Secretariat is, nevertheless, preparing to investigate and determine the possible inclusion of the case under our mechanism,” he added.

Perete said the DOJ was planning to release a so-called heat map and analysis of cases of politically motivated killings in the country this year, but, may have to adjust the timetable because of the Covid-19 pandemic.

“The goal of the task force is to prosecute politically motivated killings. In the course of this work and in gathering reports from the ground, the Secretariat has identified regional hot spots. It has also been studying the complexion of the cases per region. In time, we hope to publish a heat map and an analysis of the cases per region to form part of the AO 35 webpage,” he said.

Anakpawis reported that Echanis was killed in the wee hours of the morning Monday at a rented house in Novaliches, Quezon City.

Condemnation A GROUP of lawmakers Tuesday

SC sets hearing on consolidated petitions to scrap ATA in Sept

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HE Supreme Court has decided to hear the petitioners and respondents in the petitions seeking to scrap the implementation of Republic Act 11479, or the Anti-Terrorism Act (ATA) of 2020 for being unconstitutional.

SC spokesman, lawyer Brian Keith Hosaka, said the magistrates agreed to allow the parties to defend their positions before the Court during their regular en banc session on Tuesday.

“The Supreme Court will be conducting oral arguments on the third week of September, at the earliest. Proper notices will be issued once the date is finalized,” Hosaka said, while noting that the six new petitions filed recently have been consolidated with the previous petitions.

The six last petitions will be consolidated with the 19 petitions earlier filed before SC. Only 25 petitions have so far been docketed at the SC, since two other petitions filed by separate groups in Mindanao that were earlier reported filed before Court were actually filed through mail.

Once it is received by the Court, the two petitions are expected to be docketed and consolidated with the other petitions.

Oppositors of the ATA of 2020 argued that the definition of terrorism under the law is

“vague and overbroad” which may be used as “a weapon against constitutionally protected speech and speech-related conduct.”

The petitioners noted that the ATA creates the new speech crime of inciting to terrorism under Section 9 and then ties it to a new definition of the crime of terrorism which is found in Section 4.

The ATA’s definition of terrorism, according to the petitioners, encompasses speech and conduct protected by the Constitution, including non-violent assemblies like the 1986 People Power.

All the 25 petitions are seeking to nullify Sections 5 (threat to commit terrorism); Section 6 (planning, training, preparing and facilitating the commission of terrorism); Section 9 (inciting to commit terrorism); Section 10 (recruitment to and membership in a terrorist organization); Section 11 (foreign terrorist); Section 12 (providing material support to terrorists); Section 25 (designation of terrorist individual, groups of persons, organizations or associations); Section 26 (proscription of terrorist organizations, associations or group of persons); Section 27 (preliminary order of proscription); and Section 29 (detention without judicial warrant of arrest). Joel R. San Juan

strongly condemned the killing of Echanis.

House Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate together with fellow Bayan Muna Rep. Eufemia Cullamat demanded justice for Echanis.

The progressive solons also demanded that Echanis’s cadaver should immediately be returned to his family.

“While every Filipino is focused on preserving life amidst the raging pandemic, this regime and its minions are on a frenzy of murder, of state terrorism against the people, against its critics, against agents of change. The murder of the ill and aging Ka Randall Echanis in his home reveals yet again how utterly cruel and wicked this regime is,” said Bayan Muna Rep. Ferdinand Gaite.

“This incident has confirmed what we had long feared, that the enactment of the terror law signals a new wave of dastardly attacks on democratic and progressive organizations and leaders,” said the

Bayan Muna lawmaker.

Meanwhile, Anakpawis partylist on Tuesday lambasted the National Capital Region Police Office (NCRPO) for “unlawfully snatching” the remains of Echanis.

The party-list, in a news statement, said Echanis’s wife Erlinda has positively identified his husband’s lifeless body which “bore torture marks, multiple stab and gunshot wounds in a funeral home in La Loma, Quezon City; and along with other relatives, she managed to transfer Echanis’s remains to a funeral of their choice last night. But not long after that police elements came and forcefully took Echanis’s remains for alleged absence of a ‘release order’ from their office.”

But the group said the police asserted that the cadaver was still “under investigation.”

“This adds insult to our injury. It is both inhuman and unjust for the remains of my husband to be held under police custody and deprive us of having a proper and private mourning,” said Erlinda.

“Why is my husband’s cadaver under investigation in the first place?

It should be the perpetrators that should be hunted down and persecuted, not the lifeless body of my husband,” she added.

Also, former Anakpawis Congressman Ariel Casilao slammed what he called as police’s “twisting and handwashing” of Echanis’s killing.

The police claim that the dead body found in Novaliches was not Echanis, but a certain Manuel Santiago, which Anakpawis said, is the “Philippine National Police’s brazen attempt to diminish the killing as a mere common crime and not a politically motivated extrajudicial killing.”

Moreover, Anakpawis said that while their quick reaction team was negotiating for the release of Echanis’s remains, a member of the paralegal team, identified as Paolo Colabres, was illegally nabbed by the police over alleged “obstruction of justice.”

With Jovee Marie N. Dela Cruz

PN chief: It’s WESCOM’s call to send ships to Reed Bank

By Rene Acosta

@reneacostaBM

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HE chief of the Philippine Navy (PN) said on Tuesday he is leaving it up to the military’s highest commander who has jurisdiction over Palawan and its adjoining islands to decide whether he should send ships to check, or drive away, Chinese vessels carrying out “unauthorized” research in the Reed Bank, which falls under the country’s exclusive economic zone (EEZ).

The reported oil-rich Reed Bank falls within the area of operations of the Armed Forces Western Command (WESCOM), one of the six area commands of the military that reports directly to the chief of staff of the Armed Forces of the Philippines.

“That is the operational commander’s call. But you have to base it on the availability of vessels, on current, the current disposition of vessels or aircraft and their present mission also,” said PN Flag Officer in Command Vice Admiral Giovanni Carlo Bacordo.

On Monday, Bacordo told foreign journalists that two Chinese research ships were at the Reed Bank, or locally called as Recto Bank, undertaking what

they believed was research-related activities without permission from the Philippine government.

Since the Reed Bank falls within the country’s 200 nautical miles EEZ affirmed by the UN Arbitral Tribunal in its 2006 ruling over the maritime case filed by Manila against Beijing, any foreign undertaking within that territory should bear government approval.

“We have checked if they have any clearance to conduct survey in that area, and we found out that there is none,” Bacordo said, adding the vessels were moving at the speed of three knots, which are almost stationary movements.

“You are only doing that if you are conducting actual surveys,” he said without officially identifying the two Chinese research ships.

Since Bacordo’s timeline was two weeks, then the research ships were in the country’s EEZ and have been doing their research activities when President Duterte made his State of the Nation Address where he admitted he could not do anything against China and its activities in the West Philippine Sea. Various reports, including from the US military identified one of the

research vessels as Xiang Yang Hong 14, which left Guangzhou, China on July 22 and was spotted at the Reed Bank since August 6.

However, Bacordo said he was not certain whether the vessels were still in the area since he disclosed their presence on Monday, his basis of which was a military report dated August 9.

“Right now, I have not read an update,” he said, adding the ships’ presence were alternate. “It seems one of the ships would leave and the other would take over.”

The presence of the ships in the area was monitored by the military’s littoral monitoring stations.

Still, Bacordo doused off fears that China’s latest intrusion into the country’s maritime waters could lead into a shooting war, saying the military would not be swayed into such as scenario, which is a very “unpopular move.”

“You are provoked to take drastic actions,” the Navy chief said, adding this may have been the strategy of China as he cited past instances wherein Chinese military and paramilitary ships harassed Filipino fishermen and even military resupplies in the West Philippine Sea.

POPCOM reminds couples to practice RH amid MECQ

Neda exec outlines LGUs’ role in ‘digital new normal’

By Cai U. Ordinario

ILIPINOS should brace for a “digital new normal” and local government units (LGUs) need to step up in bridging the digital divide beginning in their localities, according to the National Economic and Development Authority (Neda).

In a presentation in a webinar on Tuesday, Neda Undersecretary for Planning and Policy Rosemarie G. Edillon assured LGUs can count on the government’s support in this endeavor.

Edillon said Bayanihan 2, which outlines the P140- billion stimulus package of the government, includes assistance to LGUs. She added that the budget for 2021 of the Department of Information and Communications Technology (DICT) increased by as much as 10 times compared to previous years.

“If we fail, we will have a very unequal society. We don’t want this digital divide,” Edillon stressed.

Edillon said the government is also in the process of crafting executive orders that will address gaps in the country’s digitization.

She said for LGUs who already have the digital infrastructure, they should now elevate their efforts by giving their citizens access to these facilities.

Edillon said LGUs should strengthen e-governance systems for the delivery of government services, such as securing permits and clearances, as well as

@caiordinario

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HOUSANDS of Filipino couples and individuals are in need of family planning methods in the first semester of 2020, according to the Commission on Population and Development (POPCOM).

In a news statement, POPCOM said around 376,317 couples and individuals nationwide were in need of family planning methods between January and June 2020.

POPCOM said in the first semester, it was only able to serve around 42,773 clients in need of reproductive health (RH) services in the first six months of the year.

“Ultimately, the leaders and workers from the barangays are the ‘onthe-ground’ implementers of health services and programs like family planning [FP]. That said, POPCOM appreciates them, our FP partners, for their tireless collaboration,” POPCOM Executive Director and Undersecretary Juan Antonio Perez III said.

Perez said local authorities, as well as couples and individuals, should continue to uphold family planning as a priority, especially in areas covered by enhanced community quarantines, specifically in Metro Manila and nearby provinces.

Data on the demand for family planning methods was generated from house-to-house distribution of family planning commodities, as well as the conduct of FP classes were severely hampered by the spread of Covid-19 across the country.

Perez said POPCOM aims to implement its mandate of “helping couples and partners exercise responsible parenting to achieve their desired number of children whose births are well-timed and spaced.”

POPCOM said LGU leaders, along with health workers and barangay volunteers, also made the numbers possible unfazed by various challenges on the local medical front resulting from the contagion.

“During this Family Planning Month of August, we enjoin them to continue

working with us in our crusade to enable a secure and comfortable life for every Filipino family,” Perez said.

POPCOM said this cooperation from various sectors should be highlighted since the Philippines celebrates “Family Planning Month” in August.

The agency said leaders of LGUs should continue prioritizing the implementation of essential health services, particularly those centered on family planning.

Earlier, the United Nations Population Fund (UNFPA) said the Philippines population will reach 109.6 million this year, making it the second most populous country in Southeast Asia.

Based on the data, the Philippines’s total fertility rate is at 2.5 percent, or same level as Cambodia. This is the second highest in the region where Lao PDR had the highest TFR at 2.6 percent.

The UNFPA added that between 2015 and 2020, the average annual rate of population change in the Philippines was at 1.4 percent, the highest in the Asean 5.

F

the payment of taxes and fees.

LGUs should consider setting up Mobile Revenue Collection Office System; Electronic Business Permits and Licensing System; and creating one-stop online shops linking all digital services.

Edillon said LGUs can also consider providing free Wi-fi access to all in public facilities and places, as well as the creation of digital palengke or supermarkets.

“To support digitization efforts, LGUs can initiate measures to facilitate establishment of ICT infrastructures in order to have stable and reliable Internet connection and wider coverage,” Edillon said in a presentation.

The Neda official said these efforts must also be accompanied by human capital development to generate more employment.

LGUs, Edillon said, can provide free virtual trainings and seminars on ICT technical skills and topics on emerging industries to improve knowledge and the competency of job seekers.

She said LGUs can also host online job placements to help more of their citizens to have access to employment opportunities.

Neda is currently leading the government’s interagency task force on recovery dubbed Recharge PH program. Cai U. Ordinario

Asean solons’ first-ever virtual assembly on Friday to focus on Covid-19 economic, public health response

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HE House of Representatives will host on Friday the firstever virtual meeting of the 11th Asean Inter-Parliamentary Assembly (AIPA) Caucus to deepen the coordination on Covid-19 economic and public health response to the pandemic’s impact in Southeast Asia.

With the theme “We Heal As One: Parliamentary Cooperation Towards Mitigating Risks and Strengthening Economic Resilience in the Period of Pandemic,” the lower chamber said the meeting will convene via teleconference.

It said this would also be the second time that the Philippines will host

the AIPA Caucus, with the first held in 2011.

It added the AIPA member parliaments will also take the opportunity to conduct dialogues and consultations on reforms that would stimulate economic recovery in Southeast Asia and boost the region’s capabilities to weather

similar exigencies in the future.

The lower chamber said the 11th AIPA Caucus is a key continuation of Asean member-states’ (AMS) cooperation and coordination in relation to the Covid-19 pandemic.

In the first half of 2020 alone, the AMS have conducted numerous vir-

tual discussions to explore common tools to cushion the impact of Covid-19. In the 26th Asean Economic Ministers (AEM) retreat held March 10, 2020, the AMS called for united action to mitigate the effects of the pandemic, with particular focus on fostering supply chain connectivity

and leveraging technology and digital trade. The Special Asean Summit on Covid-19 on April 14, 2020, further allows AMS leaders to call for an integrated post-pandemic recovery plan, as well as propose an Asean Covid-19 Response Fund.

Jovee Marie N. Dela Cruz

Economy BusinessMirror

A4 Wednesday, August 12, 2020 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

IEMOP reports 696-MW drop in power peak demand in first 6 days of MECQ

By Lenie Lectura @llectura

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LECTRICITY peak demand in Luzon dropped to almost 700 megawatts (MW) in the first six days of the modified enhanced community quarantine (MECQ), data from the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) showed.

From August 4 to 9, peak demand stood at 11,533 MW. This is 696 MW lower than peak demand registered from July 26 to August 3 at 12,229 MW. “In line with the clamor raised by the medical frontliners, the MECQ was implemented once again along major parts of Luzon. With the reduc-

tion in commercial activities, peak demand was observed to decrease by 696 MW for the first week of MECQ in comparison to the two weeks prior to its resumption,” said IEMOP in a news statement.

During a virtual news briefing, IEMOP Chief Operating Officer Robinson Descanzo explained that the reimposition of MECQ affected the commercial and industrial sectors.

“There were less activities and since there was no public transport, the mobility of workers were also affected. Offices were again on shutdown. That’s the impact of MECQ and, as a result, peak demand went down to less than 700 MW,” he said.

On a year-to-year comparison,

peak demand in April 2020 stood at 10,033 MW, down by 22,3 percent from 12,918 MW recorded in April 2019.

The following month, peak demand declined by 13.1 percent to 11,567 MW in May this year from 13,316 MW in the same month a year ago.

In June and July this year, peak demand decreased by 6.2 percent and 4.6 percent, respectively. From 13,450 MW in June 2019, this went down to 12,611 MW in June 2020.

In July this year, peak demand hit 12,444 MW compared to 13,040 MW in the same month last year.

“Furthermore, compared to the beginning of second quarter last year, system peak demand decreased

by 22.3 percent, which is equivalent to 2,885 MW. The peak demand is gradually approaching its 2019 demand levels with only a 3.4 percent, or 424 MW difference from the previous year particularly for the month of August 2020,” IEMOP noted.

Given the limited operations of establishments and industries, spot market prices remained low despite some intervals with price spikes which were attributed to supply restrictions and plant outages as noted previously.

There were price spikes encountered last July 23 due to planned and forced outages of major plants, which then resulted in a thin supply

margin. A decreasing demand was also observed on the latter part of July considering the rainy season and observance of Eid’l Adha last July 31.

The average price at the Wholesale Electricity Spot Market (WESM) in the second quarter stood at P1.46 per kilowatt-hour in April, P1.98 per kWh in May and P3.19 in June.

For July and August, the average spot market price was P2.08 per kWh and P1.99 per kWh, respectively.

Spot market prices in June went up due to natural gas supply restrictions and some major plant outages.

IEMOP is t he operator of WESM, the country’s trading floor for electricity.

House panel okays bill imposing stiffer penalty against ‘unlicensed’ contractors

By Jovee Marie N. Dela Cruz @joveemarie

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HE House Committee on Trade and Industry on Tuesday approved a measure imposing fines to contractors who engage in joint ventures without first obtaining an additional license and complying with other eligibility requirements.

In committee-approved House Bill 1911, Deputy Speaker Aurelio Gonzales Jr. of Pampanga said his proposal seeks to amend Republic Act 4566, or the Contractors’ License law, as amended

by Presidential Decree 174.

In order to rectify existing infirmities in Republic Act 4566, the bill seeks to propose a fine of not less than P50,000 if the cost of the project is not more than P500 million, and a fine of not less than P500,000 if the cost of the project is more than P500 million.

The bill said the penalty shall be imposed to contractors who engage in joint ventures without first obtaining additional license and any other eligibility requirements as provided under the law. In addition, the bidder shall also be automatically disqualified for award of contract.

Since the law’s enactment in 1965, Gonzales said the existing fees as stipulated the law has yet to be amended.

The measure increases the original license fee to P5,000 (from the current P50), the examination of an applicant to P6,000 (from the current P60) and

the annual renewal to P5,000 (from the current P50).

“Higher fees for licensing, registration of application and renewal shall be implemented to address inflation and rising operational costs and expenses of the PCAB [Philippine Contractors Accreditation Board] support additional mandates and services, and other developmental programs, projects and advocacies by the PCAB,” Gonzales said.

The bill also said a license shall now be valid for one year from its issuance.

It also may be renewed by filing an application for renewal at least one month before its expiry date to the board accompanied by the annual renewal fee and such other documents as may be required by the board.

For his part, PCAB Executive Director Herbert Matienzo, during the hearing, said the passage of the bill is “very timely.”

“Under the current law, the penalty for every contractor who is operating without license is only 5,000 per year. This amount is not that big and it somehow encourages constructors to continue doing what are they doing without obtaining a license because P5,000 is small for them,” Matienzo said.

Moreover, Department of Public Works and Highways (DPWH) Assistant Secretary Eugenio Pipo Jr. said the current penalty is so meager that the contractors are even willing to just pay the penalty of P5,000 for failure not to renew their licenses.

Go urges govt, telcos to ensure fast, reliable Internet connectivity

By Butch Fernandez

S

@butchfBM

EN. Christopher Lawrence “Bong” Go on Tuesday pressed concerned officials of the Duterte administration and the telecommunication sector (telcos) to ensure delivery of “reliable Internet connectivity” to facilitate transition to E-governance, flexible learning and online business transactions.

In a news statement, Go called on the government and the private sector, particularly telecommunications companies, to “work together to provide reliable Internet connectivity” to enable smooth transition to online modes of transactions.

Stressing the importance of fast and reliable Internet in order to avoid face-to-face transactions amid the ongoing Covid-19 pandemic, the senator cited examples, such as the transition of government to E-governance, students adapting to flexible, or blended learning, and the public conducting online business transactions.

“Ito na po ang ‘new normal.’” Necessity na po ang fast and reliable Internet.

Huwag dapat magpahuli ang Pilipinas dahil importante ito para sa development ng mga Pilipino,” he said, even as

he admitted encountering difficulty in the adjustment.

He added: “’Yung mga Senate sessions, hearings at meetings ngayon ay virtual na bilang pagsunod sa social distancing measures. Apektado ang trabaho kapag mabagal at hindi reliable ang ating Internet connection.”

At the same time, Go lauded the Anti-Red Tape Authority’s (ARTA) latest directive which seeks to accelerate the rollout of telecommunication infrastructure and service projects in the Philippines.

The senator noted that the Joint Memorandum Circular, currently being drafted by a joint task force composed of ARTA, the Department of the Interior and Local Government, and Department of Information and Communications Technology, aims to fast-track the construction of telecom towers.

Moreover, Go pointed out that by providing wider and more reliable access to the Internet, “educational institutions will have more flexibility to implement a blended learning approach which integrates both online and offline modes of learning for students in any part of the country. ”

“We think that numerous contractors are now engaging the services of another contractor and that takes the form of subletting or that takes a form of a joint venture. Subletting needs also the license of the constructors and there should be prequalification of subconstructors,” he said.

Pipo said “I was telling before the ‘not so good practice’ that somehow constructors tend to sublet for a part of the contract...and this practice should not be tolerated.” “[But] we are very strict, we require all the constructors prior to the submission of bids to submit eligibility [showing] that they must have a renewed constructor license. Even in a joint venture, we need to have joint venture license prior to the bidding,” he added.

However, National Economic and Development Authority (Neda) Assistant Director Richard Emerson Ballester said the agency believes that additional fees and penalties would only be additional burden to industries.

He said it will also hamper the implementation of the Ease of Doing Business and will limit competitiveness in the construction industry.

“Recognizing this [approval at the committee level] and if passed into law, it will take effect amid the pandemic,” Ballester said.

Meanwhile, the bill will now be transmitted to the plenary for another round of deliberation.

Philippines eyes to increase farm exports to Canada

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Philippines is eyeing to double its farm exports to Canada in the medium term to narrow the country’s agricultural trade deficit with Ottawa.

In a news statement issued on Tuesday, Agriculture Secretary William D. Dar said they intend to double the current $98.8 million worth of farm exports to Canada in the medium term due to growing demand in the North American country driven mainly by overseas Filipino workers.

The country’s top food exports to Canada are: coconut products ($23.8 million); pineapples, dried guavas, mangoes and mangosteen ($10.3 million) and bangus and tuna ($9.4 million), according to the Department of Agriculture (DA).

At present, Canada exports $192 million worth of food products to the Philippines, about double of what Manila is shipping to Ottawa.

The main agricultural exports of Canada to the Philippines include frozen swine meat and offals ($57.3 million), deboned meat, hams, and other meat products ($20 million), potatoes ($11.6 million) and pig fat ($6.7 million), according to the DA. “We wish to improve our balance of trade with Canada in succeeding years by selling more Filipino products like coconut water, virgin coconut oil or VCO, pineapples, mangoes, and melons,” Dar said during a virtual call of new Canadian Ambassador to the Philippines Peter MacArthur on August 7, 2020.

