BusinessMirror August 27, 2020

PHL debt seen topping ₧10 trillion T

HE government expects the country’s outstanding debt to top the P10-trillion mark by year-end and balloon to nearly P12 trillion by 2021.

According to the latest Budget Expenditures and Sources of Financing, the government sees this year’s debt stock reaching P10.16 trillion and P11.98 trillion next year.

Should the projections hold true, the debt stock for this year would soar 31.42 percent from P7.73 trillion as of end-2019. On the other hand, the 2021 outstanding debt would post a 17.93-percent uptick from P10.16 trillion this year.

The bulk of the outstanding debt

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DEBT BURDEN: HOW LONG CAN THE PHL CARRY THAT WEIGHT?

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for this year and next year would come from domestic sources, while the rest would come from foreign ones.

Gross domestic borrowings this year will amount to P2.218 trillion from only P693.843 billion last year.

For 2021, this is even programmed to rise to P2.583 trillion.

Of the gross domestic borrowings this year, P48 billion is programmed to be raised through the issuance of Treasury bills, while P1.67 trillion will come from fixed-rate Treasury bonds.

Besides the usual issuance of debt papers, another source of domestic debt is short-term borrowing from the Bangko Sentral ng Pilipinas

(BSP), wherein the government programmed to borrow a total of P500 billion this year.

In June, the BSP has approved to extend the repurchase agreement or repo with the Bureau of the Treasury that it entered into in March, amounting to P300 billion.

While the BSP has earlier said it could provide another P240 billion to the national government by buying government securities from the Bureau of the Treasury, National Treasurer Rosalia V. De Leon told reporters they are “still assessing if needed.”

On the other hand, gross external borrowings are projected to reach

P785.613 billion this year and decline to P442.363 billion next year.

In 2019 gross foreign borrowings amounted to P321.947 billion.

Asked whether the Treasury plans to issue panda and samurai bonds soon, De Leon said they are still “monitoring markets.”

The Cabinet-level Development Budget Coordination Committee is now seeing much higher debt-toGDP ratio of 53.91 percent for this year and 58.28 percent next year. For 2022, it expects to see a debt-to-GDP ratio of 60.04 percent.

In 2019 the country posted a record-low debt-to-GDP ratio of 39.6 percent. Bernadette D. Nicolas

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Thursday, August 27, 2020 Vol. 15 No. 322

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POLICE Executive Master Sergeant Leo Aguila-Dalisay preaches the gospel as parents and guardians of elementary and secondary-school students wait to receive P3,000 in financial assistance from the government at the Marcela Marcelo Elementary School in Pasay City. NONIE REYES

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By Bernadette D. Nicolas

HE national government’s budget deficit as of end-July surged to P700.6 billion, almost six times the budget gap in the same period last year as the government ramps up spending for Covid-19 pandemic response amid a drop in revenues.

The current budget shortfall has already breached the record annual deficit in 2019 of P660.2 billion and exceeded the P117.9-

billion budget deficit as of end-July last year.

The deficit swelled as government expenditures outpaced state

revenues for the seven-month period. Cumulative spending as of end-July this year jumped by 23.78 percent to P2.388 trillion from P1.93 trillion in the comparative period in 2019.

On the other hand, state revenues dipped by 6.84 percent to P1.688 trillion as of end-July from last year’s P1.812 trillion.

July shortfall 86% higher

FOR July alone, the government’s budget shortfall reached P140.2 billion, up by 86.21 percent from only P75.3 billion in the same month a year ago.

The Bureau of the Treasury said this resulted from the 10.40-percent growth in government expenditures due to the im-

plementation of various Covid-19 rehabilitation and recovery measures amid an 11.22-percent drop in revenue collection.

Government spending for July grew to P374.7 billion from P339.4 billion in July 2019. The increase in disbursements for July was driven by the secondtranche releases for the Social Amelioration Program under the Bayanihan to Heal As One Act and other Covid-related expenses.

Meanwhile, revenues dropped to P234.5 billion in the same period from P264.1 billion last year.

Tax and nontax revenues for the month fell by 10.36 percent and 18.69 percent, respectively.

FINTECH EASES CASH SUBSIDY DISTRIBUTION IN PANDEMIC, SAYS U.N.

See “Deficit,” A2

See “Fintech,” A2

By Tyrone Jasper C. Piad

F

INANCIAL technology (fintech) has been helpful in delivering government cash subsidies to households as the economy grapples with the coronavirus pandemic, the United Nations said.

Achim Steiner, co-chairman of the Task Force on Digital Financing of the Sustainable Development Goals, said in a media briefing on Tuesday evening that digital platforms and fintech made it quicker for the governments to provide cash aid to the “poorest of the community.”

Virus spurs migration from cities

By Cai U. Ordinario

T

HE Covid-19 pandemic could spur a temporary migration of informal settlers living in congested cities to more spacious rural areas, the National Economic and Development Authority (Neda) said.

In a hearing on Wednesday by the Senate Committee on Urban Planning, Housing and Resettlement, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said congestion is one of the factors for the rapid

spread of the coronavirus 2019 (Covid-19) pandemic.

Chua said, however, that this was only temporary and that in the medium to long term, the government still expects that economic considerations will be the primary motivation for migration in the country.

“That is why in the Balik Probinsiya, where Neda is vice chair, we have proposed a framework wherein we will move toward a more balanced regional development so that more people will have the option to stay where they want,

PESO EXCHANGE RATES n US 48.5040

in the provinces if they want, without having to be forced to go to the cities and live in congested areas, [where] housing [facilities] are below standards. That is our objective, to create more balanced opportunities,” Chua said.

Neda Undersecretary Rosemarie G. Edillon added that this temporary migration will be taken into consideration especially in the upcoming Census of Population and Housing (CPH) to be conducted in September.

Edillon said the temporary migration may have caused differenc-

es in the “geographical distribution of settlements” in the country.

Apart from the census, this will also figure in the changes now being made to the Philippine Development Plan (PDP), the country’s medium-term socioeconomic blueprint.

The updating of the PDP, Chua said, will require revisiting the country’s macroeconomic targets, especially in light of the Covid-19 situation. The changes in these assumptions will affect the government’s ability to meet Continued on A2

A MANGANGALAKAL (a man making a living from picking out recyclable and reusable plastic] carries his stash along Delpan Bridge in Manila on his way to a nearby junk shop. Many Filipinos are making do with various means to survive in the pandemic, and the National Economic and Development Authority sees a temporary migration back to the countryside from cities once seen as the end of the rainbow. BERNARD TESTA

n JAPAN 0.4559 n UK 63.7876 n HK 6.2583 n CHINA 7.0184 n SINGAPORE 35.4484 n AUSTRALIA 34.8889 n EU 57.4093 n SAUDI ARABIA 12.9333

Source: BSP (August 26, 2020)

News BusinessMirror

A2 Thursday, August 27, 2020

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ADB returns to US dollar bond market to boost capital resources

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By Cai U. Ordinario

HE Asian Development Bank (ADB) returned to the US dollar bond market to boost its ordinary capital resources.

In a statement, ADB said it issued $3 billion worth of five-year global bonds with a coupon rate of 0.375 percent per annum payable semi-annually.

The bonds have a maturity date of 3 September 2025 and priced at 99.556 percent to yield 15.4 basis points over the 0.25-percent US Treasury notes due July 2025.

“We looked at the post-summer issuance window and saw an opportunity to add a new five-year to our global benchmark curve,” said ADB Treasurer Pierre Van Peteghem.

“With most of the immediate

action in the dollar market situated around the long end, we felt that the mid part of the curve was relatively undersupplied and decided to capitalize on pent-up demand,” he added.

The issue achieved wide primary market distribution with 41 percent of the bonds placed in Asia; 34 percent in Europe, the Middle East and Africa; and 25 percent in the Americas.

By investor type, 52 percent of the bonds went to central banks and official institutions, 31 percent to banks, and 17 percent to fund managers and other

ADB headquarters in Mandaluyong City JIMKAYALAR | DREAMSTIME.COM

types of investors.

The transaction was leadmanaged by Bank of America, Credit Agricole CIB, Citi and JPMorgan. A syndicate group was also formed consisting of ANZ, BNP Paribas, DBS Bank Ltd., Natixis and Rabobank.

“The result was a strong one with an oversubscribed order book for a $3-billion benchmark print that will provide much-needed resources to support ADB’s increased assistance to its regional members in 2020,” Peteghem said.

ADB plans to raise around $30

billion to $35 billion from the capital markets in 2020. The ADB’s latest bond float is the third for the year.

In July, ADB said it raised $4 billion from a three-year global bond issue. In January, the ADB tapped the US bond market and raised $4.25 billion.

Covid infections breach 200K, DOH harps on need for isolation

J

UST when an official of the Department of Health (DOH) called on the public to isolate even at the slightest suspicion or symptoms of Covid-19 to protect themselves and their loved ones, the number of infections in the country breached the 200,000 mark on Wednesday.

In a media forum, Health Undersecretary Maria Rosario Vergeire said that isolation is a critical step in mitigating the transmission of Covid-19.

On Wednesday, the DOH reported that the number of confirmed cases rose to 202,361 after a total of 5,277 confirmed cases were logged based on the total tests done by 95 out of 109 current operational laboratories.

Of the 5,277 reported cases, 4,350 (82 percent) occurred within the recent 14 days (August 13 to 26, 2020).

The top regions with cases in the recent two weeks were National Capital

Region (NCR) with 2,616 or 60 percent, Region 4A (868 or 20 percent) and Region 6 (220 or 5 percent).

There were 1,131 recoveries. This brings the total number of recoveries to 133,460.

Ninety-nine deaths were reported.

The death toll stood at 3,137.

Of the 99 newly logged deaths, 77 occurred in August (78 percent) 18 in July (18 percent), 3 in June (3 percent) and 1 in May (1 percent). Deaths were from NCR (61 or 62 percent), Region 4A (14 or 14 percent), Region 3 (12 or 12 percent), Region 7 (6 or 6 percent), Region 6 (2 or 2 percent), Region 2 (1 or 1 percent), Region 10 (1 or 1 percent), and Cordillera Administrative Region (1 or 1 percent).

Isolate

MEANWHILE, Vergeire appealed that whether a person is tested or not, “please isolate.”

“If you have been in contact with someone who has symptoms or has tested positive, please isolate immediately. If you are unsure if you have been exposed to a person with the virus, again please isolate,” Vergeire stressed.

She said this message further reinforces the campaign of the Coordinated Operations to Defeat Epidemic (CODE), which shifts government efforts to a more granular and setting-specific implementation of the National Action Plan of PreventDetect-Isolate-Treat-Reintegrate.

CODE’s primary objective is to cut disease transmission in identified barangays and communities.

According to Vergeire, CODE has assisted 17 barangays in the National Capital Region and two in Central Luzon.

The DOH is now preparing to assist 30 more barangays in Calabarzon.

“The fight against Covid-19 is not in the hospital , isolation facilities or

testing centers. This begins in our community, barangay and home. With our communities taking a more proactive role in mitigating disease transmission, we are now starting to see members of our local communities heeding the call to serve and lead the fight against Covid at the barangay level,” Vergeire stressed.

Crucial to this granular approach are the Barangay Health Emergency Response Teams (BHERTs) tasked to lead their communities in becoming more proactive about containing Covid-19.

BHERTS are composed of members of the local community, particularly the barangay executive officer, barangay tanod, barangay health workers and community volunteers.

They are trained to provide the community with health promotion and education, and ensure the implementation of minimum public health standards.

Included among BHERTs’ respon-

sibilities are supporting contact tracing at the household level; daily monitoring of the close contacts under home quarantine; and providing the first-line response to patients in the community.

They will also coordinate the referral of patients for quarantine and isolation.

Vergeire also stressed that the BHERTs will always be there to help the people in facing a crisis situation.

“We want our fellow Filipinos to know that our BHERTs are our first-line responders in our respective communities. Let us take part in our community response. Let us be proactive and make the effort to know who exactly our BHERTs are so that we know who to listen to, and who to get help from if needed,” she said.

In conclusion, she reminded, “Always be aware of your own condition. And should the need arise because of Covid-19 concerns, isolate.” Claudeth Mocon-Ciriaco

Fintech…

Continued from A1

The governments were also able to track where the most vulnerable groups are located with the help of fintech, he said.

“It also extends to the government the ability to use digital platforms to transfer cash to literally hundreds of millions of people, if you take the world as a whole, has been another major breakthrough,” Steiner explained.

In the Philippines, the Department of Social Welfare and Development inked a multilateral agreement in June with six fintech firms and financial institutions to disburse cash subsidies.

These are Union Bank of the Philippines, GCash, PayMaya, Rizal Commercial Banking Corp. (RCBC), Robinsons Bank and Starpay.

UnionBank, with the help of its digital bank EON Bank, fintech arm UBX and fintech partner Dragonpay, distributed cash aid to 1.36 million beneficiaries.

RCBC, meanwhile, said it has disbursed around P8.3 billion through its DiskarTech Lite disbursement platform and ATM Go devices.

Overall, Steiner underscored that digital financing adoption has accelerated due to the pandemic, noting that what supposed to happen in two to five years was accomplished in just a matter of weeks.

The banking industry needs to understand the opportunity and risks that fintech may bring to better manage the technological aspect and the financial ecosystem, he explained.

FintechAlliance.ph released in July a handbook outlining standards for the fintech industry in the Philippines to unify the regulators, policy makers and stakeholders. It discusses the standards for nomenclatures, definitions and classifications of concepts that are yet to be explored by the industry.

Among the concerns the fintech group seeks to address with the handbook are inconsistency of terms, overlapping jurisdictions over semantically similar concepts, concepts not covered by existing taxonomies, implementation mismatch and policy conflict.

The manual also discusses real-life examples of conflict between players and regulators, current regulatory framework and legal analyses of identified functional categories—including payments, remittances, lending and asset management, among others.

“Given that it is [fintech] an everevolving space, players and regulators are on the same page to ensure consistency and understanding,” FintechAlliance.ph Chairman Angelito M. Villanueva said.

Deficit…

Continued from A1

MANILA Mayor Isko Moreno and Vice Mayor Honey Lacuna lead the turnover of laptops and pocket Wi-Fi devices for teachers, and tablet devices and SIM cards for students, at the Aurora A. Quezon Elementary School covered court. The turnover was virtually witnessed by Education Secretary Leonor Briones. NONIE REYES

Virus spurs migration from cities Continued from A1

its development aims.

Data issues

AT the Senate hearing, the chairman of the Committee on Urban Planning, Housing and Resettlement, Sen. Francis N. Tolentino, noted a mismatch in the data on informal settlers of the Department of Human Settlements and Urban Development (DHSUD) and

the National Housing Authority (NHA).

Tolentino said based on the submissions of DHSUD, the ISFs reached 3.7 million as of 2019 while the NHA estimated that ISFs only reached 1.3 million.

“DHSUD’s [number is] 3,753,537 [while] NHA, 1,037,865.

So, your numbers are different even if you belong to just one department],” Tolentino said.

NHA General Manager Mar-

celino P. Escalada Jr. said the 1.3 million estimate of NHA accounts for a third of the 5.6-million housing backlog nationwide.

However, if the DHSUD data is followed, that would account for over 50 percent of the total housing backlog.

“We stand by our number. We validated this based on submissions coming from the LGUs and verified by our RMs in 2017,” Escalada said. “If it’s 3 million, that’s

already 50 percent [of housing backlog] and that is already very alarming.”

Tolentino said the agencies should discuss the numbers gap, and agree on which baseline to use, especially in the upcoming national road map for housing being done

by DHSUD.

In August 2016, Vice President and former Housing and Urban Development Coordinating Council (HUDCC) chairman Maria Leonor

G. Robredo said the government lacked sufficient data on housing.

In terms of the list of homeless Filipinos, particularly in cities, Robredo said only Las Piñas, Quezon City and Valenzuela have updated lists.

Robredo said she is reaching out to local government units (LGUs) to prepare their own list so the HUDCC can integrate the data into the housing program being envisioned by the government.

Still, the bulk of tax revenues came from the Bureau of Internal Revenue (BIR), which collected P159 billion, lower by 11.84 percent than its tax take in July 2019 of P180.3 billion.

For its part, the Bureau of Customs’ tax collection declined by 8.84 percent to P49.8 billion from P54.6 billion in the same month a year ago.

Primary expenditure for July, net of interest payments, went up by 9.32 percent year-on-year to P315.3 billion, from P288.4 billion in July 2019.

Interest payments for July grew by 16.52 percent to P59.4 billion from P51 billion last year due to the interest paid in advance for global bonds for which the original schedule of payment fell on a weekend, August 1.

The government’s economic team projects the country’s fullyear 2020 budget deficit to more than double to P1.815 trillion or 9.6 percent of GDP from last year’s P660.2 billion or P3.4 percent of GDP. The Treasury said the deficitto-GDP ratio for the first half of the year already stood at 6.52 percent compared to 0.46 percent last year, given the combined fiscal and economic impact of the Covid-19 pandemic.

Revenue effort for the same period also inched up to 16.90 percent from P16.68 percent last year, although tax effort declined to 14.14 percent against P14.88 percent in 2019.

Expenditure effort also significantly improved to 23.42 percent, higher than 17.14 percent in the first semester last year.

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BusinessMirror

Thursday, August 27, 2020 A3

TheBroa Debt burden: How long can

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A4 Thursday, August 27, 2020 | www.businessmirror.com.ph

By Bernadette D. Nicolas @BNicolasBM & Tyrone Jasper C. Piad

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Reporters

IVE decades since the The Beatles advised people “to carry that weight” in 1969, the Philippines’s debt burden stood at P7.73 trillion ($159.34 billion) as of end-2019. The dollar amount was equivalent to the budget deficit the US addressed nearly two decades ago.

While the Fab Four wasn’t referring to anything, much more debt, the burden of borrowings were carried long and will be carried long according to people BusinessMirror talked to amid and even after the Covid-19 pandemic and the Duterte administration.

Nonetheless, the latter is credited with the feat of bringing down the debt as a share of the economy to a historic low of 39.6 percent.

Now it is bracing for a much higher debt-to-GDP (gross domestic product) ratio this year at 53.91 percent; a level the country has not seen in more than a decade.

The ratio—how an economy can pay off debts—is even expected to surge to 58.28 percent and 60.04 percent of GDP for 2021 and 2022, respectively.

By the end of this year, the national government expects its outstanding debt to reach P10.16 trillion, up by 31.42 percent from last year’s amount.

Increasing debt

FOR the first half of the year, the national government’s outstanding debt has breached the P9trillion mark as it surged by 15.1 percent from a year ago as the country borrowed more to fund its spending measures against the Covid-19 pandemic.

The government’s gross borrowings have also surged past P1.7 trillion for the same period, already surpassing the state’s original P1.4-trillion borrowing program for this year.

The latest Budget of Expenditures and Sources of Financing document released by the Department of Budget and Management this week shows a stark reality. The paper said the national government’s debt service expenditure this year is seen to reach a total of P1.005 trillion, up by 19.33 percent from last year’s actual total debt service of P842.450 billion.

These figures already include interest payments and principal amortization.

Government’s debt service bill in the January-to-June period this year jumped by 42.07 percent to P547.347 billion from the previous year’s P385.254 billion.

And according to former Labor Undersecretary Rene E. Ofreneo, these figures indicate that the country continues to be mired in such a debt crisis.

No let-up

OFRENEO, currently president of the nongovernment Freedom from Debt Coalition, believes the Philippines is already in a debt crisis since the 1980s.

“In other words, the debt crisis never left us,” Ofreneo told the BusinessMirror, where he is also a columnist, in an interview.

“One clear indication of a debt crisis is that the biggest expenditure on the budget is always on debt service.”

Ofreneo, author of the 1984 seminal paper “The Philippines: Debt Crisis and the Politics of Succession,” ex pressed a lar m over the “rapid contraction of the economy.” According to him, this year’s contraction would take its toll on the country’s debt management. Ofreneo also warns that the economy at a historic low of 16.5 percent in the second quarter of the year marks it officially in a recession could even worsen relative to the headwinds brought by the pandemic.

“We have a rising debt-to-GDP ratio and we also have indications of declining or imploding economy, rising unemployment,” he told the BusinessMirror. “And so, in the end, the capacity of the economy to grow and to manage the debt is worrisome.”

Unemployment rate in April rose to a record-high 17.7 percent from 5.1 percent in the same period last year, based on the Labor Force Survey conducted by the Philippine Statistics Authority.

Underemployment rate also rose to 18.9 percent from 13.4 percent last year.

Crisis character

IBON Foundation Executive Director Jose Enrique A. Africa offers a dissenting voice: the country is not yet heading into a debt crisis.

However, Africa pointed out the basic nature of a debt crisis is still the same now as in the 1980s, which he said is mostly a “balance of payments and foreign exchange crisis.”

Africa said in an e-mail to the BusinessMirror: “In our view, an immediate debt crisis isn’t at hand but the country’s vulnerability is increasing. The main problems are: rapidly increasing borrowing, which isn’t being spent as well as it could be to restore the economy; consequently diminished prospects for growth; and weak revenue generation from over-relying on consumption taxes and avoiding higher direct taxes on income and wealth.”

He explained that some specific conditions today and the 1980s differ. Africa cited the level of the country’s foreign debt, which has fallen to just around 20 percent to 22 percent of GDP today from 60 percent to 100 percent of GDP in the early 1980s.

Labor’s contribution

Africa added that “meanwhile, the foreign exchange constraint has been considerably eased by huge overseas remittances.”

He noted that remittances have grown considerably from 1.5 percent to 3 percent of GDP in the early 1980s to 8 percent to 10 percent in the last decade.

According to Africa, remittances have also been the biggest factor in the rising Gross International Reserves (GIR), which increased from a few weeks to 3-months’

worth of import cover in the early 1980s to 7-months’ to 8 months’ worth today.

The Philippines’s GIR reached an all-time high anew at $98 billion as of end-July as the Bangko Sentral ng Pilipinas (BSP) booked revaluation gains from its gold holdings. This, as the national government’s foreign currency deposits with the Central Bank and BSP’s income from investments abroad increased for the period as well.

This can cover 8.9 months’ worth of imports of goods and payments of services and primary income. The GIR level is also about 7.5 times the country’s short-term external debt based on original maturity and 4.9 times based on residual maturity.

Still, Africa said, “it’s probably no exaggeration to say that the biggest factor making external debt more manageable is not really so-called structural reforms by economic policymakers but rather the labors of the 10 million to 12 million Filipinos forced overseas for work.”

Up by 1.24%

IN the first quarter, BSP reported that outstanding external borrowings stood at $81.4 billion, which is 2.6 percent lower from the endDecember 2019 amount of $83.6 billion. The drop was attributable to net repayments of $4 billion for the settlement of maturing shortterm borrowings by the private sector, the BSP explained.

Comparing this to the year-onyear figure, however, it shows that external debt inched up by 1.24 percent from $80.4 billion in the first quarter last year.

“External debt refers to all types of borrowings by Philippine residents from non-residents, following the residency criterion for international statistics,” according to the BSP. RCBC Chief Economist Michael L. Ricafort explained that most of the country’s foreign borrowings are long term in nature.

Foreign loans with mediumterm and long-term tenors account for 83.6 percent of total external debts, with maturity averaging nearly 17 years—with 20.9 years for government debts and 7.4 years for private sector borrowings.

