BusinessMirror February 15, 2021

DTI: EASING LOCKDOWN CURBS TO AID ECONOMY

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Monday, February 15, 2021 Vol. 16 No. 127

P25.00 nationwide | 2 sections 18 pages |

PLUNGE IN CHICKEN VOLUME PULLS DOWN JAN MEAT IMPORTS By Jasper Emmanuel Y. Arcalas @jearcalas

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HE country’s meat imports in January fell by 16 percent to 60,182.847 metric tons (MT) from 71,914.542 MT, pulled down by chicken imports that plunged 60 percent, Bureau of Animal Industry (BAI) data showed. Latest BAI data analyzed by the BusinessMirror showed that the 60-percent reduction in chicken meat imports was more than enough to pull down overall volume despite double-digit growth rates in beef and pork imports. BAI data showed that chicken meat imports in January fell to 16,939.025 MT from 42,645.749 MT recorded in the same month of last year.

The interior of the Spanish-era San Agustin Church in Intramuros, Manila—built in 1595, making it the oldest church in the country—has always fascinated not just churchgoers but also both local and foreign tourists. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) has eased restrictions on religious activities as well as in cinemas in areas placed under general community quarantine (GCQ) beginning Monday, February 15, Malacañang announced over the weekend. NONIE REYES

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By Cai U. Ordinario

@caiordinario

HE Department of Trade and Industry (DTI) on Sunday defended the government’s decision to allow cinemas to open, saying that “extra safety protocols” will be put in place. Trade and Industry Secretary Ramon M. Lopez told reporters over the weekend that cinemas will be required to provide ventilation and limit their capacities to only 30 percent. Last week, the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases Resolutions allowed cinemas to open in

General Community Quarantine areas like Metro Manila. “This was reviewed by experts in TWG (Technical Working Group) of IATF with DOH (Department of Health); DOLE (Department of Labor and Employment); DTI; DOT (Department of Tourism); DILG (Department of the Interior and Local Government); and DOF (De-

PESO exchange rates n US 48.0400

partment of Finance),” Lopez said. “Cinemas in MGCQ areas have been opened already. So it’s approximately half of the economy that is still in GCQ, where cinemas will be opened,” he added. Lopez said opening cinemas in GCQ areas would help boost the industry, which has been significantly affected by the lockdowns that government imposed to prevent the spread of Covid-19. He said around 300,000 workers rely on the industry for their livelihood. Further, the P13 billion worth industry shrank to P1.3 billion in 2020, he noted. In a survey last year, the National Economic and Development Authority (Neda) and DOF found that the industry that was most affected by the lockdown was the arts, entertainment, and recreation sector, where sales declined by 82.3 percent.

It is estimated that 18,661 firms in the sector were closed due to the Enhanced Community Quarantine (ECQ) and only 1,874 firms were open. The Neda and DOF said that as early as May last year, firms in this sector would be closed for the rest of 2020. Next among the most badly hit sectors is tourism, which saw revenues plunge 81.9 percent with 29,147 firms closed during the ECQ and only 2,686 firms open during the lockdown. In terms of job losses in the top 10 hardest-hit sectors, the construction and education sectors were the most affected with 689,974 and 130,514 jobs lost, respectively. This was followed by the repair of motor vehicles and motorcycles (74,758 jobs lost during ECQ ), tourism (51,446), and finance and insurance activities (41,027).

BAI data showed that imports of mechanically deboned meat (MDM) of chicken, a key raw material used to manufacture processed meat products like luncheon meat and hot dogs, declined by more than half to 9,522.033 MT from 24,948.143 MT last year. Likewise, imports of chicken cuts and chicken leg quarters (CLQ) in January fell by 66 percent and 54 percent to 1,528.955 MT and 5,603.938 MT, respectively, BAI data showed. Meat Importers and Traders Association (Mita) President Jesus C. Cham told the BusinessMirror that MDM imports could have declined due to high prices in the global market caused by import bans due to Avian Influenza (AI) concerns from source countries.

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Economic Cha-cha pitched anew in House hearings By Jovee Marie N. dela Cruz

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@joveemarie

S the plenary deliberations for Charter change begin on Monday (February 15), economist-lawmakers said the Resolution of Both Houses (RBH) No. 2 is necessary for the country to have the flexibility to respond to inevitable changes in world economic conditions. In a letter to House Committee on Constitutional Amendments Chairman and AKO Bicol Party-list Rep. Alfredo Garbin Jr., Marikina Rep. Stella Luz Quimbo emphasized that “the only permanent thing in an economy is change.” As the country prepares for economic recovery post-pandemic,

Quimbo, however, added that “we need to act now. We need to introduce flexibility into the economic provisions of our Constitution so that the Legislature has leg room to steer the economy according to the demands of the time.” She continued: “If the Constitution holds important economic structures such as control over capital, access to resources, barriers to entry as fixed, we will be left behind.” Contrary to concerns that the proposed amendments would allow for the unregulated influx of foreign capital that would threaten local industries, Quimbo said “the proposal under RBH2 is not a free pass for all foreign investments to come in.”

n japan 0.4594 n UK 66.4729 n HK 6.1970 n CHINA 7.4663 n singapore 36.2183 n australia 37.0917 n EU 58.2245 n SAUDI arabia 12.8083

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Source: BSP (February 11, 2021)

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A2 Monday, February 15, 2021

Bank branch expansion grew slower in 2020–Central Bank

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By Bianca Cuaresma

@BcuaresmaBM

HE local banks’ physical network expanded, albeit at a slower rate, in 2020 amid the global health crisis.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that the total number of bank branches hit 12,985 in end-December 2020, up 0.9 percent from the 12,870 bank branches seen in the previous year. While banks were still able to add 115 branches for the year, the expansion was slower compared to

the 4.24-percent growth of bank branches seen in 2019, where local lenders added 547 branches in a year’s time. Growth in bank branches in 2020 was primarily driven by universal banks, which expanded their physical network by 1.5 percent or by 96 branches in 2020. This is fol-

lowed by the expansion of rural and cooperative banks, which grew by 0.51 percent or 16 branches for the year. Branches of both commercial banks and cooperative banks were largely flat during the year, with commercial banks adding two branches from 573 to 575 for 2020 and cooperative banks adding six branches from 161 to 167 branches. The number of thrift banks, on the other hand, contracted during the year by 0.19 percent from 2,683 in 2019 to 2,678 branches in 2020. BSP Governor Benjamin Diokno has long expressed support for the

banking system’s resilience in the face of the global health crisis. In one of his recent speaking engagements, Diokno said that while the full impact of the pandemic is still unfolding, the good news is that the Philippine banking system is expected to withstand the impact of the pandemic. “The financial system is in a strong position to both weather the significant economic effect caused by the Covid-19 pandemic and support the country’s economic recovery. The domestic banking system is expected to remain relatively stable in the next two years,” Diokno said.

Economic Cha-cha pitched anew in House hearings Continued from A1 That, she pointed out, “is the bril-

liance of it—it provides flexibility but still allows the legislature to address the fear of some of our countrymen that we will be inundated with foreign business leaving local industry to wither away.” According to Quimbo, the phrase to be added, ‘unless otherwise provided by law,’ is “both liberating and serves as a protection clause. It allows our economic regulations to evolve with the times.” The legislator pointed out that as 1987 Constitutional Commission member Dr. Bernardo Villegas had said in the Committee’s hear-

ings, the economic provisions in the Constitution were originally written when the Philippines was the “Sick Man of Asia” and “had little to gain from opening up and arguably more to gain from protectionist policies.” Today, she added, “the Philippine economy has metamorphosed. Like a Phoenix rising from the ashes, it was, prior to Covid, one of the most promising developing economies, slated to move up to upper-middle-income status in 2020.” The pandemic showed, however, “that such status can only be achieved if we are in a better position to compete for foreign investments, which we are fast losing to countries such

as Vietnam,” warned the lawmaker.

Benefits

For his part, Ways and Means Committee Chairperson and Albay 2nd District Rep. Joey Salceda, listed the following among the benefits of amending the restrictive economic provisions of the Constitution— more foreign investments, more competition and better services for Filipino consumers. Salceda explained that foreign investors coming in as new players in different industries would provide local players much-needed competition that ultimately benefit consumers. “It’s not just because it [FDI] is a

source of capital. Consumer welfare requires competition, and FDI restrictions protect the oligarchs, breeds oligopolies, and therefore reduces consumer welfare,” added Salceda. Voting 64 affirmative, 3 negative with 3 abstentions, the House Committee on Constitutional Amendments has adopted Resolution of Both Houses No. 2 filed by Speaker Lord Allan Velasco seeking to give Congress the flexibility to amend the restrictive economic provisions of the 1987 Constitution to help the Philippine economy recover from Covid-19. The resolution seeks to amend certain economic provisions of the 33-year-old Charter particularly Articles XII (National Economy and Patrimony), XIV (Education, Science, Technology, Arts, Culture and Sports) and XVI (General Provisions). It seeks to insert the phrase “unless otherwise provided by law” to several sections of the Constitution, which restrict foreign ownership of public utilities, educational institutions, media and advertising. The addition of this phrase will allow Congress to enact laws to free up the economy to foreign investors, or maintain the status quo.

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TRIPARTITE VACCINE DEAL STILL BEST–LGU LEADERS By Claudeth Mocon-Ciriaco

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Correspondent

TRESSING that security of vaccine delivery and proper allocation to the targeted vaccine recipients in the local level will be “compromised”, Marikina City mayor Marcelino “Marcy” Teodoro on Sunday said that vaccine purchase should still be done through the tripartite agreement of the local government units (LGUs) , national government and pharmaceutical companies. “This arrangement is still the most practical and safest way to purchase vaccines because it provides price protection due to the scale of volume, if done through the national government. If the LGU will purchase on their own, the cost will go up, given the limited budget that we have and the limited number of vaccines we are to purchase,” Teodoro told the BusinessMirror when sought for a reaction on the passage of Senate Bill (SB) 2042 which will expedite the purchase of Covid vaccines by exempting LGUs from procurement laws for a limited period. Security of vaccine delivery and proper allocation to the targeted vaccine recipients in the cities, Teodoro said, will be “compromised” since LGUs will be in charge of what vaccine to purchase without the recommendation of leading health experts and may be a cause of unfair distribution of the vaccine. “It is imperative that the local government protect its constituency against the virus without sacrificing the economical aspect of buying the vaccines. We must also acknowledge that not all cities have enough budgets to purchase the vaccines. With the aid of the national government, they can augment the supply of the vaccine through the tripartite agreement,” he stressed. Teodoro also emphasized that it is the public’s best interest that must be considered at this stage of

procuring the vaccines, to ensure equity in the distribution of vaccines. “Overpriced vaccine costs are unacceptable at this point in our fight against the Covid-19 virus,” he said. He lamented that not all cities have enough funds to purchase the vaccines, but “with the aid of the national government, they can augment the supply of the vaccine through the tripartite agreement.” In a radio interview, Parañaque City Mayor Edwin Olivarez said the mayors of Metro Manila will submit a position paper to the Congress soon. Olivarez, who chairs the Metro Manila Council, has expressed fear that SB 2042 will leave those LGUs in rural areas at a disadvantage. “Dapat makarating [The vaccines should reach] all over the country,” Olivarez stressed. Earlier, the Healthcare Professionals’ Alliance Against Covid-19 (HPA AC) had strongly opposed the passage of SB 2042 as they expressed fear that it will make not make the twin goals of reduction in mortality and maintenance of healthcare capacity achievable. “We oppose this bill because allowing local government units (LGUs) or even private corporations to purchase directly from manufacturers will cause three big problems - 1) it will bypass the required recommendation of leading experts in Health Technology Assessment (HTA) , 2) it will lead to maldistribution of vaccines based on capacity to pay rather than need, and 3) it could drive increases in the cost of vaccines,” the HPAAC said in a statement. The HPACC added that SB 2042 will bypass the required recommendation of the leading experts in Health Technology Assessment (HTA). “While Emergency Use Authorization (EUA) is given to Covid-19 vaccines that show favorable preliminary results, scientists constantly monitor rapidly changing evidence.”

‘FREE AND HARMLESS’ CLAUSE IN VACCINE SUPPLY DEALS PITCHED Continued from A10

Drilon, a former Justice Secretary, however, stressed that inserting a free and harmless clause in supply agreements, where the national government makes clear that manufacturers won’t be liable for adverse reactions, should suffice. “I repeat, technically an indemnification law is not needed,” to get the supply agreement going, he added. Once the mass vaccination rolls out, the senator suggested that preference be given to health workers and “vulnerable senior citizens, followed by 4Ps recipients, and people involved in the economic sector.” But, he stressed the need to first “fix assurance of delivery that it is arriving.” Still, he was “wondering why there was no supply agreements yet, beyond term sheets, just terms, “with no down payments and no commitments.” Drilon noted that supply agreements can include provisions on socalled “free and harmless clause” which means if there is a case where manufacturers are liable, government assumes liability. “ Pressed if such is akin to a sover eign guarantee for loan agreements, Drilon agreed,say-

ingit’slikea“sovereignguaranteeversus legal action.”

No delivery dates

The Philippine government has completed the first set of requirements set by Covax Facility but no “indicative delivery dates” have been provided by any of the manufacturers that the country is in talks with either, National Task Force Against Covid-19 chief implementer and vaccine czar Secretary Carlito G. Galvez Jr. said on Sunday. Galvez made the statement following recent allegations of snailpaced negotiations between the Philippine government and vaccine manufacturers. He said that supply agreement negotiations are ongoing and that the current limited global supply prevents vaccine manufacturers from entering supply agreements with the government. “The entire vaccine cluster, with our Vaccine Czar Sec. Charlie Galvez at the helm, is doing everything to secure cost-effective vaccines for the Philippines at the soonest possible time. In the meantime, with the arrival of vaccines from the Covax Facility just around the corner, our attention and efforts are focused towards ensuring the country’s readiness to roll out the vaccines,” Health Secretary Francisco T. Duque III said. Galvez emphasized that a supply agreement is a binding contract and that negotiating supply agreements is a complicated process which provides for specific details such as payment schemes and definite

delivery dates, among others. He further noted that due to the binding nature of supply agreements, and given the limited supply of vaccines globally, manufacturers have not been able to commit specific delivery dates, hence preventing them from entering into supply agreements with the national government. Meanwhile, with the recent confirmation that the Philippines will receive doses of the Covid-19 vaccine from the Covax Facility, the Philippine government has completed the first set of requirements set by Covax which includes documents pertaining to the country’s readiness to receive vaccines, as well as the deployment plan. The government is now awaiting other documentary requirements which have yet to be provided by the Covax Facility. As the entire government prepares for the Covid-19 vaccination, Duque has called on the cooperation of the Filipinos in addressing the “persistent issue of vaccine hesitancy—we want everyone to be assured that vaccines are safe and effective.” “I further call on the public to continue strict and proper adherence to our Minimum Public Health Standards. Yes, vaccines will afford us a certain degree of protection, but we emphasize that prevention remains to be the best strategy to combat Covid-19,” Duque concluded The Covid cases in the country surged to 549,176 after recording 1,928 additional cases.

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Govt plans to ratify intl rule to further protect workers

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HE government is now eyeing to ratify the convention 190 (C190) of the International Labour Organization (ILO), which aims to prevent workplace violence and harassment, according to the Department of Labor and Employment (DOLE). Labor Undersecretary Benjo M. Benavidez told the BusinessMirror they have started the “preparatory activities” for the said “long process.” Benavidez said they are now conducting consultations to evaluate a “gap analysis” on the government’s policies and laws with regards to C190 and also get “concurrence of support of pertinent government agencies” on the said initiative.

Consultations

DOLE Bureau of Workers with Special Concerns (BWSC) Director Ma. Karina Perida-Trayvilla said there’s already a technical working committee to initiate measures for the ratification of the C190. Trayvilla noted the said initiatives include an online forum to be organized by the Institute for Labor Studies (ILS) on Friday, which will have representatives from employers association, labor groups and the academe. “We have also collaborated with ILO Manila, UN [United Nation] Women and the UP Cifal [Centro Internacional de Formación para Autoridades y Lideres] for this,” Trayvilla told the BusinessMirror. The labor official explained the output of the forum will be used for the supporting documents, which

they expect to complete and submit to the Department of Foreign Affairs (DFA) within the year for the ratification of C190. Trayvilla explained that the country’s ratification of C190 will serve as “a mantle of additional and enhanced protection of Filipino workers, locally and overseas.” “Particularly on migration where a large proportion of domestic workers are women who are disproportionately affected by violence and harassment,” Trayvilla told the BusinessMirror.

Protection

DOLE issued the statement as the labor sector called for an end to sexual harassment in the employment, education and training environment, online, and public spaces. In a statement, Associated Labor Unions (ALU) National Executive Vice President Gerard R. Seno expressed alarm over the continuing genderbased violence in workplaces especially during the 80-day lockdown. “Gender-responsive approach needs to be fully integrated in the government’s Covid-19 response,” Seno said. For her part, ALU National Vice President and Women Chairman Eva Arcos urged the labor department “to enhance its monitoring facets and disclose their inspection findings” on the implementation of the AntiSexual Harassment Act and the Safe Spaces Act. ALU also called for government to ratify the C190. Samuel P. Medenilla

DENR to begin dredging of Marikina River to recover reclaimed portions By Jonathan L. Mayuga @jonlmayuga

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NVIRONMENT and Natural Resources Secretary Roy A. Cimatu announced the first steps in recovering portions of the Marikina River that, he said, were “illegally reclaimed.” Cimatu said members of a Task Force “Build Back Better” (TF BBB) will begin dredging activities in Marikina River on Wednesday. The announcement was made after the chief of the Department of Environment and Natural Resources (DENR) and TF BBB chairman confirmed that portions of the river have been illegally reclaimed, reducing drastically the ability of the waterway to contain excess rainwater during typhoons. In a statement, Cimatu also said that a number of structures have been found occupying easement areas in violation of Presidential Decree (PD) 1067 or the Philippine Water Code. “Using official land records dating back as far as 1914 and 1961, historical maps, and satellite photos from the National Mapping and Resource Information Authority (Namria) as bases, the DENRNational Capital Region conducted aerial and ground verification surveys that confirm encroachments made not only in the river itself but in the designated legal easements as well,” Cimatu said. Article 51 of PD 1067 explicitly prohibits the construction of any permanent structure along three meters of the banks of rivers and streams and shores of seas and lakes in urban areas like Metro Manila, as these areas are reserved “for public use.” Based on existing land records too, 25 lot parcels with a total area of 271,625 square meters (27 hectares) were reclaimed without necessary permits, either partially or completely encroaching into the Marikina River, Cimatu said. A total of eight of these parcels covering 12,039 square meters have been placed under Category 1 or parcels of land found to be reclaimed but with neither titles nor claimants. Placed under Category 2, mean-

while, are five titled lots, which partially encroach on 10,418 square meters of the river, Cimatu added. Under Category 3 are 16 titled properties measuring 22,467 square meters, which are in the river itself. The pilot dredging will be in the portion of the river near Marcos Highway in Barangay Kalumpang while a simultaneous bamboo planting activity will take place on the banks of Barangay Industrial Valley Complex, both in Marikina City. “The widening of Marikina River to its original width is but the start of the series of activities the Task Force has identified to address the perennial problem of flooding within the Marikina River Basin,” Cimatu said. The DENR chief also said that the restored riverbanks will be planted with bamboo to help prevent riverbank erosion and siltation, one of the strategies that TF BBB has adopted in the rehabilitation of Cagayan River. “We will have to show our political will here and sustain our efforts to rehabilitate Marikina River and other waterways. This is just a prelude to the bigger one,” Cimatu said, referring to the tasks that await the TF BBB in downstream portions of the river, particularly in Pasig area where the riverbank is narrower due to the reclamations and presence of illegal permanent structures. Cimatu noted that the width of the river in the upstream portion is about 90 meters wide, then narrows down to 80 meters at the boundary of the Marikina-Pasig boundary and becomes uneven, varying from anywhere to 46 meters to 78 meters. “It is like traffic. From a 3-lane highway, the river becomes a singlelane highway once it reaches Pasig,” Cimatu explained, citing figures from the Department of Public Works and Highways. Records also show that it is not only the width of the river that has considerably dropped but its depth as well as the upstream portions measures about eight meters deep but only three to five meters deep by the time it merges with Pasig River, according to Cimatu.

Editor: Vittorio V. Vitug • Monday, February 15, 2021 A3

Thousands of jobless Pinoys in construction sector–DOLE By Samuel P. Medenilla @sam_medenilla

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ONSTRUCTION is now the most hard-hit sector in terms of labor displacement, making up 25 percent of the over 25,000 employees who permanently lost their jobs last month. This is according to a Department of Labor and Employment (DOLE) labor-displacement report that showed 6,151 construction workers became jobless from January 1 to 31, 2021. The DOLE is pinning hopes this situation would be reversed this year. That is, if the government starts ramping up the implementation of big-ticket infrastructure projects in the coming months. The other top sectors with the most permanent unemployment are: other service activities (4,919); administrative and support service activities (2,663); manufacturing

(2,622); accommodation and food service activities (1,368); wholesale and retail trade; repair of of motor vehicles and motorcycles (1,295); information and communication (1,231); and, arts, entertainment and recreation (1,013). Last year, the three sectors which have consistently had the highest number of displaced workers were: other service activities; administrative and support service activities; and, manufacturing. The number of unemployed workers started to rise after the government started to enforce community quarantines to stop the spread of Covid-19. These lockdowns disrupted operations of businesses and restricted mobility.

Least affected

THE DOLE report noted that the sectors with the least number of jobs losses are: transportation and stor-

age (686); human health and social work activities (686); agriculture, forestry and fishing (393); professional, scientific and technical activities (380); education (369); financial and insurance activities (278); real estate activities (186); electricity, gas, steam and air conditioning supply (78); mining and quarrying (16); and, water supply, sewerage, waste management and remediation activities (5). Most or 89 percent of the 25,226 permanently displaced from 2,799 establishments last month are in the National Capital Region (15,324), Central Visayas (3,671), Calabarzon (1,957) and Central Luzon (1,456). The regions with the lowest displacement are: Caraga (12); Eastern Visayas (41); Cordillera Administrative Region (44); and, Zamboanga Peninsula (56). “Retrenchment or reduction of workforce was mostly observed in

small enterprises (482) while there is higher incidence of permanent closure in micro enterprise (54),” the labor department said.

Temporary displacement

THE labor department also reported that 108,089 workers were temporarily displaced. Of this number, about 77,356 were affected by flexible work arrangements, which include reduction of workdays and work-from-home schemes that were implemented by 1,617 establishments. The remaining 30,733 were affected by the temporary closure of 1,182 establishments. Majority of the establishments [that] adopted flexible work arrangement were small enterprises (672). On the other hand, greater number of establishments under micro-enterprises implemented temporary closure (604), the DOLE report said.

Cabuyao posts 100-percent measles, polio vaccination

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HE cit y gover nment of Cabuyao is the first local government unit (LGU) in the country to accomplish a 100-percent vaccination coverage during the second round of the measlesrubella oral polio vaccination (MROPV) supplemental immunization activity, which started on February 1, 2021, the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) office of the Department of Health (DOH) said on Sunday. Regional Director Eduardo C. Janairo lauded the success of the measles vaccination in Cabuyao after it completed a 101.54 percent for measles and 95.50 percent for polio. Gapan City in Nueva Ecija follows Cabuyao with 95.77 percent for measles and 95.5 percent for polio, as of February 13. “The success of any public health program and project rely not only on the technical expertise of health officials or the adequate resource mobilization,” Janairo said. “It requires the most important component which is the widespread grassroots support guided by an able leadership and clear policy.” According to the DOH official, the target number of children eligible for vaccination in Cabuyao is 26,591. “The city has already immunized a total of 27,001, which exceeded the target,” Janairo said. “I encourage parents and guardians of children aged 0 to 59 months to avail of the free vaccines to protect your children from the measles and polio virus.” From among the regions where the second phase of supplemental immunization is being conducted,

A MOTHER and her child is seen outside the City Hall of Biñan. Laguna. Biñan is one of the top local government unit in Calabarzon with highest measles-rubella oralpolio vaccination coverage, according to a report by the Department of Health. BERNARD TESTA

Central Luzon ranks first with a total of 71.67 percent vaccinated children with measles-rubella and with a 28.33-percent remaining target. Western Visayas follows with 59.91 percent and with a remaining target of 40.0 percent children. Eastern Visayas completed a 53.54-percent measles vaccination with 46.46-percent remaining target. Central Visayas follows with 38.72 percent accomplishment and

61,28 percent still to be vaccinated. For regional OPV coverage, Central Luzon tops the regions with 71.71 percent coverage and 28.29 percent remaining target, again followed by Western Visayas at 58.38 percent and 41.30 percent. Eastern Visayas reported a 53.28-percent accomplishment and 46.72 percent still for vaccination. Central Visayas reported a 31.91-percent completion rate with 61.04 per-

cent remaining target. The total measles vaccination coverage is now at 57 percent (2.32 million) with 43 percent or 1.76 million children still to be vaccinated. A total of 57 percent (2.71 million) were given OPV with 43 percent (2.07 million) remaining target. The second supplemental immunization is a month-long activity that began February 1. Claudeth Mocon-Ciriaco

Lawmaker eyes Laguna de Bay as NCR’s potable-water source By Jovee Marie N. Dela Cruz @joveemarie

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MEMBER of the House Committee on Metro Manila development seeks to explore the viability of Laguna de Bay as another source of potable water for the National Capital Region (NCR). In a statement, Makati City Rep. Luis N. Campos Jr. said the country’s largest inland waterhole can be tapped to assure the NCR’s water security amid rapid consumption growth and recurring dry spells due to harsh climate change. According to Campos, the 2.2 billion cubic meters of water naturally deposited in the 90,000-hectare lake is a mix of water from dozens of rivers and streams, rainwater, storm water

runoff and sewage. “We have to take full advantage of Laguna Lake’s largely untapped water resources. There are modern technologies available to rigorously clean the vast amounts of water that may be sustainably recycled from the lake,” Campos said. “The reprocessing of Laguna Lake’s water supply will also help lessen flooding, which is a persistent problem in surrounding communities,” Campos said. The lawmaker said the lake tends to overflow during heavy rains, causing floods in parts of Laguna, Rizal and eastern Metro Manila. “By reusing water from the lake, Metro Manila’s private water concessionaires will also achieve in one action their dual obligations to deliver round-the-clock water supply to consumers and to

provide wastewater treatment facilities,” Campos said, referring to Manila Water Co. Inc. and Maynilad Water Services Inc. For years, the two concessionaires have been relying on Angat Dam in Bulacan to supply 96 percent of Metro Manila’s water demand. “We recognize that decontaminating water from Laguna Lake is more costly than treating water from Angat, but the concessionaires really have no choice but to expand their sources if we are to avoid another water crisis,” Campos said. In 2019, consumers reeled from prolonged daily water service interruptions after a severe dry spell caused Angat’s water level to plunge 52 meters below its 210-meter normal high elevation.

That year, Manila Water began harvesting 50 million liters of water per day from the lake after building the Cardona Water Treatment Plant in Rizal. Campos, however, emphasized there is a need to have “multiple water treatment facilities drawing off Laguna Lake.” Meanwhile, House Committee on Metro Manila Development Chairman Manuel Luis T. Lopez asked water concessionaires to secure their water supply in preparation for the dry season. Lopez said the combination of a pandemic and a possible water crisis could be disastrous. “Access to water is a right and we no longer want to experience another water crisis that would burden us even more now that we are in a pandemic,” Lopez added.