Dar said demand for various Philippine food products in Canada is expected to grow due to the rising number of Filipinos residing in Canada. At present, there are about 1 million Filipinos residing and working in Canada, which represents 2.7 percent of that country’s 37.7 million population, according to the DA. The DA said MacArthur vowed to assist the Philippines in establishing producers’ markets, improving food supply logistics, and implementing an agro-forestry program benefiting indigenous communities in the country.

“We are counting on staunch partners like Canada as the Duterte administration embarks on our Plant, Plant, Plant program to realize our vision of a food-secure and resilient Philippines with prosperous farmers and fisherfolk,” Dar said.

Construction of ₧23-B Davao-Samal bridge project to push through in ’21

By Samuel P. Medenilla @sam_medenilla

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ESPITE disruptions caused by the Covid-19 pandemic this year, the Department of Public Works and Highways (DPWH) on Tuesday said it expects the construction of the DavaoSamal bridge to start in 2021 as scheduled.

During an online briefing, Public Works Secretary Mark Villar said they are set to conduct the bidding for the infrastructure project, which is already on its “advance stages” in October or November.

He noted once the bidding is completed, they will start to finalize its design in preparation for its actual construction.

“By December this year we will also have a loan agreement [for the bridge construction] and by next year we will implement the project,” Villar said.

Last April, Samal City Mayor Al David Uy expressed concern

“By December this year we will also have a loan agreement [for the bridge construction] and by next year we will implement the project.”— Villar

that the project, which will allow land travel between the island of Samal and Davao City, will no longer push through since its funds might be diverted to other projects during the Covid-19 crisis.

Uy said the P23-billion bridge is expected to be funded by the Chinese government.

Aside from Covid-19, other issues hounding the project is the Writ of Kalikasan, which was filed against it by a family whose land will be affected by the construction of the bridge.

The Writ of Kalikasan is a legal remedy, which aims to protect once constitutional right for a healthy environment.

Editor: Angel R. Calso

The World BusinessMirror

Russia first to offer coronavirus vaccine M

OSCOW—Russia on Tuesday became the first country to officially register a coronavirus vaccine and declare it ready for use, despite international skepticism. President Vladimir Putin said that one of his daughters has already been inoculated.

Putin emphasized that the vaccine underwent the necessary tests and has proven efficient, offering a lasting immunity from the coronavirus.

However, scientists at home and abroad have been sounding the alarm that the rush to start using the vaccine before Phase 3 trials—which normally last for months and involve thousands of people—could backfire.

Speaking at a government meeting on Tuesday, Putin said that the vaccine has undergone proper testing and is safe.

“I would like to repeat that it has passed all the necessary tests,” he said. “The most important thing is to ensure full safety of using the vaccine and its efficiency.”

The Russian leader added that one of his two adult daughters has received two shots of the vaccine. “She has taken part in the experiment,” Putin said.

Putin said that his daughter had a temperature of 38 degrees Celsius (100.4 Fahrenheit) on the day of the first vaccine injection, and then it dropped to just over 37 degrees (98.6 Fahrenheit) on the following day. After the second shot she again had a slight increase in temperature, but then it was all over.

“She’s feeling well and has high number of antibodies,” Putin added. He didn’t specify which of his two daughters—Maria or Katerina—received the vaccine.

Russian authorities have said that medical workers, teachers and other risk groups will be the first to be inoculated. Deputy Prime Minister Tatyana Golikova said that the vaccination of doctors could start as early as this month.

The Health Ministry said in Tuesday’s statement that the vaccine is expected to provide immunity

from the coronavirus for up to two years.

Putin emphasized that vaccination will be voluntary.

Russian officials have said that large-scale production of the vaccine will start in September, and mass vaccination may begin as early as October.

When the pandemic struck Russia, Putin ordered state officials to shorten the time of clinical trials for potential coronavirus vaccines.

Becoming the first country in the world to develop a vaccine was a matter of national prestige for the Kremlin as it tries to assert the image of Russia as a global power. State television stations and other media have praised scientists working on it and presented the work the envy of other nations.

Professor Alexander Gintsburg, head of the Gamaleya institute that developed the vaccine, raised eyebrows in May when he said that he and other researchers tried the vaccine on themselves.

Human studies started June 17 among 76 volunteers. Half were injected with a vaccine in liquid form and the other half with a vaccine that came as soluble powder. Some in the first half were recruited from the military, which raised concerns that servicemen may have been pressured to participate.

Amid Russia’s rush to become the first to create a vaccine, the US, Britain and Canada last month accused Russia of using hackers to steal vaccine research from Western labs.

As the trials were declared completed, questions arose about the vaccine’s safety and effectiveness.

Some experts scoffed at Russian authorities’assurances that the vaccine drug produced the desired immune response and caused no significant side effects, pointing out that such claims need to be backed by published scientific data.

The World Health Organization said all vaccine candidates should go through full stages of testing before being rolled out. Experts have warned that vaccines that are not properly tested can cause harm in many ways—from a negative impact on health to creating a false sense of security or undermining trust in vaccinations. AP

Unprecedented open criticism of king aired at Thailand protest

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ATHUM THANI, Thailand—Student leaders in Thailand delivered an unprecedented challenge to the country’s constitutional monarchy on Monday, strongly criticizing the king and demanding changes to lessen what they believe is its anti-democratic nature.

The monarchy is the country’s most revered institution and regarded as beyond censure. It is protected by stringent defamation laws with prison terms up to 15 years. But questioning of its privileged position has grown since the 2016 accession to the throne of King Maha Vajiralongkorn, whose much-admired father King Bhumibol Adulyadej ruled for seven decades.

At least 3,000 students had gathered on Monday evening at the Thammasat University campus on the outskirts of Bangkok for the latest and biggest in a series of rallies calling for the government to step down.

But the protest’s direction turned when a student went on stage, read out the 1932 proclamation that ended the absolute monarchy in what was then called Siam, and declared that in fact it lives on despite the country’s nominal status as a democracy.

A number of speakers then took the stage and detailed perceived problems with Thailand’s monarchy.

Airing their grievances in direct language normally expressed in whispers, the speakers criticized the king’s wealth, his influence and the fact that he spends almost all his time in Germany, not Thailand.

Such open defiance of the taboos around speaking ill of the monarchy will infuriate ultra-conservatives and the military, who are unlikely to let it go without a response. Security forces in recent weeks already had been trying to intimidate students and other activists from holding demonstrations.

An announcement that a new protest would

be held on Wednesday—the Queen Mother’s birthday—seemed likely to provoke royalists even more.

“We shouldn’t have to speak using symbols. Direct discussion is best. That’s what I think, so I choose to speak directly, out of respect to my own dignity, to that of the listeners and of the monarchy as an institution,” said civil rights lawyer and activist Arnon Nampha, who is currently on bail after being charged last Friday for sedition following an earlier anti-government rally.

Many in the crowd cheered, clapped and flashed three-fingered salute that has been adopted by Thailand’s pro-democracy movement.

Yet others in the audience appeared stunned by the content of the speeches.

Arnon had just a week earlier openly but narrowly questioned the extent of the king’s powers at a much smaller protest.

The rally ended with another leader, Panusaya Sithijirawattanakul, reading out a manifesto with a list of 10 demands for reforming the institution of the monarchy.

Among them were separation of the king’s personal wealth from the royal palace’s vast fortune held by the Crown Property Bureau; forbidding the monarchy from playing any role in politics or endorsing any military coups; abolishing the excessive glorification of the monarchy; and investigating the deaths of critics of the monarchy.

How much support the students may get from the public at large, tired of sharp and sometimes violent political contention over the last decade and a half, is unclear.

“In the space of one week, the boundaries of public discussion of the monarch and the institution of the monarchy in Thailand have expanded rapidly,” Tyrell Haberkorn, a Thai studies scholar at the University of Wisconsin-Madison, said in an e-mail. “Whether or not the authorities will allow this expansion as they should—or will respond with repression or violence—is the question.” AP

Hong Kong newspaper raided, tycoon detained under new law

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ONG KONG—Hong Kong authorities arrested media tycoon Jimmy Lai on Monday, broadening their enforcement of a new national security law and stoking fears of a crackdown on the semi-autonomous region’s free press. Police were seen carting away boxes of what they said was evidence at Lai’s pro-democracy Next Digital headquarters.

In the evening, police arrested pro-democracy activist Agnes Chow Ting on charges of inciting secession under the same law, according to tweets by fellow activist Nathan Law, who left Hong Kong for Britain soon after the law took effect. An earlier post on Chow’s official Facebook page said police had arrived at her home and her lawyers were rushing to the scene, and a separate post later confirmed that she had been taken away by police.

Two days after Chinese and Hong Kong officials shrugged off sanctions imposed on them by the US, the moves showed China’s determination

to enforce the new law and curb dissent in the semi-autonomous city after months of massive pro-democracy demonstrations last year.

The arrest of Lai, two of his sons and several company officers and the search of Next Digital marked the first time the law was used against news media. Next Digital operates Apple Daily , a feisty pro-democracy tabloid that often condemns China’s Communist Party-led government.

“Raiding a news institution is a severe attack on press freedom and should not be tolerated in a civilized society,” Next Digital said in a statement.

“Hong Kong’s press freedom is now hanging by a thread, but our staff will remain fully committed to our duty to defend the freedom of the press.”

Apple Daily ’s popularity stems from its celebrity news and flamboyant stories, but it is also known for investigative reporting and breaking news coverage. It has frequently urged readers to take part in pro-democracy protests. AP

Wednesday, August 12, 2020

A5

Global Covid-19 cases surpass 20 million, doubling in 45 days

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ITO, Japan—The number of confirmed coronavirus cases worldwide topped 20 million on Tuesday, more than half of them from the US, India and Brazil.

Health officials believe the actual number is much higher than that tally kept by Johns Hopkins University, given testing limitations and the fact that as many as 40 percent of those who are infected have no symptoms.

It took six months or so to get to 10 million cases after the virus first appeared in central China late last year. It took just over six weeks for that number to double.

An AP analysis of data through August 9 showed the US, India and Brazil together accounted for nearly two-thirds of all reported infections since the world hit 15 million coronavirus cases on July 22.

The number of new daily cases has continued to rise in India, hitting a rolling seven-day average of 58,768.

In the US, which has more than 5 million cases, the average has decreased since July 22nd, but remains high at 53,813 new cases a day.

In the 45 days it took global reported infections to double to 20 million, the number of reported virus deaths climbed to 736,191 from 499,506, according to the count kept by Johns

Hopkins University. That’s 236,685 new deaths, an average of more than 5,200 a day.

About one-fifth of reported deaths, or more than 163,000, have been in the US, the highest in the world.

Caseloads are still rising quickly in many other countries, including Indonesia and Japan.

In Mexico, President Andrés Manuel López Obrador, like Brazil’s Jair Bolsonaro and President Donald Trump, seldom wears a mask and has resisted calls for a strict lockdowns, saying Mexicans should be convinced to observe social distancing, not forced to do so by police or fines.

With nearly 500,000 cases and more than 50,300 deaths, Mexico has struggled with how to curb outbreaks given that just over half its people work off the books with no benefits or unemployment insurance.

A full lockdown would prove too costly for people with little savings and tenuous daily incomes, said Assistant Health Secretary Hugo LópezGatell, the president’s point man on the epidemic, noting “we do not want

a solution that would, in social terms, be more costly than the disease itself.”

Mexico’s relatively high death rate results partly from the country having one of the world’s highest rates of obesity and diabetes. There has also been relatively little testing. Of all tests done, 47 percent are positive, suggesting that only seriously ill people are getting tests. That has hindered contract tracing.

In Japan, where outbreaks have been widening as officials urge people to consider this year’s summer holidays “special” and stay home, the positivity rate of tests in Tokyo, the worst hit region, has been climbing but remains at 7 percent.

The pandemic has waxed and waned in many regions, with the UK and Spain seeing new outbreaks after the worst of the early waves of cases paralyzed much of Europe.

In Asia, Vietnam went from having reported no confirmed deaths and very few cases to battling fresh outbreaks that emerged in the seaside city of Danang. Australia was prepar ing to reopen travel w ith neighboring New Zealand, which has had no confirmed locally transmitted cases in more than 100 days, when fresh clusters of coronavirus cases popped up in Melbourne and the surrounding region.

That outbreak held steady on Tuesday with 331 new cases and 19 more deaths in Victoria, which includes Melbourne, raising hopes a strict, renewed lockdown in Austra-

lia’s second-largest city was working.

Meanwhile, outbreaks in mainland China and semi-autonomous Hong Kong declined, with the number of new community infections in China falling to 13, all in the northwestern region of Xinjiang. Hong Kong counted 69 new cases.

Similar to many other Asian countries, China requires testing and a two-week quarantine of all new arrivals and has barred most foreigners from entering the country.

Border closures, masks, lockdowns and infection data are now the new way of life for much of the world, not the politically combustible factors they are in the US. A review by the Kaiser Health News service and The Associated Press found that at least 49 state and local public health leaders have resigned, retired or been fired since April across 23 states. The list has grown by more than 20 people since the AP and KHN started keeping track in June.

Contributing to that attrition and burnout of badly needed experts have been attacks on public health experts and institutions from the highest levels, including President Donald J. Trump, who has sidelined the Centers for Disease Control during the pandemic.

“The overall tone toward public health in the US is so hostile that it has kind of emboldened people to make these attacks,” said Dr. Tom Frieden, former director of the Centers for Disease Control and Prevention. AP

Lebanese government resigns after Beirut blast, public anger

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EIRUT—Lebanon’s prime minister stepped down from his job on Monday in the wake of the catastrophic explosion in Beirut that has triggered public outrage, saying he has come to the conclusion that corruption in the country is “bigger than the state.”

The move risks opening the way to dragged-out negotiations over a new Cabinet amid urgent calls for reform. It follows a weekend of anti-government protests after the Aug. 4 explosion in Beirut’s port that decimated the facility and caused widespread destruction, killing at least 160 people and injuring about 6,000 others.

In a brief televised speech after three of his ministers resigned, Prime Minister Hassan Diab said he and his government were stepping down.

“May God protect Lebanon,” he said, repeating the last phrase three times. As he spoke, protesters demonstrated in the streets near parliament for a third straight day.

The moment typified Lebanon’s political dilemma. Since October, there have been mass demonstrations demanding the departure of the entire sectarian-based leadership over entrenched corruption, incompetence and mismanagement.

But the ruling oligarchy has held onto power for so long—since the end of the civil war in 1990—that it is difficult to find a credible political figure untainted by connections to it.

Diab blamed corrupt politicians who preceded him for the “earthquake” that has hit Lebanon.

“They [the political class] should have been ashamed of themselves because their corruption is what has led to this disaster that had been hidden for seven years,” he added.

“I have discovered that corruption is bigger

than the state and that the state is paralyzed by this [ruling] clique and cannot confront it or get rid of it,” said Diab, who was a professor at the American University of Beirut before he took the job.

After the catastrophe, Diab had sought to stay on for two months to organize new parliamentary elections and allow a map for reforms. But the pressure from within his own Cabinet proved to be too much. With the mass resignation, the call for early elections appears dead, so the same factions will debate on forming a new Cabinet.

Diab’s government was formed after his predecessor, Saad Hariri, stepped down in October in response to the demonstrations. It took months of bickering among the leadership factions before they settled on Diab.

His government, which was dominated by the Hezbollah militant group and its allies and seen as one-sided, was basically doomed from the start, tasked with meeting demands for reform but made up of all the factions that reformers want out.

Now the process must start again.

“I hope that the caretaking period will not be long because the country cannot take that. Lets hope a new government will be formed quickly,” Public Works Minister Michel Najjar said. “An effective government is the least we need to get out of this crisis.”

The pressure from the streets—and from French President Emmanuel Macron, who visited Beirut last week after the blast—could push the political factions to put aside their differences and form a unity government. Diab’s government largely excluded Hezbollah’s opponents, the Eurasia Group said in an analysis, adding that the factions may now see the need to carry out greater reform.

The group said a government of independent experts could be created, although Hezbollah is a main obstacle to that since it fears that would eventually lead to the group being forced out of the political system.

The weekend protests saw clashes with security forces firing tear gas at demonstrators.

The explosion is believed to have been caused by a fire that ignited a 2,750-ton stockpile of highly volatile ammonium nitrate that had been stored at the port since 2013 with few safeguards despite numerous warnings of the danger.

The result was a disaster that the Lebanese people blame squarely on their leadership’s corruption and neglect. Losses from the explosion are estimated at $10 billion to $15 billion, with nearly 300,000 people left homeless.

On Monday, a French chemical expert working at the shattered port told The Associated Press that his team is working to secure at least 20 potentially dangerous chemical containers there after finding one that was leaking.

He also said there are flammable liquids in other containers as well as batteries and other products that could increase the risk of an explosion, describing huge containers tossed around the port by the powerful blast. The expert identified himself only as Lt. Anthony in accordance with French government policy.

The last decision by Diab’s government before its resignation was to refer the case of the explosion to the Supreme Judicial Council, which handles crimes infringing on Lebanon’s national security as well as political and state security crimes. The Supreme Judicial Council is Lebanon’s

top judicial body.

A judge on Monday questioned the heads of the country’s security agencies. Public Prosecutor Ghassan El Khoury questioned Maj. Gen. Tony Saliba, the head of State Security, according to state-run National News Agency. It gave no further details, but other generals are scheduled to be questioned.

State Security had compiled a report about the dangers of storing the material at the port and sent a copy to the offices of the president and prime minister on July 20. The investigation is focused on how the ammonium nitrate came to be stored at the port and why nothing was done about it.

Najjar, the public works minister, said he learned about the material’s presence 24 hours before the blast, receiving a report about the material and holding a meeting with port officials before calling its chief, Hassan Korayetem.

“I wrote a report in the morning the explosion happened in the evening,” Najjar said. Asked why he only learned of it the day before, Najjar said, “I don’t know. Truly I don’t know.”

About 20 people have been detained after the blast, including the head of Lebanon’s customs department and his predecessor, as well as the head of the port. Dozens of people have been questioned, including two former Cabinet ministers, according to government officials.

On Sunday, world leaders and international organizations pledged nearly $300 million in emergency humanitarian aid to Beirut, but warned that no money for rebuilding the capital would be made available until Lebanese authorities commit themselves to the political and economic reforms demanded by the people. AP

China hits U.S. senators and officials with sanctions, avoids Trump aides

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hina said it will sanction 11 Americans in retaliation for similar measures imposed by the US on Friday, but the list doesn’t include any members of the Trump administration.

Those sanctioned include Senators Marco Rubio, Ted Cruz, Tom Cotton and Pat Toomey; Congressman Chris Smith; Human Rights Watch Executive Director Kenneth Roth; National Endowment for Democracy President Carl Gershman; and Michael Abramowitz, the president of Freedom House, Chinese Foreign Ministry spokesman Zhao Lijian told a briefing in Beijing on Monday.

“In response to the US’s wrong behaviors, China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” Zhao said. He did not specify what the sanctions would entail.

China last month announced separate sanctions against US officials including Rubio and Cruz, in what was seen as a mostly symbolic attempt to retaliate over America’s steps to punish Beijing for its treatment of ethnic minorities in Xinjiang. Roth was refused entry to Hong Kong in January, after months of pro-democracy protests rocked the city.

Hong Kong’s benchmark Hang Seng Index rose 2.1 percent on Tuesday morning, with casinos and Tencent Holdings Ltd. among the top performers.

The gauge had slumped for three sessions, ending Monday at the lowest since June 29.

Asked about China’s latest sanctions on Monday, President Donald Trump said “we’ve already responded in many ways.”

“We’re talking a lot about China, we shouldn’t have been talking about China—we did a phase

one deal and it was a wonderful deal and all of the sudden it means very little in the overall import of things,” he said at a briefing. “They should’ve never allowed what happened to the world, including us.”

Beijing in December had pledged sanctions on some rights organizations hit on Monday including HRW, Freedom House and the National Endowment for Democracy, after the President signed a law supporting Hong Kong’s protesters.

The US said on Friday that it was placing sanctions on 11 Chinese officials and their allies in Hong Kong, including Chief Executive Carrie Lam, over their roles in curtailing political freedoms in the former British colony.

The others included Xia Baolong, director of the Hong Kong and Macau Affairs Office of China’s State Council, and Chris Tang, commissioner of the Hong

Kong Police Force, which has come under global criticism for tactics used against pro-democracy protesters.

Lam was sanctioned because she is “directly responsible for implementing Beijing’s policies of suppression of freedom and democratic processes,” the US Treasury Department said in announcing the sanctions.

White House Press Secretary Kayleigh McEnany declined to say whether Trump administration is planning to respond to China’s sanctions.

“Instead of taking meaningful actions such as immediately repealing the national security law, and stopping the systematic repression of Uighurs, the Chinese Communist Party opted to respond with this symbolic and ineffectual action,” McEnany said. Bloomberg News

A6 Wednesday, August 12, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Business potential seen in PHL crops

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he Covid-19 pandemic has exposed our vulnerability as a food-importing country. It also reminded us about the importance of the agriculture sector not only to ensure sufficient food supply for the country, but also to help keep our citizens healthy amid our fight against an invisible enemy.

In recent months, virgin coconut oil from the so-called tree of life has been getting positive reviews for its anti-viral properties. Local researchers found that VCO from fresh coconut meat has shown positive results in managing and preventing Covid-19.

The latest Philippine crop that attracted the world’s attention is abaca, or Manila hemp (See, “Makers of face masks, protective gear seen using more PHL abaca this year,” in the BusinessMirror, August 4, 2020). The abaca, a relative of the banana tree, could replace plastic in millions of face masks and hospital gowns. Unlike the non-biodegradable plastic that remains in the environment for years, the abaca would decompose in two months, making it easier for the government to manage hospital waste.

Prior to the pandemic, these two sturdy crops are major sources of export dollars for the Philippines. For coconut alone, the United Coconut Associations of the Philippines pegged export earnings from coconutbased products at $2 billion annually. As for abaca, local traders earn some $100 million annually from shipments to other countries, including Japan and Great Britain, according to data from the Philippine Fiber Industry Development Authority (PhilFida).

Coconut oil is the top farm export of the Philippines, but the country also sells other coconut-based products—coco shell charcoal, desiccated coconut, oleochemicals, copra meal, coconut water, and fresh coconuts.

