BusinessMirror February 18, 2021

Lopez, Salceda backing Neda on MGCQ

By Elijah Felice E. Rosales @alyasjah

& Jovee Marie N. dela Cruz @joveemarie

T broader look » a8-a9

Shall we dance? It’S cha-cha tIme agaIn,but IS conStItutIon juSt a fall guy for faIlure?

HE Department of Trade and Industr y (DTI) on Wednesday warned policymakers that families may sink into poverty and hunger if they insist on keeping several sectors of the economy shut.

Trade Secretary Ramon M. Lopez told reporters he favors shifting the whole country to modified general community quarantine (MGCQ) by March, as proposed by the economic team. He said the economy can no longer afford taking another month of operating with some sectors closed.

“It is about time we move to

MGCQ after a year of lockdown.

Lockdown was supposed to buy us time to prepare our health system and improve contact tracing, and trace, test treat,” he said. “It is almost a year.”

On Monday, the National Economic and Development Authority (Neda) asked President Duterte to lift quarantine restrictions nationwide by March as agreed upon with Cabinet members. Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua argued for the need to ease protocols to allow business establishments to reopen and, in the process, call back their workers.

Likewise, the Neda recommended increasing the capacity of public transport units; adjusting the age group of those permitted to leave

homes, from 15 to 65 years old, to 5 to 70 years old; and authorizing the pilot of face-to-face classes.

Lopez backed the plan submitted by the Neda to the President, and said the economy needs to reopen to its full capacity the soonest. He claimed the national rates for Covid-19 infections and deaths are going down, and this signals an opportunity to relax quarantine measures and boost economic activities.

“As we see the Covid cases generally going down even with gradual and recalibrated reopening of economy, we should continue gradual and safe reopening of sectors and further relaxation to MGCQ, with very localized lockdown where [it is] needed, so we can open the other parts of the

economy and bring back more jobs for our kababayans,” Lopez said.

“The Philippines was second fastest economy prior to pandemic,” he reminded. “Now, while the economy is on recovery, the Philippines still had the biggest decline in GDP and in employment among Asean neighbors and peers.”

For Lopez, there’s an urgency for the government to give breathing space to Metro Manila, as it is the nation’s capital and, therefore, central business region.

“Metro Manila has a very weak recovery, worse in employment and hunger recovery, and that means more urban poor. The damages to malnutrition and other health and social issues will be irreversible,” the trade chief said.

See “MGCQ,” A2

BIR SEEN TO BREACH ’21 TARGET OF P2.1T

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Thursday, February 18, 2021 Vol. 16 No. 130

P25.00 nationwide | 2 sections 22 pages |

FAST-TRACKED PACE OF DIGITIZATION WILL BOOST GLOBAL TRADE

By Cai U. Ordinario @caiordinario

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OFFICIALS of Marikina City, the Department of Environment and Natural Resources (DENR), Department of Public Works and Highways (DPWH) and Metropolitan Manila Development Authority (MMDA) on Wednesday started the pilot-dredging activities in the initially identified illegally reclaimed portions of Marikina River to avoid flooding in low-lying areas in the city. Story on page A2. PHOTO COURTESY OF MARIKINA CITY GOVERNMENT

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By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary Carlos G. Dominguez III has expressed confidence that Bureau of Internal Revenue (BIR) would exceed its P2.081-trillion target this year as the government needed more revenues this year to cover the expected higher budget deficit.

Dominguez said this feat would be possible this year as the agency continues to ramp up its digitalization efforts.

“With digitalization in improved administrative systems,

and the dedication of the men and women of the Bureau, I have no doubt that the target will not just be met, but will be exceeded,” Dominguez said in his speech during BIR’s 2021 National Tax Cam-

paign Kick-Off on Wednesday.

BIR’s target for this year is 23.5 percent higher than its P1.685trillion downscaled target last year.

In the same speech, Dominguez said the “country needs to collect as much revenue as possible to defeat the pandemic and support public investments to help our economy recover.”

The government is hoping to raise more revenues this year to cover the expected higher budget deficit at P1.78 trillion or 8.9 percent of the country’s GDP. The government has yet to officially release the full-year budget

deficit figure for 2020, but Dominguez earlier said the “emerging” budget last year was at P1.36 trillion or 7.5 percent of the government’s projected GDP. Should this be realized, this is record-high and more than double the country’s budget deficit in 2019, which only stood at 3.4 percent of GDP or P660.2 billion.

State revenues were down last year because of the pandemicinduced economic lockdown but Dominguez said BIR still managed to surpass its target last year by taking advantage of digital reforms.

HILE the pandemic has caused so much disruption, one good thing that may come out of it is digitization which could improve the efficiency of global trade, according to an expert from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Trade and Supply Chain Finance Head Steven Beck said paper-based trade has been dragging the efficiency of the global trading system.

With the pandemic and the need to impose mobility restrictions, Beck said efforts to digitize trade transactions were fast-tracked. These efforts, he said, should be continued to make trade systems more efficient.

“From here, we need to maintain momentum. The efforts made thus far to digitize trade need to spread throughout the global trading system, with the somewhat scattershot range of approaches being tried nar-

rowed to the point that we have digital tools that everyone can use,” Beck said.

Beck said distributed ledger technology is one of the ways that are being used to keep trade transactions up to date.

He explained that distributed ledger technology can cut the time, risk, and effort involved in financing trade.

Through this, a trade transaction can happen in real time and is confirmed simultaneously to each participant, replacing face-to-face exchanges of multiple documents over a number of days.

In September, this technology was used to finance a $50,000 shipment from Thailand to Vietnam. The transaction was confirmed to all parties in real time instead of taking days.

Apart from this, Beck said the ADB is also working with the government of Singapore and International Chamber of Commerce to create digital standards and protocols for trade by launching the Digital Standards Initiative.

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Pinoys continue to shun leisure travel–survey

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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ILIPINOS continue to be wary of traveling during this pandemic, but of those who did travel, many are staying close to home.

These were among the findings of “The Philippine Travel Sur vey Repor t: T he Evolv ing Landscape of Domestic Travel in the Philippines,” a project of the Department of Tourism (DOT), Asian Institute of Management (AIM), and Guide to the Philip-

PESO EXCHANGE RATES n US 48.0540

pines. “Travel is still perceived as an answer to keeping Filipinos’ sanity. It is still seen as a priority… an elixir for cabin fever,” said AIM’s Eylla Laire M. Gutierrez.

A summary of the survey results were presented in a news conference in Intramuros on Wednes-

day. There were 7,234 respondents to the survey, of which, only 11 percent or 809 actually traveled.

Respondents came from 78 provinces in the country, but AIM did not show the actual breakdown of the respondents’ provenance.

See “Pinoys,” A2

n JAPAN 0.4531 n UK 66.8191 n HK 6.1988 n CHINA 7.4685 n SINGAPORE 36.2043 n AUSTRALIA 37.2707 n EU 58.1838 n SAUDI ARABIA 12.8130

Source: BSP (February 17, 2021)

News

BusinessMirror

A2 Thursday, February 18, 2021

Pilot-dredging starts in illegally reclaimed parts of Mkna River

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HE city government of Marikina, Department of Environment and Natural Resources (DENR), and Department of Public Works and Highways (DPWH) on Wednesday started the pilot-dredging activities in the initially identified illegally reclaimed portions of Marikina River to avoid flooding in low-lying areas in the city.

“As what we have been emphasizing, this is not simply a dredging activity on the part of the DPWH, but this is a Marikina River restoration activity, which will not be done only today or in the next 65 days but will be a sustainable activity,“ said Mayor Marcelino “Marcy” Teodoro, as he expressed confidence the dredging activities will help them attain a long-term and effective solution to the perennial problem of flooding in the city.

Teodoro, Environment Secretary Roy Cimatu, Metropolitan Manila Development Authority (MMDA) Chairman Benhur Abalos Jr., and a representative from the Department of Public Works and Highways oversaw the dredging in one of the identified areas in Barangay Olandes.

Based on existing land records, the DENR found out that 25 lot parcels with a total area of 27 hectares (271, 625 square meters) were reclaimed without necessary permits, either partially or completely encroaching into the Marikina River.

These portions of the river have been illegally reclaimed, reducing drastically the ability of the waterway to contain excess rainwater during typhoons, DENR noted, adding that the structures have been found violating Presidential Decree 1067 or the Philippine Water Code.

“We have discussed yesterday in the office of secretary that the local government is also acquiring some heavy

Pinoys…

The largest slice of respondents involved those from the ages 31 to 40 years old (29 percent), 22-30 years old (27 percent), 41-50 years old (18 percent), and 18-21 years old (14 percent). The survey was conducted between Nov. 28 and Dec. 30, 2020 via various online platforms.

Inconvenient travel from differing LGU requirements

ANOTHER key finding is that travel behavior has changed, thereby opening opportunities to introduce new travel products and services. For instance,“Heritage sites such as Fort Santiago may actually be used to jumpstart activity as we found out that a lot of young travelers travel for study,” said Gutierrez. Also, families prefer not to travel with their children especially in multi-destinations, even though travel is considered a family activity.

The surveyed also showed “a top source of travel inconvenience” is the different travel and safety and protocols of the various local government units. “Standardization may be implemented at least province-wide or even circuit-wide. This is especially important in catering to spontaneous day trip travelers.”

Traveling can also be personalized, as such Gutierrez encouraged travel agencies and tour operators to develop tour packages tailored to the needs of their customers.

Last, the survey found that travelers now prefer mainly “outdoor activities, like going to the beach, hiking, and biking, such that....wellventilated areas are preferred over confining spaces and facilities,” while “staycations” were the next preferred activity.

Travelers also preferred to travel with their families, considered the safest people to travel with, and “traveled close to home ...so the more drivable a destination is, the more tourists,”

equipment, dredgers, that can be used to continue the dredging activity,” Teodoro said.

Teodoro reiterated that there is a need to dredge because of the natural siltation that happened to the Marikina River, saying,“being a downstream river, of course, what is happening upstream will also affect downstream.” Citing DPWH data, the mayor said they want to achieve at least 4 meters per second of water velocity for Marikina River.

“Dredging will be done to widen the river, to deepen it, to get the correct ratio of the widening and the deepening of the river in order to improve the water carrying capacity of the Marikina River, and thus improving its water current velocity,” he said.

Likewise, Teodoro said they are also embarking on a joint undertaking in planting bamboos, which is a suitable slope protection for the embankment of the river.

With this, he said that the city will build a 1-hectare bamboo nursery in order for the city not to purchase bamboos anymore, and have a steady supply of bamboos they could plant near the river to prevent soil erosion.

“It is not something that we need to buy that will cost the government so much money, but something that we could cultivate together in a nursery and in the proper time we could plant together,” he said.

Through the Task Force “Build Back Better,” he said, they are not only dredging but also restoring the Marikina River to its natural topography.

“Being a downstream river, a catch basin, a valley, it is natural that Marikina will be flooded, but the idea really is to mitigate through this activity by widening and deepening the water channel,” said the mayor. Claudeth Mocon-Ciriaco

Continued from A1

said Gutierrez. AIM did not say which exact destinations were visited.

Intramuros sites reopens

AFTER the event, DOT chief Bernadette Romulo Puyat visited some of the most famous sites inside Intramuros on its first day of reopening to tourists, following the recent decision of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-MEID) to allow operations of some businesses and industries, including limited tourist attractions such as parks, theme parks, natural sites, and historical sites.

Pointing out how the pandemic “drastically changedpeople’srelationwithstreets,publicspaces, and public facilities,”Romulo Puyat cited the timely reopeningoftheWalledCitytoattractvisitorswithits accessible open spaces that allow movement within dense urban areas. “With the easing of quarantine restrictions while the recommended health and safety protocols remain in place, Intramuros is ready and prepared to welcome back the public to the city’s many plazas, open spaces, heritage sites, and museums,” she said.

From January 1 to March 12, 2020, Intramuros received some 700,000 visitors.

Tourism sites within had been closed since the Covid-19 lockdown, although some private retail and food establishments reopened towards the end of 2020. In 2019, it attracted 3.2 million visitors.

Intramuros Administrator Guiller Asido told media that discussions are still ongoing with Manila City Hall if the usual procession and religious events during Holy Week will be held this year. For more information regarding visiting Intramuros, check out the IA’s web site or Facebook page.

www.businessmirror.com.ph

Munti court junks 1 of 3 drug cases vs de Lima A

By Joel R. San Juan

MUNTINLUPA court has thrown out one of three drug cases against Sen. Leila de Lima, but the senator will remain in jail after she failed to secure the dismissal of the two other cases pending against her.

acted on behalf of de Lima,” the resolution stated.

“But no link between the two accused was proven, and thus, it cannot be concluded that they agreed to engage in illegal drug trading,” the trial court declared.

In the absence of conspiracy, the court said Dera “is responsible for the consequences of his act.”

acquittal,” Judge Liezel Aquiatan said in her resolution.

In the said drug case, de Lima and Dera were accused of benefiting from the illegal drug trade inside the New Bilibid Prisons in Muntinlupa during her term as justice secretary.

Based on the complaint, Dera demanded money and vehicles from drug convict Peter Go for the senatorial bid of de Lima in the May 2016 elections.

However, the trial court held that the prosecution failed to establish a conspiracy between de Lima and Dera to benefit from the illegal drug trade inside the NBP. “The contention of the prosecution that the relationship of Dera and de Lima is immaterial deserves scant consideration as the prosecution in fact asserts that the money received by Dera from Peter Co was delivered to de Lima and that Dera

MEANWHILE, the same court denied de Lima’s demurrer to evidence in connection with another drug case where her alleged former lover Ronnie Dayan was named as her coaccused.

“Wherefore, the separate demurrer to evidence of accused Leila de Lima and Ronnie Dayan are both denied,” the court said in a 35-page resolution. It also denied De Lima and Dayan’s petition for bail. Dayan was accused of collecting money from convicted drug dealers inside the NBP on behalf of de Lima.

Meanwhile, a government prosecution witness has testified before the Muntinlupa RTC that he witnessed drug lord Jaybee Sebastian hand over to de Lima P1.4 million in drug money at the former’s socalled “Bahay na Bato” inside the NBP sometime in 2014.

At Tuesday’s continuation of the hearing of the drug trading cases

@jrsanjuan1573

In a 41-page resolution, the Muntinlupa RTC Branch 205 granted the motion for demurrer to evidence filed by de Lima, which sought the dismissal of the drug case for insufficiency of evidence.

De Lima’s coaccused Jose Adrian Dera, who was identified by the Department of Justice as de Lima’s nephew, also filed a motion a demurrer to evidence, which was denied by the court.

However, the trial court said dera’s evidence of guilt “is not strong,” and thus granted his petition for bail. The trial court directed Dera to post a bail bond in the amount of P500,000.

“Wherefore, the demurrer to evidence filed by accused Leila de Lima y Magistrado is hereby granted. The petition for bail is rendered moot and academic as the grant of a demurrer is tantamount to her

MGCQ…

Continued from A1

The Philippine Statistics Authority (PSA) in October reported the unemployment rate in the country went up to 8.7 percent, from 4.6 percent during the same month last year.

This figure translated to about 3.8 million Filipinos left jobless in a time of economic decline. The region with the highest jobless rate was Metro Manila at 12.4 percent.

Salceda: GDP boost

ALSO on Wednesday, the cochairman of the House Economic Stimulus and Recovery Cluster said shifting to nationwide MGCQ and maintaining it until the end of the year will boost the country’s GDP by around 2.3 percent.

Albay Rep. Joey Sarte Salceda said while he does not object to the proposal of Acting Socioeconomic Planning Secretary Karl Chua that the country’s restrictions be eased to a nationwide MGCQ, the reopening is best accompanied by a strong vaccination program for health-care workers and enough supply of public transport.

“The impact of the shift to MGCQ will not be as large as quick vaccine rollout, because only NCR and a few provinces and cities are still in GCQ. The vaccination for our health-care workers must go hand-inhand with reopening. It will ensure that

we have the health-care human resource needed to address any spike due to loosened restrictions,” Salceda said.

“Workers don’t operate in isolation.

Their wages come from customers, and that depends on consumer confidence that they will be safe. So, we always have to bear in mind that the economy was just a casualty. This is a public health problem.

The solution to the economic symptoms of this public health emergency will still be in public health,” Salceda added.

According to him, the GDP impact of the shift still depends on how quickly public confidence can be restored due to vaccination.

“At best, this will boost nominal GDP by around 2.3 percent for the whole year, assuming we can keep MGCQ. That’s a very generous estimate that considers no sudden shifts back to GCQ, or no sudden spikes in infections. The economic impact is probably closer to between 0.5 percent and 1.4 percent, which is not nothing, but it can be better with a more ambitious vaccination plan,” Salceda said.

Salceda also urged the national government to prepare a “national warchest” for vaccine logistics.

“My concern now is I’m not seeing enough preparation on the logistics side, so even if the vaccines come, I’m not sure

De Lima-Dayan case

we can deliver without delays. We have to have that covered, and I think Secretary Chua should be enlisted in the timeand-motion planning for vaccine rollout,” Salceda suggested.

Transportation

PUBLIC transport is also essential as around 573,000 more workers may be required to go to their workplaces as part of the loosening of restrictions, Salceda said.

“We should restore public transport supply. Enough rides are the best way to ensure that there will be no overcrowding in our transport systems. Enough supply is the best way to keep rides safe, in a systems perspective,” Salceda added.

“Jeepney routes in Metro Manila have not been fully restored; Tricycle restrictions are still in place [2 seats instead of three]. These are essential connectors between mass transit and buses,” he noted.

“I do not want a partial restoration while we already have MGCQ. We need to increase public transport at the same time we shift to MGCQ. Otherwise, we will be making life very difficult and unsafe for many workers,” Salceda added.

Aggressive

THE lawmaker also wants more aggressive communications efforts to persuade the public to be open to vaccination.

“This needs social marketing, probably by example of our leadership. I’m alarmed by the hesitation of our people to get these vaccines,”

against de Lima and others pending before the Muntinlupa City RTC, Branch 256, the Department of Justice prosecutors presented NBP inmate Joel Capones. He stated under oath that in December 2013, fellow NBP inmate Sebastian asked him to engage in illegal drug trading inside and out of the NBP in order to raise funds to support de Lima’s senatorial bid.

Capones admitted that he indeed transacted illegal drugs or shabu to heed Sebastian’s directive because he was convinced and impressed with the latter’s apparent strong influence with the previous administration, particularly with de Lima.

In March 2014, during the anniversary of the Commando SigueSigue organization, Capones said he delivered the amount of P1.4 million to Sebastian as quota payment of the shabu drugs that he sold.

Capones claimed he personally witnessed Sebastian fork over to de Lima the P1.4 million that he delivered to the alleged drug lord.

The cross examination of Capones will continue on February 23.

De Lima has denied any involvement in the illegal drug trade inside the NBP during her term.

She claimed that the charges and her imprisonment were politically motivated, she being a staunch critic of President Duterte.

Salceda said.

According to a Pulse Asia survey (Nov. 23 to Dec. 2, 2020, nationwide), only 32 percent are willing to receive a vaccine, 47 percent are unwilling, and 21 percent are undecided. An NCR poll by the OCTA Research Group, meanwhile, found that only 25 percent are willing to be vaccinated, 28 percent are unwilling, and 45 percent are undecided.

