BusinessMirror December 21, 2020

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Monday, December 21, 2020 Vol. 16 No. 74

P25.00 nationwide | 2 sections 16 pages |

BSP KEEPS 2-4% MEDIUM TERM INFLATION TARGET PESO SET FOR MORE GAINS NEXT YEAR ON FALLING IMPORTS

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Christmas is the most, if not one of the most-anticipated holidays, in the Philippines. Compared to previous years, however, lantern making in Las Piñas City has also been affected by the Covid-19 pandemic, according to the makers of parol in the area. These boys are using their free time to make the traditional parol to earn extra funds for their schooling needs. NONIE REYES

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By Bianca Cuaresma

@BcuaresmaBM

HE government has retained its inflation target of 2 to 4 percent up until 2024, the Bangko Sentral ng Pilipinas (BSP) announced over the weekend.

Continued on A4

PESO exchange rates n US 48.0590

HE Philippine peso is seen notching a third year of gains in 2021 as the sluggish economic recovery curbs imports and with remittances expected to rebound.

The peso, which closed at 48.085 per dollar on Friday, will rise to 47.50 by the end of next year, according to a Bloomberg survey. The currency has risen 5.4 percent this year, the biggest gainer in Southeast Asia.

The Philippine economy is forecast to start growing only in the second quarter of 2021, putting it among the slowest to recover from the pandemic that has ravaged the global economy.

Falling imports have crimped demand for dollars, with the peso surging to a four-year high in December.

“As long as domestic demand is far from a full recovery, we expect the peso to get even stronger,” said Eugenia

Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. Among her company’s 2021 top trade recommendations is to sell the dollar against the peso with a target of 46.

Imports fell 19.5 percent in October from a year ago, its 18th month of declines.

The narrower trade balance is boosting the current account, with the central bank raising its forecast for a surplus next year to 1.5 percent of gross domestic product.

The global growth rebound will also boost demand for Filipino workers abroad next year, with the central bank predicting remittances will advance 4 percent after an expected 2 percent drop in 2020. Remittances are the nation’s largest source of foreign exchange after exports.

Continued on A4

‘Boosting govt spending key to averting more job losses’

By Bernadette D. Nicolas

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@BNicolasBM

OLICIES to boost government spending are not only crucial in the countr y’s economic recovery but also in preventing further job losses, the Asian Development Bank (ADB) said.

In its blog “Picking up the Pieces

of the Philippine labor market as recovery beckons,” the Manila-based multilateral lender said policies on improving state spending along with measures to spur and save jobs, in order to help struggling firms recover and displaced workers find reemployment, will ensure the resilient and robust recovery of the Philippine economy.

Continued on A2

A row of lechon (roasted pig) is tended to by an attendant at the famed “Lechon Lane” along La Loma street in Manila, where the traditional Filipino feast fare sells for P5,000 for small pigs and P7,000 for the big ones. As with most things associated with the Christmas holidays, sales of lechon have not been as frenzied as in previous years, said the stall owners. ROY DOMINGO

n japan 0.4661 n UK 66.2930 n HK 6.1996 n CHINA 7.3541 n singapore 36.2627 n australia 36.6258 n EU 58.9684 n SAUDI arabia 12.8106

Source: BSP (December 18, 2020)

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BusinessMirror

A2 Monday, December 21, 2020

PHL Covid cases now 459K; Mideast tops regions with biggest tally of infected OFs

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HE Covid-19 cases in the country surged to 459,789 after 1,754 additional cases were logged on Sunday.

Under t he Depar tment of Health’s (DOH) “Oplan Recovery,” 8,080 recoveries were reported with 36 deaths.

Oplan Recovery is the time-based and symptom-based recovery strategies, an initiative that DOH activated to monitor the status of confirmed Covid-19 deaths and recoveries.

Under Oplan Recovery, a patient is tagged as recovered when certain conditions are met even without repeat RT-PCR testing and is recommended by the Philippine College of Physicians, and the Philippine Society of Microbiology and Infectious Diseases.

It is characterized by enhanced data collection, validation, and reconciliation efforts between the DOH Central and Regional Offices, and the Local Government Units.

Of the total number of cases, 21,708 are active, 429,134 have recovered, and 8,947 have died.

Mideast hot zone

Meanwhile, latest government data showed the Middle East remains the region with the most number of Filipinos infected with Covid-19.

Based on the latest report of its Philippine Overseas Labor Office (POLO), the Department of Labor and Employment (DOLE) said it registered 6,721 overseas Filipino workers (OFW) who were afflicted with the disease in the Middle East.

It also noted 520 OFWs had died from Covid-19.

This was consistent with the report of the Department of Foreign Affairs (DFA) on the number of Covid-affected Filipinos abroad, which includes both permanent residents and temporary workers, in the region as of December 11, 2020.

DFA was able to register 7,547 Filipinos who were infected with Covid-19. Of these cases, 553 died from the disease. Labor and Employment Secretary Silvestre H. Bello III said their POLOs in Europe and the Americas reported 1,994 cases with 254 deaths.

“In Asia, the foreign offices recorded 1,106 Covid cases with one dead,” Bello said in a statement.

In his message for the recent International Migrants Day, Bello lauded the contribution of OFWs who continue to work abroad despite the pandemic.

He said these OFWs were constantly being monitored by the POLOs to ensure they get the necessary aid from the government.

“In these difficult times, we take our hats off to our OFWs around the world for their selfless sacrifices. From being frontliners to back support in the global fight against Covid-19, they all deserve our accolades,” Bello said.

He noted their efforts do not only benefit their families, but also the country’s economy especially during the pandemic.

“We continue to pray for the health and safety of our OFWs so that they can happily rejoin their families back home,” Bello said. Samuel P. Medenilla and Claudeth

Mocon-Ciriaco

www.businessmirror.com.ph

After Agusan Sur, Vicky-induced rains could flood Cagayan areas

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By Jonathan L. Mayuga @jonlmayuga & Rene Acosta @reneacostaBM

FTER Agusan del Sur, heavy rains induced by Tropical Depression Vicky now threaten flood-prone areas in Cagayan, a province still reeling from the impact of Typhoon Ulysses last month.

The 24th severe weather disturbance to hit the Philippines, TD Vicky has already caused severe flooding in low-lying towns of Agusan del Sur, with some houses being submerged in roof-high floodwaters.

More than P100 million worth of government projects has been damaged in Caraga region in the aftermath of “Vicky,” which has killed nine people so far, according to reports.

While the reported number of casualties has already reached the National Disaster Risk Reduction and Management Council, spokesman Mark Timbal said the deaths are still being verified.

According to the latest report of the NDRRMC, at least P105,400, 000 worth of infrastructure was damaged due to flooding and landslides triggered by Vicky’s heavy rains.

At least 83 houses were also damaged in Cebu.

The tropical depression brought intense rain over the weekend in Regions 8 and 9 and in Caraga,

causing floods and landslides in Bislig, Surigao del Sur and in the municipalities of Prosperidad, San Francisco and Rosario.

Flooding was also reported in Bais City, Amian and Tanjay City in Negros Oriental, although waters receded as of Saturday afternoon.

A bridge and six road sections in Regions 8 and 9 and in Caraga were also closed to motorists due to flooding and soil erosion.

Power interruptions were reported in some areas of Mati City and in the municipalities of Manay and Baganga in Davao Oriental; and in Maco and Laak in Compostela Valley. The NDRRMC said Vicky affected an initial number of 1,590 families or 6,702 individuals in 57 barangays in Region 9 and Caraga.

Still being felt

TD Vicky is making its way out of the Philippine Area of Responsibility but the combined effect of the tail end of a frontal system and low-

pressure area will continue to bring heavy, at times intense rains, over mainland Cagayan Valley, Apayao, Kalinga, Mountain Province, Ifugao, Aurora, Quezon, Bicol Region, the northern portion of Palawan including Calamian and Kalayaan Islands.

In its Severe Weather Bulletin at 11 a.m. Sunday, Pagasa said moderate to heavy rains will continue until Monday over Babuyan Islands, mainland Cagayan Valley, Aurora, Apayao, Kalinga, Mountain Province, Ifugao, and the northern portion of Quezon.

Light to moderate with at times heavy rains over Batanes, Kalayaan Islands, and the rest of Cordillera Administrative Region.

“Flooding [including f lash floods] and rain-induced landslides may occur during heavy or prolonged periods of rainfall, especially in areas identified to be highly or very highly susceptible to these hazards and in localities that received significant antecedent rainfall over the past couple of days or weeks,” it says.

Magat Dam

At 1 p.m. on Saturday, the National Irrigation Administration-Magat River Integrated Irrigation System (NIA-Mariis) announced Dam-Discharge Warning No. 3.

The NIA-Mariis Dam and Reservoir Division-Flood Forecasting and Warning System for Dam Operations (FFWSDO) started to discharge excess water from the dam on Saturday. Six spillways were

opened in anticipation of the huge volume of rain based on the Pagasa rainfall forecast.

The NIA-Mariis management warned residents to ensure the safety of life and properties of people residing near the Magat River.

Pagasa continued to place the Magat Sub-basin under flood watch status on Sunday due to observed rainfall of 38 mm Basin Average.

In its 9 a.m. Flood Bulletin, Pagasa warned that in the next 24 hours, forecast rainfall will affect the Magat Sub-basin. Four spillways remain open as of 9 a.m. Sunday, affecting several towns along Magat River in Isabela province.

These are Ramon, San Mateo, Aurora, Cabatuan, Reina Mercedes, Burgos, Nagauilian, and Gamu.

Aside from the Cagayan River Basin, the Pampanga and Bicol Region Basins are currently under flood watch status.

The heavy rains induced by recent typhoons Rolly and Ulysses earlier spawned landslides and severe flooding in many areas, as the volume of rain dumped over the past few weeks exceeded the watershed’s water absorption capacity, causing river and river tributaries to overflow and flooding many lowlying areas in Luzon.

The Philippines, an archipelago composed of over 7,500 islands and islets and with an estimated population of over 100 million, was identified as one of the most climate change-vulnerable nations in the world.

Only 2K Covid-hit frontliners got employee’s compensation

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NLY 2,000 medical workers who were infected with Covid-19 were able to claim their employee’s compensation (EC), according to the Department of Labor and Employment (DOLE).

These EC-claimants are just 15.49 percent of the 12,904 healthcare workers who were tallied by the Department of Health (DOH) to have tested positive for Covid 19 as of December 9, 2020.

Of these cases, 76 have died, 12,622 have already recovered, and 206 remain infected.

In a press briefing last week, Labor and Employment Secretary Silvestre H. Bello reported that DOLE’s Employees Compensation Commission (ECC) released P20.7 million for the 2,000 Covid-affected health-care workers (HCW).

ECC also provided P827 million worth of benefits to 80,000 workers this year.

Both DOLE and ECC earlier urged other HCWs, who were infected while at work, to avail themselves of their EC. Amid the pandemic, Bello said

he is now pushing to increase the EC rate for qualified members of the Social Security System (SSS) and the Government Service Insurance System (GSIS) from P10,000 to P50,000.

The current rate of the EC, he said, is insufficient for the medical needs of the workers who will suffer work-related sickness or injury.

The labor chief is confident the ECC could afford it since it has an estimated P90 billion worth of funds for the benefits of its members. Samuel P. Medenilla

‘Boosting govt spending key to averting more job losses’ Continued from A1

The Philippine Statistics Authority (PSA) earlier reported the Philippine economy contracted 11.5 percent in the third quarter.

With this, GDP in the last three quarters contracted an average of 10 percent.

Data also showed that Government Final Consumption Expenditure (GFCE) slowed to only 5.8 percent in the third quarter, the lowest since the first quarter of 2017 when GFCE contracted 2.1 percent.

Apart from increasing government spending, among other policies, ADB said the government must also intensify its efforts to improve education and training to help workers whose livelihoods have been affected by the pandemic.

“There are further reasons to be hopeful. The government’s push to intensify its infrastructure development program, maintain an environment of stable inflation and low interest rates, and the impending availability of Covid-19 vaccines, should enable a faster economic recovery and boost job creation,” it said.

The ADB said its own analysis showed around 2.1 million workers may have lost their jobs, relative to the pre-Covid baseline scenario. Of these, about 68 percent or 1.5 million may become unemployed, raising the unemployment rate from 5.1 percent in 2019 to 8.5 percent in 2020.

Reallocation

An additional 389,000 workers (about 18

percent) may also drop out of the labor force while 288,000 workers could shift to other sectors, mainly to agriculture.

“Such labor reallocation following economic shocks is typical in the context of developing economies. Without adequate social protection, displaced workers cannot afford to remain unemployed and, therefore, shift to lower productivity employment in agriculture or informal employment in low productivity services,” it said.

Among the three classifications under the production sector, the industry group exhibited the largest decline in employment as this translated to around 500,000 job losses in construction and another 100,000 in manufacturing.

Under the services sector, the ADB said they find the steepest drop in employment in areas reliant on tourism. It estimates job loss north of 500,000 in wholesale and retail, 265,000 in accommodation and food, and a drop of about 100,000 jobs in transport, public administration, and other services.

Due to declining global demand, ADB said it also projects an employment decline across tradable sectors, such as manufacturing and transportation and storage, but is projecting higher job losses in nontradable industries (construction, wholesale and retail, accommodation and food, and public administration) due to the lockdown measures imposed during this crisis.

The pandemic has also significantly contributed to the sharp rise in part-time work

and those employed who did not work, ADB said.

Suffering severe decline in full-time employment are areas of arts and recreation (-54 percent), accommodation and food (-44 percent), and real estate (-41 percent).

Meanwhile, there is an increase in workers who worked part-time, notably in agriculture, wholesale and retail, education, and construction.

Still, the ADB expressed concern on the sharp rise in all sectors of the number of workers reporting they had a job but did not work during the reference period.

“This is worrying given that some of these workers likely earned no income during the period of inactivity,” it said.

Despite this, the ADB said there are “signs that a pick-up in the job market is underway.”

For instance, ADB cited the improvement in the unemployment figures with the gradual reopening of the economy—from a high of 17.6 percent in April 2020 following stringent lockdown measures, to 10 percent in July, and 8.7 percent in October.

“Given the strong economic rebound projected by ADB in 2021 [6.5-percent growth], we can further expect a boost in the country’s employment numbers,” it said.

The ADB also said the short-term economic costs of the lockdown measures were mitigated because the government provided relief measures for displaced workers such as wage subsidies, cash assistance, and unemployment benefits.

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Some foreign nationals leaving PHL may be allowed to return Those who have left prior to December 17 are still not allowed to enter the country.

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Immigration Commissioner Jaime H. Morente

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ELECTED foreign nationals holding a 9(e) and a 9(g) visa who will leave the country starting December 17 would be allowed to reenter the country based on the guidelines of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) Resolution 89, according to a Bureau of Immigration (BI) official.

Immigration Commissioner Jaime H. Morente said not all 9(e) and 9(g) visa holders are allowed to return following the revised ruling.

“Those who have left prior to December 17 are still not allowed to enter the country,” Morente explained.

The move would allow said foreign nationals to return to their countries for the holidays and subsequently re-enter the Philippines after their visit.

According to the BI, 9(e) visa holders are diplomats accredited with foreign embassies and international organizations. On the other

hand, 9(g) visa holders are pre-arranged employees working in the country.

Port Operations Division Chief Atty.

Candy Tan emphasized that foreign nationals belonging to the two categories are allowed to return, their re-entry is still subject to conditions set by the IATF. “They must have a valid and existing visa on the date of arrival, a pre-booked quarantine facility and a Covid-19 laboratory test at the airport,” Tan said. “And they are still subject to the maximum capacity of inbound passengers at the port and date of entry.”

While some restrictions have been lifted, the BI said that they do not yet see a major jump in the number of travelers until the year-end.

“We have our men on standby ready to service arriving and departing passengers this holiday season,” Tan added. “But the numbers, we believe, will not be as high as it was prepandemic.” Recto Mercene

Govt urges public to help protect migratory birds

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@reneacostaBM

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SEASONED Marine officer who has seen battles in Sulu against the Abu Sayyaf Group has assumed as the new commandant of the Philippine Marine Corps over the weekend.

Major Gen. Ariel R. Caculitan was installed by Navy Flag Officer in Command Vice Admiral Giovanni Carlo J. Bacordo as the 33rd commander of the Marines.

Caculitan replaces retired Major Gen. Nathaniel Casem.

Caculitan, member of the Philippine Military Academy Class of 1989, vowed to further improve the overall capability of the Marine Corps as a primary fighting force, especially by the Navy.

He said he will give focus to the unit’s national maneuver amphibious force, coastal defense capability, the Corps’ special operations and humanitarian aid and disaster response.

Caculitan also pledged to strengthen reserve force development, specifically the integration of Marine reservists into

The men were caught by police with two common egrets for their “victims” during the hunt, according to the Pampanga Provincial Environment and Natural Resource Office (Penro).

In a news statement, Laudemir S. Salac, head of Penro Pampanga, said after receiving information from a concerned citizen that a group is hunting birds in the Candaba swamp, they

the regular force and subject matter expertise exchanges.

Before leading the Marines, Caculitan held various positions, both in the Navy and the Marines, including leading the Marine Battalion Landing Team 4 stationed in Maimbung, Sulu, which was adjudged as the Best Marine Battalion in 2009.

He had also served as the commander of Naval Reserve Command; deputy commandant, Philippine Marine Corps; commander, Combat and Service Support Brigade; superintendent, Marine Corps Force Development Center; assistant chief of naval staff for personnel, Philippine Navy and the first Marine officer to led the Naval Air Group, which was adjudged as the best unit of the Navy’s Philippine Fleet for two consecutive years.

Caculitan had also served as the commander of the Philippine peacekeeping contingent to Haiti.

The new commandant of the Marines is a naval aviator who earned the “Best in Flying” award and a top navy graduate at the

Taguig may reimpose lockdown, quarantine to bar ‘second wave’

By Claudeth Mocon-Ciriaco Correspondent

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AGUIG City Mayor Lino Edgardo S. Cayetano WARNED his constituents and business establishments that the city may be facing a new lockdown and quarantine restrictions soon after receiving “mounting” complaints of violations of health protocols.

“We are working hard to make Taguig City safe and open for business, having the lowest number of active cases per population,” Cayetano said. “However, the freedom of movement in Metro Manila and the recklessness of some establishments and citizens has begun to compromise the gains we have made over the last few months.”

The mayor emphasized there have been neglect of orders for no social gatherings, parties with multiple households, overcapacity in restaurants, bars that operate in secret and playing of contact sports like basketball that is unregulated.

“We have seen it in homes that held parties, restaurants that disregarded rules, bars that operated despite the ban and events that are unregulated or misrepresented themselves. Because of this, we may soon be facing an even more dangerous wave that will force us to impose a lockdown,” Cayetano said. “It has happened all around the world, we’ve so far managed to avoid

By Jonathan L. Mayuga

@jonlmayuga

HE Department of Environment and Natural Resources (DENR) has called on the public to help protect migratory birds against bird hunters as authorities nabbed last Wednesday six men who have been terrorizing the Candaba swamp, a bird sanctuary in Pampanga Province.

Seasoned officer named new Marine Corps commandant

By Rene Acosta

Editor: Vittorio V. Vitug • Monday, December 21, 2020 A3

it with strong government regulation and citizen cooperation.”

The mayor lamented “these establishments and citizens realize that their reckless behavior will bring us closer to another spike in our cases and a possible lockdown that would harm both our public health system and our economy that we have been working so hard to rebuild.”

“We have seen this before in Barangay Fort Bonifacio where we went from having zero cases to 300 cases in a week. Early detection and active disease surveillance allowed us to contain that outbreak and have all 300 recovered,” he recalled.

However, he noted, that despite being aggressive in opening businesses, the city remains to have the lowest active cases per population “in Metro Manila and around the world.”

“As of today [December 19] Taguig has 7 cases per 100,000 population compared to the whole of Metro Manila with 22 cases per 100,00 population,” he said. “Our city has lower active cases per population compared to Hong Kong, Tokyo and Seoul.”

However, Cayetano said the city is “on the right track.”

“But if we become careless, we will face bigger problems ahead.”

As of 4 p.m. of December 19, the total number of cases in the country surged to 458,044.

immediately reported such to the police. The police arrested the men who they said were hunting birds using air rifles somewhere in Barangay Paligui in Candaba town.

“It is very clear that killing and destroying of wildlife species is illegal and punishable against our wildlife law,” Salac said. “We will not tolerate this incident even during this pandemic to

protect our migratory birds and other wildlife species since they are a vital component of our environment.”

Lieutenant Colonel Efren David Jr. of the Candaba Philippine National Police (PNP) said they arrested the following: Jaime Buenaventura; Pablo Cunanan; Jose Carlo Dizon; Michael Gamos Vicente Pangan; and, Rodrigo Canlas. David said all were from Barangay San Joaquin in Santa Ana, Pampanga David said that four units of air riffles, three pieces of carbon dioxide (CO2) tank, 37 pieces of air gun pellets and two species of dead Great egrets were seized from the suspects.

The suspects were charged with violation of Section 27 of Republic Act (RA) 9147 or the Wildlife Resources and Conservation and Protection Act of 2001. The men were also charged with violating Provincial Ordinance 756 in relation to RA 11332 or the Mandatory Reporting of Notifiable Diseases and Health Events of Public Health Concern Act of 2018, for not wearing face masks.

If found guilty, the suspects may be imprisoned for a maximum of six months and be fined P100,000 for violation of the Wildlife Act alone.

Salac appealed to the public to report to the nearest DENR Office in their area any illegal hunting and wildlife trade or contact the DENR. The Great egret, scientifically called Ardea alba or also known as common egret is a frequent migratory bird species in the Candaba swamp. They are also found in Africa, America and southern Europe.

The Candaba swamp has been identified as one of the three “most important wetlands” in the Philippines and has consistently been listed in the Asian Bird Map as an important wintering area for migratory birds. It is one of the country’s Ramsar Site or wetland of international importance.

DENR records show that there are 54 species of resident birds and 68 migratory birds recorded in Candaba wetlands since 1940. Last year, more than 2,000 birds were recorded during the Asian Waterbirds Census.

Agriculture/Commodities BusinessMirror

A4 Monday, December 21, 2020 • Editor: Jennifer A. Ng

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PSA: Rice output this year on track to hit record

By Jasper Emmanuel Y. Arcalas @jearcalas

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ESPITE the series of typhoons that battered the farm sector, the country’s unmilled rice output this year is on track to reach a record high this year, latest Philippine Statistics Authority (PSA) data showed.

PSA data indicated that the country would produce 19.44 million metric tons (MT) of palay by the end of 2020.

While the agency adjusted downward its estimated production in the Octoberto-December period to 7.54 MMT, the volume is still higher than the 7.49 MMT produced last year.

With the latest estimate, full-year palay output could grow by 3.3 percent from last year’s 18.814 MMT, historical PSA data showed.

PSA data also showed that probable total output this year may eclipse the record-high production of 19.276 MMT recorded in 2017.

On a milled equivalent basis, total rice output this year could reach

12.71 MMT, based on BusinessMirror’s computations using PSA’s benchmark figures.

Latest estimates by the Department of Agriculture (DA) indicated that the country’s full-year rice output could range from 12.66 MMT to 12.779 MMT, which would allow the country to have a year-end stockpile that is sufficient for 85 to 88 days.

Earlier this month, the DA said the country’s rice self-sufficiency ratio (SSR) this year may settle between 90 percent to 91 percent, below its initial target of 93 percent due to the impact of typhoons.

The typhoons that struck the Philippines in recent months destroyed at least P12.3 billion worth of crops, including rice, according to government data.

Nonetheless, the latest rice SSR estimate of the DA is higher than last year’s nearly 80 percent, based on the latest PSA data.

The DA has initially set a palay production target of 20.34 MMT, or 8 percent more than the total harvest in 2019.

Pundits noted that the government’s rice competitiveness enhancement fund (RCEF) as well as additional Covid-related interventions propped up this year’s palay production.

For next year, the DA will shoot for another record as it has set a palay production target of 20.48 MMT. The DA said it intends to encourage more farmers to plant quality inbred and hybrid rice seeds in rain-fed and irrigated areas nationwide to achieve this target.

It added that it will “improve efficiency in the allocation and distribution of the P10-B RCEF for farm machinery, inbred rice seeds, credit, training and extension.”