Some 3.5 million farmers that are tilling about 3 million hectares rely on the coconut sector for their livelihood. As for the abaca, PhilFida said the crop is cultivated in about 176,549 hectares of farmlands by over 122,758 farmers.

The Department of Trade and Industry noted that apart from coconut and abaca, the Philippines grows other crops that can be used for making medicines (See, “DTI pitches PHL as India’s regional drug production hub,” in the BusinessMirror, August 10, 2020). These include malunggay (moringa) and yellow ginger that are now being used in pharmaceuticals. The DTI said this makes the country an ideal site for factories that will manufacture medicines that would make use of natural ingredients as raw materials.

Businessmen should consider the many opportunities presented by the local agriculture sector while global trade is at a standstill due to the pandemic. In abaca alone, the Department of Agriculture said there are opportunities in the production of tea bags, sausage casing and fiber-reinforced construction materials that make use of abaca fiber. The agri-aqua industrial business corridors that the government will put up present other possible areas that investors could explore if they are keen on going into agribusiness (See, “Dar to businessmen: Mine big opportunities for agri investors,” in the BusinessMirror, August 11, 2020).

Pandemic or no pandemic, Filipinos will need food. The emergence of more diseases has also made it imperative for us to explore other possible uses for crops that are endemic to the country. We must heed the warning of experts and prepare as early as now for diseases that could be as damaging as the Covid-19 pandemic.

Since 2005

BusinessMirror A broader look at today’s business

SSS bilateral agreements: Social security coverage for overseas Filipinos Aurora C. Ignacio

All About Social Security

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N the last 50 years, labor migration has been a part of the Filipino culture where many of our citizens leave the country in search of greener pastures. Indeed, Filipinos are highly recognized for their skills and dedication to their jobs; thus, many foreign employers want to employ them globally. Wherever you go, especially in highly developed countries, you would see them working in the professional field or either employed in various white- and blue-collar jobs.

However, many Filipinos especially those working, immigrated or have permanently resided in foreign countries are excluded from social security coverage in their host countries where they are not entitled to receive social security benefits and protection.

It has always been the aspiration of SSS to provide social security coverage to all Filipinos in the country and overseas. Since 1982, SSS has started pushing for the Bilateral Social Security Agreement (SSA) with various countries with a high number of Filipinos to ensure that they will also enjoy the benefits of social security coverage from their host country through the SSS. Together with the Department of Foreign Af-

fairs (DFA), we are negotiating with other countries to forge bilateral agreements on mutual cooperation in terms of social security. SSAs ensure the protection of Filipino migrant workers’ social security rights through the coordination and regulation of social security schemes of the host and mother countries. The Philippines and the host country in turn will agree on the persons who are covered under the agreement.

SSAs have four salient features that comply with the International Labor Organization’s (ILO) international standards on social security: 1. Equality of treatment. A covered Filipino shall be entitled to social security benefits under the same conditions as nationals

of the host country.

2. Export of benefits. A covered worker shall continue to receive his/her social security benefits wherever he/she decides to reside, whether in the Philippines, the host country, or even in a third country.

3. Totalization of insurance periods. The creditable periods of a covered worker under the two countries’ social security schemes shall be combined to determine his/her eligibility for the benefits and the computation of the benefit during his retirement period.

4. Mutual administrative assistance. A covered worker may file the claims with the designated liaison agencies of the Philippines or the host country where the social security institutions of both countries will extend assistance to the covered worker.

With the bilateral SSAs in place, Filipinos are entitled to social security benefits under the same conditions applicable to nationals of the host country. They can file their claim applications for retirement, disability, and death/survivor benefits with each country’s designated liaison office.

Currently, the Philippines has 15 existing SSAs with the following countries: Austria (April 1982); United Kingdom/Northern Ireland (September 1989); Spain (October 1989);

France (November 1994); Canada (March 1997); Quebec, Canada (November 1998); Netherlands (April 2001); Switzerland (March 2004); Belgium (August 2005); Denmark (December 2015); Portugal (October 2017); Germany (June 2018); Japan (August 2018); Sweden (November 2019); Luxembourg (January 2020).

In November 2019, the Philippines signed a new SSA with South Korea, which is currently undergoing Presidential ratification. Also, SSS is negotiating and exploring the possibility of forging a bilateral agreement with Greece, the Czech Republic, India, Thailand and Vietnam. It is also eyeing to establish a bilateral agreement with the United States, Australia, Italy, Norway, and Cyprus, which are among the top destinations of Filipinos.

As what former South African President and philanthropist Nelson Mandela once said, “Negotiation and discussion are the greatest weapons we have for promoting peace and development.”

For inquiries on SSAs, you may get in touch with the SSS Bilateral Agreements Department at bilad@ sss.gov.ph.

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

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

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Kuwentong Kule: Cinemalaya and the memoirs of vinyl records

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By Dennis Gorecho

hen my father was still alive, our house on weekends were normally filled with soothing sounds emanating from the phonograph playing LP vinyl records.

Vinyl records became the subject of the short film “Ang Gasgas na Plaka ni Lolo Bert,” which is one of the 10 short films finalists of this year’s 16th Cinemalaya Independent Film Festival.

The film featured a closeted gay man in his 60s (Dido de la Paz) who has been living with HIV for 10 years. His monotonous life takes a sudden turn when he receives an old vinyl record from his dead ex-lover and his fixation with the owner of a store selling old vinyl records (Soliman Cruz).

I have been watching Cinemalaya since it started in 2004, or 16 years ago. It is held annually during the month August at the Cultural Center of the Philippines Complex and various cinemas.

The festival aims to encourage the creation of new cinematic works

by Filipino filmmakers – works that boldly articulate and freely interpret the Filipino experience with fresh insight and artistic integrity. It also aims to invigorate the Philippine filmmaking by developing a new breed of Filipino filmmakers.

However, the event this year became an online festival for 10 short films only and without the usual 10 full length films due to the pandemic.

There are also some exhibition films.

The film Gasgas na Plaka focused on vinyl records, sometimes called LPs, which stands for “long playing” or “long play”. It is an analog sound storage medium, a phonograph record format characterized by a speed ​in rpm and use of the “microgroove” groove specification.

Rpm stands for revolutions per minute, sometimes called rotational speed or how many times the record

turns completely, in a period of one minute. Essentially, the higher the Rpm, the more length of vinyl that can be picked up by the needle. This results in better sound reproduction.

The groove is what gives a record its sound.

I remember the discipline and dedication of my father in cleaning the vinyl records using a microfiber towel or specific soft bristle brush, perhaps to ensure they last for several years to come.

My father explained that vinyl records should be religiously wiped off each time they are played because these are vulnerable to dust, heat warping, scuffs, and scratches.

Dust in the groove is usually heard as noise and may be ground into the vinyl by the passing stylus (needle) causing lasting damage.

A scratch will create an audible tick or pop once each revolution when the stylus encounters it.

This may result for the needle to skip over a series of grooves, or worse yet, to skip backwards, creating a “locked groove” that repeats over and over.Thus, the monicker “bro-

ken record” or “sirang plaka” refers to a malfunction whereby the same sounds are repeatedly played.

The popularity of vinyl records dwindled starting in the 1980s due to its gradual replacement, first by compact discs and then by streaming media.

As to a record’s value, collectors are looking for those in the best possible condition, with little to no wear and tear, aside from its age, artist, rarity, and label.

People wonder why we have several stuff in our house which Papa did not want to dispose, including vinyl records and shoes, which were mostly bought from the thrift shops along Evangelista St. in Bangkal, Makati where we used to live.

Bangkal is Makati’s answer to Parisian flea markets where items usually come from affluent homeowners, who are either redecorating or moving houses.

Some of the pieces look like they belong in a “ bahay na bato.” Collectors consider Bangkal as a haven for lifelong treasure hunt as they’re always See “Gorecho,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Wednesday, August 12, 2020 A7

Is competition crucial Covid-19 pandemic: Now is the time for economic recovery in for us to stand as one nation the Covid-19 crisis?

Dr. Jesus Lim Arranza

MAKE SENSE

Atty. Macario R. de Claro Jr.

Competition Matters

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his year, we have witnessed hard times dawning upon us due to the Covid-19 pandemic. Because of this virus, our economy has suffered a setback, affecting every sector of society, men and women, rich and poor, and young and old alike.

More than a quarter of micro, small, and medium-sized enterprises have permanently closed, as others try to survive on limited operations.

More than 100,000 workers have lost their jobs, which they rely on to feed their families.

The Philippine economy has slipped into recession for the first time in three decades. In secondquarter estimates released last week, household consumption, gross capital formation, and exports took a turn for the worse due to the continued imposition of community quarantine. While the government has exerted efforts to revive the economy and help the masses, focusing assistance on the hardest-hit by providing limited financial assistance to low-income groups and investing in labor, services, and agriculture, such efforts may not be enough to address the emergency health situation due to limited resources.

Does competition have a role in all of this? Yes, and it is crucial.

The overarching mandate of the Philippine Competition Commission, in both good times and bad, is to protect the competitive process that keeps markets efficient and able to deliver the best outcomes to all—low prices, high quality goods and services, and dynamic innovation. To this end, the PCC wields a few tools, including investigative powers and quasi-judicial functions that it uses to uncover and prosecute anti-competitive behavior and to implement merger control.

We have entered this era of uncertainty on a strong footing, with a stable macroeconomic environment validated by investment-grade credit ratings. But given our current circumstances, consumers need access to adequate and affordable food and basic services like water and electricity, at the very least, as well as telecommunications, health care, and other services, if they are to survive this pandemic in good shape. Thus, it is important that we play on our strengths, which entail maintaining a business-friendly environment and ensuring consumer protection against possible abuses of large businesses that could take advantage of the current situation.

Notwithstanding the restrictions on some of the functions of government agencies on account of the quarantine regulations, the PCC was quick to adopt digital processes that streamline the delivery of its services and, at the same time, safeguard the health and well-being of its clients

Gorecho. . .

continued from A6

on the lookout for rare additions to their collection.

Papa justified providing us with second hand shoes by saying that he never had the luxury of owning new ones while he was growing up since both he and mama came from a family with very modest means.

Long before ukay-ukay became famous, we were already wearing secondhand clothes and shoes, sleeping on beds, sitting on chairs and sofas that Papa bought from the Bangkal thrift shops.

Seldom did we wear brandnew clothes, except maybe during Christmases when our Titas bought us clothing on an installment ba-

and staff. Being the antitrust regulator, the PCC complements wholeof-government efforts in improving the ease of doing business by ensuring that no dominant player in any market can arbitrarily erect barriers against new or small entrants.

Neither can a dominant business, under PCC’s watch, “corner a market” by taking advantage of fearful and confused customers and competitors. The PCC seeks to ensure regularity in bidding and independent price setting in all industries.

These processes are sacred, since they ensure that infrastructure projects, government procurement, and even the responsible extraction of our rich natural resources are carried out to the advantage of every Filipino.

As our country heals and the economy recovers, albeit slowly, the competitive process is crucial in sectors that support industry, such as telecommunications, electricity, transportation, and construction.

Competition also matters in retail, food production, and agriculture.

Overall, robust competition can invigorate rural development and the distribution of economic activities and opportunities nationwide.

As competition improves every sector of the economy, as we believe it does and will, each one of us has a role to play. President Rodrigo R. Duterte, during his penultimate State of the Nation Address on July 27, 2020, echoed the words of former President Ramon Magsaysay and said that in these troubled times we need men to be like our great heroes, to act courageously in facing the uncertain future, to be dedicated to our great nation’s development, to be capable and industrious in our work, and to be compassionate in serving the needy.

Heeding our President’s call to action, we, the men and women of PCC, strive to foster a level playing field that is key to rekindling the vibrancy of business and the economy, ensuring every Filipino is rewarded for all his sacrifices by reaping the fruits of competition in our markets.

Commissioner Macario R. de Claro Jr. is a CPA lawyer who has worked in companies in the fields of manufacturing, mining, telecommunications, real estate, and banking and finance prior to his appointment to the Philippine Competition Commission. A litigation and corporate lawyer, he once served as legal consultant to the Department of Environment and Natural Resources. He graduated from the De La Salle College with a BS in Commerce, Major in Accounting and earned a Bachelor of Laws degree from the Ateneo de Davao Law School.

sis—one Tita would buy us pants while another took care of the shirts.

We became the walking models for ukay-ukay.

The vinyl records served their purpose, preserving the works of the musicians of the past.

These records kept their music alive, spanning great distances and defying time, touching people’s lives regardless of religion, nationality, and culture.

As my father’s vinyl records are still kept in a shelf, his memoirs will also linger.

(Kule is the monicker of Philippine Collegian, the official student publication of UP Diliman). Atty. Dennis Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 09175025808 or 09088665786.

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S the nation was revving up its engine of growth to drive our economic recovery, people from the National Capital Region (NCR), Bulacan, Laguna, Cavite, and Rizal were slowly picking up the pieces of what was left of their economic lives when the Covid-19 community quarantine protocol in these areas was downgraded to general community quarantine (GCQ) from modified enhanced community quarantine. The downgrade allowed businesses to re-open and gave people the chance to get back to work. Most everyone pinned their hopes of getting back their lives with the economic reopening. But those hopes crumbled again when the community quarantine protocol in these areas reverted to MECQ. Under the MECQ, only certain businesses are allowed to operate and strict home quarantine is observed in all households. Movements of residents are also limited to accessing essential goods and services, save for work in permitted offices or establishments. Public transport is also not allowed, except public shuttle for frontliners and workers in allowed industries.

Triggered by the medical group’s call on President Rodrigo Duterte to place NCR back to ECQ, the group through a virtual press conference asked for a recalibration of the strategies against Covid-19 and the resignation of Health Secretary Francisco Duque III due to his alleged “shortcomings” in dealing with the pandemic as chairperson of the IATF. The health workers said they are already worn out due to the rising

number of Covid-19 cases, especially in Metro Manila.

I empathize with the sentiments and concerns of health workers, knowing fully well that they are the most qualified to handle the pandemic. They cannot be easily replaced in the middle of the war against the coronavirus, unless qualified health workers succeed them and the change is really necessary.

Like firefighters, they do not ask for a break in the middle of a fight against a blazing inferno because every minute counts in terms of saving people’s lives.

Moreover, the substitution can be strategic where health workers from hospitals in areas with the least number of confirmed Covid-19 cases can substitute the already overworked health workers in hot Covid-19 treatment centers and/or hospitals.

However, I have my reservations on some of the health workers’ demands because, while the burden to save lives is inherent upon their profession, the task of saving the nation’s economy is a constitutional responsibility of the government.

A more objective and constructive approach could have been made to address the pressing pandemic concerns of health workers, like enhancing the government’s contact tracing program (CTP). This program was implemented by the government to establish the database on the extent of Covid-19 infection in the country, such as how many people are suspected to be infected with the virus, where are they now, and where did they get the infection. Did they get it from barbershops, supermarkets and informal settler communities? And, most importantly, what areas have the most number of Covid-19 cases.

With these available data, the community quarantine program can be strategically tightened by enforcing strict lockdowns, not only in Covid-19 infected areas, but most importantly in areas found to be the source of infections as well. Then areas with the least Covid-19 cases can be re-opened, if only to allow people to get back their economic lives.

Asking for the Duque’s head in the middle of the war against Covid-19, in my view, is counter-productive and might even worsen the situation. Should Duque be replaced, the new Czar in the war against Covid-19 might even have to start the campaign all over again. Like in a basketball game, changing the coach in the middle of a crucial game is a bad idea.

As Chairman of the Federation

Mobile digital health and insurance Atty. Dennis B. Funa

INSURANCE FORUM

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T was not a long time ago when the term “life insurance” would be associated with death. The negative connotation made sales of insurance a difficult proposition, and insurance agents were met with hesitancy. Today, life insurance is more strongly associated with wellness. Rightly so, the common objective of the insured and the insurer should be the prolonged life of the insured. Insurance companies selling health and life insurance have integrated wellness programs in their insurance products. This is a bid at product repositioning, that insurance companies would want you to have a long and healthy life. It is a good selling point for an increasingly health conscious population.

The advent of InsurTech has pushed the use of Mobile Digital Health (“mHealth”) as an adjunct of insurance promotion. Pru Life U.K. has sponsored a study on this by the Quisumbing Torres law firm entitled Mobile Digital Health in the Philippines: Issues, Risks, Challenges and Opportunities (October 23, 2019). And so we look at the findings of the study.

The term “mHeath” covers the use of applications or “apps” that are accessible through mobile wireless

technology, such as mobile phone, tablets, laptops, for purposes of healthcare. It is also referred to as telehealth or telemedicine in other jurisdictions. In Singapore, telehealth is defined as the “provision of healthcare services over physically separate environment via infocomm technology.” In Malaysia, telemedicine is defined as “the practice of medicine using audio, visual, and data communications.”

The World Health Organization (WHO) has referred to digital health

A number of life and health insurers in the country have integrated the use of mHealth in the promotion of their insurance products. This integration has helped promote awareness of health, wellness, fitness, and in the over-all scheme of things, the value of having health and life insurance. (or eHealth) as “the cost-effective and secure use of information and communication technologies in support of health and healthrelated fields.” In other words, it is a confluence of medical practice and technology. In the periphery of this confluence is the insurance industry. While mHealth covers a host of various medical and health services, including doctors, hospitals and other medical services, it involves the insurance industry as an ancillary player.

The use of technology to support healthcare is imperative for the Philippines not just because the technology is there to be enjoyed by everyone, but because of the inefficient healthcare system in the Philippines. The ease and convenience becomes an added attraction to the whole scheme. The US FDA has found

of Philippine Industries (FPI), at 78 years old and as a cancer survivor, I am just as concerned about my health and that of all my countrymen. But to address the basic elements for survival under the pandemic, we need to have that crucial balance between the physical and economic well being of the people. Remember, we cannot separate people from business. Businesses manufacture food and non-food products, and they need people to buy their products, as well. Moreover, the government also needs taxes for the social and economic services needed by the people. That is the reason why people and business will always co-exist and work in tandem for the common good of all citizens.

Yes, health is wealth. But to have good health, we need nourishment.

And to be well nourished, we need food and nutrients. To be able to buy food for our nourishment, we need money. And to earn money, we have to work. This cycle of life means that while public health is important amid the pandemic, the people’s economic life is just as important as their physical health.

Now is the time for us to stand as one nation, one mind and one purpose that should be anchored on survival. Let us not be social Darwinists. After all, the Covid-19 pandemic is a health catastrophe that affects the nation and the rest of the world.

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

that in 2015, around 500 million people around the world are already using mHealth applications. In the US, almost 80% of physicians are using mHealth apps for patient care.

Indeed, in the Philippines, the most prevalent mHealth app in use is the fitness wearable. This gadget counts the number of steps one makes in a day, it counts your caloric intake, and measures how many hours you sleep in a night.

A number of life and health insurers in the country have integrated the use of mHealth in the promotion of their insurance products. This integration has helped promote awareness of health, wellness, fitness, and in the over-all scheme of things, the value of having health and life insurance.

To illustrate, Pru Life UK launched “Pulse” in February 2020. Pulse is an artificial intelligence-powered health and wellness app that offers a holistic health management 24/7. Pulse was offered together with a limited free Covid-19 insurance coverage. The app may be downloaded for free and the user would just have to input his profiles and register. It includes features such as a symptom checker and other health check items.

The adoption of mHealth for the insurance industry is strongly supported by the Insurance Commission.

Would a new Iran deal be tougher than the one Obama left?

By Eli Lake

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Bloomberg Opinion

peaking at a fundraiser in New Jersey over the weekend, President Donald Trump predicted that he would have a new nuclear deal within four weeks if re-elected in November. In one sense, this is typical bluster from a president who has recently mused that his face should be carved on Mount Rushmore. At the same time, it highlights both a risk about a second Trump term and a truth about the Iranian regime his administration has pressured since taking office.

First, consider the risk. Trump has always explained his maximum pressure campaign as an effort to coerce Tehran to submit to better terms. By itself, there is nothing wrong with

that. The 2015 nuclear deal forged by Trump’s predecessor was weak. Key limitations on the technology and scale of Iran’s enrichment program expired over time.

And Trump’s campaign has steadily increased pressure on the regime. The remaining loopholes in US sanctions against Iran have been closed, and Iran’s most important general has been killed. Meanwhile, the US is planning to introduce a UN Security Council resolution to extend an arms embargo on Iran set to expire in October.

But Trump is also prone to flattery, and has expressed desperation for a diplomatic win. As former National Security Adviser John Bolton wrote in his memoir this year, the president was interested in “making a deal he could characterize as a huge success,

even if it was badly flawed.”

Now consider the truth about the Iranian regime. Veterans of former President Barack Obama’s administration and America’s European allies have been scathing about Trump’s maximum pressure policy. In part they defend the 2015 deal, but they also say Trump’s current policy is not the way to get a better deal with Iran.

Nonetheless, this is exactly the approach that Obama took against Iran— although he did not call it a “maximum pressure” campaign. After discovering a hidden uranium enrichment facility in 2009, the administration and Congress increased sanctions over time in a gambit to bring the Iranians to negotiations. When the first preliminary deal was struck in 2013, only some of those sanctions were lifted. Economic

warfare was waged to get a better deal.

Presidential elections are, of course, a binary choice. If you are worried about what kind of deal Trump may negotiate with Iran, then you might also be concerned that former Vice President Joe Biden would simply re-enter the one that Trump exited.

But Biden has been more cautious than one might expect. The Biden campaign has not pledged, for example, to re-enter the deal unconditionally. “If Iran moves back into compliance with its nuclear obligations,” Biden told the New York Times last spring, the US would re-enter the 2015 agreement. He also added that this would be a “starting point to work alongside our allies in Europe and other world powers to extend the deal’s nuclear constraints.”

A8 Wednesday, August 12, 2020

No uniforms required in distance learning

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EARNERS are not required to wear school uniform in any distance learning approach when school year 20202021 opens on August 24, the Department of Education (DepEd) said.

Instead, learners can wear comfortable and appropriate clothes while “attending” their classes.