Short-term foreign loans, meanwhile, accounted for the balance of 16.4 percent. zRicafort noted that the Philippines’s external debt of $81.4 billion—equivalent to 21.4 percent of GDP—is “among record lows and also relatively lower compared to similarly-rated countries.”

Shift in profile

AFRICA noted another difference in the debt crisis in the 80s and the current debt debacle: the shift in the profile of creditors.

“There was a shift from banks and other financial institutions to bondholders with the banks’ share of foreign debt going down to around 29 percent today from 60 percent to 70 percent in the early 1980s while the share of bondholders increased to 32 percent today from three percent to five percent back then.”

“The balance was taken up by multilateral and bilateral creditors, increasing their share slightly over the past decades,” Africa said.

“The shift from banks to bondholders goes far in explaining the increased influence of credit ratings agencies.”

His words, however, fail to bring comfort to the banking industry as nonperforming loan (NPL) ratios reach a level higher than the usual figure and the highest in recent years.

Inched higher

ECONOMISTS interviewed by the BusinessMirror were not surprised. They said it was only expected given the current economic slowdown amid the coronavirus pandemic.

ING Bank Manila Economist Nicholas Antonio T. Mapa said the most recent June data shows a slight uptick in the NPL ratio.

“This was to be expected given the substantial destruction in economic activity, translating to lost income and frozen cash flows,” Mapa said.

The BSP reported that bad loans grew nearly 27 percent to P273.6 billion as of end-June from P215.91 billion in the previous year for the same period. Total borrowings in the first half inched up by 5.15 percent to P10.82 trillion year-on-year.

These figures resulted in a gross NPL ratio of 2.53 in June, higher than the average of below 2 in the recent past years. That level was first breached in January; it hasn’t declined since.

Past due loans in June, meanwhile, climbed by 26.4 percent to P375.27 billion from P296.89 billion last year.

Viewed to rise

HOWEVER, De La Salle University (DLSU) economist Maria Ella C. Oplas said she wasn’t surprised that the public is prioritizing funds

for basic necessities, bringing the loan principal and interest payment at the bottom of their list.

Oplas said it was “normal, considering the situation that we are in right now where we need to prioritize spending for the people and the containment of the pandemic.”

She added that bad loans are only expected to rise.

The Central Bank in May said that the financial system is expected to book P556.6 billion worth of NPLs in 2020 amid the economic downturn. This is equivalent to 5 percent in NPL ratio—the portion of NPL to total loans—which is more than double of what the sector has been dealing with in recent years.

The banking industry might not be able to recover 50 percent to 80 percent, or P278.3 billion to P445.28 billion, of the estimated bad loans, the BSP added.

Expected surge

BSP Governor Benjamin E. Diokno gave assurances that the Philippine financial system can withstand the recent surge in bad loans. After all, he said it was only expected given what the pandemic has caused on the households and businesses.

“We are confident that this [NPL ratio] will remain within manageable level considering the Philippine banking system’s adequate capital and ample provisions

to absorb the rise in bad loans,” he told the BusinessMirror.

The banking sector’s capitalization reached P2.37 trillion in the first half, which is 7.73 percent higher than P2.2 trillion last year for the same period. Capital adequacy ratio stood at 12.73—better than the regulatory requirement of 10—as of end-June.

Allowance for credit losses of the banking industry, meanwhile, registered at P300.35 billion in the first semester, which is nearly P100 billion more compared to last year, according to latest BSP data.

Double-digit contraction

MAPA agrees that the local banking sector is robust enough to absorb the impact of the pandemic on its loan portfolio.

“I think the Philippine banking system remains formidable given high levels of capitalization and sound metrics,” the ING Bank Manila economist said.

Still, he emphasized that these factors don’t eliminate credit risks.

Should the economy continue to contract in a longer period, Mapa said that even the strongest “defenses may start to show signs of strains.”

“Successive quarters of doubledigit contractions will put additional pressure on banks’ liquidity and capital, especially if cash flows remain frozen,” he explained.

T he Phi l ippine economy

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, August 27, 2020

A5

n the PHL carry that weight? “stingy” response to the pandemic may make the debt situation worse.

He emphasized that what the country needs right now is a bigger-debt-driven response to lessen the burdens of debt in the future.

Africa argued the “meager” Bayanihan 2 will have a minimal effect in moderating the recessionary impact and won’t be enough to promote a strong recovery.

“The government’s stingy response to the pandemic is driven by a fetish with creditworthiness and a fixation that deficits and debt will make our credit ratings worse,” Africa said. “This is misguided.”

He noted that “at the very least, such stinginess means that credit ratings are preserved – and a debt crisis avoided – at the expense of properly addressing the unprecedented health, human and economic crisis at hand.”

“A weak response to the pandemic would make more people sick, unnecessarily delay a return to some kind of economic normalcy, and worsen closures, joblessness, and falling household incomes,” Africa added.

Ibon is proposing a “much more appropriate” P1.6-trillion stimulus package with P80 billion in health interventions, P750 billion in emergency relief for households and P730 billion in enterprise support.

Skypixel | Dreamstime.com

Offered proposals

plunged into a recession in the first half after registering contraction in GDP for two consecutive quarters. GDP fell by 9 percent on average in the first semester.

Economic growth

COMPARING the situation in 2001, Diokno said that the financial system appears to be doing better still.

The NPL ratio peaked in November that year at 18.66 percent during the Asian financial crisis.

In the first year of the new Millennium, the economic growth of the Philippines slowed to 2.9 percent from 4.4 percent the previous year.

Oplas pointed to other countries to emphasize the Philippines’s condition as less wor r isome.

The DLSU economist said that the country’s current NPL ratio was lower compared to its neighbors.

She cited Thailand and Indonesia with and NPL ratio of 3 and India with 9.1. Meanwhile, Vietnam, Malaysia and Singapore recorded NPL ratio below 2.

Valuable times

THE Central Bank has also made it enticing to borrow locally after bringing down the key policy rates. “[W]e note that domestic conditions remain ripe for borrowing given copious amount of excess liquidity and the resultant low interest rate environment,” Mapa explained.

Though the Monetary Board took a pause on policy easing this month for the first time in 2020, the interest rates were still considered low.

The key policy rate was unchanged at 2.25 percent. Interest rates on overnight deposit and lending facilities remained at 1.75 percent and 2.75 percent, respectively.

Apart from this, the Central Bank has already reduced the reserve requirements for universal banks and rural banks. This means that more funding can be allocated to their loan portfolio.

BSP said in July that its initiatives to release liquidity into the financial system reached around P1.3 trillion already.

“BSP has helped keep the domestic environment conducive for borrowing activities and now we need to hope consumer and business sentiment can improve and utilize the liquidity on hand,” Mapa said.

Expressed worries

THE government has offered to place a moratorium on payment of loan principal and interest to provide relief at a time when the public is having a hard time to earn money amid the lockdown measures.

The House of Representatives recently approved on third and final reading the proposed P162billion Bayanihan to Recover as

One Act, or the Bayanihan 2, which includes the extension of loan settlement of up to one year for payments falling between March 16 and December 31.

The Bankers Association of the Philippines (BAP) and FintechAlliance.ph both expressed worries over the proposal on grace period, saying this could hurt the financial system.

With this, the organizations proposed to shorten the grace period to 30 days instead.

“We have to ensure the stability and robustness of the banking system in order to help our economy pave the way towards recovery,” BAP Managing Director Benjamin Castillo said.

Fintech Alliance.ph said that a yearlong debt moratorium 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.

Diokno also aired his concern that the proposed period on debt moratorium is seen hurting the capitalization of the banks given that its liquidity may be affected as well. He said a “sound banking system” is necessary to maintain affirmations in the Philippines’ credit ratings.

Lessen burden

AFRICA warns that government’s

OFRENEO thinks the government must take several “decisive steps,” including requesting for a debt moratorium from foreign lenders, imposing wealth tax, among others, to address the overall fiscal situation.

Africa, for his part, has since called for restructuring of debt service to development banks and the like and imposing wealth tax, among others, to finance the much-needed stimulus package.

He also agreed with Ofreneo that taxing the wealth of the country’s richest people would be a good move for the government amid the pandemic, adding that the government could raise P240 billion annually from imposing a wealth tax on the richest 50 Filipinos and another P130 billion from collecting higher personal income taxes on the richest 2.5 percent of families.

Apart from this tack, Africa also urged the government to impose a two-tiered corporate income tax (CIT) scheme with lower CIT on micro, small and medium enterprises (MSMEs) as this will generate P70 billion in additional revenues.

“The country’s richest and super-rich will easily weather the pandemic whose economic wounds are scarring are borne most heavily by the poor and middle class. This just underscores the rationality of making the country’s tax system more progressive with higher direct taxes on income and wealth,” he said.

Particularly unconscionable

Africa and Ofreneo thumbed down the Department of Financebacked Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, saying this will not help the country in the middle of the pandemic.

While the CREATE bill will immediately cut the CIT rate from the current 30 percent to 25 percent, Ofreneo said this will not entice foreign investments to come into the country while the global economy is in a downturn.

“The IMF [International Monetary Fund] said this is a crisis like no other. You have simultaneous

contraction all over the world.

And so in the meantime, you are trying to pass a tax law [that is somewhat] surrealistic or bizarre because you are trying to encourage foreign investment that will never come or will come or [if it does come], I don’t know what will be the impact on the economy because it will take one to two years or more before, assuming [the] investment [is] productive, [before it takes] off,” he said.

Africa added that foregoing hundreds of billions in revenue to boost the profits mostly of large firms, not MSMEs, is “particularly unconscionable given the huge pandemic response needs of the nation.”

“The best way to manage rising debt and the country’s debt-toGDP is to greatly improve revenue generation with a more progressive tax system,” he said.

Another move that the government could take is postponing big-ticket public infrastructure projects under its “Build, Build, Build” program and replacing it with infrastructure projects that would rebuild urban poor communities. He thinks this will have a multiplier effect in terms of job generation and stability of the society, Ofreneo said.

“Prioritize the bridge and road for the poor; poor communities that have unusable pathways.

There should be community centers where people can efficiently resort to,” he said in Filipino.

Postponing big-ticket infrastructure projects is also another way for the government to raise revenues for the stimulus package, added Africa.

Managed debt

Finance Assistant Secretar y Antonio G. Lambino II said the government ensures that borrowings stay at a “sustainable and responsible level,” arguing that it has shown a strong debt management record over the past three years.

“The Duterte administration’s prudent approach to fiscal and economic management will continue to provide us with solid footing as we confront our economic challenges. This has put us in a much better position than where we were in the 1980s,” he said.

The DOF spokesman also said the state is spending resources on public investments that will yield long-term economic benefits and increase the country’s capacity to service our fiscal obligations.

“In fact, in 2019, we managed to increase our infrastructure investments to 5.4 percent of GDP, or double the average infrastructure spending to GDP for the past 50 years. Infrastructure is among the best public investments in terms of economic impact, as it creates jobs and stimulates economic activity. Completed infrastructure projects uplift the quality of life in their areas and promote even more economic growth. Our public investments have also resulted in concrete improvements for our people,” he said.

According to Lambino, the country achieved the lowest recorded rates of unemployment at 4.5 percent, underemployment at 13 percent and poverty incidence at 16.7 percent at the end of 2019.

“Compare [the latter rate] with 23.5 percent when the President took over in 2016,” he added.

Expected doubling

EVEN if the government expects deficit-to-GDP ratio to more than double to 9.6 percent of GDP this year from 3.4 percent of GDP in

2019 due to lower-than- expected tax collection and increased spending on healthcare and emergency relief, Lambino said the economic team is aiming to keep the deficit at a manageable level as they seek additional borrowings for recovery programs.

A deficit occurs when government’s expenditures exceed its revenues.

Besides, Lambino said the international community has also given their vote of confidence in the country as a credit-worthy economy, proving that the country’s debt situation is indeed manageable.

“Our investment grade credit ratings have been affirmed by Fitch, Moody’s and S&P despite the present economic challenges,” he explained. “These credit ratings have allowed us to access financing from our development partners and the commercial markets at lower interest rates and longer repayment periods.”

According to Lambino, finance officials expanded government expenditures in the first semester of 2020 by 27 percent, compared to the same period last year.

NPAs painful

Diokno also emphasized that reforms to keep the banking industry robust have been in place since the Philippines was struck by the Asian financial crisis.

These include putting in place risk management systems and aligning current policies with internationally-recognized standards, Diokno said.

In line with building up the banking system’s defense, the BSP backed the Financial Institutions Strategic Transfer (FIST) Act. This aims to help financial institutions manage their bad debts and other non-performing assets (NPAs) amid the adverse financial impact of the pandemic by selling them to asset management companies.

“NPAs are unproductive assets and keeping them is very costly from a capital management perspective,” Isla Lipana & Co. Assurance Partner Zaldy D. Aguirre said.

“The financial impact of holding on to these NPAs can be unbearably painful for banks.”

Selling NPAs to financial institutions strategic transfer corporations can help banks convert them into cash faster, Aguirre added.

He said that proceeds of sale can be allocated for the liquidity reserves and be reinvested in interest-bearing loans or any other income-generating activities.

The House of Representatives approved on third reading the FIST Act in June.

Taking steps

FOR Oplas, allowing businesses to resume operations with strict guidelines and protocol to social distancing can alleviate the debt situation.

“Firms [can then] start producing and the government can now do something other than just spend,” she added.

With more revenue inflows seen from reopening of businesses, Oplas said the borrowers can be able to meet their payments.

Doing this and keeping healthy monetary and policies in place may help the country weather the Covid-19 pandemic and the measures government institutes to contain it.

Hopefully, these would also ease the heavy debt burden that weighs down the Philippine economy and the actors that carry that weight.

And carry for a long time, indeed.

A6 Thursday, August 27, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Global tourism industry in uncharted territory

T

he United Nations early this week said the global tourism industry lost an estimated $320 billion in five months from the virus. Secretary-General Antonio Guterres said in a policy briefing that tourism revenues could fall by $910 billion to $1.2 trillion in 2020. “That could reduce global gross domestic product by 1.5 percent to 2.8 percent,” he said, adding that the industry employs one in every 10 people on Earth and provides livelihoods to hundreds of millions more. In addition to tourism jobs being threatened, Guterres said jobs in associated sectors, including food service, that provide employment for 144 million workers worldwide are also at risk.

Sandra Carvao, the UN World Tourism Organization’s chief of market intelligence and competitiveness, said the $320 billion in lost revenues from January through May is three times what was lost at the height of the last global financial crisis in 2009.

No other sector has been greatly affected by the Covid-19 pandemic the way it devastated the tourism industry. The closing of borders, airports, and hotels as well as restrictions on mass gatherings, land travel and related services all over the world put hundreds of millions of jobs at risk.

In response to the crisis, some countries prepared their own initiatives to help restart tourism. The Singapore Tourism Board has launched a US$20 million Marketing Partnership Program on top of online training for affected workers. In Japan, a “Go To Campaign” was launched to boost local tourism. The Japanese government said it will subsidize half of domestic travel costs of up to ¥20,000 per night and issue coupons that can be used at souvenir shops and elsewhere. Japanese consumers who bought domestic travel products via travel agents get coupons equivalent to 1/2 of the price, including accommodation discounts, and coupons for local products, restaurants, facilities, etc.

The Philippine tourism industry had a stellar performance in 2019 with 8.3 million tourist arrivals and P550.2 billion in international tourism receipts. However, the industry continues to feel the impact of the pandemic as reflected in the 73-percent drop in foreign visitor arrivals for the first seven months of the year. Latest estimates show that 2020 tourist arrivals and international tourism receipts will go down to 3.9 million and P279.5 billion, respectively. Tourism Undersecretary Benito Bengzon Jr. said only about 1.3 million visitors from January to July 2020 have been recorded, down from the 4,852,107 international tourists in the same months last year.

Health experts say the virus is here to stay, which is bad news for the tourism industry. However, like in other countries, local tourism in areas least affected by the virus can be pushed subject to strict health guidelines. The Philippines has wonderful destinations that will surely attract the tourists after the pandemic. Right now, the government and industry players should take this opportunity to rebuild the sector by helping the affected workers improve their skills, digitalize part of the industry, and rethink the way they do business.

“We have a very huge domestic tourism base. Last year, there were about 109 million domestic trips. We’re confident that as we open up local destinations, it will be the local tourists who will be creating or stimulating the demand,” Bengzon said.

While the Philippine tourism industry is experiencing difficulties at this time, we should remember that the country was able to grow its tourism industry and make it one of the top GDP contributors. With renewed commitment, we are confident that the tourism industry will stage a strong rebound after this pandemic.

Since 2005

BusinessMirror A broader look at today’s business

‘Magparehistro ka na’ James Jimenez

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V

oter Registration resumes on September 1, 2020—five days from now. If you just turned 18, then you can register as a new voter; if you used to vote somewhere else but want to vote in a different place in 2022, then put in for a transfer to where you want to vote. In both cases, voter registration will be in-person and it will be conducted only in the Comelec office, in your area.

Aside from registering to vote for the first time and transferring your registration someplace else, you can also apply for reactivation of status as a registered voter. This move is necessary when you’ve missed two consecutive regular elections. In the case of this registration period, you need to file for a reactivation of your registration if you missed the 2019 National and Local Elections and the 2018 Barangay and Sangguniang Kabataan elections.

You can also file for a “correction of entries” if the Comelec has misspelled your name or misgendered you or just gotten something wrong in your records that you want to amend. But now, you can’t file for a

Dennis Gorecho

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Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

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Creative Director Chief Photographer Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

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Registration days are Tuesday to Saturday, and application forms will be accepted by the Comelec offices from 8 a.m. to 3 p.m. only.

Needless to say, the usual Covidsafe procedures will be strictly enforced—no mask and no shield, no service; maintain physical distancing at all times; and practice hand hygiene frequently.

And just like most other establishments nowadays, the Comelec will be requiring applicants to accomplish a health status self-declaration. In conjunction with the self-declaration, Comelec offices are under orders to advise those with a fever—as a rule of thumb, a person with a measured temperature of 38°C is considered to have a fever—to seek medical attention. In other words, people with fever temperatures will be asked to leave.

It is strongly recommended that people intending to register should download the application form from the Comelec web site and then fill it out before even coming to the Comelec office. This isn’t “online registration”—not by any stretch of the imagination—but it will help tremendously in cutting down the time you (and others) need to spend at the Comelec office.

Without a pre-filled form, a per-

son will have to wait until they get into the office, in order to be given an application form—this after having already waited in queue for the person ahead of them to finish and exit the premises. Once the registrant gets the form, they need to accomplish it, while inside the office.

This means that the next person in line has to wait for them to finish, extending the waiting time of everyone in queue after them.

There is no argument for efficiency either. Because Comelec offices aren’t the most spacious places to begin with, you can only have a very limited number of people inside at any one time. With social distancing rules, some offices will even be able to accommodate only one applicant at a time—literally. So let’s not even argue about why we can’t have people off to one side filling up forms while others do whatever.

It’s not likely to happen, and even if it did, it would endanger people and that is non-negotiable.

Download the forms

IN order to download application forms, point your browser to https:// comelec.gov.ph. On the landing page, click on the Voter Registration tab on the menu. You can also scroll down a little further and find a big button See “Jimenez,” A7

‘Desaparecidos’ and the threat of the Anti-Terror Law

✝ Ambassador Antonio L. Cabangon Chua Publisher

correction of entries just to change your picture on record. Seriously, however, people who have recently gotten married—or have had their marriages annulled—usually come in for this. If you come in for a correction of entries, make sure you have proof of the change you want made.

Misspelled name? Bring a birth certificate; new married name? Bring your marriage certificate. You catch the drift.

And then there are those who need to be reinstated into the list of voters after having been previously stripped of their political rights. Starting September 1, the Comelec will be handling those cases as well.

New normal protocols

A

N increase in numbers of “desaparecidos” is one of the feared scenarios in the enforcement of the Anti-Terrorism Act of 2020.

“Desaparecidos” is the Spanish and Portuguese word for “disappeared people” or victims of forced disappearance. The victims are subjected to extrajudicial punishment wherein government elements abduct a person to vanish from public view. The victim is first kidnapped, and then illegally detained in a secret location, often tortured, and finally executed and the corpse hidden.

The UN Commission on Human Rights’ definition of enforced disappearance includes three elements: “deprivation of liberty against the will of the person; involvement of government officials, at least by acquiescence; and refusal to acknowledge the deprivation of liberty or concealment of the fate or whereabouts of the disappeared person.”

I almost became a desaparecido myself. I was part of the statistics of kidnap victims in the late 1990s, on August 23,1997 to be exact. I just came from my class from UP College of

Law and on my way to the wake of Filipina comfort woman Lola Rosa Henson, I was abducted in Quezon City.

With a gun on my head, prayers kept me alive until I was released.

The perpetrators, who were killed one week later by the police, were ironically identified as former military men.

I never knew the real reason behind that incident, but it only showed one thing: abuses of the police and military are not far-fetched.

The Anti-Enforced or Involuntary Disappearance Act of 2012 was signed into law on December 21, 2012 by then President Benigno Aquino III. The law makes the crime of enforced disappearance punishable by life imprisonment. The law treats enforced disappearances as a violation of human rights and a crime separate from kidnapping, serious illegal detention, and murder.

Those guilty of enforced disappearances before the law was passed can still be prosecuted if they continue

refusing to disclose the whereabouts of the victim. It was considered as “a testament to the thousands of ‘disappearance’ victims since the Marcos dictatorship, whose long-suffering families are still searching for justice.”

However, critics warned that the broad offenses cited in the R A 11479, or the Anti-Terrorism Act of 2020 could make it easier for the government to commit human rights violations, including the occurrences of desaparecidos There are now at least 27 petitions filed before the Supreme Court assailing the constitutionality of the new law, which took effect on July 18, 2020 after being signed by President Duterte on July 3.

The petition led by Bagong Alyansang Makabayan (Bayan) noted that the crime of terrorism is so vaguely defined that it fails to give adequate notice of the precise acts that would constitute the offense and gives law enforcers unbridled discretion in its application.

The definition is also so broad that it covers legitimate exercises of constitutional rights.

The petitioners stressed that in determining whether certain conduct falls thereunder, the said provisions focus on the actor’s intent, but not the actual conduct itself nor its effect.

The only qualification aiding the public, the law enforcer and, ultimately, the court, in deciding whether an act would count as terrorism is the purported intention behind it.

They underscored that an ambiguous law lends itself to abuse or the

exercise of undue discretion by those enforcing or interpreting the same.

Arbitrary arrests would be the necessary effect of enforcing an amorphous provision since the law enforcer would be called on to exercise his own discretion in determining whether a particular overt act is prohibited under the law.

Another petition was filed by lawyers from the UP College of Law, led by former Supreme Court Associate Justice Antonio Carpio and former Ombudsman Conchita Carpio-Morales.

They said that the assailed law represents possibly the greatest legal threat to civil liberties already challenged by severe restrictions brought about by the Covid-19 pandemic.

They argued that it is “mired by vagueness and overbreadth that repress protected speech, justifying its facial invalidation.”

Carpio-Morales said, “In its fight against terrorism, the government must not be the source of terror and impunity itself. We must never let reason continue to escape us.”

As the struggle for truth and justice by the families of the desaparecidos continue, Filipinos must be vigilant against the ominous threat of State-sponsored suppression of dissent.

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 0917-5025808 or 0908-8665786.

Opinion BusinessMirror

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Where in the world is President Duterte?