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Millions of children 5 to 17 years old still working–PSA By Cai U. Ordinario @caiordinario

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ESPITE a law prohibiting children below 18 years old from working, millions of households reported that children between 5 and 17 years of age are still working in poor and rich regions nationwide, according to the Philippine Statistics Authority (PSA). In its Annual Poverty Indicator Survey (Apis) results for 2019, PSA said of the 15.64 million families with members aged 5 to 17 years old, about 7.6 percent or 1.19 million of the total families had working children. Around 23.3 percent or 177,000

of households are located in Northern Mindanao, one of the poorest regions in the country followed by the 143,000 households located in Calabarzon, one of the Philippines’s economic juggernauts. “The Labor Code of the Philippines specifies that no child below 18 years old shall be employed except when he/she works directly under the sole responsibility of his parents/ guardian and his/her employment does not in any way interfere with his/her schooling,” PSA said. While this is the law, in Northern Mindanao, employment is the second top reason for those aged 6 years old to 24 years old not being in school at 21.5 percent. This is second

only to marriage or family matters at 27.2 percent. In Calabarzon, employment is the top reason for those aged 6 years old to 24 years old not being in school at 39 percent while marriage or family matters is a far second at 13.8 percent Meanwhile, the Apis data showed that the number of households with children who are working are also high in the Bicol region at 133,000 households; Eastern Visayas at 96,000; and, Central Luzon at 81,000. In Bicol, the top reason for 6-to24 year olds for not being in school is employment at 27.6 percent; Eastern Visayas, employment at 28.1 percent; and Central Luzon, 40.2 percent. In terms of residence status, ru-

ral areas at 9.5 percent or 745,000 households had a higher percentage of families with working children compared to urban areas at 5.7 percent or 442,000 households. Employment is also the top reason why Filipinos aged 6 years old to 24 years old are not in school in both rural areas at 28.2 percent and urban areas at 37 percent. “Marriage or family matters” was the second highest reason for not being in school. In rural areas, this was at 20.9 percent while in urban areas, this was at 17.5 percent. Prohibiting and eliminating child labor is part of the Sustainable Development Goals (SDGs). Under Goal 8 on promoting employment and de-

cent work for all, one of the targets is to prohibit and eliminate the worst forms of child labor. The same indicator also sought to eradicate forced labor and, by 2025, end child labor in all its forms, including the recruitment and use of child soldiers. Based on a recent study by state think-tank Philippine Institute for Development Studies, the country’s performance may have also regressed in terms of decent work and economic growth under SDG 8 given the millions who lost their jobs during the lockdown. The SDGs are composed of 17 goals with around 169 targets with 230 global indicators adopted in

Specimen from PNP final piece for NBI to solve Dacera’s death

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USTICE Secretary Menardo I. Guevarra said last Sunday that the National Bureau of Investigation (NBI) is set to close its investigation into the death of 22-year-old flight attendant Christine Dacera inside a hotel in Makati City after celebrating the New Year with some of her friends. Guevarra said the NBI would only need to obtain specimen from the Philippine National Police (PNP) to solve the puzzling death of Dacera, who the police earlier said was a rape-slay case. The DOJ chief said the Philippine National Police (PNP) would share its specimens on flight attendant Christine Angelica Dacera today (Monday) that would enable the NBI to finally finish its investigation. The NBI will also look into consideration the other evidence gathered by the PNP, including information taken from mobile phones and specimens from garments. Guevarra said they made a request to the PNP to be provided with its evidence last January 27. “I was informed that after receiving certain specified pieces of evidence from the police on Monday, the NBI will be in a position to wind up its investigation within the week, and submit its report to the DOJ for the consideration of the investigating prosecutor,” Guevarra said.

September 2015. The Global Goals aim to end poverty and hunger, promote universal health, education for all and lifelong learning, achieve gender equality, sustainable water management, ensure sustainable energy for all, decent work for all, resilient infrastructure, and reduce income inequality between and among countries. The goals also include create sustainable cities, ensure sustainable consumption and production, take action against climate change, conserve and sustainably use oceans and marine resources, reduce biodiversity loss, achieve peaceful and inclusive societies and revitalize global partnership for development.

Govt to use 30 military camps as Covid vaccination sites nationwide

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He earlier said that the NBI would be able to submit its report to the Makati City Prosecutor’s Office before the assigned prosecutor concludes its preliminary investigation and resolves the case. The NBI was forced to take over the case after the Makati City Prosecutor’s Office ordered the release of several of Dacera’s friends from police custody after it ruled that the evidence submitted by police investigators were insufficient to establish a probable cause for their indictment before the trial court. Guevarra directed the NBI to conduct reinvestigations due to conflicting claims by the police, Dacera’s relatives and her friends in connection with the flight attendant’s death. Dacera’s family has been insisting that there was foul play while his friends who were with the victim claimed that she died of natural causes. Based on the PNP Crime Laboratory Office’s (PNP-CLO) histopathology report submitted to the city prosecutor, Dacera reportedly died of cardiopulmonary arrest due to hypovolemic shock, and that the underlying cause of death was ruptured aortic aneurysm. This was reportedly consistent with the autopsy finding of Police Major Michael Nick Sarmiento, the CLO medical officer of the Southern Police District (SPD). Joel R. San Juan

RACE AGAINST THE MACHINE

A woman on a motorized scooter appears to race against a trailer-less truck along Ortigas Avenue. A recent nationwide Social Weather Station (SWS) survey revealed that majority of Filipinos believe that active transport is possible in their locality and should be given priority. BERNARD TESTA

MILITARY spokesman said last Sunday that at least 30 military camps and health facilities will be used by the government when it rolls out its vaccination activities around the country. Armed Forces of the Philippines (AFP) Major Gen. Edgard A. Arevalo said the facilities are strategically settled across the country and have been inspected and approved by the Department of Health. “We have recommended 46 vaccine sites all over the Philippines; the AFP recommended those. The number is composed of camps and military treatment facilities,” Arevalo said. “Out of that number, 30 are already DOH-accredited and can be used as vaccine sites. The remaining 16 is subject to DOH inspection and, when they passed, subsequent accreditation,” he added. Arevalo said the use of military camps and facilities in the massive vaccination activities of the government was a part of the AFP’s support to the nationwide Covid-19 response. The military has also been tapped to provide support operations to the program, including in the areas of security, medical and logistics. “We will support the Philippine National Police in the aspect of security in the delivery, transportation and cold storage (of vaccines) in case it needs it,” Arevalo said. Rene Acosta

Plunge in chicken volume pulls down Jan meat imports The BusinessMirror learned that the retail price of MDM has breached the P135 per kilogram level, about 60 percent higher than its P85 per kg quotation in December. “[Chicken] cuts and CLQ came from excess inventory for the year and unexpected strong sales in November and December, importers were caught flatfooted with few outstanding orders,” he said. BAI data showed that pork im-

ports in January rose by 57 percent to 28,057.961 MT from 17,823.207 MT. Cham attributed the increase to possible spillover from December supply due to delayed arrivals. “More probable cause is the high price of local pork, and importers saw opportunity. But [this] did not arrive in time for Christmas,” Cham added. BAI data showed that pork imports posted growth across all cuts of the meat product.

The country’s imports of pork cuts expanded by 144 percent to 6,915.019 MT from 2,831.721 MT while imports of bellies rose by 75 percent to 3,110.3 MT, based on BAI data. The government is now looking at raising the minimum access volume (MAV) for pork imports to 400,000 MT to plug the shortfall in domestic supply and stabilize retail prices. The proposal is on top of the petition of the Department of Agricul-

ture (DA) to lower tariffs on in-quota pork imports to 5 percent and outquota imports to 15 percent for six months. BAI data showed that beef imports in January grew by 27 percent to 11,071.991 MT from 8,375.568 MT. The country’s total meat imports in 2020 rose by 6 percent to a recordhigh of 894,698 MT from 844,971 MT recorded in 2019, based on BAI data.

IC: No fixed rule on HMO coverage of Covid vaccine But 29-year-old Joseph Rabeje, a seafarer for eight years now, is still in search of an HMO provider that can cover the hospitalization costs when one gets infected with Covid-19. While their office informed them that they have a health card, its benefits can be availed of only if the seafarer is on board the ship and gets into an accident. “Mahal kase magka-Covid, I mean ’yung malala, ’yung may mga [It’s costly to contract Covid; the worse cases require using] ventilators, apparatus, etc,” Rabeje said. R abeje a lso plans to spend P30,000 of his budget for an HMO plan per year but he said it is fine with him that the HMO plan that he will

be getting will not cover the cost of vaccines and its administration. “Okay lang sa akin kahit hindi, afford ko naman ’yun dahil may work ako, pero okay na rin if ’yung employer namin ang sasagot ng expenses ng bakuna,” he said, adding it would not be too far-fetched to assume that being inoculated with Covid-19 vaccines would be a requirement soon for seafarers before they leave the country. Asked whether it would be fine for him to shoulder the costs should the vaccine have any side effects, Rabeje hopes that the government could cover the cost of dealing with “side effects,” which he hopes would be “minor.” The government is facing a oneweek delay in the delivery of the ini-

tial doses of 117,000 doses of PfizerBioNTech vaccines due to processing of documents, but it assured the public it is still expecting the delivery within the month. Meanwhile, Da Silva said 2020 still “turned out to be positive for most HMO industry players despite having covered a great number of patients with SARS CoV-2 infections and attendant co-morbidities, if any.” Da Silva expressed optimism that 2021 would be a “year of recovery for the country and for most businesses — albeit slow and perhaps towards the end of the year.” He added, “But this outlook is tempered with caution and will depend on how government and our people will

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work together to address the new SARS CoV-2 variant already in our midst; and how fast the anti-Covid vaccines will be made available to the populace, its effectiveness moving forward included, if not centered upon.” On Friday, the Department of Health reported 19 new cases of the more transmissible Covid-19 variant, raising the number of UK variant (B.1.1.7) cases in the country to 44. As of Saturday, Covid-19 cases in the country have reached 547, 255 after 1,960 more infections were recorded. The nationwide death toll due to Covid-19 has also risen to 11,507 while 500, 781 people have already recovered from the disease.

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A Ng • Monday, February 15, 2021 A5

Govt, private sector to tackle agri issues in April By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Department of Agriculture (DA) said the National Food Security Summit (NFSS) that will bring together the government and the private sector to discuss various issues affecting the agriculture sector will take place in April. Agriculture Secretary William D. Dar disclosed during an event in Batangas last week that NFSS is tentatively set on April 7 to 8. This year’s NFSS is the third under the Duterte administration. “This is the time to bring ideas to the table. This is the time to cooperate. This is the time to understand the mix of interventions that we have put together. Kung mayroon pa kayong maidadagdag na ideas, we are open to discussing all of these during the 2021 National Food Security Summit,” Dar said in a statement. [This is the time to bring ideas to the table. This is the time to cooperate. This is the time to understand the mix of interventions that we have put together. If you have additional

ideas, we are open to discussing all of these during the 2021 National Food Security Summit.] Prior to revealing the tentative date for the NFSS, Dar led the launching of the government’s nationwide hog repopulation and “Bantay sa ASF sa Barangay” (BABay ASF), the DA’s twin programs to combat rising pork prices and African swine fever (ASF). The two programs have a combined public and private investment of almost P30 billion “aimed at effectively controlling the dreaded ASF and reviving the badly-hit swine industry,” according to the DA. The DA under its former chief and now Mindanao Development Authority (MinDA) Chairman Emmanuel F. Piñol, spearheaded an NFSS in 2018. The DA had urged local government units (LGUs) to craft their respective food security plans. Another food security summit was held on October 29 to 30, 2019. More than 500 participants from the LGUs, the academe, and private sector organizations joined the DA and its attached bureaus and agencies. Malacañang defended the govern-

VENDORS at a Quezon City market display various pork cuts in this BusinessMirror file photo.

ment’s plan to hold a food security summit anew, saying that new strategies to boost food supply are needed

as the Covid-19 pandemic upended the lives of Filipinos. “Gaya ng aking sinabi po ‘no na iyong

food security po ay mukhang doon lang sa ilang lugar, sa lugar na pinanggalingan ni Secretary Piñol,” Presidential

Spokesman Harry Roque said in press briefing last week. “At saka siyempre after Covid-19, kinakailangan panibagong strategy na tayo dahil talagang Covid-19 changed completely iyong ating pang-arawaraw na pamumuhay.” He said the goal of this year’s food security summit is to come up with solutions for current agricultural issues, such as skyrocketing prices due to supply disruptions caused by ASF, and to ensure the availability of affordable food products. “Kinakailangan lahat na ng pagkain pag-usapan natin at importante po kasi iyong food security dahil alam natin na halos kalahati ng ating mga kababayan ngayon ay nakaka-experience ng pagkagutom,” he said. “So obligasyon pa rin po ng estado na bigyan ng katuparan ang karapatan ng lahat ng mamamayang Pilipino na magkaroon nang sapat na kakainin.” [We have to discuss all food-related issues because food security is important as nearly half of the population is experiencing hunger. It is the obligation of the state to ensure that Filipinos have sufficient food on their table.]

DA seeks help of NorMin village officials in eradicating ASF C

AGAYAN DE ORO CITY— The Department of Agriculture (DA) directed Northern Mindanao’s local governments on Saturday to activate local barangay units to help enforce the African swine fever (ASF) protocols among backyard hog raisers. Dr. William Medrano, DA’s Undersecretary for Livestock,

said the agency’s “Bantay ASF sa Barangay” seeks to establish a mechanism in which local government units (LGUs) tap village officials in the government’s anti-ASF campaign and avail if the agency’s programs and training as well as funds, equipment, and technical assistance. “There’s a need to intensify

the role of the local governments, especially in the barangay levels. The barangays are considered as front-liners, the first responders in cases of (ASF) outbreaks,” Medrano said. He was joined Saturday by DA chief William Dar in visiting ASF-affected areas in the two barangays here and two Misamis Oriental towns.

Their visit came after DARegion 10 director Carlene Collado announced Wednesday that ASF was detected among serum tests from the swine of the backyard raisers in Barangay Jampason, Initao, Misamis Oriental; Barangay Pagawan, Manticao, Misamis Oriental; and also in Barangays Mambuaya and San Simon in this city.

‘Prioritize most vulnerable communities to end hunger in PHL’

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OCUSING on the most vulnerable is the solution to the growing hunger problem in the country, Senator Francis Pangilinan said following a visit to Aeta communities in Pampanga. “Lumalala ang problema ng gutom sa bansa dahil sa Covid. Kung gusto nating solusyunan ito, kailangang nakatuon ang pansin natin sa pinaka-apektado. Love of country is paying attention to the last, lost, and least of our people,” he said. Last Friday, Pangilinan, assisted by Porac Mayor Jing Capil, went to Barangays Babo Pangulo, Villa Maria, and Inararo to hand over food packs to around 700 Aetas. “Madalas, ang mga kapatid nating katutubo ang huli nating naaalala kapag may bagyo o lindol o itong pandemya. Dahil malayo sila sa

syudad, nasa bundok. Kaya narito tayo para sa ating mga kababayan para ipaalam na hindi natin sila nakakalimutan. At sa abot ng ating makakaya, tutulong tayo,” he said. The indigenous communities were among those severely affected by the 6.1-magnitude earthquake that hit the provinces in Central Luzon in April 2019. Aeta families in Barangay Diaz in Porac were relocated to the temporary settlement in Barangay Babo Pangulo. Nancy Santos of Barangay Babo Pangulo thanked the senator and government and nongovernment entities who have paid attention to their plight. Village leader Rogelio Valencia of Barangay Villa Maria also thanked the senator for providing support to the indigenous community.

Pangilinan, whose late father was born and raised in Pampanga, said solutions to the country’s problems also lie in working together. “Malalampasan natin ito pag tayo’y nagtutulungan. Doon tayo huhugot ng tapang at lakas para malampasan ang mga pagsubok, sa pamamagitan syempre ng panalangin at pagtutulungan,” he said. Pangilinan likened the focus on the vulnerable to carrying a bagful of fruits from the bottom, not by the handles. “Mapipigtal ang hawakan ng punong-puno na bayong. Kailangan buhatin mula sa ilalim,” he said. Last December, Pangilinan’s office also distributed food packs to around 500 Aeta families in Mabalacat, Pampanga.

Colombia flower growers recover after trashing millions of roses

A WORKER arranges roses to be packed for export at the Belen de los Tejares nursery in Chia, Colombia last January 22. As Americans cancel events amid the pandemic, Colombian flower growers suffered a slump in sales. NATHALIA ANGARITA/BLOOMBERG

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TRONG demand from consumers in the United States ahead of Valentine’s Day is bringing Colombia’s flower industry back from the brink of collapse. Exports have been picking up since September, boding well for February 14, the biggest day in the calendar for florists. Strong sales this weekend would set the seal on the industry’s comeback.

Colombian growers were getting ready for Mother’s Day when the pandemic tore through the US last spring. With massive markets such as New York and California locked down, Colombia’s flower producers destroyed thousands of tons of roses, carnations and chrysanthemums. There was more bad news to come. When summer arrived, US couples started canceling

their weddings. Even funeral sales weren’t good, due to restrictions on gatherings. Most of the cut flowers sold in the US come from Colombia, and the sector looked set for mass bankruptcies and job losses. Instead, it saw a major recovery. As the pandemic progressed, people in the US got into the habit of sending each other flowers when they couldn’t meet face to face, and also bought more blooms to brighten up their homes, Kate Penn, chief executive officer of the Society of American Florists, said in a phone interview. And since they couldn’t easily spend their money on vacations, restaurants or concerts, some households found themselves with more disposable income than normal. “I’ve definitely talked to florists whose event work, which basically was almost nothing, was more than offset by the everyday interest in flowers,” Penn said. After crashing 25 percent in June, when the wedding season starts, Colombian flower exports rebounded in late summer, which is normally a slow period. For the whole of 2020, exports fell just 4 percent, despite the slump earlier in the year. “Normally, summer is bad, because countries in the northern hemisphere grow their own flowers, but, despite that, exports continued very well, and now they’re doing well, and there’s good demand for Valentine’s day,” said Augusto Solano, head of the Colombian Flower Growers’ Association. Bloomberg News

As a result, Collado said the ASFaffected swine within the 500-meter radius where the infection was first reported would be culled. He said indemnification assistance worth P5,000 per hog would be given to the affected raisers. Both Cagayan de Oro City Mayor Oscar Moreno and Misamis Oriental Governor Yevgeny Vicente

Emano also committed to giving an additional P2,000 per head as a counterpart to the DA’s assistance. Currently, Collado said around 250 pigs have been culled from the two barangays, and another 264 is scheduled in the incoming days. He said the transport of clean swine and pork products remains unhampered as long as they pass inspection standards. PNA

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Monday, February 15, 2021

The World BusinessMirror

Trump acquitted, denounced in historic impeachment trial

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ASHINGTON — Donald Trump was acquitted Saturday of inciting the horrific attack on the US Capitol, concluding a historic impeachment trial that spared him the first-ever conviction of a current or former US president but exposed the fragility of America's democratic traditions and left a divided nation to come to terms with the violence sparked by his defeated presidency. Barely a month since the deadly January 6 riot that stunned the world, the Senate convened for a rare weekend session to deliver its verdict, voting while armed National Guard troops continued to stand their posts outside the iconic building. The quick trial, the nation's first of a former president, showed in raw and emotional detail how perilously close the invaders had come to destroying the nation's deep tradition of a peaceful transfer of presidential power after Trump had refused to concede the election. Rallying outside the White House, he unleashed a mob of supporters to "fight like hell" for him at the Capitol just as Congress was certifying Democrat Joe Biden's victory. As hundreds stormed the building, some in tactical gear engaging in bloody combat with police, lawmakers fled for their lives. Five people died. The verdict, on a vote of 57-43, is all but certain to influence not only the former president's political future but also that of the senators sworn to deliver impartial justice as jurors. Seven Republicans joined all Democrats to convict, but it was far from the two-third threshold required. The outcome after the uprising leaves unresolved the nation's wrenching divisions over Trump's brand of politics that led to the most violent domestic attack on one of America's three branches of government. "Senators, we are in a dialogue with history, a conversation with our past, with a hope for our future," said Rep. Madeleine Dean, D-Pa., one of the House prosecutors in closing arguments. "What we do here, what is being asked of each of us here, in this moment, will be remembered." Trump, unrepentant, welcomed his second impeachment acquittal and said his movement "has only just begun." He slammed the trial as "yet another phase of the greatest witch hunt in the history of our Country." Though he was acquitted of the sole charge of incitement of insurrection, it was easily the largest number of senators to ever vote to find a president of their own party guilty of an impeachment count of high crimes and misdemeanors.

Voting to find Trump guilty were GOP Sens. Richard Burr of North Carolina, Bill Cassidy of Louisiana, Susan Collins of Maine, Lisa Murkowski of Alaska, Mitt Romney of Utah, Ben Sasse of Nebraska and Patrick Toomey of Pennsylvania. Even after voting to acquit, the Republican leader Mitch McConnell condemned the former president as "practically and morally responsible" for the insurrection. McConnell contended Trump could not be convicted because he was gone from the White House. In a statement issued several hours after the verdict, Biden highlighted the bipartisan nature of the vote to convict as well as McConnell's strong criticism of Trump. In keeping with his stated desire to see the country overcome its divisions, Biden said everyone, especially the nation's leaders, have a duty "to defend the truth and to defeat the lies." "That is how we end this uncivil war and heal the very soul of our nation. That is the task ahead. And it's a task we must undertake together," said Biden, who had hardly weighed in on the proceedings during the week. The trial had been momentarily thrown into confusion when senators Saturday suddenly wanted to consider potential witnesses, particularly concerning Trump's actions as the mob rioted. Prolonged proceedings could have been especially damaging for Biden's new presidency, significantly delaying his emerging legislative agenda. Coming amid the searing Covid-19 crisis, the Biden White House is trying to rush pandemic relief through Congress. The nearly weeklong trial has delivered a grim and graphic narrative of the riot and its consequences in ways that senators, most of whom fled for their own safety that day, acknowledge they are still coming to grips with. House prosecutors have argued that Trump's was the "inciter in chief" stoking a months-long campaign with an orchestrated pattern of violent rhetoric and false claims they called the "big lie" that unleashed the mob. Five people died, including a rioter who was shot and a police officer. Trump's lawyers countered that

House Speaker Nancy Pelosi of California, with impeachment managers Rep. Eric Swalwell, D-Calif., and Rep. Joe Neguse, D-Colo., speaks to members of the media during a news conference on Capitol Hill in Washington, after the US Senate voted not guilty, to acquit former President Donald Trump of inciting riot at US Capitol, ending impeachment trial on Saturday, Feb. 13, 2021. AP Photo/Manuel Balce Ceneta

Trump's words were not intended to incite the violence and that impeachment is nothing but a "witch hunt" designed to prevent him from serving in office again. The senators, announcing their votes from their desks in the very chamber the mob had ransacked, were not only jurors but also witnesses. Only by watching the graphic videos—rioters calling out menacingly for House Speaker Nancy Pelosi and Vice President Mike Pence, who was presiding over the January certification tally—did senators say they began to understand just how perilously close the country came to chaos. Many senators kept their votes closely held until the final moments on Saturday, particularly the Republicans representing states where the former president remains popular. Most of them ultimately voted to acquit, doubting whether Trump was fully responsible or if impeachment is the appropriate response. "Just look at what Republicans have been forced to defend," said Senate Majority Leader Chuck Schumer. "Look at what Republicans have chosen to forgive." The second-ranking Republican, John Thune of South Dakota, acknowledged, "It's an uncomfortable vote," adding, "I don't think there was a good outcome there for anybody." In closing arguments, lead defender Michael van der Veen emphasized an argument that Republican senators also embraced: that it was all a "phony impeachment show trial." "Mr. Trump is innocent of the charges against him," said van der Veen. "The act of incitement never happened." The House impeached Trump on the sole charge of incitement of insurrection one week after the riot, but the Senate was not in full session and McConnell refused requests from Democrats to convene quickly for the trial. Within a week Biden was inaugurated, Trump was gone and Pelosi sent the article of impeachment to the Senate days later, launching the proceedings. The turmoil on Saturday came as senators wanted to hear evidence about Trump's actions during the

riot, after prosecutors said he did nothing to stop it. Fresh stories overnight had focused on Rep. Jaime Herrera Beutler of Washington state, who said in a statement that Trump had rebuffed a plea from House Republican leader Kevin McCarthy to call off the rioters. Several Republican senators voted to consider witnesses. Lindsey Graham of South Carolina changed his vote to join them on that 55-45 vote. But with the Senate facing a prolonged trial and the defense poised to call many more witnesses, the situation was resolved when Herrera Beutler's statement about the call was read aloud into the record for senators to consider as evidence. As part of the deal, Democrats dropped their planned deposition of the congresswoman and Republicans abandoned their threat to call their own witnesses. They also agreed to include GOP Sen. Mike Lee's time stamp of a call from Trump around the time Pence was evacuated, minutes after Trump sent a tweet critical of his vice president. Impeachment trials are rare, senators meeting as the court of impeachment over a president only four times in the nation's history, for Andrew Johnson, Bill Clinton and now twice for Trump, the only one to be twice impeached. There have been no convictions. Unlike last year's impeachment trial of Trump in the Ukraine affair, a complicated charge of corruption and obstruction over his attempts to have the foreign ally dig up dirt on then-campaign rival Biden, this one brought an emotional punch displayed in graphic videos of the siege that laid bare the unexpected vulnerability of the democratic system. At the same time, this year's trial carried similar warnings from the prosecutors that Trump must be held accountable because he has shown repeatedly he has no bounds. Left unchecked, he will further test the norms of civic behavior, even now that he is out of office still commanding loyal supporters, they said. AP

Powerful Japan quake sets off landslide, 120 people injured

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OKYO — Residents in northeastern Japan on Sunday cleaned up clutter and debris in stores and homes after a strong earthquake set off a landslide on a highway, damaged some buildings and parts of bullet train lines and caused power blackouts for thousands of people. The 7.3 magnitude temblor late Saturday shook the quake-prone areas of Fukushima and Miyagi prefectures that 10 years ago had been hit by a powerful earthquake that triggered a tsunami and a meltdown at a nuclear power plant. More than 120 people suffered mostly

minor injures, most of them by falling objects and cuts while stepping on broken glass. Three people were confirmed with serious injures but there were no reports of deaths, Chief Cabinet Secretary Katsunobu Kato said. Tokyo Electric Power Co., the utility that runs the Fukushima Dai-ichi nuclear power plant that was hit by the March 2011 disaster, said the water used to cool spent fuel rods near the reactors had spilled because of the shaking. But there were no radiation leaks or other irregularities, TEPCO said. The quake did not cause a tsunami because

the epicenter was deep at 55 kilometers (34 miles) beneath the ocean. Power had been restored by early Sunday, although some bullet train services were still halted. East Japan Railway Co. said the bullet train on the northern coast will be suspended through Monday due to damage to its facility. TV footage and video shared on social media showed boxes, books and other items scattered on floors. In the northern Fukushima city of Soma, a roof at a Buddhist temple collapsed. Workers were clearing up a major coastal highway connecting Tokyo and northern cities

where a major landslide occurred. Several other roads were also blocked by rocks. Experts warned of possible aftershocks. Many residents spent the night at evacuation centers, where tents were set up as part of coronavirus protection measures. Yasutoshi Nishimura, the minister in charge of economic and fiscal policy, expressed sympathy for those who had suffered damage and injuries. "The government will continue to do our utmost to respond," he said. Defense troops also were mobilized to provide water in some areas. AP