"Even before the pandemic, it is not a strict requirement for public schools to wear uniform [DepEd Order No. 065, s. 2010] to avoid incurring additional cost to the families of our learners," the DepEd said in a statement.

As for private schools, Undersecretary Annalyn M. Sevilla said that their manual of regulations in basic education (Department Order No. 88, s. 2010) states that private schools are "authorized to draft and implement its own school policies and rules, as approved by its governing body in accordance with law and applicable policies/rules of the department."

The DepEd gave the statement after one of its regional directors was interviewed on television and urged students to wear their school uniforms or appropriate clothing when attending online classes.

This, according to DepEd Region 7 Director Dr. Salustiano Jimenez, is to prevent "bullying."

However, the DepEd stressed, "With faceto-face classes prohibited, learners are welcome to wear their most comfortable and appropriate clothes while learning [in] the safe confines of their homes." Claudeth Mocon-Ciriaco

365-day debt moratorium excessive, to harm both FIs, borrowers–fintech group

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By Tyrone Jasper C. Piad

@Tyronepiad

HE yearlong grace period for loan and interest payments proposed under the Bayanihan to Recover as One Act Part 2 or Bayanihan II may do more harm for both the financial institutions and borrowers than relief, a financial technology group said.

In a position paper submitted to the bicameral committee on Tuesday, Fintech Alliance. ph said that the “excessive” debt moratorium period will affect the individual borrowers, small business entrepreneurs and the economy as a whole and its potential impact may take years to reverse.

Instead, the group called for a 30-day grace period for payment of all loans due within the enhanced community quarantine (ECQ)

and modified ECQ period. Fintech Alliance. ph said it was a “more reasonable alternative” to ease the burden of the borrowers amid the pandemic.

The 365-day grace period will make it difficult to extend credit—due to potential slow inflow of liquidity to fund borrowings—at a time when individuals and small businesses are seeking funding for emergency expenses or capital requirements, the group said.

“Not even the largest, most financially sound and liquid credit-extending business can continue lending and remain viable if they are unable to collect and thereby generate any substantial and sustainable revenue for a period of one year,” the position paper, signed by Fintech Alliance. ph Chairman Angelito M. Villanueva, reads.

The fintech organization pointed out that it

would not be sustainable for financing and lending companies as this can reduce available and affordable credit, especially to the unbanked sector which the fintech industry primarily serves.

This could also pose a problem for small businesses and individuals that rely on memberfirms of Fintech Alliance.ph to acquire financing for personal expenses including medical bills, utilities and tuition fees and business expansion.

“If our members and other similarly situated companies do not close down altogether as a result of the implementation of a 365day moratorium, many, if not all, will be constrained to severely limit operations,” the group said. “This contraction, in turn, will cut off access to credit of a significant portion of the population and will indubitably cause the demise of many MSMEs [micro, small and medium enterprises].”

Ultimately, this could also worsen the unemployment rate, it added.

Fintech Alliance.ph is also asking the bicameral committee to consider the following matters before implementing the year long debt moratorium: ■ Borrowers may deal with higher borrowing costs as the interest payments on their loans accumulate.

■ Credit risks increase with prolonged nonpayment of borrowings.

■ Anticipated credit losses will drag the financial companies’ profitability and affect ability to extend a sustainable credit line.

■ Lenders may find it more difficult to restructure loans.

■ The short-term liquidity of nonbank financial instit utions relying on loan repayment to manage their liquidity will be adversely impacted.

“It is imperative that the Philippine government carefully balance the immediate but short-term relief granted to borrowers against the long-term effects on the stability and resurgence of the Philippine financial system,” the group said.

Palace OKs new DTI guidelines on safety in MECQ workplaces

By Samuel P. Medenilla

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@sam_medenilla

O minimize the exposure of workers to the coronavirus disease (Covid-19), the government has come out with new protocols to further limit mass gatherings in workplaces under modified enhanced community quarantine (MECQ).

In an online press briefing on Tuesday, Presidential spokesman Harry Roque said the Department of Trade and Industry (DTI) presented its proposed guidelines to President Duterte, who approved it, during a meeting on Monday (August 10).

Under the new guidelines, large companies will be required to provide shuttle services to their employees. All of the passengers will be required to wear face masks and face shields inside the shuttle.

It also banned employees from eating in workplace canteens and smoking in common areas.

Instead, workers should only bring packed food or have their meals delivered. As for those who would like to smoke, they could do so in individual smoking areas or booths in open spaces.

These new measures will serve as supplemental provisions to the DTI and the Department of Labor and Employment (DOLE) Interim

Guidelines on Workplace Prevention and Control of Covid-19, which was issued last April.

In the said DTI-DOLE issuance, eating in communal areas was only discouraged and employers were not required to provide shuttle service to their workers.

DTI’s supplemental guidelines also reiterated the following measures to be implemented in workplaces: frequent handwashing; disinfection of areas; requiring temperature checks for workers and guests; and the designation of health protocol officers and creation of an Occupational Safety and Health Protocol Committee to enforce the measures.

It came up with the supplemental guidelines in response to the observation of the National Task Force against Covid-19 (NTF) that many incidents of infections come from workplaces due violations of social distancing measures.

Chief Implementer of the government’s national policy on Covid-19 Carlito Galvez said among the violations are having operational canteens as well as common smoking areas in workplaces.

The new supplemental guidelines of DTI will cover the National Capital Region, Bulacan, Laguna, Cav ite and R izal, which were placed under MECQ from August 4 to 18, 2020.

Only 40% of rice import applications brought in

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RIVATE rice traders and importers have yet to import 2 million metric tons of rice (MMT) as they have only brought in about 40 percent of their total applied and approved volume this year, latest Bureau of Plant Industry (BPI) data showed.

Latest BPI data showed that rice importers have brought in 1.457 MMT out of the 3.478 MMT they applied from January to July.

This means that at least 2.020 MMT of rice are still expected to arrive this year, BPI data indicated.

Fur ther more, BPI data showed that only 61,175 MT of rice entered in July, the lowest import arrival on a monthly basis this year.

The imported volume last month was not even close to half of the 216,798.322 MT volume that rice importers applied in July, according to BPI data.

Latest BPI data showed that rice importers only used 1,970 sanitary and phytosanitary import clearances out of the total approved 4,225 SPS-IC by endJuly.

The BPI earlier told the BusinessMirror that “unjustified” underutilization by traders of their approved SPS-IC for milled rice is an “anomalous” activity that may disrupt state food sufficiency planning.

The BusinessMirror earlier reported that rice traders and importers who have unused sanitary and phytosanitary import clearance could be suspended by the DA as about 60 percent of issued SPS-ICs in the first half, covering almost 2 MMT, remained unutilized as of July 10.

The BPI, an attached agency of the Department of Agriculture (DA), said the underutilization of the SPS-ICs this year was attributed to such reasons as the lockdowns in countries of origin due to Covid-19 pandemic and export ban in Vietnam.

Other reasons given by rice importers were: delayed shipments, rice suppliers limiting their export to ensure supply for their own needs, port congestion and holidays at country of origins and high price of imported rice than locally produced staple, according to BPI-NPQSD. “Underutilization of approved SPS-ICs without proper justification is a kind of anomalous activity which can disrupt government planning for food sufficiency,” BPI National Plant Quarantine Services Division (NPQSD) said in an e-mail interview.

BPI-NPQSD said the new requirements for securing SPS-IC would “avoid undersupply for consumption of the Filipinos and buffer stocking purposes.”

“The new requirements will assure that applied SPS-ICs will be arriving within the specified period, and together with the local harvest, avoid undersupply for consumption of the Filipinos and buffer stocking purposes,” it added.

The DA’s latest memorandum order required rice importers to submit additional requirements for the application of SPS-IC: 1) payment of certification of the consignment and 2) list of distribution points/warehouse of the said consignment.

Jasper Emmanuel Y. Arcalas

Companies BusinessMirror

www.businessmirror.com.ph

Cigarette sales lift income of LT Group in Jan-June

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By VG Cabuag

@villygc

T Group Inc., the holding firm of most businesses of tycoon Lucio Tan, on Tuesday said its income in the first half rose 9 percent to P10.03 billion, from last year’s P9.24 billion, which came mostly from its tobacco unit.

The company said its tobacco business already accounted for 82 percent of its entire income or P8.18 billion, while Philippine National Bank contributed 8 percent or P795 million. Liquor arm Tanduay Distillers Inc. chipped in P541 million or 5 percent, Eton Properties Philippines Inc. added P402 million or 4 percent, and Asia Brewery Inc. accounted for P40 million or less than 1 percent.

The company’s 30.9-percent stake in Victorias Milling Co. Inc. contributed P148 million, or 1 percent, to its income.

The tobacco business operated

by PMFTC Inc., where the company has a 49.6-percent stake, had a net income of P8.22 billion for the first six months of the year, 40 percent higher than last year's P5.87 billion.

The higher income is attributed to the increase in the share of premium Marlboro as well as the price increases implemented in late August 2019. The industry’s volume is estimated to have declined by 17 percent the first half due to the impact of the enhanced community quarantine (ECQ) implemented in Luzon starting March 17 and in other select cities thereafter.

President Duterte signed Republic Act 11346 in July 2019 which increased further the excise tax on tobacco starting January. From P35 per pack in 2019, it went up to P45 per pack in 2020, increasing by P5 per pack annually from 2021 to 2023, then rising by 5 percent annually thereafter.

PNB’s net income under the pooling method plunged 64 percent to P1.44 billion from last year’s P4.04 billion. The steep fall in income was mainly due to the P8.44-billion provision for credit losses that the bank booked for the first half, which was significantly higher compared to P810 million last year, due to the ongoing pandemic that has resulted in an economic downturn.

Tanduay’s net income for the period rose 43 percent to P543 million, from last year's P380 million. The higher income is due to improved margin in the liquor segment and a 41-percent decline in selling and marketing expenses to P467 million, from P786 million last year.

Revenues from liquor were 10 percent higher with the average P160 per case price increase implemented in January to pass on the higher excise

taxes, which partially offset the drop in volume. Revenues from bioethanol were also lower.

As of end-June, Tanduay's nationwide market share for distilled spirits was at 24.1 percent, down from last year's 29.8 percent.

In the Visayas and Mindanao regions where most of its sales were generated, market share was at 62.4 percent and 72 percent, respectively, as of end-June. Last year, its share for the Visayas was at 64.3 percent and Mindanao at 72.4 percent.

Meanwhile, Eton Properties’ net income for the period rose 9 percent to P404 million, from last year's P371 million, mainly due to the increase in rental income. At the end of June, Eton Properties had a leasing portfolio of approximately 181,000 square meters of office space and over 43,000 square meters of retail space.

Asia Brewery’s income for the period plunged 84 percent to P40 million, primarily due to lower volumes across its products as the ECQ affected sales in sari-sari and convenience stores as well as in supermarkets. Revenues, meanwhile, were 17 percent lower, the company said.

Lockdown cuts Century Properties profits

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roperty developer Century Properties Group Inc. (CPG) on Tuesday said its income in the first half fell 30 percent to P541.21 million, from last year’s P772.27 million as real-estate revenues dropped due to the slump in sales.

Revenues declined 28 percent to P3.88 billion, from last year’s P5.42 billion.

The company, however, said it saw a 40-percent increase in its leasing revenues.

Of the revenues for the first of half, the combined contributions of the horizontal affordable housing and commercial leasing businesses were at P1.27 billion, or 28 percent of total revenues, up from 15 percent last year, the company said.

The combined net income from the two

business segments of P225 million, or 42 percent of the total net income, is much higher than the 29-percent contribution level recorded a year ago.

“Despite the dip in the revenues and net income for the first half of 2020 of about 25 percent and 29 percent, respectively, the trajectories are well within the management’s expectations in view of the present market and business conditions amidst the prevailing pandemic and quarantine restrictions,” Ponciano S. Carreon Jr., the company’s CFO, said.

The company said it needed to focus on affordable housing and leasing businesses as it was running out of condominium units to sell. As a result of the increasing contributions of these

two high-margin business segments, CPG’s gross profit margin improved to 40 percent, from 38 percent last year.

Operating expenses dropped 21 percent as the company continued to streamline operating and selling expenses while managing the impact of the government lockdowns for most of the first half of the year.

“We are prepared for the unfavorable impact of the current situation on the company’s operating results, including the potential slowdown in sales and construction and development activities, and we have quickly put in place mitigating measures to build robust liquidity levels and a strong balance sheet even as preparations are ongoing to position the group for the new mar-

ket and business opportunities,” Carreon said.

“We continue to improve our operating efficiencies and implement innovative approaches to mitigate risks, sustain operations, and maintain business resilience while we ensure the safety of our employees and stakeholders and contribute to the nation’s fight against Covid-19.”

He said the company is addressing the needs of customers, such as the safer means of delivering its services through various digitalization programs in its operations.

“We are pleased with how our clients have responded, and how they have prioritized placing their hard-earned cash in real estate assets during this time as opposed to buying nonessentials.” VG Cabuag

Operator of LRT 1 PAL continues to serve during pandemic cuts work force

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ightRailManilaCorp.(LRMC), the operator of Light Rail Transit (LRT) Line 1, is laying off about 20 percent of its work force due to the “significant” drop in ridership brought about by the pandemic.

In a statement, the company said 100 employees, which represent roughly a fifth of its entire workforce, will be removed from their posts, as it was forced to scale down its operations due to health and community safety protocols imposed by the government.

“It is with great regret that LRMC confirms a reduction of its workforce due to a significant 90-percent drop in ridership brought about by the Covid-19 pandemic,” the statement read.

It added: “The company recognizes the need to optimize human resources by reducing the size of its workforce.

This will aim to right-size the organization to better suit the current and future business conditions, as well as maintain stability while navigating through the uncertainty of this global crisis.”

The railway operator noted that affected employees will receive their “benefits under the law and even above what is in the existing Collective Bargaining Agreement.”

“On top of this, LRMC has partnered with Xcelarator Talent Solutions to assist affected members on livelihood and investing wisely. Webinars and online consultations on managing mental health will also be offered,” the statement read. Lorenz S. Marasigan

D

espite the challenges brought about by the pandemic, flag carrier Philippine Airlines (PAL) said it has managed to operate more than 600 international cargo flights and more than 200 repatriation flights from March to July.

When the government gave the green light to operate regular commercial flights in June, PAL was the first Philippine carrier to restore a number of weekly commercial flights to the United States, Japan, Canada, the United Kingdom, Saudi Arabia, the UAE, Southeast Asia, and China on top of its domestic services.

“The resumption of flights has been gradual and calibrated because we had to adjust to the travel restrictions of LGUs [local government units] and foreign governments,” PAL said on social media.

Last July 27, PAL made a soft launch of its One-Stop-Shop (OSS) center at Terminal 2 of the Ninoy Aquino International Airport (Naia) to perform the mandatory polymerase chain reaction (RT-PCR) swab testing for returning overseas Filipinos and authorized foreign nationals.

Launched last August 1, the PAL facility at T2 significantly augments the Manila airport’s capacity to screen travelers and process quarantine requirements for passengers who fly into the Philippines’ main gateway.

These are PAL flights from North America, the Middle East, Europe, Oceania and all over Asia. Accredited by the National Task Force (NTF), the Inter-Agency Task Force (IATF) and the Department of Health (DOH), PAL’s One-Stop-Shop is capable of testing 1,200 passengers per day and producing test results within 48 hours.

The new PAL facility operates in tandem with the existing government-run IATF One-Stop-Shop facility that will now exclusively serve arriving overseas Filipino workers.

When modified enhanced community quarantine was declared anew on August 4, PAL had to cancel regular domestic flights in and out of Manila, but continued to operate 40 international flights from Manila weekly.

PAL said it continues to field domestic and international all-cargo flights and domestic sweeper flights.

“Philippine Airlines’s survival is the goal,” the carrier said, adding that internal cost control measures are being carried out.

PAL said government support is crucial and looks forward to securing support “be it in the form of long-term credit facility, or working capital credit lines.”

“Just like other heavily impacted industries due to the pandemic, we need a lifeline to allow us to sail-through or rather, fly through this difficult period.” Recto Mercene

BUSINESS UPDATE

Clark International Airport Corp. (CIAC) President and CEO Aaron Aaron Aquino (right) discusses the status of the lease agreements and business arrangements entered into by the Clark Development Corp. (CDC), but located in the Clark Civil Aviation Complex, with CDC President and CEO Noel Manankil (left) during the meeting between CIAC and CDC at the CDC board room.Contributed Photo

Wednesday, August 12, 2020

B1

GMA Network to buy back all issued PDRs

Photo from www.gmanews.tv

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he board of GMA Network Inc. on Tuesday approved to buy back the Philippine depositary receipts (PDRs) it issued to protect its non-Filipino investors.

In its disclosure, GMA said it will buy back the said PDRs, issued

by GMA Holdings Inc., as these “might be affected by the findings and recommendations of the technical working group as adopted by the House of Representatives Committee on Legislative Franchises on the application for a new franchise of ABS-CBN Corp.”

The two television networks both have PDRs, which were offered to foreign investors. It was a hot-button issue during the recent hearings at the House of Representatives on ABS-CBN's renewal of franchise as broadcast media should be exclusively owned by Filipinos. The lower chamber eventually thumbed

down ABS-CBN’s bid to renew its franchise.

A depositary receipt is a negotiable certificate issued by a bank representing shares in a foreign company traded on a local stock exchange. It gives investors the opportunity to hold shares in the equity of foreign countries and gives them an alternative to trading in the international market.

GMA said it will buy its PDRs at Tuesday’s closing price or lower at P4.55 per share. It will buy the shares immediately through October 31.

“After the purchase and acquisition of the PDRs in accordance with the foregoing resolution, the corporation shall convert the said PDRs into common shares,” the company said.

GMA has 719.66 million outstanding PDRs listed at the Philippine Stock Exchange. It closed at P4.56 per share. VG Cabuag

B2

Companies BusinessMirror

Wednesday, August 12, 2020

PSE STOCK QUOTATIONS

August 11, 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 PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

45.75 88.5 61 20 7.72 35.15 19.94 47.5 93.05 16 91.25 53.1 0.82 21.7 2.82 0.275 0.61 156 1840

46 88.65 61.2 20.1 7.73 35.2 20.1 48.9 108.7 16.2 91.35 53.2 0.84 22.5 2.98 0.28 0.65 159 1850

45.15 89.15 62.15 20.1 7.78 34.85 20 48 108.7 15.9 91.4 53 0.83 22.4 2.84 0.27 0.66 159 1840

46 89.5 63.45 20.1 7.82 35.35 20 48 108.7 16 91.5 54 0.85 22.5 3 0.29 0.66 159 1840

45.15 88 61 20.05 7.66 34.75 19.96 47.95 108.7 15.8 90.25 53 0.79 22.4 2.79 0.27 0.62 156 1840

46 88.5 61 20.05 7.72 35.15 20 47.95 108.7 16 91.25 53.2 0.82 22.5 2.98 0.28 0.65 156 1840

4700 4158890 4843930 64900 338300 1399900 127900 400 10 5900 225120 24480 174000 1900 368000 1130000 857000 1810 255

215935 367931488.5 297731885 1302375 2621332 49255825 2557180 19190 1087 94320 20539954.5 1301041.5 140950 42720 1052980 319850 545560 285210 469200

206900 -151915295 -171883773.5 -2005 -70610 -14371430 -2347182 -15335724 -993344 -85900 70200 469200

INDUSTRIAL AC ENERGY 2.74 2.75 2.69 2.8 2.66 2.75 16510000 45238120 ALSONS CONS 1.21 1.25 1.25 1.25 1.2 1.25 630000 765020 25.2 25.5 25.25 25.85 25 25.2 825400 21001330 ABOITIZ POWER BASIC ENERGY 0.17 0.172 0.17 0.172 0.17 0.172 860000 146240 24.7 24.85 26 26.05 24.7 24.7 712500 17871795 FIRST GEN 59.3 59.8 59 60.25 59 59.8 17660 1047836.5 FIRST PHIL HLDG MERALCO 267.8 268 264.8 268 264 267.8 135420 36038946 13.16 13.18 12.78 13.22 12.7 13.16 3131500 40812380 MANILA WATER PETRON 3.05 3.06 3.09 3.09 3.06 3.06 1115000 3417380 PETROENERGY 3.2 3.35 3.16 3.35 3.16 3.19 6000 19590 11.16 11.4 11.1 11.4 11.1 11.4 108100 1220298 PHX PETROLEUM PILIPINAS SHELL 17.52 17.54 17.52 17.6 17.5 17.54 381800 6693230 8 8.05 8.05 8.15 7.97 8.05 126900 1018517 SPC POWER AGRINURTURE 7.95 8.07 7.99 8.16 7.94 8.07 230100 1851266 AXELUM 2.4 2.41 2.36 2.41 2.3 2.4 16374000 37930060 15.98 16 16.24 16.3 15.98 16 1405500 22,526,276( CENTURY FOOD DEL MONTE 4.82 4.9 5.1 5.1 4.71 4.82 410000 1982968 DNL INDUS 5.04 5.07 5.1 5.2 5.03 5.07 1732200 8836395 9.95 9.99 10 10.08 9.75 9.99 10944400 108967882 EMPERADOR SMC FOODANDBEV 64.7 65 64.55 65 64.5 65 24120 1561582.5 0.63 0.65 0.67 0.67 0.63 0.65 784000 512570 ALLIANCE SELECT FRUITAS HLDG 1.18 1.19 1.17 1.19 1.17 1.18 3318000 3914540 GINEBRA 38.6 38.75 38 38.6 37.05 38.6 118700 4537115 141.1 141.8 138 144 138 141.1 1372610 194673384 JOLLIBEE MAXS GROUP 4.76 4.78 4.65 4.84 4.64 4.78 671000 3183750 SHAKEYS PIZZA 5.32 5.34 5.41 5.45 5.31 5.34 500300 2678500 1.18 1.19 1.17 1.21 1.16 1.18 1134000 1342130 ROXAS AND CO RFM CORP 4.26 4.44 4.26 4.26 4.26 4.26 9000 38340 1.59 1.63 1.56 1.59 1.56 1.59 14000 22230 ROXAS HLDG SWIFT FOODS 0.105 0.109 0.103 0.11 0.103 0.105 310000 32870 UNIV ROBINA 137 138 139.7 141.3 136.1 137 1285630 178921837 0.79 0.8 0.78 0.79 0.78 0.79 3011000 2372090 VITARICH CONCRETE B 52.55 54.95 52.05 56.75 52.05 54.95 1650 90261.5 1.1 1.11 1.06 1.11 1.06 1.1 16746000 18417180 CEMEX HLDG 10.14 10.5 10 10.5 9.9 10.5 3048800 31066786 EAGLE CEMENT EEI CORP 5.17 5.18 5.25 5.25 5.17 5.18 147100 765523 4.88 4.89 5.09 5.1 4.86 4.88 2285900 11359819 HOLCIM MEGAWIDE 6.44 6.45 6.15 6.48 6.15 6.45 2010600 12904264 PHINMA 8.95 9 9 9 9 9 400 3600 0.79 0.8 0.8 0.82 0.77 0.8 328000 259450 VULCAN INDL CHEMPHIL 117 135.7 112.2 116.1 112.2 116 40 4604 1.83 1.88 1.86 1.86 1.86 1.86 1000 1860 CROWN ASIA EUROMED 2.03 2.05 2.05 2.08 2 2.03 569000 1163780 LMG CHEMICALS 4.53 4.78 4.75 4.75 4.61 4.61 44000 204720 3.5 3.75 3.6 3.6 3.5 3.5 26000 91460 MABUHAY VINYL PRYCE CORP 4.05 4.14 4.15 4.15 4.03 4.05 41000 169330 CONCEPCION 18.7 19 19 19 19 19 411700 7822300 1.68 1.69 1.71 1.71 1.68 1.69 5889000 9950630 GREENERGY INTEGRATED MICR 4.88 4.9 4.7 4.9 4.68 4.88 83000 396700 0.97 1 1.03 1.03 0.96 0.97 298000 296770 IONICS PANASONIC 4.26 4.67 4.73 4.73 4.67 4.67 2000 9400 SFA SEMICON 1.45 1.46 1.46 1.48 1.42 1.45 2654000 3853530 6.25 6.26 5.92 6.25 5.92 6.25 2327000 14271378 CIRTEK HLDG