“On top of P10-billion annual RCEF, the DA proposed for 2021 a total budget of P15.5 billion that includes the provision of hybrid seeds [P6.2 billion], inbred seeds [P375 million], fertilizers [P4.4 billion], farm equipment [P1 billion], training [P998.2 million], irrigation [P745.9 million], research and development [P658.7 million], and other interventions [P375 million],” it said.

A FARMER in Pangasinan is preparing to plant rice in this BusinessMirror file photo.

DA shortens validity of sanitary permit for imported staple MOA for farm projects in Davao City signed T HE Department of Agriculture (DA) has shortened the validity of sanitary and phytosanitary import clearances (SPS-ICs) for rice imports to ensure that shipments would “arrive when needed” and would not “depress local production prices.”

Agriculture Secretary William D. Dar issued Memorandum Circular (MC) 38 which seeks to strengthen current import guidelines for plant products against unscrupulous practices and protect domestic farmers.

The amendments aim to prevent unscrupulous traders from “misusing and abusing” SPS-ICs to “avoid their legal responsibilities,” according to the document.

Also, the MC cut in particular the validity of SPS-ICs for rice imports

to 20 days from 60 days.

Based on the MC, rice imports must be shipped out within 20 days and must arrive not later than 35 days from the SPS-IC issuance date for rice coming from Asean countries except Myanmar. Rice shipments from Myanmar and other countries must arrive within 65 days of the issuance of the SPS-IC, according to the circular.

“There is a need to ensure that imports should arrive when needed and not be used to depress local production prices. Hence, importers should take cognizance of local supply availability and avoid dumping of imports during local harvest periods to benefit our local farmers,” Dar said in the MC. Dar ordered the Bureau of Plant

Industry (BPI), which oversees the importation of plant products, to conduct a dialogue with concerned stakeholders to “refine” the new requirements under MC 38.

“BPI shall also conduct dialogues with both importers and local producers to assess local supply and demand appropriately,” Dar said.

Citing industry sources, a Global Agricultural Information Network (Gain) report pointed out that MC 38 is “likely to restrict rice trade.”

The Gain report, which was prepared by the United States Department of Agriculture-Foreign Agricultural Service in Manila, has revised downward its rice import forecast for the Philippines for market year (MY) 2020-2021.

A rice market year starts from July and ends in June of next year.

“Post lowers MY2020/21 rice imports from 2.6 MMT to 2.3 MMT [million metric tons] due to lower SPS Import Clearances issued to date. The Bureau of Plant Industry [BPI] issued 678 SPS-ICs from July to October in 2020 for 490,441 MT, down 53 percent from the 1,187,015 MT representing 1,462 SPS-ICs issued during the same period in 2019,” the report read.

“Moreover, the volume of reported rice shipments arriving in the Philippines from July to October of MY20/21 is 500,097 MT [metric tons], 40 percent lower than the same period last year,” it added.

Jasper Emmanuel Y. Arcalas

Rice data collections gaps must be closed–AER advice to govt continued from a8 “Without this, both consumers and rice farmers lose as the former will face artificially higher prices and lower quantities and the latter missing out on potential benefits from the Rice Competitiveness Enhancement Fund [RCEF],” it said. “When regulatory agencies fail, economic rents are collected by the smugglers who avoid paying tariffs on technicalities and the gains from the reform are chipped away.”

To prevent collusion such as the use of “dummy cooperatives” backed by rentseeking traders, AER said the Bureau of Plant

Industry, the Cooperative Development Authority and the Philippine Competition Commission can work together.

“The periodic publication of the list of importers and cooperatives is a current practice that can further be improved. The estimation of quarterly supply utilization accounts can also be used to detect cornering or concentration in the market,” it said.

The government can also promote better competition among importers and traders since the the Rice Tariffication Law

aims to increase the accessibility of rice to households by allowing imports to meet domestic supply gaps while increasing local productivity in the long-run.

In 2018, the BusinessMirror published a longform article explaining how the government uses two sets of data that can result in data discrepancies that make rice demand and supply difficult to evaluate. (Read the BusinessMirror’s award-winning BroaderLook special report: https://businessmirror. com.ph/2018/08/30/snapshot-of-rice-

consumption-data-remains-grainy-aspinoys-grapple-with-supply-prices/) Last year, the BusinessMirror also broke the story that unscrupulous traders continue to use farmers’ cooperatives and associations as their fronts and dummies even after the rice industry was liberalized. (Read the BusinessMirror’s award-winning BroaderLook special report: https://businessmirror.com. ph/2019/10/31/pre-and-post-rice-tradeliberalization-law-big-traders-gamingfarmer-groups/)

Peso set for more gains next year on falling imports continued from a1 The central bank remains committed to a flexible foreign-exchange rate policy as the improving economy could impact the currency’s supply and demand, Governor Benjamin E. Diokno said last Friday.

Bonds

PHILIPPINE peso bonds, Asia’s top performer this year, are expected to remain supported by the central bank’s accommodative policy. Bangko Sentral ng Pilipinas (BSP), which held its key interest rate last Thursday at a record-low 2 percent, has said it stands ready to use a full range of tools to boost growth.

“With BSP pledging an accommodative environment into next year, bonds will remain supported,” said Dan J. Roces, chief economist at Security Bank Corp. in Manila. “A low interest-rate environment means moderate returns for bonds, with yields to slowly retrace to prepandemic levels on the back of more borrowing to fund pandemic expenses.”

The nation’s bonds have handed investors almost 19 percent this year. The yield on the 10-year debt has fallen to about 3 percent from more than 5 percent in March, even as the government increased debt sales and projected a wider budget deficit next year.

Stocks

THE Philippine Stock Exchange Index could climb to 8,300 by the end of next year, according to Julian Tarrobago, head of equities at ATR Asset Management Inc. in Manila and whose ATRAM Alpha Opportunity Fund has beaten its peers with a 66 percent return since the through in March.

The index, which closed at 7,272.80 on Friday, clocked a 41 percent year-to-date plunge in March before staging a rebound that cut its loss to 7 percent in 2020.

While 2021 corporate earnings will probably be only about 86 percent of the 2019 level, Tarrobago is optimistic that foreign funds will

reverse course from this year’s exodus as the economy’s recovery leads to a sustained rebound in earnings. Spending for the May 2022 presidential elections could also provide a potential boost in the second half of next year.

“The market should be able to trade above its five-year historical average valuation,” Tarrobago said. “There will still be volatility but it won’t be like what we have seen this year.”

Foreign funds will help drive up stock valuations to 19 to 20 times 12-month forward earnings, he said. Tarrobago forecasts earnings per share to grow 45 percent in 2021 from an expected 39 percent contraction this year. Bloomberg News

DFA’s BRIDGE program boosts compact on migration continued from a8

Among the participants to the launching were Kristin Dadey of the International Office for Migration (IOM); Susan Ople of the Blas Ople Center and Training Institute; Gustavo Gonzalez, UN Resident Coordinator, Philippines; and Khalid Hassan, International Labor Organization Manila Director.

Locsin said another promising development in labor mobility reforms is the launching by Saudi Arabia of its Labor Reform Initiative. This is a first step toward abolishing the Kafala or sponsorship system, which monitors migrant laborers, working primarily in the construction and domestic sectors in Gulf Cooperation Council member states and a few neighboring countries, namely Bahrain, Kuwait.

The DFA chief said that although far from the

ultimate goal, “most of our migrants will remain indentured under their reform. Slavery will continue for the most.”

He said that when he heard of the kafala for the first time, “we accepted it as a Gulf tradition not to be trifled with.”

However, during his DFA tenure, the threeterm legislator said “a lobby started against it, in great part inspired by the same concern on a global scale driving the adoption of the Global Compact.”

“Now it’s paid off in part; a small part; but a little is better than nothing.” He said domestic workers—the most vulnerable—are still not included in the kafala but added it was a start.

Locsin made much of the country’s efforts, spearheaded by the DFA that “brought home

some 300 thousand Filipino migrants and we expect 80 thousand more by year-end.”

The country’s top diplomat said the Philippine repatriation effort was something no other countries did, “not even their home countries their governments admitted.”

Locsin made special mention of Dadey, IOM’s Chief of Mission for her dedication and effectiveness and inspiration to everyone. “From the OFW repatriation hubs in Manila to the typhoon-ravaged communities across the Philippines to the internally displaced communities across southern Mindanao, Kristin Dadey’s IOM has been a reassuring presence, bringing not just the rhetoric of hope but actual and tangible assistance that really make a difference in our people’s lives. Good thing she’s not a politician.”

Ople, on the other hand, praised the DFA for allowing workers to end the bleakest of years with hope in our eyes, and bringing home 300,000 OFWs that “far exceed the population of Bulacan,” her home province.

She added that “any multilateral document no matter how lofty remains a bit of paper unless common good is shared by all nations.”

Asked what the IOM, ILO and UN can do to mitigate abuses against migrant workers, Dadey said the compact for migration is calling for decency among countries that accept migrant workers and added among their 23 objectives is “to treat and eradicate abuse and exploitation, hoping that those found guilty of abusing their migrant workers be held accountable.”

T

HE Department of Agriculture-11 (DA-11) has inked a Memorandum of Agreement (MOA) with the City Government of Davao for the implementation of P113-million agri projects as part of the agency’s productivity enhancement programs under the “Bayanihan to Recover as One Act” (Bayanihan II).

In a MOA signing held on December 18 at the Davao City Mayor’s conference room, DA-1 Regional Executive Director Ricardo M. Oñate Jr. said that out of the P113-million financial grant, P40 million will be for the enhancement of Food Processing Center, P25 million for the establishment of a durian packinghouse and cold storage facility, P20 million for a mango packinghouse and cold storage, P20 million for vegetable and other crops postharvest facility, P5 million for the Malagos Tissue Culture for cardaba in support to the banana industry while P3 million is for the modernization of urban agriculture with the establishment of greenhouse and hydroponics.

“This is just the kick-start of the stimulus package of support from DA. We are expecting more programs under Bayanihan II to provide assistance to farmers while ensuring food security and supply in the country.

We have seen the vast opportunities in agriculture even in time of Covid-19 pandemic and we want our farmers to take advantage of that

[opportunities] with the support from DA in partnership with the local government unit [LGU],” Oñate said in a statement.

DA Undersecretary for High Value Crops and Rural Credit Evelyn Laviña who was also present at the event said the agency’s Agribusiness and Marketing Assistance Division (AMAD) and High Value Crops Development Program (HVCDP) will closely coordinate with the City Agriculture Office to ensure the successful implementation of the said projects.

Davao City Mayor Sara DuterteCarpio thanked DA for being an active partner in their efforts to have an affordable and accessible food supply even in health emergency situations.

“This package of support will not just help our farmers market their produce but further help in advancing the agribusiness in the city towards a sustainable and inclusive agricultural enterprise,” said Carpio.

Under the Bayanihan II, the DA is targeting to give assistance to 800,000 farmers who are affected

by Covid-19 pandemic on top of its regular program and the “Plant, Plant, Plant” program or Ahon Lahat, Pagkaing Sapat (ALPAS) Kontra sa Covid-19.

The agriculture sector reported a growth in terms of output at 1.6 percent, versus contractions in industry at 22.9 percent and services at 15.8 percent.

BSP keeps 2-4% medium term inflation target continued from a1

“The inflation target range of [2 to 4 percent], as approved by the Development Budget Coordination Committee [DBCC], continues to be an appropriate quantitative representation of the medium-term goal of price stability that is optimal for the Philippines given the current structure of the economy and outlook of macroeconomic conditions over the next few years,” the BSP said in a statement.

The BSP said their models show that the country’s price growth will remain manageable over the near and medium term.

For 2023 to 2024, the BSP said inflation would largely be influenced by the pace of economic recovery in the post-pandemic world.

“The Philippine economy is expected to regain momentum as the health crisis is sufficiently addressed, while macroeconomic policies gain full traction in reviving the economy. Nonetheless, the Covid-19 pandemic could lead to structural changes in supply and

demand factors that determine the level of inflation as well as affect the country’s future productive capacity,” the BSP said.

“This reinforces the important role of the inflation target as an important guidepost for the BSP in ensuring inflation remains low and stable, which will be conducive to long-term economic growth,” it added.

In its last monetary policy meeting of the year, the BSP revised its inflation forecasts upward for this year and the next.

In particular, for 2020, the BSP revised the inflation target to 2.6 percent from 2.4 percent. For 2021, BSP expects inflation to hit 3.2 percent from the earlier expectation of 2.7 percent.

Meanwhile, BSP kept their expectation unchanged at 2.9 percent for 2022.

Earlier this month, the Philippine Statistics Authority (PSA) announced that inflation accelerated to 3.3 percent in November, placing the average inflation for the year at 2.6 percent.

The World BusinessMirror

Editor: Angel R. Calso

U.S. approves Moderna Covid vaccine as 2nd shot in arsenal

W

ASHINGTON—The US added a second Covid-19 vaccine to its arsenal on Friday, boosting efforts to beat back an outbreak so dire that the nation is regularly recording more than 3,000 deaths a day.

Much-needed doses are set to arrive on Monday after the Food and Drug Administration authorized an emergency rollout of the vaccine developed by Moderna Inc. and the National Institutes of Health.

The move marks the world's first authorization for Moderna's shots. The vaccine is very similar to one from Pfizer Inc. and Germany's BioNTech that's now being dispensed to millions of health care workers and nursing home residents as the biggest vaccination drive in US history starts to ramp up.

The two work "better than we almost dared to hope," NIH Director Dr. Francis Collins told The Associated Press. "Science is working here, science has done something amazing."

Early results of large, still unfinished studies show both vaccines appear safe and strongly protective although Moderna's is easier to handle since it doesn't need to be stored at ultra-frozen temperatures.

A second vaccine represents a ray of hope amid despair as the virus continues to spread unabated even before holiday gatherings that are certain to further fuel the outbreak.

The scourge has claimed more than 312,000 US lives and killed 1.7 million people worldwide. New cases in the US are running at over 216,000 per day on average. Deaths per day have hit all-time highs, eclipsing 3,600 on Wednesday.

California has emerged as one of the most lethal hot spots, with hospitals running out of intensive care beds and ambulances lining up outside emergency rooms in scenes reminiscent of the calamity around New York City last spring. California on Friday reported over 41,000 new cases and 300 more deaths.

When New York's hospitals were in crisis, health care workers from across the country came to help out. This time, "there's no cavalry coming" because so many hospitals are swamped, said Dr. Marc Futernick, an emergency room physician in Los Angeles.

The nation is scrambling to expand vaccinations as rapidly as Moderna and Pfizer can churn out doses. Moderna's is for people 18 and older, Pfizer's starts at age 16.

It's just the beginning of "what we hope will be a big push to get this terrible virus behind us, although it will take many more months to get to all Americans," Collins said.

Moderna expects to have between 100 million and 125 million doses available globally in the first three months of 2021, with 85-100 million of those available in the US. Even with additional candidates in the pipeline, there won't be enough for the general population until spring, and shots will be rationed in the meantime. And while health workers are enthusiastically embracing vaccination, authorities worry the public may need more reassurance to ensure more people get in line when it's their turn.

"Frankly if we don't succeed in getting 80percent or so of Americans immunized against Covid-19 by the middle of this 2021 year, we have the risk that this epidemic could go on and on and on," Collins said.

He is especially concerned that accurate information about the shots' value reaches communities of color, which have been hard-hit by Covid-19 yet also are wary after years of health care disparities and research abuses.

To try to help instill confidence, Vice President Mike Pence received the Pfizer-BioNTech shot on live TV Friday, along with Surgeon General Jerome Adams.

FDA's decision could help pave the way for other countries that are considering the Moderna vaccine, the first-ever regulatory clearance for the small Cambridge, Massachusetts company. European regulators could authorize its use as soon as Jan. 6. Britain, Canada and a few other countries already have cleared the Pfizer-BioNTech shot, with a European Union decision due Monday.

"What we want to always remember is one size does not fit all. We want to have options," said Dr. Paul Duprex of the University of Pittsburgh.

Moderna has about 5.9 million doses ready for shipment set to begin over the weekend, according to Operation Warp Speed, the government's vaccine development program. Injections of health workers and nursing home residents continue next week, before other essential workers and vulnerable groups are allowed to get in line.

Both Moderna's and Pfizer-BioNTech's shots are so-called mRNA vaccines, made with a groundbreaking new technology. They don't contain any coronavirus—meaning they cannot cause infection. Instead, they use a piece of genetic code that trains the immune system to recognize the spike protein on the surface of the virus, ready to attack if the real thing comes along.

Their development less than a year after the coronavirus first emerged set a speed record, but Collins stressed that shouldn't worry people. The speed was due to billions in company and government investments paired with years of earlier scientific research, not any cut corners. AP

Monday, December 21, 2020

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Covid-19 swamps Los Angeles as residents spurn lockdowns

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or weeks, Los Angeles officials have warned residents of a surge in Covid-19 cases tied to the holidays. To make the point, they shut all dining at restaurants and even suggested people wear masks in their own homes when family visits.

“Assume everyone you would see is infectious,” Mayor Eric Garcetti said three days before Thanksgiving.

Since then, the nation’s second-largest city and its suburbs have become America’s worst-hit metro area. San Bernardino, Riverside and Los Angeles now rank one, two and three among big US counties with the highest rates of virus cases per capita in the past week. New cases, deaths and hospitalizations all hit records in Los Angeles this week—including 5,424 reported in hospitals on Saturday.

Many factors help explain why, but it may come down to one key difference between now and previous Covid surges. As Rita Burke, an assistant professor of preventive clinical medicine at the University of Southern California’s Keck School of Medicine, put it: “In the spring, there was a lot of fear. People really stayed home.”

Whatever the precise cause, the cost has become alarmingly clear. Hospitals in Southern California are converting space after the region’s intensive-care units hit full capacity.

They’ve moved in reserve ventilators and postponed elective surgeries after starting some days with no ICU beds at all. “We are getting crushed,” said Brad Spellberg, chief medical officer at Los Angeles CountyUniversity of Southern California Medical Center. “I’m not going to sugar-coat this.”

Barbara Ferrer, the Los Angeles County public health director, choked up at a news conference earlier this month when she read the rising death tally. On Thursday, Garcetti said his 9-year-old daughter tested positive.

The numbers are surging in a region and state that, with a few exceptions, treated the virus seriously from the start. Southern California had one of the first cases in the nation in January, and local officials put out mandatory stay-at-home orders in March.

Pockets of resistance emerged, including protests against the shutdowns in conservative Huntington Beach and citizens who marched in great, closely packed numbers during the social unrest of the past summer. But Southern Californians largely complied with health precautions.

Many businesses, including movie theaters, theme parks, stadiums and museums haven’t been open to the public for nine months. The number of people in Los Angeles County who have gotten sick is the highest in the country at more than 600,000, or one out of every 17 residents. The latest 100,000 cases were added in just eight days.

Los Angeles is one of the most densely populated urban areas in America. Even with fewer high-rises than New York or Chicago, many of its residents live in apartments or houses with parents and grandparents. Many are of modest means, performing jobs where they need to go

in to work.

“They don’t have an option to go someplace else,” Garcetti said. “They don’t have their own bedroom. It’s shared spaces, and the virus will spread.”

Southern Californians successfully stemmed two earlier surges, said Nancy Gin, a medical director at Kaiser Permanente, a health-care provider that treats some 4.4 million members in the region.

As summer wore on, more businesses and schools reopened. Despite the warnings, hundreds of thousands of people traveled or gathered over the Thanksgiving holiday, contributing to the current spike.

Many health-care officials fear the coming holidays will worsen those numbers. “All the gains we’ve made in treating patients in the ICU, which have been reflected in decreasing mortality rates, we’re going to lose,” said John Swartzberg, clinical professor emeritus at the University of California, Berkeley’s School of Public Health. “And that’s heartbreaking.”

Even though mask-wearing is commonplace from the region’s shopping boulevards to its hiking trails, many residents still let their guard down. Traffic on the city’s streets and freeways has picked up. Mobile device location data analyzed by Orbital Insight show that traffic on California roads dropped slightly in the days after many of the lockdowns began early this month. But the effect has been slight, with movement on any given day hovering around 80% of its pre-pandemic norm.

In the past month, local officials have prosecuted participants of mass gatherings in downtown Los Angeles and in the far north suburb of Palmdale, where 158 people were arrested at a house party on December 5.

Pandemic fatigue

In New York, the state got hit so hard early in the pandemic that many residents have first-hand experience with the illness, said Dr. Robert Kim-Farley a professor-in-residence of public health at the University of California, Los Angeles.

In California, pandemic fatigue has set in amid “some sort of mandatory orders for so long,” he said. “We need to fight this viral wildfire with all the means in our possession.”

San Bernardino County, a region of more than 2 million people just east of Los Angeles, has seen patients getting younger, with 18-to-29-year-olds accounting for a big leap in cases, according to Corwin Porter, the county’s director of public health.

Part of the problem is that Covid-19 can be transmitted by people without symptoms.

“We have a lot of folks who don’t even know they’re carrying it,” he said.

Spread between families and friends ac-

Malaysia set to sign deal for AstraZeneca vaccine

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alaysia will sign an agreement on Monday for AstraZeneca Plc. to supply Covid-19 vaccine doses to cover a fifth of the country’s population, state news agency Bernama reported, citing Health Minister Adham Baba.

The government last month ordered 12.8 million doses of the Pfizer Inc.-BioNTech SE vaccine to inoculate about 20% of the population. It also has an agreement with the World Health Organization’s Covax facility for enough doses

to vaccinate 10 percent of its people, Bernama reported.

The country will start vaccinating frontline workers early next year if the deals are concluded, Bernama cited the minister as saying.

Malaysia seeks to vaccinate 70 percent of its population, Prime Minister Muhyiddin Yassin said this month. The country is struggling to contain a fresh wave of cases that emerged in late September, with new daily infections hitting a record 2,234 on December 10. Bloomberg News

counts for the majority of the cases, which have been tied to everything from Thanksgiving dinners to funerals. “We have weddings that have showed up as indicators,” he said.

Contact tracing is a challenge: Only about 60 percent of those who test positive even return phone calls from local health departments.

Sick people often say they’ve only been to grocery stores, even though it’s unlikely they actually got it there, said Jose Arballo, a spokesman for the department of public health in Riverside County, where 2.5 million people live southeast of Los Angeles. “They never say they’re doing things they shouldn’t be doing,” Arballo said.

Public outcry over closures of playgrounds, one of the few areas kids can get exercise, prompted the state and county of Los Angeles to backtrack from restrictions this month.

The state’s restaurant association also won a suit to block restrictions on closures of outdoor dining in Los Angeles, though the state order to do so remains in effect. County officials, meanwhile, are challenging the city of Manhattan Beach’s efforts to declare outdoor seating areas near restaurants as public parks so they can remain open.

“Policymakers must resist the temptation to make matters worse with unnecessary restric-

tions on safe business activity,” Jordan Bruneau, the communications director for the non-profit California Policy Center, wrote in a release on Friday. “There doesn’t seem to be a clear correlation between economic shutdowns and contagion.”

Even some health-care experts say the latest lockdowns don’t seem to be reining in the outbreak, at least not yet. France’s lockdown orders took about two weeks to show an effect, according to George Rutherford, the head of infectious disease and global epidemiology at the University of California San Francisco.

“Two weeks for us would be this coming Monday, and I don’t see any evidence for it yet,” he said. “We need to start seeing serious dropoffs, by the thousands or tens of thousands, before I’d be able to say, ‘Yes, this worked.’”

Rutherford said more restrictive measures may be needed to stop the surge.

Mayor Garcetti urged residents to stay the course and limit interactions with people outside their homes.

“It doesn’t mean that the things we’ve done have failed,” Garcetti said of the rising cases numbers. “We’ll never be able to quantify how many lives we are saving by having done those things.”Bloomberg News

A6

Monday, December 21, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Let’s celebrate Christmas safely

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hanksgiving is the most important holiday in the US because, more than Christmas or the Fourth of July, it is a time when American families reunite to express gratitude for one another.

It’s the day when family members feel closer than at any other time. No wonder millions of Americans disregarded warnings and traveled home to be with family members on November 26 despite a surging Covid-19 death toll and record hospitalizations. Los Angeles Mayor Eric Garcetti said three days before Thanksgiving: “Assume everyone you would see is infectious.”

From Bloomberg News on December 16: “New cases in California shattered another record as a deepening crisis threatens a shortage of intensive-care beds and medical staff. California reported a record 53,711 new virus cases and 293 deaths, according to state health department data. The daily case count includes 41,081 newly reported infections—shattering the prior record by more than 5,000—while the remaining cases reflect a backlog from previous days due to a new processing system, the department said in a statement.