Finding life in the passion of Jesus Satanic opposition

Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

Val A. Villanueva

Businesswise

N

early six months of struggling with the pandemic, the Philippines has yet to get a reprieve from the deadly, unseen microbe.

As early as the start of the month, the World Health Organization (WHO) had declared that the country had “been losing its battle with Covid-19.”

And to say that the Inter-Agency Task Force has been ably guiding the nation against the onslaught of the pandemic is quite a stretch.

On Tuesday, the Department of Health reported 2,965 new cases, bringing the total confirmed cases in the country to 197,164, with some 61,730 of them on active status. The number of deaths grew to 3,038 with 34 new fatalities. What has been most worrisome is that the rising cases is putting further severe strain on hospitals in the capital region, where critical care capacity was at 67 percent—or at the “danger zone”—as of August 24.

I don’t want to add fuel to the fire, but if Health Secretary Francisco Duque is to be believed, the pandemic is a “blessing in disguise” as it purportedly advanced the execution of the Universal Health Care Law. But as in the case of most government officials being caught with their foot in their mouth, or their pants down, Duque backpedaled and had his undersecretary, Maria Rosario Vergeire, do the talking in his behalf: “The health secretary [Duque] was referring to the pandemic as a ‘trigger’ that allowed the speedy implementation of the UHC which aims to ensure that all Filipinos have access to quality and affordable health services.”

But with the frequency of government officials tasked with pandemicrelated issues speaking without thinking, it is becoming increasingly clear that either the gravity of the Covid-19 situation has not sunk into their heads yet, or they simply have no clear grasp of the enormity of the problem.

The DOH keeps harping on the fact that the pandemic death rate is comparatively low compared with the number of total active cases. But lives and livelihood lost cannot be confined to statistical parameters. We are talking here of flesh and bones, and not mere cold numbers.

Closer to home, I’ve seen countless friends who have lost or are losing their precious jobs, and are now frantically finding ways to cope with depleted savings. Cooped up in their respective homes, apprehensive about their family’s health and future, it is not surprising that many of them are feeling physically, emotionally and mentally drained and distressed. For more than five months now, I’ve not had the pleasure of having my hands dirtied by ink blots from the newsprints of our newspaper subscriptions.

Our delivery guy—who had his hair grayed going the rounds of neighborhood for years—has no other source of income. Would we be able to see him again at our gate any time soon?

The gym that I go to regularly had to close shop, and the decades of friendship forged there have suddenly been broken. It’s hard to think if I’d be able to see them again.

My cousin-in-law, my wife’s first cousin died of Covid-19 recently, after more than a month alone and confined to the ICU, with only his medical team dropping by. No relatives and friends were able to see him, and he died alone, leaving a hospital bill of over P3 million. His body was immediately cremated. There was no proper wake or burial, where relatives and friends could have gathered to salute the life he live so well, and bid him a proper farewell. There were just a nine-day novena, online Eucharistic celebrations, and a short inurnment ceremony over Zoom. Duque calling the pandemic a “blessing in disguise” is like a slap on the faces of all those grieving for lost loved ones, those who are now on hospital beds furiously battling the Wuhan virus, and those who have been

rendered unemployed and anxious about feeding their families.

Our pandemic response clearly lacks the direction from a president who is neither here nor there. President Duterte is reportedly in his hometown of Davao City for more than three weeks now, unable to make it to his scheduled August 17 return to Metro Manila, which is now considered the virus epicenter in the country.

The official statement is that Duterte has been in Davao City since August 3 and has been holding pandemic-related meetings there, including his latest on August 24, Tuesday morning, with government officials.

For more than a month, the country has not seen him live in any official event, and the people have to make do with watching him deliver his monologue, which has been obviously edited by this administration’s communications staff.

The president’s absence has spawned wild conspiracy theories. He is critically ill, one theory goes, made even more “plausible” with the a sighting of a medical plane parked in Davao’s airstrip. One story that went viral on social media claimed that Duterte was flown to Singapore, and is now under hospice care for pain management. All of these are of course denied by Bong Go, whose designation I can no longer distinguish. Is he a senator, a caregiver, or a Duterte spokesman?

Duterte is sorely missed not for his dictatorial and iron-gripped leadership. The people simply want to see him in flesh and blood as proof that he is still physically capable to continue being the country’s commander-in-chief.

That he is sick is no longer debatable. It has been officially known that he suffers from myasthenia gravis, a disease which has no known cure. It’s an advancing disease which causes the weakening of the link between nerves and muscles. Incapacity is unavoidable.

Prior to this, in the 1990s, Duterte was certified as suffering from an “antisocial and narcissistic” disorder.

In Duterte’s absence, we are left with a mostly militaristic approach in dealing with the pandemic, with Department of the Interior and Local Government Secretary Eduardo Año at the helm. Ironically, Año himself has been bitten by the pandemic bug. By and large, many people are skeptical of the photos and videos of Duterte being passed off as current, but which look manipulated.

His supporters are also upping up the ante in defending their idol to the hilt. One comical character who stands out is former sex star Vivian Velez who called Vice President Leni Robredo “bobo” (“stupid”) when the latter laid out her recommendations in battling the pandemic. Velez unfortunately has no relevant credentials to show, except for her infamous Betamax sex tape, which I remember became the talk of the town during my formative years. Of course, Velez was just echoing Duterte’s criticism of Robredo. Duterte dismisses Robredo’s recommendations in containing the pandemic as “adding fuel to the fire,” even if Robredo’s plan of action is baked by research and drawn up holding multi-sectoral consultations with experts from various fields.

Personally, I believe that Duterte would be hard put at attaining Robredo’s level. The Vice President—whom he had been trying to sideline since 2016—but whose advantage he just could not equal, had laid out what ails the nation and prescribed what needs to be done. On August 24, Monday, in her latest address to the nation, it took only 20 minutes for Robredo to prove how not to be “inutile.”

For comments and suggestions, e-mail me at mvala.v@gmail.com

Thursday, August 27, 2020 A7

W

E saw Peter expressing faith in Jesus as the Messiah.

And he was tasked to take care of and serve the Church against the forces of evil and death. Thereafter Matthew narrates how Peter found difficulty with the fact that Jesus was to undergo His passion (Matthew 16:21-27).

A crucified Christ A turning point in the gospel is the announcement of Jesus about His approaching suffering and death in the hands of His enemies. The violent reaction of Peter to this information was understandable. How could the Messiah, the Son of the living God, be subjected to ignominious suffering and even death, and at the hands of the religious leaders of the people, and in the holy city of Jerusalem?

How could one who has shown His power and authority in His teachings and deeds be assigned such a terrible end? In His conventional religiosity, Peter asked God to forbid such suffering and death. If Jesus gave any explanation for His upcoming passion, Peter pinned down by the fear of pain and shame seemed not to have heard any of it.

This scandalous reality of horrible

suffering and death may not appear or sound so shocking to us anymore today. In our world where violence in many forms is daily and commonplace, we can easily be inured to the cross of Jesus to the extent that it no longer makes any impression on us; in fact, the cross can be just part of the décor or a piece of jewelry. But even in today’s world of Covid-19 where hundreds and thousands die on a given day, each one of whom is not just a number but someone special to a particular family or group of people, the reason for the death whether timely or not, inevitable or avoidable, can make the pains bearable or worse. That Jesus would be eliminated because he dared to criticize religious hypocrisy and to confront those in power, Peter could not swallow that anyone should accept that consequence.

Peter took Jesus aside and rebuked Him. “God forbid, Lord! No such thing shall ever happen to you!” Although Jesus must have felt that His friend’s reaction was out of love for Him, nonetheless He found it unacceptable. It must have reminded Him of Satan in the desert who cunningly tried to make Him deviate from the path in accord with the Father’s will by suggesting that He should think of Himself first of all (Matthew 4:111). Jesus brooked no compromise when it comes to doing His Father’s will. There is only one place for Satan and anything satanic: behind Him and out of His way, never leading the way. Nothing and no friendship can be allowed to be an obstacle to Him in His mission, and Peter tasked to be the rock giving stability to His community of faith was in danger of becoming a stumbling block instead. Peter had not yet comprehended that Jesus would be the Savior Christ, not in a political and worldly manner, but as the obedient and suffering servant of God. “You are thinking not as God does, but as human beings do.” Of course, Peter was only human. But someone who has received God’s revelation about the Messiah and has entered into a special communion of faith with him is expected to be taken up by something more

Solidarity tax to save whole of society

that over 26 percent of businesses, mainly micro, small and medium enterprises (MSMEs), closed down during the first half of 2020. A big number are unlikely to go back to business, while many among the survivors are not likely to reach their pre-Covid productivity and profitability level, except for a very few. With the pandemic and “global distancing” (countries distancing from one another) continuing to flatten the global economy, the bleak business environment at home is likely to persist. The mass displacement of a big percentage of the country’s life savers, the overseas Filipino workers, is also likely to continue.

No doctoral dissertation is needed to conclude that the Philippine recessiondepression will continue in the second half of 2020 up to 2021.

The problem is: where will the government get the resources to address the requirements of the people to survive, in particular the stimulus funds needed to rev up a flattened economy and alleviate the dire situation of the most vulnerable?

The President was quoted as saying “butas ang isa kong bulsa.” The two chambers of Congress just passed a Bayanihan 2, with a puny budget of P165.5 billion. One legislator commented: “Tingi.”

But the economic managers are firm: the government cannot afford to go beyond the budget ceiling of 10 percent of the GDP. They also want to keep the debt-to-GDP ratio at 50 percent, which, they claim, is the envy of countries in Asia. One explanation: keep the peso stable and contain inflationary pressures. Another explanation: avoid an unmanageable debt crisis. Still another explanation: maintain the “pogi” image of the Philippines among the credit rating agencies.

On the right side of the page, there’s a couple of boxes. The top box will have the heading Contents List. Click on “Application Form,” which is the third item down from the top. That will take you to another page where you will see two links. A link to CEF-1 and a link that says Annex B. CEF-1 is the application form.

Click on that and it will take you to a “.pdf” that you can easily download or print. If you don’t know how to do that, ask for help.

Annex B, on the other hand, is very important for Persons with Disabilities, Senior Citizens, Indigenous Peoples, and people who are unable to read and write. Annex B is where these individuals get to indicate that

they need assistance, what sort of assistance they need, and who their assistors are going to be. Submitting this form helps the Comelec ensure that you get the assistance you need on election day. So if you’re helping out a PWD, a senior citizen, an indigenous person, or an illiterate, then this is the form you want to make sure you get.

C

ovid-19 has flattened the economy of many countries around the world.

The Philippine economy is one of the worst hit. This is reflected in the 16.5 percent contraction of its GDP (second quarter 2020), the 17.7 percent surge in official unemployment rate (April labor force survey of the Philippine Statistics Authority), and the ultrahigh 45.5 percent rise in joblessness among adults based on the July 2020 survey of the private Social Weather Station.

continued from A6

that says Voter Registration with the picture of a fingerprint. You can click that too. Both the menu tab and the fingerprint button will take you to the web site’s Voter Registration page.

Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

so-called credit-worthiness among the credit raters and watch a depreciating peso and surging inflation ravage the purchasing power of the masses?

And yet, how indeed can the flattened economy be revived amid the bleak global economic environment and given the mounting demands of a restless people for survival and amelioration relief?

Civil society organizations such as the Freedom from Debt Coalition and trade union federations such as those affiliated with the Nagkaisa Labor Coalition have come up with one major solution—a “Wealth Tax” on the country’s 1 percent. FDC wants to call the wealth tax “solidarity tax” because it is an expression of solidarity, of true bayanihan, by the elite for the survival of the whole society. After all, one major lesson from the Covid-19 pandemic is that the health of the richest depends on the health of the poorest. One for all, and all for one.

Is the wealth tax a new concept? No, it is not. Many countries had adopted varying forms of wealth tax during war periods. And Covid times are war times.

Interestingly, the IMF is now one of the advocates of wealth tax. In January 2020, Kristalina Georgieva, IMF’s Managing Director, raised the wealth tax proposal as an instrument to reduce yawning inequality within and among countries.

She said that raising taxes for those at the higher income levels can be done without sacrificing economic growth. In April this year, the IMF, in a policy paper on “Tax Issues” under the Covid pandemic, reiterated Georgieva’s suggestion by formally including the wealth tax, dubbed as “solidarity surcharge,” as part of a borrower government’s menu in raising revenues to meet the Covid challenge.

Now, what has been the response of the world’s elite? Well, since early last year, some billionaires such as Warren Buffett and Abigail Disney, worried over the unsustainable inequality in society, have been calling the attention of the world on the need to tax the super-rich like them. More recently, a group called “Millionaires for Humanity” issued a manifesto asking governments of the world, that in the name of healing the world from the Covid pandemic—“to raise taxes on people like us. Immediately.

Substantially. Permanently.”

In the Philippines, will Filipino taipans like Tess Sy-Coson and former Senator Manny Villar heed the IMF call for solidarity tax? And how can the wealth tax be operationalized in the Philippine setting?

LABOREM EXERCENS

Jimenez. . .

Alálaong bagá, having faith in Jesus’s way and life means to identify with Him and to make His announced passion to the glory of God one’s destiny. To love God above all and even to offer one’s life if need be in order to be true to Him is what the cross symbolizes for the followers of Jesus. “Whoever wishes to come after me must deny Himself, take up his cross, and follow me.” The standard of our Christian faith is to be crosscarrying. For what do we live? Jesus has shown us the way to the eternal union with God, as it goes through suffering and death. We hesitate and are diffident to go that way, we instinctively try to hang on to this earthly life and play it safe according to the ways of the world. And we inadvertently do not hear what Jesus says: “Whoever loses his life for my sake will find it.” By our lives and direction, we really proclaim whether we are children of this world or, one with Jesus, the children of our heavenly Father.

Join me in meditating on the Word of God every

With the economic managers sticking to their deficit and debt-to-GDP targets, the proponents of higher stimulus spending to revive the economy are baffled. The authors of the House Bill called ARISE—Accelerated Recovery and Investments Stimulus for the Economy—are asking why the government is not taking new loans given the country’s still low debt-to-GDP ratio.

The ARISE proponents are seeking a P1.3 trillion 3-year program to protect jobs and bail out job-creating businesses. Specifically, Congresswoman Stella Quimbo and company want to protect and assist up to 15.7 million workers (via programs such as wage subsidies), create three million short-term jobs and 1.5 million infrastructure jobs, and help 5.6 million MSMEs in the formal and informal sectors. Who can be against the foregoing proposal of Quimbo et al?

The truth is that the country’s level of indebtedness has been rising fast. It is indeed worrisome. The government borrowed a total of P1.2 trillion in the first half of the year. This immediately reversed the decade-long trend of the debt-to-GDP going down from 50 to 40 percent; now, in six months, the old ratio is back.

In one news story, CB Governor Ben Diokno cited some lessons from the debt crisis of 1980-1985 which he obviously wanted to avoid: the rapid erosion of the GIR, the collapse of the peso, the inflation explosion and the flight of capital.

What he forgot to mention was the failure of the economic managers then to manage the country’s borrowing program. When asked in the late 1970s if the country was in economic peril because it was indulging in over-borrowing, the DOF and Neda then said that there was nothing to fear because the “growing economy” then would be able to pay for all the debts being incurred. As historical records show, the economy stumbled in 1979-1980 and lurched from crisis to crisis in 1981 to 1986.

So the big question is: how can the economy be revived in Covid times without incurring big debts? How can ARISE and other stimulus-focused spending programs be funded without any fresh funds from the loan givers at home and overseas? Where can the country source the needed stimulus funds when tax and custom revenues are down and OFW remittances also going down? By engaging in heavy borrowing (note: the Bureau of Treasury continues to borrow by issuing government securities to finance regular government budgetary requirements), can the government afford to lose its

Dr. Rene E. Ofreneo

The long lockdown in the first half of the year brought the economy to a standstill. The lockdown was akin to a lockout called by an employer who wants to temporarily stop business operation, usually to force unionized workers to agree to the employer’s terms. This time, however, the lockout was initiated by no less than the government, and those locked out of work are the entire productive work force—wage earners, self-employed, informal workers, micro entrepreneurs, professionals, academics and business people.

For the survival of the nation during the lockdown, the government came up with the P1.3 trillion Bayanihan 1. A major portion of the Bayanihan budget went to the hasty and expensive re-organization of the country’s health-care facilities in order to contain the virus spread. Another major portion was allocated for the social amelioration of poor vulnerable families (18 million families targeted) to help them survive the lockdown. A third portion was programmed for government assistance to affected businesses. The fourth, to help maintain the liquidity of the financial system.

The mass media are full of reports on how the government, through the DOH, DSWD and other agencies coordinated by the powerful Inter-Agency Task Force, bungled the Covid containment program and the implementation of the social amelioration and business assistance programs. Hence, the fearless forecast that there will be more cases of Covid infections in the second half of 2020, with some regions likely to experience recurrent waves of infection.

Moreover, the economic prognosis is bad. There will be no quick V curve recovery. Just a long L curve. The DTI reported

than just what is human. His thinking as well as his values now needs to transcend merely human aspirations and vested interests. Peter and the faithful must become Jesus Christ’s kadiwa (one in spirit) in his total submission to God.

(More on this in the next issue).

A8 Thursday, August 27, 2020

LOCSIN NIXES COAST GUARD ASSIGNMENT AT PHL EMBASSY

By Recto Mercene

F

@rectomercene

OREIGN Affairs Secretary Teodoro Locsin Jr., on Tuesday opposed suggestions to assign a Philippine Coast Guard attaché at the Philippine Embassy in Beijing.

“Flat no. We have a Defense attaché for national defense issues. A separate Coast Guard attaché means we concede exclusive sovereignty over our coastal waters so they are now subject to discussion instead of automatic protest,” Locsin said on his Twitter account.

The proposal to have a counterpart coast guard attaché in Beijing was mentioned at a highlevel meeting between the Chinese Coast Guard (CCG) and former PCG commandant Joel Garcia, who was quoted as saying, he“recognized the importance of designating a coast guard attaché,” in Beijing.

It was also reported that the coast guards had wanted to set up a “hotline communication mechanism” and “communication protocol for engagement at sea between coast guards” to increase cooperation between the two countries.

Locsin, however, said he does not want anyone discussing with foreign counterparts the country’s naval maneuvers.

“No. I don’t want anyone discussing with his foreign counterpart what naval maneuvers are or are not acceptable. Territory and

territorial prerogatives are not the subject of discussion but only of diplomatic protests or war under the MDT [Mutual Defense Treaty],” he said in a subsequent tweet.

Asked whether the independent foreign policy of the Philippines that DFA is pursuing means friendship with both China and the United States, the secretary said, “Yes, absolutely.”

Locsin, in an interview with Karen Davila on Headstart, gave a clearer picture of the country’s foreign policy direction, when he said: “For me, first and foremost is Philippine interests. And I repeatedly said, even while affirming the necessity of American presence in the region, I’ve also said that I will not turn against the economic opportunities offered by China.”

He added that these opportunities offered “the most prospect for mutual progress.”

While China continues its aggressive behavior in the South China Sea, the DFA under Locsin has consistently filed diplomatic protests, the last lodged just last week.

Last month, Chinese Coast Guard vessels were reported to have destroyed Filipino fish aggregating devices called payao in Bajo de Masinloc, meriting another diplomatic complaint from the Philippines.

“On the military aspect, we need them [Americans], because our whole defense posture depends on our mutual defense treaty [MDT],” he said.

Morales, PhilHealth SVP for Legal quit ahead of reports

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N ailing Philippine Health Insurance Corp. (PhilHealth) President and CEO Ricardo Morales submitted his resignation to Malacañang on Wednesday, as the agency braced for a slew of possibly damning reports from a Cabinet-level task force and the Senate on shenanigans that resulted in multibillion losses.

“Office of the President has received today, August 26, the resignation letter of Philippine Health Insurance Corporation [PhilHealth] President and Chief Executive Officer Ricardo C. Morales,” Presidential spokesman Harry Roque said in a brief statement late on Wednesday.

Roque said they are now just waiting President Duterte’s action on the matter.

Health Secretar y Francisco Duque III, who chairs PhilHealth, thanked Morales in advance for his services, and Sen. Panfilo Lacson, who together with Morales is a Philippine Military Academy (PMA) alumnus, said he hoped the former general would recover from cancer as he faces legal battles for cases filed against top management during his watch.

Relatedly, Justice Secretary Me-

nardo Guevarra on Wednesday also welcomed the reported resignation of PhilHealth Senior Vice President for Legal Sector Rodolfo del Rosario.

Guevarra said del Rosario’s resignation “would probably make the investigation being conducted by the Task Force PhilHealth a little easier.”

Del Rosario filed his “irrevocable resignation” effective August 24, saying the “character assassination, unfair accusation and relentless persecution” he experienced have taken its toll on his physical and mental health condition.

“Hopefully this will help me ease some pressure and help me recuperate,” he said in a radio interview.

Aside from this, he said he cannot afford to be unemployed for six months after the preventive suspension order slapped by the Ombudsman against him and other

officials. The order that was issued stemmed from an old complaint.

Task force

Guevarra was tasked by President Duterte to lead the task force in investigating the multibillionpeso fund mess at PhilHealth and was given 30 days to come up with a recommendation.

Del Rosario was accused by PhilHealth board member Alejandro Cabading of being a member of the so-called mafia behind the corruption activities at the agency.

The DOJ secretary said the task force is not in a position to recommend specific replacements for resigned or dismissed PhilHealth officials.

Guevarra also refused to comment on Morales’s decision to resign from his post. “I’d rather lay this matter to rest. Our immediate and urgent concern at the moment is to find a worthy replacement for him,” Guevarra said.

It was earlier reported that President Duterte had asked Morales to resign over his health condition.

Morales is undergoing chemotherapy for his lymphoma and has gone on medical leave.

Guevarra has recommended the creation of an interim management committee (IMC) to supervise the operations of the agency while some

of its officials and employees are being investigated.

He said it would be difficult to resolve the problems of the agency if the current officials subject of the investigation remain in their present positions.

Task Force PhilHealth is focusing its probe on the so-called centers of fraud in the agency.

These include the agency’s Information Technology system, the Legal Sector, the Interim Reimbursement Mechanism (IRM) and lastly on financial management.

Health situation

Morales announced on Wednesday that he would be tendering his formal resignation letter before the Office of Executive Secretary Salvador Medialdea on the same day.

He also confirmed Guevarra’s statement that President Duterte has advised him it would be best for him to resign due to his on-onoff health situation.

“Nagpapasalamat na rin ako sa Pangulo at pinayagan niya akong magpahinga at ngayon maatupag ko na ang aking kalusugan at ang aking pamilya [I thank the President for allowing me time to rest; now I can fully attend to my health and my family], he said in a radio interview.” Joel R. San Juan, Bernadette Nicolas, Claudeth Mocon-Ciriaco and Samuel P. Medenilla

Companies BusinessMirror

www.businessmirror.com.ph

Thursday, August 27, 2020

B1

House panel approves tax perks for NMIA

T

By Jovee Marie N. Dela Cruz

@joveemarie

he House Committee on Ways and Means on Wednesday approved the tax exemptions in the 50-year franchise bill granting San Miguel Corp. permission to put up the New Manila International Airport (NMIA) in Bulacan.

Albay Rep. Joey Sarte Salceda said his committee tackled the tax provisions of the substitute bill for the franchise, following earlier approval from the Committee on Legislative Franchises.