916790 -446790 -4356730 -7437635 59972.5 -19693304 -2816382 580870 -1710330 -55919 -11740 4,917,260.0004) 23000 276289.0004 7275359 -131867 -22230 -324309.9997 35949961 117140 -1409000 -326430 8520 -17295500 -0 8622970 -25854437 1560 65430 -4088433 3160 -0 107460 59380 -71000 22328

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.48 0.485 0.47 0.475 5430000 2578050 ASIABEST GROUP 7.64 7.89 7.85 7.93 7.56 7.88 10100 79399 747 748 730 758 720 748 215060 160030045 AYALA CORP ABOITIZ EQUITY 48.2 48.25 48.45 48.55 47.9 48.25 416700 20095370 5.99 6 5.92 6.08 5.86 5.99 27563300 165482716 ALLIANCE GLOBAL 1.78 1.8 1.8 1.83 1.77 1.78 648000 1167250 AYALA LAND LOG ANSCOR 6.1 6.12 6.1 6.12 6.1 6.12 10800 65896 0.5 0.51 0.55 0.55 0.495 0.51 2023000 1021545 ANGLO PHIL HLDG ATN HLDG A 0.58 0.59 0.58 0.59 0.57 0.58 1225000 704650 ATN HLDG B 0.57 0.6 0.57 0.6 0.57 0.6 104000 59440 5 5.05 5.05 5.05 4.95 5 2598000 12994000 COSCO CAPITAL DMCI HLDG 3.62 3.63 3.67 3.69 3.59 3.63 5510000 20062140 8.5 8.98 8.5 8.5 8.5 8.5 36300 308550 FILINVEST DEV FJ PRINCE A 3.1 3.2 3.2 3.2 3.2 3.2 1000 3200 FORUM PACIFIC 0.179 0.209 0.178 0.178 0.178 0.178 70000 12460 400 402 403 404 397 400 309420 123614068 GT CAPITAL JG SUMMIT 63.95 64.05 62.5 64.05 62.5 64.05 1541720 98034525.5 KEPPEL HLDG A 4.9 5 5 5 5 5 1600 8000 0.6 0.61 0.6 0.62 0.58 0.6 216000 129810 LODESTAR LOPEZ HLDG 2.3 2.32 2.33 2.33 2.31 2.31 852000 1970930 7.7 7.75 7.73 7.88 7.7 7.7 802600 6231257 LT GROUP 0.465 0.52 0.44 0.495 0.44 0.465 60000 27950 MABUHAY HLDG MJC INVESTMENTS 1.8 2.28 1.8 1.8 1.8 1.8 3000 5400 3.2 3.21 3.3 3.31 3.21 3.21 20018000 65124290 METRO PAC INV PACIFICA HLDG 2.91 2.97 2.91 2.97 2.91 2.97 8000 23460 0.73 0.77 0.77 0.78 0.77 0.78 30000 23230 PRIME MEDIA SOLID GROUP 0.98 1 0.98 1 0.98 0.98 41000 40460 SYNERGY GRID 160 170 170 170 170 170 450 76500 858 865 859.5 874 852.5 858 450930 390426150 SM INVESTMENTS SAN MIGUEL CORP 98.7 99 98.95 99.05 98.5 99 71170 7036663.5 SOC RESOURCES 0.65 0.69 0.7 0.7 0.65 0.65 217000 141990 128.9 129 128.9 128.9 128.9 128.9 500 64450 TOP FRONTIER WELLEX INDUS 0.188 0.201 0.2 0.2 0.2 0.2 20000 4000 0.157 0.159 0.148 0.16 0.147 0.159 6490000 995990 ZEUS HLDG

-332650 756 46771140 2816785 -50105914 -18060 -3486010 7965340 -12460 -96678832 -21687977 -1195630 17211 -25654610 138573880 580188 -

PROPERTY ARTHALAND CORP 0.5 0.51 0.52 0.53 0.51 0.51 287000 147700 AYALA LAND 32.6 32.95 32.95 33.3 32.6 32.6 12988900 427013065 1.01 1.03 1.04 1.04 1.03 1.03 4000 4130 ARANETA PROP BELLE CORP 1.38 1.39 1.39 1.39 1.39 1.39 8000 11120 0.81 0.82 0.8 0.82 0.77 0.82 3823000 3056640 A BROWN 0.75 0.78 0.74 0.78 0.74 0.78 9000 6700 CITYLAND DEVT CROWN EQUITIES 0.124 0.126 0.126 0.134 0.124 0.126 7820000 998760 4.98 5 5.01 5.01 4.98 5 338000 1687303 CEB LANDMASTERS CENTURY PROP 0.35 0.355 0.355 0.355 0.35 0.355 4550000 1604350 CYBER BAY 0.26 0.27 0.25 0.28 0.25 0.27 10540000 2675650 15.94 15.98 15.96 16 15.88 15.98 148100 2363746 DOUBLEDRAGON DM WENCESLAO 6.05 6.1 6.1 6.1 6.05 6.1 930300 5674805 0.265 0.27 0.27 0.27 0.26 0.27 1560000 412150 EMPIRE EAST FILINVEST LAND 0.9 0.91 0.88 0.91 0.88 0.9 11922000 10611720 8990 HLDG 7.9 7.96 8 8 7.89 7.97 51700 411680 0.89 0.9 0.9 0.9 0.88 0.89 2259000 2010510 PHIL INFRADEV MEGAWORLD 2.95 2.96 3.04 3.05 2.9 2.95 20312000 60515020 MRC ALLIED 0.245 0.246 0.24 0.245 0.234 0.245 22540000 5444770 0.3 0.33 0.3 0.3 0.3 0.3 100000 30000 PHIL ESTATES PRIMEX CORP 1.29 1.32 1.3 1.31 1.29 1.29 33000 42950 14.88 14.9 14.3 14.9 14.2 14.9 3841100 56704922 ROBINSONS LAND 0.226 0.233 0.231 0.233 0.231 0.233 270000 62610 PHIL REALTY ROCKWELL 1.52 1.58 1.59 1.59 1.51 1.52 57000 87090 2.61 2.7 2.69 2.7 2.69 2.7 10000 26970 SHANG PROP STA LUCIA LAND 1.8 1.84 1.84 1.85 1.84 1.85 6000 11070 SM PRIME HLDG 30.25 30.3 29.8 30.8 29.8 30.25 9425700 285691200 3.72 3.87 3.74 3.92 3.72 3.72 149000 563730 VISTAMALLS SUNTRUST HOME 1.17 1.18 1.16 1.19 1.15 1.18 1491000 1752640 39 40 40 40 40 40 300 12000 PTFC REDEV CORP VISTA LAND 3.27 3.28 3.2 3.29 3.2 3.28 3138000 10197150

98229225 -43400 5920 -44450 -3006 -10650 -376872 779940 -250766 -27902610 -8778044 85743795 -1311040

SERVICES ABS CBN 7.48 7.5 7.8 7.8 7.5 7.5 536800 4112263 GMA NETWORK 4.99 5 5.03 5.03 4.98 4.99 900700 4503629 0.395 0.4 0.4 0.4 0.4 0.4 180000 72000 MANILA BULLETIN MLA BRDCASTING 11.2 11.96 11.18 11.18 11.14 11.14 1000 11158 2180 2192 2198 2198 2154 2180 37170 81161790 GLOBE TELECOM 1389 1390 1389 1400 1386 1390 172195 239507920 PLDT APOLLO GLOBAL 0.05 0.052 0.049 0.052 0.047 0.052 25880000 1271640 2.79 2.89 2.82 2.89 2.71 2.8 66000 183190 DFNN INC DITO CME HLDG 3.1 3.11 3 3.13 3 3.1 38911000 120207570 JACKSTONES 1.61 1.64 1.6 1.65 1.6 1.64 12000 19460 2.15 2.16 2.14 2.22 2.12 2.15 11417000 24721160 NOW CORP TRANSPACIFIC BR 0.174 0.177 0.173 0.177 0.172 0.177 4190000 732390 1.96 2 1.96 2.02 1.95 2 533000 1054210 PHILWEB 8.35 8.44 8.54 8.54 8.23 8.25 28500 238014 2GO GROUP ASIAN TERMINALS 15.42 16.72 15.42 15.42 15.42 15.42 300 4626 3.33 3.35 3.37 3.42 3.3 3.33 680000 2282490 CHELSEA CEBU AIR 38.85 39.2 37.6 39.55 37.6 38.85 181400 7,070,845( INTL CONTAINER 108.3 109 105.9 109.7 103.1 109 1110110 119000468 15.52 16.2 15.5 16 14.54 16 86100 1350038 LBC EXPRESS LORENZO SHIPPNG 0.73 0.76 0.75 0.76 0.75 0.76 21000 15860 5.02 5.03 4.71 5.1 4.71 5.03 8306000 41199810 MACROASIA 1.67 1.68 1.69 1.7 1.65 1.68 372000 621490 METROALLIANCE A PAL HLDG 5.87 5.88 5.88 5.88 5.87 5.88 210300 1236417 0.75 0.76 0.77 0.79 0.75 0.76 485000 373520 HARBOR STAR ACESITE HOTEL 1.17 1.2 1.17 1.17 1.17 1.17 1000 1170 0.031 0.032 0.033 0.033 0.031 0.032 61400000 1963000 BOULEVARD HLDG 1.55 1.82 1.6 1.6 1.6 1.6 1000 1600 DISCOVERY WORLD WATERFRONT 0.39 0.395 0.39 0.395 0.39 0.39 250000 97550 567 602.5 604 604 552 602.5 150 89530 FAR EASTERN U IPEOPLE 7.22 8.39 8.45 8.45 8.45 8.45 100 845 STI HLDG 0.295 0.3 0.295 0.3 0.295 0.3 330000 97550 2.11 2.17 2.11 2.17 2.11 2.17 34000 72820 BERJAYA BLOOMBERRY 6.1 6.16 6.14 6.28 6.1 6.16 5432300 33472146 2 2.08 2 2.08 2 2 32000 65280 PACIFIC ONLINE 1.24 1.29 1.25 1.28 1.22 1.24 202000 254520 LEISURE AND RES MANILA JOCKEY 2.12 2.48 2.48 2.48 2.48 2.48 5000 12400 2.12 2.2 2.24 2.24 2.12 2.22 49000 105860 PH RESORTS GRP PREMIUM LEISURE 0.295 0.3 0.29 0.3 0.285 0.295 5620000 1644700 ALLHOME 6.37 6.38 6.46 6.48 6.35 6.38 414600 2655018 1.47 1.49 1.5 1.51 1.47 1.47 2187000 3233210 METRO RETAIL PUREGOLD 51.5 52 50 52.7 48.5 52 3392270 174364065 60.6 61 59.2 61.6 58.5 61 661210 40117110.5 ROBINSONS RTL 110 125 125 125 125 125 62130 7766250 PHIL SEVEN CORP SSI GROUP 1.03 1.04 1.04 1.05 1.03 1.03 3222000 3321830 15.5 15.54 15.4 15.5 15.14 15.5 1523400 23507038 WILCON DEPOT APC GROUP 0.305 0.315 0.31 0.315 0.305 0.305 1850000 570700 EASYCALL 6.25 6.43 6.1 6.59 6.1 6.25 37300 240248 285 299.6 299.6 299.6 299.6 299.6 200 59920 GOLDEN BRIA PRMIERE HORIZON 0.231 0.234 0.236 0.236 0.228 0.231 5200000 1199880 4.5 4.7 4.5 4.7 4.5 4.7 5000 23300 SBS PHIL CORP

-44080130 -78977885 1057320 88810 -9800 -5123.9999 1,893,380.0003) 5879383 15500 291400 3100 -1656221 -30000 12500 -1120800 645087 1811810 21016730 -11504142.5 543750 -2610610 -9171764 -

MINING & OIL ATOK 7.63 8.08 8.09 8.09 8 8.08 10200 81617 1.65 1.66 1.7 1.71 1.65 1.66 11458000 19147920 745500 APEX MINING ABRA MINING 0.001 0.0011 0.0011 0.0012 0.001 0.001 4353000000 4793400 -0 2.69 2.75 2.68 2.75 2.64 2.64 469000 1255700 -399520 ATLAS MINING 2.16 2.27 2.3 2.33 2.16 2.27 81000 183080 BENGUET A COAL ASIA HLDG 0.201 0.208 0.209 0.209 0.201 0.208 470000 97660 2.61 2.67 2.61 2.67 2.61 2.67 203000 541830 534000 CENTURY PEAK DIZON MINES 7.78 7.93 7.99 7.99 7.78 7.93 22900 179405 FERRONICKEL 1.14 1.15 1.16 1.17 1.13 1.15 6760000 7741200 1010810 0.238 0.239 0.246 0.246 0.237 0.238 230000 54850 GEOGRACE LEPANTO A 0.151 0.152 0.157 0.16 0.151 0.152 32620000 5017530 0.153 0.159 0.157 0.157 0.152 0.153 4740000 729730 182400 LEPANTO B 0.01 0.011 0.011 0.011 0.01 0.011 33900000 365700 MANILA MINING A MANILA MINING B 0.011 0.012 0.012 0.012 0.011 0.011 32900000 366000 0.95 0.96 0.98 0.99 0.94 0.95 4108000 3914600 67620 MARCVENTURES NIHAO 1.78 1.79 1.75 1.79 1.75 1.78 787000 1390420 -5250 NICKEL ASIA 3.06 3.07 3.06 3.13 3.03 3.06 17088000 52667360 1294810 0.405 0.425 0.39 0.475 0.39 0.425 86970000 34394300 -22400 OMICO CORP ORNTL PENINSULA 0.59 0.6 0.61 0.62 0.6 0.6 3260000 1969100 3.51 3.54 3.64 3.66 3.49 3.52 4019000 14237330 136650 PX MINING 9.41 9.5 9.43 9.74 9.4 9.41 7645000 72524441 -5970699 SEMIRARA MINING UNITED PARAGON 0.0058 0.006 0.0059 0.006 0.0057 0.006 42000000 246000 5.81 6.02 6 6.04 6 6.04 500 3004 ACE ENEXOR ORNTL PETROL A 0.0087 0.009 0.0092 0.0092 0.0088 0.009 22000000 196400 ORNTL PETROL B 0.0086 0.0092 0.0086 0.0086 0.0086 0.0086 11000000 94600 -86000 0.0097 0.01 0.01 0.01 0.0092 0.01 86000000 850800 PHILODRILL PXP ENERGY 5.85 5.86 5.52 5.85 5.52 5.85 1891300 10844424 -2471

PREFFERED HOUSE PREF A 100.5 101 100.9 100.9 100.4 100.4 1000 100475 -100475 CPG PREF A 101 102 100.5 101 100.5 101 11660 1177560 101.1 101.4 101.5 101.5 101 101 4270 431636 DD PREF FGEN PREF G 105.8 106 106 106 106 106 20 2120 1010 1020 1010 1010 1010 1010 50 50500 GTCAP PREF B MWIDE PREF 100.5 101.5 101.5 101.5 101.5 101.5 10000 1015000 PNX PREF 3B 106 107.9 107.9 107.9 107.9 107.9 50 5395 1012 1025 1012 1025 1012 1024 2430 2470350 PNX PREF 4 SMC PREF 2C 77.8 78.5 78.5 78.5 77.5 78.5 48250 3770545.5 SMC PREF 2D 75.2 75.6 75.6 75.6 75.6 75.6 10 756 77.5 78.9 78 78.9 78 78.9 25200 1987620 -789000 SMC PREF 2F SMC PREF 2G 75.7 76.5 76.5 76.5 76.5 76.5 650 49725 75.9 77.1 75.9 75.9 75.65 75.65 1000 75655 SMC PREF 2H SMC PREF 2I 78.3 78.9 78.3 78.3 78.3 78.3 5500 430650

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 7.02 7.1 7.15 7.15 7.02 7.1 269900 1921022 -1913882 GMA HLDG PDR 4.56 4.59 4.55 4.75 4.55 4.56 432000 1972800 -1680160

WARRANTS LR WARRANT 0.66 0.67 0.67 0.67 0.63 0.66 133000 86510

SMALL & MEDIUM ENTERPRISES ALTUS PROP 14.14 14.18 13.3 14.2 13.02 14.18 1166200 16214596 15432 ITALPINAS 1.9 1.91 1.86 1.92 1.85 1.9 1668000 3147930 -19410 5.18 5.2 5.12 5.23 5.11 5.18 27200 140395 KEPWEALTH MERRYMART 3.02 3.03 2.93 3.06 2.92 3.03 41978000 126476000 -1016240 0.57 0.58 0.57 0.58 0.56 0.58 1090000 620410 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 90.55 90.9 89.75 91 89.5 90.55 10760 974176.5 118850.5

www.businessmirror.com.ph

Petron backs bill mandating tighter rules for LPG sector

By Lenie Lectura

P

@llectura

etron Corp. said it fully supports the passage of the LPG (liquefied petroleum gas) bill pending in Congress, saying this will address illegal practices in the LPG sector.

“Similar to fuel smuggling, illegal refilling is also a threat to the industry and to the safety and welfare of consumers. It’s about time that tighter regulations and stronger penalties are put in place against these unlawful and unsafe practices,” Petron President and CEO Ramon S. Ang said Tuesday.

The LPG Bill seeks the formulation of a national energy policy and regulatory framework to strengthen and streamline laws and regulations

governing the LPG sector.

The country’s largest oil refiner said Petron Gasul cylinders are often replicated or illegally refilled by unauthorized LPG refillers.

Last June, the Philippine National Police-Criminal Investigation and Detention Group (CIDG) raided a plant in Imus, Cavite, seizing illegally refilled Petron Gasul cylinders with a total estimated value of P4.6 million. The same plant was raided by the National Bureau of Investiga-

tion (NBI) back in 2013.

Agencies in partnership with industry stakeholders are expected to continue with the campaign against illegally refilled cylinders that endanger lives and properties of unsuspecting household consumers.

“Sadly, there are many fake cylinders out in the market. These are dangerous and of substandard quality and most of the time are underfilled. Especially now, many households rely on LPG to cook meals so it’s important that they choose only safe and authentic LPG products,” Ang said.

“Passing the bill will benefit both us players and the consumers for raising the standards on safety, security, and quality in the LPG sector.”

All Petron Gasul cylinders are manufactured according to stringent safety standards set by the Department of Trade and Industry

(DTI) covering wall thickness, weld integrity, and valve fitting.

The cylinders also pass through thorough testing and inspection before they are refilled and distributed to customers. A laser-printed quality seal with unique QR-code is an assurance that each Petron Gasul has passed rigorous safety and quality testing.

Petron also launched a campaign to educate customers on how to distinguish between a legitimate and a fake Petron Gasul cylinder. Consumers are encouraged to source their Petron Gasul from authorized dealers.

In 2019, Petron introduced the 2.7-kg variant of its other LPG brand, Fiesta Gas as a safer alternative to hazardous LPG-refilled butane canisters. This is also in alignment with the Department of Energy’s efforts to stop illegal practices in the LPG industry.

Emperador to export local brandy to Mexico

By VG Cabuag @villygc

E

mperador Inc., the liquor arm of businessman Andrew Tan, on Tuesday said it will export its flagship brandy that is distilled locally to Mexico starting next year after the company dominated the brandy market in the Latin American country.

The company said it is exporting its Emperador brandy to other Latin American countries after it took 57 percent of the brandy market share in Mexico, a country with a slightly bigger population than that of the Philippines. It quoted data from AC Nielsen.

“We are very excited to launch Emperador Brandy in a continent where tequila is widely known,” Glenn Manlapaz, CEO of Emperador International said.

“One of our top priorities in the coming years is to develop the markets in Latin America, which will be huge for Emperador’s international business, because of its combined population of around 600 million to date. This will be quite easy for us to penetrate because of Casa Pedro Domecq’s strong foothold in Mexico and across Latin America.”