Editor: Angel R. Calso

Myanmar protests in 2nd week, with neither side backing down

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ANGON, Myanmar—Mass street demonstrations in Myanmar entered their second week on Saturday, with neither protesters nor the military government they seek to unseat showing any signs of backing down from confrontations. Protesters in Yangon, the country's biggest city, again congregated at Hleden intersection, a key crossroads from which groups fanned out to other points, including the embassies of the United States and China. They marched despite an order banning gatherings of five or more people. The US, especially after President Joe Biden announced sanctions against the military regime, is regarded as an ally in the protesters' struggle against the Feb. 1 coup. China is detested as an ally of the ruling generals, whose support is crucial to them keeping their grip on power. Demonstrations also resumed in Myanmar's second-biggest city, Mandalay, with lawyers making up one large contingent. The military ousted the country's leader, Aung San Suu Kyi, and her government and prevented recently elected lawmakers from opening a new session of Parliament. Suu Kyi and other senior members of her government and party remain in detention. The junta, led by Senior Gen. Min Aung Hlaing, said it was forced to act because Suu Kyi's government failed to properly investigate allegations of fraud in last year's election, which her National League for Democracy party won in a landslide. The election commission said there is no evidence to support the military's claims. Saturday's protests coincided with the birthday of Gen. Aung San, the country's independence leader and father of Suu Kyi. His name and image have appeared on signs carried by some demonstrators. Authorities have stepped up the arrests of politicians and activists, and in areas outside Yangon have become more aggressive in trying to break up protests. According to the independent Assistance Association for Political Prisoners, at least 326 people have been detained since the coup, of which 303 remain in custody. There have been many reports over the past three nights of raids during a curfew in which security personnel have tried to seize people from their homes. In several cases, neighbors and others people have rushed to the

scene in such numbers that security forces have abandoned their attempts to haul in their targets. Videos of such raids have been widely posted on social media. The prisoners' association also said that riot police fired rubber bullets, injuring five students, and took away another nine in a protest Friday in the southern city of Mawlamyine. "Family members are left with no knowledge of the charges, location or condition of their loved ones," it said in a statement. "These are not isolated incidents and nighttime raids are targeting dissenting voices. It is happening across the country." The authorities announced Saturday that they have issued arrest warrants for seven activists including Min Ko Naing, one of the student leaders involved in a failed 1988 uprising against a military dictator. They are sought under Article 505(b) of the Penal Code, which criminalizes speech that can incite public panic or alarm. Min Ko Naing and several colleagues had issued a statement urging continued protests. He spent almost two decades imprisoned because of his political activities, and went into hiding the day of this year's coup, but was reportedly seen briefly last week at one protest in Yangon. Detainees have included political leaders, government officials, civil servants, activists and student leaders. Medical personnel have been singled out because their community initiated the civil disobedience campaign against the military takeover and remains in its vanguard. The military ruled directly for five decades after a 1962 coup, and used lethal force to quash the massive 1988 uprising and a 2007 revolt led by Buddhist monks. The UN's top human rights body on Friday passed a consensus resolution urging the military to immediately release Suu Kyi and other civilian government leaders while watering down a draft text amid pressure led by China and Russia. In a special session at the Human Rights Council in Geneva, the original resolution presented by Britain and the European Union was revised to remove calls to bolster the ability of a U.N. rights expert to scrutinize Myanmar and for restraint from the country's military. After the updated resolution passed with no opposition, Chinese Ambassador Chen Xu thanked the sponsors for "adopting our recommendations" but said China still was distancing itself from the measure. AP

Thailand’s pro-democracy protesters clash with police

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ANGKOK—Pro-democracy protesters in Thailand clashed with police on Saturday night while seeking the release of four comrades awaiting trial on charges of defaming the monarchy. The four top leaders of the student-led movement were ordered to stay in custody Tuesday on the so-called lese majeste charge, which carries a punishment of three to 15 years in prison. They were also charged with sedition. The protest movement campaigned last year for Prime Minister Prayuth Chan-ocha and his government to step down, the constitution to be amended to make it more democratic and the monarchy reformed to make it more accountable. The demand about the monarchy is the most controversial, because the institution has been widely considered an untouchable, bedrock element of Thai nationalism. Police deputy spokesman Krissana Pattanacharoen said more than 20 police were injured and seven or eight protesters detained. There was no information on the number of protesters hurt when they tried to breach heavily defended police lines. At one point, footage showed riot police descending on and beating a medical volunteer who was waiting for his friend, another volunteer, to fix his motorcycle. The man wore a green vest identifying him as part of medical volunteers offering service at protests.

The volunteer service said the man was taken to a police station, and police said he was released Sunday morning. The protest began at Bangkok's Democracy Monument, where participants were urged to write their wishes for Thailand's future on a big red cloth that was wrapped around the structure as those present sang the national anthem. Members of the crowd of about 1,000 also removed plants that had been placed around the monument, alleging they had been put there last week to deny space for protesting. Attapol Buapat, one of the protest leaders, said that if their friends were not freed from jail within seven days, protesters from around the country would head to Bangkok to join a big rally next Saturday. "They should have been allowed bail," said Attapol, also known as as Kru Yai. The protesters then tried to march to the Bangkok City Pillar Shrine, the capital's symbolic spiritual center, which is treated as the protector of the country and the monarchy. At least 100 police in riot gear backed up by two water cannon trucks blocked their path. Attapol won agreement from the police to allow four protest representatives to carry out activities at the shrine. However, he could not control the crowd and front-line protesters dismantled barriers set up by police and threw bottles and smoke bombs at them. AP

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Monday, February 15, 2021

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Oxford starts child vaccine trials in step to end global pandemic

Investigators will test the shot on kids aged 12 to 17 first before moving to the younger age group. Bloomberg photo

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he University of Oxford will begin testing the Covid-19 vaccine it developed with AstraZeneca Plc on children, a potentially key step in ending the global pandemic. The Oxford trial plans to enroll 300 children aged 6 to 17, the university said in a statement Saturday. The first vaccinations

will take place this month, with as many as 240 kids receiving the coronavirus vaccine and the remainder a meningitis shot,

which should produce similar side effects. A larger trial involving thousands of children is expected to be conducted by Astra in the US later. The phase II study will take place at Oxford and three cities across the UK—London, Southampton and Bristol—and assess the safety and immune responses in children. Investigators will test the shot on kids aged 12 to 17 first before moving to the younger age group, with initial data expected by summer, Andrew Pollard, lead investigator on the trial, said in

a Bloomberg interview. The study will look at two dosing regimens one month and three months apart, Pollard said. Child trials started in earnest at the end of last year after the safety and efficacy of the frontrunner vaccines had been established in adults. Pfizer Inc., which has an approved vaccine for people aged 16 and over, completed enrollment for its trial of 12-to15-year-olds last month with more than 2,000 children tested. Moderna Inc. is also testing its shot on teenagers and Johnson & Johnson is expected to start child trials soon. We planned to conduct child trials from the beginning “to make sure that we had the greatest opportunity for access across all ages” to the vaccine, said Pollard. “I’m absolutely delighted that today we’re launching the pediatric trials after this long road that we’ve been on.” While most children have limited or no symptoms from Covid-19 and rarely become seriously ill, little is known about how much they may transmit the virus. Vaccinating young people could be key to halting the spread of the virus, helping to keep schools open and stopping older relatives and people in the community from falling sick. As of February 4, about 2.93 million children in the US had tested positive for the coronavirus since the onset of the pandemic, according to the American Academy of Pediatrics. Bloomberg News

E.U. asks China to reverse ban on BBC World News channel

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EIJING—The European Union on Saturday called on China to reverse its ban on the BBC World News television channel imposed in apparent retaliation for Britain's pulling of the license of state-owned Chinese broadcaster CGTN. The EU said in a statement that Beijing's move further restricted "freedom of expression and access to information inside its borders," and violated both the Chinese constitution and the Universal Declaration of Human Rights. The statement also said that Hong Kong's announcement that its public broadcaster would also stop carrying BBC broadcasts added to the "erosion of the rights and freedoms that is ongoing" in the semi-autonomous Chinese territory since the imposition last year of a sweeping new national security law. "The EU remains strongly committed

to safeguarding media freedom and pluralism, as well as protecting the right to freedom of expression online and offline, including freedom to hold opinions and to receive and impart information without interference of any kind," the statement said. While Britain is no longer in the EU, it remains a member of the Council of Europe, which oversees a 1989 agreement linking broadcasting licenses. Britain, the US and foreign correspondents based in China have also expressed dismay over the BBC ban. China's move Thursday was largely symbolic, because BBC World was shown only on cable TV systems in hotels and apartment compounds for foreigners and some other businesses. However, it comes against the backdrop of growing conflict between Beijing and Western govern-

ments over a slew of issues ranging from human rights to trade and the Covid-19 pandemic in which Chinese criticisms over foreign media coverage have played a prominent role. China's National Radio and Television Administration said BBC World News coverage of the country violated requirements that news reporting be true and impartial, reflecting complaints over BBC reports about the government's initial response to the virus outbreak in China. Other complaints were over allegations of forced labor and sexual abuse in the northwestern Chinese region of Xinjiang, home to Uighurs and other predominantly Muslim ethnic groups. The EU statement specifically linked the ban to BBC reporting on those topics. It wasn't clear whether BBC reporters in China would be affected. Last year,

Beijing expelled foreign reporters for The Washington Post, The Wall Street Journal and The New York Times amid disputes with the Trump administration and complaints over media criticism of the ruling Communist Party. Britain's communications watchdog, Ofcom, revoked the license for CGTN, China's English-language satellite news channel, on Feb. 4, citing links to the Communist Party, among other reasons. A Chinese Foreign Ministry spokesperson said Ofcom acted on "political grounds based on ideological bias." Losing its British license was a major blow for CGTN, which is part of a global effort by the party to promote its views and challenge Western media narratives about China, into which it has poured enormous resources. CGTN has a European operations hub in London. AP

China fires back at US allegations of lack of transparency about virus

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EIJING — China fired back on Sunday at the US over allegations from the White House that Beijing withheld some information about the coronavirus outbreak from World Health Organization investigators. In a statement on Friday, White House national security adviser Jake Sullivan said Washington had "deep concerns about the way in which the early findings of the Covid-19 investigation were communicated and questions about the process used to reach them." "It is imperative that this report be independent, with expert findings free from intervention or alteration by the Chinese government," he said, referring to the WHO mission investigating the origins of the pandemic in the central city of Wuhan, where the coronavirus was first detected late in 2019. "To better understand this pandemic and prepare for the next one, China must make available its data from the earliest days of the outbreak," Sullivan's statement said. China responded with a statement from its Washington embassy on Sunday, saying the US had already "gravely damaged international cooperation on Covid-19" and was now "pointing fingers at other countries who have been faithfully supporting the

WHO and at the WHO itself." While it welcomed President Joe Biden's decision to reverse the Trump administration's move to leave the WHO, China hopes the US will "hold itself to the highest standards, take a serious, earnest, transparent and responsible attitude, shoulder its rightful responsibility, support the WHO's work with real actions and make due contribution to the international cooperation on Covid-19," the statement said. Following allegations of Chinese withholding of data in the New York Times and other media outlets, investigation team member Peter Daszak tweeted, "This was NOT my experience on @WHO mission." "As lead of animal/environment working group I found trust & openness w/ my China counterparts. We DID get access to critical new data throughout. We DID increase our understanding of likely spillover pathways," Daszak tweeted. Another team member, Thea Koelsen Fischer of Denmark, also said that had not been her experience and implied some comments had been misrepresented in the media. "We DID build up a good relationship in the Chinese/Int Epi-team! Allowing for

heated arguments reflects a deep level of engagement in the room. Our quotes are intendedly twisted casting shadows over important scientific work," Fischer tweeted. While in Wuhan, Koelsen Fischer said she did not get to see the raw data and had to rely on an analysis of the data that was presented to her. But she said that would be true in most countries. The British-born Daszak, a zoologist who now works in New York, affirmed Fischer's remarks, tweeting: "It's disappointing to spend time w/ journalists explaining key findings of our exhausting month-long work in China, to see our colleagues selectively misquoted to fit a narrative that was prescribed before the work began. Shame on you @nytimes." Daszak had previously worked with the deputy director of the Wuhan Institute of Virology, Shi Zhengli, to track down the origins of severe acute respiratory syndrome, or SARS, that originated in China and led to the 2003 outbreak. He earlier told The Associated Press that the WHO team enjoyed a greater level of openness than they had anticipated, and that they were granted full access to all sites and personnel they requested. The 10-nation WHO team last week

departed Wuhan after nearly a month. It visited markets, hospitals and research centers, including the highly secure Wuhan Institute of Virology that has been the subject of speculation because of its large collection of bat virus specimens. In their comments while in China, team members said they had some new insights into the origins of the pandemic that has killed more than 2.3 million people, but that major questions are still unanswered. The mission was intended to be an initial step in the process of understanding the origins of the virus, which scientists have posited may have passed to humans through a wild animal, such as a pangolin or bamboo rat. They said transmission directly from bats to humans or through the trade in frozen food products are also possibilities, but an alternate theory that the virus leaked from a Chinese lab was unlikely. The WHO team's visit was politically sensitive for Beijing, which is concerned about being blamed for alleged missteps in its early response to the outbreak. An AP investigation has found that the Chinese government put limits on research into the outbreak and ordered scientists not to speak to reporters. AP

In this January 25, 2021 file photo, Britain's Prime Minister Boris Johnson holds a vial of the Oxford AstraZeneca Covid-19 vaccine, during a visit to Barnet FC's ground at the Hive, which is being used as a coronavirus vaccination center, in London. Johnson plans to appeal to leaders of the world’s richest nations to unite in a “colossal mission’’ to get Covid-19 vaccines to every country and to lead a sustainable recovery from the pandemic. That's according to remarks his office released in advance of a virtual meeting of leaders of the Group of Seven industrialized nations on Friday, February 19, 2021. Stefan Rousseau/Pool Photo via AP

UK’s Johnson eyes ‘colossal mission’ to get Covid vaccines to every country

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ONDON — British Prime Minister Boris Johnson plans to appeal to leaders of the world's richest nations to unite in a "colossal mission'' to get Covid-19 vaccines to every country and to lead a sustainable recovery from the pandemic, according to remarks released on Saturday. Johnson is set to chair a virtual meeting of leaders of the Group of Seven industrialized nations on Friday. It will be the first session led by Johnson since the UK took over the G-7's presidency in January. "The solutions to the challenges we face – from the colossal mission to get vaccines to every single country, to the fight to reverse the damage done to our ecosystems and lead a sustainable recovery from coronavirus – lie in the discussions we have with our friends and partners around the world,'' Johnson said in the re-

marks released before the event. Rich countries have been criticized for buying up more Covid-19 vaccines than they need, leaving developing nations without access to the lifesaving shots. Public health experts warn that the coronavirus pandemic won't be brought under control until people everywhere are vaccinated. Governments around the world must cooperate to put vaccine supplies to the best possible use, Johnson said. "I hope 2021 will be remembered as the year humanity worked together like never before to defeat a common foe," he said. The session on Friday marks US President Joe Biden's first major multilateral engagement since he took office last month. The UK is scheduled to host a G-7 summit in Cornwall, England in June. AP

Draghi takes helm as Italy’s premier

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OME—Mario Draghi, the man largely credited with saving the euro currency, took the helm as Italy's premier Saturday after assembling a government of economic experts and other technocrats along with career politicians from across the spectrum to guide the pandemic-devastated nation toward recovery. Draghi and his 23 Cabinet ministers took their oaths of office at the Quirinal presidential palace. Italian President Sergio Mattarella had tasked the former European Central Bank president with trying to form a government up to managing the health, economic and social crises of the coronavirus pandemic. In deference to coronavirus precautions, all participants in the swearing-in ceremony were masked, and a palace aide provided each minister with a fresh pen to sign their oath. Draghi made no public comments during the first hours of his premiership, and his eyes showed no discernible emotion over his N95 mask. Draghi's most-quoted words so far have been those uttered in 2012 when the euro-zone risked collapsing in a crisis of confidence and he vowed the European Central Bank would do "whatever it takes" to rescue the euro. The current head of the European Central Bank, Christine Lagarde, tweeted her congratulations. "I wish him all the best as he takes on the task ahead, leading the government in the best interests of all Italian citizens," she said. Also tweeting good wishes was the European Union's top executive, Ursula von der Leyen, who called Draghi's experience "an exceptional asset for Italy & Europe." She said she was looking forward to working with Draghi "for our common recovery." Draghi, 73, an economist who also previously led Italy's central bank, replaced nowformer Premier Giuseppe Conte, whose government collapsed after a small party yanked support over the handling of the pandemic. Broad political backing for the new Cabinet will be crucial in the Italian Parliament, where Draghi next week must win mandatory confidence votes. With pandemic lockdowns pummeling Italy's long-stagnant economy, he chose for his economy minister a non-political appointee, Daniele Franco, an expert in public finances who has served in Italian central bank posts.

Eager to have some role in deciding how Italy will spend some 209 billion euros (about $250 billion) in European Union recovery funds, politicians from parties that have spent years demonizing each other set aside differences, at least for now, and agreed to join a Draghi government. The prospect of funneling EU money into concrete projects to improve citizens' lives practically overnight transformed the euroskepticism of Matteo Salvini, the right-wing League leader, into a publicly enthusiastic proEurope proponent of a Draghi government. Salvini didn't get a ministry himself, but three League stalwarts did, including longtime aide and lawmaker Giancarlo Giorgetti, who was put in charge of the economic development ministry. Italy urgently needs to bolster businesses knocked to the ground by the government's anti-pandemic measures, which shuttered stores, shopping malls, restaurants and cafes for weeks. With tourism accounting for some 13% of Italy's gross domestic product, the pandemic obliterated a significant chunk of the economy. The new government will have a tourism Ministry from the previous culture ministry. A League senator heads the new tourism post. Keeping the reins of the culture ministry is Dario Franceschini, a high-profile Democrat who revitalized Italy's museums to attract many more visitors. The EU funds are contingent on projects aimed at reforming Italy's bureaucratic institutions, creating new jobs, especially for young people, and transforming the nation digitally and environmentally. Italy's slow and complex justice system is often blamed for discouraging business investment. The new justice minister is Marta Cartabia, former president of Italy's constitutional court. How to revamp the Justice Ministry fueled feuding within Conte's last coalition. Italy's health minister through the pandemic, Roberto Speranza, kept his post, the sole minister from a small left-wing party. Ministry posts were handed out to four parties that were in Conte's imploded coalition, including a small centrist party led by ex-Premier Matteo Renzi, whose defection triggered the political crisis ultimately resolved by Draghi's arrival on the scene. AP

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Monday, February 15, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The press/media: Just fooling itself

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F you are in denial, you can never move forward and improve. The trust and credibility of the global press/ media is an abomination. In some nations, convicted serial killers deserve more trust. Belief that the world is being run by lizard-people may have more credibility.

It would be acceptable if this were limited to nations on the bottom of the Reporters Without Borders Press Freedom Index like Cuba (171), Vietnam (175) or North Korea (180). The Philippines (136) ranks higher than Thailand, India, Mexico and Singapore. Edelman is an American public relations and marketing firm, founded in 1952. As of 2018, it is the largest public relations firm in the world by revenue. Its PR side has been in the spotlight for serving “controversial” clients (WalMart) and issues (oil company environmental damage). But that is what PR firms—like lawyers—get paid to do. However, the annual Edelman Trust Barometer—in its 21st year—is widely cited. The 2021 Edelman Trust Barometer consisted of 30-minute online interviews between October and November 2020. “The media is not doing well at being objective and non-partisan.” Sixtyone percent globally agreed. But the strongest agreement came from Japan (80 percent), South Korea (77) and Colombia (76). The next time someone talks about “fake news,” remind him or her of this. An Edelman survey question: “Journalists and reporters are purposely trying to mislead people by saying things they know are false or gross exaggerations.” Fifty-nine percent of those surveyed agree. How bad is that? “Our government leaders are purposely trying to mislead people by saying things they know are false or gross exaggerations.” Fifty-seven percent agree. The press/media is fooling itself. It is not the politicians or social media that is destroying their trust and credibility. “The State of Southeast Asia: 2021 Survey Report” was published by the Asean Studies Centre last week. The survey asked 56 questions, from “What are the top 3 challenges facing Southeast Asia?” to “Which country is your favorite holiday destination?” But the only one of interest to the local press/media was, “What is your assessment of your government’s response to Covid-19 thus far?” The overall response from the Philippines was 6 percent “Strongly Approve,” 19.4 percent “Approve”, 35.8 percent “Disapprove” and 17.9 percent “Strongly Disapprove.” Fair enough. However, of the 1,032 online survey respondents, only 67 came from the Philippines—the smallest number except for Lao PDR, Brunei Darussalam, and Cambodia. From Vietnam there were 175. Usually, a public opinion survey is careful about using a representative demographic. In this case of the 67, 40 were from “Academia, think-tanks or research,” 13 from government, and shockingly—in our opinion—only one person from the business community. The news story from an online source of “Fearless reporting” read: “More than half of Filipinos participating in the Asean Studies Centre survey thumb down the Duterte government’s response to the Covid-19 crisis.” Not one mention was made of the number of Filipino respondents or the demographics. The story did report that, “In Vietnam, an astounding 96.6 percent gave the Communist Party of Vietnam a thumb’s up.” The story did not report that “an astounding” 38 percent of the Vietnamese respondents work for the government. Other news sources followed along with little if any analysis of the actual survey. “Philippines has lowest government Covid-19 response among Asean countries, and some are not surprised.” “In Asean, Pinoys least satisfied with gov’t response to Covid-19 crisis.” “Filipinos most disapproving of gov’t pandemic response in SEA, survey finds.” Is there any question why—according to Edelman—59 percent say, “Most news organizations are more concerned with supporting an ideology or political position than with informing the public”?

Big effort, big reward Atty. Jose Ferdinand M. Rojas II

RISING SUN

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he IATF recently decided to allow, possibly within the month, the reopening of cinemas and other businesses such as driving schools, game arcades, libraries, museums, cultural centers, parks, theme parks and historical landmarks in general community quarantine areas, as well as the staging of meetings, conferences and exhibitions at DOT accredited establishments. While many are questioning the wisdom of this move, the government believes that it will help breathe life into our still struggling economy. Like Metro Manila, many of the huge cities around the world—New York, Tokyo, Seoul, Rome, Paris, Shanghai, etc.—were (and are) negatively affected by the pandemic, especially where the economy is concerned. Because of the increased living expenses, overcrowding and high risk of infection, many city dwellers all over the globe have started to move to rural/countryside areas. Technology makes it possible

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got magnified and whatever small progress we were able to make was definitely diminished because of the crisis. But while the pandemic is largely a negative experience, it is actually helping people to make hard choices and realize some hard truths about life. For example, many workers are now seeing the flaws in our old normal—traffic and commuting, spending less time for family and the self, failing to save for the rainy days, and so on. And so many people don’t seem to want to go back to how things were. On a larger scale, the pandemic also seems to be leading the world toward important changes, improvements and opportunities—something that

plagues, outbreaks and pandemics are known to do. An important aspect that needs our attention is the improvement of our health system. Coming from our experiences and lessons learned from this pandemic, there is no more excuse for those in charge not to prioritize this. Technology needs to be maximized and applied in this area. For sure, individuals have to change their lifestyle, too—from choosing where and what to eat and taking care of one’s health to streamlining shopping or consuming habits and choosing which entertainment is best for the family. We all need to try harder and reduce our costs or expenses, our carbon footprint, our consumption, etc. and to build healthier habits. It all begins with us as we can’t expect others (including the government) to make the changes for us or to act on our behalf. The time is now, even if some people say it is much too late. I still believe that effort is always way better than no effort, and that big efforts always lead to big rewards.

Philippines in 2022: Searching for the next captain of our ship

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for people to keep their jobs and/or continue their education while staying at home. Statistics prove that the cities really are the hardest hit—95 percent of all reported Covid-19 cases occur in cities. Needless to say, the poorer cities, including Metro Manila, are hurting more since we have been dealing with major problems even before the pandemic started. And when it did, these problems just

An important aspect that needs our attention is the improvement of our health system. Coming from our experiences and lessons learned from this pandemic, there is no more excuse for those in charge not to prioritize this. Technology needs to be maximized and applied in this area.