Hospitalizations jumped 4.3 percent to a record 15,886 patients.”

From the December 10 post of healthline.com: “Health officials say the predicted surge of post-Thanksgiving Covid-19 cases has arrived, with the United States topping 200,000 new cases and 3,000 deaths per day.”

From Bloomberg, December 20: “Hospitals in Southern California are converting space after the region’s intensive-care units hit full capacity. They’ve moved in reserve ventilators and postponed elective surgeries after starting some days with no ICU beds at all. “We are getting crushed,” said Brad Spellberg, chief medical officer at Los Angeles County-University of Southern California Medical Center. “I’m not going to sugar-coat this.”

From The Atlantic: “How did it come to this? A virus a thousand times smaller than a dust mote has humbled and humiliated the planet’s most powerful nation. America has failed to protect its people, leaving them with illness and financial ruin. It has lost its status as a global leader. It has careened between inaction and ineptitude. The breadth and magnitude of its errors are difficult, in the moment, to truly fathom.”

Douglas Public Health Network, a non-profit US organization, has a socialmedia post to remind everybody that the coronavirus does not take a holiday: “Day 1: Jane was exposed to Covid-19. Day 3: Jane felt well and tested negative for Covid-19. Day 5: Jane enjoyed Thanksgiving with 17 family members while contagious. Day 7: Jane developed symptoms and tested positive for Covid-19. Don’t be like Jane this holiday season.”

On Friday, we will celebrate Christmas amid the pandemic. Christmas is to Filipinos what Thanksgiving is to Americans. We celebrate the birth of Christ not just as a religious holiday but also as a homecoming event. We are expected to be home on Christmas day, a time for family reunions. The joy of the Filipino family on Christmas is intertwined with the joy of giving gifts and sharing bountiful feasts.

Amid the pandemic, we can still make this Christmas feel special. But it’s also understandable if some of us may decide to skip the festivities to protect our loved ones and ourselves. One way to safely celebrate Christmas is to take big gatherings off the table—the fewer people you invite, the less risk you pose for your family members and yourself. For those attending the Simbang Gabi (Night Mass), wearing face mask and face shield is a must. And don’t forget to keep a safe space between yourself and other people not only inside the church but also in other crowded places. It pays to be vigilant, as one social- media post said: “Maganda na makumpleto mo ang Simbang Gabi, huwag lang mawala ang ’yong panlasa pagdating ng noche buena.” (“It’s good for you to complete the nine-day series of Masses, as long as you still have your sense of taste when the Christmas Eve feast is served”).

Resolutions for financial recovery Atty. Jose Ferdinand M. Rojas II

RISING SUN

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lot of people are starting to think of what resolutions they can make to make the new year better, in terms of health and fitness, relationships, career, and so on. This is understandable as we emerge from a very challenging 2020, all bruised and changed by the numerous surprises that the old year had to offer. We all want to go into the New Year with positivity and hope that it will, indeed, be a better one.

So, as we write a list of our 2021 resolutions, let’s not forget to include financial resolutions so we won’t end up in a worse place than where we are now.

First off, let’s talk about debt. If you are one of those who have incurred debts this year because of pandemic-related financial challenges, 2021 would be the time to resolve to pay them off. If we can’t get rid of them entirely—and this

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goals. Your spending must align with these. And don’t forget to assign a budget for unexpected expenses and emergencies. We’ve all learned this lesson the hard way in 2020.

Finally, save money intelligently.

You need something for emergencies and even for your family in case something happens to you. The pandemic only showed us the grim realities of life and forced us to face our limitations and mortality squarely.

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includes credit card debts—then at least make sure to erase most of it.

It is also closely related to our mental health, which has become a very important consideration these days.

Another financial resolution that we can make for the New Year is to cut our expenses where we can. To be able to do it well, it’s important to reexamine our budget plan. An important component of this budget would be your priorities and your financial

Another financial resolution that we can make for the New Year is to cut our expenses where we can. To be able to do it well, it’s important to re-examine our budget plan. An important component of this budget would be your priorities and your financial goals. Your spending must align with these. And don’t forget to assign a budget for unexpected expenses and emergencies.

We’ve all learned this lesson the hard way in 2020.

Thomas M. Orbos

STREET TALK

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ecent news headlines were about local transport problems that arose because of policies that were primarily put in place to make things better for the public but instead made things worse—at least in the initial phase. One of these was the move to push for cashless transactions at the expressways, and another, though less pronounced, was the closure of Edsa U-turn slots. These policies, on paper, were well meaning and met with initial public acceptance. In the case of the cashless payments at the tollways, people knew it was for their safety and convenience, while the need to close the Edsa U-turns was for a better flow of traffic for the high passenger capacity buses of the Edsa carousel. However, the outcome was the opposite, eliciting much complaints from the public. This prompted the implementors to rethink their programs.

What could have been done to avoid such results? My simple take: Prepare, prepare, prepare: There is no substitute for preparing thoroughly. While regulators and enforcers lament about the uncooperative and complaining public despite being given prior information, the onus of preparing will always be on the implementors. New programs or policies that would impact the lives of millions need much time to prepare, with every possible scenario covered. It is evident that the Nlex management was not ready with their RFID system when they went cashless at their tollways. Computer simulations would be a good way to predict all possible scenarios, including possible flaws so

they can be met with corrective measures. More important is the need for continuing stakeholder consultations to include local governments and other affected sectors.

Inform, inform, inform: Never get tired of informing the public about the programs every step of the way.

There is no such thing as enough information when it comes to announcements that adversely affect the public. Use all possible mediums of communication at your disposal— traditional, digital, mobile, outdoors especially since you own the public real estate. Always presume there will always be someone out there who has not heard of your program—and target that person.

Policy-makers, implementors and regulators may have all the necessary studies and analyses but stakeholder buy-ins remain to be the most crucial aspect for such programs to succeed. After all, such programs are for the public, implemented by those in public service and those who do so for public convenience. Public service, public convenience— keeping in mind these two words will always spell the success of any program of government.

Timing is everything: It’s Christmas—why implement now when we know we are at the peak of congestion? On the other hand, implementing these programs months ago when most people were still locked down would have made a big difference.

Always provide an option: Part of planning well would be to provide options and alternatives. Maintaining a cash lane is a simple solution.

Another solution would be to provide a different route enough to meet the expected displaced volume such as prepping up the old McArthur highway. But it can also be time-bound solutions such as partial vehicle bans until the more permanent solution is achieved.

Listen, listen, listen: Keep your ears on the ground. Listen to the grumblings of your constituents.

Get used to, and in fact look for, the threads of complaints. Get feed-

Life insurance, investments, and high-return savings products— these are just some of the items that we should look into for 2021. Chances are, we already have investments, insurance policies, and savings— but it is imperative to look into all of it again to see if it’s enough, and to check how it can be maximized.

The three financial resolutions cited here are very basic but they contribute to building a stronger financial position, something that we all have to work towards as we try to recover in 2021. Debt management, budget realignment, and intelligent saving and investing should form part of our financial strategies for the coming year.

Twenty twenty-one is going to be a year of recovery. Inasmuch as we want to expect that things will be great, some experts are saying that we are going to face more economic challenges this coming year. There is work to be done to be able to rise from the bottom. Positivity coupled with hard work, I believe, would be the best formula for financial recovery in 2021.

back on a regular basis—and adjust accordingly.

Proceed/not proceed in favor of the general public. And if it really does not work out, there’s no reason to persist for the sake of continuing.

Step back and review. The public knows better and, despite the good intentions, we need to listen to them and heed their sentiment.

Failure or success—Own it. We will always have a forgiving public, so long as we admit the responsibility. The good thing in both cases is that we have agency heads owning the shortcomings of their agencies.

But it would also be good if such apologetic attitude gets emulated on the ground.

Truth to tell, many government projects fall short because of the absence of these basic steps in their implementation. Policy-makers, implementors and regulators may have all the necessary studies and analyses but stakeholder buy-ins remain to be the most crucial aspect for such programs to succeed. After all, such programs are for the public, implemented by those in public service and those who do so for public convenience. Public service, public convenience—keeping in mind these two words will always spell the success of any program of government.

Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

www.businessmirror.com.ph

Opinion

‘Spirit’ in contracts

Regulatory compliance ecosystem

BusinessMirror

Joel L. Tan-Torres

Siegfred Bueno Mison, Esq.

DEBIT CREDIT

THE PATRIOT

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asic is the understanding that once a contract is perfected, it has the force of law between the parties with which they are bound to comply in good faith. After perfection, performance of respective covenants in the contract is expressed in the cardinal principle that contracting parties must also act with good faith. Even in contracts that expressly allow either party to exercise rights for any reason, they are not absolutely given the indiscriminate power to exercise such rights out of a whim.

Much as I have taught Contract Law for almost 20 years, I understand that this overused, yet often-misinterpreted phrase of good faith simply means honesty in a person’s conduct during the agreement. Yet, honesty goes beyond not telling an outright lie; it also includes being reliable to fulfill commitments made. But the application of the good faith principle in contracts is not subject to an absolute standard.

What is deemed to be good faith must consider all circumstances surrounding the perfection and performance of the contract itself. Every contract contains an implied duty of good faith and fair dealing. One of the principles in transnational commercial law that applies to the negotiation and formation of international contracts states that, “Parties to international business transactions must act in accordance with good faith and fair dealing in international trade.”

While good faith generally requires honesty, “fair dealing,” a concept not generally known in Contract Law in the Philippines, usually requires that a party cannot act contrary to the “spirit” of the contract, even with due notice to the other party. Such “spirit” as reflected in the intention of the parties may not be accurately reflected in the written words due to poor contract drafting.

But the spoken words are akin to a vow or a commitment. In the Bible, Numbers 30:2 tells us, “When a man makes a vow to the Lord or takes an oath to obligate himself by a pledge, he must not break his word but must do everything he said.” Thus, believers should refrain from committing to anything without praying about it first. They are bound by their words, even if not written in the contract in keeping to what the Bible tells us in Deuteronomy 23:23 which tells us, “You shall be careful to perform what goes out from your lips, just as you have voluntarily vowed to the Lord your God, what you have promised.”

During my active legal practice, I was once asked by a client, JB, for an advice regarding a breach of contract. Evidently, based on his narration of facts, JB was entitled to damages and rescission of contract. I suggested to JB then that before filing a complaint, he might consider reaching out to the other party knowing that whenever a case is filed, victory is only certain for the lawyers who will be paid for their professional fees regardless of the outcome. Heeding such advice, JB gave the adverse party, JC, an opportunity to remedy the breach. After all, JC only needed more time for his finances to improve. I think JB understood the spirit of the contract, which entails mutual trust and cooperation. People enter into contracts not to violate but to fulfill them. While JC failed to keep his word,

at least initially, JB kept his, which was to perform all obligations in the contract in good faith and fair dealing.

Whenever business leaders give their word and then renege on it, not only the element of trust is broken but the element of obedience to God is compromised as well. After all, the Bible in Proverbs 14:2 tells us, “He who walks in his uprightness fears the Lord, but he who is devious in his ways despises Him.” When leaders dishonor God by dishonoring agreements (vows and promises included) in order to “pull a fast one” or win over the other, they ultimately lose because the money or position gained can never replace what was lost in exchange.

While JB kept his integrity intact by abiding to the terms in good faith as seen by granting JC more time, JC kept his word as well, by eventually fulfilling all of his obligations under the contract despite the initial breach. No longer bound by any business transaction, JC and JB remain as friends up to this day.

In contract law, when parties give their word to do something, save for a few contracts that require a written document for perfection, they are obligated to do it even if not written. Unfortunately, since the expectation in our society today is that only a very few people can keep their word, penal clauses are incorporated in contracts as a big stick to compel compliance. Thus, lawyers have a heyday in documenting every commitment in writing, losing sight of the “spirit” behind the written contract itself. Since original conditions under which the promises, spoken or written, were made may change to the detriment of another, the principle of good faith lends credence to more specific principles, such as the duty to renegotiate, the duty to notify, and duty to cooperate with the other.

As such, parties should only enter contracts under the foundation of mutual trust and premise of helping each other towards a common goal.

What our business leaders need these days is a healthy dose of ethics that requires them to keep their word no matter what the costs. May the fruits of the Holy Spirit that dwell within them dictate the spirit in every agreement they sign and in every word they say.

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Seventh of a series

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he Anti-Red Tape Authority is the government agency mandated to administer and implement Republic Act 11032. This law provides the system and rules to enhance doing business and promote more efficient government service to the general public—in short, cut red tape. It has been over a year since the ARTA was created and the implementing rules and regulations of the law were issued. The highlights of the IRR include: The requirement for all government offices to prepare and disseminate their Citizen’s Charter, which provides the list of requirements and procedures, and a schedule of fees for the services that they render.

Processing times for completing services applied for by the public are prescribed. The completion time is a maximum of three working days for simple applications, seven days for complex applications, and 20 days for services that require technical evaluations.

A minimal or no-contact policy where interactions between applicants and government employees are limited. Electronic submission

of applications and requirements should be the norm.

Upon lapse of the processing time, the submission of complete documents and payment of all fees, the transaction is automatically deemed approved.

Penalties for violations of the law are to be imposed on the erring government employee.

ARTA has recently undertaken several initiatives towards supporting the enhancement of the business regulatory system.

In February 2020, the ARTA and the Department of Information and Communications Technology launched the National Business One

Monday, December 21, 2020

The collaborative initiatives of the ARTA and the government and private sector and the sectoral approach of addressing government bottlenecks will go a long way in attaining the mandate of the ARTA and the law in cutting red tape in the entire bureaucracy.

Stop Shop. The NBOSS is the platform co-location of various government agencies where applicants can register their business and employees, submit documents, and avail themselves of its online services.

In March 2020, the program called National Effort for the Harmonization of Efficient Measures of Inter-Related Agencies was launched

by ARTA. This program would promote interconnectivity among government agencies to eliminate redundant processes on a sectoral or industry basis. To date, under the NEHEMIA, the streamlining of the government requirements has started for the logistics sector and housing development sector, while completing the cutting of procedures for the telecommunication towers and interconnectivity sector.

In October 2020, ARTA partnered with the Philippine Chamber of Commerce and Industry to designate its chapters as “ARTA champions.” As

‘Humanity at the precipice: Human development through a green lens’

By Dr. Selva Ramachandran

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he Covid-19 pandemic has exposed deep flaws in our societies, taking root wherever it has landed and exacerbating inequalities. The virus is also a warning sign for many crises, and will not be the last, unless we ease our grip on nature.

Viruses jump from animal to human, and around the world, in a heartbeat. Increasing global emissions contribute to wildfires, typhoons and other extreme weather patterns. Typhoons Rolly and Ulysses clearly demonstrated the worsening climate crisis, greatly affecting the most vulnerable. Sadly, it is they who contribute least to the climate situation we find ourselves in.

These are evidence of the new geological age we live in—the Anthropocene, or the Age of Humans —where humans have fundamentally changed the planetary systems required for life to survive on Earth.

The devastation caused by Covid-19 is the latest warning that humanity has reached a precipice. But, despite its titanic impact on human development, the pandemic can also be an opportunity to choose a different route, one where the power we wield over the planet is used to regenerate, not destroy.

The latest United Nations Development Programme (UNDP) Human Development Report shows we need nothing less than a societal transformation if the next frontier of human

progress is to succeed. This starts by rejecting the idea that we must choose between people or planet.

Human development at the expense of the planet is not development at all. It must and can be both.

This year’s report introduces a new lens to the Human Development Index, which for the last 30 years has measured countries’ health, education, and standard of living. The new Planetary pressures—adjusted Human Development Index (PHDI) shows how the global development landscape changes when you consider the wellbeing of people alongside pressures on the planet.

The results are stark: no country is currently achieving very high human development without straining planetary systems.

In the case of the Philippines, the Human Development Index (HDI) reached 0.718 in 2019 from 0.593 in 1990, an astounding achievement— positioning it 107 out of 189 countries and territories.

However, if we account for the planetary pressure, the HDI value declines by 2.4 percent to 0.701.

This loss in human development,

In the end, however, the main barrier to our urgently needed transformation is inequality, of both power and opportunity.

Inequalities are both a cause and a consequence of the strains we place on the planet. And the gross imbalances of power are the major obstacles to finding solutions.

although lower than the regional average for East Asia and Pacific, remains a significant loss that should be addressed as the country moves forward.

It is up to all of us to rethink our path. For starters, this means working with and not against nature.

There is huge potential in actions that protect, sustainably manage, and restore ecosystems.

Several nature-based solutions already form part of the Philippines’s national commitments in environment-related and development-related plans. Here, the naturebased solution with the most climate mitigation potential is reforestation, followed by ending forest conversion and improved agricultural management. Furthermore, pursuing renewable energy, sustainable transportation, green buildings, a circular economy, and sustainable agriculture offer opportunities to address the country’s development

New UK lockdown signals worsening economic outlook Mohamed A. El-Erian

BLOOMBERG VIEW

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ritish Prime Minister Boris Johnson and members of his government risk significant political damage for their decision on Saturday to introduce extremely tough restrictions on London and parts of the southeast England and withdraw a significant part of the social accommodations they had announced for Christmas gatherings. Yet as Johnson said in a widely watched briefing to the nation, “when the science changes, we must change our response.” The consequences will be felt well beyond politics, social interactions and mental wellness. They will also play out in an economic outlook that is likely to deteriorate both in scale and scope, nationally and globally.

The cause for the lockdown is the identification of a new variant

of the Covid-19 virus. This strain is said to spread much faster and al-

ready accounts for more than 60% of new infections in London. As such, and again quoting Johnson, “when the virus changes its method of attack, we must change our method of defense.”

The new variant may also raise questions about treatments and herd immunity even as remarkable progress is made on vaccines. There is yet no convincing evidence, one way or the other, on whether the new variant alters the course of the disease.

Nor is there compelling evidence, either way, of whether it changes immunity responses.

The immediate economic impact will be an even bigger contraction as more people are less able—because of stricter restrictions—or willing—because of greater health concerns—to interact economically.

This more pronounced double-dip

recession for the UK increases the risk of “scarring,” in which shortterm problems become longer-term structural impediments to dynamic supply and demand responses.

The new variant also sheds a much brighter spotlight on another issue—that of tighter restrictions on the internal and cross-border travel of people and, perhaps, also some goods.

With four tiers of restrictions in operation throughout England, will the government confront a decision within the next few weeks between tightening restrictions within the existing regime or perhaps imposing a third nationwide lockdown?

And how will other countries react to a new variant? Will they follow the earlier examples of Australia and New Zealand and effectively close their borders to non-citizens?

This worsened economic outlook for the global economy in the short term is accentuated by what’s happening elsewhere in the world. Certain countries that had been model managers of the pandemic such as Germany and South Korea find themselves facing more challenging circumstances. South Africa is also said to have identified cases of the new Covid variant, suggesting that other countries may also have to impose additional restrictions because of this virus mutation. Yet others that have struggled more, such as the US, are in an even worse place.

I am writing this column from California, where the average daily infection rate has spiked to 50,000, hospitalizations have soared and, with no ICU beds available in the southern part of the state, deaths

A7

such, the PCCI chapters throughout the country are authorized to receive red tape complaints from the private sector.

In October 2020, the ARTA directed all government units providing services covering business and nonbusiness related transactions to designate a Committee on AntiRed Tape. The designated committee shall be tasked to ensure that the government agency complies with the provisions of RA 11032 and its IRR. The collaborative initiatives of the ARTA and the government and private sector and the sectoral approach of addressing government bottlenecks will go a long way in attaining the mandate of the ARTA and the law in cutting red tape in the entire bureaucracy.

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@ gmail.com.

needs, while reducing pressure on the environment.

In the end, however, the main barrier to our urgently needed transformation is inequality, of both power and opportunity. Inequalities are both a cause and a consequence of the strains we place on the planet.

And the gross imbalances of power are the major obstacles to finding solutions.

Inequalities in income and human development are profound issues in the Philippines, with this nation unfortunately securing the greatest inequality-driven loss in HDI value—an average of 18.20 percent—compared to 16.9 percent across the region. Looking more deeply at inequalities, by looking at basic and enhanced human capabilities, the same trend emerges, further underscoring the urgent importance of addressing inequality in all its forms.

As we end a year that has defied all expectations, it must be understood that the Covid-19 pandemic is a warning sign for the future. It is time to consider what the story of this new frontier will be. We are the first generation of the Anthropocene, and the choices made today will decide the future for all of those to come.

Dr. Selva Ramachandran is the Resident Representative of the United Nations Development Programme in the Philippines.

are tragically on the rise. Yet there seems to be even more polarization among Californians on how state and local governments should react. This divide is also playing out in vast differences in compliance with existing guidelines, all of which undermine the possibility of timely policy reactions and appropriately healthy collective actions.

As wonderful as the encouraging news about vaccines is, we should not lose sight of the tragic severity of the immediate outlook. Absent a more timely and holistic response on the part of both the public and private sectors, we risk a lot more damage—both temporary and durable—in the remaining voyage to herd immunity and the related return to better public health and more normal economic and social interactions.

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NTF admits vaccine delays, but backs DOH chief Duque

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By Samuel P. Medenilla & Butch Fernandez

@sam_medenilla @butchfBM

HE government’s negotiations for securing doses of the Covid-19 pandemic vaccine has hit a slight delay.

The National Task Force Against Covid-19 (NTF) made the admission in a statement on Sunday, adding it now considers extending its negotiations with the manufacturers and other countries for its vaccine acquisition to next month.

“We are eyeing to strike a deal with vaccine manufacturers by the end of this year or early January 2021,” NTF said.

Based on the government Vaccination Road Map, the said bilateral and multilateral talks should have been concluded before the end of December.

Nevertheless, NTF said it was able to make up for the delays and is still confident the government will be able to get its first shipment of the vaccine by March 2021 and start its inoculation program for Covid-19.

On Sunday, Sen. Panfilo Lacson prodded the Duterte government to frontload early procurement Covid vaccines from the US, airing hopes the Santa Claus in Malacañang will act fast to grant his “Christmas wish.”

“No more incompetence,” Lacson stressed in an interview with DWIZ over the weekend. “There should be no room for incompetence and ineptitude, especially on the part of Health Secretary Francisco Duque III, after the events earlier this week,” a reference to the intra-Cabinet exchange last week, where Duque was seen as the one who “dropped the ball” in crucial

negotiations with vaccine manufacturer Pfizer, thus relegating the Philippines further down the line of nations making pre-orders.

Food program

Cabinet Secretary Karlo Nograles said they are anticipating vaccination drive will allow the government to resume its intensified food program initiatives.

Based from the latest survey conducted by the Social Weather Station (SWS), 16.7 percent of Filipinos suffered involuntary hunger.

“The administration’s programs on food security will hopefully bring hunger figures down to prepandemic levels, which hovered at 8.8 percent.” Nograles said in a statement.

‘Unnecessary noise’

Despite admitting the delays, NTF backed the position of Health Secretary Duque in the controversy surrounding the government’s acquisition of Covid-19 vaccine of Pfizer and BioNTech.

Last week, Duque belied the allegations that he was the one who “dropped the ball” in finalizing the deal to secure 10 million doses of vaccines from Pfizer-BioNTech.

NTF described the allegation as “unfounded and unnecessary noise that may derail” the government from securing safe and effective vaccines, even though the allegedly

slow action on the vaccines was revealed by a Cabinet secretary, Foreign Affairs Secretary Teodoro L. Locsin, Jr., who had earlier secured the help of US Secretary of State Mike Pompeo in helping the Philippines get a substantial volume of preorders as countries scrambled to make reservations. Locsin’s revelation was affirmed by Philippine Ambassador to Washington Jose Manuel “Babe” Romualdez.

The NTF reiterated “no ‘bus’ was missed or no ‘ball’ was dropped” on the said government negotiations with Pfizer.

Commercial prices

The NTF also clarified reports on the prices of the Covid-19 vaccines, which it said was not the same as what is being negotiated by the government.

“The negotiated price of a dose of vaccine is mostly at a cost since most companies believed that during this pandemic our moral obligation and global interests is to save lives and humanity,” NTF said.

It issued the statement after drawing criticism for prioritizing Sinovac’s vaccine, which is one of the most expensive Covid-19 vaccines at P3,629.50.

It is said to be more expensive compared to other vaccines of manufacturers such as AstraZeneca (P610); Novavax (P366); Pfizer (P2,379); Gamaleya (P1,220), and the Covax Facility (P854).