Emperador brandy is blended and bottled in the Philippines and is only available in North America, including in the United States, Asia, Europe,

Russia and Africa.

Casa Pedro Domecq, which Emperador took control in 2017, currently sells three major brandy brands in Mexico—Presidente, Don Pedro, and Aztec de Oro. The brands contribute 96 percent of its brandy sales in the Latin American country.

“Sales of our Presidente Brandy continue to grow. During the last 13 months, its sales grew by 8 percent because of the growing demand in this market, which started since Emperador took over the company more than two years ago,” Joan Cortes Vilardell, director of Casa Pedro Domecq said.

Only 4 percent of Emperador’s entire brandy sales in Mexico come from two of its imported Spanish brandy brands, Fundador and Terry Centenario.

The company said it sees a huge potential to further grow its sales for imported brandy in the Mexican market, particularly for Emperador brandy, a cheap liquor product that first became popular in the Visayas and Mindanao markets where “red” liquors are preferred by the consumers such as rum and brandy.

“There is a growing appetite for imported brandy in this market especially for brandy coming from the Philippines. Initial studies have shown very encouraging response to the taste profile of Emperador Brandy,” Vilardell said.

ERC temporarily shifts to electronic processing

T

he Energy Regulatory Commission (ERC) has temporarily shifted to electronic processing and contactless transaction amid the Covid-19 pandemic.

It said Tuesday that it issued a resolution for the Transitory Implementation of Legal eProcesses Pending the Adoption of the Interim Guidelines Governing the Electronic Application, Filings, and Virtual Hearings.

This move signals its shift to electronic means of accepting and serving documents.

The resolution also supplements the agency’s Rules of Practice and Procedure, particularly in the conduct of its pre-filing conference and public hearings.

“The Resolution is the ERC’s mechanism to adapt to the ‘New Normal’ which requires performing our tasks remotely and virtually in order to ensure the safety of all electric power stakeholders, as well as our frontliners and employees,” ERC Chairperson and CEO Agnes VST Devanadera said.

Under the resolution, the pre-filing process shall be done through electronic means for all

rate applications or other petitions for relief that directly affect the electricity consumers.

Similarly, the filing through electronic means of a motion, petition, compliance, manifestation, submission, or any other pleading relative to a case pending before the ERC shall be observed.

The ERC resolution also indicated that hearings shall be conducted through videoconferencing. The virtual hearing shall be convened and conducted by the commission using the Microsoft Teams or Zoom applications or such other secure platforms as it deems appropriate.

“We should embrace and adapt to the ‘new normal’ and we urge the concerned electric power stakeholders’ cooperation and support the Transitory Implementation of Legal e-Processes to ensure the continued performance of our mandate.

The legal e-processes provide for a contactless transaction that ensures the safety of all stakeholders and our employees, as well, in the midst of this Covid-19 pandemic," Devanadera added. Lenie Lectura

mutual funds

August 11, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 195.23 -25.22% -10.8% -6.13% -22.48% ATRAM Alpha Opportunity Fund, Inc. -a 1.0089 -37.83% -13.55% -6.54% -27% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6104 -36.13% -15.48% -8.92% -29.03% Climbs Share Capital Equity Investment Fund Corp. -a 0.6724 -29.47% -12.59% n.a. -25.12% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6739 -22.33% n.a. n.a. -20.65% First Metro Save and Learn Equity Fund,Inc. -a 4.1946 -22.84% -9.01% -5.89% -21.28% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6574 -24.72% -11.51% n.a.

-22.99% MBG Equity Investment Fund, Inc. -a 77.11 -35.62% n.a. n.a.

-25.3% PAMI Equity Index Fund, Inc. -a 39.1002 -24.99% -9.44% -5.05% -23.75% Philam Strategic Growth Fund, Inc. -a 421.42 -22.74% -8.54% -5.17% -20.9% Philequity Alpha One Fund, Inc. -a,d,5 0.878 n.a. n.a. n.a. -14.77% Philequity Dividend Yield Fund, Inc. -a 0.9969 -24.6% -8.89% -4.82% -22.53% Philequity Fund, Inc. -a 29.2664 -24.48% -8.51% -4.53% -22.77% Philequity MSCI Philippine Index Fund, Inc. -a 0.7786 -24.73% n.a. n.a. -23.52% Philequity PSE Index Fund Inc. -a 3.9809 -24.76% -8.98% -4.38% -23.79% Philippine Stock Index Fund Corp. -a 667.05 -24.51% -8.92% -4.55% -23.5% Soldivo Strategic Growth Fund, Inc. -a 0.5995 -35.64% -13% -8.66% -29.59% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0879 -28.92% -10.29% -5.7% -26.64% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7644 -24.72% -9.12% -4.54% -23.62% United Fund, Inc. -a 2.8091 -24.61% -7.78% -3.97% -23.11% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.5548 -24.33% -8.46% -3.74% -23.43% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0475 13.57% 0.37% 1.83% 1.86% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4919 18.25% 8.08% n.a.

8.21% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5722 -9.11% -4.17% -3.55% 0.6% ATRAM Philippine Balanced Fund, Inc. -a 2.0412 -12.48% -4.85% -2.37% -6.41% First Metro Save and Learn Balanced Fund Inc. -a 2.3915 -10.26% -3.36% -3.44% -9.12% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1828 n.a. n.a. n.a.

-20% NCM Mutual Fund of the Phils., Inc. -a 1.8276 -6.61% -1.57% -0.63% -6.83% PAMI Horizon Fund, Inc. -a 3.476 -8.74% -2.61% -1.75% -8.26% Philam Fund, Inc. -a 15.4849 -9.34% -2.89% -1.92% -8.7% -4.2% -1.87% -10.4% Solidaritas Fund, Inc. -a 1.9014 -11.55% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.247 -17.06% -5.19% -3.15% -15.96% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9361 -8.75% n.a. n.a.

-7.84% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8333 -17.94% n.a. n.a. -16.37% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8059 -20.37% n.a. n.a. -18.86% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8011 -20.28% -6.18% -4.23% -17.82% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03971 3.84% 3.48% 2.26% 3.95% 1.31% 2.32% 3.05% PAMI Asia Balanced Fund, Inc. -b $1.0429 8.94% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1117 10.99% 5.77% 4.8% 5.14% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.164 5.39% 3.2% n.a.

3.13% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.7 4.19% 3.18% 2.57% 2.73% ATRAM Corporate Bond Fund, Inc. -a 1.9474 2.04% 1.04% -0.08% 2.39% Cocolife Fixed Income Fund, Inc. -a

3.1977 4.46% 4.99% 5.03% 2.56% Ekklesia Mutual Fund Inc. -a 2.3122 4.28% 3.18% 2.39% 3.99% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4573 4.71% 3.56% 1.99% 4.16% 9.29% 4.78% 2.77% 7.44% Philam Bond Fund, Inc. -a 4.6984 Philam Managed Income Fund, Inc. -a,6 1.3066 5.7% 4.29% 2.39% 3.97% Philequity Peso Bond Fund, Inc. -a 3.9593 6.33% 4.39% 2.29% 4.52% Soldivo Bond Fund, Inc. -a 1.0386 8.95% 3.76% 1.78% 7.71% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1984 5.85% 5.08% 2.87% 3.99% Sun Life Prosperity GS Fund, Inc. -a 1.7602 4.9% 4.53% 2.35% 3.47% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.81 3.72% 2.65% 2.81% 2.23% ALFM Euro Bond Fund, Inc. -a Є217 -1.18% 0.71% 1.07% -1.27% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2487 4.84% 3.43% 2.83% 3.44% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0266 3.1% 2.23% 1.74% 3.1% PAMI Global Bond Fund, Inc -b $1.0998 0.18% 0.62% 0.74% 0.57% Philam Dollar Bond Fund, Inc. -a $2.5214 5.6% 4.12% 3.51% 4.91% Philequity Dollar Income Fund Inc. -a $0.0611468 2.25% 2.17% 1.95% 1.4% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2633 3.85% 2.64% 2.81% 2.77% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.69 3.57% 3.28% 2.48% 2.27% First Metro Save and Learn Money Market Fund, Inc. -a 1.0437 2.38% n.a. n.a.

1.7% Sun Life Prosperity Money Market Fund, Inc. -a 1.2871 2.96% 3.04% 2.6% 1.75% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0469 1.61% n.a. n.a.

0.83% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0225 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

Reissued T-bonds add ₧30B in govt war chest

By Bernadette D. Nicolas @BNicolasBM

T

uesday’s sale of reissued 10year Treasury bonds added P30 billion in government’s war chest against the impact of lockdown measures on the economy.

The auction was oversubscribed as it attracted tenders of P54.7 billion; nearly double (1.8-times) the P30-billion offer and which the Bureau of the Treasury fully awarded in Tuesday’s auction.

The reissued T-bonds with a remaining life of 9 years and 11 months also fetched an average rate of 2.724 percent, lower than the original coupon rate of 2.875 percent upon the first issue in July.

With the full award of the tenor, the outstanding volume for the series is P60 billion.

National Treasurer Rosalia V. De Leon attributed the robust investor

demand to “very deep liquidity.”

De Leon surmised the “search for high yields drive duration interest.”

The Treasury also decided to open the tap facility for an additional offering of P10 billion in reissued 10year T-bonds. The tap facility auction was opened to all 11 government securities eligible dealers-market makers.

Excluding the results of Tuesday’s tap facility auction, the Treasury has so far raised P50 billion for this week alone.

On Monday, the Treasury sold P20 billion in 91-day, 182-day and 364-day Treasury bills.

While the Treasury opened on Monday the tap facility auction for an additional offering of P5 billion in 364-day T-bills, De Leon said there was no additional money raised.

For this month, the Treasury has programmed to borrow P170 billion from the local debt market.

Industries in I.C.U.

T

he Covid-19 global pandemic, without a doubt, has affected all of us, some more than others. As a result of the quarantine restrictions imposed by the government authorities, a number of industries have been adversely affected and the following immediately come to mind: 1. Hotel and restaurant 2. Tourism and resort 3. Airline and cruise ships 4. Automotive and transport 5. Malls and department stores 6. Movie theatres, entertainment and events Note that the above industries will take a while to recover as long as Covid-19 protocols and restrictions are in place. Amongst the more common requirements are social distancing, limited physical contact, increased sanitation, travel restrictions, reduced capacity and various bureaucratic requirements such as health and medical clearances.

However, the real problem is the fear that is being instilled into the general population in the hope of the unrealistic expectation that everyone will simply stay home.

According to Johns Hopkins Medicine, the number of deaths from COVID-19 worldwide is now more than 730,000 as of August 10, 2020. In comparison, according to the World Health Organization the yearly number of deaths from the Flu is from 290,000 to 650,000.

On this basis alone, it would seem that there is an overreaction to this “global pandemic.” While I personally believe all life is precious, is it worth killing several industries and plunging the world into a global recession? Perhaps it should also be studied how many people died as a direct consequence of the quarantine imposed on the general population which caused people to have no jobs, restrict access to medicine and health care, and the physical and mental problems caused by limited mobility and isolation.

It is difficult to say if in this case the cure is worse than the disease. The problem is at hand and we have several industries in ICU that means millions of Filipinos are already or soon will be out of a job. What then can the government do to help these workers who no longer have jobs and these industries

Finex free enterprise George S. Chua to recover? It would make sense not to further burden them. For example, the already struggling auto and transport industry, is getting no relief at all! Recently additional taxes on fuel products were implemented and the new road user’s tax will increase registration expenses by 3 times, plus annual increases!

For the workers, we have been giving to indigent families the 4Ps, perhaps it is about time to give back to the taxpayers who lost their jobs! The best way to do this is through the SSS or giving to those who have a TIN and can show that they are indeed paying taxes till this pandemic hit. This would be something like a jobless claim that can be filed by those who lost their job. Additionally, those affected industries should be exempted from paying taxes including Mayor’s permits, real estate taxes and allowing tax loss carryforward. Furthermore, these businesses should be given relief aid. If the government can give billions of pesos to people who have limited or no contribution to society, it should be able to give the same if not more aid to businesses that have continuously been providing jobs, taxes and service to society!

What is worrisome now is that our government has run out of funds and needs to raise money, and the way they will do this is tax the very same companies that need relief. What has happened is that money was spent on aiding the most unproductive segments of the population and to make this possible, it will further tax the working segments of society making them globally uncompetitive and less viable.

There is only one ending to this downward spiral of disincentive and it isn’t a pleasant one.

Comments may be sent to georgechuaph@ yahoo.com

Sale of BDO Leasing’s bulk shares given PCC greenlight

T

By Tyrone Jasper C. Piad @Tyronepiad & Elijah Felice E. Rosales @alyasjah

he sale of 88.84 percent of the total outstanding capital stock of BDO Leasing and Finance Inc. from BDO Unibank Inc. and its subsidiary BDO Capital & Investment Corp. received a regulatory nod from the Philippine Competition Commission (PCC).

In a commission decision on Tuesday, the PCC authorized Vittorio P. Lim, Victor Y. Lim Jr. and Luis N. Yu Jr. to carry on with their transaction with BDO Leasing.

The troika of investors is acquiring a bulk of the latter firm through a share purchase agreement.

“Upon rev iew of the f indings and recommendation of the Mergers and Acquisitions Office and the Parties’ submissions, the Commission finds that the proposed acquisition by the Lims of shares in BLFI ... will not likely result in substantial lessening of competition,” the competition regulator said.

The buyout had to be reviewed by the antitrust agency because the transaction met the notification threshold for mergers and acquisitions.

PCC said there were no horizontal overlaps between the parties’ business activities. No vertical relationships between the parties are also seen after the transaction, it added.

Further, the PCC found the sale of the subsidiary is part of BDO’s restructuring in response to new regulations on lease transactions and, thereby, portfolio adjustments.

Business nature

IN January, parent firm BDO Unibank Inc. said it was selling its 88.54-percent stake to thirdparty investors as it restructures its leasing business.

Yu is acquiring 33-percent ownership while the Lims are buying a total of 37-percent stake. The remaining 18.54 percent is for third-party buyers.

The value of the transaction is equivalent to the sellers’ prorata share in the net asset value of the company as of closing date, estimated at P5.451 billion, and premium of P500 million.

In July, BDO Leasing said that its stockholders approved the amendment of the company’s

PNB’s profits plunge in H1 on provisioning vs losses

P

hilippine National Bank (PNB) ended the first half with a 65-percent plunge in its net income as it recognized further provisions for impairment, credit and other losses.

The Tan-led bank reported that its profits reached P1.4 billion in the first semester, which is substantially reduced from the P4 billion it notched in the previous year for the same period.

Total revenue, however, surged by 24 percent to P23.6 billion on the back of growth in lending and trading activities.

“PNB’s performance for the first half of 2020 demonstrates the depth and resiliency of its core business as the bank sustained its growth momentum, built on a solid business franchise with continued and strong support from its customers,” PNB President Jose Arnulfo A. Veloso said in a statement on Tuesday.

Topline figures were marred by the surge in reserves, PNB said, not-

ing that it was preparing for the uncertainties caused by the pandemic.

The bank registered an additional P5.1-billion impairment buffer in the second quarter, bringing the year-todate total to P8.4 billion.

Veloso said that the bank would continue its “pragmatic approach” in setting up loan provisions to shield its balance sheet against potential credit losses.

The bank said that because of lower high-cost deposits, net interest income for the period climbed by 19 percent to P17.5 billion from last year’s P14.7 billion.

As of end-June, its loan portfolio and deposit liabilities were flat at P602.6 billion and P790.7 billion, respectively.

Trading securities gains jumped by 78 percent to P3.2 billion in the first half, thanks to “favorable market opportunities” in the second quarter, PNB said.

Higher business taxes and other

Wednesday, August 12, 2020 B3

business-related costs lifted operating expenses—excluding provisions for impairment and credit losses—to P13.4 billion, showing 2-percent uptick as compared last year.

Capital as of end-June stood at P154.3 billion, which is 13-percent higher than last year’s P136 billion, the bank said. This brought the bank’s capital adequacy ratio and common equity tier 1 ratio to 15.86 percent and 14.99 percent, respectively.

“For the rest of the year, we will continue to focus on tactical strategies ensuring uninterrupted service to its customers, strengthening its liquidity and capital positions and enabling the bank to actively participate in reviving the economy,” Veloso added.

PNB said that nearly all of its branches are now open to serve its clients. It said only an average of 51 percent of its branch network in April and May was open on a rotational basis and shortened banking hours. Tyrone Jasper C. Piad

corporate name to United Platinum Holdings Corp. as it seeks to change the nature of business to a holding firm from leasing and financing.

The bank’s net earnings reached P81 million in the first half, which is significantly higher than the P29-million loss year-on-year.

The lender attributed the spike in profits to “successful measures implemented to address margin compression.”

Gross revenues reached P1.3 billion in the first semester as lease and loan receivables slipped by 23 percent. This was due to the sale of a portion of the lower yielding portfolio in a bid to cushion margin compression impact and implementation of new accounting standard on leases.

Business nature

Sellers BDO Unibank and BDO Capital are a full service universal bank and investment house, respectively, in the Philippines.

BDO Unibank is engaged in consumer lending, deposit taking, credit cards, foreign exchange, remittances, brokering and investments and cash management services.

On the other hand, BDO Capital is in the business of securities trading and underwriting, loan syndication, debt and equity placement, as well as financial advisory.

The acquired entity BLFI is a publicly-listed firm that provides leasing and financing products to commercial clients. It is engaged in direct leases, real estate leases and sale and leasebacks

in the Philippines.

PCC mandate

The PCC is mandated under the Philippine Competition Act to review mergers and acquisitions that meet its thresholds to make sure such transactions are in line with consumer interests.

To date, the PCC has received 215 notifications for mergers and acquisitions with a combined value of P3.85 trillion. Of this, the antitrust body approved 197 and ruled against one transaction.

According to the agency, five notifications with a total worth of P49.3 billion were filed before it since its new guidelines specific for the quarantine period took effect on May 18.

In a televised interview in July, PCC Chairman Arsenio M. Balisacan said his agency is assessing how the markets are responding to the coronavirus pandemic, as well as the quarantine restrictions.

Balisacan explained it is expected for some firms “to merge in times of crisis like this” in order to survive the decline in capital, profits and manpower.

B4

Show BusinessMirror

Wednesday, August 12, 2020 • Editor: Gerard S. Ramos

NO TRANSFER

SO this dramatic actress signified her intentions to transfer to another network because her own had already closed. So the other network was interested until actual talks started. The other party was horrified that the dramatic actress seemed to have priced herself out of the market. The network said the actress’s talent fee is about five times that of one of their top stars. So they decided, “thanks but no thanks.” Aside from the exorbitant talent fee, the actress also has many demands, including the brand of water in her dressing room. So will she transfer? Probably not. First of all, there are many underutilized talents in the network. Second, there isn’t enough work to go around these days so there’s no need for new talents.

HER CHOICE

IN the old days, they say a woman goes from her father’s house to her husband’s but that isn’t the case anymore. Some women don’t even see the need to get married. This singer-actress left her parents’ house to be with the man she loves but it seems like she exchanged one prison for another. Her husband needs to give his permission for everything that she does.

The singer-actress doesn’t mind though because she is so much in love with him and he with her. Also, he is kinder, gentler and more generous to her than the people she left behind. She is OK with this set-up and it’s her life.

THE ODDS ARE STACKED AGAINST HIM

THE young actor showed so much promise in the beginning. He was so promising that he was being compared to an older multi-awarded actor. His management paired him with a beautiful young actress and they were made to pretend that they were in a relationship. That didn’t end well. It was later revealed that they were never a real couple and that the young actress was seeing someone else. The young actor was also found to be creeping around women on Instagram. Here’s one more problem of the young actor: He is essentially a boring person who doesn’t have much to say during interviews. So it’s so difficult to make him do press rounds.

WHERE HAS LOVE GONE?

THE male model and the actor have been in a relationship for a long time, and people saw them as an old married couple. So everyone who knew them was surprised to see that the actor has a girlfriend, who he’s been flaunting on social media.

The relationship seems real so many are wondering why and how he and the male model ended their relationship. Did he cheat on the model, who seems to be single right now? They still follow each other on Instagram so they might at least be friends.

www.businessmirror.com.ph

After recovering from virus, Placido Domingo vows to clear name

S

ALZBURG, Austria—Placido Domingo returned to Europe to receive a lifetime achievement award after a bout with the coronavirus, vowing in an interview with a top Italian daily newspaper to clear his name from allegations of sexual misconduct.

The opera legend’s appearance on Thursday to accept the award from the Austria Music Theater was his first in public since recovering from the virus at his home in Acapulco, Mexico.

“It is a true honor to be here and witness the first few rays of happiness and hope after having succumbed and survived the Covid-19 virus,’’ he said.

“In these past months of lockdown, we have known our fragility. Our theaters across the world have been closed and silenced. But it is precisely in these times we discover our inner strength and resolve.’’

Earlier, Domingo, 79, told La Repubblica that his illness made him “no longer afraid to speak out’’ about the allegations reported by The Associated Press that virtually ended his performance career in both the United States and his native Spain.

“When I knew that I had Covid, I promised myself that if I came out alive, I would fight to clear my name,’’ Domingo said. “I never abused anyone. I will repeat that as long as I live.”

In AP stories last year, multiple women accused Domingo of sexual harassment and abusing his power while he held management positions at LA Opera and Washington National Opera, with dozens of people saying his behavior was an open secret in the opera world. Most of the women spoke on condition of anonymity.

The allegations split the industry, with US opera houses canceling Domingo’s engagements and Europe houses mostly sticking by him. He is about to embark on a busy fall European calendar, including

performances in Caserta near Naples, the Verona Arena and Milan’s La Scala.

Investigations by the American Guild of Musical Artists and LA Opera found allegations of sexual misconduct against Domingo to be credible.

Domingo told La Repubblica that an apology issued last spring after AGMA’s investigation concluded he had engaged in “inappropriate activity ranging from flirtation to sexual advances, in and outside of the workplace” had been widely misinterpreted.

“The presumption of innocence in my case crumbled when the media published a text of my apology,’’ Domingo said. He noted that his statement had been prepared to comply with a union request, but was released early after the AP broke the news of the investigation results.