Thomas M. Orbos

STREET TALK

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pproximately one year from now, the campaign to seek the next president of the Philippines will commence. It will be very different from past political exercises. Whoever is chosen, the next president will have a tougher job than before. We are entering probably the most difficult phase in our country—the worst contraction of our economy since World War 2; growing national debt; poverty levels and unemployment rate unprecedented with waning prospects of traditional overseas and local employment strongholds; the resulting probability of a rise in criminal activities; looming food shortages; a weakened purchasing capacity and regional geopolitical boundaries aggressively being challenged, among others. There will be a lot of unfinished businesses against a backdrop of uncertainty. The pandemic that contributed much to this plight will not be over and we have no idea if things will get worse. If this was a journey, it will be a perilous one into the unknown. We will choose, as a nation, the person that we will hope will take us out of this quagmire. And we will soon realize that traditional credentials—past political positions, lineage, popularity, education, money, or power will not guarantee our survival. We will need a good driver, a pilot, a captain of our ship “Philippines” with exceptionally good leadership to overcome these obstacles and see this journey through. What then would be the kind

of leader we are looking for in our journey into the unknown? The list of required leadership traits can be endless. But if I am going into this journey, the one I would have to depend my life on, I would look at the following to be the basis of my choice: Has a roadmap—A good leader needs to have a roadmap to navigate through difficult times. This roadmap, platform, or agenda should be the focal point of the candidate’s campaign, not the song and dance or carrying of babies. It is also not just a lofty slogan or a campaign promise. It has to be a program of governance, answering not just the “what” questions, but also the “hows.” How do we address poverty? Food security? Lack of employment? Of transporta-

Most important of all is the candidate’s moral compass: Knowing what is right from wrong. The inner voice that tells him/her to decide and fight for the greater good. The natural compassion and the empathy for the least of his/her brethren, the sense of family and the fear that there is a God. In this journey of national survival, the good leader will leave no Filipino behind. tion? What about the West Philippine Sea? The growing US-China division? Crime? Corruption? The growing gap between rich and poor? Climate change? It used to be, in the past elections, that such details did not matter so much simply because life and outlook were better. Not anymore. To all those intending to seek that office by the river, there is enough time still to work out your roadmap. Has the knowledge and experience—This is not about having a doctorate degree or having studied in any of the Ivy league schools. Knowledge and experience desired from a leader means knowing exactly what needs to be done, when it has to be done. Such acumen is borne out of one’s life experiences that in turn shape one’s character. How was the candidate growing up? How did he/she manage people, school, work, business and other situations? How did the candidate deal with conflict? With opportunities? With a crisis? Did he/she pivot well? Is the candidate resourceful? Was the candidate humble enough to learn and listen to others? Open

to new ideas? To innovation? John F. Kennedy once said that learning and leadership goes hand in hand. Indeed. A true leader is learned and continues to learn. Has the right moral compass in place—Most important of all is the candidate’s moral compass: Knowing what is right from wrong. The inner voice that tells him/her to decide and fight for the greater good. The natural compassion and the empathy for the least of his/her brethren, the sense of family and the fear that there is a God. In this journey of national survival, the good leader will leave no Filipino behind. Still, there are other characteristics we desire of our leader, such as the capability to assemble a good and competent support team, a good intuition on international affairs, a love of the environment, a set of reliable local and international network, good communications skills, among others. But the three I mentioned— a roadmap, the needed knowledge and experience, and the moral compass are the ones most needed. With these traits, our next president, our driver, the pilot, the captain of our ship “Philippines” will not just assure us of our survival but also of our strong move forward as a people and as a nation. 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

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Russia moves to extinguish pro-Navalny ‘flashlight’ protests

Burning coals

By Daria Litvinova | Associated Press

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OSCOW—When the team of imprisoned Russian opposition leader Alexei Navalny urged people to come out to their residential courtyards and shine their cellphone flashlights in a display of unity, many responded with jokes and skepticism. After two weekends of nationwide demonstrations, the new protest format looked to some like a retreat. But not to Russian authorities, who moved vigorously to extinguish the illuminated protests planned for Sunday. Officials accused Navalny’s allies of acting on North Atlantic Treaty Organization’s instructions. Kremlin-backed TV channels warned that flashlight rallies were part of major uprisings around the world. State news agencies cited unnamed sources saying a terrorist group was plotting attacks during unapproved mass protests. The suppression attempts represent a change of tactics for the authorities who once tried to weaken Navalny’s influence by erasing him. Kremlin-controlled TV channels used to largely ignore protests called by Navalny. Russian President Vladimir Putin has never mentioned his most prominent critic by name. State news agencies referred to the politician and anti-corruption investigator as “a blogger” in the rare stories they ran mentioning him. “Navalny went from a person whose name is not allowed to be mentioned to the main subject of discussion” on state TV, Maria Pevchikh, head of investigations at Navalny’s Foundations for Fighting Corruption, said in a YouTube video Friday. Pevchikh credited Navalny’s latest expose for the sudden surge in attention. His foundation’s twohour-long video alleging that a lavish palace on Black Sea was built for Putin through elaborate corruption has been watched over 111 million times on YouTube since it was posted on January 19. The video went up two days after Navalny was arrested upon returning to Russia from Germany, where he spent five months recovering from nerve-agent poisoning that he blames on the Kremlin. The Russian government denies involvement and has said it has no evidence that Navalny was poisoned. While the high-profile arrest and the subsequent expose were a double blow to authorities, political analyst and former Kremlin speech writer Abbas Gallyamov says that keeping Navalny and his activity off the airwaves to deprive him of additional publicity no longer makes sense. “The fact that this strategy has changed suggests that the pro-government television audience is somehow receiving information about Navalny’s activities through other channels, recognizes him, is interested in his work, and in this sense, keeping the silence doesn’t make any sense,” Gallyamov said. The weekend protests in scores of cities last month over Navalny’s detention represented the largest outpouring of popular discontent in years and appeared to have rattled the Kremlin. Police reportedly arrested about 10,000 people, and many demonstrators were beaten, while state media sought to downplay the scale of the protests. TV channels aired footage of empty squares in cities where protests were announced and claimed that few people showed up. Some reports portrayed police as polite and restrained, claiming officers had helped people with disabilities cross busy streets, handed out face masks to demonstrators and offered them hot tea. Once the protests died down and Navalny ally Leonid Volkov announced a pause until the spring, Kremlin-backed media reported that grassroots flash mobs titled “Putin is our president” started sweeping the country. State news channel Rossiya 24 broadcast videos from different cities of people dancing to patriotic songs and waving Russian flags, de-

“The Kremlin is awfully scared of the flashlight action,” because such a peaceful, light-hearted event would allow the opposition to build a rapport with new supporters who are not ready to be more visible and involved in the protests, Volkov said in a YouTube video. scribing them as a genuine expression of support for Putin. Several independent online outlets reported that instructions to record videos in support of Putin came from the Kremlin and the governing United Russia party, and that people featured in some of the recordings were invited to shoots under false pretenses. The Russian president’s spokesman, Dmitry Peskov, said the Kremlin had nothing to do with the proPutin videos. After Navalny’s team posted its video involving the palace allegedly built for Putin, state channel Rossiya aired its own expose of Navalny. Anchor Dmitry Kiselev said that while working on the investigation in Germany, Navalny lived “in the luxury he so much despises.” The reporter sent to chronicle the allegedly luxurious lifestyle the politician maintained while abroad filmed inside a house Navalny rented but failed to capture any high-end items in the two-story building, which featured several bedrooms and a small swimming pool. She pointed to “two sofas, a TV, fresh fruit on the table” in the living room and “a kitchen with a coffee machine,” and described a bedroom as “luxurious” even though it didn’t look much different from a room in a business hotel. In recent days, official media coverage has focused on plans for this weekend’s flashlights-in-courtyards protest. Reports extensively quoted Navalny ally Volkov’s social media post announcing the event and accused him of acting on instructions from his Western handlers, pointing to an online conference with European officials he took part in the day before. The political talk show “60 Minutes” devoted nearly a half-hour to the topic, calling the flashlight rally an idea from a handbook on revolutions. It aired footage of protesters shining flashlights during the 2014 Maidan protests in Ukraine, mass rallies in Belarus last summer and other uprisings around the world. On Thursday, state news agencies Tass and RIA Novosti reported, citing anonymous sources, that a terrorist group from Syria was training insurgents for possible terrorist attacks in Russian cities “at locations of mass rallies.” The reports didn’t refer to any specific protests. Neither did public warnings against “unauthorized public events” the Prosecutor General’s office and Russia’s Interior Ministry issued Thursday, although the ministry mentioned events “planned for the nearest time.” “The Kremlin is awfully scared of the flashlight action,” because such a peaceful, light-hearted event would allow the opposition to build a rapport with new supporters who are not ready to be more visible and involved in the protests, Volkov said in a YouTube video. He suggested that the heavy-handed response to the announcement actually helped dispel skepticism about the courtyard demonstrations. “I saw many posts on social media [saying] ‘When Navalny’s headquarters announced the flashlight rally, I thought what nonsense…. But when I saw the Kremlin’s reaction, I realized they were right to come up with it.’”

Siegfred Bueno Mison, Esq.

THE PATRIOT

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he popular phrase “hell has no fury like a woman scorned” conveys the concept that a woman who has been betrayed is more furious than anything that hell can conceive. This line immediately invites a host of elemental sentiments like hatred, fury and revenge. Probably more so of the latter as the disparaged woman could be concocting plans of getting even. In those instances, the score normally involves uncontrollable aggression, as flying plates or knives are quite expected from wives once they see their husbands with another woman. Applying this phrase in modern times, and in a larger scale, a person scorned or hurt by another behaves viciously and irrationally. Improvising and implementing a plan to exact revenge can last for an eternity to those who nurture an insatiable grudge. Philippine politics are filled with these stories of revenge. Angered during the 2016 presidential election by refusing to air his campaign ads, President Duterte has repeatedly blocked the renewal of media giant ABS-CBN’s franchise. While the network’s franchise expired last year, most observers believe that the President’s declarations, expressed all throughout his term and even amid a pandemic, serve nothing except to retaliate against the channel. His predecessor exacted revenge against his own enemies as well, but in a more subtle manner. Then President Noynoy Aquino steered the wheel of revenge when he “prompted” the impeachment of the late Chief Justice Renato Corona, supposedly beholden to former President Gloria Macapagal Arroyo. PNoy was reportedly infuriated by Corona when he led the Supreme Court in granting a temporary restraining order lifting the Departmen of Justice watch list order against Arroyo, among others. Aquino finally got his revenge as he managed to influence the Senate into impeaching the Chief Justice, principally on grounds of erroneous filing of Statement of Assets, Liabilities and Net Worth (SALN). Decisions of scorned persons as those above-cited, whether motivated by vengeance or not, have far reaching consequences. In the process of carrying out his revenge against ABS-CBN, President Duterte practically limited the platforms

where government can spread useful information to the general public during one of the longest lockdowns in the world during this pandemic. Because ABS-CBN has ceased operations, a considerable number of the Filipino people were left with little or no means of getting informed. No one can ever quantify the impact of the closure of this media network in the middle of a pandemic in terms of lives lost or jobs saved. As for the SALN, I used to fill up these forms quite unintelligently as I considered them as one of those typical non-consequential submissions. As PNoy weaponized the SALN, or non-filing thereof, it has been used rather indiscriminately after Corona was removed from office. Despite the opinion of the Civil Service Commission that errors in these mandatory submissions could be corrected and do not constitute a grave offense, the SALN has so far been used for a purpose not originally intended. Former Chief Justice Lourdes Sereno was practically removed, not by way of impeachment but by quo warranto, due to similar grounds—the nonfiling of the SALN. Justice Marvic Leonen faces a similar vengeful act, using the same weapon, as a consequence of his seeming opposition to the electoral protest filed by former Sen. Bongbong Marcos. The scorn-revenge story in our political scene has taken on such a filthy color that it could pass as compost when viewed in light of the Duterte-de Lima conflict. The President has had his vengeful sights on Sen. Leila de Lima since the latter launched an inquiry on the former’s alleged involvement in death squads in Davao. When she led the Senate hearings on extra-judicial killings and Duterte’s war on drugs, de Lima

Monday, February 15, 2021

When we extend kindness instead of revenge to those who may have wronged us, we heap upon them feelings of shame that will be painful to their spirit, like coals of fire burning over their heads. Kindness and love shown to those who wronged us should convict them into changing their ways. had to be punished in the eyes of the scorned person. Trumped-up drug charges have justified the continued detention of a sitting senator. Not satisfied to the fact that de Lima has been in isolation for the past four years, President Duterte has gone as far as calling Senator de Lima “an immoral woman.” As a result of this vengeance process, critics of President Duterte have been silenced for the most part, a few UP activists included. In his inaugural speech, US President Joe Biden said, “If you do not agree with me, then so be it,” this is the essence of democracy. But because de Lima was “silenced” and detained, a significant degree of checks and balance was trimmed down, which has reverberated into a deafening stillness and fear among the public. Any act of revenge is always an act of vindictiveness—cruel, unkind, nasty. The disappointment is more pronounced when retaliation is committed in the halls of government, as ethics standards and integrity are tainted by the ostensible abuse of power. We reckon that any wrongdoing ought to be corrected, but by the use of legitimate means. Yet when such measure of correction is embroiled in a motive of exacting vengeance from the ones in authority, it leads to debauchery and loses its lawful context. Stronger mechanisms for an effective implementation of standards of ethical conduct, integrity and good governance for public officials ought to be considered. Interestingly, a paper released in February 2001 by Howard Williams of Transparency International cited the minimum set of principles endorsed by most modern Civil Service Ethics laws. Quite the abomination of retaliation, fairness as a doctrine of good governance was cited in the paper where “Civil servants and public officials should make decisions and act in a fair and equitable manner, without bias or prejudice, taking into account only the merits of the

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matter, and respecting the rights of affected citizens.” In human relations, when we feel that we are upset by somebody else’s actuation, how we respond speaks strongly about our character. More than the parameters of fairness, we should rely on the Biblical principle that someone far higher than any authority gets us covered in the face of our enemies, and in the presence of those who have wronged us. Romans 12: 17-21 resonates this tenet: “Repay no one evil for evil, but give thought to do what is honorable in the sight of all. If possible, so far as it depends on you, live peaceably with all. Beloved, never avenge yourselves, but leave it to the wrath of God, for it is written, ‘Vengeance is mine, I will repay, says the Lord.’” To the contrary, “if your enemy is hungry, feed him; if he is thirsty, give him something to drink; for by so doing you will heap burning coals on his head.” “Do not be overcome by evil, but overcome evil with good.” This is what my friend told me as man’s opposite spirit—doing the unexpected. When we extend kindness instead of revenge to those who may have wronged us, we heap upon them feelings of shame that will be painful to their spirit, like coals of fire burning over their heads. Kindness and love shown to those who wronged us should convict them into changing their ways. When people betray or offend us, we have a choice to make: bless their lives through acts of love or curse them through acts of vengeance. Blessing the lives of our enemies is in fact a commandment as the Bible tells us in Matthew 5:44, “But I say, love your enemies! Pray for those who persecute you!” Thus, whenever we find ourselves at concocting some poisonous liquid for our enemies, we should act in the opposite spirit. Best to show kindness and not vengeance! Burning coals on our enemy’s head is 100 percent more effective than releasing a komodo dragon to nip out his leg! 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.

GOP’s McConnell: Trump morally responsible for Jan. 6 attack By Alan Fram | Associated Press

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ASHINGTON—In his speech from the Senate floor, Sen. Mitch McConnell delivered a scalding denunciation of Donald Trump, calling him “morally responsible” for the January 6 attack on the US Capitol. But earlier Saturday in his vote on Trump’s impeachment, McConnell said “not guilty” because he said a former president could not face trial in the Senate. Washington’s most powerful Republican and the Senate’s minority leader used his strongest language to date to excoriate Trump minutes after the Senate acquitted the former president, voting 57-43 to convict him but falling short of the two-thirds majority needed to find him guilty. Seven Republicans voted to convict. Clearly angry, the Senate’s longest-serving GOP leader said Trump’s actions surrounding the attack on Congress were “a disgraceful, disgraceful dereliction of duty.” He even noted that though Trump is now out of office, he remains subject to the country’s criminal and civil laws. “He didn’t get away with anything yet,” said McConnell, who turns 79 next Saturday and has led the Senate GOP since 2007. It was a stunningly bitter castigation of Trump by McConnell, who could have used much of the same speech had he instead decided to convict Trump.

But by voting for acquittal, McConnell and his fellow Republicans left the party locked in its struggle to define itself after Trump’s defeat in November. Fiercely loyal pro-Trump Republicans, and the base of the party they represent, are colliding with more traditional Republicans who believe the former president is damaging the party’s national appeal. A guilty vote by McConnell, which likely would have brought some other Republicans along with him, would have marked a more direct effort to wrest the party away from Trump. That could have prompted 2022 primary challenges against GOP incumbents, complicating Republican efforts to win the Senate majority by nominating far-right, less-electable candidates. McConnell has spent years fending off such candidates. “Time is going to take care of that some way or another,” said Sen. Chuck Grassley, R-Iowa, asked about the party’s course. “But remember, in order to be a leader you got to have followers. So we’re gonna find out.” After Saturday’s vote, furious Democrats launched their own attacks against McConnell and the GOP. Speaking to reporters, House

Speaker Nancy Pelosi, D-Calif., mocked the “cowardly group of Republicans” in the Senate she said were afraid to “respect the institution in which they served.” She also said McConnell had created a self-fulfilling prophecy, forcing the Senate trial to begin after Trump left the White House by keeping the chamber out of session. Republicans say Pelosi could have triggered the proceedings earlier by delivering official impeachment documents sooner. McConnell had signaled last month that he was open to finding Trump guilty, a jaw-dropping admission of alienation after spending four years largely helping him or ducking comments about his most outrageous assertions. McConnell informed GOP senators how he would vote in a private email early Saturday, saying, “While a close call, I am persuaded that impeachments are a tool primarily of removal and we therefore lack jurisdiction.” He expanded on his rationale on the Senate floor after Saturday’s roll call, making clear his enmity toward Trump’s actions. “There is no question, none, that President Trump is practically and morally responsible for provoking the event of that day,” he said. Even before the November election, Trump repeatedly claimed that if he lost it would be due to fraud by Democrats, a false accusation that he continued to assert until leaving office.

He summoned supporters to Washington for Jan. 6, the day Congress would formally certify his Electoral College loss to Joe Biden, then used a provocative speech near the White House to urge them to march on the Capitol as that count was underway. His backers violently fought past police and into the building, forcing lawmakers to flee, temporarily disrupting the vote count and producing five deaths. The visceral, bloody images from that day were at the core of Democrats impeachment case against Trump. McConnell called that assault a “foreseeable consequence” of Trump using the presidency, calling it “the largest megaphone on Planet Earth.” Rather than calling off the rioters, McConnell accused Trump of “praising the criminals” and seeming determined to overturn the election “or else torch our institutions on the way out.” The 36-year Senate veteran maneuvered through Trump’s four years in office like a captain steering a ship through a rocky strait on stormy seas. Battered at times by vindictive presidential tweets, McConnell made a habit of saying nothing about many of Trump’s outrageous comments. He ended up guiding the Senate to victories such as the 2017 tax cuts and the confirmations of three Supreme Court justices and more than 200 other federal judges. Associated Press writers Mary Clare Jalonick and Lisa Mascaro contributed to this report

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‘FREE AND HARMLESS’ CLAUSE IN VACCINE SUPPLY DEALS PITCHED By Butch Fernandez @butchfBM

& Claudeth Mocon-Ciriaco

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Correspondent

N lieu of enacting an indemnification law covering adverse reactions to the Covid-19 vaccine to satisfy the requirement of pharmaceutical firms, the Philippine government can simply insert a “free and harmless” clause in pending supply agreements in order to guarantee it will bear the liability for such events. This was suggested on Sunday by Senate Minority Leader Franklin M. Drilon, amid concerns that one reason holding up the finalization of vaccine supply agreements is the absence of an indemnification law to shield pharmaceutical companies who have been forced by the Covid crisis to roll out their vaccines under emergency use authorization (EUA)—meaning full clinical trials have yet to be completed. Drilon made the suggestion in a radio interview, days after senators were surprised in a hearing by revelations that the Philippines has yet to forge a single supply agreement with

vaccine makers, and was holding on to “term sheets” that vaccine czar Carlito Galvez Jr. insisted was a firm “locked-in” arrangement. On Sunday, however, Health Secretary Francisco Duque III noted the recent confirmation that the Philippines will receive doses of the Covid-19 vaccine from the Covax Facility, adding that the Philippine government has completed the first set of requirements set by Covax. Drilon, in the radio interview, asserted that most important at this time is “we need a commitment that vaccines will be arriving, “ admitting that senators were “surprised (at the last Finance committee hearing) that we have no supply agreement yet.” Drilon noted the pharmaceuticals’ demand for an indemnification clause is understandable, considering that they have been forced to roll out their vaccines even though they do not have yet a full commercial license. Congress is completely amenable for the government to shoulder the liability for adverse reactions since all vaccines now are just covered by an EUA. Continued on A2

Uniform rules of origin vital to make RCEP work–ADB

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By Cai U. Ordinario

@caiordinario

CONOMIES that signed on to the world’s mega trade deal, the Regional Comprehensive Economic Partnership (RCEP), can only maximize its benefits if uniform regulations on rules of origin are established, according to experts from the Asian Development Bank (ADB) and United Nations. In an Asian Development Blog, ADB Economic Research and Regional Cooperation Department Economist Pramila Crivelli and United Nations Conference on Trade and Development (Unctad) Technical Assistance Chief Stefano Inama said this is one of their recommendations to maximize the benefits of RCEP. The RCEP includes 15 nations and 2.2 billion people who account for 29 percent of global gross domestic product. The mega trade deal includes Southeast Asian countries, Australia, New Zealand, South Korea, China and Japan. “Free trade deals like the Regional Comprehensive Economic Partnership are impressive at first glance but if rules of origin are not worked out in a business-friendly manner, they won’t succeed,” Crivelli and Inama said. “The RCEP agreement provides a built-in mechanism to resume

unfinished business without going back to the drawing board. This great opportunity should not be missed,” they added. Crivelli and Inama also said RCEP members should activate a built-in review of the rules of origin certification procedure. This review should be supported by studies on best practices and endeavor to eliminate gray areas. They said RCEP members should also make public the utilization rates of the trade pact using the concept adopted at the World Trade Organization. This will help in monitoring the effectiveness of the agreement. Addressing rules-of-origin issues is imperative, they said, since the Association of Southeast Asian Nations (Asean) countries have not demonstrated the capacity to lead in a rules-of-origin business friendly environment. Further, the authors said docu-

mentary evidence of origin has affected the implementation of various free trade agreements for decades. “Human beings travel with passports, and goods with a certificate of origin provided by government authorities or by self-certification of exporters or importers,” Crivelli and Inama said. “In this area, the RCEP has not fully embraced the trade-facilitating principle of self-certification.” It is envisioned that the RCEP would be profitable for Asian small and medium-sized enterprises that have suffered the most from the pandemic. Crivelli and Inama said this will be because all tariffs will be brought down to zero under the RCEP. Currently, most-favored nation tariff rates vary from 0.3 percent in Brunei to 13.1 percent in Korea, with an average of 5.6 percent for all RCEP countries. “Combined with high intra-regional trade values, this leaves no doubt that these significant preference margins—the difference between the most-favored nation applied rate of duty and the preferential rate could trigger substantial tariff savings,” the authors said.

DTI pushes ratification

Earlier, the Department of Trade and Industry (DTI) said ratifying the RCEP this year would support

the country’s economic recovery from the unprecedented damage wrought by the Covid-19 pandemic. As with any free-trade agreement (FTA), the RCEP has to be approved by President Duterte and must be ratified by the Senate before it takes effect on the domestic end. Next year would be the ideal time to ratify the RCEP, Trade Assistant Secretary Allan B. Gepty said, as exporters can use it to boost their activities in the national recovery from the health crisis. Further, he said the RCEP as a whole may only be legally enforced by 2021 due to a clause that states the trade deal can only take effect once it is ratified by majority of the signatories. In a previous statement, Trade Secretary Ramon M. Lopez said he believes lawmakers will ratify the RCEP without delay, as the trade deal could be key in bringing down the cost of Covid-19 vaccines and facilitating their transfer to the Philippines. Lopez explained that the Philippines can maximize its RCEP membership to reduce the cost of vaccines manufactured by parties to the trade deal, particularly China. He said tariffs for medical supplies are trimmed, if not eliminated, under the RCEP, as agreed upon by negotiators, in view of the health crisis.

IC: No fixed rule on HMO coverage of Covid vaccine T T

PHL departs from UNHRC consensus on Myanmar

By Bernadette D. Nicolas

@BNicolasBM

HE administration cost of Covid-19 vaccines to individual plan holders may be covered by health maintenance organizations (HMOs), though the regulator itself has set no fixed rule on the matter, saying it depends on the terms of the plans taken out by companies or individuals. Association of Health Maintenance Organizations of the Philippines, Inc. (AHMOPI) Executive Director Carlos D. Da Silva told the BusinessMirror that HMOs may cover the cost of administering the vaccines for individual plan holders, but not the cost of vaccines per se. Da Silva explained that the cost of vaccines is not coverable under an HMO setting except for the first doses of anti-tetanus and anti-rabies that are more ‘preventive’ in nature rather than ‘curative.’” “However, while administration of vaccines is normally coverable, and are usually done in the HMO’s stand-alone clinics (where costs are better contained), and administered only once or twice to a plan holder within a contract year, it’s another story if an anti-Covid vaccine is to be administered across hundreds to tens of thousands of employees of a corporate client or of several huge corporate accounts, in which case may, or in all probability will, have a cost component to it,” Da Silva said in an emailed response to BusinessMirror recently. At present, the private sector and local government units (LGUs) are not yet allowed to directly purchase their own Covid-19 vaccines. They are allowed to buy the vaccines only through a tripartite agreement with the vaccine manufacturers and the national government. Resolutions have already been filed by lawmakers in both houses of Congress urging the national

government to allow LGUs and the private sector to directly buy vaccines but the national government earlier said it has to be one to mainly procure the vaccines since these are still under development —without full commercial license —and their effects on the persons inoculated needed to be monitored. Should HMO plan holders inoculated with Covid-19 vaccines manifest adverse reactions or complications requiring medical interventions, Da Silva also said this is “non-coverable except when pre-negotiated with the HMO concerned and/or provided for in the plan holder’s Service Agreement.”

No fixed IC rule

For his part, Insurance Commissioner Dennis B. Funa said the Commission is not imposing any regulation when it comes to the coverage or non-coverage of Covid-19 vaccines under an HMO plan. “According to actuarial, there is none. This is subject to the different kinds of products offered by HMOs, if the vaccines are included in the membership fee pricing,” Funa said in a message to BusinessMirror. Information Technology (IT) Manager Edward Nataniel Apostol, who works in a multinational consumer goods corporation, said their company has told them that they are already discussing the inoculation of employees but he said no final decision has been made yet. However, Apostol said he hopes that their HMO plan in the company can cover the cost related to inoculation with the vaccines. “I live more than 2 hours away from our office and I will need to ride the public transport everyday to be able to come to work. Covering the cost of vaccines will be helpful to me since I can allocate my budget to other expenses such as transportation expenses,” Apostol said. Continued on A4

HE Philippines has distanced itself from the consensus adopted by the United Nations Human Rights Council on Myanmar, even while expressing full support for top civilian leader Aung San Suu Kyi who remains under house arrest. Other countries that disagreed with the UNHRC move were China, Russia, Venezuela and Bolivia. The UN body has called on Myanmar “to release Aung San Suu Kyi and other officials and to refrain from using violence on people protesting against the military coup.” He added that as a sovereign country in a world of sovereign states, “the Philippines cannot stress strongly enough the primacy of national internal efforts towards democratic reforms, and never by the imposition of foreign solutions whether in regional or multilateral contexts, including through this Council.” In his recorded message to Nazhat Shameem Khan, DFA Teodoro Locsin said: “We reaffirm our support of the sovereignty and territorial integrity of Myanmar,” while stressing continued support for Suu Kyi. “The Lady is a deeply and widely admired icon of democracy among the Filipino people who identify with her and her people, given similar struggles against tyranny in the not distant past; struggles that culminated in the complete restoration of democracy by unprecedented and entirely domestic efforts that inspired similarly successful efforts in the rest of the Cold War world.” The Philippines, Locsin said, “has called for the complete restoration of the status quo ante, on which the full realization of this democratic process can only be achieved.” Locsin noted that, “Myanmar made important strides towards democratization in the past decade with the political presence of Daw Aung San Suu Kyi, constitutional constraints on her key political role notwithstanding. This was clear in Myanmar’s engagement in the Universal Periodic Review last month.” Recto L. Mercene

www.businessmirror.com.ph

Companies BusinessMirror

Monday, February 15, 2021

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‘Easing restrictions will allow PSEi to close 2021 at 7,750’

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By VG Cabuag

@villygc

roker Philstocks Financial Inc. said the benchmark Philippine Stock Exchange index (PSEi) may end the year within 7,150 to 7,750 points if corporate earnings will grow by double digits.

In its research, the broker said its corporate earnings per share (EPS) should grow by least 20 percent this year as its base case scenario and 30- percent increase as its best case scenario. “With an EPS growth of 20 per-

cent, we project the local bourse to close the year at 7,150.00. Meanwhile, if the 30 percent EPS growth is achieved, the local market is seen to finish the year at 7,750. For 2021, our market’s forward priceto-earnings ratio is estimated at

20.77 times,” it said. The PSEi closed on Thursday at 6,991.01 points. The broker said in both cases, it factored in easing of social restrictions which could help in the recovery of the economy in general. “Easing of restrictions is also seen to allow more consumption which in turn would boost our companies’ revenues. Our expectation is also hinged on improving consumer and business confidence. Better consumer sentiment would lead to more spending which in turn would help our corporates’ toplines,” it said. “Better adaptation to the new normal both by consumers and companies are also seen to help boost earnings. Risks against our projection include the resurgence of Covid-19 cases, return to stricter form of quar-

antine measures, and ultimately, a delay in economic recovery. The rising inflation is also seen as a risk as it diminishes the purchasing power of our consumers.” It said the country’s inflation rate is expected to rise to 5.2 percent to 5.7 percent from 2.6 percent recorded last year, mainly driven by supply-side pressures on agricultural production. Contributing to the rise is also the low base effect in the middle of last year, when the strictest lockdown in the country occurred and people spent less. It projected the country’s economy as measured by GDP could grow by 5.8 percent to 6.3 percent by the end of the year, while the pesodollar exchange to end within P48P49 to $1.