‘Christmas wish’

Senator Lacson told DWIZ in an interview at the weekend, “My Christmas wish is simple. I hope we Filipinos survive this pandemic, and we get the needed vaccines soonest.”

Lacson suggested that the Duterte Cabinet, including AntiCovid chief implementor vaccine czar Carlito Galvez Jr., should help

Secretary Duque “not by defending him in media but by getting his job done.”

At the same time Lacson acknowledged that “if there was something good that came out of Foreign Affairs Secretary Teodoro L. Locsin Jr.’s tweet about someone dropping the ball during the initial efforts to get vaccines, it was that the attention of those concerned had been called.”

The lawmaker, the first to react to Locsin’s tweet, earlier bared it was Duque who “dropped the ball” in initial talks for vaccines by not acting quickly in signing a Confidentiality Disclosure Agreement that would seal the deal. Lacson recalled that Locsin and his US counterpart, Secretary of State Mike Pompeo, spoke Friday night for the Philippines to procure Covid vaccines, even if it was just a fraction of the 10 million doses initially discussed.

Several months ago, Locsin had gotten Pompeo to commit to help the Philippines source vaccines from US-based pharmaceutical firms that were frontrunners in the vaccine race. “This time, I expect Secretary Duque to be alert, and I expect the Cabinet members to help him move faster instead of defending him through statements to the media. Tulungan na lang. Huwag tulungan magpaliwanag sa media.

Tulungan na lang magtrabaho [Just help each other. Not help to explain to media, but help each other do the job],” the senator said. He noted that Duque had asked Galvez and other Cabinet members to defend him in media, adding Duque was “practically frantic” in doing so.

The senator added: “As for Duque’s claim that he erred on the side of caution in signing the CDA late . . . Caution, my foot. 118 daysto sign a simple CDA, between June and October?”

LOCAL OIL REFINERIES’ CLOSURE MAY TRIGGER DISRUPTIONS–SOLON

By Jasper Emmanuel Y. Arcalas @jearcalas

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LAWMAKER is urging the House Energy committee to conduct an inquiry on how the closure of two domestic oil refineries would affect the country’s energy security amid the Covid-19 pandemic.

Surigao del Sur Rep. Johnny Pimentel said the House energy committee should look into how the decommissioning of the country’s only two oil refineries could impact the country’s long-term energy security.

“Without any oil refining capacity of our own, is there any chance our supply of ready-to-use fuels might be disrupted to a certain degree sometime in the future, once our economy starts to recover?

We want this and other questions answered by the Department of Energy and by the oil industry,” Pimentel said in a statement on Sunday.

R e f i ne r i e s g e ne r at e finished petroleum products such as gasoline, diesel, kerosene, jet fuel and LPG, among others, out of crude oil.

Pimentel made the remarks following the recent statement of Petron Corp. that it will “suspend” the operations of its 180,000 barrels per day refinery in Limay, Bataan by mid-January 2021.

Pilipinas Shell Petro-

leum Cor p. had earlier dismantled its 110,000 barrel per day refinery in Batangas City in favor of an oil import terminal.

The company had initially suspended its refinery operations in May. Pimentel noted t hat many refiner ies in the world, not only those in the Philippines, are “getting mothballed because of uncer tain prospects for a recovery in fuel demand after the Covid-19 pandemic destroyed consumption.”

“Could a sudden reduction in global refining capacity possibly upset our supply of finished fuels in the future? Do we have enough storage capacity here for ready-to-use fuels in the event of disasters or crises that might set back the operations of refinery hubs abroad?

We want these concerns addressed,” Pimentel said.

“We are counting on the energy committee to tackle these issues in a formal inquiry,” he added.

Pimentel said the two refineries have opted to import finished petroleum products as it is more profitable instead of refining crude oil at a loss.

“Shell and Petron reported P13.9 billion and P12.6 billion in net losses, respectively, from January to September this year due to deteriorating margins amid the 40 percent plunge in fuel demand,” Pimentel added.

Rice data collections gaps must be closed –AER advice to govt

By Bernadette D. Nicolas @BNicolasBM

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OCAL think tank Action for Economic Reforms (AER) said the government must first close the gaps in its data collection on the rice industry for it to craft better policies.

In its recently released rice policy note, the AER stressed the need for the country to improve its data institutions.

While noting that the Philippine Statistics Authority is already highly regarded as providing reliable data, AER said other agencies, such as the Department of Agriculture (DA), should be integrated towards a datadriven policy-making approach.

According to the think tank, DA’s Philippine Rice Information System produces data on planted rice areas, yield estimates, rice areas at risk during drought and rice production situation.

But AER said this “does not include farmer’s cost of production which is crucial in evaluating the impact of a certain intervention such as the RCEP [Rice Competitiveness Enhancement Program] on the farmer’s welfare.”

It asserted, “One cannot overemphasize the importance of a good set of reliable and timely data in understanding and further analyzing the rice industry so that improved

farmers’ productivity and incomes and consumer welfare are ensured.”

Over the short term, AER said targeting farmers for cash transfers and identifying the appropriate type of support for particular areas should be guided by a good data set.

Moreover, the think tank recommended that DA collect data at the smallest unit—farmers and cooperatives—to better track yield and productivity trends over time.

Apart from this, it will also help the agriculture department identify the unique constraints and provide better-targeted solutions, like which technologies and practices would be best for farmers at the individual level, rather than simply adopting a broad provincial approach.

To make the National Food Authority more efficient in its bufferstocking role, AER also suggested periodic monitoring of consumer data, such as prices and demand to bridge the gap between farmers and households.

Doing this will also increase the ability of local farmers to make production choices, the think tank added.

Further, AER said proper measures against misdeclaration and undervaluation of rice imports must also be implemented to prevent technical smuggling and to maximize tariff collections.

Continued on A4

Colonel Gene Licud (left), station commander in Sampaloc district in Manila, leads the inspection of motorists, who are reminded of health protocols when riding PUVs or motorcycles. The campaign is meant to prevent the spread of Covid-19 during the Christmas season, as people are out to celebrate the holiday. NONIE REYES

DFA’s BRIDGE program boosts compact on migration

By Recto Mercene

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@rectomercene

HE Department of Foreign Affairs (DFA) recently launched the BRIDGE program (Bridging Recruitment and Reintegration in Migration Governance) “to ensure decent work and to facilitate safe return and reintegration of migrant workers.”

“BRIDGE aims for a pronounced positive effect on human mobility.

And that will be done by translating our four decades’ worth of experience, good and bad, into improved migration policies and practices,” said Foreign Affairs Secretary Teodoro L. Locsin Jr. during a zoom conference.

He added that the Philippines’s support for BRIDGE “flows inexorably from our commitment to the Global Compact for Safe, Orderly and Regular Migration.”

He said the country fought

hard for the Compact at the UN back in 2018. “We had a unique and compelling argument in a world of hard hearts. We did not talk aspirations and expectation.

Our talk was of our current best practices with decent countries that hosted our migrants, like Germany which gave us labor rights not unlike that enjoyed

by German workers.

“That made it easier to convince the rest of the world about some-

thing tried and tested already. You cannot argue with facts, with actual best practices.”

According to the Har vardtrained lawyer, migration governance policies remain a work in progress in the Philippines; “even though, across four decades, we put up the governmental institutions— like POEA in Labor, and OUMWA in Foreign Affairs—to manage international migration flows.”

Continued on A4

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Companies BusinessMirror

Monday, December 21, 2020

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SM Prime seeks SEC nod to float fixed-rate bonds

By VG Cabuag

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@villygc

HOPPING mall operator SM Prime Holdings Inc. said it has applied with the regulator to sell some P10 billion in fixed-rate bonds.

In its disclosure, the country's largest property developer said it has filed its application for a permit to sell with the Securities and Exchange Commission for its issuance of P5 billion in debt paper with an oversubscription option of another P5 billion.

The said debt will have a tenor of 2.5 years and 5 years, the company said.

The said issuance is part of the company's P100 billion in shelf registration approved by the SEC in February this year.

In March, just shortly after the

declaration of lockdown in the country, SM Prime was able to raise some P15 billion in fixed-rate bonds, with a tenor of 5 and 7 years.

The proceeds will primarily finance capital expenditures for new malls and expansion projects.

SM Prime earlier said its income fell by half during the three quarters of the year ending September to P14.4 billion from last year's P27.6 billion. The company said this was due to lockdown measures implemented to contain the spread of Covid-19.

Revenues reached P60.7 billion

for the period, 29 percent lower from P85 billion last year, the company said.

“SM Prime’s core businesses, primarily its malls, showed slight recovery as the government started to re-open more industries to help the economy going in to the second half of the year,” Jeffrey C. Lim, SM Prime president, said.

"We have also implemented tighter controls on our expenses achieving a major reduction in operating expenses quarter on quarter. Nevertheless, we continue to provide further assistance to our various stakeholders as well as to the programs led by the government in containing the spread of the virus and strengthening back our economy."

In January to September, revenue of SM Prime’s domestic mall business reached P18.3 billion, 57 percent lower than last year’s P42 billion. Rental income recorded P16.8 billion in revenues, down by more than half from P35.1 bil-

lion last year.

Meanwhile, SM Markets, the company's food retail business, is extending its opening hours in select branches from as early as 6 a.m. to as late as 11 p.m. to provide customers the option to shop at off-peak hours.

These branches are SM supermarkets in Megamall, Makati, Cubao, North Edsa, Mall of Asia, Bicutan, Monumento, Cubao, Savemore Market Acacia, Amang Rodriguez, Anonas, Free Choice Mart, Laong Laan, Light, Nagtahan, Novaliches, Shoe Ave, Sta. Ana Manila and Visayas.

SM Markets is also providing online shopping in 26 branches in Metro Manila and Cebu.

Once ready for checkout, customers can choose to have their orders either prepared for pickup at the store or delivered to their homes or their loved ones with a minimal fee or free for orders worth a minimum of P1,500, the company said.

‘Meralco extends relief scheme’

By Jasper Emmanuel Y. Arcalas @jearcalas

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OUSEHOLD consumers of the Manila Electric Co. (Meralco) can heave a sigh of relief as the company has extended its no-disconnection policy until the end of January 2021, House Speaker Lord Allan Velasco said Sunday.

In a statement, Velasco said the company informed him about the extension in a letter last December 14 following a “careful evaluation and in consideration” of his ap-

peal to extend the firm's no-disconnection policy to help Filipinos cope with the impact of Covid-19 pandemic.

Velasco earlier wrote to Meralco President Ray Espinosa requesting the utility giant to extend the nodisconnection policy for the entire Christmas season until the end of January 2021.

Velasco argued in his letter last November 30 that the "no-disconnection period would help ease the burden of Meralco customers grappling with the challenges posed by the pandemic."

“The extended grace period being given to our fellow Filipinos during the holiday season will provide much needed reprieve to those reeling from the devastating effects of the pandemic and natural calamities,” he said.

“This good gesture on the part of Meralco will go a long way in helping our kababayans feel secure this Christmas."

Citing Espinosa, Velasco said the extended grace period would benefit more than 3 million Meralco customers with consumption of 200 kilowatt per hour and below during

the billing month of December 2020.

The number represents around 47 percent of Meralco’s total customer base, Espinosa was quoted as saying in the statement.

“This is how we overcome the devastating effects of this pandemic, with leaders from both private and public sectors working together to make lives better,” Velasco said.

Meralco serves Metro Manila, where it is the sole electricity distributor, as well as some nearby provinces, like Bulacan, Cavite, Laguna, Batangas, Rizal, and Quezon.

It has 7 million customers.

Tesda: ‘Over 200 firms secure AstraZeneca vaccines’ Scholars to get allowance via GCash

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CHOLARS of the Technical Education and Skills Development Authority (Tesda) will receive their training allowance via GCash after the agency signed an agreement with the company.

Tesda Secretary Isidro Lapeña said using GCash will allow the agency to achieve efficiency during the pandemic as Training Support Fund distribution will be remitted digitally, saving its scholars the trouble of going to field offices to receive allowances.

“At the early stages of the pandemic, I have already instructed our Regional Operations Management Office to find a safe and effective way on how we can distribute Training Support Fund to our scholars this pandemic. Now that we have this partnership with Gcash, this can really help our kababayans especially the ones who are in the far-flung areas,” Lapeña said.

This also allows for contactless transactions, mitigating the impact of Covid-19 on its scholars amid the ongoing implementation of different quarantine protocols.

Meanwhile, Gcash President and CEO Martha Sazon said the company is actively supporting the government in delivering support to Filipinos since the onset of the pandemic.

“We understand that fintech plays a key role in carrying out social assistance programs faster and safer, especially now that we are still figuring out how to transition back to normalcy,” she said.

Tesda scholars need only to download the GCash app on their smartphones through Google Play and Apple Store, and coordinate with authorizedTesda representative to receive their training support fund which is P 160 per training day. Claudeth Mocon-Ciriaco

S the news broke out regarding the approval of AstraZeneca on the second batch of orders of the Covid-19 vaccine, Presidential Adviser for Entrepreneurship and Go Negosyo founder, Joey Concepcion, sa id compa n ies i m med i ate ly placed their orders for the vaccine.

Ayala Corp. confirmed 400,000 doses of vaccines, along with other companies, namely: Palawan Pawnshop which ordered 100,000 doses; Okada Manila, 40,000 doses; Uratex Philippines, 21,000 doses; Century Pacific Food, 20,000 doses; Unioil Petroleum Philippines Inc., 20,000 doses, Golden Arches Development Corp., 15,000 doses; and Pepsi-Cola Products Philippines Inc., 10,000 doses. Each dose is still at its base cost of $5.

Meetings with the European Chamber of Commerce of the Philippines, the British Chamber of Commerce of the Philippines, the American Chamber of Commerce of the Philippines, the Entrepreneurs Organization, the Philippine Franchise Association, The Association of the Filipino Franchisers Inc., Philippine Ecozone Developers, Philippine Hotel Associations, Inc., and the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc., and George Barcelon of PCCI among others, also immediately ensued upon the announcement for the second batch.

“When they told me that, the number of calls and inquiries from the private sector were increasing. Although we expected it somehow, we were happy that more and more private sector

partners are now taking their part in this initiative – ending the war against Covid-19. This only means that the business community is very serious in ensuring that our economy will remain open while slowly ending this war,” Concepcion stated, with more than 200 companies already expressing their pledge and interest, and still counting.

Recognizing the ‘Bayanihan spirit’ that is being created among the community, Concepcion extended his reach to help more businesses acquire their share of the vaccines—‘A Dose of Hope.’

As the door opens to more businesses, Concepcion encourages business entities to just express their interest and he will help them personally.

Various business entities like microfinance institutions (MFIs) have been in contact with Go Negosyo and Concepcion. Allan Robert Sicat, Executive Director of Microfinance Council of the Philippines, Inc., has been connecting these networks of microfinance institutions to Go Negosyo and Concepcion.

D r. Ja i me A r i stot le A l ip, founder and managing director of The Center for Agriculture and Rural Development Mutually Reinforcing Institutions, is one key advocate that is interested in the project. Leading a group of companies composed of a foundation, a bank, micro insurance, a development institute, and a business development service, Alip’s conglomerate is a critical source of assistance for MSMEs. O t he r advo c ates t h at e xpressed their interest in joining

this cause are Fr. Jovic Lobrigo of Sedp Simbag sa Pag asenso, Inc. (SEDP Simbag), and Eduardo Jimenez of Kabalikat para sa Maunlad na Buhay, Inc. (KMBI, Inc.), among others. Critical in the revival of MSMEs that has been greatly affected in the country, the earlier MFIs’ operations would resume, the more MSMEs will receive assistance from these institutions.

Go Negosyo and Concepcion is still closely and continuously working with various businesses through this ongoing effort. Just recently, Concepcion had a meeting with the Philippine Retailers Association headed by Rosemarie Ong, Senior Executive Vice President and COO of Wilcon Depot.

A strategic partnership, “I shared with them that it’s important to vaccinate all the frontliners in the retail sector, supermarkets, department stores, and malls."

Concepcion said this initiative is one step to helping MSMEs bounce back. "The more businesses involved in this project, the faster the ecosystem will be revived, thus, stimulating exchange. It is one answer to the question of how we get money flowing again—it will stop the bleeding."

“MSMEs are one of the greatly affected in this pandemic. Right now, as some of their businesses are close, they don’t have a cash flow. So now, this is why we want to really help, I think the real solution here is control the situation and control the infection, get rid of the virus—and this is only possible through the vaccine,” Concepcion noted.

Megawide’s rehab of Naia good for PHL economy—groups

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EBU ’S lead ing business groups are rallying behind Megaw ide Constr uction Corp. after the Manila International Airport Authority (MIAA) Board revoked the company’s original proponent status (OPS) for the rehabilitation of the Ninoy Aquino International Airport (Naia).

They are also expressing indignation against a lawsuit which questions the legality of the partnership Megawide shares with GMR Infrastructure Inc., its minority partner in the operations and maintenance of Mactan Cebu International Airport (MCIA).

The groups decried the "malicious attempts" to smear the only Filipino company with a proven track record in building world-class airports for the Philippines.

“We are grateful for the overwhelming support we are receiving. This drives Megawide to work harder and even more unstoppable in delivering world-class infrastructure the Filipinos deserve,” Megawide Chairman Edgar Saavedra said in a statement.

In a letter addressed to Depa r t me nt of Tr a n s p or t at ion (DOTr) Secretary Arthur Tugade on December 15, Cebu Chamber of Commerce and Industry President Felix Taguiam said Megawide has the “credibility, experience, and the drive” to deliver a topnotch airport.

“Megawide worked diligently with the Cebuanos, to achieve this dream of having a world-class gate-

way to more opportunities the world has to offer,” Taguiam said.

Taguiam also noted that the delivery of the new MCIA accelerated the transformation of Cebu into an international destination which sparked new economic growth beyond the airport.

According to Taguiam, by facilitating tourism and trade, the Naia rehabilitation project shall surely generate economic growth, and in effect provide more jobs and increase revenues from taxes.

“Exactly what Megawide delivered to Mactan-Cebu,” he said.

In a separate letter to House Committee on Transportation Chairman and Samar First District Representative Edgar Mary Sarmiento, the Mandaue Chamber of Commerce and Industry Inc. (MCCI) pointed out that in 2018, the Chamber conferred to Megawide the award “Industry Catalyst of the Year” for “developing the key infrastructure to spur economic growth and driving industry to new heights.”

MCCI, a business support organization in Mandaue City, is composed of close to 500 companies ranging from micro to large corporations in Cebu’s Industrial Hub. “As a major stakeholder in Cebu’s economic development, we are writing to vouch and confirm the role of Megawide Construction Corporation in the rehabilitation and improvement of the Mactan-Cebu International Airport,” MCCI President Steven Yu said.

Nlex all set for expected surge in traffic volume

By Lorenz S. Marasigan @lorenzmarasigan

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LEX Corp. is beefing up its initiatives to accommodate the expected surge in traffic volume during the Christmas and New Year holidays, with average daily vehicles seen increasing by as much as 12 percent this year.

Through its annual Safe Trip Mo Sagot Ko program, Nlex Corp. will be providing assistance to motorists that will travel through the North Luzon Expressway (Nlex) and the Subic-Clark-Tarlac Expressway (Sctex).

“As of November 2020, Nlex-Sctex traffic is at 288,000. This is lower by 25 to 30 percent compared last year. This holiday season, we expect 10 to 12 percent increase on the last working day before Christmas and on December 26 and 27,” said Nlex Corp. President Luigi L. Bautista said.

He said the company is intensifying its customer facing services to help shorten the travel time of motorists.

From December 18 to January 4, 2021, Nlex will beef up its operations to further provide convenient and safe travel to motorists. Traffic monitoring teams will closely monitor high volume toll plazas such as Balintawak, Mindanao, Karuhatan, Bocaue, San Fernando, Clark South, Tarlac and Tipo.

Bautista said his group will deploy close to 1,200 patrol crews, traffic marshals, security teams, and RFID Assist Squads at strategic areas of the expressway to ensure safety and provide immediate assistance to motorists.

Speed and lane management teams will likewise be on alert to enforce traffic discipline, he added.

Nlex Corp. is also deploying medical and incident response teams during the traffic surge.

The expressway operator has suspended construction works and lane closures along the main line to mitigate possible congestion. It is offering a 24-hour free towing service for Class 1 vehicles on December 26 and 27, as well as January 2 and 3.

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Companies BusinessMirror

Monday, December 21, 2020

PSE STOCK QUOTATIONS

December 18, 2020

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

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

46 46.35 45.2 46.35 45 46.35 14,000 640,395 112 112.5 114.6 114.6 112 112 3,980,600 449,285,562 -114,032,311 82.25 82.7 82.5 82.95 81.25 82.7 3,663,970 301,820,367 -38,439,715.50 25.4 25.6 25.6 25.7 25.4 25.4 575,300 14,681,120 -5,994,860 11.44 11.46 11.86 11.86 11.42 11.46 696,900 8,012,586 -3,341,548 49.55 49.6 49.8 49.85 48.5 49.6 8,599,100 424,758,280 -157,146,980 12.58 12.9 13 13.46 12.88 12.88 16,400 212,986 -65,890 21.35 22.8 21.3 21.3 21.3 21.3 100 2,130 30.8 30.85 31.1 31.1 30.8 30.85 434,800 13,436,305 -2,906,565 54.15 54.25 53.95 54.25 53.95 54.25 5,710 308,800 97 100 100 100 100 100 280 28,000 19.3 19.48 19.56 19.56 19.12 19.3 83,300 1,601,398 138 138.8 140 140 137.3 138.8 912,510 126,232,984 -32,595,517 70.4 70.5 70.1 70.95 70.1 70.5 28,860 2,033,488 -66,997.50 1.03 1.06 1.1 1.1 1.03 1.06 159,000 167,370 29.6 29.7 29.8 29.8 28.5 29.6 352,600 10,104,085 4.52 4.53 4.51 4.56 4.31 4.52 550,000 2,479,740 2 2.01 2.45 2.45 1.89 2 10,866,000 23,363,770 335,000 0.385 0.39 0.4 0.42 0.38 0.39 4,660,000 1,871,600 135,550 802 820 820 820 802 802 50 40,460 0.69 0.72 0.75 0.75 0.7 0.7 396,000 280,960 154.9 155 155 155 154.8 155 54,200 8,399,275 -7,994,750 2,000 2,044 2,000 2,000 2,000 2,000 315 630,000 550,000 1.04 1.09 1.04 1.04 1.04 1.04 3,000 3,120 -