The new airport will be built in the coastal areas of Bulakan, Bulacan, around 30 kilometers north of Metro Manila. The plan is expected to decongest the Ninoy Aquino International Airport and support growth and development in Cen-

tral Luzon.

“The final report that came out of the tax committee, and following our own conversations with the House leadership, is significantly more tempered than the original.

On its own, the project was already going to be beneficial, as a P740-billion infrastructure investment that will come entirely out of the private sector’s hands. That’s 4 percent of GDP,” Salceda said.

“In return, we are being asked to

provide some tax concessions. By tempering the tax provisions, we made sure that the Filipino people will get even more economic benefits for less taxpayer cost."

Salceda added that by making the tax provisions “fairer,” the public will enjoy more returns from the project.

“I want this project to continue.

But we need stronger guarantees of returns for the public,” he said during the committee hearing on Wednesday. “The Bulacan airport project will make a lot of money.

Anything beyond the 12 percent rate of return—all goes to the government.”

Finance Assistant Secretary Teresa Habitan, however, thumbed down the proposal to grant tax incentives for the proposed Bulacan airport.

“Typically for unsolicited bid under the BOT [Built-Operate-and Transfer] law, it says that government is now allowed to give subsidy, or guarantee or even equity. We are not supportive of giving the corporation or the unsolicited bidder any tax exemption and we have not done

that in the past for all other PPP projects that have been approved and now being implemented,” Habitan said during the hearing.

Exemptions

Under the bill, during the term of the franchise and after a competent authority has determined that the grantee has fully recovered its investment cost, the grantee shall be entitled to generate income from the Airport City equivalent to a project internal rate of return (IRR). If the Airport City IRR exceeds 12 percent per annum, the grantee shall remit to the national government.

The bill also indicated that the Airport City IRR shall be reckoned and calculated within three months after the competent authority determined that the grantee has fully recovered its investment cost.

During the 10-year construction period, “the grantee shall be exempt from any and all direct and indirect taxes and fees of any kind, nature or description, which emanates exclusively from the construction, devel-

8990, SMIC to tap bond market

By VG Cabuag

he board of mass housing developer 8990 Holdings Inc. has approved the company’s offering of fixed-rate notes worth P9 billion, which will only be sold to qualified institutional buyers.

The company said in its disclosure that the offering involves some P5 billion in primary offering and P4 billion in oversubscription option.

“Accordingly, the notes shall be exempt from registration with the Securities and Exchange Commission [SEC]. The notes shall be enrolled and traded through the Philippine Dealing and Exchange Corp.,” the company said.

8990 has appointed BDO Capital and Investment Corp. as the sole issue manager, lead arranger, and sole bookrunner, and RCBC Capital Corp. as co-arranger for the said float.

“The final terms of the Notes will be de-

termined after the book build process and prior to the issuance thereof. The company shall provide the necessary updates regarding this in due course,” it said.

8990 reported a 47-percent drop in net income for the six months of the year to P1.48 billion, from last year’s P2.82 billion.

Revenues for the period fell 30 percent to P4.9 billion, from last year’s P7.01 billion, mainly due to the decline in sales nationwide while the country was under enhanced community quarantine (ECQ).

Technically, the company said it was in operation for only a month in the second quarter, with its Cebu branch practically closed during the period as Cebu City was placed under extended ECQ. Meanwhile, SM Investments Corp.

(SMIC) said it will also float P10 billion in debt, with a tenor of three years and six months. Half of the said amount will be its primary offering and the rest as its oversubscription option.

Asean asked to support MSMEs

SMC Global keen on joining auction for Meralco power supply requirement

@villygc

T

P

RESIDENTIAL Adviser for Entrepreneurship Joey Concepcion has called for stronger regional support for small-scale businesses in a recent meeting with Association of Southeast Asian Nations (Asean) economic ministers.

“The backbone of our economy is our micro, small and medium enterprises [MSMEs]. We cannot let them down, especially this time when even our own businesses are affected. Yet it is imperative that we continue to help those who are in need, help those that aspire to be successful in life,” he said.

Concepcion also appealed to Asean member-states to allow travel within countries once guidelines and safety measures are in place as part of an effort to support MSMEs in the tourism and retail industries.

“Hopefully, the 10 Asean countries which tourism plays a very big role, a very big part of revenue generation, would come out with a program and an alliance on the parameters of how travel will be in each country,” he said.

During the meeting, Concepcion, who also serves as Asean Business Advisory Council Philippine chairman, expressed his gratitude to his regional counterparts for partaking and supporting the Philippine Asean Mentorship for Entrepreneurs Network (Amen) Legacy Project that will create an equal economy for all citizens in the region.

Founded in 2017, it aims to serve the MSMEs which represent 90 percent to 95 percent of the country’s business community.

The project’s first phase sought to establish a publicprivate partnership and provide entrepreneurs with mentorship, money, and market opportunities.

The Japan-Asean Integrated Fund (JAIF) financed Phase I with $300,000, which resulted in the development of 10 modules covering key areas for entrepreneurs in Indonesia, Malaysia, and the Philippines.

During this stage, 48 mentors were certified to offer valuable knowledge to aspiring and existing entrepreneurs.

Using the 10 modules, an Adaptive Business Model was created to help MSMEs respond to the challenges presented by the Covid-19 pandemic. Roderick L. Abad

By Lenie Lectura @llectura

S

MC Global Power Holdings Corp., the power unit of conglomerate San Miguel Corp. (SMC), may participate in the competitive auction for 1,800megawatts (MW) of Manila Electric Co.'s (Meralco) power capacity requirement.

“The Company intends to use the capacity of its greenfield power plants to bid for the upcoming 1,800MW Meralco and other capacities for CSP [Competitive Selection Process],” SMC Global Power said in a report to the Philippine Dealing & Exchange Corp.

SMC Global Power is one of the largest power firms in the country with a total installed capacity of 4,347MW, having a diversified portfolio of power sources such as coal, natural gas and hydro. It currently holds a market share of 25 percent in the Luzon Grid, 8 percent of the Mindanao Grid and 19 percent in the National Grid. The Luzon Grid represents 73 percent of the nationwide demand.

Its greenfiled power plants include the 600MW Limay plant and the 300MW Davao plant.

The company has also lined up other major greenfield power plant projects with a combined capacity of 2,135MW. All four are currently being developed.

These are the Masinloc units 3 (335MW) and 4 (350MW) 335MW power plants in Zambales, which are targeted for commercial operations in December 2020 and 2024, respectively; 600MW Mariveles power plant, in which half of the capacity will be ready by 2022 and the other half by 2023; the 850MW Ilijan LNG (liquefied natural gas) expansion, with target commercial operation date (COD) in 2023; and the 1,000MWhour Battery Energy Storage System project, which is targeted for substantial completion by next year.

SMC Global said it would fund the projects through 30-percent equity and 70-percent debt.

The engineering, construction and procurement (EPC) contract of the Masinloc greenfield plants are being finalized. Meanwhile, the 1,200-MW Ilijan combined cycle power

The company reduced its offering from the P15 billion that it previously announced.

The said issuance is part of the P30 billion in shelf registration that it recently filed with the SEC. SMIC can float the remaining amount within three years.

SMIC, the holding firm of the businesses of the Sy family, said its net income in the first half slid 69 percent to P7.09 billion, from P23.04 billion last year, as it saw weakness in most of its core operations of banking, retail and mall operations.

Consolidated revenues fell 21 percent to P185.52 billion for the period, from P233.72 billion last year.

It reported a loss for the second quarter of P1.16 billion, from last year’s income of P12.35 billion.

The property and banking businesses accounted for 61 percent and 34 percent of net income, respectively, while retail contributed 5 percent.

plant in Batangas will undertake an expansion to boost its capacity by another 850MW. SMC Global Power is interested to utilize the capacity of its greenfield power projects to supply Meralco’s requirements.

Meralco recently sought approval from the Department of Energy (DOE) for the CSP of 1800MW greenfield baseload capacity for its requirements in 2024-2025.

The 1,800MW PSA consists of the 1,200MW capacity from the failed CSP in 2019 and an additional 600MW from the target 1500MW baseload capacity supposedly scheduled for bidding in 2020.

SMC Global Power expects the preparations for the CSP to commence in the next few weeks and the formal bidding to happen in the next two to four months.

DOE earlier said it wants Meralco to proceed with the competitive auction for the 1800MW "at the soonest time possible." It advised Meralco to explore other ways by which it can conduct the CSP amid the quarantine imposed by the government. Meralco had asked the DOE if it could delay the auction to October this year.

DOE Assistant Secretary Redentor Delola suggested instead the conduct of an online CSP in lieu of a face-toface auction.

“We approved it last March. We expected that they would begin with the CSP immediately. What we are trying to tell them, there are mediums they can utilize to be able to proceed with the procurement, perhaps online conduct of the CSP or other medium that will allow the continuation of the bidding process.

We want to be assured that the delivery will still be as scheduled by 2024. What we don’t want to happen is that a deferment of the bidding schedule may delay the delivery of the power supply,” Delola said.

Meralco’s biggest concern is the volatility of fuel prices and uncertainty of prices going forward.

“The volatility is so high that it would be difficult for us to have a proper valuation, which is a distinguishing criteria to determine who will win in the CSP,” Meralco President Ray Espinosa earlier said.

opment, establishment, and operation of the airport and airport city.”

After the 10-year construction period and during the remaining term of the franchise, the bill indicated that the grantee shall be exempt from income taxes and taxes on real estate, buildings and personal property, levied, established or collected, or may be levied, established or collected, by any city, municipal, provincial or national authority.

However, the bill said such exemption from income taxes and taxes on real estate, buildings and personal property shall expire as soon as it is determined by competent authority that the grantee has fully recovered its investment cost and expenses on the airport and on the Airport City, including financing and borrowing expenses.

According to Salceda, it is critical that “all other income derived outside airport operations should be taxed regularly.”

“There will be hotels and restaurants in the surrounding ‘Airport

City,’ so we want to make sure that the franchise’s tax privileges only extend to the airport operations,” added the lawmaker.

Salceda said that the tax committee’s version “has made the final version more financially and economically beneficial to the Filipino people.”

“This is probably the biggest single-item investment in the country’s history. San Miguel is a Filipino company that has kept nearly all of its money here, to develop this country. They are doubling down on their commitment to Philippine development with this investment," he said.

“I want the airport to happen on fair and equitable terms. That is why I worked with the leadership and my colleagues to come up with fairer tax provisions for the franchise. I am proud to have pushed for fairer tax benefits and an attractive profit-sharing scheme for the country.

But, bottom line, I want the airport to happen.”

Continued on B2

Lopez Holdings income falls sharply in H1

L

opez Holdings Corp. on Wednesday reported that its net income in the first half fell to P275 million, 93 percent lower than last year’s P4.18 billion, due to lower revenues recorded by all its business units.

The company said it also had higher costs which included one-off expenses related to the group’s Covid-19 response and share in the net loss reported by ABS-CBN Corp.’s media and entertainment businesses.

Unaudited consolidated revenues fell 21 percent to P53.88 billion from P67.91 billion last year, the company said.

“For the period in review, the financial performance of investees was within expectations,” the company said in its report.

Operating companies held by First Philippine Holdings Corp. (FPH) recorded lower sales—electricity sales were down by 18 percent while real estate sales fell by 52 percent.

FPH reported a 26-percent decline in net income to P5.01 billion, from P6.75 billion last year.

It also posted a 21-percent decrease in revenues to P53.88 billion, from last year's P67.91 billion. Electricity sales accounted for 89 percent of revenues in the first half, compared to 86 percent last year.

ABS-CBN booked a net loss of P3.93 billion for the first half, compared to a net income of P1.46 billion last year.

It reported unaudited revenues of P13.31 billion, 36 percent lower than P20.8 billion last year. Ad sales accounted for 39 percent of ABS-CBN revenues, compared to 54 percent in the first half of 2019.

ABS-CBN ceased use of government-assigned broadcast frequen-

cies on May 5, in compliance with a National Telecommunications Commission order. Its legislative franchise was effective until May 4.

Congress eventually thumbed down its request to renew its franchise.

ABS-CBN programs

ABS-CBN Corp. announced on Wednesday that it is halting the production of some of its regional content and is closing down a radio program, both of which which were affected by Congress’ decision to deny the company a new franchise.

Tata Sy, who heads ABS-CBN Regional, said her group has decided to end the over-three-decade run of local TV Patrol programs, as well as nine morning shows, and other public service initiatives.

Affected regional shows are those in North Luzon, Bicol, Souther Tagalog, Negros, Central Visayas, Panay, Eastern Visayas, Northern Mindanao, South Central Mindanao, and Zamboanga. In total 21 regional stations are affected by this decision.

“ABS-CBN Regional serves Filipinos in remote areas not reached by other television signals. But more than delivering breaking news, ABS CBN Regional news teams are also the first to bring aid and relief to communities struck by calamities,” Sy said.

Likewise, ABS-CBN will be closing down its FM radio MOR 101.9 For Life.

Since it lost its battle for a Congressional franchise, ABS-CBN has been streaming its content on digital platforms in social media as well as online streaming mobile applications.

VG Cabuag, Lorenz S. Marasigan

B2

Companies BusinessMirror

Thursday, August 27, 2020

PSE STOCK QUOTATIONS

August 26, 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 RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE SUN LIFE VANTAGE

44.1 86.95 62.95 20.55 8.17 33.85 19.66 48.5 15.9 95.45 54 0.72 20.95 0.55 2.54 0.97 0.295 690 0.61 1915 1.03

45 87.05 63 20.65 8.2 34 19.68 49 16.4 95.65 54.2 0.83 22.1 0.65 2.61 0.99 0.31 760 0.62 1925 1.09

45 87.4 63 20.55 8.12 33.95 19.7 48.95 16.2 96 53.95 0.84 20.85 0.67 2.57 0.99 0.305 755 0.63 1915 1.11

45 88 63.6 20.6 8.2 34.1 19.7 48.95 16.2 96 54 0.84 22.25 0.67 2.57 0.99 0.305 755 0.63 1915 1.11

45 86.05 62.6 20.3 8.06 33.8 19.64 48.95 15.8 95.15 53.95 0.84 20.75 0.55 2.55 0.99 0.295 755 0.6 1915 1.03

45 86.95 63 20.6 8.17 33.85 19.68 48.95 15.8 95.65 54 0.84 22.1 0.55 2.55 0.99 0.295 755 0.62 1915 1.03

5600 3247230 907770 67000 165800 2765400 94900 800 13500 424420 4720 105000 44500 388000 15000 10000 1170000 20 65000 10 31000

252000 282454020.5 57221045 1377835 1345522 93783315 1867248 39160 214628 40564062.5 254864 88200 955050 231660 38350 9900 352650 15100 39330 19150 32010

45000 -163910496.5 -18156327.5 -13886 -63917370 -1583816 9790 -112430 3153289.5 -109080 -31120 19150 -

INDUSTRIAL AC ENERGY 2.79 2.8 2.8 2.82 2.78 2.79 2931000 8199610 ALSONS CONS 1.3 1.31 1.28 1.3 1.25 1.3 2507000 3227690 ABOITIZ POWER 25.8 26 26 26 25.6 26 488000 12639215 BASIC ENERGY 0.162 0.164 0.155 0.165 0.151 0.165 3860000 613590 FIRST GEN 23.95 24.1 23.5 24.1 23.3 24.1 464200 11108480 FIRST PHIL HLDG 59.6 59.9 60.5 60.5 59.6 59.9 7850 469781 MERALCO 275 275.8 270 276.4 270 275.8 399430 109539016 MANILA WATER 14.08 14.1 13.46 14.24 13.46 14.1 6460000 90010260 PETRON 3.07 3.08 3.06 3.09 3.06 3.08 134000 412250 PHX PETROLEUM 11.06 11.18 11.2 11.28 11 11.18 132000 1477002 PILIPINAS SHELL 17.6 17.66 17.48 17.7 17.46 17.6 174200 3062592 SPC POWER 8.36 8.45 8.45 8.45 8.35 8.45 26200 219686 AGRINURTURE 7.77 7.79 7.6 7.79 7.5 7.79 105500 803379 AXELUM 2.36 2.37 2.37 2.39 2.37 2.37 1094000 2593250 BOGO MEDELLIN 79 90 97.95 97.95 95 95 150 14633.5 CNTRL AZUCARERA 11.38 12.18 12.36 12.36 11.32 12.18 3600 44062 CENTURY FOOD 16.28 16.3 16.38 16.38 16.26 16.3 752600 12267544 DEL MONTE 4.87 4.94 4.9 4.95 4.85 4.94 33000 161580 4.7 4.71 4.88 4.99 4.67 4.7 5083000 23998980 DNL INDUS 9.98 10 10 10 9.89 10 1521200 15196633 EMPERADOR 66.7 67.4 67 67.4 66.1 67.4 266510 17906914.5 SMC FOODANDBEV 0.66 0.67 0.66 0.68 0.66 0.67 680000 453210 ALLIANCE SELECT 1.16 1.17 1.17 1.18 1.16 1.17 2834000 3309980 FRUITAS HLDG 38.25 38.4 38.3 39 37.1 38.25 5200 198665 GINEBRA 138 138.5 140 140.1 136.2 138.5 1156960 159694378 JOLLIBEE 7.92 8.05 7.89 8.19 7.89 7.92 6800 54237 MACAY HLDG MAXS GROUP 4.74 4.75 4.83 4.83 4.7 4.75 84000 399730 0.129 0.137 0.124 0.13 0.124 0.13 760000 98620 MG HLDG SHAKEYS PIZZA 5.68 5.7 5.7 5.78 5.61 5.7 512900 2910759 1.23 1.26 1.3 1.3 1.19 1.26 8629000 10754240 ROXAS AND CO 4.44 4.49 4.39 4.44 4.39 4.44 4000 17710 RFM CORP ROXAS HLDG 1.57 1.65 1.65 1.65 1.57 1.57 168000 271760 SWIFT FOODS 0.105 0.11 0.105 0.11 0.105 0.11 90000 9850 139 139.6 142.5 143.3 139 139 1428780 201100454 UNIV ROBINA 0.77 0.78 0.78 0.78 0.77 0.77 287000 222070 VITARICH CONCRETE A 51.15 54.95 51.5 51.5 51.1 51.15 1810 92691.5 CONCRETE B 52.3 54.75 52.25 54.75 52.25 54.75 70 3682.5 CEMEX HLDG 1.35 1.36 1.35 1.39 1.35 1.36 11848000 16192610 EAGLE CEMENT 11.28 11.3 10.7 11.28 10.6 11.28 320200 3,512,358( EEI CORP 5.34 5.35 5.35 5.37 5.33 5.34 1078200 5761601 HOLCIM 5.27 5.28 5.19 5.32 5.17 5.27 920400 4840527 MEGAWIDE 6.53 6.54 6.37 6.55 6.36 6.53 1317300 8558428 TKC METALS 0.65 0.67 0.67 0.68 0.67 0.67 124000 83890 VULCAN INDL 0.73 0.75 0.75 0.75 0.73 0.73 36000 26300 CHEMPHIL 117.1 139.2 116 116 116 116 50 5800 CROWN ASIA 1.91 1.95 1.94 1.94 1.94 1.94 20000 38800 EUROMED 1.85 1.86 1.87 1.87 1.8 1.85 120000 220210 PRYCE CORP 4.05 4.08 4.04 4.05 4.04 4.05 19000 76940 CONCEPCION 18.8 19 18.64 18.64 18.64 18.64 100 1864 GREENERGY 1.78 1.79 1.84 1.84 1.78 1.79 2481000 4473970 INTEGRATED MICR 4.68 4.7 4.76 4.76 4.68 4.68 48000 225440 IONICS 0.97 0.98 0.98 0.98 0.97 0.97 148000 144260 SFA SEMICON 1.41 1.42 1.36 1.43 1.36 1.41 714000 999340 CIRTEK HLDG 5.92 6 6 6.15 5.85 6 5855800 35337968

767199.9998 11610 -5995955 5147265 -32881 -33752036 13836136 9240 1292344 -196855 -1701710 2472 -309056 -34220 -17394340 3987752.0003 32968.9998 -6700 -10530 15475 -41818176 -80440 473454 -924580 -6600 -35387195 3941410 1,074,829.9998) 3507293 -95904 -1815594 3400 70010 439752

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.475 0.475 0.475 0.465 0.465 2810000 1321000 ASIABEST GROUP 7.7 8.08 8.1 8.12 7.58 8.08 43000 340701 AYALA CORP 717.5 719.5 741 741 715 717.5 254640 183357660 ABOITIZ EQUITY 48.15 48.2 48.6 49 48.2 48.2 774500 37386145 ALLIANCE GLOBAL 6.04 6.05 6.1 6.1 6 6.05 10015800 60553680 AYALA LAND LOG 1.82 1.83 1.85 1.86 1.8 1.82 1359000 2482620 ANSCOR 6.3 6.48 6.45 6.45 6.3 6.3 50700 319923 ANGLO PHIL HLDG 0.5 0.52 0.51 0.52 0.51 0.52 36000 18520 ATN HLDG A 0.55 0.56 0.57 0.57 0.56 0.57 315000 176430 ATN HLDG B 0.56 0.58 0.56 0.58 0.56 0.58 255000 142900 COSCO CAPITAL 5 5.04 5 5.04 4.98 5 4300000 21497740 DMCI HLDG 3.9 3.93 3.9 3.93 3.88 3.93 3583000 13990270 FILINVEST DEV 8.3 8.59 8.26 8.6 8.26 8.26 1000 8328 FJ PRINCE A 3.04 3.79 3.79 3.79 3.79 3.79 3000 11370 GT CAPITAL 403 404 402.2 405 399.6 404 188960 76043980 HOUSE OF INV 3 3.14 3 3 3 3 9000 27000 JG SUMMIT 63.9 64.4 63 64.4 62.15 64.4 1740890 111276535.5 LODESTAR 0.59 0.61 0.61 0.61 0.59 0.59 46000 27410 8.41 8.42 8.43 8.46 8.4 8.41 1159800 9770671 LT GROUP 0.51 0.58 0.57 0.58 0.54 0.58 95000 54090 MABUHAY HLDG METRO PAC INV 3.32 3.33 3.18 3.36 3.16 3.33 47118000 155240370 0.98 1.01 1.02 1.02 1.02 1.02 120000 122400 SOLID GROUP SYNERGY GRID 152 170 155 155 155 155 30 4650 SM INVESTMENTS 880 887 877 887.5 869.5 887 720420 633066480 100.8 101.4 101.5 101.5 100.1 101.4 24850 2514436 SAN MIGUEL CORP 0.65 0.69 0.65 0.65 0.65 0.65 2000 1300 SOC RESOURCES TOP FRONTIER 132 133 132 133.9 130.5 133.9 418270 55005629 0.146 0.15 0.152 0.153 0.15 0.153 180000 27290 ZEUS HLDG

-215950 21784 -90009140 -10360730 -16825550 -37000 -1512610 -3115470 -31897178 -12508483 -4511059 -39108780 348798730 -594392 -368469 -