PAL offers low fares via promo

Globe seeks ARTA help for telco permits By Lorenz S. Marasigan @lorenzmarasigan

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lobe Telecom Inc. has sought the intervention of the national government to hasten its tower build initiatives in line with the provisions under the Bayanihan Act 2, which fast-tracks the issuance of permits for telco infrastructure development. Globe General Counsel Froilan Castelo the company has asked the Anti-Red Tape Authority (ARTA) to “remind” local government units (LGUs) in the National Capital Region, Negros Oriental, Bulacan, Cebu, Kalinga, Ilocos Sur and Ca-

Group asks RE firms to refund FiT-All

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enewable energy (RE) developers should follow the example of Manila Electric Co. (Meralco), when it proactively sought for the approval of P13.89 billion in over-recoveries, Laban Konsyumer Inc. (LKI) said on Sunday. Vic Dimagiba, the president of the consumer group, said his group hopes that RE developers and the Energy Regulatory Commission (ERC) could refund consumers and customers the feed-intariff allowance (FiT-All) they charged, similar to the refund scheme of Meralco. “I also call out the renewable energy developers in our hope that they do the same, similar initiatives, and that the adjusted FiT-All that was awarded can be voided as a resolution. ERC and the RE developers should return and refund to customers and poor consumers the money that they took through high prices for FiT-All and renewable energy developers,” he said. To recall, Meralco has asked the ERC to approve its petition to refund P13.89 billion of over-recoveries based on its actual weighted average tariff charges (AWAT) from July 2015 to November 2020. “[This] is the first petition of its kind filed voluntarily to offer a refund in recent years, and we hope that other players in the power and energy sector can soon follow suit. Similarly, in our pursuit for consumer welfare and the greater good for the average everyday Filipino customers. Our intervention compliments the group’s opposition to universal charges, FiT ALL and the FiT,” Dimagiba said. FiT-All is billed to all on-grid electricity consumers, which appears as a separate line item in power distributors’ bills. The amount is meant to cover payments to RE developers who are assured of a fixed rate per kWh for electricity generated by their projects over a period of 20 years. “We sincerely hope the government, regulator and other DUs and ECs [electric cooperatives] can follow this example for the benefit of consumers nationwide. This is a good first step for the new year 2021,” Dimagiba said. Lorenz S. Marasigan

gayan of the waived requirements for cell site builds. Among those that are no longer needed in permitting are the locational clearances, conformity to local zoning ordinances, Sangguniang Panlungsod Resolution, Neighbors Consent and Barangay Resolution. Castelo noted, however, that there are some LGUs that have been supportive of the tower builds. Among them are Palawan, Nueva Ecija, Negros Oriental, Oriental Mindoro, Occidental Mindoro, Quezon, Batangas, Cavite and Ifugao, all of which have already set up their respective one-stop shops for permitting concerns.

Makati, Manila, Marikina, and Mandaluyong in Metro Manila; and Calamba in Laguna were also among the forward looking LGUs complying with the provisions of the law, he added. “We commend several of our LGUs who have followed to the letter the provisions of Bayanihan Act 2. We wish that other LGUs, which until now didn’t have a one-stop shop for permitting concerns in their respective municipal or city halls, will also comply as soon as possible. By doing so, we can also extend to our customers the improvements in our call, SMS and browsing service that we have implemented in other areas

of the country,” Castelo said. As of end-2020, Globe has 10,395 cell towers in its portfolio. “We need to move forward as demand for connectivity continues to build up and for us to do this, we need the full cooperation and support of all LGUs,” Castelo said. The company earlier said more installations are underway as it is targeting to build at least 2,000 new cell towers this year. Globe is spending P70 billion in capital expenditures this year to further expand its network through the installation of new cell towers and the deployment of more fiber optic lines across the country.

EDC wants to become ‘zero-waste’ company By Jonathan L. Mayuga @jonlmayuga

L

opez-led Energy Development Corp. is initiating a program to eliminate plastic waste materials as part of its mission to achieve a regenerative and decarbonized future. EDC said it is teaming up with Plastic Flamingo (PLAF) for its plastic-to-shelter project in line with the target of becoming a “zero-waste” company. PLAF is a French social enterprise with a pilot project in the Philippines that aims to develop a solution to fight marine plastic pollution in emerging countries. In a statement, EDC said it has signed an agreement with PLAF to realize the company’s aim of wasteand plastic-free, and eventually, a zero-waste company. EDC Corporate Support Functions Head and Assistant Vice President Regina Victoria J. Pascual said waste management is nothing new for EDC. The company has been releasing sustainability reports since 2010 following the Global Reporting Initiative that includes how it manages its hazardous and non-hazardous waste. Pascual said the company has been implementing various programs to eliminate plastic waste such as information campaigns among employees on proper waste materials disposal and encouraging employees to donate eco-bricks to its sister company, First Balfour. “Still, we knew that there’s always a way to do more, to have less waste, to have better environmental impact-which led to our desire to have zero waste in EDC,” said Pascual. “Our bigger hurdle came last year when we started working from home due to the Covid-19 pandemic and realized that all those food and grocery deliveries and items ordered

EDC’s 100 MW Mt. Apo geothermal facility. BusinessMirror file photo

online that came in layers of bubble wrap have resulted in accumulation of plastic waste in our employees’ respective houses. This led to our search for a partner that can help us manage our personal plastic waste and convert them into sustainable products. The search is over, thanks to PLAF.” Under the agreement, plastic waste materials of EDC employees who are based in Manila and adjacent areas will be collected once a month and will be turned over to PLAF for proper waste recycling, upcycling, and disposal. Part of PLAF’s program is segregating the collected plastics according to its classifications and then transforming them into EcoPlanks. The eco-planks are used in producing emergency shelter for populations hit by disasters. In an article published by the National Institute of Health in the United States, the demand for singleuse plastic is expected to increase by 40 percent in packaging and 17 percent in other applications, including medical uses. Several environmental groups also posed concern on the increasing usage of single-use plastic during the pandemic, particularly due to disposable medical equipment

such as PPEs, face shields and face masks for the frontliners and the rise in e-commerce as shoppers avoided going to the mall to buy food and other items. PLAF Chief Revenue Officer Gauthier Belhomme said EDC and PLAF shared the same value of protecting the environment for the benefit of the community and the future generation. “Please keep in mind that all you do at home and all you do at work will help no matter how small it is.” Moreover, EDC Human Resources Management Group Head and Senior Vice President Ma. Elizabeth D. Nasol gave her pledge of commitment on behalf of EDC employees. “We commit to do our best to make this partnership a success, not by purposely consuming more but by being mindful of our plastic waste.” EDC’s over 1,499MW total installed capacity accounts for 20 percent of the country’s total installed renewable energy capacity while its 1,204.67MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity and has put the Philippines on the map as the 3rd largest geothermal producer in the world.

BusinessMirror file photo

By Recto L. Mercene @rectomercene

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lag carrier Philippine Airlines (PAL) has unveiled its latest offering called “Book-ABreak” for all air travelers planning a domestic vacation in one of the Philippines’s tourist spots. PAL gives travel bugs the chance to avail of “hard-to-resist” domestic fares with unlimited rebooking. PAL Spokesperson Cielo Villaluna said booking period is from February 15- 28 while travel period is from February 15 onwards. “Grab the chance to book now and avail of domestic one-way economy base fares as low as P298. Travel to 25 domestic destinations such as Boracay, Bohol, and more,” said Villaluna. Flyers may log on to www.philippineairlines.com, call PAL Reservations Hotline 8855 8888 or visit the nearest PAL ticketing office or travel agent-partner.

PAL also offers discount stays in partner with Guide to the Philippines. Travelers may book PAL flights, transfers, and hotel packages to Boracay, Bohol, Cebu, and Coron. The airline said it will be implementing contactless boarding procedures in all Philippine domestic flights. The airline’s entire fleet of aircraft continues to undergo rigorous cabin cleaning and disinfection. All contact surfaces are wiped down using stronger cleaning agents, and the aircraft’s HEPA filters are maintained regularly. “Our cabin crew wear full Personal Protective Equipment (PPE),” Villaluna said. Due to the evolving Covid-19 situation, PAL and various local governments have issued precautionary measures, mandatory protocols and requirements for travelers. “Before you fly, please be informed of the latest travel requirements,” Villaluna added.

Smart fires up 5G sites in all Metro Manila cities

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mart Communications Inc. has completed firing up its 5G sites in all Metro Manila cities and is now beefing up its rollout initiatives in the provinces of Cavite, Laguna, and Pampanga. With this development, Smart users with 5G handsets may now use the service in all 17 cities and municipalities of Metro Manila, and select cities in Pampanga such as Angeles and Mabalacat, Bacoor in Cavite, and Binan and Santa Rosa in Laguna. “As we ramp-up our Smart 5G rollout across Metro Manila and the rest of the country, we are bringing our customers closer to an even higher level of customer experience in terms of enjoying high-definition video, playing eSports and using new digital services,” said Smart President Alfredo S. Panlilio. He noted that as Smart continues to fire up more 5G sites across the country, users may expect better services, highlighting, though, the need for 5G-capable handsets. “Our 5G future is here, and we are making it simpler for our customers to maximize the country’s fastest network--made even faster with 5G,” Jane J. Basas, SVP and Head of Consumer Wireless Business at Smart, added.

The 5G service of Smart is also available in several areas in Cebu, Boracay, Iloilo, and Davao. Smart’s 5G investments are part of PLDT Inc.’s capital expenditures program for 2021. This year, the telco group expects to spend between P88 billion to P92 billion in capital outlays to further modernize its mobile and fixed line networks. In December, Smart said it is further developing its 5G offering through the preparation of its network for carrier aggregation (CA) features, which essentially allow the telco to combine various frequencies to provide more seamless and faster mobile data services to its subscribers. Arvin L. Siena, who heads the technology strategy and transformation office at PLDT Inc., said Smart has successfully tested 5G CA, making it one of the first operators in Asia Pacific to test CA in a live 5G network. In a nutshell, CA combines two or more separate bands of radio frequencies to create a bigger pipe for even faster data rates, increasing the capacity thus improving the overall user experience. Smart is currently using CA for its 4G services in various areas in the country. Lorenz S. Marasigan

B2

Companies BusinessMirror

Monday, February 15, 2021

PSE STOCK QUOTATIONS

February 11, 2021

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

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

43.7 107 86.05 24.15 7.81 10.08 48.7 11 26.25 54.5 17.52 126.2 71.5 0.99 3.98 0.56 3.78 1.54 0.41 820 0.69 151

44.5 108 86.25 24.35 8.35 10.1 48.8 11.12 26.45 55.6 17.8 127.8 72 1 4 0.6 3.8 1.58 0.44 850 0.71 152

44 107.8 85 24.1 8.34 10.2 49 11.12 26.6 55.7 17.4 128.1 72 1 3.98 0.56 3.66 1.59 0.42 850 0.67 153.5

44 108.6 86.95 24.4 8.35 10.22 49 11.12 26.7 55.7 17.86 129.5 72.9 1.01 4 0.56 3.8 1.65 0.445 850 0.7 153.5

44 107 85 24.1 8.34 10.06 48.2 11 26.25 55.7 17.4 126 71.5 1 3.97 0.56 3.66 1.53 0.42 850 0.67 151.5

44 107 86.25 24.35 8.35 10.08 48.7 11 26.25 55.7 17.8 126.2 72 1 3.98 0.56 3.78 1.54 0.44 850 0.7 151.5

1,200 2,651,980 1,176,590 15,300 2,000 184,600 2,831,000 3,800 196,000 10 4,600 1,853,710 9,500 199,000 261,000 44,000 71,000 505,000 320,000 30 76,000 7,640

52,800 285,268,185 101,430,344 371,585 16,692 1,871,994 137,585,360 42,028 5,179,750 557 80,462 234,736,256 682,451 200,070 1,041,030 24,640 267,980 795,900 141,950 25,500 52,810 1,160,097

28,199,533 63,124,817 -299,072.00 -28,376,055 -2,124,575 -89,817,173 95,095 -119,980 17,000 68,344

INDUSTRIAL AC ENERGY 7.86 7.87 7.96 8.02 7.82 7.87 42,474,800 336,336,082 1.34 1.36 1.38 1.39 1.3 1.34 1,793,000 2,420,550 ALSONS CONS 26.3 26.35 26.45 26.65 26.25 26.3 1,297,500 34,246,965 ABOITIZ POWER 1.14 1.15 1.21 1.24 1.14 1.15 189,599,000 224,690,180 BASIC ENERGY FIRST GEN 29.95 30 30 30 29.75 29.95 378,100 11,320,280 FIRST PHIL HLDG 75.4 75.5 76.5 76.5 75.4 75.4 42,320 3,194,479.50 MERALCO 289.2 289.6 294.8 294.8 289.2 289.2 120,270 34,903,012 MANILA WATER 16.14 16.18 15.7 16.28 15.7 16.18 3,381,600 54,319,658 3.77 3.78 3.73 3.78 3.73 3.77 2,066,000 7,769,390 PETRON 3.86 3.98 3.98 3.98 3.85 3.86 22,000 84,950 PETROENERGY 12.44 12.76 12.7 12.9 12.44 12.76 63,100 802,716 PHX PETROLEUM PILIPINAS SHELL 21.9 22 22.1 22.1 21.9 22 601,900 13,238,985 SPC POWER 10.28 10.3 10.34 10.44 10.3 10.3 265,000 2,740,442 VIVANT 13.88 14.64 14.58 14.6 14.5 14.5 11,800 172,090 7.13 7.3 7.16 7.38 7.08 7.3 1,143,100 8,147,040 AGRINURTURE 3.5 3.55 3.55 3.55 3.46 3.55 580,000 2,040,110 AXELUM 14 14.48 14 14.3 14 14.2 2,000 28,270 CNTRL AZUCARERA 18 18.04 18.1 18.28 17.82 18 89,700 1,614,604 CENTURY FOOD DEL MONTE 9.01 9.07 9 9.06 8.95 9.06 372,800 3,372,276 7.34 7.35 7.32 7.36 7.22 7.34 691,100 5,047,678 DNL INDUS EMPERADOR 9.91 9.95 9.94 10 9.91 9.91 558,900 5,544,250 SMC FOODANDBEV 68.2 68.45 68.45 68.7 68.05 68.2 281,070 19,256,016 0.62 0.64 0.62 0.62 0.62 0.62 227,000 140,740 ALLIANCE SELECT 1.59 1.6 1.52 1.62 1.5 1.6 48,949,000 76,535,310 FRUITAS HLDG 51.5 51.7 51.5 51.8 51.5 51.7 41,580 2,147,925 GINEBRA 178.7 182 185.6 186.8 178.7 178.7 581,650 105,659,306 JOLLIBEE LIBERTY FLOUR 34.1 34.9 35 35 34.1 34.2 5,100 176,910 7.8 8.14 7.81 8.14 7.8 8.14 1,900 14,869 MACAY HLDG 6.72 6.75 6.91 6.91 6.7 6.75 143,900 973,113 MAXS GROUP 0.425 0.43 0.425 0.455 0.415 0.43 63,550,000 27,781,800 MG HLDG 7.53 7.55 7.5 7.65 7.5 7.55 263,000 1,987,328 SHAKEYS PIZZA 1.19 1.21 1.17 1.22 1.15 1.2 6,890,000 8,182,210 ROXAS AND CO 4.63 4.74 4.73 4.73 4.73 4.73 3,000 14,190 RFM CORP ROXAS HLDG 1.74 1.76 1.67 1.84 1.66 1.76 198,000 341,080 0.155 0.157 0.16 0.163 0.156 0.156 29,910,000 4,743,460 SWIFT FOODS UNIV ROBINA 138.5 141.5 142 142.9 138.5 138.5 691,260 97,062,532 0.91 0.92 0.92 0.94 0.91 0.92 9,048,000 8,323,730 VITARICH 2.25 2.3 2.24 2.31 2.21 2.31 34,000 77,560 VICTORIAS 52.4 53.95 54.3 54.3 52.3 52.3 110 5,793 CONCRETE A 55.25 56 55.4 55.4 55 55 360 19,884 CONCRETE B CEMEX HLDG 1.37 1.38 1.38 1.38 1.36 1.37 4,288,000 5,890,930 DAVINCI CAPITAL 8.7 8.98 7 10.34 6.84 8.98 6,370,000 55,282,923 EAGLE CEMENT 13.42 13.86 13.88 13.88 13.24 13.86 62,900 865,888 8.08 8.09 8.14 8.14 8.02 8.08 286,400 2,311,212 EEI CORP 6.42 6.43 6.41 6.47 6.27 6.42 376,000 2,385,357 HOLCIM 7.34 7.35 7.5 7.5 7.33 7.35 1,563,200 11,538,178 MEGAWIDE 10.4 10.5 10.4 10.5 10.3 10.5 146,700 1,526,950 PHINMA TKC METALS 1.45 1.46 1.39 1.57 1.35 1.46 9,331,000 13,624,310 VULCAN INDL 3.52 3.53 2.81 3.79 2.8 3.53 86,137,000 272,906,370 CROWN ASIA 1.78 1.8 1.78 1.8 1.78 1.8 421,000 752,300 2.3 2.32 2.29 2.35 2.27 2.29 374,000 856,980 EUROMED 4.98 5.06 4.98 5 4.94 5 233,000 1,164,510 LMG CORP 4.4 4.61 4.5 4.62 4.32 4.62 11,000 48,410 MABUHAY VINYL 5.61 5.7 5.71 5.71 5.6 5.6 105,500 594,266 PRYCE CORP CONCEPCION 21.5 21.7 22.35 22.35 21.4 21.5 70,600 1,532,695 GREENERGY 3.22 3.23 3.15 3.27 3.12 3.23 26,911,000 85,277,150 INTEGRATED MICR 13.34 13.4 12.7 13.48 12.5 13.4 2,544,800 33,480,526 IONICS 1.2 1.22 1.23 1.23 1.19 1.22 983,000 1,183,230 6 6.1 6 6 6 6 17,700 106,200 PANASONIC 1.48 1.5 1.5 1.53 1.47 1.48 1,897,000 2,826,630 SFA SEMICON 6.85 6.86 6.98 7.04 6.76 6.86 15,877,300 109,015,938 CIRTEK HLDG

61,759,548 65,500 1,469,505 -3,552,830 -2,815,155 -1,647,277 -9,580,120 -14,026,116 -97,440 8,504,045 -82,880 -662,645 0 -60,846 -830,954 1,094,163 -145,576 -1,129,140 868,710.50 15,133,784 -113,464 -1,061,300 -1,620,169 -607,430 775,540 19,552,182 96,970 -609,100.00 69,710 -186,400 1,157,785 296,553 -6,667,664 -1,274,090 3,419,560 -120.0002 -1,005,285 -4,203,590 4,524,888 -612,800 42,990 953,252

HOLDING & FRIMS ABACORE CAPITAL 1.23 1.25 1.36 1.36 1.23 1.23 101,696,000 130,298,720 8.9 9 9.2 9.26 8.9 9 22,000 200,535 ASIABEST GROUP 802 806 807 815.5 802 802 257,370 207,683,060 AYALA CORP 43.1 43.15 44.15 44.15 43.15 43.15 1,088,000 47,109,015 ABOITIZ EQUITY ALLIANCE GLOBAL 10.84 10.9 10.76 11.08 10.6 10.9 57,961,300 632,767,742 AYALA LAND LOG 3.14 3.15 3.1 3.16 3.09 3.15 1,262,000 3,951,270 ANSCOR 6.73 6.9 6.9 6.9 6.73 6.73 19,400 130,940 ANGLO PHIL HLDG 0.84 0.85 0.89 0.89 0.83 0.84 8,145,000 6,939,510 0.89 0.9 0.92 0.92 0.88 0.9 5,972,000 5,371,330 ATN HLDG A 0.89 0.91 0.9 0.91 0.89 0.91 255,000 227,650 ATN HLDG B 5.39 5.4 5.46 5.47 5.38 5.39 381,800 2,062,385 COSCO CAPITAL DMCI HLDG 5.44 5.45 5.54 5.6 5.45 5.45 2,843,500 15,677,178 FILINVEST DEV 8.79 8.9 8.91 8.91 8.9 8.9 11,100 98,846 3.09 3.28 3.28 3.28 3.28 3.28 3,000 9,840 FJ PRINCE A 0.226 0.243 0.226 0.226 0.226 0.226 200,000 45,200 FORUM PACIFIC 550 555 566 566 550 550 90,780 50,287,995 GT CAPITAL 3.75 3.8 3.74 3.8 3.74 3.8 28,000 106,340 HOUSE OF INV 64.6 65.3 68.7 68.7 64.6 64.6 2,133,750 141,108,261 JG SUMMIT JOLLIVILLE HLDG 4.74 4.9 4.7 5.11 4.7 5.05 500 2,502 1.44 1.45 1.4 1.52 1.36 1.45 16,840,000 24,305,240 LODESTAR LOPEZ HLDG 3.75 3.82 3.77 3.8 3.75 3.75 134,000 504,800 14.8 14.82 14.94 14.94 14.7 14.8 1,598,800 23,707,506 LT GROUP 0.51 0.53 0.53 0.54 0.51 0.53 78,000 40,460 MABUHAY HLDG 4.2 4.27 4.26 4.3 4.2 4.2 21,487,000 91,158,310 METRO PAC INV 5.1 5.38 5.45 5.45 5.1 5.1 96,600 501,462 PACIFICA HLDG PRIME MEDIA 1.25 1.26 1.19 1.28 1.17 1.25 2,717,000 3,344,590 2.81 2.92 2.85 2.85 2.83 2.83 6,000 17,040 REPUBLIC GLASS 1.2 1.25 1.23 1.25 1.19 1.25 130,000 161,920 SOLID GROUP 315 324 311 315 311 315 800 250,620 SYNERGY GRID 1,063 1,068 1,060 1,078 1,059 1,068 557,330 595,050,545 SM INVESTMENTS 126.6 126.7 126.1 129.9 126 126.7 126,450 16,089,795 SAN MIGUEL CORP 0.79 0.82 0.8 0.85 0.78 0.82 265,000 210,820 SOC RESOURCES 135.6 139 137 139 137 139 90 12,370 TOP FRONTIER WELLEX INDUS 0.228 0.24 0.227 0.24 0.227 0.227 90,000 20,690 0.229 0.23 0.23 0.248 0.229 0.23 1,380,000 319,540 ZEUS HLDG

159,740 73,600 -44,353,855 2,941,450 -119,431,946 519,030 4,711 -160 777,122 2,752,430 16,700,645 37,459,464.50 -25,300 -9,210,994 24,289,730.00 -7,800 188,618,455 2,771,569 14,000

PROPERTY ARTHALAND CORP 0.67 0.68 0.67 0.68 0.66 0.68 1,500,000 1,000,220 7.77 8.35 8.34 8.39 7.73 7.77 2,200 18,175 ANCHOR LAND 40.35 40.4 40.5 40.6 39.95 40.35 3,698,200 149,187,985 AYALA LAND 1.27 1.3 1.3 1.3 1.27 1.27 23,000 29,240 ARANETA PROP AREIT RT 33.1 33.15 33 33.15 32.95 33.1 604,500 19,961,070 BELLE CORP 1.64 1.65 1.64 1.64 1.63 1.64 247,000 403,910 0.94 0.95 0.96 0.97 0.93 0.95 2,077,000 1,959,610 A BROWN CITYLAND DEVT 0.77 0.78 0.78 0.8 0.78 0.78 99,000 77,340 0.151 0.152 0.155 0.156 0.151 0.152 790,000 120,470 CROWN EQUITIES 5.8 5.88 5.89 5.89 5.7 5.89 19,700 115,995 CEBU HLDG 5.13 5.14 5.13 5.14 5.06 5.14 545,700 2,783,669 CEB LANDMASTERS CENTURY PROP 0.425 0.435 0.435 0.44 0.405 0.435 31,730,000 13,366,850 CYBER BAY 0.35 0.36 0.35 0.36 0.35 0.36 750,000 268,100 14.4 14.44 14.5 14.5 14.2 14.44 2,366,400 33,889,968 DOUBLEDRAGON DM WENCESLAO 6.9 6.95 6.75 6.95 6.75 6.95 43,300 297,610 0.3 0.305 0.3 0.305 0.3 0.3 660,000 198,050 EMPIRE EAST 0.092 0.094 0.091 0.095 0.091 0.094 6,570,000 600,960 EVER GOTESCO 1.2 1.21 1.22 1.22 1.2 1.21 6,402,000 7,755,910 FILINVEST LAND GLOBAL ESTATE 0.9 0.91 0.9 0.91 0.9 0.9 481,000 433,330 8990 HLDG 7.45 7.69 7.6 7.7 7.45 7.45 422,000 3,166,937 PHIL INFRADEV 1.41 1.42 1.43 1.43 1.4 1.41 2,029,000 2,859,400 CITY AND LAND 0.72 0.74 0.74 0.74 0.74 0.74 2,000 1,480 3.8 3.82 3.91 3.92 3.8 3.8 13,478,000 51,697,230 MEGAWORLD 0.55 0.56 0.57 0.59 0.55 0.55 111,378,000 62,616,140 MRC ALLIED 0.405 0.41 0.41 0.41 0.41 0.41 10,000 4,100 PHIL ESTATES PRIMEX CORP 1.51 1.52 1.43 1.51 1.4 1.51 2,301,000 3,362,090 ROBINSONS LAND 19.14 19.3 19.28 19.4 19.14 19.14 1,165,900 22,424,704 PHIL REALTY 0.29 0.3 0.3 0.3 0.3 0.3 50,000 15,000 1.4 1.43 1.48 1.48 1.4 1.43 1,934,000 2,739,950 ROCKWELL 2.6 2.63 2.6 2.64 2.6 2.63 516,000 1,359,110 SHANG PROP 2.18 2.22 2.17 2.24 2.15 2.22 2,751,000 5,994,490 STA LUCIA LAND 37.15 37.2 37.8 38.1 37.2 37.2 5,755,200 215,509,900 SM PRIME HLDG 4.02 4.03 4.03 4.05 4 4.05 78,000 313,190 VISTAMALLS SUNTRUST HOME 1.74 1.77 1.78 1.8 1.75 1.75 849,000 1,496,230 VISTA LAND 4.41 4.42 4.45 4.45 4.35 4.42 2,088,000 9,180,980

-20,300 68,605,000 13,175 315,380 -57,720 -1,026 557,300 -4,928,566 -127,200 -24,300 30,080 32,610 -2,574,980 -3,967,810.00 545,780 -2,622,400 213,380 23,400 -44,600 -16,890,125 47,420 -1,398,110

SERVICES

ABS CBN GMA NETWORK MANILA BULLETIN MLA BRDCASTING GLOBE TELECOM PLDT APOLLO GLOBAL CONVERGE DFNN INC DITO CME HLDG IMPERIAL ISLAND INFO JACKSTONES NOW CORP TRANSPACIFIC BR PHILWEB 2GO GROUP ASIAN TERMINALS CHELSEA CEBU AIR INTL CONTAINER LBC EXPRESS LORENZO SHIPPNG MACROASIA METROALLIANCE A PAL HLDG HARBOR STAR ACESITE HOTEL DISCOVERY WORLD GRAND PLAZA WATERFRONT CENTRO ESCOLAR IPEOPLE STI HLDG BERJAYA BLOOMBERRY PACIFIC ONLINE LEISURE AND RES MANILA JOCKEY PH RESORTS GRP PREMIUM LEISURE PHIL RACING ALLHOME METRO RETAIL PUREGOLD ROBINSONS RTL PHIL SEVEN CORP SSI GROUP WILCON DEPOT APC GROUP EASYCALL GOLDEN MV IPM HLDG PAXYS PRMIERE HORIZON SBS PHIL CORP