INDUSTRIAL AC ENERGY 6.6 6.61 6.3 6.62 6.2 6.6 33,692,900 216,744,081 5,965,042 1.39 1.41 1.4 1.41 1.39 1.39 1,730,000 2,422,130 28,000 ALSONS CONS ABOITIZ POWER 27.85 27.9 27.95 28 27.5 27.9 1,533,400 42,716,040 10,635,490 0.47 0.475 0.48 0.51 0.455 0.47 379,020,000 183,197,600 3,800 BASIC ENERGY FIRST GEN 28.2 28.25 27.9 28.25 27.9 28.2 854,400 23,983,045 -4,564,270 FIRST PHIL HLDG 78.5 79 78 79 78 78 33,900 2,646,508.50 383,362.50 281.6 285.8 285 289.4 281.6 281.6 660,210 186,807,778 -72,162,472 MERALCO MANILA WATER 15.92 15.96 16.2 16.2 15.8 15.96 1,342,200 21,482,376 398,354 4.02 4.03 3.99 4.04 3.96 4.03 7,304,000 29,354,820 -219,100 PETRON 3.62 3.68 3.6 3.65 3.58 3.65 47,000 169,610 PETROENERGY PHX PETROLEUM 12.54 12.78 12.76 12.8 12.52 12.78 41,700 524,286 21.5 21.55 22.35 22.8 21.3 21.5 1,057,500 22,919,340 1,475,240 PILIPINAS SHELL SPC POWER 10.5 10.52 10.32 10.72 10.32 10.5 215,900 2,271,636 356,320 14.02 14.78 14.32 14.32 14.02 14.02 4,400 62,648 VIVANT 8.3 8.37 8.45 8.5 8.29 8.35 635,200 5,309,688 -2,431,810.00 AGRINURTURE AXELUM 3.59 3.6 3.68 3.72 3.59 3.6 2,403,000 8,720,930 -490,100 15.22 15.98 15.2 16.3 15.2 15.22 10,100 160,168 CNTRL AZUCARERA CENTURY FOOD 17.5 17.52 17.56 17.66 17.5 17.5 6,624,600 115,932,492 41,459,330 DEL MONTE 7.94 7.95 7.74 7.97 7.72 7.95 133,000 1,047,637 7.43 7.46 7.2 7.5 7.18 7.46 21,173,100 153,222,568 -5,016,722 DNL INDUS EMPERADOR 9.98 10.02 10.02 10.04 9.98 10.02 5,731,300 57,365,661 -218,414 71.75 71.95 72 72 71.65 71.95 267,360 19,226,859 -2,091,306 SMC FOODANDBEV 0.69 0.7 0.7 0.73 0.7 0.7 1,644,000 1,153,050 ALLIANCE SELECT FRUITAS HLDG 1.8 1.82 1.76 1.84 1.74 1.82 35,331,000 63,427,640 6,272,050 51.65 52 51.95 52.1 51.5 52 105,270 5,474,395.50 2,447,111 GINEBRA JOLLIBEE 204 204.2 206.4 206.4 202.4 204 786,270 160,637,372 -55,403,766 45.1 45.5 45.8 45.8 45 45.1 11,300 511,810 LIBERTY FLOUR 8.35 8.6 8.3 8.6 8.28 8.6 12,400 103,490 MACAY HLDG MAXS GROUP 7.91 7.92 8.12 8.2 7.81 7.91 829,700 6,592,787 -225,874.00 0.224 0.23 0.24 0.24 0.224 0.224 9,550,000 2,195,890 20,460 MG HLDG SHAKEYS PIZZA 8.11 8.15 8.07 8.15 8.07 8.15 143,000 1,161,022 -170,510.00 ROXAS AND CO 1.44 1.45 1.44 1.46 1.44 1.45 6,685,000 9,666,310 3,154,870 4.55 4.73 4.66 4.73 4.5 4.73 37,000 168,100 RFM CORP ROXAS HLDG 1.73 1.75 1.8 1.8 1.7 1.75 476,000 820,300 20,520 0.127 0.129 0.13 0.131 0.127 0.129 1,120,000 144,250 SWIFT FOODS 160.1 160.9 157 160.9 152.7 160.9 1,091,730 173,637,004 -14,155,703 UNIV ROBINA VITARICH 1.01 1.02 1.01 1.03 1 1.02 6,519,000 6,576,550 -710 2.5 2.55 2.5 2.5 2.5 2.5 5,000 12,500 VICTORIAS CONCRETE A 53.65 54.95 53.65 53.65 53.65 53.65 190 10,193.50 1.66 1.67 1.65 1.68 1.64 1.66 6,012,000 9,959,880 -27,070 CEMEX HLDG 5.05 5.1 5.1 5.1 5.05 5.05 90,000 456,522 50,700 DAVINCI CAPITAL EAGLE CEMENT 14.86 15 15 15.02 14.98 15 632,900 9,497,632 8,071,172 8.01 8.03 8 8.05 7.94 8.01 379,600 3,044,200 552,105 EEI CORP HOLCIM 7.43 7.45 7.46 7.6 7.35 7.45 1,599,300 11,948,685 782,000 MEGAWIDE 8.6 8.62 8.46 8.64 8.46 8.6 3,686,000 31,541,440 287,338 9.3 9.7 9.3 9.7 9.3 9.7 129,200 1,248,118 PHINMA TKC METALS 0.98 1.02 1 1.04 0.97 1 804,000 798,800 1.32 1.33 1.34 1.34 1.3 1.33 2,306,000 3,027,570 7,850 VULCAN INDL 1.91 1.94 1.94 1.96 1.92 1.94 142,000 275,840 19,400 CROWN ASIA EUROMED 2.55 2.56 2.6 2.63 2.55 2.55 1,292,000 3,326,740 4.62 4.69 4.6 4.9 4.6 4.65 47,000 223,660 LMG CORP MABUHAY VINYL 4.6 4.69 4.68 4.7 4.68 4.7 3,000 14,060 5.29 5.38 5.44 5.45 5.28 5.29 105,500 564,390 5,420 PRYCE CORP 22.75 23.3 23.3 23.3 22.7 22.75 3,400 77,875 CONCEPCION GREENERGY 2.58 2.6 2.62 2.64 2.57 2.6 3,188,000 8,307,930 309,470 8.41 8.45 8.32 8.48 8.2 8.45 1,050,700 8,758,269 -88,175 INTEGRATED MICR IONICS 1.37 1.38 1.34 1.46 1.29 1.37 6,658,000 9,192,920 39,200 PANASONIC 5.21 5.43 5.22 5.44 5.22 5.43 12,900 67,777 1.67 1.7 1.78 1.79 1.64 1.7 8,819,000 14,893,150 557,790 SFA SEMICON CIRTEK HLDG 7.46 7.47 7.42 7.49 7.15 7.46 4,979,800 36,503,618 -1,179,624

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.71 0.72 0.75 0.76 0.71 0.72 37,541,000 27,307,270 1,490,200 9 9.1 9.29 9.29 9 9.1 80,500 735,217 826 842 844.5 844.5 826 826 990,900 823,526,010 -134,355,965 45.8 47.5 47 47.5 45.25 47.5 1,479,200 69,746,855 15,011,620 10.9 11.06 10.78 11.06 10.6 11.06 4,843,700 52,848,852 14,529,226 3.67 3.68 3.55 3.75 3.55 3.68 10,606,000 39,011,380 13,496,700 6.52 6.78 6.79 6.79 6.51 6.79 9,100 60,389 -2,716 0.82 0.83 0.86 0.86 0.81 0.83 1,176,000 961,470 0.94 0.95 0.94 0.96 0.93 0.95 3,076,000 2,888,640 0.94 0.96 0.96 0.96 0.94 0.96 153,000 144,620 5.62 5.63 5.67 5.7 5.53 5.63 5,894,100 33,059,237 -17,504,956 6 6.06 6.15 6.16 5.99 6.06 8,516,100 51,417,717 -18,029,812 9.83 10 10 10.1 9.83 10 9,200 91,770 3.4 3.6 3.75 3.8 3.6 3.6 31,000 115,790 636 640 650 650 630 636 121,900 77,596,650 -36,134,975 4.2 4.25 4.3 4.3 4.19 4.2 21,000 88,680 72.9 73.45 71 73.45 70.4 73.45 2,915,350 212,370,411.50 47,002,692.50 4.9 5.18 5.18 5.18 5.1 5.1 5,400 27,644 5.2 5.29 5.2 5.29 5.2 5.29 8,600 44,729 0.89 0.91 0.91 0.93 0.88 0.91 1,258,000 1,130,490 3.72 3.73 3.73 3.73 3.72 3.72 7,529,000 28,008,550 -197,130 13.82 13.9 14.04 14.04 13.8 13.9 828,000 11,518,898 -5,573,252 0.53 0.55 0.55 0.56 0.53 0.55 85,000 46,250 4.36 4.39 4.36 4.39 4.33 4.39 22,092,000 96,635,450 -435,590 3.76 3.85 3.95 4.04 3.6 3.76 1,303,000 5,054,990 -3,740 0.95 0.99 0.97 1 0.94 0.99 285,000 279,730 -19,800 3 3.04 3 3 3 3 720,000 2,160,000 1.2 1.26 1.26 1.27 1.2 1.2 623,000 754,620 237,600 251 254 254 257 251 251 840 212,650 30,360 1,065 1,070 1,069 1,090 1,053 1,065 523,810 556,885,755 -148,120,910 138.7 139.2 140 140.7 138.2 138.8 126,540 17,591,828 -2,955,837 0.8 0.82 0.82 0.85 0.82 0.82 206,000 172,420 2.16 2.21 1.99 2.3 1.99 2.16 388,000 817,180 144.8 145 144.6 145.1 144.6 144.8 421,080 60,890,524 -756,846 0.231 0.24 0.24 0.242 0.24 0.24 870,000 209,280 0.193 0.195 0.2 0.2 0.19 0.195 2,920,000 568,880 -

PROPERTY ARTHALAND CORP 0.71 0.73 0.73 0.74 0.71 0.73 938,000 680,330 8.21 8.8 8.79 8.8 8.1 8.8 5,900 48,029 ANCHOR LAND AYALA LAND 41.35 41.9 41.5 42 40.8 41.9 11,216,000 465,441,235 -13,181,405 1.29 1.32 1.28 1.32 1.24 1.32 55,000 70,120 ARANETA PROP AREIT RT 29.75 29.85 29.95 30 29.75 29.75 3,466,200 103,206,055 -30,354,645 BELLE CORP 1.75 1.77 1.75 1.77 1.74 1.77 454,000 794,390 7,010 0.99 1 1.07 1.07 0.97 1 15,251,000 15,287,070 -340,700 A BROWN CROWN EQUITIES 0.164 0.168 0.164 0.172 0.162 0.169 4,850,000 808,630 3,380 4.95 4.96 4.99 4.99 4.92 4.95 1,278,600 6,330,747 -1,861,140 CEB LANDMASTERS 0.465 0.48 0.47 0.48 0.46 0.48 38,920,000 18,280,450 -170,200 CENTURY PROP CYBER BAY 0.38 0.385 0.37 0.38 0.365 0.38 5,990,000 2,233,400 -120,500 16.2 16.22 15.82 16.34 15.7 16.22 6,777,700 109,291,722 -69,836,750 DOUBLEDRAGON DM WENCESLAO 8.21 8.26 8.2 8.46 8.2 8.26 409,500 3,397,043 -66,400 0.345 0.35 0.355 0.355 0.34 0.345 5,290,000 1,838,800 20,550 EMPIRE EAST 0.096 0.099 0.1 0.102 0.096 0.096 7,850,000 782,040 EVER GOTESCO FILINVEST LAND 1.18 1.19 1.18 1.19 1.18 1.19 17,647,000 20,909,810 1,689,020 0.97 0.98 0.99 0.99 0.97 0.98 887,000 863,300 GLOBAL ESTATE 8990 HLDG 8.36 8.4 8.8 8.82 8.3 8.36 290,500 2,447,475 -396,750 PHIL INFRADEV 1.59 1.6 1.58 1.61 1.56 1.6 2,748,000 4,325,590 7,800 3.68 3.69 3.8 3.8 3.3 3.69 17,000 60,240 KEPPEL PROP CITY AND LAND 0.76 0.79 0.77 0.79 0.77 0.79 22,000 17,030 4.05 4.07 4.08 4.09 4.02 4.05 13,568,000 54,916,390 -21,368,860 MEGAWORLD 0.61 0.62 0.62 0.63 0.58 0.61 287,473,000 175,029,890 2,638,690 MRC ALLIED PRIMEX CORP 1.63 1.68 1.7 1.73 1.63 1.68 991,000 1,632,210 21 21.05 21.3 21.45 21 21 5,015,000 106,383,345 -1,977,090 ROBINSONS LAND PHIL REALTY 0.32 0.33 0.34 0.34 0.315 0.33 1,640,000 532,200 1.62 1.64 1.67 1.67 1.62 1.64 491,000 804,590 -92,750 ROCKWELL 2.69 2.7 2.74 2.74 2.68 2.68 30,000 81,540 -27,300 SHANG PROP STA LUCIA LAND 2.07 2.12 2.15 2.17 2.05 2.12 1,015,000 2,128,150 45,940 37.9 38 37.85 38.2 37.6 37.9 36,566,700 1,385,226,955 -85,913,425 SM PRIME HLDG VISTAMALLS 4.7 4.72 4.77 4.78 4.68 4.7 150,000 705,510 1.79 1.8 1.81 1.84 1.77 1.8 1,709,000 3,058,060 159,300 SUNTRUST HOME 42.1 47.35 42.2 42.2 42.15 42.15 400 16,870 PTFC REDEV CORP VISTA LAND 4.82 4.83 5 5.01 4.83 4.83 58,388,700 287,475,058 -4,771,260

SERVICES ABS CBN 12.18 12.22 12.08 12.28 12.08 12.18 315,800 3,848,352 6.04 6.05 6.05 6.09 5.99 6.05 389,800 2,349,124 GMA NETWORK MANILA BULLETIN 0.455 0.47 0.475 0.475 0.45 0.45 1,240,000 567,750 12.1 12.3 12.1 12.2 12.1 12.2 200 2,430 MLA BRDCASTING GLOBE TELECOM 2,050 2,100 2,038 2,100 2,012 2,100 198,105 411,059,210 182,910,560 PLDT 1,343 1,371 1,345 1,371 1,338 1,371 290,555 396,044,870 24,457,495 0.09 0.091 0.091 0.095 0.089 0.09 608,660,000 55,273,760 -180,670 APOLLO GLOBAL CONVERGE 15.78 15.84 15.74 15.84 15.62 15.78 3,008,700 47,488,104 -8,182,012 5.53 5.6 5.6 5.7 5.52 5.6 262,100 1,451,720 -187,770.00 DFNN INC 7.93 7.94 7.76 7.96 7.75 7.93 39,078,500 309,232,853 -9,887,415 DITO CME HLDG IMPERIAL 1.7 1.8 1.63 2 1.63 1.83 141,000 262,950 0.13 0.132 0.14 0.14 0.129 0.132 11,130,000 1,480,640 ISLAND INFO JACKSTONES 2.14 2.23 2.11 2.25 2.11 2.25 99,000 216,080 5.06 5.07 4.75 5.12 4.7 5.07 43,471,000 217,081,080 -1,333,870 NOW CORP 0.36 0.365 0.34 0.36 0.33 0.36 65,170,000 22,733,200 540,500 TRANSPACIFIC BR PHILWEB 3.14 3.15 3.19 3.28 3.13 3.15 1,627,000 5,168,610 101,090 8.99 9.02 9.02 9.15 8.99 9.02 126,400 1,140,849 -272,667 2GO GROUP CHELSEA 5.42 5.43 5.34 5.52 5.33 5.42 2,601,100 14,100,289 27,564 CEBU AIR 57.3 57.7 54.2 58.3 54.2 57.3 2,395,450 137,830,568 -7,152,544 124.3 124.5 124.1 124.9 124.1 124.3 2,564,100 318,916,059 -105,576,832 INTL CONTAINER LBC EXPRESS 15.62 16.24 15.8 16 15.6 15.6 4,000 63,714 0.98 1.02 1.03 1.03 0.98 1.02 87,000 88,340 LORENZO SHIPPNG 7.49 7.5 7.65 7.76 7.5 7.5 9,650,200 73,244,373 -8,093,091 MACROASIA METROALLIANCE A 2.11 2.13 2.25 2.25 2.03 2.13 2,187,000 4,643,680 2.12 2.23 2.12 2.12 2.12 2.12 5,000 10,600 METROALLIANCE B PAL HLDG 7.3 7.34 7.15 7.35 7.14 7.34 223,200 1,621,174 -39,995 1.69 1.7 1.68 1.71 1.64 1.69 3,084,000 5,162,320 16,600 HARBOR STAR 0.044 0.045 0.044 0.047 0.043 0.045 324,200,000 14,656,600 18,000 BOULEVARD HLDG WATERFRONT 0.64 0.65 0.7 0.71 0.65 0.65 33,731,000 22,817,750 -245,950 9.25 9.66 9.5 9.5 9.5 9.5 128,800 1,223,600 1,214,100 IPEOPLE STI HLDG 0.475 0.48 0.475 0.48 0.465 0.475 7,320,000 3,461,550 23,500 BERJAYA 5.32 5.39 5.21 5.5 5.2 5.32 1,029,200 5,559,241 8.56 8.6 8.7 8.7 8.5 8.6 4,447,800 38,170,850 -12,295,542 BLOOMBERRY PACIFIC ONLINE 2.22 2.29 2.34 2.34 2.21 2.25 103,000 231,760 2.05 2.09 2.12 2.12 2.05 2.09 827,000 1,712,270 -18,900 LEISURE AND RES 2.41 2.44 2.39 2.44 2.3 2.41 92,000 216,510 MANILA JOCKEY PH RESORTS GRP 3.04 3.05 3.04 3.09 2.98 3.05 11,658,000 35,261,250 906,290 0.485 0.495 0.49 0.51 0.475 0.485 29,790,000 14,631,200 -56,650 PREMIUM LEISURE PHIL RACING 7.18 7.2 7.15 7.44 7.15 7.2 10,100 72,785 8.75 8.76 8.76 8.78 8.75 8.75 2,740,900 23,986,732 2,889,036 ALLHOME 1.71 1.72 1.69 1.72 1.65 1.71 2,130,000 3,597,660 23,640 METRO RETAIL PUREGOLD 40.35 40.4 40.95 41.1 40.2 40.35 4,878,600 197,454,200 -119,291,835 66.2 66.25 68.4 68.5 66.15 66.25 700,660 46,640,715.50 -5,772,008 ROBINSONS RTL PHIL SEVEN CORP 123.6 126.9 123.4 127 123.3 123.6 27,440 3,397,760 -89,084 SSI GROUP 1.67 1.68 1.71 1.71 1.67 1.67 5,282,000 8,879,930 -515,700 16.96 17.02 17 17.1 16.96 16.96 881,900 14,977,916 -5,529,204.00 WILCON DEPOT APC GROUP 0.47 0.48 0.47 0.485 0.47 0.48 5,940,000 2,840,300 192,000 8.4 8.5 8.3 8.6 8.3 8.5 24,200 204,087 EASYCALL 440 455 440 455 437.2 455 2,010 902,826 GOLDEN BRIA IPM HLDG 5 5.9 4.9 5.9 4.8 5.9 40,000 201,860 -49,450 2.37 2.47 2.4 2.48 2.4 2.48 22,000 53,830 PAXYS PRMIERE HORIZON 1.01 1.02 1.14 1.15 1 1.01 204,471,000 213,773,010 -15,086,250 6.55 6.6 6.24 6.8 6.24 6.55 71,800 470,866 SBS PHIL CORP

MINING & OIL ATOK 8.5 8.74 8.88 8.88 8.5 8.5 349,100 3,011,405 APEX MINING 1.82 1.83 1.84 1.86 1.8 1.82 5,233,000 9,547,530 19,560 0.0026 0.0027 0.0027 0.0028 0.0025 0.0027 15,761,000,000 41,581,200 187,100 ABRA MINING ATLAS MINING 6.81 6.86 6.71 6.9 6.6 6.86 748,100 5,033,393 45,670 BENGUET A 3.05 3.12 3.13 3.14 3.04 3.13 177,000 541,480 0.3 0.31 0.315 0.315 0.3 0.31 4,180,000 1,268,750 -12,400 COAL ASIA HLDG CENTURY PEAK 2.48 2.49 2.48 2.48 2.48 2.48 20,000 49,600 49,600 8.12 8.3 8.39 8.39 8.12 8.37 12,700 103,612 1,640.00 DIZON MINES 2.64 2.65 2.6 2.67 2.54 2.65 7,206,000 18,806,010 3,057,640 FERRONICKEL GEOGRACE 0.285 0.295 0.295 0.3 0.285 0.295 440,000 129,750 0.171 0.173 0.173 0.179 0.166 0.173 119,300,000 20,495,000 LEPANTO A LEPANTO B 0.17 0.173 0.173 0.175 0.168 0.172 7,200,000 1,245,510 58,480.00 0.01 0.011 0.01 0.011 0.01 0.01 30,700,000 307,200 MANILA MINING A 0.011 0.012 0.012 0.012 0.011 0.012 13,600,000 154,600 MANILA MINING B MARCVENTURES 1.47 1.48 1.54 1.54 1.46 1.47 3,346,000 4,962,000 168,530 3.04 3.1 3.03 3.2 3.03 3.1 353,000 1,086,170 30,500 NIHAO NICKEL ASIA 5.2 5.25 5.19 5.32 5.04 5.2 9,447,300 49,444,512 2,624,249 OMICO CORP 0.4 0.42 0.42 0.42 0.4 0.42 570,000 232,300 8,400 0.79 0.81 0.81 0.82 0.79 0.81 466,000 372,770 ORNTL PENINSULA PX MINING 5.12 5.13 5.2 5.25 5.02 5.12 2,491,300 12,848,763 -600,744 14.92 14.94 14.7 15.1 14.7 14.92 2,369,900 35,334,678 7,350,994 SEMIRARA MINING 0.0066 0.0067 0.0066 0.0066 0.0065 0.0066 25,000,000 164,900 UNITED PARAGON ACE ENEXOR 12.3 12.34 11.68 12.4 11.66 12.3 422,600 5,150,830 -374,610 0.012 0.013 0.013 0.014 0.012 0.013 453,700,000 5,902,500 ORNTL PETROL A ORNTL PETROL B 0.013 0.014 0.012 0.014 0.012 0.014 4,174,000,000 54,282,400 -455,000 0.011 0.012 0.011 0.012 0.01 0.012 168,300,000 1,839,900 PHILODRILL 12.46 12.48 12.82 12.9 12.26 12.48 3,000,800 37,569,908 4,540,470 PXP ENERGY

PREFFERED HOUSE PREF A 100.1 101 100.1 100.1 100.1 100.1 140 14,014 515 516 515 515 515 515 1,000 515,000 30,900 AC PREF B1 ALCO PREF B 101.1 103 101.5 101.5 101 101 30 3,040 511 515 511 515 511 515 7,000 3,601,000 AC PREF B2R DD PREF 100.9 101.5 100.9 101.5 100.6 100.8 152,050 15,431,302 109.5 110.5 112.9 112.9 110 110.5 5,680 625,248 17,640 FGEN PREF G 507.5 509.5 508 508 508 508 30 15,240 -15,240 GLO PREF P GTCAP PREF A 1,018 1,030 1,016 1,030 1,016 1,030 265 269,310 1,029 1,038 1,038 1,038 1,038 1,038 3,005 3,119,190 GTCAP PREF B 100.3 100.9 101.5 101.5 100.3 100.9 280 28,258 MWIDE PREF MWIDE PREF 2B 99.2 99.7 99.8 99.8 99.7 99.7 2,840 283,159 99.5 100.4 99.5 100.4 99.5 100.4 260 26,059 PNX PREF 3A PNX PREF 3B 102.6 103.6 102.6 103.6 102.6 103.6 300 30,880 999.5 1,000 1,000 1,000 999.5 1,000 3,510 3,509,955 PNX PREF 4 1,003 1,027 1,029 1,029 1,003 1,003 215 217,955 10,030 PCOR PREF 2B PCOR PREF 3A 1,060 1,065 1,060 1,060 1,060 1,060 5,040 5,342,400 1.69 1.8 1.9 1.9 1.51 1.53 5,000 8,740 SFI PREF SMC PREF 2C 77.9 78.6 78.7 78.7 77.9 78.6 7,260 570,334 76 77 76.95 77 76.95 77 1,230,370 94,680,722 -76,950 SMC PREF 2E 77.15 78 77.1 77.1 77.1 77.1 65,120 5,020,752 SMC PREF 2F SMC PREF 2G 75.15 76 75.15 76 75.05 76 3,080 231,488 75.6 75.75 75.55 75.7 75.55 75.7 2,720 205,721 SMC PREF 2H 76.7 78.8 76.6 76.6 76.6 76.6 1,000,000 76,600,000 SMC PREF 2I SMC PREF 2J 75.5 75.7 75.7 75.7 75.7 75.7 390 29,523 75.1 75.5 75.05 75.05 75.05 75.05 9,200 690,460 -37,525 SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.72 12 12.1 12.1 11.7 12 172,600 2,071,360 0 5.8 5.89 5.89 5.89 5.7 5.89 166,200 965,768 238,690 GMA HLDG PDR

WARRANTS LR WARRANT 1.1 1.12 1.12 1.13 1.09 1.1 438,000 485,090

SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.54 13.56 13.82 13.9 13.1 13.54 800,200 10,800,132 -2,002,902 3.14 3.15 3.16 3.17 3.1 3.14 3,642,000 11,380,130 -637,700 ITALPINAS KEPWEALTH 7.15 7.26 7.33 7.33 7.08 7.26 143,500 1,027,793 -3,565 2.51 2.7 2.53 2.7 2.51 2.7 30,000 77,760 MAKATI FINANCE MERRYMART 5.85 5.86 5.8 5.85 5.76 5.85 14,265,400 82,864,001 223,104

EXHANGE TRADE FUNDS

FIRST METRO ETF 109.8 110 110 110 109 109.8 11,730 1,286,329 89,695

www.businessmirror.com.ph

PLDT partners with AFPI for fare collection scheme

T

By Lorenz S. Marasigan

@lorenzmarasigan

ELCO titan PLDT Inc. and automated fare collections system operator AF Payments Inc. (AFPI) have partnered to provide the transport sector with a “modernized fare and tracking system” that could help the industry deliver more efficient services to commuters.