“One problem is that it’s the working class who are hesitant to take the vaccine.

The upper class have their work-fromhome arrangements, but the working class will need the protection the vaccine affords. So, we have to work hard to convince them. In my district, I’ve already deployed Mayors and civil society groups to do that work, but we need a national effort to make people comfortable about vaccines,” Salceda added.

Velasco backs Neda

FOR his part, Speaker Lord Allan Velasco backed the Neda’s proposal shifting the restriction to MGCQ. “I personally agree with Neda’s proposal to place the entire country under MGCQ next month. It is about time we safely relax pandemic restrictions to lessen the impact of Covid-19 on the economy,” said Velasco.

“With vaccines on the way, we should start encouraging our countrymen to patronize businesses again while strictly adhering to minimum health and safety protocols,” he added.

BIR SEEN TO BREACH ’21 TARGET OF P2.1T Continued from A1

The government’s main revenue agency collected P1.94 trillion last year, of which 85 percent or P1.66 trillion was coursed through electronic channels.

Dominguez also said “almost 100 percent” of the tax returns filed was done online last year.

“The Bureau of Internal Revenue would not have posted such praiseworthy performance, without the heroic operations of our taxpayers, especially our large taxpayers who are present here today. Our diligent taxpayers make the great task of collecting revenues much lighter,” he said.

On Tuesd ay, t he Phi l ippines

signed a US$809,450 grant agreement (about P38.85 million) with the United States Trade and Development Agency (USTDA) that will support BIR’s Information Communication Technology (ICT) Modernization Strategy and Data Center to boost its collection efficiency.

The US grant also aims to as-

sist the BIR in undertaking an in-depth technical assessment of its current ICT environment, developing an Enterprise Architect ure road map/f ra mework , and assessing the organizational framework of its Information System Group (ISG), including recommended restructuring and training programs.

FAST-TRACKED PACE OF DIGITIZATION WILL BOOST GLOBAL TRADE “The Digital Standards Initiative is tasked with advocating the reconciliation of a myriad of rules and regulations. Trade is global, but many of the rules and regulations that govern it are not. Those local rules often stipulate the use of paper document delivery and need to be updated to reflect current digitization efforts,”

Beck explained.

Unescap outlook

EARLIER, the United Nations Economic and Social Commission for Asia and the Pacific (Unescap) said the region’s prominence in merchandise trade is expected to rise to an all-time high this year accounting for 41.8 percent of

the world’s exports and 38.2 percent of global imports. In 2021, merchandise trade volumes are expected to rebound by 5.8 percent and 6.2 percent of real exports and imports respectively.

“The path towards full trade recovery remains highly uncertain. Macroeconomic conditions remain unfavorable for many Asia-Pacific economies

with high unemployment rates, deflation, indebtedness and geopolitical tensions among the structural factors hindering the recovery of countries,” Unescap said.

To add ress t hese c ha l lenges, Unescap underscores the necessity of complementary policies on social protection and education, as well as

Continued from A1

in other areas covering new issues such as data protection and privacy, cyber security, e-commerce and other electronic transaction tax.

This will be vital to allowing AsiaPacific economies to fully capture the benefits from inclusive and sustainable digital trade and digital foreign direct investment growth.

www.businessmirror.com.ph

The Nation BusinessMirror

Lawmaker pushes passage of law on PHL sea territories

By Jovee Marie N. Dela Cruz @joveemarie

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EPUTY Speaker Rufus Rodriguez on Wednesday urged the leadership of the House of Representatives to pass the bill defining the country’s maritime areas and territory to counter a law which allows the Chinese Coast Guard to fire at vessels in maritime territories being claimed by China.

The lawmaker said he had already filed House Bill 6156, or an “act declaring and defining the maritime zones under the jurisdiction of the Republic of the Philippines” in February last year.

Rodriguez’s proposed definition of the country’s maritime territory includes the Chinese-occupied Scarborough or Panatag Shoal off Zambales and Pangasinan, locally known as Bajo de Masinloc, a traditional fishing ground of Filipino fishermen.

The Chinese Coast Guard routinely patrols this area, which Beijing seized in 2012 after a standoff between Chinese and Philippine Coast Guard vessels.

Filipino fishermen have expressed fears they might be fired upon by Chinese patrols, said the lawmaker.

The Department of Foreign Affairs has protested the enactment of the Chinese law allowing its Coast Guard to fire on foreign vessels in the South China Sea, which it claims as part of its territory.

In the bill, the Philippines, as a signatory and party to the 1983 United Nations Convention on the

Law of the Sea (Unclos) “recognizes the establishment of various maritime zones and jurisdiction of coastal states, including its own, over which sovereignty and appurtenant sovereign rights can be exercised.”

“Thus, the country exercises sovereignty over its internal waters, archipelagicwaters,territorial sea and air space over it, as well as its seabed and subsoil in accordance with Unclos and other existing laws and treaties,” he said.

Rodriguez added that the Philippines also exercises sovereign rights over its “contiguous zone, exclusive economic zone and continental shelf, including the right to explore and exploit living and nonliving, organic or nonorganic resources.”

Rodriguez said Unclos allows party-states to define their maritime territory.

The measure said aside from its internal and archipelagic waters and territorial sea, the country’s maritime territory includes its 200-mile exclusive economic zone (EEZ) that is measured from its shoreline and its continental shelf.

A large part of the Philippine EEZ is claimed by China, which has transformed some disputed islets in that area into military installations.

“I am urging the House leadership to take up and approve the bill which will strengthen our position on the West Philippine Sea. This will counter the Chinese law allowing its coast guard to fire at perceived intruders in the entire South China Sea, which illegally includes our West Philippine Sea,” he said.

BBM sets sights on 2022 elections after SC junks protest vs Robredo

By Joel R. San Juan

@jrsanjuan1573

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HE camp of Ferdinand “Bongbong” Marcos Jr. has announced that the former senator would be running in the 2022 national elections, notwithstanding the dismissal of his election protest against Vice President Ma. Leonor “Leni” Robredo before the Presidential Electoral Tribunal (PET).

Marcos’s lawyer Victor Rodriguez bared the disclosure as he maintained that they are yet to accept their defeat until the Supreme Court, sitting as PET, releases a copy of its unanimous decision junking the election protest.

“Everything is suspended in air until we get a copy of the decision. It’s premature to be speaking about motion for reconsideration. We are not in that route yet,” Rodriguez said in an interview over CNN Philippines.

Rodriguez pointed out that they would want to determine first whether the decision covers the third cause of action in Marcos’s election protest case.

“What we are asking is a clear and full picture of what is the entire decision and from there we will be making a definitive statement and from there we will be making an intelligent move in our next step,”

FORMER Sen. Ferdinand “Bongbong” Marcos Jr. and Vice President Ma. Leonor “Leni” Robredo

Rodriguez explained.

The SC Public Information Office (SC-PIO) released a news statement on Tuesday, saying that the 15 members of the PET unanimously dismissed the entire electoral protest.

He said a copy of the decision will be posted in its web site and be given to the parties once it is available.

Rodriguez said their camp is particularly interested to know if the Court acted on their third cause of action, which sought the annulment of election results in three provinces in Mindanao.

Marcos filed an election protest on

Govt warns public vs fake vaccines, ‘bogus’ clinics

By Bernadette D. Nicolas @BNicolasBM

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HE Bureau of Customs (BOC) on Wednesday warned the public against the harmful effects of availing locally manufactured fake vaccines, saying these may put users at risk of getting infected with Covid-19.

BOC issued the warning as it tightened its security measures against the importation of fake and smuggled medicines and vaccines.

“BOC warns the public to be careful when availing of vaccines as fake vaccines may have severe health consequences to users as the composition of such vaccines are not tested and even worst fake

vaccines may not be effective thus further exposing users to the dangers of Covid-19,” it said.

“For its part, the bureau assures that it will continue to work with other government and law-enforcement agencies through intelligence information sharing and coordination as well as, enforcement support through its intellectual-property enforcement efforts to ensure that the proliferation of fake and smuggled vaccines are curbed,” it said.

Separately, Customs Assistant Commissioner Vincent Philip Maronilla told the BusinessMirror they have not yet seized fake and smuggled vaccines but he said BOC and law-enforcement agencies are concerned with makeshift clinics as

these may be used for the distribution of local fake vaccines.

“More than BOC, these makeshift clinics are also the concern of other law-enforcement agencies. Remember that if we are talking about fake vaccines it’s easier to manufacture them locally than smuggle them,” he said in a text message to the BusinessMirror.

The bureau had earlier apprehended and discovered makeshift clinics that are suspected to be used to treat Covid-19 patients and may be utilized as an avenue of distribution for local fake vaccines.

It said it was the result of its partnership with local law-enforcement agencies such as the National Bureau of Investigation (NBI) and Philippine

Drug Enforcement Agency (PDEA), as well as the Food and Drug Administration (FDA) as part of its efforts to improve border security.

Early this year, the agency released its initial advisory after the Interpol published an article wherein it said syndicates and other underground groups have acknowledged the value of vaccines and are currently engaged on how to get a piece of the pie through the manufacture and distribution of fake vaccines.

Sen. Risa Hontiveros earlier this month urged BOC and the Philippine National Police to remain vigilant against the entry of fake Covid-19 vaccines following reports of Chinese authorities confiscating over 3,000 doses of counterfeits.

Envoy assures restoration of Consulate General’s LA web site

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ASHINGTON, D.C.—Members of the Filipino community expressed their concern and dismay as the online appointment system of the Philippine Consulate General in Los Angeles crashed due to unusually high Web traffic over the President’s Day weekend.

The consulate immediately requested the Web hosting service provider to increase the capacity of the server to accommodate the high volume of web site visitors. But still the thousands of hits on the site continues to slow down access.

The consulate has taken steps to address the surge in demand for consular services. It increased the number of daily appointment slots to 70 for passport issuance from 40 per day and to 22 for dual citizenship from 16 for the months of March and April 2021. Slots for consular notarization remain at 20 per day. This is the maximum number of people that the consulate can accommodate with the health safety protocols currently in place to contain the pandemic.

The consulate is responding to e-mails and phone calls and posting

Editor: Vittorio V. Vitug • Thursday, February 18, 2021 A3

updates on its social-media pages to allay the concerns of the community.

“We assure the public that the issues being experienced by our consulate in Los Angeles are temporary.

The consulate is working tirelessly to restore the web site and the online appointment system to their full capacity as soon as possible,” Philippine Ambassador to the United States Jose Manuel Romualdez said.

Throughout the coronavirus pandemic, the Philippine Embassy and Consulates General in the United

States have been in close coordination, exchanging best practices and finding solutions to common problems.

“This pandemic has created a very challenging situation for everyone, including the Embassy and the Consulates. The demand for consular services remains at an elevated level while our capacity to operate and deliver is severely hampered by stringent health protocols. We appeal for the public’s patience and understanding as we do our best to deliver the best service that they deserve,” Ambassador Romualdez said.

PNA FILE PHOTO

June 29, 2016, claiming that the camp of Robredo cheated in the automated polls held in May of the same year.

In his election protest, Marcos cited three causes of action—first, that the Automated Elections System (AES) was compromised, hence, the integrity of the AES cannot be relied upon to declare a legitimate winner; the second requires the revision or manual recount of the actual ballots to determine the votes cast in all the 36,465 protested clustered precincts, while the third cause of action sought the annulment of election results for the VP position in the provinc-

es of Maguindanao, Lanao del Sur and Basilan, on the ground of terrorism, intimidation and harassment of voters, as well as pre-shading of ballots in all of the 2,756 protested clustered precincts in the areas.

The PET has dismissed Marcos’s first cause of action for being “meaningless and pointless.”

On the other hand, Brian Keith Hosaka, SC spokesman, said the PET decided to release the committee report on the revision and recount of ballots on the three pilot provinces—Iloilo, Negros Oriental and Camarines Sur involving 5,415 precincts.

Associate Justice Alfredo Benjamin Caguiao, who was then assigned to handle the election protest, submitted the report to PET last September 9, 2019.

Meanwhile, Rodriguez admitted that Marcos’s camp is now preparing for the 2022 elections.

“From the start of January 2021, our mindset is geared towards 2022 since the onset that is why we have been asking the Court to resolve the election case already and not let it become moot and academic,” Rodriguez pointed out.

When asked if Marcos is eyeing the presidency, Rodriguez said: “We will be making an announcement as to his plan.”

DOJ rushes inventory of cases of ex-rebels entitled to avail of Duterte’s amnesty order

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HE Department of Justice (DOJ) is set to conduct an inventory of cases involving communists and Muslim rebel groups following President Duterte’s decision to grant the former insurgents general amnesty.

Justice Secretary Menardo Guevarra said the National Prosecution Service (NPS) will be tasked to conduct the inventory, which would cover those that are still undergoing preliminary investigation and pending before the trial courts.

“I will ask the National Prosecution Service to do an inventory of cases pending investigation and/or trial involving these classes of people covered by the amnesty proclamations,” Guevarra said.

The NPS is one of the attached agencies of the Department of Justice (DOJ).

Covered by Duterte’s general amnesty are members of the Moro Islamic Liberation Front (MILF), Moro National Liberation Front (MNLF), and the Rebolusyonaryong Partido ng Manggawa ng Pilipinas/Revolutionary Proletarian Army/Alex Boncayao Brigade (RPM-P/RPA/ABB) and the Communist Terrorist Group (CTG).

Guevarra, however, clarified that not all cases would be dismissed despite the grant of general amnesty as this would depend on the nature of their offenses and concurrence of the National Am-

nesty Commission (NAC).

“The dismissals of these cases are not automatic. Persons who may be eligible for amnesty shall be carefully screened and evaluated by the Amnesty Commission to determine if they actually qualify for amnesty, which, incidentally, requires the concurrence of Congress,” the DOJ chief said.

Under Proclamation 1091 to 1094, President Duterte extinguished the criminal liabilities and restored the political and civil rights of the members of these rebel groups, with which the administration is pursuing continuing peace talks.

However, the amnesty will not be granted to those who have been charged under the Republic Act 9372, or the Human Security Act of 2007 or Republic Act 11479, or the AntiTerrorism Act of 2020.

The amnesty granted shall not cover kidnap-for-ransom, massacre, rape, terrorism and other crimes committed against chastity as defined under the Revised Penal Code and crimes committed for personal ends; violation of the Comprehensive Dangerous Drugs Act of 2002; grave violations of the Geneva Convention of 1949 and acts deemed by the United Nations as crimes that can never be provided amnesty—genocide, crimes against humanity, war crimes, torture, enforced disappearances and other violations of human rights.

Gordon urges Duterte to convene NSC to tackle WPS, VFA issues

By Butch Fernandez @butchfBM

S

EN. Richard J. Gordon prodded President Duterte on Wednesday to convene the National Security Council (NSC) to tackle brewing issues over the West Philippine Sea (WPS) and the Visiting Forces Agreement (VFA).

The senator said this will enable the Chief Executive to consult options on the VFA amid increasing reports of Chinese intrusions in the remote WPS territory.

In a related development, Subic

Bay Chairman and Administrator Wilma Eisma clarified that military vessels and support ships of the US are allowed to visit the Subic Bay Freeport Zone under VFA. She added that the agreement also gives the same privilege to vessels from other nations, among them Japan, India, Australia, South Korea and Indonesia, whose military ships have docked here under said accord.

Gordon stressed dialogue is a better option rather than creating noises in media stoking emotions that could lead to unintended consequences.

Gordon reminded that the NSC

is the President’s principal advisory body on security issues that include members of the Cabinet and leaders of the Senate and the House of Representatives.

He conveyed the suggestion after delivering a privileged speech where he disputed Malacañang’s assertion that the President is the sole authority and the only one that decides the administration’s foreign policy, after Vice President Ma. Leonor “Leni” Robredo and Sen. Panfilo Lacson criticized it as tantamount to “extortion” the President’s demand for compensation in order to maintain the VFA

with the US. Gordon acknowledged that it is within the President’s power to chart his administration’s strategy in dealing with other countries “like America and China.”

But, he reminded that Malacañang cannot muzzle the senators because the Senate is a partner in crafting foreign policy with powers to ratify or reject treaties entered into by the Executive, as when it thumbed down extension of the PHL-US bases agreement during the incumbency of Senate President Jovito Salonga.

In taking the Senate floor, Gor-

don also prodded President Duterte to leave it up to Foreign Affairs Secretary Teodoro Locsin Jr. and Defense Secretary Delfin Lorenzana to negotiate the VFA extension without fanfare, suggesting that “quiet diplomacy is more effective.”

The port visits by these foreign military vessels, Eisma added, last for only a few days, enough for disembarkation and re-embarkation of troops and assets in case of military exercises under the VFA, or simply for ship re-supply and onshore visit by the crew in other cases. These visits have not, in any way, converted the Subic Bay Freeport into a military

base, she pointed out.

Pursuant to its mandate under Republic Act 7227, the Subic Bay Metropolitan Authority (SBMA) operates and manages the Subic Special Economic Zone to develop the same into a self-sustaining industrial, commercial, financial and investment center to generate employment opportunities in and around the zone and to attract and promote productive foreign investments, Eisma said.

The SBMA will continue with its economic mandate and defer to competent authorities in the matter of foreign policy and national security, she added.

A4 Thursday, February 18, 2021 • Editor: Vittorio V. Vitug

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Groups back DA’s stand on food sufficiency, security for Filipinos

By Jasper Emmanuel Y. Arcalas @jearcalas

F

OOD security advocacy group Tugon Kabuhayan (Tugon) said the country has sufficient fish supply amid concerns regarding the current restiveness of Taal Volcano.

In a news statement issued on Wednesday, the group said they are “closely monitoring” the situation together with the Taal Lake Aquaculture Alliance Inc. The group noted that Taal Volcano’s eruption last year only caused minor damage to tilapia fish cages in the lake.

“While our top priority is the safety of our fisherfolk and aquaculture workers, our group is confident of meeting growing demand. We have plenty of tilapia in Taal Lake and other fish grow[ing] areas in the country,” the group added.

The group said there are more anticipated fish supply to be available in the market as the closed season of round scad or galunggong ended last January 31.

The group added that fish prices would even decrease in the following months based on previous years’ trend wherein the prices of galunggong and bangus went down by as much as P50 to P60 a kilo.

“We’re confident that our population can still be nourished despite in-

creasing prices of most commodities as fish becomes more available and more affordable. Apart from this positive trend, the aquaculture industry is also ready to further contribute in steadying the supply,” the group said.

Chinoy bizmen assures support, cooperation

THE Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), meanwhile, called for cooperation across industries to support government policies and reforms to ensure the stability of food supply and prices in the country.

FFCCCII President Dr. Henry Lim Bon Liong issued the appeal as the nation continues to reel from the economic impact of the Covid-19 pandemic.

“All sectors should support reforms that promote our Philippine food security,” he said. “Let us cooperate to help ensure stable food prices as we work for start of Philippine economic recovery this year.”

The umbrella federation of over 170 Filipino Chinese chambers in the country backed national efforts to secure food supply in the country, especially during the pandemic.

“We support policies and reforms by government to increase production of our hogs, chicken and other foods, for the sake of continued sta-

Converge ICT and CDC donate e-learning materials to IP learners

bility of supplies and prices,” Dr. Lim said.