12.5 6.78 0.48 11.12 2,038 1,350 0.238 17.74 5.64 17.68 1.9 0.197 2.04 3.43 0.46 2.66 8.6 14.74 4.65 50.3 125 16.5 0.97 6 3.16 6.45 1.43 1.43 6.8 10.08 0.53 6.68 8.12 0.41 4.4 7.77 2.05 1.73 2.12 2.71 0.46 6.3 8.5 1.42 38.8 56.55 103 1.36 17.96 0.45 6.88 437 5 2.2 2.97 4.61

12.58 6.8 0.5 11.8 2,040 1,387 0.239 17.76 5.65 17.7 1.95 0.198 2.13 3.44 0.465 2.68 8.88 15 4.7 50.4 125.4 16.6 1.04 6.01 3.18 6.46 1.44 1.5 6.81 11.2 0.54 7.03 8.69 0.42 4.59 7.8 2.1 1.74 2.18 2.73 0.47 6.5 8.57 1.43 38.9 56.8 104.5 1.37 17.98 0.46 7.13 449 5.3 2.38 2.98 4.76

12.6 6.9 0.495 11.2 2,038 1,380 0.238 17.7 5.7 17.36 2.06 0.195 2.07 3.47 0.43 2.67 8.4 15.04 4.64 50 124.2 16.2 0.97 6 3.2 6.7 1.43 1.44 6.2 11.3 0.55 6.64 8.2 0.42 4.4 7.65 2.05 1.75 2.12 2.77 0.47 6.5 8.63 1.42 39 58.25 102 1.39 18 0.47 6.87 437.6 5.05 2.38 3.15 4.79

12.7 6.9 0.53 11.4 2,050 1,389 0.246 18.3 5.88 17.88 2.06 0.202 2.15 3.57 0.465 2.77 9.1 15.06 4.7 51 125 16.58 1.04 6.05 3.25 6.7 1.43 1.51 7.2 11.3 0.57 6.64 8.7 0.42 4.41 7.85 2.05 1.77 2.12 2.77 0.47 6.5 8.63 1.44 39.15 58.4 103 1.41 18 0.475 7.15 449 5.05 2.38 3.2 4.79

12.32 6.71 0.46 11.2 2,038 1,350 0.228 17.7 5.64 17.12 1.75 0.191 2 3.4 0.425 2.66 8.3 15 4.64 49.9 123.2 16.2 0.97 5.8 3.07 6.45 1.41 1.42 6.2 11.3 0.53 6.64 8.13 0.405 4.4 7.65 2.04 1.73 2.12 2.66 0.46 6.5 8.45 1.41 38.8 56.55 101 1.36 17.9 0.445 6.87 437.6 5.02 2.38 2.92 4.76

12.5 6.78 0.5 11.2 2,040 1,350 0.239 17.74 5.64 17.7 1.9 0.197 2.15 3.44 0.46 2.68 8.6 15 4.7 50.4 125 16.58 1.04 6.01 3.16 6.46 1.43 1.51 6.81 11.3 0.54 6.64 8.13 0.41 4.4 7.77 2.04 1.73 2.12 2.73 0.46 6.5 8.6 1.42 38.8 56.55 103 1.37 17.98 0.45 6.88 449 5.02 2.38 2.97 4.76

156,300 1,948,044 1,177,400 7,988,285 2,703,000 1,332,650 1,200 13,460 18,850 38,460,700 87,395 119,127,700 1,656,280,000 392,866,840 11,923,000 213,307,226 2,388,000 13,685,355 70,354,600 1,237,244,740 147,000 270,800 30,180,000 5,914,070 116,000 239,180 4,720,000 16,264,170 114,350,000 51,418,250 735,000 2,004,900 160,600 1,394,290 8,900,600 133,954,010 1,616,000 7,540,670 558,040 28,050,491 1,132,800 141,136,682 4,600 76,198 31,000 30,140 1,298,100 7,717,043 1,739,000 5,487,390 49,300 319,357 681,000 970,420 28,000 39,910 12,139,500 83,009,924 200 2,260 4,964,000 2,753,680 100 664 2,000 16,413 1,980,000 814,550 85,000 374,030 1,930,000 15,001,613 40,000 81,900 285,000 496,330 3,000 6,360 10,404,000 28,106,710 3,130,000 1,448,150 100 650 89,100 757,966 1,174,000 1,665,640 597,400 23,209,585 4,039,600 230,216,802.50 47,890 4,863,402 3,623,000 4,994,880 71,100 1,275,670 12,440,000 5,640,700 8,200 56,482 590 261,696 6,000 30,225 7,000 16,660 199,211,000 613,345,400 8,000 38,200

-13,837,950 -37,906,195 -34,145,780 -113,985,146 87,638 10,740,952.00 10,000 -2,133,420 5,656,100 -22,030 -1,778 -6,000 -196,710 10,093,084 -21,470,374 1,040 231,933 11,006 1,340,620 932,870 -307,600 -4,400 2,824,610 -2,491,580 290,450 31,076 -469,620 8,644,670 -124,305,897.50 -308,042 56,800 230,118 759,100 2,380 17,927,240 -

MINING & OIL ATOK 7.02 7.16 7.28 7.5 6.99 7.16 1,270,600 9,060,662 87,588 1.55 1.57 1.58 1.58 1.55 1.55 2,368,000 3,696,130 -1,154,050 APEX MINING 0.0051 0.0052 0.005 0.0054 0.005 0.0051 15,790,000,000 82,409,800 -513,800 ABRA MINING ATLAS MINING 6.15 6.18 6.2 6.21 6.1 6.18 477,600 2,941,078 12,340 BENGUET A 3.18 3.19 3.1 3.19 3.1 3.19 161,000 500,840 2.91 2.95 2.98 3 2.95 2.95 129,000 385,060 -106,750 BENGUET B COAL ASIA HLDG 0.325 0.33 0.3 0.35 0.29 0.325 5,590,000 1,828,900 99,200 2.75 2.8 2.72 2.8 2.7 2.8 198,000 536,600 73,120 CENTURY PEAK 10.38 10.4 9.52 11.38 9.39 10.38 452,700 4,620,420 DIZON MINES 2.66 2.67 2.64 2.78 2.56 2.67 17,867,000 47,639,740 -2,402,370 FERRONICKEL GEOGRACE 0.51 0.52 0.55 0.6 0.51 0.52 29,178,000 15,703,190 -48,900 LEPANTO A 0.155 0.156 0.154 0.158 0.153 0.156 21,510,000 3,350,610 0.156 0.157 0.157 0.159 0.156 0.157 2,480,000 388,720 -1,570 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.01 109,000,000 1,096,100 0.01 0.011 0.01 0.01 0.01 0.01 8,200,000 82,000 MANILA MINING B 1.46 1.5 1.46 1.52 1.43 1.46 1,782,000 2,632,720 -132,180 MARCVENTURES 2.98 3 2.8 3.35 2.8 2.98 1,691,000 5,095,370 12,360 NIHAO NICKEL ASIA 5.69 5.7 5.71 5.77 5.68 5.7 6,289,000 36,019,459 13,881,079 OMICO CORP 0.435 0.44 0.44 0.44 0.435 0.44 310,000 136,050 1.11 1.13 1.14 1.17 1.1 1.13 4,856,000 5,508,860 ORNTL PENINSULA 4.4 4.42 4.56 4.56 4.4 4.42 307,000 1,370,810 -112,950 PX MINING 12.8 12.82 12.92 13.14 12.8 12.8 743,500 9,575,198 -3,559,168.00 SEMIRARA MINING 0.01 0.011 0.01 0.011 0.0099 0.01 589,800,000 5,907,860 -230,000 UNITED PARAGON 21.65 21.95 22.5 22.9 21.6 21.65 515,700 11,322,995 762,035 ACE ENEXOR ORNTL PETROL A 0.013 0.014 0.013 0.014 0.013 0.013 174,300,000 2,307,600 0.013 0.015 0.013 0.015 0.013 0.014 2,211,600,000 30,962,600 7,800 ORNTL PETROL B PHILODRILL 0.013 0.014 0.014 0.015 0.013 0.014 669,600,000 9,336,900 687,000 PXP ENERGY 9.5 9.52 9.31 9.6 9.2 9.5 942,000 8,918,752 -294,794 PREFFERED HOUSE PREF B 100 101 100 101 100 101 7,270 727,270 100 102 102 102 102 102 80 8,160 8,160 HOUSE PREF A 527 528 528 528 528 528 10 5,280 AC PREF B1 101.1 104.4 101.1 101.1 101 101 1,280 129,300 ALCO PREF B AC PREF B2R 510.5 522 510 510.5 510 510.5 420 214,210 100.7 101 100.8 101 100.6 101 145,340 14,672,446 -11,953,957 DD PREF FGEN PREF G 110 110.9 108 111.3 108 110.9 51,585,130 5,571,301,013 501.5 504 504 504 504 504 1,880 947,520 GLO PREF P 1,030 1,032 1,032 1,032 1,032 1,032 5 5,160 GTCAP PREF B 100.5 101 100.5 101 100.5 101 6,330 636,265 MWIDE PREF 100.7 101 101 101 101 101 1,900 191,900 50,500 MWIDE PREF 2B PNX PREF 3B 106.5 106.7 106.7 106.7 106.3 106.5 1,570 167,207 1,017 1,019 1,020 1,020 1,014 1,017 705 715,785 PNX PREF 4 1,094 1,095 1,093 1,095 1,093 1,094 2,040 2,232,730 PCOR PREF 3A 1,111 1,129 1,129 1,129 1,129 1,129 100 112,900 PCOR PREF 3B 1.6 1.65 1.65 1.65 1.53 1.65 17,000 27,690 SFI PREF 79.05 80.4 79.05 80.4 79.05 80.4 2,720 218,332.50 SMC PREF 2C 76.5 77 76.5 77 76.5 77 2,700 207,300 SMC PREF 2E SMC PREF 2F 79.3 79.35 77.65 79.3 77.65 79.3 15,530 1,231,452.50 77 77.5 77 77.5 77 77.5 976,260 75,172,650 77,500 SMC PREF 2H SMC PREF 2I 78.9 79 78.7 78.9 78.7 78.9 23,460 1,850,694 76.75 76.8 76.75 76.75 76.75 76.75 11,100 851,925 SMC PREF 2J 76.25 76.45 76.45 76.45 76.25 76.25 3,730 284,563.50 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.34 12.5 12.34 12.5 12.34 12.5 257,800 3,221,252 322,498 6.65 6.67 6.65 6.67 6.5 6.67 168,800 1,123,106 229,625 GMA HLDG PDR WARRANTS LR WARRANT 0.89 0.9 0.91 0.91 0.9 0.9 60,000 54,440 8,190 SMALL & MEDIUM ENTERPRISES ALTUS PROP 23.1 23.2 23.4 23.55 22.3 23.2 423,400 9,740,970 116,000 3.06 3.07 3.09 3.09 3.03 3.07 1,049,000 3,205,620 -27,830 ITALPINAS 6 6.08 6.1 6.1 6 6 10,600 64,168 KEPWEALTH 3.04 3.05 3 3.19 2.8 3.05 1,830,000 5,369,950 MAKATI FINANCE MERRYMART 7.05 7.06 7.01 7.13 6.95 7.06 15,519,800 109,022,239 -3,612,792 EXHANGE TRADE FUNDS FIRST METRO ETF 105.5 106.7 106.7 106.8 105.5 105.5 16,790 1,784,963 149,694

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Group: PHL has enough CME for shift to B5 diesel

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By Lorenz S. Marasigan

@lorenzmarasigan

he Philippine Biodiesel Association (TPBA) assured the Department of Energy (DOE) that the country can supply the needed 5-percent coco-diesel blend (B5) in the pump, expressing its “full support” for the program. According to Jun Lao, the spokesperson of TPBA, the industry has an overcapacity of coco methyl ester (CME), which can accommodate the requirements for the shift to B5 from 2 percent (B2). “There is overcapacity among coco methyl ester producers in serving the current B2 blend, the capacities were built in anticipation of the shift to B5 as guided by the Energy Department’s Philippine Energy plan,” he said. CME is a biofuel made from coconut oil that is converted to a diesel-substitute while exhibiting combustion-improving properties to lower harmful emissions and improve mileage. “ The combined capacity at present is around 850 million liters, more than enough to treat 17 billion liters of automotive diesel per year,” Lao said.

Previous estimates showed that 695 million liters of CME would be needed for the B5 shift. This, according to Philippine Coconut Authority (PCA) Administrator Benjamin Madrigal, would help the coconut sector grow. “The increase in the domestic demand for coconut oil through the full implementation of B5 will definitely improve the copra farm gate price, and will eventually redound to the benefits of our farmers,” he said. The DOE and the PCA are part of the National Biodiesel Board (NBB), the authority tasked to study and implement the biodiesel law. The anticipation is that the shift to B5 will happen this year. Blending coco biodiesel or coconut methyl ester (CME) in local diesel started in 2007 upon the implementation of Republic Act

STOCK-MARKET OUTLOOK Last week

Share prices fell last week with the main index returning to the 6,900-point level as investors decided to sell ahead of the long weekend. The benchmark Philippine Stock Exchange index (PSEi) gave up 28.17 points to close at 6,991.01 points. The main index was up for 3 straight trading days during the week before falling 91.14 points on Thursday. It was a 4-day trading week as Friday was the Chinese New Year holiday. Average daily trading for the week reached P11.87 billion, while foreign investors were net buyers at P449.03 million. Foreign investors’ activity dwindled throughout the week and was only at 16 percent on Thursday. Other subindices closed mostly in the green, led by the All Shares index that grew 6.16 points to 4,222.96 points, the Financials index gained 6.45 to 1,457.08, the Industrial index lost 135.38 to 9,035.84, the Holding Firms index rose 39.59 to 7,204.98, the Property index lost 47.93 to 3,552.84, the Services index climbed 1.87 to 1,499.69 and the Mining and Oil index soared 304.02 to 9,116.27. For the week, gainers slightly edged losers 122 to 105 and 29 shares were unchanged. Top gainers were Discovery World Corp., Prime Media Holdings Inc., Vulcan Industrial and Mining Corp., Da Vinci Capital Holdings Inc. Geograce Resources Philippines Inc. and DITO CME Holdings Corp. Top losers, meanwhile, were United Paragon Mining Corp., Abra Mining and Industrial Corp., Seafront Resources Corp., Manila Mining Corp. A and B shares, Anchor Land Holdings Inc. and Oriental Petroleum and Minerals Corp. A.

This week

Share prices may increase this week but volatile trading is expected near the close of the trade as investors digest some of the earnings report that trickles throughout the week. “In the Chinese zodiac, the bull represents hard work and patience—key attributes that the market rewards in the long run, so long as bets have sound revenue models and meaningful expansion stories in the pipeline,” broker 2TradeAsia said. It said that as the country reaches the one year mark of enduring the coronavirus pandemic, many investors will focus on the economic recovery angle such as the passage into law of Bayanihan to Rise as One Bill 3, which would spur government spending in the second half of the year. The Bayanihan 2’s appropriation was merely P165 billion as against the proposed P680 billion spending allocation for Bayanihan 3. Immediate support for the main index is seen at 6,900 points and resistance at 7,200 points.

Stock picks

Broker Philstocks Financial Inc. advised to watch the stocks of Wilcon Depot Inc. and Villar-led AllHome Corp. as the the plan of the government to boost the construction this year may also help these two home improvement stores to rise. “Both were battered during the peak of the pandemic where the government decided to suspend construction activities. But moving forward, both companies are seen to benefit from the government’s support towards the construction sector this 2021. Also, many are still staying at home which triggers them to do home improvement,” it said. Based on relative valuation, Wilcon shares are trading at its fair value while All Home shares are undervalued and good for accumulation, it said. Wilcon shares closed Thursday at P17.96 apiece, while All Home closed at P8.45 per share. VG Cabuag

BusinessMirror file photo

9367 or the Biofuels Act of 2006. On the first year of the law, diesel was blended with 1 percent CME.

mutual funds

It was increased to 2 percent in 2007 and has remained at that level since. February 11, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 224.84 -6.71% -8.43% -0.95% -1.05% ATRAM Alpha Opportunity Fund, Inc. -a 1.3136 4.83% -6.94% 4.64% 0.05% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1048 -8.01% -12.38% -2.2% -0.9% Climbs Share Capital Equity Investment Fund Corp. -a 0.7852 -6.5% -7.67% n.a. -2.33% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7102 -12.79% n.a. n.a. -4.23% First Metro Save and Learn Equity Fund,Inc. -a 4.8821 -3.85% -6.64% -0.22% -1.2% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7294 -9.79% -9.64% -5.67% -4% MBG Equity Investment Fund, Inc. -a 99.62 4.9% -5.29% n.a. -2.28% PAMI Equity Index Fund, Inc. -a 46.3904 -4.68% -6.54% 0.76% -0.98% Philam Strategic Growth Fund, Inc. -a 483.82 -4.82% -6.52% -0.04% -1.06% Philequity Alpha One Fund, Inc. -a,d,5 1.0729 8.16% n.a. n.a. -2.22% Philequity Dividend Yield Fund, Inc. -a 1.1641 -5.33% -6.01% 0.77% -0.35% Philequity Fund, Inc. -a 34.4664 -4.62% -5.91% 1.45% -0.87% Philequity MSCI Philippine Index Fund, Inc. -a 0.9019 -7.39% n.a. n.a. -1.22% Philequity PSE Index Fund Inc. -a 4.746 -4.31% -6.04% 1.52% -0.94% Philippine Stock Index Fund Corp. -a 794.15 -4.1% -5.91% 1.46% -0.94% Soldivo Strategic Growth Fund, Inc. -a 0.7136 -9.22% -9.91% -2.62% -0.74% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5864 -9.41% -8.11% -0.13% -1.03% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9088 -4.38% -6.22% 1.28% -0.97% United Fund, Inc. -a 3.301 -5.63% -5.15% 2.08% -0.54% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.5844 -4.08% -5.69% 2.19% -0.9% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.34 34.69% 6.74% 11.53% 11.4% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7812 26% 11.73% n.a. 6.48% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6684 8.87% -3.47% -0.1% -0.01% ATRAM Philippine Balanced Fund, Inc. -a 2.2665 8.09% -2.63% 1.76% -0.83% First Metro Save and Learn Balanced Fund Inc. -a 2.6037 1.66% -2.15% 0.49% -0.89% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1965 -10.03% n.a. n.a. -1.06% NCM Mutual Fund of the Phils., Inc. -a 1.9668 1.84% -0.42% 2.31% 0.14% PAMI Horizon Fund, Inc. -a 3.7653 1.84% -1.3% 1.53% -0.6% Philam Fund, Inc. -a 16.8412 1.81% -1.36% 1.48% -0.56% Solidaritas Fund, Inc. -a 2.085 0.18% -2.45% 1.25% -0.43% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5578 -4.43% -4.09% 0.35% -0.43% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0154 2.5% n.a. n.a. -0.7% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.941 -1.71% n.a. n.a. -0.86% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9245 -2.91% n.a. n.a. -0.92% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8862 -4.81% -4.7% -0.21% -0.17% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03881 -0.18% 3.12% 1.87% -0.79% PAMI Asia Balanced Fund, Inc. -b $1.1942 16.31% 4.22% 7.38% 3.83% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7321 18.63% 8.76% 10.46% 4.86% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2257 9.07% 4.66% n.a. 1.96% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.65 3.64% 3.29% 2.77% 0.16% ATRAM Corporate Bond Fund, Inc. -a 1.9046 -0.13% 0.42% 0.19% 0.23% Cocolife Fixed Income Fund, Inc. -a 3.2186 2.72% 4.34% 4.7% 0.12% Ekklesia Mutual Fund Inc. -a 2.2963 2.68% 2.91% 2.25% 0.01% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4481 3.64% 3.38% 2.12% -0.21% Philam Bond Fund, Inc. -a 4.6335 5.66% 4.92% 2.88% -0.02% Philam Managed Income Fund, Inc. -a,6 1.3234 5.53% 4.48% 2.74% 0.17% Philequity Peso Bond Fund, Inc. -a 3.9841 5.41% 4.5% 2.71% -0.42% Soldivo Bond Fund, Inc. -a 1.0387 7.34% 4.4% 2.36% -0.32% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2045 3.88% 4.7% 3.29% -0.05% Sun Life Prosperity GS Fund, Inc. -a 1.7491 2.94% 3.95% 2.67% -0.34% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $485.16 2.99% 3.06% 2.77% 0.27% ALFM Euro Bond Fund, Inc. -a Є219.5 -0.49% 0.99% 1.3% 0.15% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.267 4.43% 4.1% 2.8% -1.05% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.54% 2.11% 1.67% -0.75% PAMI Global Bond Fund, Inc -b $1.0896 -1.55% 1.12% -0.02% -0.28% Philam Dollar Bond Fund, Inc. -a $2.5284 3.43% 4.81% 3.17% -0.28% Philequity Dollar Income Fund Inc. -a $0.0625848 2.99% 3.27% 2.38% 0.43% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2113 -1.15% 2.73% 1.99% -0.38% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 130.02 2.97% 3.34% 2.57% 0.16% First Metro Save and Learn Money Market Fund, Inc. -a 1.049 2.24% n.a. n.a. 0.09% Sun Life Prosperity Money Market Fund, Inc. -a 1.2986 2.36% 2.94% 2.6% 0.15% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0537 1.38% 1.78% n.a. 0.12% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1822 n.a. n.a. n.a. 4.66% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 0% n.a. n.a. 1.02% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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Perspectives Uncertainty creates planning complexity

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his too shall pass.” This sentiment seems particularly apt when talking about the disruptions the world has faced over the past year. Much like during other epoch-defining events (like the Second World War), the future of the world remains shrouded in a veil of deep fog. Planning for the future has never been more challenging. What we do know, however, is that the current disruption will pass; the fog will lift. What we do not know is the extent or permanency of the disruption’s impact. How will the way people travel and vacation change? Will they continue to avoid social interactions in favor of digital experiences? How must infrastructure adapt in order to support potential new ways of living and working? When building assets with lifecycles that span decades, this level of short-term to mid-term uncertainty and reduced forward visibility can be particularly challenging. Being able to understand user trends is important for making the right infrastructure investment decisions, but those trends are now in flux. And being able to distinguish the permanent changes from the transitory is not easy. We may all agree that we should “build back better;” but what exactly does that mean? And what investments will allow us to achieve that goal? In an effort to answer these questions, infrastructure planners have been considering a bewildering range of different scenarios on their long term planning (Transport for London, for example, agreed to a wide-ranging review of their future financial position and financial structures in return for nearly $2.2 billion of subsidy from the UK Government in May 2020). Scenarios under consideration have ranged from the potential for a continued shift in the value proposition of cities (see Trend 2: Cities rethink their value proposition, for more on this) through to what might be required to support a remarkably strong rebound. The problem is that one scenario may suggest a reduction in mass transit investment while another will point to a return to previous demand trajectories requiring significant capacity enhancements. And both seem just as plausible. What do you do? The temptation may be to wait until more certainty can be found. But that will only exacerbate the infrastructure deficit and leave countries and jurisdictions with suboptimal infrastructure to sup-

port society and drive economic growth. Waiting, therefore, is not a viable option. Choosing the right actions for the future, however, requires strong vision, leadership and—ultimately—consensus. In the absence of clarity, infrastructure owners and planners are now trying to identify “no regret” investments that align to their existing long-term plans but allow for increased flexibility and agility to meet the rapidly evolving needs of business and society. Over the coming year, we expect infrastructure planners, operators and developers to start looking for ways to enable a much more nimble and flexible approach to infrastructure planning, development and delivery. This will be particularly difficult in today’s highly-politicized 24/7 media environment. Traditional approval structures and processes will be challenged. Indeed, our view suggests that the infrastructure sector will need to get used to operating within a more dynamic and evolving environment. As we first suggested back in 2016, infrastructure owners and planners will want to learn lessons from the technology sector where the leaders continuously reinvent, recalibrate and refocus based on evolving market conditions; translating that mentality into a world of real, fixed assets may be a challenge, however. Don’t expect the fog of uncertainty to dissipate in 2021 (it may get even thicker). But do expect to see infrastructure owners focus on enhancing asset utilization and optimizing performance as a way to better ‘sweat’ their assets. At the same time, infrastructure planners will also need to focus much more on leveraging technology (such as using digital twins to support better planning through simulations), data and analytics (leveraging Internet of Things technologies for better operations and maintenance, for example) and decision-making tools. Doing so will help infrastructure planners them get more from their assets and to enable them to better navigate uncertainty and prepare for a future characterized by changing dynamics, risks and opportunities. The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Finex launches basic financial literacy plan

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he Financial Executives Institute of the Philippines (Finex) announced last February 9 that the Finex Research and Development Foundation Inc. (Finex Foundation) launched its first Basic Financial Literacy (BFL) program for 2021. The literacy program aims to develop or increase the attendees’ understanding of the concepts of savings and fundamentals of finance, according to Finex. The association said the program has nine sessions and will also cover mental health, and livelihood featuring a homebased micro-business suitable to the participants’ profile and capabilities. There are 40 registered attendees from different areas from all over the country as far as Iloilo, Cotabato and Zamboanga. “They are housewives, elderly, students, out-of-school youth, and other ordinary members of society,” Finex said. Many of the participants are

members of different organizations like Confederation of Older Persons’ Associations of the Philippines, United Domestic Workers of the Philippines, Solidarity of Oppressed Filipino People and WeDpro (Protecting Women and Youth Against All Forms of Violence). The launch featured messages from Finex Institute President, lawyer Francisco Ed. Lim, Finex Foundation Chairman Jose Jerome R. Pascual III and Emily N. Beridico, executive director of nonprofit group Coalition of Services of the Elderly (Cose) Inc. Finex said the initiative is a collaborative project between Cose and the Social Involvement Committee (SIC) of the FINEX Foundation. SIC Chairman Carmen VS Serina developed the module and will serve as the key trainer of the BFL Program. SIC Liaison Trustee Conchita l. Manabat complemented the program and will also serve as a speaker in one of the sessions, Finex said.

Monday, February 15, 2021

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LandBank nets lower income, at ₧17.1B; ROE surges 10.8%

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By Tyrone Jasper C. Piad

@Tyronepiad

HE Land Bank of the Philippines saw its net income last year drop by 7 percent to P17.1 billion but still posting an above-average return on equity of 10.80 percent.

In a statement issued over the weekend, the state-run bank added its return on assets and net interest margin stood at 0.78 percent and 3.16 percent, respectively. Capitalization, meanwhile, surged by 13 percent to P168.3 billion last year from 149 billion in 2019. Common Equity Tier ratio stood at 15.17 percent.

Total assets as of end-December 2020 grew by 16.1 percent to P2.362 trillion from P2.033 trillion in 2019. The government-owned financial intermediary also saw deposits reach P2.093 trillion for the period, which is 17.4-percent more than P1.783 trillion in 2019. This allowed investments to grow by 41.4 percent to P982.5 billion

from P694.9 billion year-on-year. “L andBank posted marked growth in assets and deposits in 2020—a record achievement given the widespread economic impact of the health crisis,” LandBank President and CEO Cecilia C. Borromeo said. “We will build on these gains and continue along this path to better serve our priority sectors, especially small farmers and fishers, micro, small and medium enterprises and other key development players.” The bank noted that the borrowings extended to the agriculture sector in 2020—including farming and fishing industries—grew to P237.62 billion from P236.31 billion year-on-year. A portion of this, P43.98 billion, was given to the small farmers and fishermen, co-operatives and farmers’ associa-

tions, rural financial institutions and other conduits. The state-owned bank has assisted cumulatively 2.67 million farmers and fishers across the country as of last year, which is above its 2-million target. Over 718,000 of these were small farmers assisted through Rice Farmers Financial Assistance and Financial Subsidy to Rice Farmers programs. Earlier this month, Land Bank reported that the transactions in 2020 via its six major electronic channels increased by 21 percent in volume and 36 percent in value year-on-year. In addition, the bank extended the waiver on inter-bank fund transfers until March 31. LandBank, which is present in 81 provinces, has 411 branches, 66 branch-lite units and 55 lending centers.