PROPERTY ARTHALAND CORP 0.51 0.52 0.52 0.52 0.51 0.52 33000 17150 ANCHOR LAND 7.54 8.47 8.49 8.49 8.49 8.49 200 1698 AYALA LAND 30 30.15 30 30.35 29.7 30 10759800 323145505 ARANETA PROP 0.97 1.01 0.97 1.02 0.96 1.01 414000 399790 AREIT RT 26 26.05 25.85 26.45 25.75 26.05 4829400 125180525 BELLE CORP 1.34 1.35 1.34 1.36 1.34 1.34 415000 556120 A BROWN 0.82 0.83 0.8 0.82 0.78 0.82 2978000 2388770 CITYLAND DEVT 0.81 0.85 0.83 0.87 0.81 0.81 59000 49740 CROWN EQUITIES 0.12 0.123 0.12 0.124 0.12 0.124 1170000 140480 CEBU HLDG 5.68 5.94 5.95 5.95 5.94 5.94 1000 5941 CEB LANDMASTERS 4.99 5 5 5 4.97 5 243000 1213832 CENTURY PROP 0.35 0.36 0.36 0.36 0.35 0.35 370000 130600 CYBER BAY 0.26 0.29 0.28 0.29 0.26 0.26 300000 83650 DOUBLEDRAGON 14.94 14.96 15.28 15.28 14.9 14.96 51700 775550 DM WENCESLAO 5.88 6 6 6 5.9 5.9 596200 3518663 EMPIRE EAST 0.25 0.26 0.26 0.265 0.255 0.26 350000 89950 FILINVEST LAND 0.92 0.93 0.92 0.93 0.92 0.92 5257000 4839920 GLOBAL ESTATE 0.79 0.8 0.78 0.8 0.78 0.8 149000 116280 1.16 1.17 1.15 1.2 1.11 1.17 5580000 6465640 PHIL INFRADEV 0.7 0.73 0.73 0.73 0.73 0.73 21000 15330 CITY AND LAND MEGAWORLD 2.99 3 3.01 3.01 2.99 3 5425000 16255740 0.248 0.249 0.249 0.255 0.247 0.249 22090000 5509370 MRC ALLIED 0.29 0.31 0.31 0.31 0.29 0.29 30000 8900 PHIL ESTATES PRIMEX CORP 1.18 1.2 1.18 1.2 1.17 1.2 52000 61360 ROBINSONS LAND 14.6 14.62 14.7 14.8 14.58 14.62 3151300 46155718 0.227 0.233 0.227 0.227 0.227 0.227 60000 13620 PHIL REALTY SHANG PROP 2.7 2.72 2.72 2.72 2.71 2.72 13000 35250 1.73 1.85 1.82 1.84 1.82 1.84 50000 91950 STA LUCIA LAND SM PRIME HLDG 29.5 29.7 29.75 30.05 29.5 29.5 14253100 424387990 3.71 3.78 3.7 3.7 3.7 3.7 20000 74000 VISTAMALLS SUNTRUST HOME 1.19 1.22 1.22 1.22 1.19 1.22 184000 222350 VISTA LAND 3.12 3.14 3.1 3.2 3.1 3.14 969000 3034380

510 -200622040 -94520690 -1340 810 -120000 -332601 -229580 -93515 -2534830 -38280 -85410 -3898070 50000 -24915480 2720 146720985 -1239550

SERVICES ABS CBN 7.39 7.4 7.3 7.43 7.28 7.4 372900 2758655 GMA NETWORK 5.05 5.07 5.05 5.08 5.01 5.05 502600 2533345 MANILA BULLETIN 0.39 0.4 0.395 0.395 0.39 0.39 110000 43000 MLA BRDCASTING 11.9 11.98 11.5 11.9 11.5 11.9 900 10670 GLOBE TELECOM 2130 2140 2108 2140 2076 2130 32055 67901720 PLDT 1441 1443 1447 1447 1400 1441 154770 222608585 APOLLO GLOBAL 0.052 0.053 0.052 0.053 0.052 0.053 3990000 208800 DFNN INC 2.91 3.06 3.04 3.07 3 3.06 77000 232840 DITO CME HLDG 3.28 3.29 3.4 3.4 3.26 3.29 30524000 100970000 ISLAND INFO 0.069 0.074 0.071 0.074 0.071 0.074 270000 19470 JACKSTONES 1.58 1.61 1.61 1.61 1.6 1.6 73000 116860 NOW CORP 2.15 2.16 2.17 2.2 2.15 2.16 6754000 14664650 TRANSPACIFIC BR 0.175 0.178 0.177 0.18 0.175 0.178 4070000 719900 PHILWEB 1.87 1.9 1.86 1.87 1.86 1.87 53000 99100 2GO GROUP 8.4 8.49 8.55 8.55 8.4 8.4 2200 18590 ASIAN TERMINALS 15.72 16.68 15.72 15.72 15.72 15.72 1900 29868 CHELSEA 3.31 3.32 3.41 3.41 3.32 3.32 546000 1834630 CEBU AIR 36.4 36.45 36.9 36.95 36.4 36.45 272700 9939910 106 106.5 106 106.5 102 106.5 1842060 193742325 INTL CONTAINER 15 15.1 15.36 15.36 14.56 15 9200 135550 LBC EXPRESS LORENZO SHIPPNG 0.74 0.79 0.74 0.74 0.74 0.74 2000 1480 MACROASIA 4.91 4.92 4.95 4.95 4.85 4.92 940000 4610410 1.58 1.6 1.63 1.63 1.57 1.61 86000 136900 METROALLIANCE A METROALLIANCE B 1.32 2.18 1.76 1.76 1.76 1.76 2000 3520 PAL HLDG 5.85 5.9 6 6 5.85 5.85 27400 160800 0.88 0.89 0.89 0.89 0.86 0.88 536000 470450 HARBOR STAR BOULEVARD HLDG 0.028 0.029 0.028 0.029 0.028 0.028 25000000 700100 DISCOVERY WORLD 1.47 1.73 1.47 1.47 1.47 1.47 127000 186690 GRAND PLAZA 10.68 11.62 11.64 11.66 11.64 11.66 200 2330 WATERFRONT 0.375 0.38 0.375 0.39 0.375 0.39 60000 22650 IPEOPLE 7.49 7.5 7.49 7.8 7.49 7.78 1300 10001 STI HLDG 0.305 0.31 0.3 0.31 0.3 0.31 2980000 909200 2.18 2.3 2.32 2.33 2.12 2.31 410000 911880 BERJAYA 6.17 6.19 6.15 6.19 6.1 6.19 1078200 6641680 BLOOMBERRY 1.94 1.97 1.95 1.96 1.94 1.94 35000 68330 PACIFIC ONLINE LEISURE AND RES 1.2 1.25 1.26 1.26 1.19 1.2 329000 395190 MANILA JOCKEY 2.16 2.38 2.21 2.38 2.13 2.38 8000 17720 PH RESORTS GRP 2.12 2.27 2.2 2.27 2.12 2.27 33000 71380 PREMIUM LEISURE 0.285 0.29 0.29 0.295 0.285 0.29 19010000 5491000 ALLHOME 6.1 6.11 6.1 6.14 6.1 6.11 1446000 8822047 METRO RETAIL 1.42 1.43 1.44 1.44 1.42 1.43 283000 403170 PUREGOLD 51.4 51.5 52 52 50.85 51.5 2055000 105698718 ROBINSONS RTL 68.5 68.7 68.5 69.95 67.85 68.7 958450 65510293.5 PHIL SEVEN CORP 125 125.5 125 125 124 125 199740 24967370 SSI GROUP 1.03 1.04 1.04 1.05 1.02 1.04 918000 948600 WILCON DEPOT 15.8 15.86 15.62 15.8 15.6 15.8 2013300 31745716 APC GROUP 0.29 0.295 0.295 0.3 0.295 0.295 1550000 458850 EASYCALL 6.24 6.36 6.21 6.39 6.21 6.24 10000 63424 PRMIERE HORIZON 0.23 0.232 0.234 0.238 0.229 0.23 15060000 3475060

-34042660 -60921880 739760 -1227630 -6339905 -63945074 -68980 -5265 -619150 11050 -3215297 -40800 585800 -1296331 -144430 -32063023.5 11025445 196120 -362740 1198786 147500 -

MINING & OIL ATOK 7.26 8.03 8.08 8.08 8.04 8.04 5700 45886 -4030 APEX MINING 1.56 1.57 1.5 1.59 1.5 1.57 8800000 13742520 1010600 ABRA MINING 0.0009 0.001 0.001 0.001 0.0009 0.0009 630000000 579200 6100 ATLAS MINING 2.97 3.03 2.96 3.04 2.94 3.03 723000 2163100 BENGUET A 2.77 2.78 2.49 2.87 2.49 2.78 1201000 3222520 BENGUET B 2.65 2.7 2.49 2.76 2.42 2.7 847000 2216600 -98690 COAL ASIA HLDG 0.199 0.202 0.2 0.203 0.198 0.202 430000 86120 DIZON MINES 7.7 7.78 7.65 7.83 7.47 7.78 22200 169998 FERRONICKEL 1.25 1.26 1.24 1.26 1.23 1.26 13455000 16811130 -2043040 GEOGRACE 0.232 0.233 0.237 0.237 0.23 0.232 80000 18680 LEPANTO A 0.144 0.145 0.141 0.147 0.141 0.145 15290000 2213540 LEPANTO B 0.143 0.148 0.147 0.148 0.142 0.142 2330000 340870 103600 MANILA MINING A 0.0094 0.0095 0.0094 0.0095 0.0093 0.0095 10000000 94000 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.01 25000000 260000 MARCVENTURES 0.93 0.94 0.94 0.94 0.92 0.94 1090000 1020940 21620 NIHAO 2.01 2.02 2.03 2.08 1.98 2.01 699000 1401900 NICKEL ASIA 3.05 3.06 3.11 3.11 3.04 3.05 6592000 20260440 -234470 0.365 0.38 0.38 0.38 0.38 0.38 140000 53200 OMICO CORP ORNTL PENINSULA 0.57 0.59 0.57 0.6 0.57 0.6 392000 228900 PX MINING 3.58 3.59 3.42 3.68 3.42 3.58 11069000 38573250 3186230 9.25 9.27 9.41 9.42 9.11 9.25 5251400 48603288 -133036 SEMIRARA MINING 0.0049 0.0051 0.0051 0.0051 0.0048 0.0049 65000000 318600 UNITED PARAGON ACE ENEXOR 5.48 5.5 5.5 5.5 5.31 5.5 83700 450634 ORNTL PETROL A 0.0086 0.0089 0.0088 0.0088 0.0088 0.0088 2000000 17600 ORNTL PETROL B 0.0086 0.0088 0.0085 0.0086 0.0085 0.0086 7000000 60000 -43000 0.0096 0.0097 0.0096 0.0097 0.0095 0.0097 16000000 153900 PHILODRILL PXP ENERGY 5.4 5.42 5.49 5.49 5.33 5.4 715900 3870965 -189690

PREFFERED AC PREF B1 512 519 512 515 512 512 170 87430 ALCO PREF B 98.4 103.5 103.6 103.7 103.6 103.7 2900 300711 AC PREF B2R 507 515 507 507 507 507 200 101400 GLO PREF P 505 516 516 516 516 516 30 15480 GTCAP PREF B 1020 1030 1020 1020 1020 1020 2000 2040000 2040000 MWIDE PREF 100.1 101.5 101 101.5 100 100 21400 2155655 PNX PREF 3A 97 97.5 97.55 98 97.5 97.5 64540 6296720 PNX PREF 3B 100.1 102.3 102.8 102.8 102.8 102.8 10 1028 PNX PREF 4 945.5 950 950 950 945 950 4030 3811830 PCOR PREF 3A 1060 1061 1052 1061 1052 1061 3725 3940170 -1151940 PCOR PREF 3B 1075 1090 1090 1090 1090 1090 5 5450 SMC PREF 2C 78.1 78.15 78.15 78.15 78.15 78.15 3060 239139 SMC PREF 2D 75.7 75.85 75.2 75.2 75.05 75.05 2500 187818.5 SMC PREF 2E 75.3 76.75 75.35 75.35 75.25 75.25 7700 579858.5 SMC PREF 2F 77 78.3 78.9 78.9 76.5 78.3 22600 1753010 SMC PREF 2G 75.85 76.6 75.9 75.9 75.8 75.8 11900 902092 SMC PREF 2H 76 76.6 76 76 75.05 76 973970 74011503.5 -499320 SMC PREF 2I 78.5 79 78.5 78.5 78.3 78.3 11700 916310

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.9 7 6.92 7.1 6.9 7 238200 1663870 -1140735 GMA HLDG PDR 4.71 4.73 4.69 4.7 4.69 4.7 21000 98500

WARRANTS LR WARRANT 0.6 0.63 0.6 0.6 0.6 0.6 4000 2400

SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.08 13.1 13.1 13.14 12.86 13.1 87300 1133494 99960 ITALPINAS 1.87 1.88 1.8 1.87 1.78 1.87 2761000 5108050 -492540 KEPWEALTH 5.17 5.18 5.26 5.26 5.18 5.18 33600 174246 MAKATI FINANCE 1.83 2.1 - - - - - - MERRYMART 3.08 3.09 3.23 3.23 3.08 3.08 28779000 90633530 -323070 XURPAS 0.55 0.56 0.54 0.56 0.53 0.56 371000 202040

EXHANGE TRADE FUNDS

FIRST METRO ETF 89.65 89.7 91.65 91.65 89.7 89.7 12740 1145121 12591

www.businessmirror.com.ph

Smart taps more tower firms to accelerate telco buildup

S

By Lorenz S. Marasigan

@lorenzmarasigan

mart Communications Inc. said it is in talks with 4 more tower companies as it is building more cell sites to support the growing need for telecommunications services in the country.

The 4 tower companies will join the existing 6 tower companies that Smart has partnered with to build around 200 macro cell sites throughout the Philippines. This, the company said, will hasten its mobile network roll out.

Currently, Smart has existing agreements with the following: Phil Tower Consortium, ISOC edotco Towers Inc., Frontier Tower Associates Philippines Inc., ALT Global

Solutions Inc., Communication and Renewable Energy Infrastructure (CREI) Phils., Inc., and Ison Tower Ltd. Inc. “With the approval of the simplified permit process for common towers, Smart will be able to speed up its mobile network roll out by tapping common tower companies,” the company said.

Smart has decided to tap tower companies to strategically build

more towers “to improve services, particularly for data, across the country.”

“The agreements are also in support of the government’s common tower program aimed at improving internet speeds and coverage nationwide through the construction of new cell sites,” the company’s statement read.

Smart’s mobile broadband service is currently available to 93 percent of the country’s municipalities and serves 95 percent of the population.

Over the past decade, building towers has become a constant problem of telcos due to the numerous number of permits that they are required to obtain to build a single tower. In the past, 28 permits are needed to build one tower, and the process takes more than half a year.

Last month, various government agencies have signed a joint memorandum circular that streamlines the requirements and reduce pro-

cedural delays in securing permits, licenses, clearances, certificates, and other requirements for common towers.

The new policy was signed by officials from the Department of Information and Communications Technology, the Anti-Red Tape Authority, the Department of the Interior and Local Government, the Department of Public Works and Highways, the Department of Human Settlements and Urban Development, the Department of Transportation, the Civil Aviation Authority of the Philippines, the Department of Health, and the Food and Drug Administration.

The policy essentially shortens the timeline of permit securing to 16 days from 200 days. It also removes 5 prerequisites for the construction of passive telecommunications tower infrastructure, such those that are required by both the local and national governments.

‘MORE Power system loss below ERC cap’

M

ore Electric and Power Corp. (MORE Power) said Wednesday it posted a system loss rate of 6 percent, which is still within the mandated cap of 6.5 percent set by the Energy Regulatory Commission (ERC).

Contrary to the claims of Koalisyon Bantay Kuryente (KBK) President Jose Allen Aquino, who earlier said that Iloilo residents’ electricity bills rose when MORE Power took over because the firm recorded system losses of 12 percent, MORE Power Spokesperson Jonathan Cabrera said “this was fabricated as it was based on a wrong formula and a wrong interpretation of

the ERC’s own official rules.”

System losses refer to the cost of electricity that was either lost in transmission through power lines or pilfered. These losses are passed on to consumers up to a certain percentage or up to the so-called system loss cap, which refers to the limit beyond which a utility is no longer allowed to recover from its customers the cost of electricity.

Cabrera said Aquino “used the number in the systems loss charge in MORE Power’s monthly bill and divided it against the generation charge.

“In reality, the systems loss charge is propor-

House panel approves tax perks for NMIA Continued from B1

Salceda’s tax committee has also promised the Committee on Legislative Franchises that they will look into the social impact on the communities directly affected by the project; the estimated foregone revenues due to the tax exemptions to be granted under the measure; the projected employment generation; and the determination of the ‘competent authority’ referred to in Sections 17 and 18 of the bill, which will decide when the tax exemptions will expire.

Private-Public Partnership (PPP) Center Executive Director Ferdinand Pecson has assured the committee that the government will not have financial obligations to SMC.

Substitute bill

The substitute bill seeks to grant San Miguel Aerocity Inc., a franchise to construct, develop, establish and operate and maintain a domestic and international airport in Bulakan, Bulacan and to construct, develop, establish, operate and maintain an adjacent airport in the city.

The grantee is also allowed to construct, acquire, own, lease, operate, develop and/or manage the Airport City and to conduct other businesses related to the airport. The company has the right to lease or sublease or assign interests in, and to collect and receive any and all income from toll roads, railroads and mass transportation systems connecting to the airport, advertising, car park, installation of cables, telephone lines, fiber optics or water mains, water lines and other business or commercial ventures or activities over all areas and aspects of the airport and the Airport City with commercial development potentials.

The franchise bill shall be in effect for a period of 50 years from the effectivity of the proposal, inclusive of the 19-year maximum period for the design, planning and construction of the airport and the Airport City, unless sooner revoked or cancelled.

The franchise is deemed ipso facto revoked in the event the grantee fails to comply with its conditions.

“The grantee shall not sell, lease, transfer, grant the usufruct of, nor assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other corporation or entity, nor the controlling interest of the grantee be transferred, simultaneously or contemporaneously, to any person, firm, company, corporation, or entity without the prior approval of the Congress of the Philippines,” the bill read.

The company must also inform Congress of any sale, lease, transfer, grant of usufruct, or assignment of franchise or the rights and privileges acquired thereunder, or of the merger or transfer of the controlling interest of the grantee, within 60 days after the completion of said transaction.

The grantee, in accordance with existing laws and local ordinances, shall have the power to acquire either by purchase, negotiation, expropriation or condemnation proceedings, any private lands within or adjacent to the premises of the airport for the following purposes: acquisition and consolidation of lands for the development of the airport and the Airport City; and acquisition of right of way to the airport and the Airport City.

tional to both the generation and transmission charge, and not just on generation charge alone as shown in Aquino’s formula.”

Using the same formula, Cabrera said PECO’s systems loss in February should have reached 8.13 percent. He said Aquino, however, presented only 7.17 percent.

Cabrera said MORE Power’s 6-percent systems loss charge is expected to go down to 5.5 percent in 2021 and to 4.75 percent in 2022.

MORE POWER president Roel Z. Castro renewed his public appeal to PECO to reconcile with MORE Power.

mutual funds

“The relationship of MORE Power and PECO should not be viewed as a corporate war. More Power has nothing to do with PECO. We are here in Iloilo City not because we are after PECO but we are after the sorry state of facilities here, plagued with complaints of poor service, customer case and high electricity rates,” Castro said.

Congress did not renew PECO’s legislative franchise due to numerous customer complaints.

The ERC also revoked its certificate of public convenience while the Iloilo City government did not issue a business permit to PECO. Lenie Lectura

August 26, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 196.15 -24.01% -10.82% -4.36% -22.11% ATRAM Alpha Opportunity Fund, Inc. -a 1.0242 -33.81% -14.09% -3.26% -25.89% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6145 -34.84% -15.71% -6.66% -28.92% Climbs Share Capital Equity Investment Fund Corp. -a 0.6754 -29.1% -12.46% n.a. -24.79% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6942 -19.46% n.a. n.a. -18.26% First Metro Save and Learn Equity Fund,Inc. -a 4.2266 -21.64% -9.09% -3.6% -20.68% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6593 -23.92% -11.89% n.a.

-22.76% MBG Equity Investment Fund, Inc. -a

78.49 -34.13% n.a. n.a.

-23.96% PAMI Equity Index Fund, Inc. -a 39.2876 -24.1% -9.48% -3.14% -23.39% Philam Strategic Growth Fund, Inc. -a 423.32 -21.7% -8.62% -3.31% -20.55% Philequity Alpha One Fund, Inc. -a,d,5 0.8844 n.a. n.a. n.a.

-14.14% Philequity Dividend Yield Fund, Inc. -a 1.0029 -23.45% -8.96% -2.89% -22.07% Philequity Fund, Inc. -a 29.4026 -23.58% -8.55% -2.53% -22.41% Philequity MSCI Philippine Index Fund, Inc. -a 0.7784 -24.25% n.a. n.a. -23.54% Philequity PSE Index Fund Inc. -a 4.0103 -23.68% -8.97% -2.51% -23.23% Philippine Stock Index Fund Corp. -a 670.47 -23.56% -8.97% -2.61% -23.11% Soldivo Strategic Growth Fund, Inc. -a 0.5998 -34.17% -13.16% -6.73% -29.55% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.113 -27.53% -10.24% -3.82% -26.04% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7683 -23.79% -9.16% -2.7% -23.23% United Fund, Inc. -a 2.7974 -24.45% -8.04% -1.99% -23.43% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.0294 -23.43% -8.52% -1.79% -23.02% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0672 14.67% 0.85% 5% 3.77% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5209 18.31% 8.92% n.a.

10.31% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5728 -6.38% -4.25% -2.51% 0.64% ATRAM Philippine Balanced Fund, Inc. -a 2.0583 -10.9% -4.73% -1.01% -5.63% First Metro Save and Learn Balanced Fund Inc. -a 2.403 -9.33% -3.37% -1.51% -8.68% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1835 n.a. n.a. n.a.

-19.69% NCM Mutual Fund of the Phils., Inc. -a 1.8311 -6.33% -1.63% 0.69% -6.65% PAMI Horizon Fund, Inc. -a 3.4842 -8.44% -2.65% -0.49% -8.05% Philam Fund, Inc. -a 15.5162 -8.93% -2.97% -0.66% -8.52% 1.9072 -11.18% -4.2% -0.78% -10.13% Solidaritas Fund, Inc. -a Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2635 -16.2% -5.15% -1.91% -15.53% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.939 -8.08% n.a. n.a.

-7.55% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.837 -17.03% n.a. n.a.

-16% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8098 -19.45% n.a. n.a.

-18.47% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8059 -19.04% -6.22% -2.64% -17.33% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03935 2.26% 3.11% 2.07% 3.01% 1.55% PAMI Asia Balanced Fund, Inc. -b $1.0523 8.38% 4.39% 3.98% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.161 10.92% 6.24% 6.55% 6.4% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1682 5.05% 3.33% n.a.