Through this tie-up, AFPI, the developer and operator of tapand-go payments system beep, will bundle its collections system with PLDT Enterprise’s Smart Tracker Solution that will provide transport companies with a “complete fleet management and fare collection solution.”

“The Smart Tracker solution aims to simplify the management of fleets of public transport ve-

hicles. With the service, Public Transport Operators can choose to provide locator links which commuters can access in order to better manage their commute and travel time,” PLDT First Vice President Jojo Gendrano said.

He added that through the partnership, transport operators can implement effective fleet management and modern fare collection systems that could ultimately

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices continued its climb last week after the Bangko Sentral ng Pilipinas maintained its policy rates which elated investors even as concerns mount over the rising Covid-19 cases in the country.

The benchmark Philippine Stock Exchange index (PSEi) gained 26.64 points to close at 7,272.80 points during the last full week of trading for the year.

“The main index ended with a minor gain, marking three consecutive weeks of advances as most investors remain optimistic and continue to stay invested in the market despite some concerns,” Christopher Mangun, research head at AAA Securities Inc., said.

The main index mainly moved within the 7,200 to 7,300 point level, which is the least volatile week experienced by the PSEi since October this year.

“Selling pressure was matched by buyers, which gave investors a sense of confidence that the majority are in it for the longer term,” he said.

Volume of trade remained high at an average of P9.25 billion for the week, but foreign investors were still net sellers at P3.77 billion.

All other subindices ended in the green with the exception of the Property index that gave up 34.71 points to close at 3,684.52 points. The All Shares index gained 30.62 to close at 4,349.35, the Financials index rose 2.09 to 1,488.69, the Industrial index added 131.03 to 9,551.95, the Holding Firms index climbed 55.67 to 7,511.54, the Services index increased 15.10 to 1,548.66 and the Mining and Oil index surged 242.47 to 9,548.44.

For the week, gainers led losers 157 to 86 while 12 shares were unchanged.

Top gainers were Basic Energy Corp., I-Remit Inc., Imperial Resources Inc., Philippine Business Bank, The Philodrill Corp. and MRC Allied Inc. Top losers were Atok-Big Wedge Co. Inc., Ferronoux Holdings Inc., First Abacus Financial Holdings Corp., Altus Property Ventures Inc., Liberty Flour Mills Inc. and Manila Mining Corp. A.

THIS WEEK

SHARE prices may continue to move upwards this week, as investors may pick up some of the stocks during the remaining trading days of the year.

It will be a three-day work week due to the Christmas break on December 24 and 25.

“There should be close consideration on turnover build-up in the coming sessions, as the mood turns to last minute shopping, especially from funds intending to do some year-end window dressing,” broker 2Tradeasia said.

The broker said there will be a higher volume of trade during the remaining six days of trading for the year.

Mangun, meanwhile, said the main index is expected to continue moving sideways until the end of the year.

“We may see less volatility on blue chip issues as most investors remain optimistic and are willing to hold positions for the longer term,” he said.

Immediate support for the main index is seen at 7,200 while resistance is at 7,300.

“The PSEi is still down around 7 percent from the beginning of the year. We are not expecting it to recover all of its losses for the year as several concerns remain,” he said.

STOCK PICKS

BROKER Regina Capital Development Corp. advised to sell the stock of tuna canner Century Pacific Food Inc. (CNPF) as its price may start to fall below its 50day moving average of P17.45 per share.

“All of its indicators have already turned uniformly bearish. Its 50-day moving average is coincidentally its strong support level. If this level is broken, CNPF’s decline may persist,” it said.

Shares of Century Pacific closed Friday at P17.50.

Meanwhile, the broker advised to cut losses on the stock of Manila Electric Co. (Meralco) due to its sustained downtrend for the past six trading sessions, which pushed it below its 50-day moving average of P293.53 per share.

“With the strong sell signs from the indicators, it’s likely that the stock will test its more than two-month-long support level of P281.06 in the coming days.

The stock’s 100-day and 260-day moving averages staged a golden cross early last week,” it said.

Shares of Meralco closed last week at P281.60 apiece. VG Cabuag

benefit the riding public thanks to better vehicle sculling and passenger information systems.

“Through this strong partnership with PLDT Enterprise, we continue to build on the efforts of modernizing the public transport sector and making modern fare payment accessible to all,” AFPI Chief Commercial Officer Sharon Fong said.

AFPI operates beep, the tap-andgo payments collection system that is currently being used in all overhead railway systems, and certain jeepney and bus routes.

“We at PLDT Enterprise are confident that this strategic partnership will enable a more modernized transportation management and cashless payment system to benefit Filipino commuters. Bus companies can manage their operations better and the public will be assured of a simpler and safer way to commute with contactless

MUTUAL FUNDS

payments,” PLDT Enterprise Head Jovy Hernandez said.

Earlier, PLDT said it is planning to spend as much as P92 billion in capital outlays in 2021 to meet the “surge in demand for data” and heed the government’s call to “elevate” the local telecommunications industry and deliver services that meet global standards.

Alfredo S. Panlilio, the company’s CFO and the president of subsidiary Smart Communications Inc., said his group is increasing its capital expenditures by as much as 25 percent in 2021 to expand both its fixed and wireless networks.

In the last five years, PLDT has invested P260 billion in its networks, with its wireless network now reaching 96 percent of the population and covering 95 percent of the country’s cities and municipalities, while its fiber infrastructure now running at 422,000 kilometers.

December 18, 2020

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 231.58 -6.8% -7.26% -0.97% -8.04% ALFM GROWTH FUND, INC. -A 231.49 -7.15% -6.86% -1.17% -8.08% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.3368 -3.35% -5.83% 2.69% -3.27% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.2113 -12.31% -10.53% -2.47% -12.69% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.8245 - 6.79% -6.59% N.A. -8.18% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.7692 -8.69% N.A. N.A. -9.43% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.0573 -4.05% -4.93% -0.85% -5.09% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,4 0.7789 -7.86% -7.29% N.A. -8.75% MBG EQUITY INVESTMENT FUND, INC. -A 101.74 -1.5% N.A. N.A. -1.44% PAMI EQUITY INDEX FUND, INC. -A 47.8993 -5.64% -4.55% 0.62% -6.6% PHILAM STRATEGIC GROWTH FUND, INC. -A 497.9 -5.64% -4.71% -0.22% -6.55% PHILEQUITY ALPHA ONE FUND, INC. -A,D,5 1.1061 10.88% N.A. N.A. 7.38% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.1896 -6.63% -4.7% 0.31% -7.56% PHILEQUITY FUND, INC. -A 35.3322 -5.92% -4.23% 0.96% -6.77% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9299 -8.01% N.A. N.A. -8.66% PHILEQUITY PSE INDEX FUND INC. -A 4.9 -5.23% -3.94% 1.35% -6.19% PHILIPPINE STOCK INDEX FUND CORP. -A 819.56 -4.99% -3.83% 1.25% -6.01% -2.83% -13.24% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7387 -12.95% -7.97% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.7059 -11.02% -6.04% -0.56% -11.96% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9383 -5.24% -4.15% 1.13% -6.25% UNITED FUND, INC. -A 3.3806 -6.65% -3.66% 1.46% -7.46% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 109.9985 -4.9% -3.58% 2.02% -5.95% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1954 18.17% 3.13% 6.36% 16.24% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.651 21.32% 9.69% N.A. 19.75% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6848 8.13% -2.74% -0.55% 7.81% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3155 6.22% -1.49% 1.68% 6.16% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6655 2.02% -0.81% -0.11% 1.29% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,1 0.2015 -12.66% N.A. N.A. -11.82% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9854 1.58% 0.5% 2.14% 1.21% PAMI HORIZON FUND, INC. -A 3.8264 1.67% -0.22% 1.51% 0.98% PHILAM FUND, INC. -A 17.1081 1.46% -0.33% 1.43% 0.87% SOLIDARITAS FUND, INC. -A 2.1154 0.21% -1.54% 1.16% -0.32% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.6217 -5.34% -2.69% 0.22% -6.26% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D 1.0324 2.35% N.A. N.A. 1.64% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D 0.9674 -1.96% N.A. N.A. -2.91% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D 0.952 -3.21% N.A. N.A. -4.15% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9045 -6.34% -3.29% -7.21% -0.44% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03911 2.33% 2.68% 2.02% 2.38% PAMI ASIA BALANCED FUND, INC. -B $1.1461 11.9% 3.19% 5.53% 13.25% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $4.4684 15.28% 7.23% 7.52% 14.26% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,3 $1.1954 6.41% 3.43% N.A. 5.91% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 370.79 3.79% 3.25% 2.8% 3.59% ATRAM CORPORATE BOND FUND, INC. -A 1.8994 -0.08% 0.15% 0.02% -0.14% COCOLIFE FIXED INCOME FUND, INC. -A

3.2123 3.14% 4.52% 4.82% 3.03% EKKLESIA MUTUAL FUND INC. -A 2.2951 3.31% 2.92% 2.4% 3.22% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.4518 4.01% 3.45% 2.14% 3.93% PHILAM BOND FUND, INC. -A 4.6316 6.02% 4.63% 3.07% 5.92% PHILAM MANAGED INCOME FUND, INC. -A,6 1.3192 5.1% 4.46% 2.63% 4.97% PHILEQUITY PESO BOND FUND, INC. -A 3.9865 5.57% 4.54% 2.83% 5.23% SOLDIVO BOND FUND, INC. -A 1.039 7.96% 4.12% 2.51% 7.75% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.1981 4.37% 4.77% 3.45% 3.98% SUN LIFE PROSPERITY GS FUND, INC. -A 1.7495 3.07% 4.08% 2.82% 2.85% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $483.42 3.33% 2.75% 2.97% 3.22% ALFM EURO BOND FUND, INC. -A Є219.07 -0.34% 0.76% 1.22% -0.33% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.274 5.69% 3.95% 3.11% 5.53% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 2.71% 1.96% 1.75% 2.71% PAMI GLOBAL BOND FUND, INC -B $1.0918 -0.2% 0.43% 0.78% -0.16% PHILAM DOLLAR BOND FUND, INC. -A $2.5275 5.16% 3.97% 3.69% 5.16% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0623155 3.29% 2.77% 2.37% 3.34% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.21 0.92% 2.12% 2.53% 1.1% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 129.73 3.25% 3.35% 2.57% 3.1% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.0476 1.55% N.A. N.A. 2.08% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2958 2.58% 2.99% 2.61% 2.43% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0521 1.5% 1.74% N.A. 1.33% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A,D,7 1.1185 N.A. N.A. N.A. N.A. PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM GLOBAL MULTI-ASSET INCOME FUND INC. -B,D,2 $0.98 -1.01% N.A. N.A. -1.01%

A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU).

1 - LAUNCH DATE IS SEPTEMBER 28, 2019. 2 - LAUNCH DATE IS NOVEMBER 15, 2019. 3 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST OCTOBER 9, 2019.

4 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). 5 - LAUNCH DATE IS DECEMBER 09, 2019.

6 - RE-CLASSIFIED INTO A BOND FUND STARTING FEBRUARY 21, 2020 (FORMERLY A MONEY MARKET FUND). 7 - LAUNCH DATE IS JULY 6, 2020.

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

www.businessmirror.com.ph

Banking&Finance

CL rural bank enhances micro savers’ portfolio

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ebuana Lhuillier Rural Bank (CLRB) is beefing up its micro savings-account offering with additional features to provide a full menu of banking services.

Dennis O. Valdes, the bank’s president, said that CLRB is ensuring that its clients continue to have access to the financial services amid the pandemic.

“The many challenges and limitations in access, presented by the pandemic to our clients and countless Filipinos, made us look even harder for more opportunities in bringing [our] micro savings to the next level; pushing our myriad of services farther ahead to immediately answer the needs of our clients,” Valdes said.

The rural bank recently announced that it partnered with electronic banking and payment network BancNet. CLRB said that its clients can benefit from both institutions’ networks to access their finances.

Cebuana Lhuiller has more than 2,500 branches across the country while BancNet has 21,000 automated teller machines (ATMs) and 114 member banks.

CLRB inked a partnership with bank card services company UnionPay, allowing account holders to make debit payments via its over 350,000 point-ofsale terminals and partner merchants.

The rural bank said that cus-

tomers will benefit from “enhanced payment security with UnionPay chip cards’ quick payment process with just a tap, using UnionPay Contactless technology, plus the convenience of not having to carry cash and coins.”

Customers will also be allowed to complete transactions online, including money transfers via InstaPay, bills and utility payments, and insurance purchase, among others, through the bank’s eCebuana app.

QR (quick response) technology was embedded to the digital channel as well. In March next year, money transfers and retail payments via the QR code will be available, the bank added.

Cebuana Lhuillier President and CEO Jean Henri D. Lhuillier said that the firm has been transitioning into the new normal to provide wider financial access for Filipinos.

“We are now shifting into a tech-brick company, where our network of branches will take advantage of our proprietary technology to step into new grounds by adapting to the new normal using our enhanced digital business transformation,” Lhuillier said.

“Our dream is to digitally and financially include Filipinos by implementing world-class and innovative digital financial solutions for them,” he added.

Tyrone Jasper C. Piad

BusinessMirror

Monday, December 21, 2020

Vaccine devt prompts bright view on offshore investment

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By Tyrone Jasper C. Piad

@Tyronepiad

n official of Rizal Commercial Banking Corp. (RCBC) has a rosy outlook for offshore investments citing “positive developments” for the Covid-19 vaccine.

According to Robert B. Ramos, head of RCBC Trust and Investments Group, pharmaceutical firms producing vaccines with a high rate of effectivity can support the economic recovery and foreign investment markets as well.

“With the recent announcement of Pfizer and BioNtech’s more than 90-percent effective vaccine testing, the market is now seeing the light at the end of the tunnel,” he said. “We also saw quarter-on-quarter improvement in terms of GDP [gross domestic product] on a per country basis globally.”

While economic challenges vary per region or country, Ramos said that corporates should still “grab opportunities to convert their investments to income.”

The bank official, however, said that investors should also consider first the risks involved in acquiring

the financial instrument and its value in a specific market moving forward. At the same time, Ramos said that investors must evaluate their cash flow position as well before investing.

Ramos noted as example the clients of RCBC who expressed interest in channeling their funds to offshore investments. These customers usually have excess funds or seeking to diversify their investment portfolios, he explained.

“For our clients who have excess liquidity, there is some interest. I wouldn’t know how big, but they are looking offshore,” he said.

Offshore investments refer to funds invested in various kinds of financial instruments in a jurisdiction outside the investor’s home country.

These can be in the form of bonds, stocks, mutual funds, real estate, and life insurance, among others.

Last December 1, Moody’s Investors Service revised the outlook on the rating of RCBC to negative from stable.

“The change in outlook to negative on RCBC’s ratings reflects risks to asset quality, especially in the retail and small and medium-sized enterprise (SME) segments, arising from the coronavirus-induced economic shock,” Moody’s said. “At the same time, the affirmation of its ratings reflect the bank’s capital, which provides a buffer to absorb some level of asset quality deterioration.”

Moody’s said like the Philippine National Bank, RCBC’s profitability is lower than peers and represents a credit weakness.

“The likely deterioration in asset quality on the back of the coronavirus outbreak will impact profitability through elevated credit costs over the next two years.”

Given the negative outlook, an upgrade over the next 12 months to 18 months is unlikely for both RCBC and PNB. Moody’s said it could change RCBC’s outlook back to stable if asset quality deteriorates only moderately, such that capital remains at current levels while its net NPL ratio stays below 2 percent.

In August, the Yuchengco-led bank introduced its first Additional Tier 1 offshore offering with an

WWF says Asian bank portfolios at risk to risks from nature loss

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onprofit group World Wildlife Fund (WWF) Inc. said its fourth assessment of environmental, social and governance (ESG) integration performance shows signs of progress.

However, the WWF said banks in the Association of Southeast Asian Nations (Asean), Japan and South Korea must step up their ambitions to match global momentum.

WWF said its 2020 Sustainable Banking Assessment (Susba), which now includes five Japanese and five South Korean banks together with 38 Asean banks, finds that the banks assessed have made progress in integrating environmental and social considerations into their financing activities. However, the group said these banks still have “large gaps that leave their portfolios vulnerable to risks arising from climate change and nature loss.”

WWF said the assessment is based on a framework covering six aspects of overall ESG integration—purpose, policies, processes, people, products, portfolio—and a new “’sectors and issues’ deep-dive analysis on sector policies.”

WWF said its Susba 2020 marks the fourth assessment and it has found a significant level of progress with over 75 percent of Asean banks making some improvement, and almost 30 percent improving on at least 10 percent of the assessment criteria from 2019. WWF said that while there was a doubling of Asean banks fulfilling at least half of the 70 criteria, from four to eight, this remains a small proportion.

WWF said about 45 percent of banks fulfilled less than a quarter of the criteria, compared to 51 percent last year.

that are particularly sensitive to environmental and social (E&S) considerations,” the WWF said.

It added that with the new Sustainable Finance Framework of the Bangko Sentral ng Pilipinas in place, three Philippine banks are “well-positioned to meet new regulatory requirements in terms of having standardized frameworks for E&S due diligence.”

Harmonized approach

The WWF said about 35 percent of banks have set quantified targets to increase financing of more sustainable projects or businesses, including four Japanese and two Korean banks. Achieving these targets should help banks to generate positive impacts from their financing activities.

However, WWF said banks can adopt a “more strategic approach by setting science-based targets to decarbonize their portfolios, which will become ever more important as banks continue to face increasing pressure from investors to manage ESG risks.”

“Many banks made good progress this year.

Maintaining this progress into 2021 will be challenging but crucial as the world grapples with the Covid-19 pandemic. Banks have an important role to play; just as they help businesses recover from the pandemic, they are pivotal to navigating the climate and nature emergencies,” Lee was quoted as saying. “This crisis has shown that society is more exposed to nature risk than ever, but with the right corrective actions, we can emerge stronger and more resilient.” Dennis D. Estopace

According to the WWF, while Korean banks scored similar to the Asean average, Japanese banks performed above this average.

“Besides banks in Asean, this year’s assessment also includes major Japanese and South Korean banks,” WWF Senior Vice President of Asia Sustainable Finance Keith Lee was quoted in a statement as saying.

“They play a significant role in financing businesses not just in their home countries but in Southeast Asia as well,” Lee added. “The interdependence of Asia’s economies necessitates a harmonized approach to sustainable finance in which all banks contribute to sustainable development, and we hope to facilitate this by including these banks in Susba this year.”

WWF said the Philippine banks assessed all consider sustainable finance and/or climate change a material issue. It added that four out of seven local banks disclose offering green financial solutions.

“However, the said banks have yet to disclose any policies or requirements for specific sectors

While all five Japanese banks recognize deforestation risks, none have made similar commitments to eradicating deforestation in their portfolios, the WWF assessment showed.

Only 21 percent of Asean banks and 20 percent of Korean banks recognize water risks beyond pollution. One Japanese bank and a few Asean banks recognize water pollution as a risk, but otherwise overlook the threats of water scarcity or flooding.

No bank requires clients to conduct water risk assessments or practice water stewardship. However, water risks can be material to businesses, with up to $425 billion of value at risk globally.

The “sectors and issues” analysis found that Korean and Japanese banks are taking steps to reduce coal-related financing.

However, 91 percent of Asean banks assessed continue to finance new coal-fired power plants.

Continued financing of coal leaves banks exposed to climate-related transition risks, such as carbon taxes and technological obsolescence.

Encouragingly, 53 percent of ASEAN banks are now engaging with regulators on sustainable finance topics—a major increase over last year’s 31 percent.

initial size of $300 million. The Reg S issuance was priced in at 6.50 percent.

The proceeds of the offering are allocated to finance asset growth and other general corporate matters and to maintain enough reserves above the minimum requirements by the Bangko Sentral ng Pilipinas.

Bulk or 79 percent of the investors that purchased the bonds came from Asia. The balance was accounted for

by European accounts.

Credit Suisse was the sole global coordinator and sole bookrunner of the transaction.

Earlier, RCBC launched two local bonds offerings to fund its asset growth, maturing obligations and other general corporate matters.

The bank listed its P7.05-billion fixed-rate bonds in Philippine Dealing and Exchange Corp. (PDEx) in April, noting that a strong demand from investors allowed its offering to be oversubscribed by more than two times.

In July, RCBC listed with PDEx another bond offering whose order book reached P16.6 billion or more than five times the minimum issue size of P3 billion.

The listed bank saw its net income in the first nine months drop by 11.3 percent to P4 billion from P4.5 billion year-on-year due to additional provisions for potential credit losses.

Ex-minister sees curbing of fintech in China–ST

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Water, coal

Quantified targets

B3

PESO GAIN

People pushes grocery carts in an unidentified shopping area in Manila. A still-frail domestic demand is seen as causing the peso to strengthen, according to experts interviewed by Bloomberg. A Bloomberg survey said the tender will rise to P47.50 to the dollar by the end of the year. Bloomberg Photo

EastWest offers tips to make Christmas bonus earn more

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ast West Banking Corp. offers several alternatives to spending the 13thmonth pay and Christmas bonus given during this period on consumer products and/ or services.

“While one do deserve to treat onerself after a long year, one might also want to consider trying something different,” the bank said in a statement. “What if, instead of spending oner bonus right away, one decided to grow it and get more money in return?”

“Now that one have received oner bonus is actually the best time to start investing in financial instruments that will generate value for oner money and are suitable to oner personal risk appetite and profile,” EastWest First Vice President Raul Victor de Guzman was quoted in the statement as saying.

The bank said one of three financial products one may want to consider availing with the holiday bonuses is the time deposit.

A Time Deposit account is a good place to start, as it is one of the simplest investments.

It’s a deposit account with a specific maturity period and one make money through an interest rate that is higher than a basic savings account, depending on the term and placement amount.

Another investment is in bonds.

Bonds are investment securities, like stocks, that can be bought or sold in the secondary market. Bonds are basically debts and obligations

of companies or governments sold to investors.

These companies and/or governments—called bond issuers—pay investors regular coupon interest payments on the amount invested.

Bonds typically pay higher interest than traditional time deposits. The minimum investment depends on the terms of the bond one choose.

Should one chooses to buy bonds, banks can help one by assessing the investor’s risk profile (i.e. conservative, balanced or aggressive) and suggest bonds for their consideration that are suitable and consistent with the risk profile.

EastWest, a subsidiary of Filinvest Development Corp., said banks have top bond picks to choose from to make investment easier. These top picks range from government securities to high grade corporate bonds, which are mediumterm to long-term investments with a steady payout schedule.

The third alternative is the Unit Investment Trust Fund (UITF), which is a pooled fund that gives one access to financial markets generally of stocks and fixed income instruments.

One may choose the UITF to invest in based on oner risk appetite (which the bank can assess and help one with) and one makes money from the fund’s appreciation and/or income and dividends earned by the funds.

Equipped with this information, one can now make a good plan for oner future by investing that bonus.

hina should consider further tightening control over fintech giants by restricting the number of banks they can partner with, the Securities Times newspaper cited a former finance minister as saying.

Bad loans could rise if any platform controls too much of the market, the report cited former Finance Minister Lou Jiwei as saying in a speech at the China Wealth Management 50 Forum last Sunday. He cited the trillions of yuan of loans created by a platform he didn’t identify as an example, according to the newspaper.

Other companies could also be allowed to provide similar services under the same conditions, the Securities Times cited him as saying.

Lou said China needs to prevent a “winner-takes-all” and “too-big-to-fail” situation in fintech, according to the report. He joined a chorus of voices from the nation’s top financial regulators vowing to step up oversight over the industry’s giants. Authorities last month published draft rules overhauling the nation’s microlenders, which led to the abrupt halt to Ant Group Co.’s $35 billion initial public offering in Hong Kong and Shanghai.

China will continue to regulate its financial sector, saying that disorder poses great harm to the nation’s domestic circulation growth model, Lou said, according to the report. He said the country must adhere to solving financial disorder through deleveraging, the newspaper said.

Lou proposed that credit bonds should no longer be traded on the interbank market, which should revert to its function of providing lending, a separate report in the newspaper said.

Bloomberg News

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Monday, July 13, 2020 B www.businessmirror.com.ph

Returning to Work After Lockdown:

Lessons From Wuhan

By Zhenyu Yuan, Zhuxin Ye & Meng Zhong

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uch has been written about how to manage through the lockdowns of the Covid-19 pandemic. But what can managers do to set themselves and their teams up for success when lockdowns and social distancing requirements are eventually lifted?