The leader of the FFCCCII cited, for instance, the accessibility of farmto-market roads with the modernization of rural infrastructures under the “Build, Build, Build” program of the Duterte administration.

He also noted the financial and technical assistance to producers and farmers nationwide.

Given the limited stock of pork in Metro Manila, he commended the government’s initiative to allocate P27 billion worth of assistance for commercial hog raisers to help them repopulate in their respective areas.

On the part of the state’s agricultural arm, he welcomed Agriculture Secretary William Dar’s announcement that the agency will offer loans to market vendors and financial aid to hog transporters severely affected by the two-month price cap on pork and chicken products in Metro Manila.

“The temporary pork supply shortfall is not just here in the Philippines, it is a regional challenge since 2018, so government reforms seeking to boost hog production are very positive steps,” Dr. Lim said.

According to him, the DA and Filipino farmers are laudable for their collective efforts that enable the agricultural sector to register positive

@butchfBM

S

C

LARK FREEPORT—Converge ICT Solutions Inc. in partnership with Clark Development Corp. (CDC) turned over on Wednesday some electronic learning materials to Aeta students under the CDCOB Montessori Pagsasarili Family Care Program.

Converge ICT Chief Executive Officer Dennis Anthony H. Uy together with Converge ICT Chairman Jose P. de Jesus, CDC Chairman Atty.

Edgardo Pamintuan, CDC President and CEO Manuel R. Gaerlan, CDC Director Nestor Villaroman Jr. and CDC Director Gen. Emmanuel Salamat led the distribution of 60 learning tablets and nine large format displays (LFDs) to the selected Aeta students.

The said materials will be used by the students to efficiently continue their education via e-learning module amid the current pandemic.

In his speech, Gaerlan thanked Converge for its support and encouraged the parents of the students to continue valuing their children’s education.

“We have seen the improvement of the students through this program. We started from 50 and now we have 80 students and counting.

The students are lucky to have OB Montessori as partner and I hope

the parents will continue to guide their children to help uplift their life in the future. I hope there will be more kind-hearted company like Converge to help us with our CSR,” he said.

For his part, Uy expressed elation over their partnership with the state-owned firm.

“It is a great honor to partner with CDC in this kind of CSR for IP people.

We see that these young people, our next generation will be our future,” Uy added.

Meanwhile, Mary Grace Marquez, a parent of one of the students of the Pagsasarili program thanked CDC and Converge for the help that they have provided to them.

“Nagpapasalamat po ako sainyo dahil isa po ang aking anak sa mga nakapag aral sa OB Pagsasarili.

Nasa kindergarten na po sya at sana po mas marami pa po kayong matulungan. Maraming maraming salamat po,” she said.

Also present during the activity are CDC Vice President for Administration and Finance Mariza Mandocdoc, CDC Assistant Vice President for External Affairs Rommel Narciso, OB Montessori-Angeles Manager Audrey Paras, and Bamban, Tarlac Municipal Administrator Carlito Policarpio.

Sardine open fishing season

THE Bureau of Fisheries and Aquatic Resources (BFAR) lifted the three-month closed fishing season in the Visayan sea for sardines last Tuesday.

In a separate news statement on Wednesday, BFAR, an attached bureau of the Department of Agriculture, said the closed fishing season in the Visayan sea was lifted at midnight of February 16.

Since 2013, the government has placed the Visayan sea and its vicinities under closed fishing season from November 15 to February 15 to ensure the protection and conservation of sardines and herrings.

The measure, stipulated under

Fisheries Administrative Order (FAO) 167-3, Series of 2013, also seeks to protect mackerels in the said fishing ground during their spawn period, BFAR said.

The Visayan sea accounted for about 4.03 percent or around 15,782.52 metric tons of the total sardine output of 391,175.92 metric tons (MT) last year.

“Knowing its importance to our country’s economy and overall food security, it is our duty to protect these species from further degradation using a science-based approach to fisheries management, parallel with the strategies of the OneDA approach to effect transformation in the agro-fishery sector,” DABFAR National Director Eduardo B. Gongona said.

Gongona noted that the sardine closed season is integrated in the National Sardines Management Plan (NSMP), which seeks to “work towards the sustainability of the sardine industry in the country.”

The NSMP aims to establish improved science-based indicators for the sustainability of sardine stocks, to improve distribution of benefits among sardine fisherfolk communities, and to strengthen sciencebased management for sustainable sardine fisheries industry, according to BFAR. With Roderick Abad

Senators push LGU vaccine procurement to boost natl Covid inoculation initiative

By Butch Fernandez

CLARK Development Corp. (CDC) Chairman Atty. Edgardo D. Pamintuan (third from left) with Converge ICT Solutions Inc. Chief Executive Officer Dennis Anthony Uy (third from right) lead the distribution of e-learning tablets and large format displays (LFDs) to Aeta students under the CDC-OB Montessori Aeta Pagsasarili Family Care Center. Also present during the event are (from left) CDC Vice President for Administration and Finance Engr. Mariza Mandocdoc, CDC Director Gen. Emmanuel Salamat, Converge ICT Solutions Inc. Chairman Jose P. de Jesus, and CDC Director Nestor Villaroman Jr. PHOTO COURTESY OF CDC- CD

growth despite the global crisis and economic slowdown last year.

These include Dar’s “Plant, Plant, Plant” program that promotes food sufficiency and the launching of the joint project of SL AgriTech, Go Negosyo and DA called the Masagana 300 that encourages and honors rice farmers who achieve 300 cavans harvest per hectare utilizing modern hybrid rice technologies.

Confident that these ongoing initiatives will continue to yield positive outcomes, Dr. Lim expects that the agriculture industry still has “a good year this 2021.”

ENATE Majority Leader Juan Miguel Zubiri moved to fasttrack private and local governments’ procurement of Covid-19 vaccines, prodding Congress to promptly pass urgently needed remedial legislation to wipe out the contagion.

In pressing for its urgent passage, Zubiri said Senate Bill 2057, to be known as the Covid-19 Vaccination Program Act of 2021, intends to “expedite the procurement and administration of Covid-19 vaccines by allowing local government units [LGUs] and private entities to directly procure vaccines with their own funds, provided that they do so within a tripartite mechanism with the Department of Health and the National Task Force Against Covid-19.”

Zubiri stressed that “we need to expedite our procurement because we are in a race against the clock,” reminding that “we need mass inoculation and herd immunity as soon as possible.”

Apart from Zubiri, SB 2057 was co-authored by Senators Juan Ed-

gardo Angara, Imee Marcos, Grace Poe, Pia Cayetano, Ramon Revilla Jr., Ralph Recto, Joel Villanueva, Nancy Binay, Francis Tolentino, Sherwin Gatchalian, Richard Gordon, Cynthia Villar, Risa Hontiveros, Francisco Pangilinan, Emmanuel Pacquiao, and Christopher Go. The Majority Leader noted that LGUs have been requesting early passage of the urgently needed remedial legislation, saying “about 70 LGUs are already in negotiations with vaccine suppliers through the tripartite mechanism, and they will of course need to deposit advance payments to secure their vaccines. Otherwise, they will lose the allocation.”

Zubiri explained that for the duration of the state of the pandemic, the remedial law, once enacted, will exempt LGUs from Section 338 of the Local Government Code and Section 88 of the G over n ment Aud it i ng Code, which prohibits LGUs from making advance payments.

In this way, he added, LGUs will be able to secure Covid-19 vaccines with advance payments of up to 50 percent.

“For LGUs na bibili ng vaccines, susunod pa rin po sila sa national

guidelines on the Covid-19 vaccine prioritization framework and criteria drafted by the National Immunization Technical Advisory Group [NITAG], which was adopted by the Inter-Agency Task Force on Emerging Infectious Diseases, especially on the prioritization of frontline workers in health facilities, senior citizens, and indigent persons. So it will not be a rich vs. poor scenario,” he added.

Zubiri added he envisions a bigger allocation of funds from the national government for the acquisition of adequate vaccine supply for lower income areas, as “the budget for higher income areas will now be able to redirect some of that money to rural areas or low-income LGUs.” The senator stressed that “vaccination has to be a national effort, we all understand that. But in an archipelagic country, LGUs are naturally going to play a big part in that national effort, he said, adding that the bill, as soon as it is enacted into law, will empower our LGUs to help the national government vaccinate as many people as possible, as soon as possible.”

Rice stock falls 12.8% in Jan. 1 to 2.332 MMT

T

HE country’s total rice inventory as of January 1, 2021 fell by 12.8 percent to 2.332 million metric tons from last year’s 2.675 MMT, the Philippine Statistics Authority (PSA) reported.

In its latest monthly rice and corn inventory report, the PSA said the latest stock estimate was also 15.7 percent lower than the 2.776 MMT recorded in December 2020.

Historical PSA data showed that this is the lowest beginning rice inventory of the country in three years.

PSA data showed that more than half or about 55.3 percent of the total rice inventory were in households, while 29.6 percent were held by commercial warehouses and remaining 15.1 percent were stored in NFA warehouses.

PSA data showed that rice stocks in households reached 1.289 MMT, while those in commercial and NFA warehouses were estimated at 689,960 MT and 352,520 MT, respectively.

“Year-on-year, rice stocks in households rose by 7.6 percent.

However, rice stocks in commercial warehouses and NFA depositories both contracted by -27.5 percent and -32.8 percent, respectively,” the PSA said.

“The rice stocks inventory in all sectors declined compared with the previous month’s levels. Decrements were noted at -20.3 percent in households, -13.2 percent in commercial warehouses, and -0.1 percent in NFA depositories,” the PSA added.

In the same report, the PSA said nationwide corn inventory at the start of the year was estimated at 914,070 MT, which was 12.6 percent higher than the previous year’s level of 812,000 MT. “On the contrary, this was lower by -4.9 percent from the previous month’s level of 960,950 metric tons,” the PSA added.

T he PSA sa id cor n stoc k s in commercial warehouses accounted for the bulk of the inventory at 68.4 percent of the total volume, while remaining stocks were in households.

The PSA said corn inventory in commercial warehouses was estimated at 625,030 MT, while those in households was pegged at 289,030 MT. “Corn stocks in household and commercial warehouses recorded increases of 37.7 percent and 3.8 percent, respectively, in contrast with the previous year’s levels,” it said.

“Relative to the previous month’s levels, corn stocks in households contracted by -17.9 percent, while stocks in commercial warehouses increased by 2.6 percent,” it added.

Jasper Emmanuel Y. Arcalas

DENR steps up bamboo planting on select riverbanks

By Jonathan L. Mayuga @jonlmayuga

T

HE government’s reforestation effort along selected rivers in the Philippines with various bamboo species is now in full swing, the Department of Environment and Natural Resources (DENR) has reported.

Environment Secretary and Task Force Build Back Better (TF-BBB) cochairman Roy A. Cimatu reported that in the months since the TFBBB set out to work in November last year, significant post-disaster recovery gains have been realized in the three priority geographic areas for the restoration of Cagayan, Marikina, and Bicol river basins.

In the Cagayan River alone, a total of 3,672 bamboo propagules have been planted covering 18

hectares along the riverbank of the country’s largest river body.

The planting of bamboo along riverbanks is a key flood prevention measure of the DENR chief who is tasked to lead in the nationwide rehabilitation effort of areas recently battered by strong typhoons.

In a news statement, Cimatu said that members of the task force have started work on the enhancement of forest protection activities in Region 1 (Ilocos Region), and the Cordillera Administrativeregion(CAR)througha tripartite memorandum of agreement signed by the DENR regional offices in these areas last February 5.

On Tuesday, the task force launched the Marikina River Restoration Project with the widening and dredging of some portions of Marikina River.

Initially targeted for dredging is

a 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.

Cimatu said the restored riverbanks will be planted with bamboo to help prevent riverbank erosion and siltation, one of the strategies that the TF-BBB has adopted in the rehabilitation of Cagayan River.

The DENR chief also pointed out that efforts are now under way to commence the dredging and desilting of Bicol River and Lake Bato, as well as the rehabilitation of floodgates and rivers around Mayon Volcano.

Cimatu explained that the dredging program for Marikina River and Bicol River are also coupled with naturebased solutions, such as the planting of bamboo in stabilizing the river banks.

“We are also looking at the development of bamboo plantations so we can provide livelihood opportunities to communities in outlying areas near these waterways,” Cimatu said.

From February 9-21, a total of 49,509 bamboo culms have been planted, covering approximately 173 hectares, on the river banks of Albay (8,500 bamboo culms), Camarines Sur (30,000 culms), Camarines Norte (10,000 culms), and Catanduanes (1,009 culms).

Some 151,381 bamboo seedlings are now being prepared at the DENR Bicol field offices in time for the planting season in May. Meanwhile, based on the TF-BBB’s latestreport,about10,000cubicmeters of sand and silt were already removed from Magapit Narrows in Barangay Bangag and Fugu sandbar in Barangay Dummun in the Cagayan River.

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16.

NGO XUAN VU Vietnamese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

17.

NGUYEN DUY TUNG Vietnamese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

18.

TANG, CUIYU Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

19.

YANG, XIUSEN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

20.

ZENG, JIA Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

21.

ZHANG, JIAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

8 STONE BUSINESS OUTSOURCING OPC 5th-10th/f Tower 3, Pitx #1 Kennedy Road Tambo Parañaque City

99.

LU, LIFENG Chinese

CHINESE CUSTOMER SERVICE

100.

NGUYEN MANH CUONG Vietnamese

CHINESE CUSTOMER SERVICE

101.

NGUYEN VAN TU Vietnamese

CHINESE CUSTOMER SERVICE

102.

THAI TRUONG HUY Vietnamese

CHINESE CUSTOMER SERVICE

ASIAPEOPLEWORKS! INC. 5/f The Athenaeum Bldg. 160 L.p. Leviste St. Bel-air Makati City HICKS IV, RAYMOND MARTIN American

ASSOCIATE DIRECTOR

104.

CHEN, JIAYONG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

105.

DING, XU Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

123.

FOREIGN NATIONAL / NATIONALITY

LI, JIAXIN Chinese

POSITION

HR GENERALIST (MANDARIN SPEAKING)

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center Cbp1, Macapagal Blvd. Brgy. 076 Pasay City 124.

HUYNH GIA MAN Vietnamese

COMPUTER SYSTEM ANALYST

125.

CAO, YU Chinese

MANDARIN CUSTOMER SERVICE

126.

CHEN, ZHIJIE Chinese

MANDARIN CUSTOMER SERVICE

127.

CHEN, XU Chinese

MANDARIN CUSTOMER SERVICE

128.

CHEN, YUTING Chinese

MANDARIN CUSTOMER SERVICE

129.

DUAN, PENG Chinese

MANDARIN CUSTOMER SERVICE

130.

FEI, QIFENG Chinese

MANDARIN CUSTOMER SERVICE

131.

GONG, CHAO Chinese

MANDARIN CUSTOMER SERVICE

132.

HE, XIAOTING Chinese

MANDARIN CUSTOMER SERVICE

133.

HUI, YANFENG Chinese

MANDARIN CUSTOMER SERVICE

134.

JIANG, YANJUN Chinese

MANDARIN CUSTOMER SERVICE

135.

LIANG, ENEN Chinese

MANDARIN CUSTOMER SERVICE

136.

MU, JINBAO Chinese

MANDARIN CUSTOMER SERVICE

137.

MU, YONGYAN Chinese

MANDARIN CUSTOMER SERVICE

138.

QIAN, TAO Chinese

MANDARIN CUSTOMER SERVICE

139.

QIN, YONGBO Chinese

MANDARIN CUSTOMER SERVICE

140.

WEI, DANDAN Chinese

MANDARIN CUSTOMER SERVICE

141.

WENG, SHIYU Chinese

MANDARIN CUSTOMER SERVICE

142.

WU, JIANKANG Chinese

MANDARIN CUSTOMER SERVICE

143.

WU, JIANHUA Chinese

MANDARIN CUSTOMER SERVICE

144.

WU, SHIXUAN Chinese

MANDARIN CUSTOMER SERVICE

145.

XIE, YUDAN Chinese

MANDARIN CUSTOMER SERVICE

146.

YAO, HAO Chinese

MANDARIN CUSTOMER SERVICE

147.

YUAN, WEITAO Chinese

MANDARIN CUSTOMER SERVICE

148.

ZHANG, MIN Chinese

MANDARIN CUSTOMER SERVICE

149.

ZHENG, TIANYU Chinese

MANDARIN CUSTOMER SERVICE

150.

ZHOU, YONGXIANG Chinese

MANDARIN CUSTOMER SERVICE

151.

ZHENG, SUHUA Chinese

MANDARIN LANGUAGE SPECIALIST

BIG PHILIP HEAVY EQUIPMENT CORPORATION Unit 25-c Cleveland The Asia World City Don Galo Parañaque City

22.

BEH TZE HAN Malaysian

CUSTOMER SERVICE REPRESENTATIVE

69.

WANG, HUI Chinese

23.

HU, QIAN Chinese

CUSTOMER SERVICE REPRESENTATIVE

70.

WU, LONGFU Chinese

MARKETING STAFF MANDARIN SPEAKING

106.

24.

LI, LING Chinese

CUSTOMER SERVICE REPRESENTATIVE

71.

MARKETING STAFF MANDARIN SPEAKING

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

152.

YANG, CHANGFENG Chinese

LI, YUYA Chinese

107.

LUO, GUANGTAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

72.

MARKETING STAFF MANDARIN SPEAKING

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

108.

ZHANG, XINBO Chinese

MARKETING STAFF MANDARIN SPEAKING

LIN, SHUANGXIONG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

BLOOMBERRY RESORTS AND HOTELS INC. Solaire Resort And Casino 1 Asean Avenue, Entertainment City Tambo Parañaque City

25.

YOU, HANLING Chinese

LIN, HUOLIAN Chinese

109.

LIU, YANG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

CHANG, BING-SHUO a.k.a. CHANG, CHIHJUNG, Taiwanese

FINANCIAL CONSULTANT

153.

HSU, YU-CHUN a.k.a.

LINUS Taiwanese

ASSISTANT MANAGER, VIP JUNKET SERVICES

154.

CAROLINE Indonesian

VIP EXECUTIVE HOST INTERNATIONAL

26.

LUO, LAN Chinese

CUSTOMER SERVICE REPRESENTATIVE

73.

27.

NIE, BAONING Chinese

CUSTOMER SERVICE REPRESENTATIVE

74.

ZHAO, SHIDONG Chinese

MARKETING STAFF MANDARIN SPEAKING

110.

SHEN, TIANQI Chinese

CUSTOMER SERVICE REPRESENTATIVE

75.

MARKETING STAFF MANDARIN SPEAKING

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

28.

ZHONG, SONGMIN Chinese

LUO, RUI Chinese

111.

C3/CUSTOMERCONTACTCHANNELS PHILIPPINES LTD. 11/f, 17/f, 18/f, 19/f, 20/f Bonifacio One Technology Tower 3030 Rizal Drive Cor. 31st St. Bgc Fort Bonifacio Taguig City

SONG, MENGHUI Chinese

CUSTOMER SERVICE REPRESENTATIVE

76.

MARKETING STAFF MANDARIN SPEAKING

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

29.

ZHOU, JIE Chinese

QIN, CONG Chinese

112.

SUN, XIAOHUI Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

155.

30.