Amid recession, BPI exec Morgan Stanley may bet urges climate-readiness on Bitcoin in $150B unit

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HE head of the corporate credit products group of Bank of the Philippine Islands (BPI) is urging businesses to include climate and environmental risks when crafting strategies during the current economic recession. In a recent webinar, Roland Gerard Veloso Jr., said that being prepared for these risks is “key to sustainability.” “We encourage businesses to take the critical steps needed to create a more resilient business, to be able to adapt to the times and pivot when the situation calls for it,” Veloso said. “Climate resilience and preparedness are important for most industries as these will help them realize the interventions they need to manage risks.” Veloso’s statement comes at a time when full-year 2020 gross domestic product (GDP) contraction to 9.5 percent as private consumption, which comprises some 70 percent of GDP, remained weak with -7.2 percent growth. Amid this condition, Veloso noted that the Ayala-led bank has a Sustainable Development Finance (SDF) team dedicated to helping their clients’ businesses become resilient and sustainable. The listed bank’s SDF portfolio reached P190.9 billion in cumulative availed loans as of end-December 2020. BPI said it has financed 355 projects, including 158 energy efficiency projects, 89 renewable projects and 108 climate resilience projects. The listed bank noted that its financing efforts have produced positive environmental impact already. In fact, greenhouse gas reduction reached a total of 28.6 million tons of carbon in 2008 to 2020. BPI said

this is equivalent to growing 472 million trees. BPI said that its green portfolio is in line with the Bangko Sentral ng Pilipinas (BSP) Circular 1085 or “Sustainable Finance Framework.” It is a policy framework on sustainable finance that covers banks’ sustainability principles on environmental and social (E&S) risk areas, corporate governance, and risk management. The listed bank introduced the Sustainable Funding Framework—under its Green Finance Framework—which covers its issuance of green, social or sustainable bonds or loans in June last year. In the same online event, World Wide Fund (WWF) Chief of Party Edgardo D. Tongson said that doing business in the Philippines has its inherent and natural risks because it is in the Pacific Ring of Fire and experiences several typhoons annually. This is why companies need to have tools that identify and measure risk exposures, Tongson added, noting that such can help mitigate overall impact. He also encouraged businesses to safeguard their risks through insurance. “Financing your risk is a partnership between you, your bank and your insurance company,” he explained. “Our advice is for insurance to cover replacement costs for your peace of mind.” Last year, BPI saw its net income plunge by 25.7 percent to P21.4 billion from P28.8 billion in 2019 due to higher credit loss provisions. Common equity Tier-1 ratio and capital adequacy ratio reached 16.2 percent and 17.1 percent, respectively, which are both above the minimum regulatory requirements. Tyrone Jasper C. Piad

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$150-billion Morgan Stanley investing arm known for its prowess in picking growth stocks is considering adding Bitcoin to its list of possible bets. Counterpoint Global, a unit of Morgan Stanley Investment Management that’s racked up wins in mutual-fund rankings, is exploring whether the cryptocurrency would be a suitable option for its investors, according to people with knowledge of the matter. Moving ahead with investments would require approval by the firm and regulators. Morgan Stanley’s affirmation would put the heft of an almostcentury-old marquee Wall Street name behind a volatile asset class that’s still struggling to win acceptance in much of the traditional financial industry. But a four-fold jump in four months has stoked customers’ interest, making the digital asset even harder to ignore. After catching the attention of hedge fund moguls including Alan Howard and Paul Tudor Jones, cryptocurrencies have recently made headway with more mainstay firms such as Mastercard Inc. and Bank of New York Mellon Corp. Just this week, Tesla Inc., the leading maker of electric cars, also got behind Bitcoin with a $1.5-billion investment and plans to start accepting the cryptocurrency as payment. A spokeswoman for Morgan Stanley declined to comment. The review could ultimately result in Morgan Stanley opting to stay away from Bitcoin. Previous rallies in the cryptocurrency have also attracted flurries of Wall Street interest only to fizzle. Much of the industry’s skepti-

cism centers on Bitcoin’s unpredictable price swings and the lack of things it can buy more than a decade since its creation. But faithful followers have felt vindicated this year. Billions of dollars have been pouring into the cryptocurrency through vehicles including the Grayscale Bitcoin Trust. Even institutional investors, barred by the rules of their funds from holding Bitcoin directly, have turned to such trusts. For Wall Street firms, an inability to offer Bitcoin to those clients raises the risk of losing them to other managers. That may spark fresh discussions in the industry about opening up to the asset. Counterpoint Global, led by Dennis Lynch, has expanded with a simple-sounding mantra of betting on unique companies whose market value can increase significantly. Enthusiasts would argue that approach fits well with Bitcoin. The group oversees about 19 funds, of which five delivered gains in excess of 100 percent in 2020. Its mutual funds have consistently made the top tier of rankings in recent years. Last year’s unusually high returns were aided by bets on companies benefiting from the pandemic, such as e-commerce and streaming entertainment. Prominent investments included Amazon.com Inc., Shopify Inc., Slack Technologies Inc., Zoom Video Communications Inc. and Moderna Inc. Despite its size, the group relies on concentrated investments and has stakes in just about 200 companies. Bloomberg News

Banks trim CEO compensation in year of restraint

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ANK of America Corp. and Citigroup Inc. trimmed compensation for their chief executive officers (CEOs) in 2020, a year in which banks exercised restraint in compensating employees as the pandemic ravaged the economy. Bank of America reduced CEO Brian Moynihan’s pay by 7.5 percent to $24.5 million, it said Friday in a filing. Citigroup curbed compensation for outgoing CEO Michael Corbat by 21 percent to $19 million, it said. Both lenders cited the impact of the pandemic in considering the compensation levels. Bank of America’s board said it evaluated the impact of the virus “on financial performance, its clients, communities and its own employees.” Citigroup noted the “extraordinary effect” on macroeconomic conditions in the US

and globally. Citi also cited consent orders from the Federal Reserve and the Office of the Comptroller of the Currency for failings of technology infrastructure and internal controls. The bank has vowed to rectify the problems, with incoming CEO Jane Fraser leading much of the remediation effort. Citigroup will cut bonuses for dozens of its top executives after the reprimands by regulators, Bloomberg News reported last month. Corbat was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, the New York-based bank said in its filing. Moynihan received $23 million in stock grants and a $1.5 million salary, the bank said. While he hasn’t been given a cash bonus since 2007, part of his stock award will settle in

cash when it vests. Moynihan is steering the lender through another major economic slump after taking the helm 11 years ago in the wake of the global financial crisis. Pandemic compensation has sown anger and division among higher-paid employees at the bank, who’ve pointed to underwhelming

payouts and special bonus policies during a bumper year for investment bankers and traders. Meanwhile, lower-paid staff got extra payments of $750. The biggest US banks have been frugal on pay as strains on consumer divisions counter a windfall from Wall Street dealmaking and trading. Bloomberg News

Here’s what the CEOs of major banks were awarded:

Company

CEO

2020 Pay

Bank of America

Brian Moynihan

$24.5 million

Goldman Sachs

David Solomon

$17.5 million

JPMorgan

Jamie Dimon

$31.5 million

Morgan Stanley

James Gorman

$33 million

Wells Fargo

Charlie Scharf

$20.3 million

Citigroup

Michael Corbat

$19.04 million

HarvardManagementUpdate www.businessmirror.com.ph Monday, February 15, 2021 b4

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

Should you rehire an employee

who left your company? A By John D. Arnold, Chad H. Van Iddekinge, Michael C. Campion, Talya N. Bauer & Michael A. Campion

stellar employee leaves your company for another job. Perhaps he was lured by a recruiter offering an enticing salary and impressive perks, or maybe he just wanted to try something new. But months—or even years—later, he is knocking on your door again. Turns out the grass was not greener on the other side. Do you rehire him?

main questions: 1) Does the job performance of boomerang employees improve, stay the same or decline upon returning to their former employers? 2) How do boomerang employees’ performance levels and turnover rates compare to those of more traditional hires, such as internally promoted employees and those brought in from outside the company? We analyzed a large data set consisting of eight years of archival data on over 30,000 employees in management positions at a large retail organization who were brought in as external hires, promoted from inside the company or rehired after leaving it. In addition to job history information such as tenure and reasons for departure, the data set included the organization’s annual ratings of the managers’ job performance, based on their competencies, job responsibilities and goal accomplishment. Here’s what we found:

Boomerang employees’ performance tends to remain the same after they are rehired

Additionally, boomerang em-

by pch.vector | www.freepik.com

Historically, leaving an organization was considered disloyal, and rehiring former employees was considered taboo. However, in an age when the average worker will work for more than 12 different employers during his career and companies are grappling with a tight labor market and skill shortages, many organizations are giving consideration to “boomerang” employees. Rehiring former employees is often believed to come with certain benefits attached. First, because boomerang employees are known, they are considered to be less risky a choice than firsttime hires. Returning employees also already know the job and require less training and onboarding time. And because they know what they’re getting into, they may be more committed this time and less likely to leave again. Perhaps most importantly, they may have improved thanks to the experiences they had during their time away and bring back fresh knowledge, skills and maturity. Very little research has examined this staffing strategy, however. For this reason we set out to see if boomerang employees were living up to the assumptions listed above. Our research addressed two

ployees who leave the organization a second time tend to do so for reasons similar to those that motivated their first departure. In other words, boomerang employees' actions are fairly predictable based on the behaviors exhibited during the initial tenure.

Both internal and external hires improve more over time than rehires

While boomerang employees perform similarly to internal and external hires in the first year, they are outperformed after the first year on the job.

Boomerang employees are more likely to turn over than both internal and external hires

This suggests that if an employee has left an organization once, he may be willing to do so again.

We were curious to find out if the reasons boomerang employees left in the first place might also provide more insight. For example, the retail company we studied had rehired some employees who turned over involuntarily, perhaps as a way of providing them with a “second chance.” So, we classified the reasons for initial turnover based on whether they might be a positive indicator of future job performance (such as to continue their education), a relatively neutral indicator (such as for personal reasons) or a negative indicator (such as termination due to poor performance). We found that return performance was comparable among boomerang employees who had originally left for positive or neutral reasons. In contrast, boomerang employees whose initial turn-

over was for performance-related reasons did not do as well as those positive or neutral employees. Although we had hoped there would be a good “second-chance” story here, we found that behavior was consistent before and after rehiring. So, can hiring boomerang employees still be a good investment? Our findings did support the idea that boomerang employees’ future outcomes are likely to be consistent with their past behavior. As such, a returning employee is probably less risky than someone unknown because organizations can expect that person to perform in a manner similar to how he did before. If that performance level is acceptable, then he may be a good hire. Additionally, boomerang employees who left for relatively positive or neutral

reasons initially outperformed internal and external hires. This supports the claim that boomerangs require less onboarding and may contribute more quickly than other worker types. On the other hand, boomerang employees did not appear to return with higher levels of commitment. In fact, they turned over at a higher rate than other types of employees. Although it would be interesting to know how employees who have been laid off do when they return (especially given the mass layoffs resulting from Covid-19), our data did not include layoffs, and some of our findings may not apply to that specific type of boomerang employee. For example, we don’t know whether employees who have been laid off and are later rehired would turn over more than other types of hires. Given what we do know so far, however, we would generally recommend rehiring good performers who have previously been laid off. The bottom line is that upon rehiring, boomerang employees are likely to be about the same as they were before, rather than better or worse. So, don’t just believe the hype. First, consider your organization’s objectives, and if predictability, short-term performance and lower training costs are your goals, boomerang employees may be right for you. John D. Arnold is an assistant professor in the management department at the University of Missouri’s Robert J. Trulaske, Sr. College of Business. Chad H. Van Iddekinge is the Henry B. Tippie research professor of management at the University of Iowa’s Tippie College of Business. Michael C. Campion is an assistant professor in the management department at the University of Texas Rio Grande Valley. Talya N. Bauer is the Cameron professor of management at the School of Business at Portland State University. Michael A. Campion is the Herman C. Krannert distinguished professor of management at Purdue University’s Krannert School of Management.

Giving critical feedback is even harder remotely By Therese Huston

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elivering constructive feedback is nerve-wracking in the best of times. After all, most managers don’t want to crush their employees’ spirits. These tough conversations are even harder to have as multiple crises and their side effects wear on, which can make the negativity bias that normally affects our perceptions even worse. To top it all off, the switch from in-person to remote office settings has removed the nuance that can help soften the blow of bad news. As Roy Baumeister and John Tierney explain in their recent book The Power of Bad, negativity bias is the “universal tendency for negative events and emotions to affect us more strongly than positive ones.” In other words, the bias shapes how we receive feedback, leading us to ruminate over criticism and brush past praise. Negativity bias can be a challenge in any feedback conversation, but it’s particularly problematic right now because of the chronic stress many people are experiencing as a result of the

Cov id-19 pandemic. Research has shown that chronic stress is tied to a stronger negativity bias. Right now, in what has been a trying time for so many people, employees may be even more likely to focus on the negative in your message. If you say, “I need you to redo that report,” they might hear, “Your work is really slipping,” or worse yet, “I’m not sure you belong in this job.” You’re trying to help them improve, but they think you’re judging them, and harshly. Managers I’ve interviewed note that when they’re giving feedback in person, they can adjust the context to communicate the severity of the news. One midlevel manager at a tech company with an open office plan used to pull employees into a focus room when he wanted a private feedback conversation. He’d pick a room with comfy, colorful chairs and a low coffee table if he wanted the environment to feel relaxed and casual, and he’d pick a conference room with chairs around a big formal table if he wanted to communicate a more serious tone. With his employees now working at home, he can’t control the setting that way.

M a ny m a n a gers now f i nd themselves unable to rely on nonverbal cues when having tough conversations. The stress that’s increasing negativity bias and the circumstances that are keeping the workplace at home are likely to persist for a while longer. Taking a few steps to be more strategic about how you deliver constructive feedback can help prevent negativity bias from distorting how your employees receive your feedback.

1. Start by asking questions

Begin your constructive feedback conversation by asking your interlocutor about his perspective. You might ask, “What did you think of that report?” or even, “How did that go?” You want to learn about that person's experience and what he thinks of his work—maybe he has never worked so hard on a three-page document before. It will be easier to raise your concerns if the employee has already mentioned the issues at hand. What if someone says he thinks the project you asked about went well and doesn't voice any concerns? You might be dealing with an “unaware underperformer.”

If you observed the problem directly, you can say, “I ask because I noticed X,” and if you didn’t observe the problem yourself, try, “I ask because I heard X.” In either case, you’re hoping the employee is willing to brainstorm ways to handle the situation differently in the future. Be clear that each employee is being evaluated on results, not effort.

2. Offer appreciation before you offer criticism

In their research, Harvard Business School's Leslie John, Alison Wood Brooks and Jaewon Yoon have found that individuals are more receptive to constructive criticism if they’re first told what specifically they did well. Your goal here isn’t a simple “You do good work.” Instead, make it as concrete as the concern you’re about to raise— for example, “It’s clear you have a mastery of the data.” If there isn’t much you can praise about a person's work, acknowledge the individual's willingness to keep improving.

3. State your good intentions

John has also found that explicitly stating your good intentions

goes a long way toward improving how the other person hears bad news. Try, “I’m in your corner,” or “I know you’re trying to improve your writing and I want to help you get there,” or even, “I want to be able to use this report as a model for the rest of the team.”

4. Clarify and contrast

Helene Lollis, the CEO of Pathbuilders, a firm that helps women fulfill their leadership potential, finds that contrasting statements can bring clarity. After you’ve raised your concern or suggestion, follow it with, “What I mean is X. What I don’t mean is Y.” For instance, “What I am saying is that I’m concerned you don’t have the bandwidth right now. What I am not saying is that you lack the ability. I know this would be easy for you under other circumstances.” You can preemptively address any negative impressions that the other person might entertain.

5. Have the other person state the key takeaways from your conversation

Save time at the end of the conversation to ask, “What are your

top three takeaways?” It may feel redundant, but you’ll learn if your interlocutor is taking a negative nosedive and if so, you will have the ability to reframe the message. Sandy Anuras, vice president of global marketing technology at Expedia Group, observes that when you’re giving feedback remotely, it’s far easier for the other person to end a call abruptly than it would be if the conversation took place in person. If someone urgently needs to get off the call, ask that person to email you by the end of the day with his three takeaways. It’s better to correct any misunderstandings in the moment, but the same day is better than letting your employees ruminate overnight or over the weekend. W h i le t he ongoi ng st ress brought about by the pandemic can make your employees take constructive feedback even harder than usual, taking care to deliver it with clarity and sensitivity will help them focus on the reality of your message, even in a remote environment. Therese Huston is the author of Let’s Talk: Make Effective Feedback Your Superpower.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, February 15, 2021

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JANEENA CHAN wearing Turquoise, Amethyst and True Sapphire from the Air Optix Colors Gemstone Collection.

Rock that colorful winged eye HERE’S an interesting makeup hack you might want to add to your arsenal of techniques: Using bullet matte lipstick to create winged eye makeup. This is an easy and exciting way to upgrade your look into something more trendy and dramatic. So if you’re game to try something different, try experimenting with Blythe by Careline Majestic Matte Lipsticks (P165), and a thin angled brush. To create a clean winged eye, follow these steps: ■ STEP 1: Angle your brush from the side of your nose to your outer brow to determine the endpoint of your liner. ■ STEP 2: Mark a small dot just above the eye crease to mark the tip of the wing. ■ STEP 3: Draw a line connecting the dot to the outer corner of your eye. Avoid pulling the skin while drawing the line. Instead, tilt your head back and look down so you can easily trace your lash line. ■ STEP 4: Draw another line connecting the outer corner of the eye to the middle of the upper lash line to create your outline. ■ STEP 5: With your angled brush, fill in your outline using your preferred Blythe Majestic Matte Lipstick, which comes in four shades: Kelvin, Phoenix, Vixen and Cosmos. And voila! You have your striking winged eye makeup look. Be sure to clean up any mistakes with makeup wipes or dip your cotton swab in concealer or eye cream to remove any excess eyeliner.

Lush launches new addition to the Sleepy product range INTERNATIONAL handmade cosmetics brand Lush has launched a new addition to their highly acclaimed Sleepy product range that continues to make headlines across the globe. Their most indulgent mask yet, Beauty Sleep face and body mask combines royally rich ingredients to polish the skin, with a generous helping of their most luxurious moisturizer Gorgeous to nourish it. The perfect addition to any nighttime routine, it may also help you sleep. Inspired by Lush cofounder and product inventor Mark Constantine’s quest for a good night’s sleep, Beauty Sleep has been refined and personally tested by Lush cofounder Helen Ambrosen and Mark for over a year. The result? A mask that was just too good not to share. Feel rested, pampered and restored with cleansed, smoothed and moisturised skin. A decadent mask composed of sleep-inducing lemon verbena and valerian root (extracted in honey sourced from the Barro Vermelho community in Brazil), hydrating mullein, linseed decoction, gently polishing ground organic aduki beans and a dollop of Lush’s most exquisite facial moisturizer Gorgeous. How to use: Remove makeup and splash the face with water, pat dry and apply. Leave on the skin for 10 minutes in order to give the ingredients time to soften and moisturize and the essential oils time to relax the senses before the skin has a gentle exfoliation from the aduki beans. For ideas on how to build your own pre-bed routine using Lush’s Sleepy product range, visit www.lush.com.ph, www.facebook.com/LushPhilippines, or www.ssilife.com.ph.

Let your eyes do the talking

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LEAR, consistent and comfortable—these are the promises of Air Optix breathable contact lenses, a family of products that include Air Optix Colors, and clear lenses Air Optix Aqua, Air Optix plus HydraGlyde, and Air Optix Night and Day. All are manufactured by the Texas-based Alcon, the global leader in eye care. On February 10, Air Optix Colors virtually launched the Gemstone Collection, a trio of colors such as Amethyst, True Sapphire and Turquoise. They are monthly-replacement lenses made with Alcon’s SmartShield Technology, which helps protect the lens from irritating deposits for consistent comfort, plus breathability for healthy-looking eyes for everyday wear or even for long-hour wear. “Consumers are interested in color contact lenses even if they wear glasses or don’t need vision correction,” shares Dr. Jeanette Romualdez, Alcon’s professional affairs consultant. “Whether someone has dark or light eyes, Air Optix Colors offer a comfortable contact lens option to explore subtle or vibrant enhancements to eye color.” The new lenses have Alcon’s unique three-inone color technology. “The Proprietary 3-in-1 color technology blends with the eye color to provide a beautiful, natural appearance to enhance any eye color,” Romuladez explains. “The outer ring defines and emphasizes the iris, the primary color transforms the eye color, the inner ring brightens and adds depths.” Alcon enlisted host and content creator Janeena Chan for the launch of the Gemstone Collection. “She

is an AOC wearer ever since, so it was so natural for her to speak from her experience,” says Romualdez. “I love the 3 new colors of @airoptixph’s Gemstone Collection! Especially now that my eyes are graded! They not only look great but are extra breathable on the eyes too! Perfect for Zoom events, and basically everything from work to play, especially in the new normal! With masks and face shields on, we gotta let our eyes do the talking,” gushed Janina on her Instagram. “As a true color lover, I am excited to help Alcon launch the collection, offering people yet another way to express themselves and play up their look by enhancing their eyes with color during their virtual meetings and online activities,” adds Janeena. “Eye color allows us to amplify our personalities, tap into fashion and makeup trends and can be a powerful way to communicate.” The trio of new colors are in addition to Gray, Blue,

Green, Pure Hazel, Brown, Sterling Gray, Brilliant Blue, Gemstone Green and Honey. As a special treat, for every box of Air Optix Colors (one pair), you can get extra two pairs from FreshLook One Day or FreshLook Illuminate. You can learn more about the full line by visiting www.alcongocontacts.ph, or follow @AirOptixPh on Facebook and Instagram. I know the claims about this brand to be true and correct because I’ve been wearing them for the longest time, as recommended by eye-care professional, Dr. Cirila Salcedo, and Romualdez. I am a living testament to their mantra: “The breathable contact lenses let you focus on your life, not your contact lenses.” Covid-19 has forced me to be extra careful, almost paranoid, in handling my contact lenses. I wash my hands thoroughly—obsessively—before removing them and before putting them on. As in this quarantine era I work from home and stare at computers all the time, or binge-watch films and TV series for hours, or read a book one after the other, taking great care of my eyes has become fundamental. Romualdez provides some rules: “During this pandemic, we need to make sure we remember the three Bs. Breathe—by using breathable color contact lens like Air Optix Colors. Break—take breaks. 20/20/20, every 20 minutes, you rest for 20 seconds and look at something 20 feet away. Blink—we blink 10 to 15 times a minute. When we are too focused on what we do, we blink less and it puts us at a risk of having dry eyes.” ■

New luxury fragrance celebrates the tuberose flower

FRAGRANCE is something that evolves and is very personal. In my 20s, I loved citrusy and/or very powdery scents, and they smelled so good on me. Last year, someone gave me a bottle of the perfume that was one of my signature scents when I was in my 30s and I thought it didn’t smell the same anymore. I realized that it wasn’t the scent itself that had changed but my preferences. Several years ago, I learned that Madonna likes Fracas by Robert Piguet and even reportedly based her own Truth or Dare fragrance on it. Fracas, which has tuberose with orange blossom, powdery iris and jasmine, is not for women who like the usual fruit florals. Fracas, like most tuberose scents, has been described as a “bad girl” fragrance. When it was created in 1948, the scent was dedicated to an actress who appeared naked in a 1935 film. This was considered very scandalous at that time. Tuberose has very feminine notes that are considered powerful, seductive and elegant. Tubéreuse Nue, the new Tom Ford Private Blend fragrance, celebrates the tuberose flower. Also known as “Mistress of the Night,” the nightblooming tuberose flower appears delicate during the day and reveals its true potency at midnight. The tuberose flower requires nocturnal pollinators to bloom, evoking the duality of the notorious, heady scent with enticing spices to release an extravagant magnetism as night falls. For Tubéreuse Nue, the white floral introduction

exposes a deceptively innocent tuberose and jasmine, exuding a deep sensuality while timut pepper adds erotic potency to this mystical dance. At its peak, a supple suede accord exudes skin-on-skin carnality, and a soft blanket of woody patchouli and agarwood musk capture the afterglow, promising the mood endures. Buying a Tom Ford scent is a splurge. A 50ml bottle of Tubéreuse Nue is P12,600 and the 250ml bottle is P31,800. I will not even pretend to say that this is a good buy. Buying any Tom Ford Beauty product, whether it’s a lipstick or a perfume, is a luxury, especially these days. A Tom Ford scent is a splurge that you’d want to save for a date night or a special occasion. Also, the chic matte ivory bottle would look good on any countertop. You can get Tom For Beauty products at Rustan’s Makati, Adora, SM Makati and SM Mall of Asia. Home delivery service is also available through the stores above. Call +63-9176388847 for more information. Here are some of my favorites from Tom Ford Beauty: ■ BOYS AND GIRLS LIP COLOR IN DOMINIC. Dominic is a slightly cool-toned, medium-dark red with a satin finish. This has been my go-to red lipstick for about

three- to four years now. I love the smaller size. It’s funny that I recently discovered that I have three tubes of this. Disclosure: One was a gift from the brand. ■ NOIR DE NOIR FRAGRANCE. “Noir de Noir is dark, sexy and indulgent. Yin collides with Yang featuring black rose, black truffle and patchouli for an intense, sensual awakening,” is how Tom Ford describes this fragrance. I love Noir de Noir because it’s a scent that suits my body chemistry. ■ CASABLANCA LIP COLOR. Casablanca, one of the brand’s most popular lipsticks, is described as a “reddened plum” with a cream finish. There are many lipsticks that look like Casablanca but I say this is unique because it fades well into a tint-like finish and if you’re having a long day, you don’t need to retouch. ■ SHADE AND ILLUMINATE SOFT RADIANCE FOUNDATION. At P7,000 a bottle, this is an investment foundation. It contains hyaluronic acid, Balsam Copaiba, Andiroba Oil, and Acai Oil, plus Noni extract that helps reduce inflammation and redness. I use this more as a concealer than a foundation. The formula contains light-diffusing powders to harness light and shadow (which is why it also works as a concealer) and it has SPF 50.

B6 Monday, February 15, 2021

PCPPI opens new line in Sto. Tomas, Batangas line to augment production of carbonated drinks

P&G Philippines, continues face mask donation as COVID-19 cases increase

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ROCTER & Gamble Philippines strengthens its support of the fight against COVID-19 by providing 700,000 face masks to COVID-19 vulnerable communities. These masks will go a long way in ensuring the safety of Filipinos as DOH confirms the presence of the more transmissible strain in the Philippines. The donation is in partnership with the Department of Health and United States Agency for International Development (USAID) in support of the continuous nationwide campaign of BIDA Solusyon sa COVID-19 and will be donated to COVID-19 hotspots and areas where USAID is supporting the implementation of CODE+BIDA. CODE, or Coordinated Operations to Defeat Epidemic, is the Department of Health (DOH) protocol that works with communities to actively track and monitor infections. Meanwhile, BIDA Solusyon is an information campaign by the health department that seeks to educate Filipinos on the values of good hygiene and healthy habits. P&G has been the leading supporter of the program since its launch last August 2020 and have helped to reach millions of households with its educational materials. This year, DOH has updated it to be “BIDA Solusyon +” to communicate the added mandatory protocols: B-awal walang mask at face shield, I-sanitize ang kamay at iwasan ang kulob na lugar, , D-uminstansya ng isang metro at limitahan ang pisikal na interaksyon sa iba, A-lamin ang tamang impormasyon at ang “+” Suportahan ang FDA approved na bakuna.