To explore this question, we surveyed more than 350 employees in Wuhan, China, in the aftermath of a strict citywide lockdown that ended in early April. The vast majority of the respondents had been forced to stop working when their employers shut down businesses during the lockdown and were motivated to make a speedy return to normal operations.

In our surveys, we were interested in exploring what people did to prepare themselves to go back to work. We also asked employees about the extent to which they felt their managers were committed to promoting workplace health and safety (e.g., wearing masks themselves and communicating the importance of safety protocols). Four weeks after surveying the participants, we conducted a follow-up to assess their engagement and productivity at work.

We found that engagement and performance were highest when employees had mentally prepared for their return to work and their managers had demonstrated a commitment to promoting workplace health and safety. Importantly, neither of these factors were enough on their own: Both workers and managers have important roles to play. So, what does it take to keep yourself—and your team—engaged in these trying times?

Employees: take some time to reconnect with work

First, take a moment to acknowledge the fact that the lockdowns have been extremely disruptive to many people’s work lives. Don’t try to jump right back into the daily grind without pausing to reflect and reconnect. Past research has shown that employees returning to work after large-scale disruptive, traumatic events may have trouble staying focused at work, and that some readjustment is often necessary.

Ma ke sure you’re not just physically ready, but also mentally prepared, to return to work.

In our surveys we found that it was very helpful when employees spent some time reviewing their past progress, setting priorities for upcoming goals and creating short- and long-term to-do lists for themselves, before coming back to work.

Managers: proactively promote workplace safety

For many employees, the return to work will be accompanied by the knowledge that a second (or third) wave of the pandemic is possible, and that loosening social distancing restrictions doesn’t come without risk. Concern about their own health and safety upon returning to work is likely to be a major source of stress for employees, and that

stress can significantly diminish engagement. While managers can’t directly eliminate these real risks, our research suggests that managers can mitigate people’s concerns by going out of their way to proactively promote—and enforce— workplace health and safety.

Managers should thus make sure that everyone in the organization fully understands and abides by health and safety protocols. This includes clearly communicating what measures (e.g., mask wearing and daily temperature checks) are being taken and compassionately but firmly correcting those who fail to follow the requirements.

Managers should also ensure that their teams are actually able to follow the rules by doing everything they can to provide personal protective equipment and disinfecting supplies. A little extra planning to determine clear supply lines and rationing can go a long way.

Because the situation surrounding the pandemic can be so volatile, organizations or even individual managers can demonstrate their commitment to safety by going above and beyond minimum health and safety standards set by local public health departments. For example, a manager may choose to proactively enforce mask wearing within his organization before it is officially mandated by local regulations, or may elect to use a lower positivity rate than local guidelines require as the threshold for increasing health and safety measures.

Most critically, managers’ commitment to the health and safety of their employees must be more than mere lip service. In addition to listening to what their managers say, employees closely watch what managers do. That means that announcing your support for employees’ health and safety is a good start, but it is only a start.

A rich body of workplace safety

research has shown that the root cause of many safety incidents can be traced back to managerial practices that deviate from stated procedures. Through our studies, we consistently found that when managers fail to “walk the walk,” the inconsistency sends a signal to employees that their organization does not truly care about their health and safety.

For example, if a barista is confronted by a customer refusing to follow safety guidelines, the worker may look to his manager to support him in enforcing company policies (potentially at the cost of this customer’s business).

If the manager fails to support that worker and instead allows the customer to skirt the rules, the barista may come to the conclusion that his manager prioritizes profit over employee health and safety.

When managers are not genuinely and consistently committed to following their own rules, employees are likely to become more

concerned about their own safety, thus increasing their stress levels and reducing their engagement.

This ultimately creates a vicious cycle of mounting stress and safety risks: As our findings highlight, a lack of managerial commitment to health and safety can reduce employees’ engagement at work, leading employees not only to underperform on the job, but also to fail to abide by health and safety protocols themselves, further increasing the risk of virus outbreaks that threaten both safety and stress levels.

Of course, it is important to note that our research focused solely on the situation in Wuhan, where the coronavirus first emerged and was effectively brought under control many months ago through strict lockdowns, large-scale testing and widespread contact tracing. Given the discrepancies in how the virus has spread and has been managed in different locations globally, it is possible that our findings may not be fully applicable to other countries and regions.

For example, in places where the risks of transmission are higher or where local guidelines (or adherence to those guidelines) is less consistent, employees may be even more concerned about their managers’ commitment to health and safety. Furthermore, as some countries enter new lockdowns, a growing sense of “pandemic fatigue” may make it even more important for employees to reconnect mentally with work to maintain engagement. But regardless of location, our study highlights how important it is for managers and employees to work together to effectively promote post-lockdown engagement, productivity and, most important, safety.

Zhenyu Yuan is an assistant professor at the University of Illinois at Chicago, where Meng Zhong is a PhD candidate. Zhuxin Ye is an assistant professor at Huazhong University of Science and Technology.

How Madam C.J. Walker built racial equity into her business

By Tyrone McKinley Freeman & Katie Smith Milway

S

ocial entrepreneurs and business leaders who want to promote equity in their workplaces have something to learn from the Black entrepreneur Madam C.J. Walker, who built her venture, the Madam C.J. Walker Manufacturing Company, during the Jim Crow era and used the business to lift up Black women.

Walker built a socially responsible business, helped develop African American industry, created economic opportunity for women and integrated the means to change fortunes, lives and laws into her business model. These practices offer valuable lessons for leaders today.

The first lesson for sociallyminded entrepreneurs lies in the way Walker, a child of Louisiana sharecroppers, built her company—not with elite capital, but by opening up professional opportunities to tens of thousands of Black, working-class women who worked for her company as sales agents.

A mother and widow by age 20, Walker experienced firsthand the difficulties that Black women faced in the Jim Crow economy.

She developed her products while struggling to make ends meet. In 1906, she and her second husband,

Charles Joseph (C.J.) Walker, began selling hair-care products door-to-door in Denver, Colorado.

Walker developed a multilevel marketing model that, in effect, made sales agents owners. An agent could purchase Walker products wholesale, sell them at retail, and own and grow her own book of business. She could spend and save her profits. She could also give some to her church and community, as modeled by Walker herself. “I am not merely satisfied in making money for myself,” Walker said, “for I am endeavoring to provide employment for hundreds of women of my race.”

Any entrepreneur who cares about racial equity can follow Walker's lesson by asking: n How will my business model empower employees of color to participate in building the business and rise with its success? n How can I model advocacy and action to encourage a culture of workplace equity and embolden employees to do the same?

Walker knew well all the race, gender and economic barriers sales agents confronted, and she put in place intentional practices to overcome them. She lowered financial barriers to Black women recruits.

She reduced or eliminated a training fee of $25 when needed. She in-

cubated startup salons for agents by fully funding or lending money for their construction or renovation, or by offering affordable installment plans. And she gave Black women more control over their financial futures by providing fair wages.

Leaders can emulate Walker's actions by following three principles: n Construct career corridors that allow recruits from communities of color to progress up an economic ladder. n Channel firsthand experience of barriers to economic advancement into policies to reduce them. n Foster a supportive culture that gives recruits of color a liftoff.

er school helped women gain economic independence and freedom from the shackles of menial labor.

Funding and promoting educational opportunities for employees (a frequently underused company perk) is an essential part of building racial equity. Leaders can start improving their record by asking: n How can I best offer and promote training and education opportunities to employees who have faced discrimination and racism? n W hat training programs should I build in-house and incommunity to grow diverse talent? n What high-quality institutional partners will be accessible and welcoming to diverse talent?

Walker also made sure to develop employee talent through formal skills-building and training.

Walker’s beauty schools, courses and partnerships with Black colleges became a way to both deliver education and build the global talent market for beauty care. Walker offered a convenient correspondence course to train and certify agents—whose numbers reportedly grew to about 20,000 by 1919.

She also offered her curriculum to African American technical institutes across the United States that taught hair-care skills and professional comportment. Receiving a graduation certificate from a Walk-

Wa l ker’s par tnership w it h southern Black colleges and technical institutes also gave lift to the educational institutions, by providing money to create lab space to teach her program. Walker, who imbued her work with philanthropy from her poorest days, donated to many other Black schools, particularly those run by Black women, and viewed them as being essential to uplifting the race.

In a virtuous cycle, Walker’s model also inspired her agents to challenge Jim Crow discrimination. The Black entrepreneur created a corporate norm of giving back by organizing her sales

agents into local clubs under a national umbrella association (The National Beauty Culturists’ and Benevolent Association of Madam C.J. Walker Agents), which served to legitimize beauty culture as a profession, strengthen relationships between agents and enlist them in doing charity and advocacy work in their communities. Walker believed that this social impact would create a legacy beyond the business, and indeed it created rites of passage that galvanized her agents to fundraise and donate money to Black schools and other organizations lifting up the race, organizing community programs and caring for the vulnerable.

Together, Walker and her agents lobbied for legal advances by sending a resolution to President Woodrow Wilson demanding legislative action against lynching and by aligning with the NAACP’s anti-lynching efforts to push for new laws.

Walker’s support of the NAACP was critical to its long-term survival and eventual role as the backbone of the civil rights movement of the 1950s and 1960s, during which it scored many legislative wins.

Leaders interested in cultivating change should address these two fundamental and evergreen questions to guide their actions: n What laws and norms fly in the face of economic mobility and

racial justice for the people the company hires and the customers it serves? n What needs to change structurally in the flow of capital and asset ownership to give entrepreneurs of color equal opportunity?

Walker’s bet on legacy paid off: A century after her death, her brand and values live on. The Black-led beauty company Sundial Brands acquired Madam C.J. Walker’s product lines in 2013, 32 years after Walker’s heirs originally sold the company. Sundial’s business practices in 2015 earned it a BCorporation certification, making Sundial and the Walker brand part of a business community working to reduce inequality and poverty and build stronger communities.

The sale of Sundial to Unilever in 2017 gave birth to the New Voices Foundation and a fund to support Black women entrepreneurs, with plans to transform Walker’s former Hudson River estate into a training center for New Voices fellows, who can, in their turn, advance equity through workplace practice.

Tyrone McKinley Freeman is the author of Madam C.J. Walker’s Gospel of Giving: Black Women’s Philanthropy During Jim Crow.

Katie Smith Milway is principal at Milway Consulting.

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, December 21, 2020

Philippine mall titan quickens shift to China-style mixed retail

By Clarissa Batino and Siegfrid Alegado

Bloomberg News

Make the holidays merry and glam with new makeup

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F you love to wear makeup, one of your realizations in this pandemic is that you can go without it. Between the face mask and face shield that we all need to wear when we’re out of the house, who has the energy for makeup?

There are still those who wear makeup for online meetings, for taking selfies for Instagram, to make themselves feel better about working at home, or just to play with colors and textures.

If you’re one of these people and/or someone who is looking for holiday gifts for someone who’s into makeup, Anastasia Beverly Hills has new products for the brows, eyes and lips.

Here’s the most pandemic-friendly gifting advice:

You can order Anastasia Beverly Hills from www. sephora.ph.

Of course, Anastasia Beverly Hills is well known for its brow products and this season, there are three new ones.

The Clear Brow Gel is like clear topcoat for brows.

The lightweight, brush-on gel sets product and keeps hair in place. You could also wear it alone.

The Brow Pen is a superfine-tipped pen ideal for creating hair-like strokes that will give you your most natural-looking brows yet.

The Brow Definer is an eyebrow pencil that has three different-sized edges. The product is ideal for versatility in application.

Anastasia Beverly Hills also recently introduced is its virtual Eyebrow Shade Finder. With this feature, all you need to do is take a selfie or upload your picture at bit.ly/3nBeje2 and it will help you find the perfect eyebrow shade for you.

Another thing that the brand is well known for are its palettes. I have the Modern Renaissance and while the colors may seem too bold, it is one of my most well-used and well-loved ones.

The new Soft Glam II is an everyday-to-night palette with eight shades, including essential mattes and glam shimmers. It has six fan-favorite shades

from the original Soft Glam Eye Shadow Palette plus two shades from the cult-classic Norvina Eye Shadow Palette. This is the perfect palette for traveling—if and when we’re allowed to travel again.

The limited-edition Mini Lash Brag Volumizing Mascara Ornament is a travel-sized volumizing mascara that instantly adds the look of dramatic volume, fullness and thickness to any lash type.

The new eye and brow products would make perfect gifts for those who still wear full eye makeup because it’s the only thing that can be seen now that we’re wearing masks all the time.

The limited-edition Haute Holiday Mini Lip Gloss Set is a vanilla-scented holiday lip gloss set that lets you customize your ultimate holiday lip looks. It features four all-new lip gloss shades including two flattering lacquer finishes with high-shine effect and two shimmering finishes with multi-dimensional reflect.

I’m very curious about the Lip Stain, which claims to be “an incredibly long-lasting lip stain with rich color, matte finish, weightless feel and serious staying power.” I have read very good reviews for the product and some users have said that it’s mask-proof. Some have said it doesn’t turn crusty like other liquid lip products. n

Adidas bet on the rebirth of Reebok. Has it paid off?

By Andrea Felsted Bloomberg News WILL Dad sneakers be enough to save Reebok?

Bloomberg News has reported that Germany’s Adidas AG is exploring a sale of the shoe brand, which could be worth between about 1.5 billion euros ($1.8 billion) and 2.5 billion euros. Private equity groups Permira and Triton are circling the division, the Financial Times reported on Sunday.

There was no word from Adidas on whether it would offload a unit it has been trying to revive for years. But it did caution on overall fourth-quarter sales and profit, as current trading is being impacted by new lockdown measures in Europe.

Admitting defeat on Reebok would be a rare strategic misstep for chief executive officer Kasper Rorsted, who has presided over a near doubling of the company’s share price since taking the helm in October 2016.

When Adidas agreed to buy Reebok for $3.8 billion in 2005, it was a way to conquer the US sportswear market and challenge Nike Inc. The company brought with it licensing deals, including one with the National Basketball Association, which transferred to Adidas until it was taken over by Nike in 2017.

While Adidas has made significant inroads into the US through the popularity of its core brand, Reebok’s rebirth of cool never materialized.

A few years ago, Reebok Classics looked set to become a fashion favorite, as the trend for ugly or socalled Dad sneakers took hold. Despite collaborations with Russian menswear designer Gosha Rubchinskiy and fashion house Vetements, the shoes failed to gain a widespread millennial following. Competitors, such as Kering SA’s Balenciaga, harnessed this look more effectively.

So Adidas instead sought to position Reebok as a fitness and athleisure label, having a relationship with CrossFit until earlier this year. Rorsted insisted on Tuesday that developing Reebok as a lifestyle brand was the right strategy. Until this year, it had

SM Investments Corp., the owner of the Philippines’s largest mall operator, is speeding up efforts to develop “omni-channel” options for shoppers as people shift to a mix of online and in-store purchases amid the coronavirus pandemic.

The group is tapping personal shoppers, ramping up delivery and pick-up services, and boosting its online presence, said Steven Tan, president of SM Prime’s mall unit. Last month, the group started operating a virtual mall for Manila residents, which it plans to roll out nationwide soon, he said.

“You have to be present in all channels,” Tan, 51, said in a virtual interview on Friday. “Retail is all about listening to your customers and moving so fast,” said Tan. The group founded by the late Filipino billionaire Henry Sy is adopting the “omni-channel” retailing approach seen in China, where people shop both online and at malls, he said. Although malls need to keep up with changing times, they won’t go out of style, Tan said.

SM has 75 shopping centers in the Philippines and eight in China. It is opening another in its home country this quarter and about five are planned for next year, he said.

Transactions through social-media channels account for about 11 percent of sales at SM department stores, Timothy Daniels of SM Investments said at the interview.

“There is no plan to slow down the general retail strategy,” said Daniels, SM’s investor relations consultant.

Filipinos are returning to malls as virus quarantine curbs ease but shopping habits may have changed, Tan said. People visiting malls are those purposely buying and not just window shopping, he said, forecasting that by the third quarter of next year, sales of tenants at SM malls will be back at end-2019 levels.

Sales of SM shopping center occupants are at 60 percent to 70 percent of pre-pandemic levels, up from about 20 percent in the early months of Philippines’s reopening in May and June after a two-month lockdown, he said. Foot traffic is about 40 percent of what it was before the coronavirus. SM plans to gradually restore rents in 2021 after waiving most of the tenant fees this year, Tan said.

Swedish furniture retailer Ikea will open its store in SM’s Mall of Asia by the third quarter of next year, Tan said.

SM Group introduced 250 small-format outlets including Alfamart stores this year and plans to open more, Daniels said. The company’s malls are expanding al fresco dining and lounges to cater for the virus-driven trend toward bigger, open spaces, said Tan. Tan joined the company in 2004 when fashion made up 70 percent to 80 percent of tenants and restaurants were less than 5 percent. Food now accounts for 30 percent of SM mall occupants, services about 15 percent and fashion is below 50 percent.

Have the style and confidence to be in the Spotlight

returned to sales growth and profitability.

But Adidas’s biggest strengths in recent years have been in the more fashion-focused labels, such as Adidas Originals, its Yeezy collaboration with Kanye West, and most recently its Ivy Park tie-up with Beyonce. Not building on this advantage looks like a lost opportunity.

Selling Reebok makes some sense. The retro logo-heavy look is probably past its prime, and standing out against rivals such as Fila and big luxury streetwear lines would require significant innovation and investment. A sale would also raise funds for the core Adidas business, which is competing with Nike Inc. in the US and China. The company could use the proceeds to invest in sportswear and e-commerce, both of which have

been boosted by the pandemic, as well as develop its fashion franchises. One risk is that a world reeling from the virus may not be the best backdrop for a sale.

Another is that in offloading Reebok, Adidas hands a name that has not yet lived up to its potential to a competitor which manages to successfully unleash it. A private equity group or a rival—such as VF Corp., which on Monday agreed to buy streetwear brand Supreme for $2.1 billion—could turbocharge Reebok. Their strategies could include appointing a star designer and trawling the brand’s archive for key pieces to update.

In March, Rorsted will set out his strategic vision for Adidas through 2025. If he does want to rid himself of Reebok, those Dad sneakers may be looking for a new home.

HERE is your best chance to showcase your best beauty look and be in the limelight: the newest local makeup brand that empowers Filipinas to transform their looks, Spotlight is searching for its new brand ambassador who will take home P10,000 worth of products, items and a cash prize.

To join, follow Spotlight Cosmetics on Instagram (www.instagram.com/spotlightcosmetics.ph), and like their official Facebook page (www.facebook. com/SpotlightCosmeticsPH). Post a “Before” and “After” photo with at least five Spotlight products used. The caption must answer the question, “Who do you want to be today?” and don’t forget to include the hashtags #SpotlightAmbassadorAudition and #TransformWithSpotlight.

The entry with the most creative and impressive beauty transformation video will win the grand prize.

Deadline of entries is until December 16. Spotlight can be found at Watsons, SM Beauty, SM Call to Deliver and Watsons Online. It is also available via Lazada and Shopee.

B5

B6 Monday, December 21, 2020

CSC online courses for state workers to start on January 8, 2021

Aboitiz-Philinsure partnership to benefit over 7,000 Typhoon Ulysses victims

MARIBETH Marasigan, Aboitiz Foundation President and COO (top left), Gordon Alan “Dondi” Joseph, President and CEO of Philinsure (top right) and Sabin M. Aboitiz , Aboitiz Group President and CEO (bottom) during the virtual turnover ceremony last December 4, 2020.

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ORE than 7,000 Filipinos or nearly 1,500 families affected

by Typhoon Ulysses in Cagayan and Isabela will soon receive the much needed relief assistance, following a half a million peso donation from insurance firm Philinsure to the Aboitiz Foundation to support its ongoing relief operations.

The Aboitiz Group’s corporate social responsibility arm received the P500,000 donation in an online turnover ceremony last December 4.

Philinsure President and Chief Executive Officer (CEO) Gordon Alan “Dondi” Joseph emphasized the value of trust in partnerships and thanked the Aboitiz Foundation for agreeing to work with them.

“We couldn't think of anyone else to trust. We know you guys and we trust you. Thank you for this opportunity,” Joseph said.

Philinsure is one of the most reputable, fast-growing and wellmanaged insurance brokers in

the Philippines. They are the only insurance brokerage with a major national presence, serving clients in the country’s three largest cities –Manila, Cebu and Davao.

“Daghang salamat, Dondi and everyone at Philinsure for your support.

We are truly honored to have your trust and confidence. Rest assured, Aboitiz Foundation will continue to reach out and deliver immediate response to our fellow Filipinos in areas severely affected by the recent typhoons,” said Sabin M. Aboitiz, Aboitiz Group President and CEO and Aboitiz Foundation Chairman.

Volunteers from the Provincial Government of Cagayan and the Philippine Army assist in repacking relief goods from Aboitiz Foundation.

Aboitiz Foundation President and COO Maribeth L. Marasigan assured its partner that the donated funds will reach its target recipients. “We were particularly happy when we received the email of support from Dondi

Joseph and his team in Philinsure.

Your donation will surely help us in our ongoing relief and rebuilding efforts in the hardest hit areas of Bicol and the Cagayan Valley region,” she noted.

As of December 4, 2020, the Aboitiz group already extended a total of Php 6.4 million for the Typhoon Ulysses relief operations, giving out food packs, sleeping kits, water and medicines to around 70,400 individuals in the hardest-hit areas of Rizal, Cagayan, Isabela, Nueva Vizcaya and Ifugao.

The Foundation is also actively helping victims of Typhoon Rolly in Albay, Batangas, Catanduanes, Camarines Sur and Oriental Mindoro.

The group has raised over Php 5.7 million and distributed food packs, construction materials, medicines and blankets to over 9,000 families or close to 47,000 individuals. Visayan Electric, AboitizPower’s distribution unit based in Cebu, also dispatched a team to help restore power in four barangays in Tiwi, Albay.

Quarantine in a modern, artistic sanctuary with Revolution Precrafted

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VER since the COVID-19 pandemic threw the world into a lockdown, limiting movement to the essential and effectively forcing the great many to stay in the confines of their homes, people have taken a good long look at their abodes. Beyond the safe haven that our homes have always been to us, we now look to it as a “pod” that takes us

on the telecommute to work, the virtual streaming background from where we “zoom-in” with friends and associates across the planet, and then always, the home that we retreat to, back from our quick forays to “the outside world.”

Across the world thus, people have started to rethink their ideal homes in terms of location -- many choosing to

transfer to less densely populated settings, and in terms of design -- many choosing modern artistic themes that define and inspire more than “a new normal” but truly a new way of life.

“People want to seize this moment, amidst pandemic to make very real and visible changes. Many see it as a chance to transform our environment, our lifestyles and our very homes. Practical yet inspired. Those values must define us today,” said Robbie Antonio, Founder and CEO of Revolution PreCrafted.

Revolution Precrafted is a fastgrowing player in the real-estate industry, providing contemporary prefabricated homes designed by revolutionary designers like Lev Libeskind, Fernando Romero, Zaha Hadid and even our very own Kenneth Cobunpue. This company prides itself by democratizing access to worldclass architecture and making it available to a wider market segment.

In fact, a Revolution Precrafted home can be completely delivered in as fast as 60 days.

Despite the pandemic, Revolution Precrafted has already 4,600 homes sold from their 5 residential projects in the Philippines alone like the Batulao Artscapes. The company will also start 2021 on a good note as they will have 300 homes to be delivered by the first quarter of the year. “This success inspires us to continue providing ground-breaking innovation in home living and design not just in the Philippines but to the rest of the world,” Antonio says.

T

HE Civil Service Commission’s (CSC), through the Civil Service Institute (CSI), will launch in January the Kwentong Lingkod Bayani, a monthly forum on values program showcasing the exemplary performance of government civil servants demonstrating the public service values of Patriotism, Integrity, Excellence, and Spirituality (PIES). The course, to be delivered via Zoom webinar, is free of charge and can accommodate 500 participants on a first-come, first-served basis. The first run will be on 8 January.

Also offered is Public Service Values in Times of Adversities, a workshop that aims to enable participants to strengthen and harness PIES, especially in this time of pandemic for the enhancement of their organization’s capability in pursuing strategic leadership and management. It will be offered monthly, with the first run of the year to be held from 12 to 28 January.

Performance Management for PRIMEHRM Level 2, set on 9 to 30 March, will provide HR practitioners tools and handles to enable them to review their performance management (PM) policies and process towards making these more responsive to the agency needs.