TANG, CHAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

113.

SUN, YUBAO Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

31.

WANG, BOCHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE

114.

WANG, MIN Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

32.

WANG, CHAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

115.

WANG, XINGUO Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

156.

33.

WEI, XIPENG Chinese

CUSTOMER SERVICE REPRESENTATIVE

116.

WONG ING SENG Malaysian

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

34.

WEI, XING Chinese

CUSTOMER SERVICE REPRESENTATIVE

FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower Moa Coral Way Brgy. 076 Pasay City

117.

CUSTOMER SERVICE REPRESENTATIVE

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

157.

35.

YAN, HUAN Chinese

WONG YONG DIEN Malaysian

GONG, LIN Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

CUSTOMER SERVICE REPRESENTATIVE

158.

36.

YAN, QING Chinese

ZHANG, JIAWEN Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

37.

YANG, HANG Chinese

CUSTOMER SERVICE REPRESENTATIVE

38.

YAO, DUOBAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

39.

YE, YUNSHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE

40.

YU, SHENGCHAO Chinese

CUSTOMER SERVICE REPRESENTATIVE

ACCENTREX GLOBAL TECHNOLOGIES, INC. U-l24 24f Petron Megaplaza Bldg. 358 Sen. Gil Puyat Ave. Bel-air Makati City 77.

CHEN, YEN-AN Taiwanese

MANDARIN SPEAKING HUMAN RESOURCES MANAGER

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1 Pioneer St Mandaluyong City 78.

SINHA, PRIYANKA Indian

MANAGER

ACSTREAM MANAGEMENT INC. 2204b/2206, 22/f Pbcom Tower Ayala Avenue Bel-air Makati City

BINDRA, DAMAN JEET SINGH Indian

DIRECTOR - IT INFRASTRUCTURE

COLLABERA TECHNOLOGIES PRIVATE LIMITED, INC. U-40 A-d 40/f Rufino Pacific Tower, 6784 Ayala Ave. San Lorenzo Makati City SALVADOR, MALANDA SANTU Angolan

FRENCH SERVICE DESK SPECIALIST

79.

RUSTAM Indonesian

INDONESIAN ONLINE PAYMENT SPECIALIST

118.

XU, CHEN Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

80.

LAM BICH HA Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

119.

XU, PENG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

81.

LAU TU QUYEN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

120.

YANG, WENYONG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

159.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

CHINESE CUSTOMER SERVICE REPRESENTATIVE

82.

VONG DIN PHONG Vietnamese

CHEN, ZHANGYI Chinese

121.

ZHANG, LIANG Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

160.

GAO, XIAOMING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

122.

ZOU, YU Chinese

MANDARIN CUSTOMER SERVICE REPRESENTATIVE

161.

LIN, JUNRU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

AMUSETECH BUSINESS OUTSOURCING 6, 7, 8th Flr. (np) Moa Arena An J.w. Diokno Blvd. Brgy. 076 Pasay City

FLYING DRAGON NETWORK PHILIPPINES INC. 4th-11th Floor Aseana 3 Building Aseana Avenue Corner Diosdado Macapagal Tambo Parañaque City

A5

BusinessMirror

A6 Thursday, February 18, 2021 ESTABLISHMENT / ADDRESS NO. 162.

ESTABLISHMENT / ADDRESS

FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

WEI, FANGJIAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

GATEWAYSOLUTIONS CORP. 8/f Edsa Cor. Sultan Brgy. Highway Hills Mandaluyong City

ESTABLISHMENT / ADDRESS

FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

205.

ZHANG, XIN Chinese

CHINESE IT SUPPORT SPECIALIST

255.

206.

FENG, LIJUN Chinese

CHINESE IT SUPPORT SPECIALIST

163.

CHEN, DEKUN Chinese

CUSTOMER SERVICE REPRESENTATIVE

207.

HE, RUIFENG Chinese

CHINESE IT SUPPORT SPECIALIST

164.

LI, CHANGQU Chinese

CUSTOMER SERVICE REPRESENTATIVE

208.

LI, QINGXIA Chinese

CHINESE IT SUPPORT SPECIALIST

165.

WANG, BINGYANG Chinese

CUSTOMER SERVICE REPRESENTATIVE

209.

LI, CHUN Chinese

CHINESE IT SUPPORT SPECIALIST

166.

ZHOU, CHONGQING Chinese

CUSTOMER SERVICE REPRESENTATIVE

210.

LIAO, PO-HSUN Taiwanese

CHINESE IT SUPPORT SPECIALIST

211.

LIU, XIAOJUN Chinese

CHINESE IT SUPPORT SPECIALIST

212.

LYU, QIWEI Chinese

CHINESE IT SUPPORT SPECIALIST

213.

QU, RONG Chinese WANG, JIA Chinese

GENX SPORTS & MEDIA PRODUCTION CORP. 26th And 27th Flr. Eastwood Cyber One Bldg. Eastwood City Cyberpark No. 188 E. Rodriguez Jr. Ave. Bagumbayan 3 Quezon City 167.

168.

169.

DU, TIANLONG Chinese CHEN, PIN-CHEN Taiwanese CHENG, CHAO-JEN Taiwanese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE TAIWANESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE- TAIWANESE SPEAKING

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City 170.

171.

CHEN, XIAOYU Chinese HAN, YANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

172.

JIANG, LING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

173.

LI, HUI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

174.

LIU, XIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

SHI, YU Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

175.

176.

WANG, RUI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

177.

WU, TENGHUA Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

XU, JINFENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

YANG, TIANFENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

178.

179.

180.

ZHOU, QIANKUN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

GREAT GROUP OF ALLIANCE CONSULTANCY INC. Unit 6e 6/f Marvin Plaza Bldg. 2153 Chino Roces Ave. Pio Del Pilar Makati City 181.

SU, HAOTIAN Chinese

MARKETING CONSULTANT

INTEGRITY GLOBAL GROUP, INC. 2/f-3/f Ayala Malls Circuit A.p. Reyes Ave. Carmona Makati City FU, WEN Chinese

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

183.

GU, HONGXIN Chinese

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

184.

GUAN, ZHIYU Chinese

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

182.

214.

215.

216.

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

258.

KWAN SAN Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

259.

MICHELLE ROLLING TANDIONO Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

260.

MULIADI KUSUMA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

CHINESE IT SUPPORT SPECIALIST

261.

RIO SETIAWAN Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

CHINESE IT SUPPORT SPECIALIST

262.

SIMON Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

WANG, JING Chinese

CHINESE IT SUPPORT SPECIALIST

263.

SISKA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

WANG, CHANG-CHIN Taiwanese

CHINESE IT SUPPORT SPECIALIST

218.

CHINESE IT SUPPORT SPECIALIST

219.

XIE, ZHONGQIANG Chinese

CHINESE IT SUPPORT SPECIALIST

220.

YANG, MING Chinese

CHINESE IT SUPPORT SPECIALIST

221.

YU, SIYANG Chinese

CHINESE IT SUPPORT SPECIALIST

222.

ZENG, WENFENG Chinese

CHINESE IT SUPPORT SPECIALIST

223.

ZHANG, SHUAI Chinese

CHINESE IT SUPPORT SPECIALIST

224.

FONG PEI YEE Malaysian

IT SUPPORT SPECIALIST

225.

GAN HUI MIN Malaysian

IT SUPPORT SPECIALIST

226.

HOANG VAN PHU Vietnamese

IT SUPPORT SPECIALIST

227.

LA BOI AN Vietnamese

IT SUPPORT SPECIALIST

MINDSCAPE CREATIVES INC. Unit 19-o, Burgundy Corporate Tower 252 Sen. Gil Puyat Ave. Pio Del Pilar Makati City

228.

LUONG VAN HOAN Vietnamese

IT SUPPORT SPECIALIST

269.

LEI, YU Chinese

MANDARIN CUSTOMER SERVICE

229.

TERRANCE THONG JIA YEE Malaysian

IT SUPPORT SPECIALIST

270.

LIU, TIANZHOU Chinese

MANDARIN MARKETING SPECIALIST

TRAN DUY HUNG Vietnamese

271.

IT SUPPORT SPECIALIST

TAN, YUN Chinese

MANDARIN OPERATIONS SPECIALIST

U SOOC LUNG Vietnamese

272.

IT SUPPORT SPECIALIST

WU, ZHIYUE Chinese

MANDARIN OPERATIONS SPECIALIST

273.

LI, JIAN Chinese

MANDARIN TECHNICAL SUPPORT

230.

231.

J-NA ALLOUT TECHNOLOGY SOLUTIONS CORP. 3/f Lipams Bldg. #48 President Avenue Bf Homes Parañaque City 232.

VENNY Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

JACOBS PROJECTS (PHILIPPINES), INC. 16/f South Tower Rockwell Business Center Sheridan Highway Hills Mandaluyong City 233.

BRADFORD, JAMES STUART Australian

TECHNICAL DIRECTOR DIGITAL ENGINEERING - ASIA

JEVANT TECHNOLOGIES PHILIPPINES CORPORATION 14th Flr. Unit 1417 & 1418, Corporated 145 Bldg. #145 Mother Ignacia Avenue South Triangle 4 Quezon City 234.

CHO, GICHUN South Korean

PROJECT MANAGER

235.

KIM, DAEHONG South Korean

PROJECT MANAGER

191.

192.

193.

194.

195.

196.

197.

198.

DOAN THI LIEU Vietnamese HUNG, YU-CHI Taiwanese LIU, NINA Chinese LIAO, WENJUN Chinese WANG, HAO Chinese ZHENG, YONGQIAN Chinese CHEN, BINGFENG Chinese ZHANG, YIJIE Chinese

ACCOUNTING MANAGER ACCOUNTING STAFF ACCOUNTING STAFF ACCOUNTING STAFF CCTV SYSTEM TECHNICAL MANAGER IT TECHNICAL SUPPORT OFFICER PURCHASING MANAGER SALES MANAGER SALES MANAGER

ITECHNO SPECIALIST INC. 7/f Aseana I Bldg. Bradco Avenue Aseana Business Park Tambo Parañaque City 199.

CHEN, ZHENGYUE Chinese

CHINESE IT SUPPORT SPECIALIST

200.

GOU, JINPING Chinese

CHINESE IT SUPPORT SPECIALIST

LIU, GANG Chinese

CHINESE IT SUPPORT SPECIALIST

QIN, KEHAN Chinese

CHINESE IT SUPPORT SPECIALIST

203.

WANG, ZEHUAN Chinese

CHINESE IT SUPPORT SPECIALIST

204.

YANG, FAJUN Chinese

CHINESE IT SUPPORT SPECIALIST

201.

202.

JEVANT TECHNOLOGIES PHILIPPINES CORPORATION 14th Flr. Unit 1417 & 1418, Corporated 145 Bldg. #145 Mother Ignacia Avenue South Triangle 4 Quezon City KIM, EUN YOUNG South Korean

M AND J SOLUTIONS PROVIDER INC. Ub 111 Paseo De Roxas Bldg. Paseo De Roxas San Lorenzo Makati City 265.

SALES DIRECTOR

KRAGH-SCHWARZ, POUL MARTIN Danish

FOREIGN NATIONAL / NATIONALITY

POSITION

305.

ZHANG, XITONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

306.

ZHANG, XUEXUAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

307.

ZHANG, YOUCHEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

308.

ZHENG, SIYUAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

309.

ZHOU, RENCHUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

310.

HENG, MUYHEANG Cambodian

CHINESE CUSTOMER SPECIALIST

311.

CHONG NEW FUN Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

312.

CHONG YEE SIM Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

313.

FABIAN LING WANG SHIN Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

314.

KHO MUN TENG Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

315.

LAI BOON HOW Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

316.

LIM WAN THING Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

317.

NG YUEN KUAN Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

318.

NUR AIN LEE BINTI ABDULLAH Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

319.

ONG KAI ZHENG Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

320.

RAYMOND CHEN WEI LOONG Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

FINANCIAL CONSULTANT

MAERSK GLOBAL SERVICE CENTRES (PHILIPPINES) LTD. Levels 5-8 North Wing, Estancia Offices Capitol Commons Meralco Ave. Oranbo Pasig City 266.

DONA MEJIA, SHARON ROXANA Nicaraguan

COLLECTOR

321.

TIANG CHUAN SHING Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

267.

ROA SALCEDO, GEYSELL ALEJANDRA Venezuelan

COLLECTOR - SPANISH SPEAKER

322.

TOO JUN WEI Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

323.

WONG YI TING Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

324.

HOANG THI HUYEN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

325.

HOANG THI VAN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

326.

PHONG THI NGOC PHUONG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

327.

TRAN VAN LAM Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

328.

VAY MUN SANG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

329.

VONG A MINH Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

330.

VONG THE QUAN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

MIND AND BODY TRAVEL AND TOURS INC. 7/f Finman Centre 131 Tordesillas St. Bel-air Makati City 268.

187.

CHEN, CHEN-YU Taiwanese

CUSTOMER SERVICE REPRESENTATIVE

WU, YANXI Chinese

JIANGSU DIBANG CONSTRUCTION PHILIPPINES CORPORATION Unit 2106-a West Tower Psec Exchange Road, Ortigas Center San Antonio Pasig City

190.

LI, TIE Chinese

CHINESE IT SUPPORT SPECIALIST

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

INTERQUEST MANPOWER INC. Unit 602 6/f Richville Corporate Tower Madrigal Business Park Ayala Alabang Muntinlupa City

264.

WANG, CONG Chinese

SHEN, YE Chinese

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

LOGICALSOURCE1 CALL CENTER INC. 8/f Sultan Cityland Central Brgy. Highway Hills Mandaluyong City

217.

236.

XIAO, BIN Chinese

KONGANBUDDIES MARKETING INC. 48/f Lower Ground Pbcom Tower 6795 Ayala Ave. Cor. V.a. Rufino St. Bel-air Makati City

DARWIN Indonesian

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

189.

CONSULTANT

257.

MI, HUI Chinese

WANG, YONGKANG Chinese

NO.

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

186.

188.

CHEN, ZHEN Chinese

POSITION

ARRIE MARCELLO Indonesian

LI, XIAO Chinese

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS

256.

CUSTOMER SERVICE REPRESENTATIVE (MANDARIN SPEAKING)

185.

www.businessmirror.com.ph

WU, GUOWEI Chinese

MANDARIN CUSTOMER SERVICE AGENT

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City

MOVING UP SERVICES INC. 2oth Floor One Global Place, 5th Avenue, Cor. 25th Street Bonifacio Global City Taguig City DOLZHYKOV, ALEXANDRA Israeli

274.

CAO, JIABIN Chinese

CHINESE CUSTOMER SERVICE

331.

275.

CHEN, JIALE Chinese

CHINESE CUSTOMER SERVICE

276.

DIAO, WEIBIN Chinese

CHINESE CUSTOMER SERVICE

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Pearl Marina Building Pacific Drive Don Galo Parañaque City

277.

FU, WEIFENG Chinese

CHINESE CUSTOMER SERVICE

278.

KANG, BO Chinese

CHINESE CUSTOMER SERVICE

279.

LI, XINZHONG Chinese

CHINESE CUSTOMER SERVICE

280.

LI, ZHILI Chinese

CHINESE CUSTOMER SERVICE

281.

LIU, YANGYANG Chinese

CHINESE CUSTOMER SERVICE

282.

XIE, PEI Chinese

CHINESE CUSTOMER SERVICE

283.

XIE, JIAQI Chinese

CHINESE CUSTOMER SERVICE

YANG, CHURUI Chinese

CHINESE CUSTOMER SERVICE

MARKETING CONSULTANT

332.

CHEN, HAIYAN Chinese

CHINESE CUSTOMER SERVICE

333.

CHEN, KEQIANG Chinese

CHINESE CUSTOMER SERVICE

334.

CHEN, SHOUSHUO Chinese

CHINESE CUSTOMER SERVICE

335.

CHEN, XIONGYING Chinese

CHINESE CUSTOMER SERVICE

336.

GAO, LIQIU Chinese

CHINESE CUSTOMER SERVICE

337.

GONG, JIAZHI Chinese

CHINESE CUSTOMER SERVICE

338.

HUANG, JINLAI Chinese

CHINESE CUSTOMER SERVICE

339.

HUANG, LIZHEN Chinese

CHINESE CUSTOMER SERVICE

340.

LI, RUYUAN Chinese

CHINESE CUSTOMER SERVICE

341.

LI, PAN Chinese

CHINESE CUSTOMER SERVICE

342.

LI, CHANGYONG Chinese

CHINESE CUSTOMER SERVICE

343.

LIU, YUAN Chinese

CHINESE CUSTOMER SERVICE

344.

LIU, HUAWEI Chinese

CHINESE CUSTOMER SERVICE

345.

LIU, LULU Chinese

CHINESE CUSTOMER SERVICE

346.

QIU, ZESHENG Chinese

CHINESE CUSTOMER SERVICE

347.

WU, ZHANGJIAN Chinese

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Thursday, February 18, 2021

A7

New charge filed against Suu Kyi as Myanmar crackdown intensifies

Y

ANGON, Myanmar—Police in Myanmar filed a new charge against deposed leader Aung San Suu Kyi, her lawyer said Tuesday, as the military authorities that seized power in a coup intensified their crackdown against their opponents.

Suu Kyi, who was detained in the Feb. 1 military takeover, already faced a charge of illegally possessing walkie-talkies—an apparent attempt to provide a legal veneer for her house arrest. The new charge accuses her of breaking a law that has been used to prosecute people who have violated coronavirus restrictions, lawyer Khin Maung Zaw told reporters after meeting with a judge in a court in the capital, Naypyitaw.

It carries a maximum punishment of three years in prison. Suu Kyi’s lawyer told reporters he has not seen her since her arrest—and only arrived after an unexpected videoconference the judge said had been held with her. The status of the second charge, whether the police complaint had been accepted for trial by the court, was not clear. However, changes to the Penal Code instituted by the junta last week could allow Suu Kyi to be detained indefinitely, even if she has not formally been charged by the court.

The legal maneuver comes two weeks after the military seized power in a shocking halt to Myanmar’s fragile progress toward democracy, most visible in Suu Kyi’s tenure as national leader. Since the coup, the junta has ratcheted up the pressure on protesters resisting the takeover, including violently breaking up some demonstrations and blocking Internet access.

A spokesman for the United Nations said any new charges against Suu Kyi don’t change the world body’s “firm denunciation” of the military overturning the “democratic will of the people” and arresting political leaders, activists and peaceful protesters.

“We have called for charges against her to be dropped, for her to be released,” United Nations spokesman Stéphane Dujarric said.

More protests were expected Wednesday all over the country. On Tuesday in Yangon, the country’s largest city, police blocked off the street in front of the Central Bank, which protesters have targeted amid speculation online that the military is seeking to seize money from it.

Buddhist monks demonstrated outside the UN’s local office in the city.

Around 3,000 demonstrators— mainly students—had returned to the streets of Mandalay, carrying posters of Suu Kyi and shouting for the return of democracy.

On Monday, security forces there had pointed guns at a group of 1,000 demonstrators and attacked them with slingshots and sticks. Local media reported that police also fired rubber bullets into a crowd and that a few people were injured.

The protests are taking place in defiance of an order banning gatherings of five or more people.