3.5% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.3 4.17% 3.18% 2.63% 2.89% ATRAM Corporate Bond Fund, Inc. -a 1.95 1.99% 1.15% 0% 2.52% Cocolife Fixed Income Fund, Inc. -a 3.1989 4.01% 4.92% 5.06% 2.6% Ekklesia Mutual Fund Inc. -a 2.3116 4.15% 3.06% 2.39% 3.97% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4602 4.73% 3.59% 2% 4.29% Philam Bond Fund, Inc. -a 4.7058 4.82% 2.87% 7.61% 8.76% Philam Managed Income Fund, Inc. -a,6 1.3119 5.9% 4.41% 2.48% 4.39% Philequity Peso Bond Fund, Inc. -a 3.9617 5.82% 4.32% 2.53% 4.58% Soldivo Bond Fund, Inc. -a 1.0439 9.37% 3.9% 2.04% 8.25% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1955 5.4% 5.06% 2.92% 3.9% Sun Life Prosperity GS Fund, Inc. -a

1.7553 4.39% 4.42% 2.46% 3.19% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.75 3.44% 2.59% 2.89% 2.22% ALFM Euro Bond Fund, Inc. -a Є217.16 -1.31% 0.73% 1.13% -1.2% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2425 3.97% 3.15% 2.83% 2.92% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 1.96% 1.75% 2.71% PAMI Global Bond Fund, Inc -b $1.0925 -1.1% 0.31% 0.02% -0.1% Philam Dollar Bond Fund, Inc. -a $2.5103 3.99% 3.85% 3.54% 4.44% Philequity Dollar Income Fund Inc. -a $0.0610261 1.58% 2.08% 2.05% 1.2% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2344 1.92% 2.24% 2.74% 1.86% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.84 3.53% 3.29% 2.5% 2.39% First Metro Save and Learn Money Market Fund, Inc. -a 1.0441 2.3% n.a. n.a.

1.73% Sun Life Prosperity Money Market Fund, Inc. -a 1.2884 2.94% 3.04% 2.61% 1.85% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0476 1.6% n.a. n.a.

0.9% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0284 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."

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

Thursday, August 27, 2020 B3

Portable, affordable Mouth taping,

PCR test now in PHL

A

By Claudeth Mocon-Ciriaco

Filipino company has brought in a point-of-care testing system that aims to make Covid-19 tests affordable and, more important, portable.

Don Paolo San Jose, the managing director of MOHS Analytics Inc., said the Shineway Marcus PCR Analyzer, a portable RT-PCR test, aims to bring Covid-19 testing capability closer to those who need to be tested and to complement laboratory based RT-PCR testing.

MOHS Analytics Inc., is the Philippine distributor of the system.

“Being truly portable, just the size of a carry-on bag, the Shineway Marcus PCR Analyzer brings testing to where it is most needed, for example barangay hot spots, work places with a large number of employees, border controls or transportation hubs,” said San Jose.

“It’s not even heavy for it weighs just like the oven toaster.”

Point-of-care test

San Jose said this new test will no longer hurt the pockets of Filipinos who need to return to work because the company’s goal is to make the test “as cheap as possible for Filipinos. ” “It’s not going to be affordable. It’s going to be very affordable,” he said.

The Department of Health (DOH) has mandated that testing of Filipino workers should be done regularly as “testing negative does not guarantee immunity, and people should remain cautious even after being screened” as “his one test does not mean we are immune for life.”

“We work in that spirit of entrepreneurship... What we want to do is go

back to the real normal and mot to make money out of the hardship or burden of the people,” he stressed.

The need for point-of-care-testing was made more urgent by the requirement of the Department of Labor and Employment (DOLE) for workers in the hospitality and tourism sectors, manufacturing companies, including frontline and economic priority employees to undergo regular RT-PCR test to prevent the spread of Covid-19 in the workplace.

Tourism industry

Those working in the tourism industry in popular destinations like El Nido, Boracay, Coron and Panglao will need to be tested every four weeks. Manufacturing employees in economic zones. on the other hand, need to be tested every quarter. The tests should be done at no cost to the workers.

The Shineway Marcus PCR Analyzer provides real time results with the 99 percent accuracy of the RT-PCR, the gold standard of Covid-19 testing.

“It was designed for off-site testing and gives accurate PCR results in just 45 minutes. It is like bringing the laboratory to the frontline where it is needed and it helps reduce the backlogs in the laboratories,” San Jose said.

He, however, clarified that the portable PCR is not meant to replace the RT-PCR in laboratories but to “complement” and boost the expanded testing

of the government.

By bringing the test closer to the targeted population, current delays in releasing results will be minimized.

With results available in real time, those who test positive can be quarantined immediately, thus stopping further infection. Real time results will also make contact tracing more effective.

Positivity rate

According to official DOH data, during the week from August 9 to 15, the positivity rate or the percentage of Covid-19 tests that came out positive compared to the number of total tests taken was 13.3 percent.

This rate is way higher than the five percent standard of the World Health Organization.

The high positivity rate shows the need for more testing, even as the country has already increased the number of tests it is performing to around 30,000 a day, the highest daily number of tests in Southeast Asia. Currently, the Philippines has done a total of 2.1 million tests, higher than second placer Indonesia with 1.9 million and third-ranked Singapore with 1.6 million tests.

The increased number of tests is in line with the government’s National Action Plan Phase II which mandates targeted expanded testing. Targeted expanded testing means further increasing the number of licensed laboratories, currently numbering 108, but also bringing testing capability closer to those targeted for testing.

45 minutes result

“The Shineway Portable PCR was designed for Point-of-Care-Testing and doesn’t require a laboratory,” according to Yaying Hong, VP for sales and marketing of Shenzen Shineway Tech-

nology Corporation, the manufacturer of the system.

The point-of-care PCR system tests the swabs where they are collected, eliminating the need to transport and process live viruses, thereby enhancing safety.

Moreover, the viruses in the swabs are chemically inactivated in the VTM or Viral Transport Medium prior to processing, further enhancing the safety of the process.

By not requiring a laboratory, total setup and machine investment cost for the Shineway Marcus Analyzer will be significantly lower than a regular PCR lab. The system uses a technology proven since 2017, and has obtained various certifications, including the CE mark from Europe.

It is currently in use in the US, Italy, Sweden, Norway in Europe, Saudi Arabia, Kuwait, Palestine and Israel in the Middle East, Hong Kong, Malaysia, and Korea in Asia and in Australia.

Border control

San Jose shared that in Europe, authorities provided a tent at the border control where they do the portable PCR test before they allow a person inside the city.

The person will just have to wait for 45 minutes for the result.

A clinical study was conducted for an eight- hour shift, a total of 342 tests were conducted.

In Italy, for 45 minutes a total of 54 tests were done while in UK 27 tests.

San Jose stressed that the system is tailor-made “because you cannot test more than what you can do.”

The Food and Drug Administration has already given its approval for the Shineway Marcus PCR Analyzer while the company is currently complying with all the requirements of the Research Institute for Tropical Medicine.

nose breathing for better sleep

W

hile we are forced to adapt to a “new normal” due to the pandemic, how do we take care of our body? We take care of our body by eating the right food, exercise, and getting the right amount of sleep.

But how can we sleep soundly with all the uncertainties leaving us stressed and having anxiety attacks while we are facing a new challenge in life?

In a video shared as a resource link in a recent webinar, Dr. Mark Burhenne, DDS, shared the that the secret to better sleep is to practice “Mouth Taping.”

“A lot of us can’t sleep well because we are breathing with our mouth. Mouth taping could help that,” Dr. Burhenne said adding that the mouth is for eating while the nose is for breathing. “Nose breathing is our natural way of breathing.”

Challenging

He admitted though that mouth taping it is a little bit of a struggle but “it gets easy over time.” By training the body to breathe through your nose, the flow of blood in the body and in the brain improves, he revealed.

This method, Dr. Burhenne said, could also be a replacement for asthma medication, decongestants, ADHD (Attention Deficit-hyperactivity Disorder) medications, and even CPAP (Continuous Positive Airway Pressure) machines.

Stress may also be a reason why we are breathing through the mouth, he said, adding that low-grade inflammation, chemical irritants, and mild allergies often result in chronic plugged noses resulting in the habit of mouth breathing to get the air in.

“If you breathe through your mouth, you are going to adapt and turn into a structurally, physiologically a different kind of person,” he said.

Prayer

During the webinar, Dr. Renan Acosta, a graduate of Doctor of Medicine at the University of the East Ramon Magsaysay Memorial Medical Center who specializes in neurosurgery in the same institution, stressed the need to meditate amid the pandemic.

When asked if prayer may count as a form of meditation, Dr. Acosta answered, “ It depends...”

“There are two kinds of prayers: the rosary and the other one is when we focus on things,” Dr. Acosta said.

Praying using a rosary is a form of chanting and it changes the person’s brain waves while the other type is praying for what the person wants to have in life.

“Things that we are hoping for, things that we want to happen. When this happens we are accessing the different part of the brain, “ he said.

Although sometimes, he said, when a person prays, he focuses on the stress again.

“So make sure that the thoughts are positive- like ‘I am well,’ ‘I am loved,‘ that is how I pray. We all have special relationship with our creator,” he said adding that when praying there is a milieu of peace.

“Our mindset is a chemistry. It is a mixture of neurotransmitters. It is like a soup, a chemical soup inside our brain like happiness, it is a certain chemistry. Stress is a different kind of chemistry,” he said as he emphasized that a person should be positive while praying.

“It trickles down to your body. Your mind becomes positive. Your emotions become positive your body becomes positive. Your energy becomes positive,” he concluded.

Claudeth Mocon-Ciriaco

New antivirus strategies needed to dance with Covid-19

E

By Roderick L. Abad

XPERTS believe that the country should learn to dance with the Covid-19 pandemic as it might be the only feasible approach to protect the lives of millions of Filipinos, to restore their livelihood and to revitalize the economy.

“The sacrifices made during the MECQ [modified enhanced community quarantine] should not be in vain. There is no more national or local, we are all in this together. If we can all collaborate, we can beat Covid-19,” Department of Health (DOH) Undersecretary Rosette Vergeire said in a recent virtual business forum dubbed “Can the Philippines Dance with Covid-19?”

The DOH, according to her, is “leading this response” by collaborating with the medical communities on increasing contact and recovery efforts at the barangay level during the MECQ. “We will not wait for patients to go to us; we will go to them. [We will] check for symptoms, and if there are exposed people, do the necessary interventions. Eventually once we sustain this, the LGUs [local government units] will be

more empowered,” she said.

Collaboration is critical

Secretary Vince Dizon, National Action Plan Against Covid-19 deputy chief implementer and testing czar, pointed out that collaboration is critical to achieve more results.

As the number of cases continue to rise, he said the government has fast-tracked its response by improving testing capacity as the number of labs have increased from one to 96 in four months, doing 35,000 tests today from 500 tests a day in March.

“We are pushing to do more tests. We are [now] one of the countries who test the most in Asia and far outpacing the other countries in [the region],” he boasted.

Former DOH Secretary Dr. Manuel Dayrit added the importance of building capacity in various aspects throughout the entire medical supply chain, including testing, laboratories. isolation, contact tracing, and hospital beds.

“We need to invest in and modernize our health system because we will face similar medical

challenges in the future. Many of these facilities have been neglected over time. Now we’re trying to get them to perform at a level to fight this virus.

This is a chance to rise to the occasion,” he said.

Accurate communication

University of the Philippines College of Public Health (UPCPH) Dean Dr. Vicente Belizario emphasized that accurate communication with the public is needed “to lower the risk of Covid-19 to low, low levels so it doesn’t pose a risk to a significant number of the population and to public areas.” He added that it is best complemented with the use of data to track Covid-19’s status.

Filinvest Development Corp. Chief Executive Officer Josephine Gotianun-Yap agreed with him, citing that her company used the StaySafe app for “daily health reporting and app-based contact tracing. It’s important for us to have a data system to track Covid-19.”

For Lars Wittig, European Chamber of Commerce of the Philippines (ECCP) vice president and country manager of Regus and Spaces, containing the virulent disease boils down to “a matter of ex-

ecution and with the significant contribution of the private enterprise. We have [also] surpassed other countries in testing.”

Amor Maclang, chairman of the ECCP’s Innovation Committee and communications technical advisor to the DOH, mentioned how the return of MECQ illuminated the constant challenge posed by the disease. She said: “We have to learn to live with Covid-19 possibly for a long while. If we need a little rest from the fight, then let’s take this time to learn how to dance. We have to recalibrate our actions and improve what we are already doing to keep ourselves and our loved ones safe.”

Meanwhile, Angkas Chief Transport Advocate George Royeca reiterated the importance of individual responsibility to foster collaboration, saying that “there are gaps in the implementation, but it has to start with ourselves. When we go out, we wear masks, do social distancing, etc.”

“The public needs to know they have a big responsibility. The private sector needs to know our role. Let’s use this virus not to be divisive but to unify us. Covid-19 doesn’t care about differences so let’s work together and try to solve it,” he stressed.

Don’t delay cervical cancer screening, says D.O.H.

D

o not let the fear of contracting the Covid-19 virus and financial constraints prevent you from seeking medical help for your pressing health concerns, the Department of Health (DOH) said.

Citing Jo’s Cervical Cancer Trust, the United Kingdom’s leading cervical charity, the DOH said that of the 851 women surveyed between May 29 and June 9, 25 percent were worried about the risk of contracting Covid-19 if they went to a cervical cancer screening appointment.

In the Philippines, cervical cancer is the second most common type of cancer among women between 15 and 44 years of age. To defer essential screening and preemptive health actions in highburden settings is not advisable, the DOH said.

“It may lead to an increase in the number of new cases and mortalities among women by an otherwise preventable and treatable cancer,” the DOH added.

HPV-free future

HPV stands for human papillomavirus. Genital HPV is a very common sexually transmitted infection which usually causes no symptoms and goes away by itself. It can, however, sometimes cause seri-

ous illness. At least 14 types of HPV have been found to be cancer-causing. These HPV-related cancers and diseases are cervical cancer, vaginal and vulvar cancers, penile cancer, anal cancer, oropharyngeal cancer, and genital warts.

The incidence of cervical cancer among Asia Oceania countries varies from the lowest in Australia with an age standardized rate (ASR) of 4.9 per 100,000 women to the higher ranges of 27 and 27.4 in India and Cambodia, respectively, to 28 in Mongolia, and 32 per 100,000 women in Nepal.

According to the 2015 Philippine Cancer Facts and Estimates, there is an annual age standardized incidence of cervical cancer of 16/100,000 and mortality rate of 7.5 per 100,000.

HPV-related cancers such as cervical cancer can be prevented and treated if detected at its early stages. The pre-cancerous stage provides ample window for detection and treatment, and it could take as long as 30 years before it reaches malignancy.

Preventable cancer

However, it is one of the most common types of cancer and common cause of cancer-related deaths worldwide, affecting mostly young, un-

educated women from poor countries.

Hence, this year’s 9th HPV Summit, slated on August 26, led by the Cervical Cancer Prevention Network of the Philippines (CECAP) in partnership with the Asia and Oceania Federation of Obstetrics and Gynaecology (AOFOG), Philippine Obstetrical and Gynecological Society (POGS), and the DOH aims to highlight the importance of continuously pursuing the global strategy to eliminate cervical cancer despite the current coronavirus pandemic. The momentum gained from previous efforts must be maintained to achieve the DOH’s vision for a cervical cancer-free Philippines by 2040.

The purpose of the HPV Summit is to provide an overview of the current situation of HPVrelated cancers and diseases and its control and prevention in various Asia Oceania countries: their views of an ideal program, identified obstacles, and suggestions to overcome them are discussed.

Dubbed “HPV-Free LEAD,” the Summit is composed of four virtual sessions which will delve into the following themes: Leveraging on Asia Oceania commitment for cervical cancer elimination; Empowered by Science: Innovative ways towards HPV-free Asia Oceania; Advancing health-care policy for HPV-free Asia Oceania; and Directing

concerted actions towards and HPV-free Asia Oceania and Cervical Cancer.

Treatment

To achieve the goal of less than four cases per 100,00 women by 2040, a holistic approach is vital and this includes HPV vaccination, screening and treatment of pre-invasive disease, treatment of invasive cervical cancer, and symptom management and palliative care.

Vaccination is still considered one of the most optimal strategies in guarding against HPV. Regular screening is also highly recommended to detect pre-cancerous lesions caused by the types of HPV not covered by present vaccination and also to protect unvaccinated women from areas where coverage is low. This includes pap smear or visual inspection with acetic acid, and treatments for pre-cancerous lesions and cervical cancer in a single-visit approach (SVA).

In 2018, the World Health Organization (WHO) made a global call for action on cervical cancer elimination. A draft global strategy was created which outlined a list of targets by 2030 and anchored on the three main pillars of prevention, screening, and treatment. Claudeth Mocon-Ciriaco

The Medical City Clark’s Sleep Laboratory

Tips for a restful night even during a pandemic

F

or many people, the experience of being under enhanced community quarantine brought about by the Covid-19 pandemic was very stressful. The stress made people more anxious and sleepless even if they had more time on their hands to sleep and rest. In short, the pandemic has apparently made people sleep less and stress more.

According to the National Sleep Foundation, the leading expert in sleep science and health in the United Sates, the pandemic has disrupted our daily lives and because of this people find it hard to adjust to a new daily schedule or the lack of one. Additionally, people tend to oversleep and this usually leaves them groggy, short tempered and unfocused throughout the day.

The foundation points out that it is important to get enough quality sleep because it helps strengthen the immune system, heightens brain function, enhances your mood and improves mental health. Here are some tips on how to sleep well during these trying times:

n Set a schedule and routine.

Establishing a routine will help bring about a sense of normalcy. This can be achieved by sleeping and waking up at the same time every day. Other activities that can be done to establish normalcy is to shower and get dressed even if you are not going out, eating meals at the same time each day and blocking off specific time periods for work and exercise.

n Reserve your bed for sleep. If the pandemic has forced you to work from home, choose to do it in the living room or in any part of your house except your bed. Sleep experts emphasize the importance of creating an association in your mind between your bed and sleep.

n Spend time outdoors. Exposure to light plays a crucial role in helping our bodies regulate sleep in a healthy way. Spend some time outside and you will experience a better sleeping pattern. As much as possible, avoid using your electronic devices before you sleep as this will interfere with your body’s natural sleep promoting processes. n Be careful with naps. With more free time in your hands, you will be tempted to have more naps. While a short power nap early in the afternoon can be useful to some people, it’s best to avoid long naps or naps later in the day as this will hinder night time sleep. n Stay active. Make time to take a walk outside while observing social distancing. Or you can exercise at home with help of online sites.

If however, you are still having problems sleeping even after following these tips, it might be time for you to consult a doctor.

The Medical City Clark (TMC Clark) has a sleep unit that is manned by ENT and neurology specialists who can assess whether you have a sleeping disorder.

TMC Clark launched its Sleep Laboratory, in partnership with Sleep Scienzzz Sleep Analytics and Solutions that would help in the diagnosis of sleep disorders. A Polysomnography (sleep test) records your night time sleep patterns. Polysomnography is occasionally done during the day to accommodate shift workers who habitually sleep during the day.

In addition to helping diagnose sleep disorders, Polysomnography may be used to help adjust your treatment plan if you have already been diagnosed with a sleep disorder.

For more information about the sleep test and other services being offered by The Medical City Clark, you can visit www.themedicalcityclark.com or call 0917-8363704.

A4 B4 Thursday, August 27, 2020 • Editor: Vittorio V. Vitug

News

BusinessMirror

www.businessmirror.com.ph

Military dismisses IS’s claim on Sulu blasts as ‘propaganda’

T

By Rene Acosta

@reneacostaBM

HE Arab-based Islamic State has claimed responsibility for the twin suicide bombings in Jolo, Sulu, on Monday, a pronouncement dismissed by the military as mere “propaganda.”

“It is only a propaganda...to become famous. That is part of their strategy, to claim whatever it is,” said Brig. Gen. William Gonzales, commander of the Sulu-based 11th Infantry Division.

Army chief Lt. General Cirilito Sobejana said the suicide bombings

in Jolo that killed 15 people, including eight soldiers and wounded 74 others, 48 of whom are civilians, were carried out by two women whom he identified as alias Nanah and Indanay.

Sobejana said Nanah was the wife of Norman Lasuca, the ASG member

radicalized by the IS who carried out the suicide bombing on the headquarters of the Army’s 1st Brigade Combat Team in Indanan, Sulu, in July last year.

On the other hand, Indanay was the wife of Abu Talha, who died in November last year during a firefight with Army Scout Rangers, also in Sulu.

Sobejana said Nanah was from Basilan, while Indanay was from Sulu but later relocated to Tawi-Tawi.

The twin attacks, which occurred near and within the thickly populated plaza of Jolo at Barangay Walled City, were claimed by the IS, according to US-based SITE Intelligence.

The group, which had been monitoring pronouncements from the IS, reported that IS-Southeast Asia Province was responsible for

the attacks.

Gonzales said the suicide bombings were carried out by the ASG although he acknowledged that the local terrorist group has linked itself to the IS. The ASG, notably the faction of Commander Isnilon Hapilon figured prominently in the attack of Marawi City in 2017 by the IS. Hapilon died during the siege as the head of the IS in Southeast Asia.

Armed Forces Chief of Staff Lt. Gilbert Gapay condemned the twin attacks and vowed to “exact justice on the perpetrators.”

“No sensible religion or ideology would ever endorse these hapless attacks,” he said.

“The Abu Sayyaf Group will not deter...or shake our resolve to bring an end to their violence. Our troops on the ground continue to be on

high alert to deter similar attacks.

Combat and intelligence operations were also ramped up to pursue those responsible,” Gapay said.

In Eastern Mindanao, Lt. Gen Jose Faustino Jr. has directed the commanders of line units to ramp up their security operations to prevent the possible spillover of the incident in different areas within his operational jurisdiction.

“The command is also working closely with its adjacent military units and law-enforcement agencies, especially with the Philippine National Police to stay on top of the situation to ensure the maximum safety of the public,” he said.

The Jolo bombing incident, meanwhile, has prompted the Department of Transportation (DOTr) to enforce tighter security measures at all key transportation facilities

and installations that include ports, airports, terminals, including the riding public.

Transportation Secretary Arthur Tugade instructed the Office of Transportation Security to implement varying security levels across the country, which are:

Security Condition 2 in all airports in Metro Manila, Luzon, Visayas and Mindanao;

Security Level 1, with enhanced security in all seaports in Metro Manila, Luzon, the Visayas and Mindanao; and

Security Level 1, with enhanced security in all land mass transportation facilities in Metro Manila, Luzon, the Visayas and Mindanao.

OTS, for its part, encouraged all transport agencies to enhance security/target-hardening measures.

With Recto Mercene

Retired generals’ group opposes revgov proposal

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GROUP composed of retired senior police and military officials are opposing a proposal for a revolutionary government being pushed by die-hard supporters of President Duterte, even as National Police chief General Archie Gamboa ordered the Criminal Investigation and Detection Group (CIDG) to investigate those behind the movement to change the current form of government.

The Advocates for National Interest (ANI), whose members include former chiefs of the Philippine National Police (PNP), the Armed Forces of the Philippines (AFP) and the Philippine Navy, said the country must “remain united under one flag, one Constitution.”

“We oppose any initiative from any sector that will undermine the Constitution of the Philippines,” the group said in a statement issued on Wednesday through former Magdalo Rep. Ashley Acedillo.

“We are against the establishment of a revolutionary form of government because it is baseless, illegal and will only add to the suffering of our people,” the group said, whose members include former AFP chiefs of Staff Rodolfo Biazon, Renato de Villa, Eduardo Oban, Alexander Yano, Emmanuel Bautista and Victor Ibrado, former PNP chief Recaredo Sarmiento and former Navy chief Vice Admiral Emilio Marayag.

“It seeks to bring about major changes in the institutions of our country, including the legislative and the judiciary through authoritarian undemocratic means. It will produce bigger problems than what it tries to solve,” the group added.