P&G Philippines repurposed its manufacturing lines to be able to produce medical grade face masks even prior to the IATF announcement mandating the use of face masks in public. The company has produced and donated over one million masks to the DOH, Philippine Red Cross, Office of the Vice President, the Philippine National Police, and the local government units of Manila, Cabuyao, and Taguig. P&G has previously donated face masks to the city of Manila, and will be able to give more to Caloocan, Cebu, Iloilo, Davao, and Zamboanga. The masks will also help DOH and USAID’s on-ground partners from the said cities who continue to lead the implementation of protocols and monitoring of transmission rates. P&G was among the first companies to step up and support frontliners and communities by donating their trusted health and hygiene products like Safeguard, and investing in the production of medical-grade face masks in their manufacturing plant in Cabuyao, Laguna. The company repurposed its lines even prior to the IATF announcement mandating the use of face masks in public. The company has produced and

donated over one million masks to the DOH, Philippine Red Cross, Office of the Vice President, the Philippine National Police, and the local government units of Manila, Cabuyao, and Taguig. “We are one with the government and the country in the fight against COVID-19. We are committed to be a Force for Good by serving consumers with trusted health & hygiene brands, by producing and donating medical-grade face masks, and by supporting public and private partnerships that aim to stop the spread of the virus.” says Raffy Fajardo, President and General Manager, P&G Philippines. To learn more about P&G’s COVID-19 response, visit https://us.pg.com/ covid19/.

Celebrate the month of love with Cherry Home’s Better Together promo mopping with Cherry Home x Deerma TJ210 Wet & Dry Vacuum Cleaner. It has a dust capacity of as much as 6L and a strong suction of up to 18,000 Pa. Achieving a spotless clean home is now made a lot more convenient and affordable. Get this exclusively online at cherryshop.com.ph, Shopee, and Lazada.

A Cleaner and Safer Abode for Your Loved Ones

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ROM weekend shopping with your best friend to a romantic candlelit dinner with your significant other, everything is simply more fun and memorable when done in pair! In celebration of the month of love, Cherry Home brings you its Better Together Promo which will run from until February 28, 2021.

Online Exclusive

MANTAINING huge living spaces may require more time and effort. Save yourself from unnecessary incovenience by getting home appliances that will help you get your work done in no time.

For the busy homemakers, Cherry Home knows exactly what you need! In the Better Together Promo, you may avail the Cherry Home x Deerma TJ210 Wet & Dry Vacuum Cleaner and Cherry Home x Deerma Water Spray Mop bundle for as low as P4,990. Save as much as P2,390 from its P7,380 original SRP. Scoring this bundle means less hassle when keeping your floors smooth, shiny, and even your entire home smelling fresh and clean as the Cherry Home x Deerma Water Spray Mop is refillable with water, detergent, and fragrance oil. Moreover, avoid slips and unwanted footprints as you can dry your floor immediately after

THERE’S nothing like having the confidence that your family stays safe, especially during this pandemic. Get rid of 99.9% of germs including bacteria, viruses, fungi, and protozoans with the Cherry Home Smart Disinfecting UVC Desk Lamp. This home essential can effectively cover a 30sqm room and has 360 degrees room protection. It likewise features a two-way control allowing you to operate manually or with the use of your smartphone. Meanwhile, Cherry Home knows that your loved ones include your fur-milly and these babies deserve an extra level of protection too. Make sure their drinking water and sheets are free from all kinds of germs with the Cherry Pet UV Wand. This effectively kills 99% of fungi, germs, viruses, and dust mites in as fast as 20 seconds. It is also portable and lightweight so cleaning an area is as easy waving your hand. These two are now available as a bundle for only P4,000 from P4,799. Get yours now at any All Home, True Value, and Handyman participating stores or grab these online. Celebrating the month of love is truly more exciting and unforgettable with Cherry. For more information, you may visit the following: Cherry Shop PH: www.cherryshop. com.ph; Shopee: https://shopee.ph/ cherryhomeph; Lazada: https://www. lazada.com.ph/shop/cherry-home/

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EPSI Cola Products Philippines Inc. (PCPPI)—the exclusive manufacturer of PepsiCo beverages in the country—recently opened its newest line in Santo Tomas, Batangas. The line will boost PCPPI’s production of carbonated soft drinks in highly-recyclable polyethylene terephthalate (PET) bottles. “After six months of preparation, the newest Southern Tagalog Regional Office (STRO) line is proudly PCPPI’s most advanced bottle production facility yet. This addition will address the growing needs for refreshing drinks of the public who are already recovering from the effects of the pandemic,” PCPPI President and CEO Frederick D. Ong said. According to the company, the new line increases its overall PET production by 30%. “PCPPI’s investment in this new line is a testament to our commitment to helping stimulate the economy by generating more jobs, especially in Sto. Tomas area. We believe that our country is on its way to recovery and, by investing and expanding our business, we can support the economic

upswing,” Ong mentioned. PCPPI added that the new line, inaugurated last January 7, adheres to sustainable business practices, as PET remains one of the highly-recyclable and sustainable plastic materials in the world. In total, four lines are now fullyoperational in STRO, ready to produce PepsiCo beverages Filipinos have loved for more than 70 years.

Make your move on a new Toyota this February

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EBRUARY is the month to make your move! Starting February 5 to 28, 2021, Toyota Motor Philippines (TMP) is offering awesome deals and value-added benefits on your new Toyota. Get up to P100,000 discount when you purchase a New Vios, P60,000 on an Innova or Fortuner, or P50,000 on a Corolla Altis or Hiace Commuter Deluxe. Other well-loved models such as the Wigo, Avanza, Hilux, and Rush also get outright cash discounts on participating variants. Even greater deals are available for the Supra, Alphard, prev. gen Yaris, and Coaster. All-in low down payment or low monthly plans are also available on selected models and variants. Selected models and variants get freebies such as Periodic Maintenance up to 20K KM and/or one year comprehensive

insurance, and 5-year warranty for a brand new Toyota Vios G, E, or XLE. On top of these offers, customers looking to trade-in their old vehicle for a Toyota can get up to P40,000 rebate which can be used to purchase accessories or availed with other existing offers. PH’s new finance product which offers light monthly payments, periodic maintenance inclusion, and guaranteed resale value, is also offered for the Vios, Corolla Cross Hybrid, New Fortuner, and New Hilux. For more details on the February Make Your Move promo, check out https:// toyota.com.ph/promos/makeyourmove and https://toyota.com.ph/balloon-paymentplus for Balloon Payment Plus packages. For more information on any Toyota model, our vehicles can be viewed at https://toyota.com.ph/showroom.

SM Hotels bring back its popular online GC sale in time for summer until March 21

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M hotel’s online GC sale is back with equally enticing offers to perk up everyone’s summer plans. After a successful run last year, SM hotel properties have lined-up a wide array of packages for families and friends to enjoy that much-awaited getaway! From February 22 until March 21, 2021, grab up to 65 percent worth of discounts on overnight stays in participating hotels including Conrad Manila, Taal Vista Hotel, Pico Sands Hotel, Park Inn by Radisson Clark, Park Inn by Radisson Davao, Park Inn by Radisson Iloilo, Park Inn by Radisson North EDSA, Park Inn by Radisson Bacolod, and Radisson Blu Cebu. But that’s not all. Choose from a variety of leisure and wellness sprees including dining vouchers, events and celebrations packages, and a lot more. Gift certificates purchased during the sale period have a validity of up to December 19, 2021, giving guests the flexibility to book and enjoy the offers at their leisure and utmost convenience. Terms and conditions apply. In support of the Department of Tourism’s continued efforts to promote domestic tourism and enable staycations

under the new normal, SM hotels’ wellappointed properties ensure worry-free and pleasant experiences at every point during each guest’s stay through the SustainablySafe program. Visit https://whyqueue.shop/smhotels beginning February 22, 2021 to avail these great deals!

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, February 15, 2021 B7

How our agency adapted to the pandemic crisis

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PR Matters

By Joy Lumawig-Buensalido

People: Dentsu Malaysia Bids Farewell to Merdeka LHS Veterans; Welcomes Andrew Low

KUALA LUMPUR, MALAYSIA— Dentsu Malaysia (formerly Dentsu Aegis Network) is bidding an emotional farewell to three veteran

N January of this year, our Ipra Philippine chapter organized a webinar featuring as a major speaker our Ipra Global President Philippe Borremans who spoke on the topic “Communication Trends in 2021 and Beyond,” the highlights of which he also shared here in his guest column last February 1. There were four other speakers, including me, who tackled various topics before him and we are each sharing the highlights of our talks here for the benefit of those who missed it. I am now pleased to share the key points of my short talk entitled, “How our Agency Adapted to the Pandemic” and why our agency—Buensalido Public Relations and Communications—is still happily active after hurdling the challenges of the pastyear. With the unexpected lockdown in mid-March 2020 and ensuing quarantine protocols, we all experienced the loss of social interaction. The dearth of legitimate news allowed the proliferation of spurious information on the health crisis. Most of us were cast into a state of suspension. Despite the unfortunate turn of events—the loss of lives, the suffering, and the seeming hopelessness that nearly broke people’s spirits—one thing emerged as truly vital and essential for everyone, the singular factor that would let us reach out and connect...communication. Those of us who work in media, marketing, public relations, government and corporate relations are supposed to be experts in communication, but how did we respond? In many ways, we are supposed to be primed for crises, not only for our companies but more especially for our clients. How did we cope? I can only draw from my personal experience and I can affirm that we reacted mainly by instinct. Buensalido PR has been in existence for over 30 years now and we have grappled with many challenges in the past, but this pandemic was a first. While airline crews, for instance, are trained to handle life-threatening situations mid-flight, there was no manual or handbook that we could turn to for tips in dealing with the consequences of a deadly outbreak. For our agency, I had to rely on partners of Merdeka LHS, the creative agency it acquired in 2016: CEO Tony Savarimuthu, and Chief Creative Officers Huang Ean Hwa and Szu H. Lee. Former CEO of Dentsu Malaysia Nicky Lim and new CEO Kien Eng Tan are both grateful for everything these three have done in building, growing, and subsequently completing the earnout duration of Merdeka LHS and wish them the best of luck in their future endeavours. “As these three ride into the sunset, their everlasting legacy has been imprinted into Dentsu’s DNA

instinct. Yes, instinct! In my case, I drew upon my maternal instinct. As a mother and as a woman who was faced with a threat to my work family, to our business, and even possibly to our lives, I acted the way every mother would. Here are the five simple ways with which I led and steered our agency through the worst of times:

Protect and Defend my Family, My Team, and Our Clients

We prioritized the health and safety of our team. After closing down our offices, we asked everyone to work from home and informed all clients that we would continue to work remotely. We kept all communication lines open—to the team, to our clients, to our suppliers, and to the media and the community.

Save, Save, Save

We had to manage our resources, our people, and our energy in order to be able to sustain our work for the long run. We are all familiar with the old saying: Always save for a rainy day. Well, that rainy day came and it was no ordinary downpour. We took an unexpected hit from a global catastrophe. We had no idea how long the lockdown would last so we had to assess, analyze, and project what we needed to do in different scenarios. We took stock of the number of clients and staff we had, and projected our costs until at least the end of 2020. Based on our revenues, the limited savings that we had, and a projected workflow, we trimmed down all expenses, maximized the use of remaining resources, and continued to pitch and work for new projects and accounts. We explained to our team that we all had to contribute to and take part in the management of our resources, and yet we were expected to work with the same dedication and often for even longer hours. They all understood and I’m very grateful that my team is made up mostly of young and resilient digital natives who easily took to doing everything digitally. As the only “digital immigrant” (read: late adaptor to the digital landscape), I also had to transform my set ways of communicating by learning and using quicker ways. and it is my honor to have served with them,” says Nicky Lim. Tony has served the industry for more than a decade, formerly as vice president and president of the 4A’s introducing many progressive initiatives such as The Effies. Commenting on his departure: “I’ve had the good fortune of working on some of the world’s most renowned brands as well as go-getters striving to change the status-quo working with the best creatives in the land. I wish to pay tribute to my long-time colleagues and friends Huang Ean Hwa and Szu Lee, and not least Ali Mohamed and

Sustain Our Relationships and Maintain a Deeper Understanding of and Presence for our Partners and Clients

Thirty years of working with various sectors and companies proved helpful during this crisis. Because we had won their trust and confidence, it was not difficult to ask them to quickly perform certain functions or decisions with our advice. For clients whose businesses had been hurt badly such as the malls and travel-related services, we offered our assistance and assured them of our continuing help and advice. For those whose operations required more attention during the pandemic such as health institutions like the Makati Medical Center, we maintained our responsiveness, a greater dose of understanding, and willingness to do more. This was a time to work harder despite the many limitations brought about by the circumstances. One major lesson we picked up from the pandemic: the trust, reputation, and strong relationships that we had built and earned over the years proved to be the solid foundation that supports us, in good times but more so during a crisis.

We Quickly Adapted to New Platforms—We Were Not Afraid to Change

Difficult times will bring out the best or the worst in each of us. During this huge crisis, we needed to change and we did. We saw change as an opportunity to grow. So we undertook a lot of research—we read, we kept our eyes and ears to the ground and all around us, and we explored all possibilities. Given the new reality of no personal or social interaction, how could we communicate creatively? We were not afraid to try new ways of doing things. In lieu of traditional methods, we jumped into new platforms. Technolthe late Yasmin Ahmad who were my past colleagues for their ideas, inspired creativity and for changing the perception and fortunes of many a brand both in Malaysia and globally.” Meanwhile, Andrew Low has been appointed as new Group Chief Creative Officer for Dentsu Malaysia’s Creative Line of Service. Andrew came highly recommended by Tony, Szu and Hwa. Andrew’s career spans across three countries in the Asia Pacific region with Ogilvy, Publicis One, and Leo Burnett. His work has won a multiple awards at D&AD, Cannes Lions, The One Show, One Show China,

ogy became our staunch ally. We stayed connected through video calls, google meets, and zoom conferences. The virtual and digital world became our new reality. We even successfully launched a new product—the Sekaya line of organic, natural and plant-based products—in a webinar. From our usual intimate roundtable meets and personalized launches of the past, we quickly shifted to virtual and online executions. Exercising creativity to maximize communications between client and the public, we contacted credible resource persons to help us communicate our messages. And of course, we also called on media to support us on our new platforms, and thankfully, it worked!

“We are the World” Use Communication Skills to Benefit the World

A final realization during the pandemic: we cannot exist in a vacuum or bubble. We need to communicate with a higher purpose. We must use our communication skills to reach out to our neighbors, our community, and the world. How did we do that? We adopted a stronger sense of social responsibility. During the pandemic and even up to the present, we recognized the importance of our neighbors and our country— and the need to support each other. Support our own. Buy Local. Support Local Businesses. We are part of a larger community so as communicators, we must take an active role in caring for and helping others. More than ever, it was time for us and our clients to not only focus on marketing and profit. We also needed to show genuine concern and contribute to issues of health, education, poverty and the environment. This must now be evident in our plans and action. Communicate to make a difference or impact on communities. We were fortunate to have been part of a program for our client to educate the teachers via a nation-

China 4As, Clios, LIA, Adfest, AdStars, Spikes, Kancils, IPA Effectiveness Awards, AMEs, Effies (APAC/China/ Malaysia Editions) and WARC. Andrew will be bringing Dentsu’s creative powerhouses together to solve client’s marketing challenges in an ever-more virtual economy, championing meaningful progress in never-before ways for brands. Commenting on his appointment, Andrew said: “To spur growth, I believe it is fundamentally important to be agile, especially if we want to thrive in new creative business models. I am looking forward to

wide communications effort called AKAP Guro CONNECTeD. This was a series of webinars sponsored by Unilab, Inc. that had us reaching out to thousands of teachers in cooperation with the Department of Education and the Department of Health so we could brief them about Covid-19 and how they could impart the correct information to their students about safety and health protocols. As part of this need to communicate with the world with a refocused, recharged and renewed spirit, we also revisited our agency values and decided that we needed to put more emphasis on our positivity—something that we had always tried to infuse into all our plans and objectives, not only for ourselves but for our partners, in order to keep a positive mindset and communicate everything positive. In keeping with this, we reminded ourselves of several traditional and positive values that we should always try to emphasize in everything we do: kindness, respect for others, gratitude, simplicity, and something that has consistently and personally worked for me: prayers. After all, I consider prayers as the highest form of communication. These values have carried us through the toughest times and we believe these will also help us navigate whatever crises the future holds for us. 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 premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com. working with the team and being a part of its unifying force.” Dentsu’s open teaming platform and spirit of radical collaboration was exemplified recently by the Creative Trends 2021 Report, uniting strategists, creatives and technologists across award-winning creative agencies to identify key opportunities for growth in the new virtual economy. Dentsu predicts that as contactless technologies continue to accelerate and socially distanced stores become the norm, we should expect to see brands “bring humanity to the point of purchase in new ways.”

Sports BusinessMirror

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| Monday, February 15, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Chot’s return big boost to TNT–Castro

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Reyes

ETERAN combo guard Jayson Castro believes the return of Vincent “Chot” Reyes as head coach of the TNT Tropang Giga would be a big boost to the Manuel V. Pangilinan’s flagship franchise in in the Philippine Basketball Association’s (PBA) 46th season. “We didn’t expect the news, but I am really happy because all my championships were under coach Chot,” Castro told BusinessMirror on Sunday, referring to the Philippine Cup in 2009, 2011 and 2012 and Commissioner’s Cup 2012 titles that Reyes won for the team. “He [Reyes] groomed me to be the player I am today. He knows what I can do as a player,” said the 34-year-old Castro, who is recovering from a successful bones spurs surgery last month. “I know what he wants me to do. The familiarity is already there. He is a good motivator, too,” The former Philippine Christian University point guard also served under Reyes in the national from 2012 to 2014 and 2016 to 2018.

Castro, one of only two remaining players—Ryan Reyes—from Reyes’s 2012 team, said the return of the eight-time PBA champion coach was a big surprise to all of them. “He [Reyes] was introduced to us via zoom the other day, and we’re surprised,” Castro said. Reyes last coaching stint was the infamous brawl-marred game between Gilas Pilipinas and Australia in July 2, 2018, International Basketball Federation Asia Qualifiers at the Philippine Arena in Bulacan. “It’s like a homecoming for Chot. He is the coach who gave us four championships,” said Ricky Vargas, Team Governor and Chairman of PBA Board of Governors. “We look forward to a successful relationship with Coach Chot.” “We would like to thank TNT Tropang GIGA Active Consultant Mark Dickel for all that he has done for the team,” Vargas said. “He brought us to the PBA Finals twice in the two years that he was onboard. We wish him well as he moves on to new endeavors.” Bong Ravena slid back to his usual post as assistant coach. The last time TNT won championships without Reyes was under former coach Norman Black (2012 Philippine Cup) and Jong Uichico (2015 Commissioner’s Cup).

Josef Ramos

SUAREZ AIMS FOR TOKYO C By Josef Ramos

HARLY SUAREZ wants another shot at the Olympics after winning his fifth professional bout last Saturday in Paniqui, Tarlac. Suarez, 32, told BusinessMirror that he would be joining the national team’s training camp in Muak Lek province in Thailand in March or April to vie in a box off for a slot in the -63 kgs (light welterweight) category. There are now three light welterweight aspirants in the national team—Suarez, James Palicte and John Paul Panuayan—who will be vying for the division slot for the Olympic qualifying event slated in June or July in Paris, France. “My next plan is to revert to amateur status and compete for a slot in the Olympic qualifying event,” said Suarez, who booked a unanimous decision victory over Jon-Jon Estrada in a 10-round super featherweight non-title main event in Paniqui.

Suarez has won all five of his professional fights all of which were staged in the country. He clinched silver at the Incheon 2014 Asian Games and fought at the Rio de Janeiro 2016 Olympics but lost to Great Britain’s Joseph Cordina, 2-1, in the preliminary stage of the men’s lightweight division. The Sawata (Davao del Norte) pride rejoined the national team in the Philippines 2019 Southeast Asian Games where he won the lightweight gold medal, hiking his gold collection in the biennial Games to three (featherweight in Laos 2009 and lightweight in Jakarta 2011). Suarez, who was assisted in his corner in the Paniqui fight by trainer and manager Delfin Boholst, said he would undergo tests and quarantines for him to join the national team at the Inspire Sports Academy bubble in Calamba, Laguna. “For the country, I still want to fight in the Olympics,” Suarez said. “This is a once in

CHARLY SUAREZ is shedding off his professional cloak as he takes a shot at returning to the Olympics.

Posadas couple shares experience

Elma Muros-Posadas and Jojo Posadas are forever in love with sports.

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ORMER Long Jump Queen Elma MurosPosadas and her champion husband-coach Jojo Posadas shared their experience in training the youth in sports and inspiring them to pursue athletic excellence. The power couple were the main feature in the recent Philippine Sports Commission’s (PSC) Rise Up! Shape Up! last Saturday. “Besides the athletic objective, we also focus onnmaintaining healthy and meaningful connections in the family through sports,” said Muros Posadas, who owns two Asian Games bronze medals (400 meters hurdles and long jump) and a record 15 Southeast Asian Games gold medals. “Sports build interpersonal values that shape healthy relationships such as commitment, trust, and respect for self and

a lifetime opportunity, so I have to grab this opportunity, this is also a blessing.” National Coach Nolito “Boy” Velasco of Association of Boxing Alliances in the Philippines (ABAP) said in a separate interview that Suarez has to work his way through for him to vie in the Paris qualifiers. “He [Suarez] requested ABAP if he can still participate in the box off for the Olympic qualifying and he was given a chance by secretary general Ed Picson,” said Velasco, noting that Suarez has the advantages in the box off because as a pro, he has been in constant actual training during the pandemic. Velasco said the Olympic aspirants will see action in the Thailand Open as part of their preparation for Paris. Pros are allowed to revert to amateur status and compete in regional games, world championships and the Olympics. Tokyo qualifier Eumir Felix Marcial turned pro last September but continues to train for the Olympics at the Wild Card Gym in Los Angeles. Irish Magno is the county’s other Tokyo Olympics qualifier so far. others,” PSC Commissioner Celia Kiram said. “They [Posadas couple] embody these values taught by sports in their bond.” Bringing the message that athletes learn so much about themselves through sports—and even learns how to handle relationships with other people—the episode hoped to highlight that sports contribute to character formation and influences interpersonal relations. Registered psychologist, De la Salle University’s Nenuca Fe Canlas, discussed in the Women On Wellness segment effective communication strategies that can help couples understand each other and converse better. Kiram, who heads the PSC’s Women in Sports, appeared in her regular segment K-Isport: Kwentong Isport talking about athletics.

LeBron warned for flopping; NBA also warns teammate Kuzma

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EW YORK—LeBron James was warned Saturday for violating the National Basketball Association’s (NBA) anti-flopping rule after a play in which the superstar appeared to fall dramatically with little or no contact. The league also warned teammate Kyle Kuzma for flopping in the same game, the Los Angeles Lakers’ 115-105 victory over Memphis on Friday. James was between two Memphis players when teammate Anthony Davis took a shot from the other side of the court. James fell backward and

threw his arms into the air, and a foul was called as the Grizzles players looked on in frustration. Kuzma was defending against Dillon Brooks when he spun all the way around and tumbled across the baseline. Flopping penalties have been infrequent in recent years after the league began cracking down on the act of trying to fool referees into calling fouls by initiating penalties in the 201213 season. After a first-time warning, a player is fined $5,000 fine for a second offense. AP

Deciphering Liverpool Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew AFTER its crushing 3-1 loss to Leicester City that only served to reinforce that Liverpool’s title reign as Premier League champions is over, I went back to check my notes. Cross-referenced them to be as accurate as possible in trying to decipher the debacle that has happened. What was looking like a successful title defense is a magnified slip against Chelsea years ago. Many point to the injuries of their centerbacks as the cause of the team’s decline. Some point a thin squad. Some say that it has played a lot of games in a shortened season. Others have wondered if manager Jurgen Klopp has run his team to the ground. Some point to VAR as a coculprit to their struggles. There is truth to the unbelievable and unlucky number of injuries it had that has forced Klopp to try his 37th defensive combination of the season and to rejigger his line-up. But I still disagree to a point. Injuries are part of any season. The team has had the good fortune of being largely injury free over the previous three seasons. But its defenders didn’t really play well even at the start of the 2020-21 season. I was checking the player ratings dating back to the first games of the season, and their scores weren’t very good. Inconsistent, but it betrayed a hint of the danger to come. Defenders Joe Gomez, Virgil Van Dijk, and Trent Arnold-Alexander have been in poor form. So much for that. They did well with patched up line-ups. And even with all their injuries, the team was atop the league for a while. It has even advanced deep into Champions League play. Thin squad? I think not. Remember when Liverpool fielded its Under-23 team against Arsenal’s first team and beat them? Ran to the ground? No way. The time off due to the lockdown ensured the players are well rested. In my opinion, the long lay-off plus some newcomers not having a pre-season with the squad has contributed to its poor showing. Let’s start with the latter. Prior to the 2018-19 season, Fabinho, Naby Keita, Xherdan Shaqiri, and Allison Becker arrived from Monaco, Leipzig, Stoke City and Roma, respectively, and were able to play in the preseason. They all had a month or so to integrate with their new team. The team finished second in the Premier League and won the Champions League. During the 2019-2020 season, Adrian joined a little over a week before the season started. Takumi

Minamino arrived in the January transfer window. Adrian helped the team to some huge wins including the Club World Cup while Minamino struggled to get the system and find his place. Nevertheless, the team won the Premier League, UEFA Super Cup and the FIFA Club World Cup. During that season, Liverpool was undefeated when the world went into lockdown in the second week of March 2020. Its final match before lockdown was a 2-1 win over Bournemouth. That was almost a three-month lay-off and when it got going on June 21, the squad figured in a scoreless draw against Everton. It thumped Crystal Palace, 4-0, then when Man City took a bad result, it was already Premier League Champions. Except the team stepped off the gas pedal as it was blown away by Man City, 4-0, at the Etihad. It finished the season 2-1-1. But I wondered if the cracks were showing. This season, it was only Kostas Tsimikas (from Olympiakos) who arrived during the short pre-season. Thiago (Bayern Munich) and Diogo Jota (Wolverhampton) arrived with the season having started. Ben Davies (Preston North End) and Ozan Kabak (Schalke) arrived only this February. Like everyone else, the team only had a short pre-season. The lockdown in England went into effect on March 16, 2020. Liverpool returned to action 92 days after the lockdown began. That is exactly as long as the off-season between Premier League seasons. Do you realize that a 92-day lay-off is long enough to sap that “monster mentality” out of you? It is one thing to be competing for a title and another if you are long out of contention and you are looking at the next season for a fresh start. Liverpool had to endure calls for the nullification of the season—thereby possibly not winning the Premier League at all—and a false start (April was supposed to be the initial return to action). The 2019-2020 season ended on July 26 with the Reds returning to training on August 15. The new season was to kick off in 28 days. I think the team lost its momentum during the initial lockdown. Then it went to a quick off-season and struggled to find form and its killer instinct. What it had worked so hard for prior to the 2018-2019 and 2019-2020 seasons has been undone by Covid-19, injuries and now a lack of belief to their own games. Furthermore, it is fighting for its Champions League lives. This season may be a wash, but I think, Liverpool will be back for the next one.