For a third night in a row, the military ordered an Internet blackout—a l most ent irely bloc k ing online access. The shutdowns are scheduled for 1 a.m. to 9 a.m. Once before in recent weeks it imposed a similar blackout and has also tried less successfully to block social media platforms. It has also prepared a draft law that would criminalize many online activities.

While the military did not say why the Internet was blocked, there is widespread speculation that the government is installing a firewall system to allow it to monitor or block most or all online activity.

State media have been acknowledging the protest movement only indirectly. The Global New Light of Myanmar newspaper reported about a meeting of the State Administration Council, the new top governing body, and quoted its chief, Senior Gen. Min Aung Hlaing, saying the authorities “are handling the ongoing problems with care.”

It said the council discussed taking legal action against protesters and providing “true information” to the media.

The Global New Light of Myanmar newspaper also reported that council members discussed acting against a “parallel government” established by some elected lawmakers of Suu Kyi’s National League for Democracy party who were prevented from taking their seats in Parliament.

In the days following the takeover, the group formed a committee, declaring themselves the true representatives of Myanmar’s people and asking for international recognition.

No such recognition has come, even as the United States and other governments have condemned the coup and urged the military to return power to the elected government and release Suu Kyi and other detainees.

Neighboring China, meanwhile, has so far not condemned the takeover. Some protesters have accused Beijing—which has long been Myanmar’s main arms supplier and has major investments in the country— of propping up the junta.

China’s ambassador to the Southeast Asian country responded to those accusations, noting that Beijing has friendly relations with both Suu Kyi’s party and the military, according to the text of an interview posted on the embassy’s Facebook page on Tuesday. Chen Hai said he wished the two sides could solve their differences through dialogue.

“The current development in Myanmar is absolutely not what China wants to see,” he said.

In the interview, Chen also addressed what he said were rumors that China was helping Myanmar to control its Internet traffic and others that Chinese soldiers were showing up on the Myanmar’s streets.

“For the record, these are completely nonsense and even ridiculous accusations,” Chen said.

The military contends there was fraud in last year’s election, which Suu Kyi’s party won in a landslide, and says it will hold power for a year before holding new elections. The state election commission found no evidence to support the claims of fraud. AP

Millions in US endure record cold weather without power

O

CEAN ISLE BEACH, N.C.—A winter storm that left millions without power in recordbreaking cold weather claimed more lives, including three people found dead after a tornado hit a seaside town in North Carolina and four family members who perished in a Houston-area house fire while using a fireplace to stay warm.

The storm that overwhelmed power grids and immobilized the Southern Plains on Tuesday carried heavy snow and freezing rain into New England and the Deep South and left behind painfully low temperatures. Wind-chill warnings extended from Canada into Mexico.

In all, at least 20 deaths were reported. Other causes included car crashes and carbon monoxide poisoning. The weather also threatened to affect the nation’s Covid-19 vaccination effort. President Joe Biden’s administration said delays in vaccine shipments and deliveries were likely.

North Carolina’s Brunswick County had little notice of the dangerous weather, and a tornado warning was not issued until the storm was already on the ground.

The National Weather Service was “very surprised how rapidly this storm intensified... and at the time of night when most people are at home and in bed, it creates a very dangerous situation,” Emergency Services Director Ed Conrow said.

In Chicago, a foot and a half (46 centimeters) of new snow forced public schools to cancel inperson classes for Tuesday. Hours earlier, along the normally balmy Gulf of Mexico, cross-country skiier Sam Fagg hit fresh powder on the beach in Galveston, Texas.

The worst US power outages were in Texas, affecting more than 2 million homes and businesses. More than 250,000 people also lost power across parts of Appalachia, and another 200,000 were without electricity following an ice storm in northwest Oregon, according to poweroutage.us, which tracks utility outage reports. Four million people lost power in Mexico.

Texas officials requested 60 generators from the Federal Emergency Management Agency and planned to prioritize hospitals and nursing homes. The state opened 35 shelters to more than 1,000 occupants, the agency said.

More than 500 people sought comfort at one Houston shelter. Mayor Sylvester Turner said other warming centers were closed because they lost power.

After losing power Monday, Natalie Harrell said she, her boyfriend and four kids sheltered at a Gallery Furniture store in Houston. The warming center at the store provided people with food, water and power to charge essential electronics.

“It’s worse than a hurricane,” Harrell said. “I think we are going to be more days without light, that is what it seems like.”

Utilities from Minnesota to Texas implemented rolling blackouts to ease the burden on power grids straining to meet extreme demand for heat and electricity.

Blackouts lasting more than an hour began around dawn Tuesday for Oklahoma City and more than a dozen other communities, stopping electricpowered space heaters, furnaces and lights just as temperatures hovered around minus 8 degrees (minus 22 degrees Celsius).

Oklahoma Gas & Electric rescinded plans for more blackouts but urged users to set thermostats at 68 degrees Fahrenheit (20 degrees Celsius), avoid using major electric appliances and turn off lights or appliances not in use.

However, Entergy began rolling blackouts Tuesday night in Arkansas, Louisiana, Mississippi and Southeast Texas at the direction of its grid manager, the Midcontinent Independent System Operator, “as a last resort and in order to prevent more extensive, prolonged power outages that could severely affect the reliability of the power grid,” according to a statement from the New Orleans-based utility.

“Due to extremely cold temperatures over the last several days, the demand for electricity has reached an all-time high,” the Entergy statement said. “Additionally, these weather conditions have forced off generation resources across the system.

The implementation of this load shed across the Entergy region will help ensure an adequate reserve margin, which helps ensure Entergy is better positioned to manage through additional extreme weather this week.”

Entergy has almost 3 million electric power customers in the four states.

Nebraska’s blackouts came amid some of the coldest weather on record: In Omaha, the temperature bottomed out at 23 degrees below zero overnight (minus 30 degrees Celsius), the coldest in 25 years.

The Southwest Power Pool, a group of utilities covering 14 states, said the blackouts were “a last

resort to preserve the reliability of the electric system as a whole.”

The outages forced a Texas county to scramble to administer more than 8,000 doses of Moderna’s coronavirus vaccine after a public health facility lost power early Monday and its backup generator also failed, said Rafael Lemaitre, a spokesman for Harris County Judge Lina Hidalgo.

County officials distributed the doses that could have spoiled at three hospitals, Rice University and the county jail because there were large groups of people available who would not have to drive and appropriate medical personnel present.

“It feels amazing. I’m very grateful,” said Harry Golen, a college sophomore who waited for nearly four hours with his friends, much of it in the cold, and was among the last people to get the shots, which otherwise would not have reached students until March or April.

Texas officials said more than 400,000 doses due now will not arrive until at least Wednesday because of the storm.

The tornado that hit Nor th Carolina’s Brunswick County was an EF3 with winds estimated at 160 mph (257 kph), the weather service said on Twitter.

Three people died and 10 were injured when the tornado tore through a golf course community and another rural area just before midnight Monday, destroying dozens of homes.

Sharon Benson, 63, said her roof was damaged and her garage door blown off. Windows were shattered and nearby trees were uprooted.

“The sky lit up and there was a lot of pop-poppopping” and thunder, she said.

Authorities in multiple states reported deaths in crashes on icy roads, including two people whose vehicle slid off a road and overturned in a waterway in Kentucky on Sunday, state police said.

A Mississippi man died after losing control of his vehicle, which overturned on an icy road Monday night near Starkville, Oktibbeha County coroner Michael Hunt said Tuesday.

In Texas, three young children and their grandmother died in the Houston-area fire, which likely began while they were using a fireplace to keep warm during a power outage, a fire official said. And in Oregon, authorities on Tuesday confirmed the deaths four people last weekend in the Portland metro area of carbon monoxide poisoning. AP

A8

TheBroaderLook BusinessMirror

Thursday, February 18, 2021

www.businessmirror.com.ph

Shall we dance? It’s Cha-cha time again, but is Constitution just a fall guy for failure?

A

Reporters

S we enter the new decade, liberalizing the Philippine economy by removing constitutional restrictions that have been inhibiting economic growth seems to be the way to go for the House of Representatives.

This, after the lower chamber decided to continue discussions on the proposals amending the economic provisions of the 33-yearold Philippine Constitution.

The House leadership expects the plenary deliberations to begin next week, February 22, House Committee on Constitutional Amendments Chairman Alfredo Garbin Jr. said on Tuesday.

“This time around in the plenary, where we are exercising our constituent power to propose amendments to the Constitution, everyone will be given time for their questions to really scrutinize this proposal,” Garbin added. He was referring to his controversial stance—disputed by several senators—that his committee’s exercise by itself was tantamount to initiating the process of a constituent assembly, one of the means for amending the Charter.

As the Philippine economy is among the most impacted by the pandemic, lawmakers have claimed amendments to the Constitution are needed now more than ever to open up market opportunities, attract investments and boost economic activity for the country’s recovery.

Speaker Lord Allan Q. Velasco has underscored the need to relax the country’s investment regulations in order to attract more foreign direct investments (FDIs), especially in agriculture and manufacturing sectors.

Velasco said more foreign investments would also mean more local jobs for Filipinos for the next several years.

The Speaker emphasized that agriculture and manufacturing should be major sources of employment, especially for overseas Filipino workers (OFWs), hundreds of thousands of whom were forced to return home amid the uncertainties brought by the Covid-19 pandemic.

To lure more foreign investors, Velasco said the country would need to relax its business regulations to make them friendlier to foreign investments.

National patrimony

IF RBH (Resolution of Both Houses) 2 is passed in 2021, House Committee on Ways and Means Rep. Joey Sarte Salceda projects that by 2022 there would be an increase in FDI of P211.21 billion, a 0.55 -percent increase in the country’s gross domestic product (GDP) and the potential generation of 422,470 jobs.

Over a decade, from 2021 to 2031, Salceda expects an annual average increase of P330.45 billion in FDI, 1.86-percent increase in GDP increase, and 660,897 new jobs.

Velasco-authored RBH 2 seeks

to liberalize the “restrictive” economic provisions in the Constitution that prevent the Philippines from becoming fully competitive with its Asian neighbors. The proposal amends Sections 2, 3, 7, 10 and 11 of Article XII (National Patrimony and Economy), Section 4 of Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Section 11 of Article XVI (General Provisions) to add the phrase “unless otherwise provided by law.” The addition of this phrase will allow Congress to enact laws to free up the economy to foreign investors, or maintain the status quo, its proponents say.

Velasco said Congress is eyeing to present to the public for ratification the amendments to the Constitution’s economic provisions alongside the national elections in 2022.

Organizational backing

SEVER AL local business groups and foreig n business associations have strongly backed these economic amendments to the charter.

In a position paper submitted to the committee, John Forbes, senior adviser of the American Chamber of Commerce Philippines Inc. (AmCham) and Joint Foreign Chambers of the Philippines (JFC), expressed agreement with changing the economic provisions of the 1987 Constitution.

Forbes said albeit the Philippines has experienced an increase in foreign investments in recent years, it still pales in comparison with its more affluent neighbors in this regard.

He is also amenable to removing the restrictions without conditions, for investment climate policy reform. This is to permit more capital to flow into the Philippines to increase the rate of GDP growth and employment. Forbes also agrees with 100-percent foreign ownership of land.

Also in a position paper, the Mak ati Business Club (MBC) agreed with the lifting of restrictions and/or putting lower barriers to trade and investment. The MBC stated that, in a competitive global economy, “any barrier should be subject to modification; and specific restrictions should be left to the legislature.”

Nonetheless, the MBC recommended that these amendments be done by the next leaders, who will be elected in 2022.

The National Economic and Development Authority (Neda) has also recognized the intention of the House to amend and future-proof the outdated economic provisions of the 1987 Constitution to make them more responsive to the current and emerging economic conditions.

The Neda has also no objections to departing from constitutional provisions on foreign equity restrictions and leaving such to Congress, supposedly because such will enable the country to quickly step up in order to meet the requisites of modern economies—with continuing globalization and industrial revolution and subject to public welfare and national security considerations.

2 views

HOWEVER, Atty. Antonio G. M. La Viña, professor in the University of the Philippines College of Law, cautioned the committee on the dangers of liberalizing the economy now because of the prevailing state of affairs where countries lean towards protectionism.

La Viña thinks it’s better to wait for the world economy to stabilize.

Jose Enrique A. Africa, executive director of nongovernment think-tank Ibon Foundation Inc., also disagreed with any economic provision changes. Africa argues that despite the rise in FDIs, foreign capital has not benefited the people at large.

He argued that the country’s economy only remains afloat because of the cheap labor export and the corresponding remittances received in return.

Africa’s colleague, Ibon Foundation Trustee Rosario B. Guzm a n s a id e conom ic c h a r t e r change will have “zero efficacy for recovery, while having huge adverse side effects.”

“Economic cha-cha is no vaccine for recovery and development,” Guzman said at the hearing on RBH 2.

According to her, the economy’s development lies in using the aegis of the Constitution to gain from foreign investment, and not in taking away the protections and giving “self-interested” foreign investment free rein over the domestic economy.

Guzman, nonetheless, admitted that foreign capital can contribute to development. But “we are of the view that responsible government inter vention and regulation is [more] needed to create meaningful linkages and longterm benefits for the economy.”

She said Ibon’s position is to retain the economic provisions as they stand and not to open up the 1987 Constitution for any revisions or amendments.

Costs, opportunities

FOR House Economic Recovery Cluster co-chairman and Marikina Rep. Stella Luz A. Quimbo, it has become “imperative” for Congress to revisit and revise the economic provisions in the 1987 Constitution that are seen as not having worked to improve the lives of Filipinos.

“The Covid-19 pandemic has caused substa nt ia l economic damage, requiring huge infusions in foreign capital in order to return to the country’s prepandemic growth trajectory,” she said. “Unless restrictive economic provisions are lifted, the country will miss out on these foreign capital flows.”

According to Quimbo, “amending the highly-restrictive economic provisions in our Constitution will be instrumental for our recovery and development.” “ These provisions have led to substantial economic costs such as foregone foreign direct investment opportunities, which means foregone income and job

BM GRAPHICS: JOB RUZGAL

By Jovee Marie N. Dela Cruz @joveemarie & Butch Fernandez @butchfBM

creation that we should have otherwise been enjoying had it not been for our rigid constitutional prohibitions,” she said.

“I support the general approach of making these prohibitions subject to regular amendments

by Congress through legislation, rather than limiting any revisions to constitutional amendments, which are tedious and politically charged. I believe a more open legislative process helps “futureproof” these provisions by providing the flexibility to adjust to economic conditions that we cannot yet foresee, incorporating national security safeguards, and making economic provisions subject to regular debate and scrutiny,” Quimbo, an economist, added.

Citing the OECD’s FDI Regulatory Restrictiveness Index, Quimbo said the Philippines has the most restrictive regime for foreign investments in the Association of Southeast Asian Nations (Asean).

“This has hampered our potential to compete with our neighbors,” she said.

Citing the International Monetary Fund, Quimbo said that Vietnam is already expected to overtake the Philippines in terms of GDP per capita this year.

“Apart from their swift Covid response, they have sustained high economic growth over the years, partly driven by foreign direct investments,” she noted.

Data show that Vietnam’s FDI inflows ($16 billion) more than doubled the country’s $7.7 billion in 2019, according to Quimbo.

High time

FOR UP School of Economics Professor Emeritus Gerardo P. Sicat, the restrictive economic provisions on foreign capital “have long been blamed for impeding the country’s attractiveness to foreign direct investments.”

“This is the time to do it because when will we do it; when we have a crisis that needs enormous effort by the government to organize itself?” Sicat mused.

“We have to lay the foundation for making the Constitution more progressive in attacking new reforms that will help

the country move forward even better,” he said. “If we do this, I think we can undertake more economic reforms.”

UP School of Economics Professor Emeritus and National Scientist Raul V. Fabella agreed t hat t he l if t ing of const it ut iona l l imitat ions w i l l ma ke the Philippines more foreign investment-friendly.

“Who can make the land flourish best should own it,” Fabella said. “The land should be able to produce as much as it can and citizenship is not a condition.”

Still, he said, these amendments alone would not result in a “tsunami of foreign investments.”

“We must also look at high cost of power, difficulties of doing business, f lawed judicial system, unsett led peace and order, which affect both local and foreign investors,” Fabella explained.

Asian region

FOLLOWING a forum on Chacha, Bernardo M. Villegas, an economist and one of the framers of the 1987 Constitution, said the country is poised for dynamic growth in the next decade. Villegas added that the amendments to the restrictive economic provisions will boost the Philippines’ profile to foreign direct investors.

“The Asia Pacific region has not fallen into the extreme positions of protectionism like Brexit and America First. Within our region, because of the comprehensive regional economic partnership that was just signed, we are still open to trading and investing with one another,” Villegas was quoted in the statement of the Lower Chamber.

He cited the country’s low agricultural output as a prime example of where FDIs could propel the agricultural sector through much-needed capital and technological inflow.

“China and our Nor t heast Asian neighbors are struggling w ith food secur it y,” Vi l legas said. “They will need as much food as possible for their people; and Thailand and Vietnam are

already taking advantage of this situation.”

In the same forum, Anthony Abad, a lawyer who specializes in international trade, said that a Constitution rarely includes specific economic provisions, such as FDI. In Abad’s view, while a Constitution should provide limits to the powers of government, it should not hinder government’s ability to act for the benefit of the country, especially in times of need like the pandemic.

“There is a need to revise the Constitution. It is not written in stone to the extent that we are compromising our ability to alleviate poverty, to ensure that everyone is well-fed,” Abad said.

“The capital has to be there. We cannot do it as a closed system.”

Compared to neighbors

IN 2018, the Philippines had a total FDI Index (OECD FDI Regulatory Restrictiveness Index) of 0.374: the most restrictive of all the countries measured that year.

The country’s Asean neighbors had far more open economies, per the 2018 FDI Index. Singapore was the least restrictive, with a total FDI Index score of 0.048, followed

by Cambodia (0.054), Myanmar (0.117), Vietnam (0.130), Brunei Darussalam (0.146), Lao People’s Democratic Republic (0.190), Malaysia (0.252), Thailand (0.268) and Indonesia (0.345).

The OECD FDI Index measures statutory restrictions on foreign direct investment across 22 economic sectors. It gauges the restrictiveness of a country’s FDI rules by looking at the four main types of restrictions on FDI. These types are: 1) Foreign equity limitations; 2) Discriminatory screening or approval mechanisms; 3) Restrictions on the employment of foreigners as key personnel; and, 4) Other operational restrictions, e.g. restrictions on branching and on capital repatriation or on land ow nersh ip by foreig n- owend enterprises.

Restrictions are evaluated on a scale of 0 (open) to 1 (closed). The overall restrictiveness index is the average of sectoral scores.

Editor: Dennis D. Estopace

TheBroaderLook

Hold to power?

L AWM AK ER S from the Makabayan bloc questioned the timing of the resumption of the Charter change discussion amid the pandemic.

Bayan Muna Rep. Carlo Isagani T. Zarate has expressed concern that the move to change the Charter has a political agenda.

“This will be a divisive issue, especially 18 months before the elections and they are prioritizing this,” he said.

Instead of changing the Constitution, Zarate said the government should address the country’s number one problem: corruption and too much bureaucracy.

Zarate also warned that the proposed Charter change would be very disadvantageous to consumers, national minorities and national patrimony, in general.