The retired police and military officials said the country does not need the revolutionary government that is being moved by the Mayor Rodrigo Roa Duterte-National Executive Coordinating Committee (MRRDNECC), especially now that Filipinos are in the middle of crises borne by the pandemic, corruption and security.

“We deeply sympathize with our people for the suffering and the damage to the national

economy brought about by the coronavirus pandemic. This challenging situation is exacerbated by the government’s struggle to battle corruption, to preserve our national security, and contain other ills that face our countrymen,” they said.

Among the other members of ANI are former Ambassador Ramon Farolan, and former Rep. Plaridel Abaya and a number of retired military officials that include Maj. Gen. Melchor Rosales, Commodore Plaridel Garcia, Col. Niceto Festin, Renato Valencia, Col. Guillermo Cunanan, Col. Mariano Santiago, Lt. Gen. Edilberto Adan, Col. Alejandro Flores and Brig. Gen. Eliseo Rio. Gamboa issued his order against the officials and members of the MRRD-NECC following the latter’s call for a revolutionary government, with Duterte still as its head.

Over the weekend, hundreds of the group’s members gathered at Clark in Angeles, Pampanga, where they signed a manifesto calling for a change in government, prompting Gamboa to declare that the PNP is closely monitoring the proponents behind the movement.

The PNP chief cried foul over the move of the group in extending an invitation for him to attend its meeting at Clark and later leaked it to the media in order to make it appear that he was part of it.

The same invitation was also extended to AFP Chief of Staff Lt. Gen. Gilbert Gapay and Defense Secretary Delfin Lorenzana, who earlier said that they do not support the group.

“I was informed that letters were sent out to several government agencies inviting us to attend their supposed assembly. The information was then leaked to the media making it appear that we were involved, or worse, that we consented to it,” said Gamboa on Tuesday night.

“Political stunts such as this are ill-timed considering that we are in the midst of fighting the Covid-19 pandemic. I have directed the CIDG to investigate the individuals behind it and to determine if there is any basis to file criminal charges leading to a possible arrest,” he added. Rene Acosta

Catholic group files 30th petition vs ATA

By Joel R. San Juan

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@jrsanjuan1573

CATHOLIC religious group filed on Wednesday the 30th petition before the Supreme Court seeking to declare Republic Act 11479, or the Anti-Terrorism Act of 2020 as unconstitutional.

The Association of Major Religious Superiors in the Philippines (AMRSP) and members of the Catholic laity through their lawyer Rafael Calinisan raised the ground of infringement on the freedom of religious expression in seeking to stop the government from implementing the ATA of 2020.

The AMRSP is the organization of major superiors of religious institutes and societies of apostolic life in the Philippines represented by their Executive Secretary Fr. Angelito Cortez.

The groups argued that the broad and vague definition of terrorism under the law would impede and affect the mission of the Church.

“The Anti-Terrorism Act of 2020 affects not just the members of religious congregations but more importantly, the Christian faithful as it is everyone’s duty to evangelize and do

missionary works. This affects the Church’s fundamental right to free religious expression,” the petition read.

Named respondents in the petition are Executive Secretary Salvador Medialdea, National Security Adviser Hermogenes Esperon, Foreign Affairs Secretary Teodoro Locsin Jr., Defense Secretary Delfin Lorenzana, Interior Secretary Eduardo Año, Finance Secretary Carlos Dominguez, Justice Secretary Menardo Guevarra, Information and Communications Technology Secretary Gregorio Honasan, Anti-Money Laundering Council (AMLC) secretariat Mel Georgie Racela, and Armed Forces of the Philippines Chief of Staff Filemon Santos Jr. The group said that even before the Universal Declaration of Human Rights was signed by the United Nations on December 10, 1948, the Catholic Church has already been supportive of efforts to respect the dignity of the human person.

The AMRSP believes that while there have been acts of violence in the country, peaceful means should be used to address the root causes of violent acts comprehensively.

Parentlife BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Thursday, August 27, 2020

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The organic child: Health or hype?

From one famous ‘House’ to your own WHILE times are uncertain, we never fail to replicate the feeling of home regardless of where we are or what activities we do. Whether we’re capping off the end of the week with a socially distant mini-celebration with colleagues, spending down time with our family, or setting up virtual quiz nights or get-togethers with our closest friends creating warm and comforting moments have become second nature to us.

And as we welcome more of these experiences into our homes, popular food destination Pancake House makes feel-good experiences even more accessible and within reach as its timeless classics, signature promotions and new offerings are all available for delivery at your doorstep. Besides, with the prevailing work-from-home situation and the remote learning for our kids, what parent wouldn’t wish for those occasional breaks from putting together a delicious meal for the family?

Enjoy your favorite comfort food with your friends and family through the restaurant’s Make Your Own Sets (delivery.pancakehouse.com.ph).

Fancy a DIY Taco? Then the Taco Set might be the right fit for you, with each set containing five taco shells with ingredients from taco meat, grated cheddar cheese, fresh romaine lettuce strips, and signature salsa placed in separate containers.

Indulge in signature classics with the House Specials Set with taco, spaghetti with meat sauce and garlic bread, Classic Pan Chicken and juice. This set is available in bundles good for three and five. For new type of comfort that’s still familiar, the Jumbo House Burger Set features big 1/3 lbs juicy beef patty with bacon, cheese, lettuce, pickles, cucumbers, tomato, thousand island dressing, and a toasted bun, available in bundles good for three and four.

The choose any two, an all-time favorite, value-formoney offering is also now available for delivery. For more variety and bang for your back, the promo also comes in choices of three and four.

Families can choose how they want to define comfort and select among six different dishes: chicken tocino, one piece classic pan chicken and spaghetti with garlic bread, classic baked mac, mushroom omelet, pork tocino, and crispy chicken fillet—and top it off with a serving of juice depending on the total number of dishes you ordered.

“While our dine-in operations have resumed, we know our customers are embracing delivery services now more than ever. As such, we’ve developed products and promotions that will help them recreate feel good experiences, from our house into their respective homes,” shares Pancake House Senior Marketing Manager Cherry Hernandez.

The delivery offerings are also available through GrabFood, foodpanda and LalaMove.

PROMIL Organic Mom and Child Ambassadors Andi Manzano-Reyes and Olivia

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N August 13, popular milk supplement brand Promil digitally hosted an informative and interactive event on understanding “organic” in our nutrition.

It started with the basic principle that food is indeed a powerful influence on one’s health and well-being.

They shared an anonymous quote that “every time you are eating a meal, you are either feeding disease or fighting it.” In this era when staying healthy has more than ever become our top priority, how do we keep our overall health in tip-top shape? And for parents, how do we ensure that our children live better lives?

Today, many parents are now embracing the concept of switching to healthier options and advocating organic nutrition for their children’s growth and development. Shifting to an organic lifestyle may sound intimidating for others. But essentially, vegetables or grains are organic if they have no GMO, synthetic pesticides or fertilizers, chemical additives, or sewage sludge. For meat, dairy, poultry and fish to be labeled as organic, there should be no hormones and antibiotics, animal by-products, GMO corn or soil, and poultry must have access to the outdoors, livestock must have access to pasture, and fish are wild caught and not farmed.

Compared to conventional food, there are a few differences between organic and all-natural. In some instances, “all-natural” products may also use artificial fertilizers or pesticides, irradiation, and GMO ingredients. On the other hand, conventional food products may use artificial flavors, colors, preservatives, fertilizer, pesticides, irradiation, and GMO ingredients.

In addition, some food products and their packaging may also contain endocrine disrupting chemicals which can decrease or increase normal hormone levels, mimic the body’s natural hormones, or alter the natural production of hormones when absorbed in the body. Some examples of EDCs in food are pesticides (found in vegetables, grains, and fruits), bisphenol A or BPA (food storage containers), and phthalates (food packaging).

While Dr. Celeste Gomez, from The Medical City Pediatrics and the Institute of Functional Medicine, clarifies that conventional food is still nutritious and isn’t all that bad, the way of food is processed, as well as the presence of pesticide residues and antibioticresistant bacteria growth, add stress on our bodies.

Thus, we need to detox more. How? By choosing whole and organic food every chance we have.

In relation to organic food, whole foods are natural products that are not processed or refined in any way.

Or if they are processed, they need to be able to retain 95 percent of their natural nutrients. They do not need

to be bought in organic options as they are already rich in vitamins and minerals as they are. According to EWG’s 2020 Clean 15, among the examples of whole foods are avocados, sweet corn, pineapple, onions, papaya, cauliflower and broccoli. On the other hand, some examples of plant produce that should be bought from organic sources are strawberries, spinach, kale, nectarines, apples, tomatoes, and potatoes.

“There is no single ‘right diet’ that applies to all of us. We have different genetic backgrounds, different preferences, and different lives. We all want to be healthy, but most of us haven’t figured out just how to make food and dietary patterns serve that goal,” she added.

The world has indeed evolved and we have seen so many changes in everyone’s lifestyles. Along with that change should also be the way we take care of our family’s health, particularly our little ones, through proper nutrition. A smart way to go organic is choosing an organic milk for our children. Luckily, Wyeth Nutrition’s Promil Organic (bit.ly/2CVog3Q)

knows exactly what parents need.

The brand’s new milk supplement variant for kids is made with 100 percent organic milk sourced from certified organic dairy farms, following all the strict standards in manufacturing an organic formula milk, with higher levels of DHA and AA versus previous formulation to help support the development of children over three years old.

“Promil Organic follows strict compliance of the 95 percent processing level and international standards from the IFOAM Organics International. It is also certified organic by the OCCP,” says Associate Marketing Director Maria Carmela Gabunada of Wyeth Nutrition.

It is the only organic formula milk expertly designed with key nutrients DHA, AA, iron, iodine and vitamin B12 to help the child with mental and visual development; vitamins A and C to boost immunity; calcium, vitamins D and K, plus zinc to promote proper growth; and dietary fiber (oligofructose) to improve digestive health. ■

Culinary medicine and the fundamentals of holistic nutrition

BY PAULINE JOY M. GUTIERREZ AS any homemaker will tell you, cooking has long been acknowledged as a foundational approach to healing, and is now even woven into naturopathic medical education as consumers become more open to improving their health through the food they consume.

A Filipino plant-based brand produced by Unilab’s natural products company Synnovate Pharma Corp., Sekaya (www.sekaya.com.ph) seeks to add to this conversation through its Prescribing Nature Series, an online panel discussion on culinary medicine and the importance of natural, nutrient-dense ingredients to holistic nutrition.

“Culinary medicine blends different medical subspecialties in a way to cook healthy and simply without saying that any one diet is the best diet.

What it has is an omnivorous outlook,” explained Dr. John La Puma, internal medicine specialist and co-founder of ChefMD. According to La Puma, the discipline started as new enthusiasm and interest emerged around the relationship of food, eating and cooking to personal health and wellness over the past few years.

“Just like the ‘food-as-medicine’ movement decades ago, nature-based medicine is beginning to emerge as a scientifically proven school of thought and a critical medical intervention that has both immediate and long-term health benefits,” he said.

He further pointed to several academic findings

which prove that robust diets function as preventive medicine.

In particular, the Mediterranean diet, which is rich in healthy fats, whole grains, and vegetables, is linked to a reduced risk of heart disease, neurodegenerative conditions, diabetes, certain cancers, and obesity.

Plant-based diets have also been found to reverse coronary artery disease while low-carbohydrate lifestyles help to eliminate type 2 diabetes in some people. In his paper “What Is Culinary Medicine and What Does It Do,” La Puma even writes that some eating patterns have been found to be as effective than prescription medication for some conditions: “An anti-inflammatory eating pattern helps rheumatoid arthritis, a

ketogenic diet for epilepsy, a Mediterranean eating pattern for cardiovascular disease and advanced colon cancer.”

Furthermore, several foods have been found to be as effective as well: “Legumes for cholesterol lowering; soy nuts for systolic and diastolic hypertension; tree nuts for metabolic syndrome; baked and broiled fish for heart failure; honey and milk for acute cough.”

“Culinary medicine is a way to start actually looking at your food,” said La Puma.

Dr. Oyie Balburias, FPCP, IFMCP, and functional medicine pioneer in the Philippines, agrees, stressing the part holistic nutrition—eating whole foods that do not have added sugars, starches, flavorings, or other manufactured

ingredients—play in the overall health of an individual.

He said, “Being healthy means putting the right fuel in your body. Whole foods act as medicine that protect and heal, and give your immune system a break from toxins and the additives found in processed food.”

An Ayurvedic diet, for example, is based around the principle of maintaining and/or bringing the body back to its natural state if it becomes unbalanced.

Eating holistic or Ayurvedic foods, including ones that are free of sugars and flour, can help keep your elements in balance. Apart from lowering triglycerides, whole foods can also save the cost of managing chronic lifestyle diseases, such as diabetes and obesity. “Every meal you eat influences the way you feel in one way or another, so the more nutritious food you choose, the closer you are to getting to optimum health,” Balburias added.

Sekaya recognizes that adding more natural remedies can help one’s well-being improve in the long run, recently introducing Sekaya Raw Actives, a curated line of nutrient-dense superfoods.

“Sekaya is very proud to bring another line of best-in-class plant-based products to Filipino consumers. The brand works hard to provide high-quality solutions brought on by converging the exacting measures of science and the healing benefits of nature,” said Abi Nepomuceno, director of Synnovate Pharma.

B6 Thursday, August 27, 2020

Empire East is this year’s Asia’s best performing company

Aboitiz Group extends aid for Masbate quake victims

The Aboitiz Foundation immediately turned over food packs (rice, canned goods, noodles, biscuits, coffee and water) to residents of Barangays Matayum, Madamba and Aguada in Cataingan, Masbate who were greatly affected by the recent earthquake

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ILMICO Foods Corporation, the integrated agribusiness and food unit of the Aboitiz Group, together with the Aboitiz Foundation, distributed food relief packs for 230 families in three barangays in Cataingan, Masbate, overcoming logistical challenges in delivering its first batch of much-needed relief to the stricken province.

The relief packs consisted of rice, canned goods, noodles, coffee and water. They were brought by representatives of Pilmico to the evacuation centers in Barangays Matayum, Madamba and Aguada, Cataingan -- the first in a series of donations and support for these communities. These coastal barangays, however, are isolated areas and can only be reached by sea transport.

Despite the difficulties in reaching the area, Aboitiz volunteers immediately heeded the local government unit’s appeal for donations to address the immediate needs of its residents.

“Rebuilding after an earthquake is

not an easy task. Nevertheless, we hope that these initial and future assistance will benefit and aid Masbate’s affected residents as they begin on the road to recovery," said Maribeth L. Marasigan, Aboitiz Foundation President and Chief Operating Officer.

Pilmico, fueled by its vision of feeding humanity, worked with the Aboitiz Foundation in mobilizing the food assistance to the affected families.

"We recognize the difficulty that our Filipino brothers and sisters in Masbate are experiencing right now, especially to go through this calamity in the middle of the pandemic. During this difficult time, the modern day bayanihan is paramount. We want to let our stakeholders know that amid the challenges we currently face, Pilmico will continue to be your Partner for Growth, as we move forward and build on our promise of advancing business and communities," said Joeben Gamatero, II, Pilmico Vice President for Brand and Marketing, and

head of the company’s Corporate Social Responsibility (CSR) group.

Cataingan, Masbate’s top local executive expressed deep appreciation for the generous help they received from Pilmico and the Aboitiz Foundation.

“Our utmost gratitude for the speedy assistance that your team has aided us in these trying times and mishap that our beloved Cataingan has suffered.

Through your efforts, on August 22 at least 230 households in our three coastal barangays have been graced not only with their immediate necessities, but a ray of hope as well,” Cataingan, Masbate Mayor Felipe Cabataña said.

Last August 18, a 6.6-magnitude earthquake shook Masbate province and the surrounding areas damaging homes, public structures, and properties.

According to the National Disaster Risk Reduction and Management Council (NDRRMC) update last August 24, 2020, the Office of Civil Defense reported damage to Masbate roads, bridges, schools and government infrastructure reaching almost P27 million. The docking area of Cataingan port and municipal public market were also affected.

The Aboitiz Foundation conducts community and school-based disaster risk reduction training sessions to help its host communities prepare for and respond to disasters. Moreover, it helps with post-calamity livelihood recovery projects and plans to extend livelihood assistance to Cataingan after the relief activities.

In addition to disaster risk reduction and response efforts, the Aboitiz Group has also been heeding the call to help amid the ongoing COVID-19 pandemic.

To date, the Aboitiz Group has contributed over P2.2 billion for its COVID-19 response efforts nationwide.

This excludes various payments waived, reduced, extended, or restructured to help its customers cope with the impact of COVID-19.

PEVS announces virtual conference on September 24-26

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VIRTUAL pre-event Press Conference was recently held for the 8th Philippine Electric Vehicle Summit (PEVS) themed: “Moving Forward to an Electrified Mobility in the New Normal”.

Joining the virtual presscon were the EV Summit Steering Committee members composed of the Electric Vehicle Association of the Philippines (EVAP) and Manila Electric Company and event sponsors Mitsubishi Motors Philippines and Nissan Philippines. Also present were representatives from the Department of Energy, Department of Trade and Industry and the Department of Transportation (DoTr). The event was moderated by Dr. Jose Bienvenido Manuel M. Biona, EVAP Executive Director.

The 8th PEVS is a groundbreaking three (3) day virtual conference scheduled on September 24-26, 2020 focusing on electric vehicle adoption and the challenges and opportunities brought about by the COVID-19 pandemic on both the supply and demand side of the EV market. EVAP has partnered with Olern, a leading training and consulting company specializing in eLearning platforms, in staging the event.

“EV prospects continue to be bright despite the pandemic. According to International Energy Agency forecast, global sales will rise 6% this year to 2.3 million vehicles before exploding to 45 million by 2030,” EVAP president Edmund Araga said.

Araga further cited the IEA report which states that: “How the current crisis

affects the pace of the electromobility shift in the longer term will hinge critically on the public policy response.”

He said that the EV industry players in the Philippines are eagerly looking forward to the immediate passage of the Electric Vehicles and Charging Stations Act to further promote and adopt electric vehicles (EV) in the country.

The measure seeks to require private and public buildings and establishments to have dedicated parking slots with charging stations, installed by charging station service providers, and for gasoline stations to have a dedicated space for charging stations as well.

It also mandates large industrial and commercial companies, public transport operators, and government agencies and instrumentalities to adopt a minimum 5% share electric vehicles (EVs) within their respective fleets.

The Electric Vehicles and Charging Stations Act is among the legislative priorities of both the Senate and House Committees on Energy.

“As we recover safely from this pandemic and reopen our businesses, along the way, the crisis is shedding light on questions and concerns about mobility, road infrastructure, and urban transport. Our collective overdependence on fossil fuels has been a major challenge to carving out more public policy space for transportation options and ultimately to improving and cleaning up our urban air. But now, as we have all been forced to change our behaviors so radically, we have a distinctive opportunity to adopt new

behaviors as we slowly get back to what will hopefully be a better normal,” Meralco Vice President and Chief Sustainability Officer Raymond Ravelo said.

The 8th PEVS aims to bring together stakeholders across the EV value chain as well as policymakers, regulators, academe, consultants, transport companies, utilities and end users to exchange and share their experiences and research results on all aspects of electric vehicles and supporting infrastructure. It also provides an online platform to present and discuss the most recent innovations, trends, and concerns as well as practical challenges encountered and solutions adopted in the area of electrified mobility.

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EADING real estate developer Empire East is dubbed at the 7th Asia Corporate Excellence and Sustainability (ACES) Awards 2020 as Asia’s Best Performing Company, sweeping two annual consecutive wins from the renowned accolade-giving event organized by the MORS Group.

In 2019, Empire East delivered PHP4 billion worth of booked sales, cementing its excellent financial performance. The company also completed 2,180 homes in the same year, welcoming more homeowners into the Empire East communities.

Solidifying its place as a top developer in Asia, Empire East has closed approximately 2.4 billion in reservation sales during the quarantine period alone amidst the COVID-19 global pandemic.

“Empire East is committed to providing our stakeholders with only the best quality

of services. All these awards and recognitions are proof of our steadfast commitment to improve our service to all our homeowners,” shared Empire East President and CEO Atty.

Anthony Charlemagne Yu. In the previous year, Atty. Yu was recognized as one of the Outstanding Leaders in Asia, proving his leadership’s great contribution to the continuous growth of the company.

Philippine Philharmonic Orchestra’s Instrument Petting Zoo, Hercules Santiago go FB Live

Hercules Mauricio Santiago

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HE Philippine Philharmonic Orchestra’s Instrument Petting Zoo continues with its live online program as it features flutist Hercules Mauricio Santiago on Sunday, August 30, at 4pm via the PPO Facebook page.

Hercules will talk about the flute and demonstrate how it is played in the instrument petting zoo session. He will also perform classical pieces suited for the said instrument.

Santiago studied in the University of the Philippines College of Music, Major in Flute, under the tutelage of Prof. Eric Barcelo. He was also a student

of international flutist David Jerome Johnson. He won 1st Place Soloist in the Balik Banda Provincial and Regional level in 1990, in the National Music Competitions for Young Artists as 1st runner-up Flute Category C in 1995.

He was the Principal Flutist of the Manila Youth Symphony Orchestra, U.P. Chamber Orchestra and Manila Symphony Orchestra. He was a member of San Miguel Philharmonic Orchestra, Syrinx Flute Quartet, U.P. Woodwind Quintet and Clarion Flute Quartet.

Hercules had been a faculty member as Flute Instructor in the U.P College of Music Extension Program in Diliman, Quezon City and St. Scholastica’s College School of Music in Manila.

Hercules is an active member and conductor of two famous marching bands in Pampanga: Ocampo’s Band 46 of Betis and Band 31 of Sasmuan.

In October 2011, Santiago was officially appointed as the Principal Flutist of the Philippine Philharmonic Orchestra.

A project of the Cultural Center of the Philippines and the Philippine Philharmonic Orchestra, the instrument petting zoo aims to promote appreciation for musical instruments of the orchestra and its music among children and families. It is held every Sunday at 4pm, and runs for several months.

Catch the Musical Instruments Appreciation Series on the official PPO Facebook page.

Your Daily Boost: Kick-Start Coffee set for re-launch

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ET ready 2020: Kick-Start Coffee is hitting shelves with a refreshed look and new packaging for their three signature blends! The launch introduces subtle changes that focuses on the positive impact coffee has on drinkers at home, reflecting the need among Filipinos to focus on sustainable partners in a time of constant adversity. Kick-Start Coffee is the partner you can count on for your daily boost!

“The launch of the new Kick-Start Coffee symbolizes the evolution of the brand and an entrepreneurial journey milestone,” shares Mike Asuncion, founder of Kick-Start Coffee and President of Silca Coffee Roasting Company, Inc. “We hired a firm from San Francisco to preserve the essence of the original design, while modernizing it with a global appeal to prepare Kick-Start Coffee for new markets abroad.”

Kick-Start Coffee was launched in 2010. The brand was developed with the working adult in mind, to give them the energy they need to get through the day; whether it’s a fresh cup of coffee in the morning, or a latenight conversation that forges new connections. Kick-Start Coffee is more than just a product or a beverage. It is a catalyst for inspiring people who want to start something with the potential to change the world.

“The success story of Kick-Start Coffee can serve as inspiration to Filipinos who are currently evaluating how to pivot in the new normal,” says Asuncion.