Recruitment, Selection, and Placement for PRIME-HRM Level 2, which will run from 15 to 29 March, shall enable HR practitioners and Human Resource Merit and Promotion Selection Board (HRMPSB) members to review and make more responsive their recruitment, selection, and placement (RSP) policies and processes.

PRIME-HRM, or the Program to Institutionalize Meritocracy and Excellence in Human Resource Management, is a program of the CSC that aims to elevate government agencies’ HRM systems, practices, and competencies to a level of excellence through

its three major strategies—assessment, assistance, and awarding.

Various leadership programs are also scheduled. Manager’s Role in Capacity Building, set on 9 to 26 February, will highlight the function of managers in developing a competent, engaged, and high-performing workforce, and guide them in drafting, planning and effectively implementing an Office Development Plan.

Emotional Intelligence and Leadership, scheduled on 10 to 26 February, aims to develop leadership self-awareness, and enable leaders to discover how to strengthen Emotional Intelligence through a concrete Emotional Intelligence SelfDevelopment Action Plan.

Developmental Conversations for Leaders, slated on 2 to 26 March, is a blended course using group mentoring/coaching, which will guide participants to effectively conduct developmental conversations with others using a structured approach.

Ethical Leadership, set on 8 to 22 March, uses a blended learning approach to inspire participants to apply ethical and moral standards in practicing leadership in the public sector.

View the course descriptions and register for the courses at the CSI’s website at www.csi.csc.gov.ph.

Dr. Luther G. Meniano, PhD, receives honorary doctoral award

D

DR. Luther G. Meniano

R. Luther G. Meniano, PhD, was conferred the Doctor of Philosophy in Public Administration on December 12 by Brethren Evangelical School of Theology International (BEST).

Meniano has satisfactorily completed the merits and achievements required by BEST. International through the program of PELAR (Prior Experience Learning Assessments and Recognition).

“It is an Honor to received my 2nd Doctorate Award on Philosophy of Public Administration-Major on Good Governance having a Diploma conferred

by BEST International in partnership with Cambridge College-London as one of the prestigious awards for the accomplishments in the service to God and humanity. To God be all the glory and honor,” said Dr. Meniano. The certification ceremony took place at Kalipayan Hotel Resort and Restaurant in Dasmarinas City, Cavite.

Foodpanda treats its riders with special Christmas package

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HE country’s on-demand food delivery service takes care of its riders this holiday season by giving them a special Noche Buena package as appreciation for their hard work and dedication this year 2020.

When the first lockdown orders were laid down in March, food and grocery delivery suddenly transformed from a measure of convenience to a matter of necessity.

Braving the frontline were these pink shirt-wearing modern heroes, who fulfilled their duties in order for customers to stay safe at home. These acts of sacrifices and hard work were recognized by foodpanda, thus, as a show of gratitude for their service and to make Christmas with their families a little more special, the rider fleet received a special delivery from foodpanda this holiday season.

“Foodpanda believes that its greatest asset is its people,” said Daniel Marogy, foodpanda Philippines Managing Director.

“We care and value our riders’ hard work and dedication in delivering quality service to our customers, and we would like to give back this Christmas by providing them a noche buena package for them to enjoy with their families. foodpanda's serious commitment to taking care of its communities and celebrating the dreamers truly make it one of the best companies to work for.”

The special Christmas gift packs were repackaged by foodpanda employees themselves in Metro Manila, Bacolod, and Cagayan de Oro. A thousand of riders across the country received the Noche Buena package, which was just the latest of the many gifts that foodpanda extends to its riders.

The ethic of a caring workplace is a source of pride for foodpanda, wherein riders can come to work and feel safe, secure, and welcomed. Foodpanda also ensures that their riders are well-equipped to perform their delivery duties, from covering insurance policies to providing communications allowance to distributing essential gears for smooth and safe deliveries, including raincoats and face masks, among others.

Through foodpanda's platform, riders are also able to create a difference in their communities with regular social work events and emergency response initiatives.

What the next year will look like on the other side is unknown, but as foodpanda continues to innovate, customers and riders can look forward to brighter opportunities ahead.

With foodpanda, genuine care, dependability, and a sense of community are the cornerstone of its success. To be part of this special family this Christmas season and beyond, download the foodpanda app now. For more inspiring stories and to be part of foodpanda team, visit https://rider.foodpanda.ph/.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, December 21, 2020 B7

Recharge, refresh, recover H

By Abigail L. Ho-Torres

Events: Kwago to launch a weekly comics tabloid to battle infodemic

MANILA, PHILIPPINES—In partnership with Comma and The Japan Foundation Manila, Kwago is launching a comic news platform that aims to counter mis- and disinformation, as well as promote Science, Technology, Engineering, Arts and Media (STEAM) literacy in the Philippines through on December 20, 2020 at Slick Barbers Co. with a simultaneous public broadcast online at Kwago’s Facebook Page via Zoom.

Social media is no stranger to fake news peddlers as we continue to see how easily information can be misunderstood and manipulated using algorithms. /baka komiks tabloid wanted to create something that is accessible, relatable, and can easily be digested no matter what literacy level or age group you are from. This is the new tabloid highlights partnerships with subject matter experts and advocates such as Trend Micro and Foundation for Media Alternatives (FMA).

“The pandemic proved how accurate information reaching the majority is critical for public safety.

But it also showed us the clear digital divide: majority have no access to news disseminated mostly online because they can’t afford gadgets or have no Internet connectivity, majority don’t know how to recognize which is fake information and not, majority don’t have access to the language of good journalism, which is mostly in English. Kwago wishes to harness the power of comics and print to deliver news anyone can easily connect with, despite your social and educational background.

Through /baka, we wish to foster media literacy and address issues with access in different levels hoping it could foster critical thinking so people can tell if a piece of information is true or not on their own,” /baka co-founder and co-editor Juan Puna said.

The Filipino youth needs a better educational system. Eighty percent ng mga kabataan sa hayskul ay hindi pumasa sa Program for International Student Assessment (PISA). Additionally, Sen. Sherwin Gatchalian said that the results of the 2019 study Southeast Asia Primary Learning Metrics revealed only 10 percent of Filipino learners have developed proficiency in reading, 17 percent in mathematics and only 1 percent in writing.

Since lockdown started, most of us have been subject to an increased amount of screen time.

The onslaught of the pandemic and systemic neglect have left Filipinos emotionally charged and much more

working or being productive— such a bad habit and mindset.

Taking care of ourselves

www.freepik.com

PR Matters

OW much of an understatement would it be if I described 2020 as one heck of a rollercoaster ride? I usually have words for everything, but not for 2020. I just wish for this year to end, hoping that after what it has dished out, we have nowhere to go but up.

As communication and public relations practitioners, this time gave us a chance to really shine.

With all the changes and confusion happening all around us, organizations—public, private, academic, big or small—had to step up their stakeholder engagement to ensure that they were getting the right messages across to their audiences. We were all pretty much going through the same thing, as individuals and as organizations, but we still had to make sure that our stakeholders knew that we were there for them whatever happens.

In the process, we have had to unlearn and relearn a lot of what we have become used to.

No face-to-face engagements? No problem: we can do virtual meets, online campaigns, personal calls, and even send thoughtful care packages and gifts. No big events?

Fun, productive, and still-personal online events helped fill the void, although we have had to really stretch our imagination to come up with ones that could connect with our target stakeholders.

Even the way we framed our messages had to be tweaked, given our not-so-normal situation. We still had to sell our goods and services, trumpet our organizations’ good work and achievements—but we had to frame our messages with utmost sensitivity to align with what the world was going through.

During these past months (almost a year already, actually— wow), our audiences’ characteristics have likewise changed: demographics shifted, as many lost jobs, affecting income levels, purchasing power, and overall living conditions; psychographics likewise moved, as priorities, motivations, and aspirations changed.

Because of these, we have had to again make the necessary adjustments in terms of our approaches to crafting messages and choosing the right timing and platforms to get those messages across.

All this pivoting, unlearning

and relearning, and rolling out appropriate messages and campaigns is exhausting. I myself have noticed some changes: trouble sleeping, difficulty focusing on work, inclination to do things other than work—you know that strong urge to clean your workspace or room when you have a deadline approaching? Apparently it’s a thing—it’s a coping mechanism; our mind telling us to take a mental break so we can be more productive and do our best work.

Coping with pandemic stress

THE United States Center for Disease Control and Prevention (CDC) acknowledged the reality of pandemic-induced stress: “The [Covid-19] pandemic may be stressful for people. Fear and anxiety about a new disease and what could happen can be overwhelming and cause strong emotions in adults and children. Public health actions, such as social distancing, can make people feel isolated and lonely and can increase stress and anxiety. However, these actions are necessary to reduce the spread

susceptible to falling prey to false information we consume online.

Due to the current media and press crackdown, reliable news sources have dwindled and it gets harder to differentiate what’s true from forged. “/baka is created for people in the communities, especially for the youth who make half, if not most of the population. Being the first komiks tabloid dedicated to reflect on our socio-political condition, we want the younger generation to discover how dynamic and compelling comics journalism is. Comics is an institution of Filipino culture. Comics can be a way to communicate and educate and make the youth fully aware of what’s happening in their environment for them to join the conversation, and to respond in whatever way possible. “baka’ also translates to many things in Filipino but however uncertain, the main point is that we are willing to fight and to take action,” /baka co-founder Niña Sherizze de Sagun said.

Why komiks?

“Comics and other ways of visually presenting ideas are really helpful in making information more accessible. Additionally, it’s easier to draw people in and keep them engaged when you tell stories and communicate ideas by using a mixture of words and images. We want people to increase their knowledge on issues that currently plague us and to be more discerning with information

of Covid-19. Coping with stress in a healthy way will make you, the people you care about, and your community stronger.”

To help people cope with pandemic-induced stress, these are some of CDC’s suggestions. n Know what to do if you are sick and are concerned about Covid-19 n Know where and how to get treatment n Take care of your emotional health n Take breaks from watching, reading, or listening to news stories, including those on social media n Take care of your body by exercising regularly, meditating, eating healthy meals, and getting plenty of sleep n Make time to unwind by doing activities that you enjoy n Connect with others, even if only via online meeting platforms or messaging apps n Connect with your community- or faith-based organizations I’m sure you already knew all of these things, but I realized that

they’re exposed to, but to get there, we have to get them to read. Not just read the headlines and the first few paragraphs, but to actually read things ‘til the end. Admittedly, it may be too much to ask of some people to take the time to do so because life gets in the way. So here we are with a tabloid that isn’t only filled with information and with stories, but also illustrations that help in contextualizing things, in creating emotional connections, and in making the information being shared more accessible and easier to consume,” /baka co-founder and art director Arnaiz Gato said.

“It’s not the end-all and be-all solution but it’s definitely one step away from mis- and disinformation,” she added.

The first issue of /baka will be launched on December 20, 2020 with an exhibition curated by Ralph Eya at Slick Barbers Co. as well as a talk on wired education during the pandemic and beyond. The issue features works from over 50 artists and collectives, such as Manix Abrera, Adam David, Hulyen, Marian Hukom, Marx Fidel, Althea Balmes, Amihan, Concerned Artists of the Philippines, Randy Valiente, Claudine Delfin, Josel Nicolas, Cyrill Acuna and others.

Register to the event to get a free printed copy of /baka: https://bit.ly/ makibakasadec20 More details in the official event page on Facebook: bit.ly/bakakomiks

we do need to be reminded—especially when we are so caught up with wrapping up our 2020 deliverables that we forget to think of ourselves.

In an article on “Psychology Tod ay,” c l inica l psyc holog ist Carolyn Rubenstein noted: “Too often, time dictates our breaks, not our body. We are conditioned to think that when more needs to be done, we must increase the amount of time spent working and decrease the amount of time spent refueling. This thinking causes a strange sense of obligation to sacrifice our well-being due to the time crunch and demands of the situation. While it may seem counterintuitive, during the most hectic of times, we actually need more time to recharge.”

For us communication and PR practitioners, I know all too well how difficult it is for us to detach ourselves from our work. We have become so used to being on-call 24/7 that we oftentimes take for granted our personal well-being.

I’m not sure if this is just me or if you are with me on this: we sometimes feel guilty when we are not

Design: GOOD Meat digital experience by Resn celebrates first-ever sale of cultured meat in Singapore

SINGAPORE—GOOD Meat Cultured Chicken, the world’s first commercially produced cultured meat, will be served to the public for the first time tomorrow at restaurant 1880 Singapore. The meat, grown directly from chicken cells, was developed

by Eat Just, Inc., a San Franciscobased food company that creates healthier, more sustainable foods using cutting-edge science and technology.

To introduce the new product to a global audience, Eat Just needed a digital partner that understood the product and could keep pace with the rapid evolution of the story, which has made headlines around the world. They selected global digital experience design studio, Resn, who created the web site and helped design the physical packaging for the product.

“This is a very exciting advancement that could change the way we produce and eat meat on a global scale,” said Wade Cowin, Creative Director at Resn Wellington. “We wanted to convey the historic significance of GOOD Meat to an online audience with an engaging experience that puts chicken into its proper cultural context.”

The web site, goodmeat.co, features a colorful real-time 3D render

“WE have a primal need for pleasure and recreation—but, as humans with free will, we can choose to ignore this need, to overcome our instincts and go against nature. We convince ourselves that there is no limit to how far we can push ourselves, that just as science produces better, faster, more reliable and steady machines, we too can hone our abilities through modifying our nature. Many of us attempt to train ourselves to need less down time—to sleep less, to rest less, to cease less—to do more and stretch beyond our limits. But, like it or not, there is a limit, and if we continue to violate nature’s demands, to abuse ourselves, we will pay the price—individually and as a society,” Harvard professor Tal Ben-Shahar said in his book Even Happier: A Gratitude Journal for Daily Joy and Lasting Fulfillment, as quoted in Rubenstein’s article.

We are not robots or machines, are we? We do get tired, too— physically, mentally, emotionally. And so we need to recharge so we can refresh ourselves and recover from the stress we have had to face these past months and will no doubt continue to face this coming year. As we approach Christmas Day, let us not forget to be kind to ourselves.

This will allow us to take better care of our families, loved ones, organizations, and stakeholders.

And let us not forget the reason for the season.

Merry Christmas, and may God bless us all.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

of the chicken’s ancient ancestor, the red junglefowl. It tells the story of the domestication of chicken, from its wild origins to its modern commoditization as an industrialized agricultural product. It also speculates about the long term consequences of industrial meat production and how cultured meat can be part of a sustainable future.

“The way we farm chickens today is inhumane and unsustainable,” said Cowin. “It’s also unsafe for people, whether it’s farmworkers who suffer from respiratory diseases from inhaling contaminated air, the public who are at risk from food contamination, or the ever-present threat of zoonotic diseases. Products like GOOD Meat could change that.”

“It’s extremely gratifying to work with Eat Just to help introduce this product to the public,” said Resn’s Global Managing Director Rik Campbell. “This is a historic moment and a huge step towards creating a world where meat consumption doesn’t require unsustainable land use, animal cruelty, antibiotics, or growth hormones. We’re honored to be a part of it.”

The debut of GOOD Meat follows the regulatory approval for cultured meat in Singapore by the Singapore Food Agency (SFA) earlier this month. The move paves the way for cultured meat to create a safer, more secure global food supply to help meet the increasing demand for animal protein worldwide.

Sports BusinessMirror

B8 Monday, December 21, 2020 | mirror_sports@yahoo.com.ph

FOR FLAG &COUNTRY

T

By Josef Ramos

OP officials of the Samahang Basketbol ng Pilipinas (SBP) urged players who will be called to duty for the third window of the International Basketball Federation (FIBA) Asian Cup qualifiers to put national pride over and above everything else.

“There’s no reason why we can’t come up with a very good roster, but to do that, we have to protect the integrity of the uniform,” SBP program director Tab Baldwin told BusinessMirror on Sunday. “We have to make sure that every player deserves to be there not because of certain experience or age or anything else.”

Baldwin has the tough task of first selecting the pool and trimming it down for the final 12 lineup for the third window set from February 18 to 22 in basically the same bubble environment used by the Philippine

Basketball Association (PBA) in Clark.

The Philippines will face South Korea twice and Indonesia once in the third window and unlike in the recent second window in Bahrain, SBP officials stressed they couldn’t field an all-amateur team in Clark.

Baldwin joined an online press conference arranged by the Bases Conversion and Development Authority over the weekend to bare plans for the Clark bubble. Also in attendance were SBP President Al Panlilio in and BCDA President Vince Dizon.

Panlilio said the SBP will start inviting select players PBA next week.

“The ball is in my court. I need to work with coach Tab [Baldwin] and hopefully by next week I could give [PBA] Commissioner Willie Marcial some names of players who will join the bubble for the February window,” Panlilio said.

Marcial in turn asked the SBP to submit

Editor: Jun Lomibao

Gaballo snatches WBC interim world title REYMART GRANDE GABALLO gets one here from Puerto Rican Emmanuel Rodriguez but winds up winning by split decision.

Baldwin

their wish list in earnest for the players to commence training in another bubble facility at the Inspire Sports Academy in Calamba, Laguna, in January.

Baldwin, said a mix of Gilas cadets and PBA players is a possibility.

“It happened before, it happened in the first window in February when we put together a nice team that has nice experience and youth,” he said.

That team routed Indonesia, 100-70, in one game days before quarantines were imposed. Thirdy Ravena had 23 points and eight rebounds, Juan Gomez de Liaño made 10 points and pros Roger Pogoy, Kiefer Ravena and CJ Perez contributed 16, 10 and 11 points, respectively, in the victory.

Baldwin withheld naming his choices for the pool for the third window.

Only 7-foot-2 Kai Sotto committed to play for the February window.

R

EYMART GRANDE GABALLO beat Puerto Rican Emmanuel Rodriguez via split decision to become the World Boxing Council (WBC) interim bantamweight champion on Sunday at the Mohegan Sun Casino Uncasville in Connecticut.

Gaballo, 24 of General Santos City, neutralized the counterpunching former world champion Rodriguez for practically the entire 12 rounds to earn the victory. Judge John McKaie scored it 115-113 and Don Trella saw it 116-112 for Gaballo, while David Sutherland gave the fight to Rodriguez, 118-110.

“I knew that it he will be counterpunching so I pressured him a lot even I also absorbed his punches,” Gaballo told BusinessMirror, referring to the 28-year-old Rodriguez’s “touch and run” tactic. “The fight was close. He was backpedaling too much and

Wearing of face shield while cycling still under deep scrutiny–Roque

relying mostly on his jabs, but I hurt him.”

The Filipino landed sharp punches in the later round, but Rodriguez threw excellent jabs in the 10th, 11th and 12th rounds. Although Gaballo appeared to be outpunched, Rodriguez could not find get his timing going.

Gaballo remained unbeaten in 24 bouts with 20 knockouts. He was a substitute opponent for Rodriguez (19-2 record with 12 knockouts) after fellow Filipino and former world champion Nonito Donaire Jr. was stricken off after an erroneous Covid-19 test early this month.

International analysts saw the fight for Rodriguez but MP Promotion President Sean Gibbons said he was convinced Gaballo controlled the bout.

“Reymart dictated that fight all night.

P

RESIDENTIAL Spokesperson Atty. Harry Roque Jr. said on Sunday wearing face shields while jogging or biking are not yet being enforced pending evaluation and review by proper authorities.

Roque, also the spokesperson for the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases, told joggers or cyclists could go on with their activities wearing only face masks.

“The Deparment of Health, Department of Trade and Industry, Department of Labor and Employment and other government agencies will issue a consolidated advice to the public on the proper use of face shields when leaving residences, including inclusion or exemption as

He put pressure on Rodriguez who ran like he stole something from Reymart,” Gibbons said. “They [judges] saw Reymart being the aggressor and was more effective. He outworked Rodriguez every single round.”

Gaballo was holed out in Miami for the last 10 months because of the pandemic but kept himself in top shape under Cuban Spanish trainer Moro Fernandez and his assistant Franco Chocano.

Gaballo joined the list of Filipino world champions led by Sen. Manny Pacquiao (World Boxing Association welterweight), Jerwin Ancajas (International Boxing Federation [IBF] super flyweight), Pedro Taduran (IBF minimumweight) and Johnriel Casimero (World Boxing Organization bantamweight). Josef Ramos maybe as appropriate,” Roque said.

Joint Task Force Covid Shield Commander Cesar Hawthorne Binag, not the IATF, announced that joggers and cyclists should wear face shields on top of their face masks.

Binag was a former president of the Table Tennis Association of the Philippines.

Binag’s announcement created an uproar especially among elite or national cyclists, who said wearing a face shield would be risky.

Doctors at the Philippine Center for Sports Medicine, who oversees national team members, do not favor the use of face shields for cyclists.

They said that they were not consulted over the use of face shields while jogging or cycling.

Josef Ramos

‘Teach Your Children’ Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew WHEN I first heard “Teach Your Children” by Crosby, Stills, Nash and Young in 1980, years after it hit the American Music Charts, I instantly liked the song.

Forty years later, the song and the lyrics resonate deep within me.

“You who are on the road Must have a code that you can live by.

And so become yourself Because the past is just a goodbye.

Teach your children well, Their father’s hell did slowly go by.

And feed them on your dreams The one they picks, the one you’ll know by.

Don’t you ever ask them why, if they told you, you will cry.

So just look at them and sigh, And know they love you.”

It has been an emotional week for me— teaching-wise.

This past week, I ended my first term handling the wellness sessions of the faculty at Eton International School, and I said goodbye to my two freshmen classes at Mary the Queen College in Pampanga. My online journalism and creative writing classes that saw me teach three batches and a total of 54 students from this past July will wrap up this Wednesday, December 23.

Save for my online journalism and creative class (that is slated to return with a fourth batch early January 2021, I think I have sung my swan song with the two aforementioned schools.

When I was in fourth year high school at the Ateneo de Manila, all seniors had to teach in public schools in the Marikina and Quezon City area in the Tulong Dunong program. We taught a variety of subjects that included English and Math to elementary students. Those who did well took an entrance exam for different high schools and were known as Tulong Dunong scholars.

Would you believe I enjoyed it? When I was in college, I got invited to teach during an Alternative Class Day at Xavier School and Immaculate Conception Academy in Greenhills.

So teaching became an option for me (along with becoming a professional musician and a soldier).

While my career went down a different path as I started out in advertising and then marketing after which I plunged into the world of journalism full-time, I managed to squeeze in teaching in my alma mater from 2010 to 2013. It was enjoyable and more so to see students respond to a totally different methodology where I talked journalism in a highly experiential and hands-on manner.

This pandemic, after losing my corporate job,

instead of feeling down, I immediately figured out what I could do and that was to return to teaching (online though) while tackling other communications work in addition to my writing. It is one of the best decisions I made in my life.

It has been immensely gratifying. For my online journalism and creative writing classes, I have taught students across the archipelago including foreign nationals in countries like Australia, England, Kazakhstan and Malaysia.

One-fifth of the attendees (who go through a twomonth class) are current students either in high school or are in college. The rest are businessmen, professional athletes, coaches, people in the entertainment industry or media colleagues.

Fourteen of them were able to find work or were picked up after the classes.

For my communications classes at MTQC, like what I did at the Ateneo, I re-tooled the syllabus to make it practical, enjoyable and experiential for them. I had to re-think my methodology since online teaching requires patience and making sure you are able to reach out to your students.

Furthermore, I saw first-hand the inadequacies of our educational system. I knew of it before having given lectures as far as Northern Luzon and General Santos City. A person from southern Philippines personally told me that what I was taught in Grade Four was their Grade Seven.

I came across concerns about poverty, broken families, family working as domestic helpers abroad, not having enough money especially in this pandemic, doing work in farms to pay for tuition and having teachers who themselves were struggling.

When we were in school, we had all sorts of excuses, real or imagined. But you have to figure it out—what to believe, how best to listen and how to bring out their best.

My first tasks were to build their confidence and ability to express themselves. I made use of social media as well to bring that out of them. And I am happy to say over the course of 28 sessions for the semester, the students responded magnificently.

I am proud of the work they did and the progress they made.

Not coming back (well, I am hoping for a miracle because there are other concerns and overlapping work) to MTQC has upset both the students and myself. I was hoping to come back at least for one more semester to handle them.

And I have to say, I love these kids.

They are full of potential, life and dreams and if I have pushed them towards a direction they should take, then that is good.

Right now, that is uncertain. But teaching is something I enjoy as much as being a journalist and a music man.

But I thank God for this opportunity and hope I can continue to do this.