According to the solon, areas to be potentially opened to full foreign participation and ownership are in the use of land and natural resources, use of marine wealth, control of public utilities, mass media and advertising, and educational institutions, among others. “ I f t h i s a me nd me nt ge t s through we would see our public services turned into super-profit generating, 100-percent foreignowned enterprises,” the Davaobased solon said. “We would be fully at their mercy.”

“Using the pandemic as an excuse, they are baiting us with the prospect of more jobs, but at the expense of our sovereignty, at the expense of having accessible state-run public services.

In the end we would all suffer from the complete sellout of our sovereign rights and resources that this amendment would allow,” Zarate said. “This, plus the smoke-screened political agenda of the administration to extend its influence, anti-people policies and hold to power beyond June 30, 2022 are completely unacceptable and should be opposed.”

Appearance of consensus

FOR his part, Bayan Muna Rep. Ferdinand R. Gaite said the leadership of the chamber “can’t really say that there will be no term extension unless we actually see that there is really nothing of that sort in any of their proposed amendments.”

“Of course, they will dismiss the term extension issue in this push to amend the Constitution, but how could they dispel this concern when they are suddenly rushing this effort as President Duterte’s term is nearing its end, and doing it too in the middle of a pandemic,” he added.

“But in any case, we would still oppose this Cha-Cha if it seeks to remove the pro-Filipino economic aspects of the Constitution.

Salceda, however, gave ass u r a nces t h at t he Hou se of Representatives will not touch the political provisions in its revived efforts to amend the 1987 Constitution.

Salceda said the discussion will only focus on the economic provisions, as proposed in RBH 2.

According to the chairman of the House Committee on Ways and Means, any move to amend the political provisions will be “dead on arrival.”

Salceda said there appears to be a consensus in the House to review the economic provisions in the Constitution that prevent foreign ownership of land and businesses in the country, noting that the Philippines is one of the most restrictive economies in the world.

But will this latest exercise at Cha-cha–the sixth such attempt since the time of President Fidel V. Ramos–indeed prove to be a “liberator” of an economy shackled by words, and a people chained to poverty and lack of opportunity as a result?

The jury is still out, and the opposers are, by the looks of it, not about ready to yield the outcome of the debate.

BusinessMirror

Thursday, February 18, 2020

The view from the Senate F

ROM the vantage point of the Senate, discussions on a supposed “Resolution of BOTH Houses” is not likely to have smooth sailing, because of, for one thing, the premature disclosure by the House constitutional amendments panel of its arbitrary hand, i.e., to consider its work as already the equivalent of a constituent assembly process.

Moreover, senators are, for obvious reasons, bothered by a seeming inclination to treat voting by the two chambers as an exercise by just one body— instead of “voting separately” that would prevent the votes of 24 individual senators from being drowned out by the bigger House when the Charter amendments are finally laid down in plenary.

Senators also aired concern over the timing of the latest “Cha-cha” move, which they think could distract from efforts at economic recovery from the Covid-19 pandemic’s onslaught.

Nonetheless, the Senate’s constitutional amendments committee chaired by Sen. Francis Pancratius “Kiko” N. Pangilinan held its own hearing on pending Cha-cha initiatives last January 27, drawing a sterling array of resource persons, including former Supreme Court justices.

Framer’s view

AMONG the early presenters was former Comelec Chairman Christian S. Monsod, who was one of the framers of the 1987 Constitution. Monsod gave three reasons in summing up his opposition to the Houseinitiated Resolution of Both Houses (RBH) 2, seeking to simply insert the phrase “unless otherwise provided by law” in the economic provisions, thus liberating the Charter—and the economy, supposedly—from restrictions that advocates say are hindering real progress.

First, amending the Constitution is not likely to open any new doors to foreign direct investment (FDI) because for all intents and purposes, they are already open, Monsod said.

Second, “for the quality FDI that we want to attract, it is more critical to address the real hindrances cited by the World Investment Report and other studies like the ADB [Asian Development Bank], which would create a favorable investment climate not just for FDI but for domestic investments as well, which accounts for about 90 percent of the total.”

Third, the former ConCom member had harsh words for RBH-2, saying “it is not the answer to anything.” Like previous attempts at charter change, Monsod sees it as “just another exercise on the taking and the use of political power for self-serving ends,” adding, “it should not be allowed to succeed.”

He warned strongly against the perils in RBH-2.

‘Insidious’

UNDER the present setup, to change the ownership percentage of the economic provisions, the House must muster 217 votes (3/4 of the

B

EFORE the now-pending Resolution of Both Houses (RBH) 2 seeking an “economic Cha-cha,” there had been six previous attempts to change the Constitution, according to a member of the 1987 Constitutional Commission (Con-Com) that laid down the republic’s democratic framework post-dictatorship.

Three of the six attempts included amendments to the economic provisions. Below, as summed up by Monsod in a January 27 Senate hearing are those attempts: n 1997-then-President Fidel V. Ramos’s Pirma (People’s Initiative for Reform, Modernization and Action) which was struck down by the Supreme Court as unconstitutional; n 1999 -Project Concord on economic provisions, aborted by then-President Joseph Estrada himself when his popularity waned from accusations of corruption; n 2001-a proposal to change from a presidential to a parliamentary system, French version. It died a quiet death when then-President Gloria Macapagal Arroyo did not support it; n 2006 -change to a parliamentary-federal system of Sigaw ng Bayan people’s initiative that was struck down by the Supreme Court as unconstitutional; n 2009 -a proposal by Arroyo House allies that would give an equal vote for congressmen and senators in a constituent assembly in joint session and a joint vote. It was withdrawn in the face of widespread opposition including from the Senate. n 2015, the House initiated JR-1 (Joint Resolution No. 1) with almost exactly the same provisions on the economy.

total number of congressmen) and the Senate 18 votes.

Once the insertion of “as may be provided by law” is made on the constitutional provisions, “Congress only needs enough votes as in ordinary laws to change the percentage ownership, at worst only about 73 votes in the House and 7 votes in the Senate (50 percent + 1 vote of a quorum, which is 50 percent + 1 of the total number of congressmen or senator as the case may be),” Monsod explained.

He termed RBH-2 “insidious,” because, he stressed, it is framed as an attempt to as simply give the Congress “the flexibility to make actual changes at an appropriate time. But it sets a bad precedent in trivializing our Constitution and forecloses debate at this time because no specific changes are being proposed on the foreign equity caps.”

Beyond the “harmless insertion of one phrase,” as Monsod puts it, is a catchall trove of powers by which lawmakers working for vested interests can draw limitless opportunities to peddle their powers for favors.

Dangerous, devious

ACCORDING to Monsod, RBH-2, like JR-1, is a dangerous and devious move

by Congress,” likening it to “a wholesale transfer of power from the Constitution to the Congress on determining the limitations on foreign ownership of land, natural resources, public utilities, media, advertising and educational institutions.”

Once the magic phrase is inserted, he warned, the constitutional provisions are next to useless, because in their place will be limitless means for “transactional legislation at which corrupt politicians and greedy elite business are very adept at doing.” He cited a few examples.

“Remember Hacienda Luisita and the law that allowed landowners to distribute shares rather than land. Remember how the banking system, unlike

in successful Asian countries which forced it to serve development goals, was allowed alternate compliance with the mandate to devote 25 percent of their portfolio to agriculture and agrarian reform to buy T-bills instead. Remember the underfunding of asset-reform programs. Or TRAIN that reduced taxes to the rich. Or the bill intended to correct the pro-mining law in 2015 that quietly died in a committee in the House.”

In short, it will provide “a new and bigger source of illicit money than the pork barrel.”

In an extreme example, what would stop, he said, unscrupulous legislators from going to “rich foreign land developers or mining companies and ask by how much they wish to increase their ownership of land and companies, like in mining?”

He made mining an example, noting that “total mineral deposits in our country is estimated at almost $1 trillion or P45 trillion. That’s what’s stake with RBH-2.”

Failure not by Charter, but implementers

SOCIAL justice and human rights lie at the heart of the 1987 Constitution, Monsod reminded one and all, and quickly excoriated those in power, past and present, for “failing in this regard, not because of the Constitution but because we have not fully implemented it.”

While RBH 2, as with previous attempts, purports to “provide decent living conditions to the people and to transform this economic growth into inclusive and solidarity progress among Filipinos—in other words, ‘development’ defined as high growth rate plus equitable distribution of its benefits,” will not succeed because its unique context—the pandemic and the subsequent economic collapse—draws from “outdated data,” he pointed out. For one, the growth cited in RBH 2 pertains to data in 2017-2018 before the pandemic, even as growth was already “declining even before the pandemic.”

Quality of investment

MONSOD, meanwhile, shot down the argument that opening our doors fully to FDI is vital, as any investment is worth attracting because “at least they contribute something” and “everything helps”.

Empirical evidence shows, he said, that “FDI does have a role to play in development but what counts is not the quantity but the quality of the investment. And to determine quality, we need to make a full accounting not just of its benefits but also of its costs (“externalities”) And also take account of such long-term considerations as brownfield vs greenfield investment, its contribution to raising the trajectory of our technological development and downstream plants for our minerals that increase the value added in the country. Despite promises by the mining industry, we have no industrialization based on our natural resources.”

Beyond the growth, inequality is “now a major issue even in developed countries,” and obviously no scattershot attempt at luring FDIs can cure the local ineuquities.

Monsod cited a January 25, 2021 OXFAM Statement based on data from Forbes’s 2020 Billionaires List. It said the Philippines’s 13 billionaires have seen their wealth increase by P637 billion since the pandemic began, enough to give the 11 million poorest Filipinos cash worth P58,136 each.

‘Inequality virus’

WITH what they term as the “Inequality Virus,” the 1,000 richest people on the planet including the 13 Filipino billionaires managed to recoup their Covid-19 losses within just nine months, Monsod noted, quoting the report. However, “it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic”.

Instead of addressing the worsening inequality, Congress “prioritizes legislation that reduces taxes to business, including those of billionaires instead of a wealth tax. And promoting RBH 2 as the most

urgent legislation at this time of the epidemic,” Monsod rued.

Instead of tinkering anew with the constitutional restrictions, “should we not be concerned why the benefits of growth and labor productivity are not being shared with labor?” Monsod asked.

In 15 years from 2001, real GDP per capita more than doubled at 5.4 percent per year; and labor productivity rose 57 percent between 2005 and 2015 with 3.1 percent per year.

“However, real wages did not move. Aggregate real wage remained flat for 15 years with 7 of the 15 registering a negative growth rate. With the pandemic, that has become worse. What is Congress doing about that?” he asked.

Real obstacles

THE World Investment Report has listed the following as obstacles to FDI, according to Monsod: a) adequate infrastructure; b) skill levels (human capital); c) quality of the general regulatory framework; d) clear rules of the game; e) fiscal determination; and, f) graft and corruption.

Meanwhile, other surveys list corruption, criminality and political instability, among others.

An ADB study by economist Jeffrey Sachs cited the key obstacles to FDI for the Philippines as “wrong policies and weak institutions, essentially the Rule of Law.” And Monsod pointed to the country’s weak performance on Rule of Law indices by various agencies and think tanks.

Given these, a foreign investor, would not necessarily invest in the Philippines even with RBH2, he said, recalling how the Japanese Chamber of Commerce explained the decision of Japanese manufacturing companies leaving China to invest in Vietnam, Thailand and Indonesia than the Philippines. These Japanese firms “factors such as those mentioned above. Because manufacturing is not even covered by restrictive ownership provisions,” Monsod noted.

By “conscientiously” reckoning with these factors, the Philippines may have more FDIs, “but on our own terms” and without needing Charter change, according to him.

Why, even the “World Bank does not put lifting restrictions on reserved areas for local control as a priority condition to attract FDI,” and “they know that it is a fact of public policy in most developing countries as it was for developed countries when they were themselves developing,” he added.

Finally, the wrong timing.

In Monsod’s view, the FDI that will be drawn by a wholesale easing of Charter restrictions “will consist mostly from the Chinese, with western economies experiencing surges of the pandemic and economic slowdowns and have neither the resources nor the time to engage in investments. China is already recovering and will largely monopolize FDI.” “Is this what we want?”

Monsod asks.

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A10 Thursday, February 18, 2021

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Thursday, February 18, 2021 A11

A12 Thursday, February 18, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial Will Meralco’s new supply deals cut power costs?

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he power sector is the engine of the global economy, supplying electricity to all other sectors. In times of crisis, such as the pandemic we have been experiencing for more than a year now, reliable electricity supply is critical for sustained medical services. Uninterrupted power is needed by people working from home under lockdown conditions, among other aspects of our new daily lives. Lack of sufficient power supply will seriously threaten our livelihood and the country’s economic development.

From the Associated Press: “Millions in US endure record cold weather without power.” Possible future headline in the Philippines: “Millions in Metro Manila endure record hot weather without power.” More than three decades ago, the country experienced up to 10 hours of power outages every day, which lasted for months. We don’t want those dark days to come back and haunt us. That’s why we have to plan well to make sure that our power generation resources and distribution utilities are capable of meeting the nation’s future energy needs.

The Manila Electric Co. (Meralco), the country’s largest electricity distribution utility, knows that its power supply investments must match the projected power demand growth. Meralco’s franchise area includes Metro Manila and nearby provinces, which account for about 50 percent of the country’s gross domestic product. A shortage of electricity in these areas can undermine the economy, which is already in recession.

In its ongoing effort to secure additional electricity supply through competitive bidding of contracts, Meralco sought the approval of the Department of Energy to ensure that the process is above board and follow limits on ownership set by law. Last week, Meralco said only six of the nine bidders have qualified to take part in the bidding for the supply of 1,800 megawatts for 20 years. These include SMC Global Power Holdings Inc. (through Excellent Energy Resources Inc., Mariveles Power Generation Corp. and Masinloc Power Partners Ltd.), the Consunji familly’s St. Raphael Power Generation, Meralco’s Atimonan One Energy, and the Aboitiz family’s GNPower Dinginin Ltd. Disqualified from the bidding were Solar Philippines Central Luzon (which is bidding to supply 200 MW), Sta. Cruz Solar Energy of AC Energy (150 MW), and Kingstone Energy (1200 MW). Solar Philippines was reportedly booted out because it included batteries in its offer, which would source their energy from the Wholesale Electronic Spot Market. Under the terms of reference, the power supply should come from greenfield plants.

AC Energy didn’t qualify because it bundled up multiple facilities with capacities much lower than the required minimum plant size of 150 MW. Meralco bumped off the Chinese-backed Kingstone Energy because its power plants are unqualified, and it was represented solely by a law firm throughout the competitive selection process. Also, Kingstone Energy’s equity ownership is spread over several offshore companies with no clear credible power company in control.

Agham Party-list Rep. Angelo B. Palmones issued a statement opposing Kingston Energy’s participation in Meralco’s 1,800 MW competitive selection process: “Our group stresses that the Kingstone project is actually covered by the DOE Moratorium against coal power plants. Thus, they are disqualified.

There is a serious national and energy security issue if Kingstone (project) comes to fruition, this will mean that China controls 1,200 MW power supply in Luzon. This is surely a security issue of the most important and highest level in the national sphere. Given these serious and grave concerns for the Kingstone project, it is right that they should be removed immediately and permanently from the CSP, as they did not meet the bare minimum rules and regulations outright.”

Meralco has moved the opening of the bids of the six qualified companies from February 10 to 19 or until the bid and awards committee or Meralco board of directors has resolved the appeals or protest of the disqualified bidders. However, the undue delay in the opening of the bids is not only unfair to the power firms in the running for the 1,800 megawatts contract, but might also adversely affect Meralco’s 6 million customers who are hoping that these new deals would help ease the cost of electricity.

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Moving up the economic ladder John Mangun

OUTSIDE THE BOX

I

T is funny to hear people—usually wealthy celebrities—talk about leaving the country if this or that person is elected to office. It doesn’t matter if it is the Philippines or the US. But they never leave, and the reason is simple: money.

Money beats politics always, and these profoundly “dedicated to a cause” individuals know that their “cause” is not where their wealth comes from.

During the past 30 years, the rich have gotten significantly richer all over the world. The “eat the rich” morons like to talk about Gates, Bezos, and Zuckerberg, but those examples are just plain dumb. They increased their wealth through an increase in stock prices, just like the wealthiest here in the Philippines.

The Black Death in the 1300s created “Capitalism” and the “Middle Class.” So many people died in Europe that there was a labor shortage, and for the first time in history workers

could charge a premium for their labor. By premium, I mean more than just enough to live on which is what the former feudal/serfdom economy provided.

With more people having more disposable income and therefore discretionary spending, artisans and craftsmen like shoemakers and the like also became wealthier. This did cause a large increase in inflation but that is another story. Also, landowners were forced to accept monetary rents rather than a share of the crops as tenant farmers could sell their excess production for a healthy profit.

By the 1800s there was a genuine large “Middle Class” between the working class, which saved little, and

the “rich” that owned most everything. The Middle Class had gained both wealth and political power. The “social welfare” programs of today are the result of several centuries of Middle Class demanding more government-provided services in return for their taxes.

However, in the West, the Middle Class has been dying for decades, as the ladder of economic mobility has been broken. One reason is that the “welfare” has been paid for by the Middle Class, resulting in a “richer” poor class and a “poorer” Middle Class. Since 1975, it has been simply “richer poor,” “richer rich,” and “poorer middle” economic groupings.

Government polices has been brilliantly effective. The “poor” have been kept just “rich” enough to stop them from grabbing torches and pitchforks against the governments. Remember Obama’s “free” government-provided cellphones for the “poor”?

The “Middle Class” has been kept just “rich” enough—but not too rich—to keep them working and paying taxes. The “Middle Class” are still seeing the value of their most widely held asset—a house—increasing in nominal value. But what is not talked about is that the “poor” are not climb-

ing the ladder to the middle and, of course, the middle are not going up to become “rich.”

Ready for a T.G.Y.F. (Thank God You’re Filipino) moment? Note that this moment applies to most of “underdeveloped” Asia.

In 1991, 71 percent of the Philippine population was in the poor economic class, with 28.5 percent in the middle. By 2015, the percentages changed to 58 percent lower and 40 percent middle. The “high income” percentage has doubled from 0.7 percent to 1.4 percent. That is economic mobility. Some 23 million more Filipinos joined the middle based on consumption not income. Further, it is people that have owner/renter type housing with strong roofs and walls rather than “squatting.” These are families with refrigerators and air conditioning.

Certainly, the trend of Philippine economic mobility has been severely derailed by the Covid economic Armageddon. But that trend will return as soon as you decide to return to the malls. Go shopping, please.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Japan begins vaccination drive, but why so late?

By Mari Yamaguchi | Associated Press

T

OKYO—Japan rolls out its Covid-19 vaccination campaign on Wednesday after the government gave belated first approval to a shot co-developed by Pfizer Inc. that the US and many other countries started using two months ago.

Some in Japan, where relatively rare side effects from vaccines tend to be played up, are in no hurry to get the shot. That reluctance could prove to be a big problem for the Tokyo Olympics scheduled for this summer after a year’s delay. Vaccinations are considered a key to holding the games.

With domestic vaccine development still in its early stages, importreliant Japan faces uncertainty in its supply. It’s also unclear if the alreadystrained Japanese health care system will be able to treat the extra visitors during the games as they juggle local patients and the mass inoculations.