Kick-Start Coffee is the brainchild of Mike Asuncion, President of Silca Coffee Roasting Company, Inc. His parents, Enrile and Evelyn Poblete Asuncion, have been in the coffee industry since 1977. With over forty years of experience in the industry, Silca Coffee is now one of the leading coffee roasters in the Philippines.

Kick-Start Coffee’s collection of signature blends arrives in stores this month with new packaging and designs. The understated elegance of these designs symbolizes the Philippine flag, with positive messages that reflect the brand’s resiliency and dedication to better, positive days. Additionally, the new packaging boasts stronger bodies and resealable tin ties to ensure your coffee remains fresh between servings.

It can be incredibly difficult to stay focused, productive, and positive during these trying times. The daily boost we experience from a cup of coffee is the best solution against the lack of motivation we feel every day.

Start your morning right with a hot cup of Kick-Start Coffee to ease you into a focused and productive day, or enjoy a freshly-brewed glass of iced coffee right before your work out. A cup of coffee is all we need to lift us to a world where everything is possible. Kick-Start Coffee is available in all leading supermarkets nationwide!

For more information and regular updates, follow Kick-Start Coffee on Facebook and IG@KickStartCoffee #KickstartYourDay #DailyBoost.

Envoys&Expats BusinessMirror

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PHL shares cross-pillar linkage success in Asean workshop

Thursday, August 27, 2020

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SFA, NZ diplomat discuss defense, regional devts

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HE Asean’s Committee of Permanent Representatives (CPR) and its secretariat hosted the online Workshop on Promoting CrossPillar Coordination which discussed measures on enhancing cross-pillar cooperation.

ASEAN-Philippines Executive Director Marian Jocelyn Tirol-Ignacio (right) led the country’s delegation to the Workshop on Promoting Cross-Pillar Coordination. DFA

Said workshop on August 13 addressed the increasing multiplicity and growing complexity of crosspillar issues at the regional level requiring increasingly harmonized and effective action among Asean’s three community pillars. Officials of the latter and the Asean Secretariat presented the emergence of cross-pillar issues and highlighted the accomplishments of the CPR in facilitating a consolidated regional response to them. Measures recommended at the workshop included the identification of the most critical cross-pillar issues to be prioritized in implementing the Asean Community Vision 2025, as well as strengthening

enhancement of existing coordination mechanisms within the region.

The country shared its experience in promoting cross-pillar coordination at the national level through the Asean Matters Technical Board which meets regularly to set and align national priorities with those of the bloc’s, while determining relevant committees and bodies that will discuss progress in these priorities.

Asean-Philippines Executive Director Marian Jocelyn Tirol-Ignacio led the country’s delegation composed of the Philippines’s Permanent Representative to Asean Ambassador Noel Eugene Eusebio M. Servigon, as well as officials from the Department of Trade and

the coordination, communication and responsive actions on crosspillar issues across sectoral bodies and among Asean member-states.

The workshop also looked into case studies and lessons learned from Asean’s cross-pillar cooperation in matters pertaining to the Fourth Industrial Revolution and on transboundary haze.

For its part, the Philippines emphasized a responsive, strategic and holistic approach, shared its successful practice of cross-pillar coordination at the national level, as well as advocated a balance between the creation of ad-hoc cross-pillar and cross-sectoral committees and role

Industry and the Department of Social Welfare and Development.

Representatives from the Department of Science and Technology, Technical Education and Skills Development Authority, Philippine Center on Transnational Crime and National Youth Commission also tuned in to the workshop. Participants to the workshop included leaders of Asean community pillars, senior official meetings leaders, representatives from sectoral bodies, and the CPR. Outcomes of the workshop will be submitted to the Joint Consultative Meeting in October and the Asean Coordinating Council in November. DFA

E&E PROFILES: WHEN I WAS 25

Becoming a European, then a global citizen

By Chargé d’Affaires a.i.

Thomas Wiersing

Delegation of the European Union to the Philippines

SECRETARY Teodoro L. Locsin Jr. and Ambassador Peter Francis Tavita Kell. DFA

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ECRETARY of Foreign Affairs (SFA) Teodoro L. Locsin Jr. received New Zealand’s Ambassador Peter Francis Tavita Kell at the Department of Foreign Affairs (DFA) headquarters on August 20 to take stock of bilateral cooperation priorities and other topics of mutual importance between their countries.

Locsin and Kell touched on key issues, including cooperation in defense, trade, development, and people-to-people relations, as well as regional and multilateral developments involving peace and stability.

Both sides also shared experiences in combating the pandemic, then compared notes on areas of successes and remaining challenges. Kell conveyed his government’s support for

local measures to contain the health emergency.

The SFA conveyed the Philippines’s appreciation for New Zealand’s pandemic assistance of NZ$2 million (about P64,259,000), which was channeled through the International Organization for Migration.

The said funding prioritizes vulnerable communities in Mindanao.

For his part, Kell expressed his country’s gratitude for the assistance extended by the DFA and other Philippine agencies to repatriate more than 500 New Zealand nationals since the imposition of the community quarantine.

Both sides reaffirmed their governments’ commitments to further elevate overall ties and cooperation. DFA

Envoy hails Pinoy volunteers, nurses’ roles in UAE vaccine trials

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N these times overshadowed by pandemic-related doom and gloom, it is a welcome respite to look back into my own past when I was 25 years old, which was from 1994 to 1995.

What made an imprint with me as a 25-year-old, certainly more than anything else, was the experience of studying for the first time abroad, in France. As a student under the Erasmus exchange programme (which is now known as Erasmus+), my studies were partly funded by the European Union (EU). Incidentally, this programme is also open for students from the Philippines, and I am happy to see that many Filipinos have so far grabbed the opportunity.

After finishing my community service (instead of the military service), I studied law in Germany. For someone who grew up in a German provincial town, studying abroad can indeed be a life-changing experience. When I applied for the Erasmus scholarship programme, my French was very poor (and even today, I am still very embarrassed about my German accent).

So, I decided to prepare myself for the studies through summer jobs in France.

One of them was to prepare the meals for airlines at the Charles de Gaulle Airport in Paris; the other, I helped at a grape harvest near Montpellier. Both jobs, which were essentially chain work, were not ideal avenues to learn French—but at least, I was happy to be in France.

After my hard-earned basic French, I studied international law at the University Paris-Nanterre, which is often associated with the unrest in May 1968 (a year before I was born) and the “sexual revolution.” The song “Street Fighting Man” by The Rolling Stones—my favorite music group—was inspired by these protests. By the time I arrived in Nanterre, things had gotten calmer, but the spirit remained.

WIERSING in France while taking up International Studies (top row, center)

Paris to ‘NY’

APART from the studies, the year in Paris allowed me to enjoy life in one of the most charming cities on Earth. I saw German tennis player Steffi Graff at the Roland-Garros Tournament (or the French Open), Iggy Pop performing at Le Zénith, and watched Quentin Tarantino’s Pulp Fiction and Forrest Gump with Tom Hanks. More important, I experienced friendship with fellow students, and even l’amour.

At the same time, I also started reflecting for the first time about my German identity. I had not much thought about it back home where everything just felt so “normal.”

But in Paris, I also realized there was something “German” in me.

Five years later, I was selected for an internship at the United Nations in New York.

As much as I loved “The Big Apple,” I also felt that over the years, I had become a “European.” All these experiences probably inspired me to become what I am today: an EU official with a provincial background and a global mindset, working to uphold a rules-based international order and a fair-trade system based on cooperation, solidarity, as well as the respect for the rule of law and human rights.

Even if I may have felt it differently at the age of 25, the world did not revolve exclusively around me.

The period from 1994 to 1995 was a different time: Five years earlier, the fall of the Berlin Wall ended the separation between East and West Germany, and much of the continent. In 1994, Nelson Man-

A SNAPSHOT at 25

IN Korea

dela—certainly an admirable revolutionary and statesman who fought apartheid—casted his vote in the first democratic general elections in South Africa. In my favorite sport, Brazil had won the football World Cup. (Had I been good enough as a player, am not quite sure I would have ended up as a diplomat…)

In 1995, some countries joined the European Union, and others— mainly from the East—followed a few years later. Much to my excitement, it was at this time that I finally saw a Rolling Stones concert. The Internet and smartphones basically did not exist yet. I remember, I got my first e-mail address and mobile phone in 1999.

life, no matter how serious the crime.

Any advice that I can offer to those who are 25 years old now?

Nothing specific: Just keep your eyes open to what is happening in your community and in the world; and do the right thing, using your head and moral compass. At that age, I certainly could have not imagined that one of the biggest challenges my generation is faced with (apart from climate change, global rivalry and disinformation campaigns) would be fighting a pandemic. My generation has been lucky not to experience the world wars (I am right now reading the fascinating book, MacArthur’s Spies about the brave resistance against the occupation of the Philippines during the World War II). But now, my generation has to do the right things and make the right decisions for our common future.

Therefore, I am convinced that the Philippines’s motto, “We heal as one,” is apropos. I am also proud that the EU has organized the only global vaccine fundraising conference, that we have increased our support to the World Health Organization, as well as provided humanitarian and other assistance to many countries, including the Philippines, even though Europe has also been hit hard by the virus.

Well, it took me a German beer and a glass of French red wine (of course) to think about the time when I was 25 years old, but I hope you enjoyed going down my memory lane as much as I did. Cheers! (Or rather, “Prost!” Or perhaps, “À votre santé!”)

(Editor’s note: Special thanks to EU Public Affairs Officer Thelma Gecolea for the assistanceinmakingthisprofilefeaturepossible.)

PHL—in my eyes

AND, what about the Philippines when I was 25 years old?

At that time, I admittedly did not know much about this wonderful country, nor Asia, in general. Even more so, I am lucky that today, I can call this country my temporary home, together with my Korean wife, our daughters Soleil and Luna and, since a few weeks ago, our poodle Etoile (see, I have not totally forgotten my French!). Swimming with whale sharks and dolphins will remain unforgettable memories.

I looked to see what was high in the minds of the Filipinos at that time: According to press reviews, tens of thousands took to the streets of Metro Manila in March 1995 to express their anger over the execution of the death penalty against an overseas Filipino worker in another Asian country. I am sure they did the right thing: expressing their respect for human dignity and the right to

AMBASSADOR Hjayceelyn M. Quintana (third from right) speaks with Filipino frontliners, with G42 Chief Research Officer Dr. Waleed Zaher (right). THE FILIPINO TIMES/DFA

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N her recent visit to a Group 42 (G42) health-care station at the Abu Dhabi National Exhibition Centre (Adnec), Ambassador of the Philippines to the United Arab Emirates (UAE) Hjayceelyn M. Quintana expressed her commendation and thanks to the hundreds of Filipino nurses and volunteers who took part in the Phase III trials of a potential coronavirus disease 2019 (Covid-19) vaccine.Quintana said she was very proud of the Filipinos at the facility.

The ambassador thanked all Filipino medical frontliners involved in the Covid-19 vaccine trial, especially since it will benefit humanity as a whole: “There is a core Filipino value called pakikipagkapwa, which can be roughly [translated] as “one’s care for his or her fellow human beings.”

“The dedication given by Filipinos involved in the vaccine trial springs forth from [the said] Filipino value,” Quintana shared after talking to some of the nurses working at the site. G42 has 181 Filipino frontliners composed of 180 nurses and a doctor involved in the vaccine trials.

G42 Chief Research Officer Dr. Waleed Zaher accompanied Quintana to a walk-through of the trial process, from registration to actual vaccination. He introduced to the ambassador the Filipino medical

workers, as he expressed the UAE’s appreciation for their role in the mission.

According to Zaher, the ambassador’s visit contributed to boost the morale of the Filipino nurses. One of them, Rogelio Buezon Jr., stated: “We are privileged and grateful to see our ambassador taking time to visit the Filipino frontliners. This is a great way to send a message of hope that the Philippine government values the efforts of frontliners like us, especially during these times.”

One of the first Filipino volunteers was Neil Bie, a reporter from the UAE-based The Filipino Times.

Bie said his prime motivation for volunteering was a means to give back to the Middle Eastern country for caring for all foreign residents like him during the pandemic, the same way it treats its own citizens.

The Adnec trial site is currently the biggest of its kind in the world.

Since July 16, the potential vaccine has been administered to more than 15,000 people of various nationalities, including Filipino volunteers.

The UAE is one of the first countries undertaking a Phase III trial for a potential Covid-19 vaccine. The one being tested in the UAE is being developed by Chinese company Sinopharm. DFA

Sports BusinessMirror

B8 Thursday, August 27, 2020

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INGSTON, Jamaica—Sprint great Usain Bolt tested positive for coronavirus with police in Jamaica now investigating the circumstances around his birthday party held last week.

The eight-time Olympic gold medalist revealed on social media on Wednesday that he had taken a coronavirus test on Saturday.

Jamaica’s Minister of Health Christopher Tufton said Bolt was aware of the results and his recent contacts were being traced.

“It is now public knowledge that Mr. Bolt has tested positive. He has been formally notified, I’m told by the authorities,’’ Tufton told reporters Monday evening. “‘It triggers an approach to questioning, interrogation if you will, which we follow through with contact tracing.”

The 34-year-old retired sprinter who won gold in the 100 and 200 meters at the last three Olympics posted a video on social media to explain the situation.

“Good morning everybody. Just waking up.

Like everybody, checked social media and saw that social media says I’m confirmed of Covid-19,” he said. “I did a test Saturday, because I work. I’m trying to be responsible, so I’m going to stay in and stay here for my friends.”

BOLT TESTS POSITIVE FOR VIRUS Bolt, who appeared to be lying in bed in the video, said he has no symptoms.

“Just to be safe, I’ll quarantine myself and just take it easy,” he said.

Prime Minister Andrew Holness said police are investigating the case. He didn’t specify what offense might have been committed, though Jamaica has imposed social distancing requirements due to the Covid-19 pandemic.

“They’re looking into all aspects of the matter. So no one is going to be treated with any exemption or given any special treatment.

All Jamaicans have a duty,” he said.

Jamaica has had fewer than 1,700 cases, a relatively low number in a country of nearly 3 million.

On the track, Bolt was known for his poses—his “Lighting Bolt” became iconic— and of course his postrace celebrations. His speed and charisma made his sport can’tmiss viewing whenever he lined up in the blocks.

Bolt set the world records in the 100 and 200 meters at the 2009 world championships in Berlin. He retired in 2017.

Jamaica’s Health Minister Tufton confirmed Bolt’s positive test at a virtual Covid-19 press conference alongside Prime Minister Holness.

Tufton was asked about Bolt’s positive test, as well as reports public figures visiting Jamaica had potentially breached rules which require them to quarantine for 14 days after arriving in the nation.

“In keeping with the protocols when there is a positive case, irrespective of the individuals, it triggers an approach in questioning which would then follow through with contact tracing,” Tufton said. “I am

USAIN BOLT admits on social media that he is positive for Covid-19. AP

SORSOGON CAUGHT UNAWARES?

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HE University of Santo Tomas (UST) men’s basketball team conducted an alleged “training bubble” in Sorsogon City without local government officials there knowing of the activity that potentially breached health protocols during the Covid-19 pandemic.

BusinessMirror learned from an official of Sorsogon City that UST Growling Tigers Head Coach Aldin Ayo could have conducted the training “in his own personal capacity as a native of the city.”

The official, who asked not to be identified, said the city had no participation in the training activity that happened two months ago, adding local officials are busy “making life in Sorsogon

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

close to being normal” because Covid-19 cases are under control.

The official said that Ayo, a former Sorsogon City councilor, could have personally facilitated the team members’ travel, which is more than 500 kms by land from Manila. The journey crosses two regions and under strict protocols in the provinces, the official said securing travel passes or permits “would be a tremendous task.”

UST, meanwhile, sought for more time to complete its internal investigation on a possible breach of health protocols by the Tigers, leaving an authority studded body tasked to dig into the issue several more

days afloat before weaving together a recommendation.

The Commission on Higher Education (CHED) was well represented by its chairman, Prospero de Vera III, and Executive Director, Cindy Jaro, in the online meeting on Wednesday afternoon,

perhaps the first time that the CHED involved itself in a serious issue on collegiate sports.

“We have issued several advisories and guidelines since March advising students to stay home. These were consistent with the guidelines issued by the IATF and the triagency-issued JAO,” de Vera said. “Safety of our students is the topmost concern.”

UST was officially invited but didn’t field a representative in the virtual

TOPS IN DEFENSE

The Milwaukee Bucks’ Giannis Antetokounmpo is voted the National Basketball Association’s Defensive Player of the Year on Tuesday, becoming the fifth player to win that award and Most Valuable Player in a career. AP

Clippers take 3-2 series lead, Nuggets survive another day

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AKE BUENA VISTA, Florida—Paul George scored 35 points, Kawhi Leonard added 32 and the Los Angeles Clippers rolled past the Dallas Mavericks, 154-111, on Tuesday night to take a 3-2 lead in their first-round Western Conference playoff series.

Montrezl Harrell added 19 points and 11 rebounds for the Clippers, who set a franchise record for points in a playoff game. Los Angeles can clinch the series on Thursday.

Jamal Murray, meanwhile, scored 33 of his 42 points in a second half where he played every minute and the Denver Nuggets avoided elimination by beating the Utah Jazz, 117-107, also on Tuesday night in Game Five.

The Nuggets trail the sixth-seeded Jazz 3-2 with Game Six on Thursday.

Dallas’s Luka Doncic, who hit a gamewinner at the buzzer in Game Four to cap off a 43-point triple-double, was held to 22 points on 6-for-17 shooting.

Mavericks center Kristaps Porzingis sat out with right knee soreness. It was the second straight game the 7-foot-3 Latvian missed.

Dallas Coach Rick Carlisle was ejected in the third quarter of the testy game, which included six techincals and a flagrant-1 foul.

Murray was unstoppable down the stretch in nearly matching his 50-point effort in

Game Four. He hit 17 of 26 shots and had eight assists, including a pass to Nikola Jokic for a 3-pointer with 23.6 seconds remaining that sealed the win.

“Whenever he’s like that we are winning the game or we are really close,” said Jokic, who also didn’t sub out in the second half.

“That’s what we need from him.”

The dynamic tandem of Murray and Jokic clearly weren’t ready to leave the National Basketball Association bubble just yet. Jokic had it going early as he scored 21 of his 31 points in the the first quarter.

Murray took over late after his team fell behind by as many as 15 points in the third quarter.

“We’ve all got a will to win. Simple as that,” explained Murray, who played through a bruise on his knee. “That can carrying you. That can take you places.”

With the game tied at 101, Murray scored nine straight for Denver to put the Nuggets up by nine with 1:20 to go.

Donovan Mitchell finished with 30 points while wearing a pair of bright, multicolored shoes. The sharpshooter is averaging 37.6 points over the five games.

Reserve Jordan Clarkson added 17 points and Joe Ingles found his rhythm with 13. Ingles had a combined two points in the previous two games. AP

LIONEL MESSI leaving Barcelona could turn out as an ugly divorce. AP

not aware of any specific individual coming in and breaching the orders for quarantining. However, we do not discriminate depending on the person, the rules apply to everyone.”

Bolt held a party on August 21 to mark his 34th birthday at the Football Factory, a sports complex in Kingston, as reported by The Jamaica Gleaner.

A host of famous personalities reportedly attended the party, including footballers Raheem Sterling and Leon Bailey and entertainers Ding Dong, Christopher Martin and Munga Honourable.

Videos and photos on social media showed Bolt and some guests not wearing masks. Under local rules in Jamaica, it is mandatory to wear masks in public, while gatherings of more than 20 people in any one place are not permitted.

“The police are investigating all aspects of this matter,” Holness said. No one is being treated with any exemption or any special treatment. All Jamaicans have a duty.

AP and Insidetheganes

meeting. School officials said they are still wrapping up their investigation and would be submitting a report to the University Athletic Association of the Philippines (UAAP) on Thursday.

Philippine Sports Commission National Training Director Marc Velasco, Department of Health Promotion and Communication Service Head Rodley Carza, UAAP Executive Director Rebo Saguisag and UAAP Season 83 President Nonong Calanog of De La Salle were in the meeting.

The group will meet again on Tuesday to discuss UST’s report which will be submitted to the UAAP board for scrutiny.

Ramon Rafael Bonilla Zamboanga

‘T-Rex’ debuts in Bangkok card

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HILIPPINE mixed martial arts (MMA) champion Drex “T-Rex” Zamboanga wants to leave a lasting impression when he makes his highly anticipated debut inside the One Championship ring on Friday night.

The 27-year-old veteran is scheduled to face Thailand’s Detchadin “Detchpool” Sornsirisuphathin in a three-round contest at One: A New Breed, a live, closed-door, audience-free event in Bangkok, Thailand.

Zamboanga is looking to score a statement-making victory with millions of fans watching around the world.

“I am super excited because this is my MMA debut in One Championship, and I feel so great to be a part of the largest martial arts organization in the world,” Zamboanga said.

“This is my first exposure on the big stage..

For me, I feel really excited because there’s a lot of very good fighters in the flyweight division,” he said. “It’s a new challenge for me, and it gives me extra motivation to train more to reach my ultimate goal.”

Zamboanga is fighting on the same card as his younger sister Denice.

“I’m very happy because both of us are fighting on the same card here in Bangkok.

It’s the first time for us to compete on the same card in such a big organization. We did so before, when we were amateurs around six years ago, but that can’t compare to this moment,” Zamboanga said.

Sornsirisuphathin is no walk in the park.

The 30-year-old “Detchpool” is a Thai amateur champion, who has trained with some of the best martial arts talent at Bangkok Fight Lab.

Messi wants out of Barca signaling end of bright era

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ARCELONA, Spain—After dozens of titles, hundreds of goals and countless records, Lionel Messi’s spectacular career at Barcelona could be coming to an abrupt end.

The divorce may turn ugly, too.

Messi told Barcelona on Tuesday that he wants to leave after nearly two decades at the club, having grown unhappy after a trophyless season ended with a humiliating loss to Bayern Munich in the Champions League.

Barcelona confirmed to The Associated Press that Messi sent the club a document expressing his desire to leave. But the club hinted that a legal battle could be coming and said it won’t automatically grant the Argentina great his wishes. Barcelona said it told Messi in response that it wants him to stay and finish his career at the club.

The dispute centers around a clause in Messi’s contract.

Barcelona said the document sent by Messi referenced a clause allowing him to leave for free at the end of the season. However, the club said the deadline for triggering that clause expired in June and that it would seek legal advice. Messi’s contract also includes an $826 million buyout clause.

The Spanish season would normally have ended in May but was pushed back because of the coronavirus pandemic.

“If Messi is to leave Barcelona by activating a release clause, then I hope the club [tries] to help, not hinder him,” former England and Barcelona striker Gary Lineker said on Twitter.

“He’s been fiercely loyal and their greatest ever player. It would be terribly sad if it finished

with a fight between the player and the club.”

If Messi can leave for free, he will have no shortage of suitors. However, only a handful of clubs could realistically afford to pay his wages even without a transfer fee—with megarich Paris Saint-Germain and Manchester City widely seen as perhaps the most likely destinations.

The 33-year-old Messi has won a record six Ballon d’Or awards during his time at Barcelona as the top player in the world, and has helped the club win 10 Spanish league titles and four Champions League crowns.

Messi’s announcement came 11 days after Barcelona’s humiliating 8-2 loss to Bayern in the Champions League quarterfinals, one of the worst defeats in the player’s career and in the club’s history. AP