Domingo said the text released to the media “looked like a mea culpa,’’ and “very much lent itself to that impression’’ that he had given a full admission of guilt. In that statement, sent to the AP on February 24, Domingo said to the women who accused him of misconduct, “I am truly sorry for the hurt that I caused them. I accept full responsibility for my actions.” He sought to remedy the impression at the time by quickly amending the apology with a message on Facebook, saying in part, “I have never behaved aggressively toward anyone, and I have never done anything to obstruct or hurt anyone’s career.’’

Speaking to La Repubblica, Domingo said that his career had been damaged “enormously’’ by the allegations. “And I am not thinking only of the career,’’ he said. “It hurts me to be described in this way. I have read even heavy insults lodged against me. Those who write underestimate the hurt they can do. They speak of me as if I have been tried in a court on precise charges, but it is not the case. This ambiguity is not acceptable. I will never stop saying the truth.’’ AP

The office is dead! Long live the office in a post-pandemic world Continued from B5 reported below reflect nearly 2,100 responses collected from mid-April to mid-July and have been weighted to the US population in terms of age, gender and education level. Our data indicates that nearly two-thirds of those who still had jobs during the pandemic were almost exclusively working from home. That compares with just 13 percent of workers who said they did so even a few times a week preCovid-19. Among those who had previously not regularly worked from home, 62 percent said they were enjoying the change, and 75 percent expect their employers to continue to provide flexibility in where they work after the pandemic has passed.

Of course, there may be a gap between employee expectations and the reality of what employers are willing to provide. One of the arguments companies have traditionally used in opposing offering workers more flexibility is the belief that they are less productive or efficient working from home.

But even at a time when workers face many distractions, particularly those with young children, nearly two-thirds of our working respondents

reported normal or above-normal productivity. This is consistent with prior psychological research on remote work that found that those who telecommute often perform about the same or somewhat better than their in-the-office colleagues. Workers in our survey credited not having to commute to the office and fewer distractions such as meetings for their increased productivity. That’s why I believe the future of office work is likely to be much more flexible than ever before. Overall, including those who previously worked from home, a full 26 percent said they plan to work remotely at least a few times each week when the pandemic is over—double the 13 percent that said they did so prior to it.

Only 9 percent of the workers we surveyed, however, said they want to completely abandon the traditional office. They seem to just want more balance. Given the option, many office workers would like to commute to a traditional office on some days and work from home on others.

With luck and a bit of good planning, I believe the work force could become not only more productive post-pandemic, but also enjoy their lives just a little bit more. THE CONVERSATION

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Imani Hakim, 27; Cara Delevingne, 28; Pete Sampras, 49; Peter Krause, 55.

Happy Birthday: Stop, look and listen. Take nothing for granted, and don’t let others speak on your behalf.

A steady pace will maintain stability and help you avoid risky changes. Generosity is best allocated thoughtfully and with care. Look out for yourself before you take on other people’s burdens. Distance yourself from those who create divisiveness and chaos. Your numbers are 4, 11, 19, 24, 27, 34, 46.

a

ARIES (March 21-April 19): Clues from your past will help when looking for new ways to use your skills. Keeping up with the times and being vocal about how you see things unfolding will help you set the standard as you move forward. HHHH

b

TAURUS (April 20-May 20): A change of heart will lead to an unexpected turn of events brought on by someone close to you. Don’t leave anything to chance. Get the lowdown regarding how other people feel, and you’ll discover how best to move forward. HHH

c

GEMINI (May 21-June 20): Make up your mind.

Inconsistency will be your downfall. Decisions shouldn’t be based on emotions or trying to please others. Do what’s best for you, and avoid responsibilities and burdens that don’t belong to you.

Take care of time-sensitive issues. HHH

d

CANCER (June 21-July 22): Concentrate on what you can do to save, cut corners and build a stable future. A unique idea is worth looking at, but do not get involved in a joint venture. Go it alone or take a pass. HHHH

e

LEO (July 23-Aug. 22): Your work and personal life will face off if you haven’t allocated equal time to ensure you take care of all your responsibilities. Getting organized will help you maintain the balance required to keep the peace and avoid disappointment. HH

f

VIRGO (Aug. 23-Sept. 22): Taking a look at an old problem from a different angle will help you see alternative ways to bring about positive change. Choose to be upbeat and enthusiastic.

Romance is favored. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Adapt if it helps you keep the peace. Making an effort to get along will give you leverage when you need something in return. Being helpful and accommodating aren’t signs of weakness; they’re signs that you are responsible and mature. HHH

h

SCORPIO (Oct. 23-Nov. 21): You may not agree with everything you hear, but take the information that resonates with you, and it will help you find a new way to put your skills to good use. Commit wholeheartedly to whatever path you choose to follow. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): A change someone wants you to make will be overrated.

Find out what’s entailed before you sign up or commit to something you end up regretting. Utilize your time to learn and incorporate what you discover into your daily routine. HHH

j

CAPRICORN (Dec. 22-Jan. 19): You can’t please everyone. Take a step back, and consider what you want. Offer incentives that will encourage others to get on board and help you with your plans. Making alterations at home that add to your comfort and entertainment are favored. HHHHH

k

AQUARIUS (Jan. 20-Feb. 18): If you want something done right, do it yourself. Someone will put pressure on you to make changes you don’t want to make. Channel your energy into a job that will benefit you, not someone else. HH

l

PISCES (Feb. 19-March 20): Don’t ignore an opportunity to make a professional or financial move. Altering the way you live and work will not please someone close to you. Look for a creative way to make amends and gain support to move forward with your plans. HHHH Birthday Baby: You are changeable, sensitive and passionate.

You are determined and witty.

‘bottomless’ by steve mossberg The Universal Crossword/Edited by David Steinberg

ACROSS 1 Start sharing your feelings 7 Catwoman portrayer Eartha 11 Hydroelectric power source 14 Himalayan language 15 Unit in a tract 16 Alexandra who writes the Guardians of Eternity series 17 One often contains an “In case you missed it” heading 19 Sis, maybe 20 Award for Laura Dern 21 Related 22 Film-evaluating grp. renamed in 2019 23 Missing galoshes may turn up here 26 A in some teachers’ records?

29 Like an awesome party 30 Preschool snooze 31 Tribute poem 33 Kind of oil in Sichuan cold noodles 36 Seasonal use for an old pillowcase 40 Go along with?

41 Dated

2 Queens airport code 4 43 Green prefix 44 Postponed 47 It might list many meetings 52 “Hey, sailor!”

53 Ready to pick 54 Crush, as a garlic clove 58 Greenwich Village sch.

59 Soda fountain bonuses...and what 17-, 23-, 36- and 47-Across get?

61 Tater ___ 62 Symphony hall section 63 Underground Railroad icon Harriet 64 Respond litigiously 65 Has to pay 66 Jewelry fasteners DOWN 1 Aware of 2 Church seats 3 Grand-scale 4 Christmas, in Rome 5 Villain in a 2015 Avengers movie 6 “Easy” dessert 7 The Metamorphosis author

8 Trap during winter 9 Gather heat online 10 “Ideas worth spreading” nonprofit 11 Not necessarily 12 Like ducks and geese 13 “Sorry about that!”

18 Suitable for mature viewers 22 Damp 24 Skedaddle 25 Circus jumper?

26 Pay for a poker hand 27 UPC code features 28 Seasoning trade path 32 SAT company 33 Worked with a needle 34 Sorceress, for one 35 Old-style “Holy smokes!”

37 Like a humblebragger 38 Ray of fast-food fame 39 Innovative comic Gilda 45 Toddler or toy dog, say 46 Excited Spanish cry 47 Needs’ relatives 48 “Such a tease!”

9 Common cursor shape 4 50 Renaissance Faire lord 51 Olympic swords 55 National Mall trees 56 Hit, as a bass 57 Tax IDs 59 Progressive spokesperson 60 “And so on” letters Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, August 12, 2020

Living up to the Superbods spirit THE new normal may be tough and risky, but canned tuna brand Century Tuna proves that Pinoys can come out of this better and stronger than ever before, as it relaunched Century Tuna Everybod Superbod 2020, pivoting to become an inspiring platform with a more inclusive and relevant theme: “Stay strong, Pilipinas!”

“Our theme is our contribution to provide uplifting messages to the Philippines,” said Century Pacific Food Inc. EVP and COO Greg Banzon.

During the relaunch streamed recently via Century Tuna Superbods’ Facebook page, celebrity Superbods Nadine Lustre and Alden Richards, together with the 34 Century Tuna Superbods finalists enjoined everyone to become the best version of themselves by strengthening their spirit to keep fighting and to continue staying strong physically and mentally.

In an exclusive virtual press conference after the launch, some Superbods were able to share how they continue to pursue their passion for health and fitness during the quarantine. At 49 years old, ageless supermom Shirley Garcia strives to remain active despite limitations: “I still train every day at home—I do my cardio in the morning and I do weight training in the afternoon or evening.”

For former beauty pageant contestant and now body positivity advocate Sam Purvor, achieving a healthier future means being consistent. “If you can’t do a full one-hour workout, do one minute, do four minutes. Kayang-kaya niyo ’yan.” Model and actor Kirk Bondad dreams of using his voice to encourage everyone to stay fit especially during this pandemic.

“Through this competition, I hope I can influence others to start their health and fitness journey.”

For Kathleen Paton, it’s all about erasing the stigma on mental health. “I joined Superbods to encourage and educate people on mental health. I want to be the voice for people who can’t be heard and aren’t really educated on the topic. I know having a following, I have the purpose and voice to be able to educate other people especially during this pandemic.”

Model Sam Adjani is moving out of his comfort zone through Superbods: “I love the stay strong message because anyone can be a little weak mentally and I appreciate being a part of this because it has pushed me to be better.”

For model-athlete Samantha Lo, it’s about finding a home she’s comfortable in: “I’ve been an athlete for almost 20 years and this competition has given me a place where I belong—being fit and healthy.”

Financial advisor Philippe Magalona also shared: “I’m so proud of all the finalists. It’s hard to stay fit but they were able to squeeze that time to stay fit and healthy.”

Meanwhile, Enzo Bonoan advises, “Don’t compare yourself to anyone and trust in the process.”

Using their individual social-media platforms, these candidates serve as a voice to inspire and encourage others, no matter what their status in life is, to continue their health and fitness journey even during quarantine.

Follow their journey as they compete for the Century Tuna Everybod Superbod 2020 title and support them as they undergo various digital challenges that will be posted on the Century Tuna Superbods Facebook page and can be searched using #CenturyTunaSuperbods2020, #StayStrongPilipinas.

These challenges will lead up to the finals night happening on September 19, 2020 where over P2,000,000 worth of prizes is at stake, and where one male and one female grand winners will be selected.

THE Century Superbods 2020 finalists

Bringing out the best in others

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HEN I was interviewing someone over the phone for a graphics designer post some time ago, I was pleasantly surprised that he ticked all the boxes for what we were looking for. After weeks of interviewing candidates and browsing through their portfolio, I was set on getting this one. And when he turned up for a face-to-face panel interview, I was mildly shocked to see him. He had tattoos on both arms and some were peeking through his shirt collar, and he sported long hair which was combed neatly—which I thought at that time did not go well with everything. He turned out to be one of the most creative and innovative people in my team.

Seeing the best in people does not come naturally to most people managers. Being in a leadership position weighs heavily on them because management expects them to not just meet expectations but exceed them. And it takes a toll on people managers when results are not forthcoming, or when deadlines loom ahead. Ironically, it is during these times when your team instinctively looks to you for support and encouragement. And your attitude toward them will dictate whether they will push themselves harder to meet target goals, or just do the bare minimum of what they are told. Or, worse, leave you doing all the work.

So how do you break through what you see and inspire people to go beyond what is required? The answer lies in how willing you are to stop seeing the present and paint for them what could be.

First thing you need to do is to understand your people first. Know where they are at the moment and create a blueprint for a realistic future for them.

Knowing your team members will help you appraise them so you know when to push or pull. Focus on what people can do well and use their strengths as the foundation building up to what they could possibly be. Empathy is the hallmark of a good leader. You have no business being a leader if you have no empathy.

The bottomline is that you manage people and not statistics or numbers. So if you think your business comes first before the people, you will constantly find yourself struggling to get support or inspiring confidence.

Once you become familiar with individual members of your team, set parameters for success.

People managers have the burden of ensuring their team works in tip-top shape all the time and can easily fall into the trap of pointing out every little mistake they see. This is counterproductive because people will be trapped in the mindset of doing only as instructed. This kills innovation and creative thinking.

Your team needs to know what success looks like so they know they have already achieved it. And when they do commit mistakes, which are bound to happen, suspend judgment. You have to try to understand why it happened and move beyond the mistake and trust they have learned their lesson. People need to believe someone believes in them. Be that person. People do change when you change your attitude toward them.

And to minimize mistakes, coach and give feedback as much and as frequently as you can without pushing the person up the wall. How much is too much will depend on the person you are talking to. This is not micromanaging. It becomes micromanaging when you constantly hover and tell them what to do exactly as you want it. No, this is to provide something of a scaffolding so they can build themselves up as you gradually let go and trust them.

This also ensures they fully grasp what is expected of them, and that you have provided the needed tools and guidance in accomplishing their tasks. So, be as clear in your directions as you can, and give detailed instructions as you can.

As the team leader, provide a safe environment for people to take risks. Have their back. Do not be the first one to throw your own team under the bus.

When your team commits a mistake in front of other people, do not reprimand them publicly just to save face. Do it in confidence. They already know they dropped the ball but they do not have to get the fifth degree from you. Chastise them but do not dwell on their mistakes. What they need from you right then is a game plan on how to get back up. Inspire confidence by trusting them to right what was wrong and proving they are better than themselves.

Move beyond your bias—talented people can come in different packages. People have their own life stories and are the products of their own experiences. This does not excuse bad behavior. It helps you understand where they are coming from and provides you an insight into their motivations.

When that graphic designer became part of my team, his tattoos actually became an opening for a conversation which helped me know him better. Looking back, we were a bunch of different

personalities and temperaments but we worked well as a team. It ultimately came down to valuing people’s contributions to the bottom line and the respect for each other’s personal expression.

Another way of bringing out the best in people is to encourage them and be present. Nothing inspires self-confidence more than a leader who is supportive, decisive, and with his team whenever he is needed.

Praise publicly and do it whenever the team achieves a milestone. And if you work with other people from other departments, put in a good word to their supervisor. Just because they belong to another team does not mean you cannot inspire them. If they did a good job, tell them. You lose nothing but gain an ally later on when you need their help again.

And, most importantly, catch people doing good.

People managers have the burden of ensuring their team works in tip-top shape all the time and can easily fall into the trap of pointing out every little mistake they see. This is counterproductive because people will be trapped in the mindset of doing only as instructed. This kills innovation and creative thinking. But when you applaud and publicly praise successful risks, people are more inclined to expend more discretionary effort to succeed. And when you acknowledge their efforts even if they do not succeed, you propagate a growth mindset where people are more resilient and tenacious in achieving the team’s goals.

An influential teacher by the name of Onofre R. Pagsanghan, fondly called Pagsi by those who know him, once spoke to us when I was still a teacher.

He told us that the most important thing students need to know about us is that we believe in their potential and their capacity for doing good. I guess I carried that when I moved to corporate and started handling people. The principles in teaching and leading are similar—if you do not believe in the potential and capacity of the people you are leading, they will invariably fail. Leading and teaching are about making people believe that they can be something better than what they can see right now.

And as their leader, it all starts with believing the best in them. n

The office is dead! Long live the office in a post-pandemic world Editor’s note: The future of the office has become an open question after the coronavirus lockdown forced tens of millions of Americans to work from home. Will office workers flock back to their cubicles and water coolers when the pandemic ends? Or will employees want to hold on to their newfound freedom and flexibility, while employers eye the lower costs of the lack of a physical footprint?

At least a few companies have already answered this question: Twitter, for example, says most of its employees can continue working from home forever, making the office merely a place to meet clients. We asked three scholars to weigh in on the future of the office.

Relationships need proximity Beth Humberd and Scott Latham, University of Massachusetts, Lowell Although we’ve seen numerous office epitaphs in

recent weeks, we believe the pre-pandemic workspace isn’t going away anytime soon. Why? Organizational life is founded on relationships.

Sure, the current remote work experiment has demonstrated that more jobs can be done virtually than many managers previously assumed. But jobs are comprised of tasks; organizations are comprised of relationships. And relationships require ongoing— and often unintended—interactions.

Decades of research provide important insight into how effective work relationships are built. We know that they require mutual trust and cooperation, and that physical proximity is critical to fostering trusting and cooperative relationships.

This is especially true in the knowledge and creative economies, as shared space promotes information sharing and collaboration. A 2009

study found that Google employees sharing physical space exchanged information more effectively than those located even on separate floors in the same building. A similar study from 2013 showed that when scientists had to walk further from the lab to places like the restroom or the printer, they developed more research collaborations. And a more recent study found that “water cooler” socialization was critical to new idea generation at business incubators, which support the growth of start-up companies.

And as robots take over more human jobs thanks to automation and artificial intelligence, these relationships will matter more than ever. Our own research has found jobs that are inherently relational are more likely to endure.

So we believe that it’s not the office itself that will remain but the necessity of physical proximity to

keeping the modern organization—and our work relationships—running smoothly.

Worker flexibility is here to stay Deborah Salon, Arizona State University Office employees want more flexibility in where they work. That’s the main finding from a survey I’m conducting with other researchers at Arizona State University and the University of Illinois.

Our survey aims to understand how the nationwide lockdown that forced much of the professional work force to telecommute changed employee views on going to the office, among other topics. The survey is ongoing and, if you are at least 18 and live in the US, you can take it online. The results

Continued on B4

B5

B6 Wednesday, August 12, 2020

169 Years of Purposeful Banking Belmont Manila and Savoy Manila Win 2020 TripAdvisor Travelers’ Choice Awards

From left, top to bottom: BPI Chairman Jaime Augusto Zobel de Ayala, BPI President and CEO Cezar P. Consing, Rev. Fr. Angelo Paolo Asprer of the Society of Saint Paul, BPI Directors Romeo Bernardo, Maria Dolores Yuvienco, Ramon del Rosario Jr., Octavio Victor Espiritu, and Jose Teodoro Limcaoco, and Advisory Council members, namely, Oscar Reyes and Chief Justice Artemio Panganiban.

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ANK of the Philippine Islands (BPI) reinforced its commitment to help build back a better Philippines, serving us a lifeline for Filipinos especially in these trying times.

BPI Chairman Jaime Augusto Zobel de Ayala, BPI President and CEO Cezar P. Consing, and other members of the board attended the online Anniversary Mass together with thousands of BPI employees

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OMEGROWN properties of Megaworld Hotels - Belmont Hotel Manila and Savoy Hotel Manila have been recognized as TripAdvisor 2020 Travelers’ Choice award-winners. Based on a full year of TripAdvisor reviews, prior to any changes caused by the pandemic, award winners are known for consistently receiving great traveler feedback, placing them in the top 10% of hospitality businesses around the globe.

Both Hotels were likewise recipients of the Certificate of Excellence recognition last 2019.

“This is indeed a great honor for both our properties, especially during this challenging period in our Industry. I am humbled and grateful for this recognition and extremely proud in sharing this with our dedicated, tireless, and committed team members. Most importantly, I wish to extend our heartfelt gratitude to all our valued guests for their continued trust and confidence. This recognition would

have never been possible without them and their support continues to inspire us to strive for consistent and exemplary service. May these awards be the catalyst to propel Belmont Manila and Savoy Manila to the next level and prepare us for better days ahead,” according to Belmont Manila and Savoy Manila Area General Manager, Avinash Menon.

In the Restaurant category, Café Belmont and Savoy Café Manila outlets also emerged winners of the 2020 Travelers’ Choice Awards for consistent positive reviews from diners.

For many years, TripAdvisor’s Travelers’ Choice and Certificate of Excellence programs have honored select destinations, airlines, accommodations, attractions, experiences, and restaurants around the world. Travelers’ Choice (formerly Certificate of Excellence) recognizes businesses that earn consistently great user reviews. The winners are among the 10% of businesses on TripAdvisor worldwide.

“Winners of the 2020 Travelers’ Choice Awards should be proud of this distinguished recognition,” said Kanika Soni, Chief Commercial Officer at TripAdvisor.

“Although it’s been a challenging year for travel and hospitality, we want to celebrate our partners' achievements. Award winners are beloved for their exceptional service and quality. Not only are these winners welldeserving, but they are also a great source of inspiration for travelers as the world begins to venture out again.”

Belmont Hotel Manila and Savoy Hotel Manila are homegrown Megaworld Hotel properties providing world class hospitality services. For Belmont inquiries: call +63 2 5318 8888, email info.manila@ thebelmonthotels.com, or visit www. belmonthotelmanila.com.

For Savoy inquiries: call +63 2 5317 2869, email info. manila@thesavoyhotels.com, or visit www. savoyhotelmanila.com.ph. You may also visit our official accounts via Facebook and Instagram.

For Covid-19 response, Coca-Cola mobilizes truck fleet to provide relief goods to communities

Empire East seals strong company performance through prestigious ACES award

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MPIRE East, one of the country’s premier residential developers, has been named as one of Asia’s Best Performing Companies by the Asia Corporate Excellence & Sustainability (ACES) Awards.

ACES is one of the most prestigious award-giving bodies that recognizes inspiring leaders and sustainability advocates across Asia. This category acknowledges leading enterprises for their outstanding performance in the field and is given to high performing enterprises that have shown tremendous growth in revenue and are on the same path to becoming the future giant corporations of Asia.

Empire East took part in 37 Corporate Social Responsibility (CSR) initiatives in 2019, where the Company reached out to about 4,000 communities in and beyond Metro Manila who are in dire need of assistance like clean food and water, and other resources.

The Company has also built a strong market leadership in providing affordable

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it can nationwide, from city centres to farflung communities. Coca-Cola employees carried out the Company’s relief provision following the strictest safety protocols in its operations and deliveries.