The AP looks at why Japan, the world’s third-biggest economy, is so late in pursuing coronavirus vaccinations.

Why the delay?

It’s mostly because the government asked for clinical testing in Japan in addition to Pfizer’s multinational tests, which did not include Japan.

Dozens of countries accepted the results of the Pfizer tests released in November and moved ahead. Pfizer applied for emergency approval in

Japan in December, based on the overseas data, but Tokyo waited for results of Japanese tests submitted in late January before giving a green light on Sunday.

This all happened in two months, much faster that the one-year average that is usual for Japan, known for being cautious and bogged down in bureaucracy.

The approval process for another supplier, AstraZeneca, only started recently, while a third, Moderna Inc. hasn’t applied yet in Japan.

Why did Japan ask for more data?

People in Japan are often skeptical about vaccines, and officials felt they needed to address safety concerns thoroughly.

Health Minister Norihisa Tamura said last week that Asians comprised “only a small percent” of Pfizer tests, which were conducted from July to November on about 44,000 people in six countries.

Even so, that means the data included samples of about 2,000 Asians. Some critics are questioning whether the additional tests on only 160 Japanese people added any-

thing—except more delay.

Taro Kono, administrative reform minister for vaccinations, defended the delay. “It was more important for the government to show the Japanese people that everything was done” to encourage taking the vaccines, he said.

Why is confidence so low in Japan?

Japan’s mistrust of vaccines is decades old. Many people have a vague unease about vaccines, partly because their side effects have often been played up.

In the 1990s, the government scrapped mandatory vaccinations after a court ruling held it responsible for side effects linked to several of them.

More recently, Japan stopped recommending the human papillomavirus, or HPV, vaccine after media reports of alleged side effects, renewing worries despite the vaccine’s widespread use overseas as safe and effective protection for cervical cancer. A recent Mainichi newspaper survey showed that fewer than 40 percent of the respondents are eager to get their coronavirus shots right away, while about 60 percent said they will wait and see.

What is Japan’s vaccination timeline?

About 40,000 frontline medical workers treating Covid-19 patients are slated to get their first shots of

the Pfizer vaccine at 100 hospitals.

Half of them will participate in a survey of side effects and subsequent health checks to try to ease public safety concern.

About 3.7 million other medical workers will be next. The elderly are expected to get their turn in April, ahead of those with underlying health issues.

It will be about June by the time those older than 16 will be eligible.

Does Japan have enough vaccine?

Despite its late start, Japan was quick to strike deals with Pfizer and two other companies, AstraZeneca and Moderna, in July when the vaccines were still being developed.

Japan has secured 344 million doses, enough to cover its entire population, through the end of this year.

That includes 144 million doses from Pfizer, 120 million from AstraZeneca and 50 million from Moderna.

Japan pledged to secure doses for its entire population by June, but the prospects are unsure amid shortages in Europe where much of Pfizer and AstraZeneca supplies are produced.

Taro Kono, the minister in charge of vaccinations, on Tuesday described the prospects of getting the vaccines in time as “difficult.”

Though he expressed optimism, he said supplies from Europe will determine the progress of the campaign in Japan.

See “Japan,” A13

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Opinion

Bully behavior

It is time!

BusinessMirror

Fulfillment in metanoia Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

Businesswise

Alálaong Bagá

N business, competition is always a good thing. The more competitors there are, the more each business organization is encouraged to step up and make its product or service better for customers. Of course, that is, if we lived in an ideal world.

ent is our journey of 40 days (Kuwaresma) toward Easter.

The first Lenten Sunday starts us off with the bone-bare narration about Jesus’ sojourn in the desert and his inaugural victory over Satan and the gist of his good news to the people that it is time already for the reign of God (Mark 1:12-15).

I

Realistically, though, there is another side to competition, where it may be easier for some to pull other competitors down through dirty tactics or harassment. In this scenario, the entire industry and ultimately the customers lose.

Recently, I saw reports about the Manila City Prosecutor’s dismissal of a case filed by Manila Express Payment System, the carrier of the TouchPay brand of automated payment kiosks, against its competitors BTI Payments and Electronic Transfer Advanced Processing.

MEPS alleged that BTI Payments and eTAP were “fakes” of TouchPay terminals. MEPS had the Intellectual Property Rights Division of the National Bureau of Investigation (NBI-IPRD) confiscate the BTI and eTAP machines.

Fortunately for respondents BTI and eTap, the Manila City Prosecutor ruled that, “upon evaluation, the evidence adduced has not sufficiently or substantially established that the public or end consumers were confused as to the machines they were utilizing in their transactions. In the first place…just through physical appearance, both differ.”

Based on the lawsuit’s sheer audacity, it appears that there may be something more to this. It may be over and done with for the cases against BTI and eTap, but MEPS seems to be using the same angle of offense against other competitors, too. Most recently, they accused ZoomPay of “faking” their TouchPay machines, which prompted the NBI-IPRD to actually confiscate a number of the latter’s equipment.

The reason MEPS believes that they are “authentic,” and the others are “fake” is based on a number of legal assertions, principal of which is that they have intellectual property over the following process: 1) customer selects a service provider and services, 2) machine provides payment details, 3) customer remits payment, 4) machine accepts and validates payment, and 5) machine issues confirmation of transaction. As per their fervent actions against competitors, they seem to be adamant about this process being used only on TouchPay-brand-

Japan. . .

continued from A12

Is Japan developing its own vaccines?

Several Japanese companies and research organizations are developing coronavirus vaccines, but they are in the early stages.

Takeda Pharmaceutical Co. will distribute the Moderna vaccine and produce the Novavax vaccine at home, and JCR Pharmaceuticals

Let’s give credit to the Manila City Prosecutor for hopefully nipping this “fake-tagging” issue in the bud. The recent dismissal of TouchPay’s claims may have very well stymied what appears to be undue harassment against business competitors. ed machines.

Does MEPS’ contention sound ridiculous to you? If it does, congratulations! You are apparently much saner than some overly litigious executives. What TouchPay is claiming ownership of is a process of electronic commerce and payments that is utilized by thousands of companies around the world—a process that has already existed for about half a century.

If MEPS were therefore on a sincere and earnest pursuit to defend their intellectual-property rights (as described above), why didn’t they file a suit against the most obvious “violators’’ of these rights, namely, the automated teller machines (ATMs)?

What about the thousands of automated load-and-payment machines in convenience stores? Why target first the smaller players in the industry?

This kind of behavior—picking on easy targets to send a message and set a precedent—is analogous to that of neighborhood bullies. At a time when the economy desperately needs companies to generate employment and consumer activity, a bully is the last thing we need.

Let’s give credit to the Manila City Prosecutor for hopefully nipping this “fake-tagging” issue in the bud.

The recent dismissal of TouchPay’s claims may have very well stymied what appears to be undue harassment against business competitors.

When competitive advantage becomes a matter of exercising “bully advantage” and not competence, you can bet your bottom peso that the customers end up as the disadvantaged party.

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

Co. will produce the AstraZeneca vaccine under a licensing deal. Only AstraZeneca is currently in the approval process. Experts say vaccine development in Japan has become an unpopular research area because of risks, the time-consuming process and a lack of government funding.

Shigeru Omi, the head of the government coronavirus task force, has cited a lack of global competitiveness

by Japanese pharmaceutical companies as a reason for the delayed rollout.

Thursday, February 18, 2021 A13

L

The return of the spirit The end-time has begun; the Spirit of God has returned in and through Jesus Christ, the Spirit that the old people of God in their infidelity have quenched. John the Baptizer had announced that the one mightier than he who comes after him would be the one to baptize the people with the Spirit and so create a new people in the new life of union with God (Mark 1:7-8).

The Spirit descended on Jesus at his baptism in the Jordan and so anointed him for his messianic mission of salvation (Mark 1:10-11). Immediately thereafter the Spirit drove Jesus into the desert for 40 days to recapitulate and rewrite the story of God’s people who for 40 years in the desert showed themselves so unfaithful.

Spirit-filled and Spirit-driven, Jesus was a necessary target for Satan, just as for the same reason Jesus must take on the enemy. The confrontation in the wilderness was just the launch of the permanent enmity between Jesus and the devil that in the rest of the gospel would be waged relentlessly. In the wilderness of Sinai, the Israelites with Moses underwent trials and temptations in the process of being molded somehow into God’s chosen people; now the new Israel in Jesus Christ would come out of the desert in defining triumph. So, for 40 days and however long it takes to cross over to the “promised land”, Jesus the new Moses stood up to, and is facing down, the enemy.

The reign of God is already at hand in Jesus and through Jesus; his subsequent words and deeds reveal that God’s power is truly already in the midst of the world. In exorcisms, healings, authoritative teaching, and later on the cross, Jesus would emerge victorious over Satan. This fundamental conflict with evil is stressed with the noted presence of wild animals, housing demons (Psalm 22:13-22; Isaiah 13:21-22), with Jesus out in the wilderness.

But a note of anticipated victory is introduced by the apparent quiet of the subdued wild beasts in Jesus’ company; the era of primeval peace has dawned and paradise is for practical purposes regained and restored (Isaiah 11:6-9). The other detail given by the evangelist during this initial confrontation with Satan refers to the angels ministering to Jesus, the man of God under divine protection (Psalm 91:11-13), recalling how God was feeding Moses and the Israelites in the Sinai desert (Psalm 78:24-25) and the angels sustaining Elijah during his journey to the mountain of God (1 Kings 19:5-8).

In the power of the Holy Spirit, Jesus in the wilderness successfully takes on Satan and the forces of evil and death, and inaugurates

Vaccines for all, safety for all Dr. Rene E. Ofreneo

LABOREM EXERCENS

N

o one is safe unless everyone is safe. This, in gist, is the rationale behind the proposal of India, South Africa and other developing countries for a “TRIPS Waiver” under the World Trade Organization’s (WTO) agreement on Trade-Related Aspects Intellectual Property Rights or TRIPS. The Covid-19 pandemic has bared the global reality: the health of one depends on the health of all. This means all countries should exert efforts to attain “herd immunity” for their populations. Otherwise, the virus, which has been mutating, will continue to circulate endlessly, flaring every now and then in different parts of the world. Hence, it is critical that all countries should have access to vaccines and medical products such as test kits, protective equipment, ventilators, therapeutics and medical devices that are needed to treat, prevent and contain the virus.

The problem is that there are barriers, “intellectual barriers,” in accessing these vaccines and medical products. Under the TRIPS agreement, industrial and pharmaceutical products traded around the world are subject to the protective rules of TRIPS on patents, trade secrets, copyrights and industrial designs.

TRIPS is some kind of an aberration under the WTO umbrella of trade agreements. TRIPS provides utmost “protection” to the global trade players such as the multinationals while the rest of the WTO agreements seek maximum “liberalization” of markets for goods and services.

The proposed TRIPS Waiver means exemption of developing

countries from the protective rules of TRIPS. Specifically, they shall be allowed to avail themselves of TRIPS “flexibilities” such as the “compulsory licensing” or manufacture of patented vaccines and medical products as well as the right to undertake “parallel importation” of the above from another source without the consent of the patent holders—all in the name of public health.

The Philippines used the above “flexibilities” in 2008 when it passed the Cheaper Medicines Act, a law that helped spur the growth of the generics industry and enable local manufacturers such as UNILAB to produce cheaper medicines. Eventually, some patent holders themselves teamed up with local producers in the manufacture of some drugs.

As a backgrounder, the enactment of the Philippines’ Cheaper Medicines Act was not easy. It was pushed by the Fair Trade Alliance and a health sector coalition called the Ayos na Gamot sa Abot-Kayang Presyo (AGAP). The cheap medicine legislation was fiercely opposed by the lobby group of the big foreign pharmaceutical industry. This, however, did not stop Congress from passing the law because then DTI Secretary Mar Roxas and the Macapagal-Arroyo administration

saw the need to lower the atrocious drug prices in the Philippine market, which were 500 percent higher or more than those obtaining in India and Thailand.

But if there are “TRIPS flexibilities,” why bother to have a “TRIPS Waiver”? Trade Justice Pilipinas explains that using these flexibilities means hurdling difficult barriers erected by the big pharma industry.

The issuance of compulsory licenses is done in a complicated country-bycountry and case-by-case basis, with the patent holders usually applying all types of pressures and raising various legal arguments to prevent a developing country from having a compulsory licensing arrangement in a timely manner. Productive production collaboration between countries, for example between Indonesia and the Philippines or India and Thailand, also becomes extremely difficult, if not impossible. This at a time when all-out solidarity among countries and among peoples are most needed!

This brings us back to the present reality on the global vaccine situation. There are glimmers of hope that the world has now the antidote to combat the virus. The problem is that there is a huge disparity in the accessing of vaccines and medical products. According to the Third World Network (TWN) of Penang, Malaysia, high-income countries, accounting for 16 percent of the world’s population, have claimed 4.2 billion doses of the vaccines compared to 2.5 billion doses available to the 84 percent of the world’s population. One country, Canada, was even reported to be capable of administering 10 vaccine jabs per citizen.

TWN wrote: “Global vaccine supply is presently dependent on a few pharmaceutical companies including Pfizer, AstraZeneca and Moderna, yet they

UN expert fears violence with troops sent to Myanmar city

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ANGON, Myanmar—The UN expert on human rights in Myanmar warned of the prospect for major violence as demonstrators gather again Wednesday to protest the military’s seizure of power.

UN rapporteur Tom Andrews said he had received reports of soldiers being transported into Yangon, the biggest city, from outlying regions.

“In the past, such troop movements preceded killings, disappearances, and detentions on a mass scale,” he said in a statement issued by his office in Geneva. “I am ter-

rified that given the confluence of these two developments—planned mass protests and troops converging—we could be on the precipice of the military committing even greater crimes against the people of Myanmar.”

More protests were expected Wednesday all over the country despite the possibility of violence by the army and police.

“Let’s march en masse. Let’s show our force against the coup government that has destroyed the future of our youth and our country,” Kyi Toe, a spokesman for the National League

for Democracy party of ousted leader Aung San Suu Kyi, wrote on his Facebook page late Tuesday.

On Monday in Mandalay, the country’s second biggest city, security forces pointed guns at a group of 1,000 demonstrators and attacked them with slingshots and sticks. Local media reported that police also fired rubber bullets into a crowd and that a few people were injured.

The protests are taking place in defiance of an order banning gatherings of five or more people.

Police filed a new charge against Suu Kyi, her lawyer said Tuesday, a

move likely to fuel further public anger.

Suu Kyi, who was detained in the February 1 military takeover, already faced a charge of illegally possessing walkie-talkies—an apparent attempt to provide a legal veneer for her house arrest. The new charge accuses her of breaking a law that has been used to prosecute people who have violated coronavirus restrictions, lawyer Khin Maung Zaw told reporters after meeting with a judge in the capital, Naypyitaw. It carries a maximum punishment of three years in prison.

British Prime Minister Boris Johnson issued a strong denunciation of the legal maneuver against Suu Kyi. “New charges against Aung San Suu Kyi fabricated by the Myanmar military are a clear violation of her human rights,” he tweeted. “We stand with the people of Myanmar and will ensure those responsible for this coup are held to account.”

A spokesman for the United Nations said any new charges against Suu Kyi don’t change the world body’s “firm denunciation” of the military overturning the “democratic will

the reign of God in the world. But what Jesus has accomplished for us requires from us our active participation. If God’s reign is already at hand and the fulfillment of divine promises is now, we are correspondingly summoned to a faith that acts, as Jesus proclaims the good news of our salvation. Conversion and transformation (metanoia) rooted in faith, the renewal of our lives as believers, demands decision and commitment.

Alálaong bagá, we have to take off the old fallen man in us, in order to put on the new man risen in Jesus Christ – not only every season of Lent but also every day. We need to turn away from our old way of giving supremacy to selfish interests in dishonesty and injustice, so as to be able to measure up to the gospel values of truth and charity, service to others and obedience to God. Lent summons us to face down the forces of evil in ourselves and in the world, and live in harmony with all even the untamed, and open ourselves to the experience of divine mercy and holiness even in the wilderness of our society.

Join me in meditating on the Word of God

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

are unable to meet global demand, even for rich countries. This situation is unsustainable and unacceptable. In a global health emergency in which substantial amounts of public funding have driven the research and development, it is simply unconscionable that these few pharmaceutical companies will benefit from their intellectual property monopolies while the world is suffering.”

In the light of the foregoing, it is incomprehensible why government frontline agencies—DOH, DTI, DA and DFA—have been hesitant in expressing support to the TRIPS Waiver initiative of developing countries. They have adopted a timid posture by advancing a weak argument: The WTO’s TRIPS flexibilities are enough. They are not, as outlined above.

If these agencies do not want to adopt the proposed TRIPS Waiver, they can push for another initiative that is equally significant policy-wise. Instead of negotiating on the supply of vaccines, our agencies can ask China and Russia to share with the Philippines the vaccine technology of Sinovac and Gamaleya Institute, all in the name of friendship and solidarity.

And all this still within the framework of TRIPS. Is this doable? Why not? UNILAB, which has manufacturing facilities in several countries, has the sophistication and the means to be their production partner. The point is that a technology transfer of this nature shall be the best proof of friendship and people-to-people solidarity between the Philippines and China and the Philippines and Russia.

Dr. Rene E. Ofreneo is a Professor Emeritus of University of the Philippines.

For comments, please write to reneofreneo@ gmail.com.

of the people” and arresting political leaders, activists and peaceful protesters.

“We have called for charges against her to be dropped, for her to be released,” Stéphane Dujarric said.

The coup has brought a shocking halt to Myanmar’s fragile progress toward democracy, most visible in Suu Kyi’s tenure as national leader.

For a third night in a row, the military ordered an Internet blackout—almost entirely blocking online access from 1 a.m. to 9 a.m. It has also prepared a draft law that would criminalize many online activities. AP

A14 Thursday, February 18, 2021

PROBE OF CREDIT CARD FRAUD AT SENATE WILL INCLUDE BANKS–WIN B

ANKS, specifically “unauthorized” transactions involving them, would be included in an investigation on credit card fraud currently pursued at the Senate.

Senator Sherwin T. Gatchalian, vice chairman of the Senate Committee on Banks, Financial Institutions and Currencies, said last Wednesday they are focusing the probe into efforts of the Bangko Sentral ng Pilipinas (BSP) and private banks to safeguard the interests of bank clients.

Gatchalian observed that since he was victimized by credit card racketeers, the complaints from other scan victims continue to mount, as his office continue to receive complaints from similar victims of “unauthorized on-line bank fund transfers and credit card transactions.”

“The poor victims do not know where to go to lodge their complaints,” the Senator said, even as the lawmaker likewise lamented the absence of a clear process to quickly respond to the victims complaints.”

Gatchalian signaled the focus of their proceedings involves efforts on the part of the Bangko Sentral ng Pilipinas (BSP) and the banks in safeguarding the interests of the consumers.

He added that Senate probers are now

considering to endorse the passage of remedial legislation “mandating consumer protection and education as one of the primary and strategic objectives of financial regulators to allow them to address financial inclusion and minimize fraudulent transactions from occurring.”

Gatchalian explains this will“spare the victims of fraudulent and unauthorized bank and credit card transactions from the tedious litigation process, which often takes months and even years.”