“Given our operational capabilities, such as our vast nationwide footprint, coupled with the scale of our truck fleet, we just know that we can help reach more communities,” says Gareth McGeown, CEO of CCBPI. “We loaded beverages and food packs onto our trucks, and they travelled as far as Cebu and Bohol. It was imperative that we tap all the resources at our disposal and mobilize our organization into providing relief aid to as many Filipinos as possible.”

The Coca-Cola Foundation worked with Synergeia Foundation, a long-time partner, to identify beneficiary families and communities, and coordinate with local government units. Through this initiative, 21,000 food packs were provided to families in Navotas, Malabon, Caloocan,

Pasig, Quezon City, Muntinlupa City; San Fernando in Pampanga, Obando in Bulacan, Corella in Bohol; and the municipalities of Consolacion, Argao and Dalaguete in Cebu province. Each food pack consisted of five kilos of rice, various ingredients for meals, assorted canned goods, spices, and different hygiene and cleaning products.

“We are fully committed and grounded in our purpose of making a difference in the communities we proudly serve, especially now in this crisis,” says Winn Everhart, Coca-Cola Philippines President and General Manager. “We know that together with the Filipino community, we will rebound from this even stronger.”

Given its 108-year history in the Philippines and the loyalty it enjoys among Filipinos, Coca-Cola knows they have a responsibility beyond just providing refreshments, but to be there for consumers and communities, especially during these challenging times.

and high-quality residential communities and condominiums around Metro Manila for 26 years, which cater to Filipinos’ needs and lifestyles from generation to generation.

“We are honored to be recognized by ACES as Asia’s Best Performing Company. We will strive to become the country’s best real estate developer. With our fast growth and missiondriven values, we wish to serve a wide range of customers.,” said Empire East President and CEO Atty. Anthony Charlemagne C. Yu. “We would also like to congratulate our fellow winners and nominees.”

The awarding ceremony for ACES will be held in September 2020 in Kuala Lumpur, Malaysia.

Smarter farming with Yara FarmWeather App

P ARLIER this year, Coca-Cola immediately committed Php150 million of its marketing resources to help provide aid to thousands of Filipinos weathering the COVID-19 pandemic and subsequent quarantine measures.

To date, the Company has donated over two million liters of beverages to almost 1500 institutions—including hospitals, non-government organizations, local government units, and national government agencies—as well as 174,000 personal protective equipment (PPEs) for 51,000 medical workers, and food packs for over 60,000 vulnerable families.

Furthermore, to augment the beverage company’s crisis response, Coca-Cola Beverages Philippines, Inc. (CCBPI)— the bottling arm of Coca-Cola in the Philippines, which operates one of the largest truck fleets in the country—utilized its nationwide transportation network to deliver essential beverages and food packs to as many households and communities as

across the nation. Mr. Consing said, “The combination of our branches, bravely manned, and our digital channels have allowed millions of Filipinos and thousands of businesses to conduct essential banking transactions throughout this challenging period. Our 169-year history has seen us make a real, positive difference in difficult times. It’s about trust, stability, and nation building.”

ESTILENCE, water pollution, fire, and soil erosion are some of the ​ natural threats farmers in the Philippines are facing. The annual onslaught of typhoons is an agricultural problem that even seasoned farmers cannot defeat.

The Philippines sees an average of 2 ​0 typhoons every year, calling for innovative and s​mart farming techniques​ . Hence, the development of the Yara FarmWeather app— the digital solution to help farmers become more weather prepared.

Yara FarmWeather is an easy-to-use and convenient smart ​ weather app designed for small landowner farmers. While one can get an updated weather forecast by watching the news or easily searching on Google, forecasts through these channels are usually general weather conditions for a provincial or regional level. On the other hand, the Yara FarmWeather uses the farm’s exact location to deliver hyperlocal and accurate forecasts down to a 4-km radius.

This is one of t​ he smart farming techniques​ an Internet savvy country like the Philippines can easily adopt.

Yara developed the app leveraging on ​IBM’s data platforms.​Designed with farmers for farmers,the benefits of FarmWeather include the following: Make informed decisions whether you should carry out, adjust or withhold farming

activities to avoid damaging your crops.

Plan everything from seeding, irrigation and pesticides more efficiently by tracing historical weather patterns.

Monitor weather conditions for multiple farm locations right no matter where you are, even from the comfort of your home.

Be more productive by assessing field workability through real-time notifications.

Save your phone’s battery as you can check the weather even with GPS disabled.

Share with fellow farmers by sending weather updates via Facebook, WhatsApp, Line, SMS and more right from the app.

Multiple language options including English, Tagalog and more.

Farmers can download FarmWeather in​ Google Play Store and App Store now. It’s free and no registration required. A short tutorial can be found at https://www.youtube.com/watch ?v=03NaXqTOVak&feature=youtu.be.

The Yara FarmWeather app offers farmers in the Philippines a proactive solution to monitor and protect their farms, which is a source of their livelihood. A w ​ eather app that promotes a unique smart farming technique that helps farmers be more efficient and make better and more informed decisions around important onfarm activities.

Now, farming in the Philippines just got smarter with Yara FarmWeather.

BusinessMirror

Editor: Tet Andolong

Wednesday, August 12, 2020 B7

Coming home to Bacolod becomes exciting at The Upper East

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OTHING gets our adrenaline rushing with excitement more than the feeling of coming home.

No matter your age, profession, or where you have been in life, going back to a place where you once invested relationships and memories will always fill you with great anticipation. Take for example those who grew up in such a celebrated and storied destination like Bacolod City.

Known for its people’s warm nature and the colorful Masskara Festival, Bacolod City’s allure continues to captivate the hearts of Filipinos from all over the world, particularly those who used to call it home. Those who grew up loving the city’s local delicacies and decades-old attractions can look forward to enjoying the nostalgia and, more important, taking part of the city’s dynamic transformation.

Perhaps among the most exciting developments coming to the “City of Smiles” is the transformation of the former Bacolod-Murcia Sugar Milling Company district into a dynamic, 34-hectare New York-inspired township development by property giant Megaworld Corp. dubbed as “The Upper East.”

An exciting transformation Rising as the city’s first master-planned mixed-use community, The Upper East will be just a stone’s throw away from the Bacolod City Government Center. It will be home to residential condominiums, malls and commercial centers, mixed-use buildings, state-of-the-art office towers, and hotels.

It will also feature its own transport hub, church, green and open parks, and a central plaza featuring creative urban art installations. Future residents of the township will surely love the privilege of enjoying an urban environment while still being surrounded by nature inside the township—a sought-after component by most urban dwellers, especially in the age of the pandemic.

“We are very excited to see the beautiful transformation of this side of Bacolod gradually coming to fruition. Bacolodnons who enjoy success from all over the world, especially those who spent their childhood here at the sugar mill with their families, can now go full circle and

relive their memories as they come home and create new legacies here at The Upper East,” said Jennifer Ann Palmares-Fong, vice president for sales and marketing, Megaworld Bacolod.

Highlighting the township is a 30-meter wide, six-lane Upper East Avenue that will stretch for around 1 kilometer and will connect Lopez Jaena Street to the Circumferential Road. Other roads inside the township will be at least 20-meter wide.

‘First-in-Bacolod’ amenities at One Manhattan Following the overwhelming success of Two Regis—the second residential condominium tower inside The Upper East—is the 14-story One Manhattan.

One Manhattan will boast of a variety of “first-in-Bacolod” amenities, such as a wall climbing facility, putting green, mini track oval with gym, and outdoor Jacuzzi

at the second level amenity deck, and an exclusive bar and lounge at the tower’s roofdeck, overlooking Bacolod’s cityscape, the Negros mountains in the east, and the amazing sunset on Guimaras Strait in the west.

On top of these, the tower will also have its own private dining room, adult and kiddie pools, pool deck with an outdoor shower area, game and entertainment room, function hall, reading nooks, outdoor seating areas, and an outdoor children’s play area.

The entire amenity deck, as well as the main lobby, will also be powered with Wifi Internet access for the convenience of its residents.

Located at the corner of Manhattan and Lexington Streets, One Manhattan offers 260 units ranging from studio (up to 33 sq m), one bedroom (up to 85 sq m), two bedrooms (up to 112 sq m), and three

bedrooms (up to 153 sq m). The one, two, and three bedroom units have various layout choices, including bi-level garden units, as well as loft units with either lanai or balcony.

“This is our first residential development in Bacolod with more generous unit layouts and sizes, as well as generous unique amenities. Our loft units are first of their kind because we hope to give the best for Bacolod,” shared Palmares-Fong.

The new residential tower will have two levels of basement parking facilities, with its own drivers’ lounge at Basement 1.

Since the launch of the first residential condominium development in The Upper East in 2018, prices of condo units in the township have already appreciated by 40 percent.

Indeed, coming home and seeing a booming transformation in an address so dear to you has never been this exciting.

10 reasons why ‘the new normal’ is better in Bria Homes for every Filipino. This has made it possible for Filipinos to purchase a home at an affordable price.

5. Strategic location. Bria has built and continues to build projects in progressive towns and cities, in locations close to schools, hospitals, places of worship, and commercial establishments, all while having access to major roads and highways.

6. Flexible payment schemes. All Bria projects offer its homeowners convenient payment methods such as Pag-IBIG funding and bank financing.

7. Reliable services. The leading housing developer’s well-trained staff provides reliable services to Bria homeowners and prospective clients. By giving them digital access, the Customer Care Department also ensures that their concerns and inquiries are immediately attended to.

BRIA Homes continues to offer high quality and affordable homes for every Filipino

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hat started out as a promise to provide modern, affordable house and lot for all Filipinos has become the singular driving force behind the success of Bria Homes, one of the leading housing developers in the Philippines.

With more than 50 projects across progressive towns and cities in the country, Bria Homes has made it possible for many Filipinos to live in homes they can call their own. To this day, the top real-estate company continues to fulfill this goal, fueled by its aim to help address the housing problem in the country.

Here are top 10 reasons why Bria Homes has become the Filipinos’ home of choice:

1. Digital efforts. With technology upgrading the way Filipinos live and seek new homes, Bria has boosted its digital efforts to accommodate the needs of its present and future homeowners.With Bria’s online reservations and payments, housing-related transactions have become more accessible for Filipinos.

Throughout the pandemic it held digital open-house events, live selling, and virtual tours of its project areas to assist Filipinos in their search for safe and secure communities.

2. Safe and secure communities. The house and lot subdivision ensures the safety and well-being of its homeowners. Its communities are equipped with guarded entrances and exits, perimeter fences, and 24/7 CCTV coverage.

3. Health protocols. All communities of the brand comply with health protocols such as regular disinfection of common areas. Social distancing is encouraged as are proper handwashing and sanitation among its residents and staff.

4. Affordability + quality. Bria Homes started with, and has sustained, its effective formula: Affordability (mura) + quality (dekalidad) = a beautiful Bria Homes

8. Well-designed houses. Bria is known for building budget-friendly but quality homes for Filipino individuals and families. House and lot packages in Bria communities include dining and kitchen areas, a living room, a toilet and bath, a provision for service area (for economic houses) and spacious bedroom areas.

9. Modern amenities. All Bria communities

feature recreational amenities for its residents to enjoy. These include multi-purpose halls, jogging paths, playground and green open spaces.

10. Provisions for growth. Bria provides space for expansion in its houses to accommodate the varying needs of Filipino families. On a similar track, the housing company sustains its growth by building more projects nationwide.

To know more about Bria Homes, like and follow “Bria Homes Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Viber Community, Telegram Channel, Kakao Talk, LINE and WhatsApp.

8912 Asean Ave. Building located along Asean Avenue in Aseana City

Aseana Holdings Inc. Hits Construction Milestone P

arañaque, Philippines—As the ongoing rise of Covid-19 cases continue to disrupt business operations, brand events, and company celebrations both local and abroad, Aseana Holdings Inc. welcomed the second half of the year with the topping-off ceremony of 8912 Asean Ave. Building, the newest and most sophisticated office development to date in Aseana City.

While it remained a quiet milestone because of the pandemic, DMWAI CEO, Buds Wenceslao expressed his positive outlook on the construction and real-estate landscape. “We are in the phase of uncertainty and hesitancy as Covid-19 has proved to be a strong adversary to businesses causing refinancing, economic downturn, and immediate and catastrophic effect to different income groups. However, celebrating a milestone of one of our

developments that is included in our five-year pipeline projects despite the challenges that we are currently facing is something that should not be overlooked. This only demonstrates the dedication, commitment and competence of our team and the trust that we have earned in the decades-long relationships and partnerships with our internal and external stakeholders, clients and vendors.”

8912 Asean Ave. is a 15-story office development along Asean Avenue with two interconnected towers right across Ayala Malls Manila Bay, the flagship mall of the Ayala Malls group. The project has approximately 69,000 sq m of leasable office and retail spaces with four levels of parking.

8912 Asean Ave. Building is slated for completion on the first half of 2021.

Sports PRESTIGIOUS AWARD FOR SURFER CASUGAY BusinessMirror

B8 Wednesday, August 12, 2020

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OGER CASUGAY earned the admiration of Southeast Asia last December. Now, it’s the world for the La Union surfer.

Casugay’s act of heroism when he saved an Indonesian rival from drowning thus imperiling his gold medal bid, clinched the 26-year-old one of the world’s most prestigious awards—the Pierre de Coubertin Act of Fair Play Award.

The award, named after the father of the Olympic Movement, is given annually since 1965 by the Comité International du Fair-Play (International Fair Play Committee), recognizes fair play carried out by athletes or teams.

Casugay is the first Filipino to receive the award and if the situation permits, he will be personally bestowed the title on Monaco in October.

Philippine Sports Commission Chairman William Ramirez, who was the country’s chef de mission to the 30th SEA Games, expressed pride over Casugay’s achievement.

“We are very proud of Roger because he has truly exemplified the true meaning of being a Filipino and a sportsman,” Ramirez said.

The International Surfing Association (ISA), through its Membership and Development Manager Alex Reynolds, informed the United Philippine Surfing Association (UPSA) on

Tuesday of Casugay’s award.

“Above all, it is a more fulfilling achievement to be recognized for character than skills and achievements. It shows who we are as people and as a nation,” Ramirez added.

“It is nice to recognize an athlete not only for his athletic skills but also for his humanity,” UPSA President Dr. Jose Raul Canlas said.

“Holding surfing during the SEA Games is a milestone. It paved the way for the ISA to recognize the region and allowed Roger to be also recognized.”

The heroic didn’t go to naught as Casugay went on to win the men’s longboard gold.

According to Ramirez, the award shows

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

that beyond the country’s domination of the SEA Games, the values which the youth and the people learned were part of the Games’ legacies.

“Seven months after the Games, we are still feeling the pride that our national athletes achieved for the Filipino people.

Truly, sports is an advocacy that keeps on giving,” Ramirez said.

Among the recipients of the award were Sergey Bubka (athletics), László Papp (boxing) and Miguel Indurain (cycling).

Surfing debuted in the SEA Games in San Juan, La Union, with Filipino athletes winning two gold, two silver and three bronze medals.

Casugay was the national team’s flag bearer of the host Philippines during the closing ceremony where he was bestowed the Games’ Fair Play Award at the New Clark City in Capas, Tarlac.

ROGER CASUGAY is the first Filipino to receive the Pierre de Coubertin Act of Fair Play Award.

ALTAMIRANO: SAFETY PRIORITY IN 3X3 HOOPS O Chooks-to-Go Pilipinas 3x3 Commissioner addresses Tuesday’s Philippine Sportswriters Association Forum.

FFICIALS of the Chooks-to-Go Pilipinas 3x3 league assured strict health protocols would be enforced once training—and eventually the tournament—gets the green light to proceed.

Commissioner Eric Altamirano said the league is taking all necessary precautions to guarantee the safety and welfare of players, officials and staff from the Covid-19.

All involved personnel would be required to undergo swab testing (PCR) especially those who are going to enter the 3x3 bubble at the Inspire Sports Academy in Calamba, Laguna, once competitions in

the newly christened professional league gets going hopefully by September.

Training by the 12 participating teams— composed of six players each—were supposed to start early this month, but pushed back when the National Capital Region and neighboring provinces, including Laguna, reverted to a modified enhance community quarantine (MECQ).

“Right after MECQ is lifted, we will resume our testing and training,” said Altamirano, who graced the Philippine Sportswriters Association (PSA) webcast Forum on Tuesday along with Alvin Pasaol,

one of the country’s top 3x3 players.

“We’re ensuring that we will cover everything from testing to contact tracing,” added the former Philippine Basketball Association player and coach, who said the league has been in close consultation with Dr. Tony Leachon, a former special adviser to the National Task Force Against Covid-19, and other health experts.

Altamirano said the league is looking for a centralized training facility where all teams would be working out.

He stressed that confining the teams in one facility would make it easier for the league to monitor the movements of everyone involved in the league.

“If we stay in only one facility, we can ensure the safety of the facility in terms of cleaning and disinfecting,” the Chooks-to-Go official told the session presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media as webcast partner.

Of course, players won’t be allowed to practice not unless he undergoes Covid-19 testing.

Altamirano said moving back the tournament helped prepare the country’s men’s 3x3 team that will be seeing action in the qualifier for the Tokyo Olympics.

Pasaol and Joshua Munzon make up half of the team, with PBA players Mo Tautuaa and last season’s Rookie of the Year CJ Perez completing the other.

Ormoc City frontliners get support

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ROBERT BOLICK gives back to his roots.

OBERT BOLICK, through Bounty Agro Ventures Inc. (BAVI), sent food packages to frontliners in his native Ormoc City, a noble act the basketball star said was his way of giving back to his roots.

“I can’t help but do my hometown a favor during these difficult times,” said the 24-year-old former San Beda star. “I grew up there.”

Ormoc City hospitals are now packed with Covid-19 patients and the city government’s efforts under Mayor Richard Gomez have seen police and frontliners exhausted both physically and mentally.

Bolick sought BAVI President Ronald Mascariñas’s help and he didn’t hesitate.

“I want to thank Boss Ronald for immediately agreeing to my call for help,” Bolick said.

Uling Roasters, the sister company of

Asian Beach Games postponed

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HE Olympic Council of Asia has postponed the sixth Asian Beach Games in China to April 2 to 10 next year because of the coronavirus pandemic.

The games were initially scheduled to be staged in Sanya, China, from November 28 to December 6.

The Olympic Council of Asia (OCA)

said the decision to push the dates back was taken in collaboration with the Chinese Olympic Committee and the local organizers.

As was the case for the Tokyo Olympics, which were pushed back to the middle of 2021 by the International Olympic Committee, the name—Asian Beach Games Sanya 2020—

NBA coaches don new look THAT’S ALL Al Mendoza | alsol47@yahoo.com FOR those watching the National Basketball Association (NBA) restart regularly on TV, you may have noticed that the coaches aren’t in coat and tie anymore. Mostly, they are in collared t-shirts, slacks, khaki pants and even in sneakers.

Indeed, the pandemic has changed almost everything, adding “new normal” to our lexicon in deodorizing the “abnormal” in our fast-changing virus-struck landscape.

Wrote The Associated Press’s Tim Reynolds: “Going shopping was a top priority for Taylor Jenkins when he was first hired as coach of the Memphis Grizzlies. The man needed suits as the NBA sidelines tend to be fashion runways... with coaches in tailored suits, sharp ties and polished dressed shoes. So Jenkins went out and bought appropriately for his first chance at being a head coach.”

Then the Covid-19 refashioned the NBA bench’s apparel.

“At the restart of the NBA season,” continued Reynolds, “the dress code has been relaxed to allow polos—and the coaches are thankful.”

Never mind that Jenkins had recalibrated his closet.

“I spent quite a bit of money picking out my new wardrobe...to look good on the sidelines,” said Jenkins.

And Reynolds said: “At least Jenkins will be saving on dry cleaning for the foreseeable future.”

The NBA rule for coaches and their assistant coaches to wear “a sports coat or suit coat” while coaching on the bench has been ditched in the bubble beginning July 31 at Walt Disney World in Lake Buena Vista, Florida, where midday temperatures exceed

Chooks-to-Go, sent packed meals to local hospitals, police stations and checkpoints in Ormoc City. The help started on Monday and would last for three days.

“When Robert messaged me that he wanted to help out his hometown, of course, we couldn’t say no,” Mascariñas said.

“Robert is family to us because he was part of the 23-for-2023 Gilas Cadets team that represented us during the Premiere Cup two years ago.”

“As we always say, once a Manok ng Bayan, always a Manok ng Bayan,” Mascariñas added.

Bolick’s sisters Claudeth and Zlife helped in distributing the packed meals.

“Thank you Ronald for the support,” said Gomez, also the president of the Modern Pentathlon Association of the Philippines. and the logo will remain unchanged.

An OCA general assembly to decide between Doha, Qatar, and Saudi capital Riyadh as host for the 2030 Asian Games had been scheduled to be held on the sidelines of the games in Sanya.

The delayed beach games on the southern Hainan island will begin a crowded schedule for multisports events in China, with Beijing set to host the Winter Olympics in February 2022 and Hangzhou hosting the Asian Games six months later.

90 degrees Fahrenheit (32.22 degrees Celcius) at this time of year.

Coach Gregg Popovich of San Antonio might have provoked the wardrobe change?

“I don’t know why we still wear suits [in the NBA],” he said while coaching USA Team in the China World Cup last summer.

“Somebody, please, tell me why we do that?”

Popovich wore polos and sneakers in that tournament, oozing with glee about his new dress style’s comfort level.

The “new normal” at the Disney games might yet trigger a radical switch of fashion rules from suits to shirts or simply RTW clothing line for NBA coaches when the “old normal” returns?

You’ll never know.

THAT’S IT It seems true that Global FC of the Philippine Football League owes millions of pesos in unpaid salaries to its players, captain Jerry Barbaso (P1.6 million) and Jorrel Aristorenas (P1.02 million). Otherwise, Games and Amusements Board (GAB) Chairman Abraham Mitra would not have given Global Manager Mark Jarvis a show-cause order to avoid the possibility of facing sanctions and losing the team’s license.

In his letter, Mitra said: “...GAB shall ensure that the welfare of our professional athletes should be upheld at times.” Attaboy, Baham.