The senator indicated such a proposal is aimed at empowering financial regulators and strengthening their enforcement powers, insofar as consumer protection is concerned,“to ensure that financial institutions comply with financial consumer protection regulations.”

“It is like a double whammy for the victims who already lost their hard-earned money to fraudsters and then spend some more just so justice could be served,” Gatchalian said.

He added that “aside from consumer protection, there are a number of issues that need to be addressed especially on the aspect of cyber security—the challenges and best practices. Banks are very attractive targets for hackers and scammers especially during this time of the pandemic.” Butch Fernandez

133K families will be led by minors in 2021–Popcom

By Cai U. Ordinario

T

@caiordinario

HE increase in teen pregnancies could lead to the creation of 133,265 families led by minors by the end of the year, according to the Commission on Population and Development (Popcom).

In a briefing on Wednesday, Population and Development Undersecretary Juan Antonio Perez III said this is equivalent to a population of 260,000 people, which is the average population of 10 municipalities in the Philippines combined.

Perez said births from teen pregnancies have been increasing and may reach 62,510 by the end of 2021. He said this is a conservative estimate and that the continuation of the lockdown may bring this up to around 74,000 births this year.

“This is driven by the fact that more young people are engaging in premarital sex; you have lack of information going on and potentially, also, the impact of the lack of access to family planning by young people because of the Supreme Court decision that they have to ask their parents for access to family planning services,” Perez said.

With minors already starting families even before they finish school, their ability to earn more will be reduced, he pointed out.

Perez said the discounted lifetime wage earnings foregone by a cohort of teenage women 18-19 years resulting from early childbearing is estimated on the average at P33 billion.

Further, this will place parents with an additional financial burden since they will have to be the ones to support their child and their children’s child or children.

“If you look at it at the household level, it immediately affects the households of these 133,000 minors. More often than not, they have to remain with their parents as they raise their first child. So the impact on the household is the one that is most severe,” Perez said.

The results of a nationwide survey conducted by the Social Weather Stations (SWS) and commissioned by the Popcom showed that 59 percent of the respondents said teenage pregnancy is the most pressing problem of women today.

This was followed by physical violence at 11 percent; unintended pregnancy, 11 percent; and sexual violence, 7 percent. The survey was conducted in November 2020 among adults 18 years old and above.

Concern on teen pregnancies was high among those from Mindanao at 67 percent. The concern was especially high among older age groups 45 to 54 years old at 65 percent and 55 and above at 64 percent.

This was also high among those who reached elementary and high school levels at 62 percent. Popcom said these respondents believe the most notable problem besetting females at this time.

“This should be a wake-up call to the government. The recent data force us to examine and ask the government to explain why children in the Philippines are having children.

Looking closely, we know that it is not simply because these children, particularly the very young adolescents, have chosen to have consensual sex,” said Romeo Dongeto, executive director of the Philippine Legislators’ Committee on Population and Development (PLCPD).

PLCPD, Popcom, and other partners in the government and civil society launched the No More Children Having Children campaign in 2019 to call on Congress to pass the Adolescent Pregnancy Prevention Act. Currently under the Period of Interpellation in the Senate and awaiting committee action at the House of Representatives, the bill provides access of minors to reproductive health services including modern family planning methods, comprehensive sexuality education, establishment of adolescent friendly health facilities, and social protection for adolescent mothers and fathers.

The “No More Children Having Children” campaign also calls for the full implementation of the Reproductive Health Law (Republic Act 10354), which mandates comprehensive sexuality education.

PLCPD and its partners also support the movement of related legislation in both houses of Congress, including the prohibition of child marriage in the country, and raising the age to determine statutory rape from below 12 to below 16.

Solons rush bills on Covid vaccine buy, indemnification

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By Samuel P. Medenilla @sam_medenilla & Jovee Marie N. dela Cruz @joveemarie

AWMAKERS are eyeing to ratify by next week legislation providing compensation for people who suffer severe side effects from the Covid-19 vaccine.

In an online press briefing in PTV on Wednesday, Senate Majority Leader Juan Miguel Zubiri said they are now working to complete the hearings for Senate Bill 2057, which aims to expedite the purchase and administration of Covid-19 vaccines.

“Hopefully, we can ratify this by Monday next week. We will give it to Malacañang for the signature of the President,” said Zubiri, main author of the bill.

“If Malacañang will be able to release the certification this afternoon (Feb. 17), we will be able to complete its third reading. If the Senate and House [of Representatives] version will have little difference, we might be able to bring it to the bicam (bicameral conference) this weekend,” Zubiri said.

The bill ensures the government will shoulder the indemnification for vaccine recipients, who will suffer adverse side effects, and also shield vaccine makers and healthcare workers administering the vaccines, from any liability for such incidents.

Certification awaited

MEANWHILE, The House of Representatives is now awaiting the

urgent certification from President Duterte on the proposed Emergency Vaccine Procurement Act of 2021.

House Committee on Economic Affairs Chairman Junie Cua, sponsor of the bill, said the House leadership had asked the President to certify as urgent the House Bill 8648 for quick passage on both second and third readings at the plenary.

The bill seeks to expedite the purchase and administration of vaccines for the protection against the Covid-19. It exempts local government units (LGUs) from compliance with the requirements under RA 9184 or the Government Procurement Reform Act and other related laws.

Indemnity Fund

ACCORDING to Cua, the amendment to include the Covid-19 National Vaccine Indemnity Fund, which shall be administered by the PhilHealth, will be introduced as part of the bill.

He said the P500-million fund will compensate any person inoculated through the Covid-19 Vaccination Program, in case of death or for the medical treatment of any serious adverse event. The

amount shall be sourced from the Contingent Fund of the Office of the President.

The measure authorizes the provinces, cities and municipalities to directly purchase vaccines for protection against Covid-19, and secure other goods and services necessary for their storage, transport, distribution, and administration, as the need arises, in the most judicious, economical, and expeditious manner, notwithstanding the provisions of Government Procurement Reform Act, Local Government Code of 1991 and Government Auditing Code of the Philippines.

Under the bill, the provinces, cities and municipalities may purchase, only in cooperation with the DOH and national task force against Covid-19, through a multiparty agreement that includes the DOH and the relevant supplier of Covid-19 vaccine or ancillary supplies or services.

LGUs may only purchase vaccines registered with the Food and Drug Administration, or issued with an emergency use authorization (EUA) status.

In his sponsorship speech, Albay Rep. Joey Sarte Salceda said the most important national policy now is vaccine procurement.

“My colleagues, each day in quarantine has already cost the economy P2.8 billion a day in wages due to all since March 2020. I estimate that our economy foregoes between P10 to P20 billion in economic activity every day due to mobility restrictions. And yet, all of us understand that it will be foolhardy to proceed with a broad reopening unless we are certain that our health-care workers can fight off any sudden

rise in cases due to freer movement of people,” he added.

Salceda said he fully supports the tax exemptions on Covid-19 vaccines as approved by his Committee on Ways and Means.

Lawsuit concerns

CHIEF implementer of the government’s national policy on Covid-19 Carlito G. Galvez earlier said the legislation for indemnification is part of the requirements by pharmaceutical companies as well as the Vaccines Global Access (Covax) facility before they could start shipping Covid-19 vaccines.

He said firms expressed worry over a possible lawsuit after the Dengvaxia incident, where French manufacturer Sanofi was charged for the alleged deaths of Filipino children who received their antidengue vaccine.

The firms want government to guarantee to hold them free and harmless from potential liability because the Covid-19 vaccines are just covered by EUAs from the FDA, having been rushed to meet the pandemic health crisis.

Galvez earlier said the pending indemnification agreements and the bill caused delays in the shipment of 117,000 doses of PfizerBioNTech Covid-19 vaccines from the Covax facility.

He lauded Congress for its efforts to rush passage of the indemnification bill, which will compliment their already signed indemnification agreements with Pfizer and AstraZeneca.

National Action Plan (NAP) Against Covid-19 Deputy Chief Implementer Vince Dizon said they will sign similar indemnification accords with other vaccine makers.

A NUN sprinkles ash on the head of a mass goer as Catholics mark Ash Wednesday in Baclaran Church in Paranaque City on February 17, following health protocols of social distancing and the wearing of face masks and shields. Ash Wednesday marks the start of the 40 days of Lent. ROY DOMINGO

Outsiders may campaign in split-Palawan poll

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VEN non-residents of Palawan could campaign for or against the looming plebiscite, which could divide the island into three separate provinces, according to the Commission on Elections.

Comelec Commissioner Antonio Kho said there is no geographical restriction on who could campaign for the upcoming plebiscite for the

ratification of Republic Act 11259 or the Act Dividing the Province of Palawan into three provinces.

“Anyone can campaign. People from any part of the Philippines, as long as you’re a [Filipino] citizen, can campaign and convince people to vote, but they are not allowed to vote,” Kho explained in a recent online briefing.

The poll official, however, noted

that appointed government officials and personnel will not be allowed to participate in the plebiscite campaign, as this is prohibited under the Civil Service Law. Elected officials, he said, are not covered by the said restrictions.

Kho issued the clarification when asked if residents of Puerto Princesa who will not be allowed to participate in the plebiscite, will be

allowed to campaign for or against the division of Palawan.

He assured the public that Comelec will be non-partisan in the plebiscite to be held on March 13, 2021.

“We will implement whatever decision of the voters is with respect to the plebiscite, whether they will ratify or reject the partition of the province of Palawan,” Kho said.

Samuel P. Medenilla

www.businessmirror.com.ph

Companies BusinessMirror

Thursday, February 18, 2021

B1

IPO of DoubleDragon REIT gets SEC nod

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By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of the real estate investment trust (REIT) mainly sponsored by DoubleDragon Properties Corp.

In its en banc meeting, the agency approved the registration statement of DDMP REIT Inc. for the listing of

17.82 billion common shares on the main board of the Philippine Stock Exchange. The company placed a

maximum offer price at P2.25 per share, or a total of P14.7 billion in fresh funds.

Of the total issued and outstanding shares, DDMP will offer to the public up to 5.94 billion common shares currently owned by DoubleDragon, Benedict V. Yujuico and Teresita M. Yujuico. The selling shareholders set aside 594.24 million more shares as its overallotment option.

Assuming the full exercise of the overallotment option, new investors will corner 36.67 percent of the issued and outstanding common shares of DDMP. DoubleDragon will retain a 44.33-percent interest, while Benedict and Teresita will own

Cebu Air sets SRO price at ₧38

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ebu Air Inc., the operator of budget airline Cebu Pacific, has set a P38 per entitlement right price for its P12.5-billion convertible preferred shares, which will be sold via rights offering.

The said price was a deep discount from its P50.10 per share closing price on Wednesday.

As a result, the company is offering 328.94 million convertible preferred shares, which are cumulative, non-voting, nonparticipating, with a par value of P1.00 per share.

The said number of shares will be new shares that the company will create, which will come from the increased authorized capital stock.

The offer is open to shareholders of record as of February 26. A notice of the offer and entitlement rights will be available to eligible shareholders.

CPAir Holdings Inc., which beneficially owned 66.77 percent of Cebu Air’s common shares, has expressed its full support for the company’s proposed offer, the company said.

It said that it will subscribe to its entitlement rights, including those unsubscribed rights to ensure that all the rights covered by the offer are fully subscribed.

The company earlier has re-dominated its offer from US dollars to Philippine peso to allow wider participation from all potential eligible shareholders, particularly the retail shareholders.

A stock rights offer (SRO) is a measure that allows a shareholder to buy the preferred shares, or those type that do not have voting rights but has more dividend pay, depending on the amount of shares that he holds.

Proceeds of the offer will be used to transform its business felled by the Covid-19 pandemic.

Some P4.8 billion will be allocated for repayment of an advance by JG Summit Philippines Ltd., P3.91 billion for aircraft operating lease payments due in 2021, P3.32 billion for principal debt repayments due in 2021 and P0.384 billion will be for general corporate purposes, which

are primarily for passenger refunds in case cash inflows from operations become insufficient as a consequence of the Covid-19 pandemic’s impact to health and travel related concerns.

The offer period is scheduled on March 3 through March 9 and will be listed at the Philippine Stock Exchange on March 29. “ The airline industry faces significant challenges as a result of unprecedented events outside the control of the corporation brought by the Covid-19 pandemic. Travel restrictions imposed by various governments, both local and abroad, have led to abrupt reduction in passenger traffic for the corporation and casts uncertainty over the near term prospects of the corporation despite its market leadership,” the company said.

“Due to this exceptional change in market conditions and industry dynamics, the corporation saw the urgent need to fast-track its transformation.” VG Cabuag

SMC cleanup of Tullahan River moves further upstream

By Jonathan L. Mayuga @jonlmayuga

S

an Miguel Corp. (SMC), the proponent of the P735.6billion New Manila International Airport (NMIA) in Bulakan, Bulacan is extending the reach of its P1 billion Tullahan-Tinajeros River System cleanup to 11.5 kilometers.

The company said the move will complement ongoing flood mitigation measures in the cities of Navotas, Malabon, and Valenzuela before the start of the rainy season.

This nearly covers half of the entire 27-km stretch of the river system.

In a statement, SMC President and COO Ramon S. Ang said the Department of Public Works and Highways (DPWH) has approved the company’s dredging plans for Sectors 4 and 5 of the river system, covering the length of the river from Tinajeros Bridge to Potrero in Malabon and Valenzuela cities.

The section represents an additional 6.3-km of dredging area, in addition to the initial 5.25-km Sectors 1 to 3 from the Manila Bay in Navotas to the Tinajeros Bridge in Malabon, which SMC had been working on.

“We are making all the necessary preparations now to move into the next phase of our river cleanup and flood management initiative.

We’re investing in new equipment, and hiring more people. We are fully committed to our advocacy of cleaning up major rivers and helping our cities with flood mitigation,” said Ang. Ang said the cleanup activities for the new stretch will benefit Valenzuela and the upstream portion of Malabon.

For this purpose, SMC is acquiring special equipment. Work on the additional sections is targeted to

begin by early April, while simultaneously maintaining ongoing dredging operations from Manila Bay in Navotas to Tinajeros Bridge which covers Sectors 1-3.

Aside from cleaning and increasing the depth of the river to accommodate more rainwater, especially during the typhoon season, the DPWH has required the widening of portions of the river.

SMC will be working closely with the local government units and MMDA Flood Control group to implement the project.

“Many parts of the river have become shallow, with the depth down to one to two meters. We were able to increase the depth of the river and this complemented the pumping stations at Navotas and Malabon. When heavy typhoons hit the country towards the end of last year, more floodwaters flowed into the river. But no heavy flooding was reported in these flood-prone areas,” he said.

For the 5 sectors, SMC is looking to dredge a total of 1.5 million cubic meters of silty sand and solid waste.

Despite the Luzon-wide lock-

downs due to the Covid-19 pandemic, dredging output reached 112,910 metric tons as of February 15, 2021. Dredging output has increased from 600 to 1,000 MT per day.

“To enable to us to effectively dredge the river and help reduce flooding, we are again asking the support of all stakeholders, including the local government units to help us maintain the river and contribute to the national government’s program to rehabilitate the Manila Bay,” Ang said.

Ang said that the acquisition of more equipment and personnel is also in preparation for its upcoming river cleanup initiatives in the province of Bulacan, and for the Pasig River. The Pasig River cleanup is part of its proposed P95.4 billion plan to build the Pasig River Expressway.

Specifically, Ang said the company is acquiring an amphibious excavator for shallow waters and river widening, and a suction cutter dredger that can handle big volume throughput operations, like in the Pasig River.

9.65 percent and 9.35 percent, respectively.

The selling shareholders will receive the entire proceeds, which shall be reinvested in the Philippines, pursuant to REIT rules.

DDMP intends to conduct the IPO from March 5 to 11 and list at the PSE on March 19, based on the latest timetable submitted to the SEC. Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Limited and PNB Capital and Investment Corp. will act as joint global coordinators for the REIT offering.

The global coordinators will concurrently serve as joint bookrunners, along with CIMB Investment Bank

Bhd., Investment and Capital Corp, of the Philippines, Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd. and RCBC Capital Corp.

Credit Suisse, DBS, Nomura, CIMB, Macquarie and Maybank were picked as international bookrunners for the offer, while PNB Capital, ICCP and RCBC Capital as domestic underwriters.

The portfolio of DDMP currently includes 6 office towers with retail components within DD Meridian Park in Pasay.

The company’s leasing spaces cater to a mix of tenants, such as business process outsourcing companies

of mainly Philippine Offshore Gaming Operators, government agencies and corporate locators.

As mandated by law, DDMP shall distribute at least 90 percent of its annual distributable income as dividends.

The distributable income refers to the company’s net income as adjusted for unrealized gains and losses/expenses and impairment losses and other items in accordance with internationally accepted accounting standards.

It excludes proceeds from the sale of the REIT’s assets that are reinvested in the REIT within 1 year from the date of the sale.

B2

Companies BusinessMirror

Thursday, February 18, 2021

PSE STOCK QUOTATIONS

February 17, 2021

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

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

43.35 105.6 85.2 24.05 10.3 48.05 10.82 26.1 55.4 17 128.3 71 1.19 3.98 0.57 3.57 7.31 1.51 0.46 801 0.76 149.7 2,100

44.75 106 85.25 24.1 10.4 48.2 11 26.15 55.8 17.38 128.9 71.5 1.24 3.99 0.6 3.59 8.68 1.56 0.465 889 0.8 150.8 2,200

43.15 108 85.7 24.1 10.3 48.9 10.84 26.15 54.8 17.66 128.5 71 1.15 3.98 0.57 3.52 8.2 1.56 0.52 840 0.83 151.5 2,100

43.4 108.5 85.7 24.1 10.4 48.9 10.84 26.3 55.4 17.66 129.2 71 1.29 3.99 0.57 3.59 8.2 1.56 0.52 840 0.83 151.9 2,100

43.15 105.2 83.9 24.05 10.22 47.8 10.82 26 54.5 17 128 70.25 1.15 3.97 0.57 3.42 8 1.51 0.45 800 0.75 149.7 2,100

43.35 105.6 85.2 24.05 10.4 48.2 10.82 26.1 55.4 17 128.9 71 1.24 3.99 0.57 3.59 8 1.56 0.465 800 0.79 150.8 2,100

4,600 5,457,540 2,057,770 48,700 993,700 3,642,700 5,300 233,300 5,680 67,200 248,840 13,100 2,347,000 136,000 1,000 396,000 8,100 313,000 6,981,000 430 232,000 16,380 20

199,020 579,665,677 175,032,967.50 1,173,615 10,261,346 175,578,685 57,366 6,092,960 311,269 1,153,578 32,012,901 928,152.50 2,871,000 541,590 570 1,390,580 64,830 481,210 3,362,715 351,770 182,710 2,460,140 42,000

-187,459,273 69,765,680 48,200 965,378 -13,461,165 -1,136,730 140,815 -7,173,738 248,917.50 -178,710 770 441,294 21,000

INDUSTRIAL AC ENERGY 7.66 7.68 7.84 7.84 7.66 7.66 16,251,600 125,544,029 ALSONS CONS 1.32 1.33 1.3 1.33 1.3 1.33 1,281,000 1,679,210 ABOITIZ POWER 26.15 26.2 26.25 26.3 25.8 26.2 1,984,700 51,614,390 BASIC ENERGY 1.14 1.15 1.16 1.21 1.13 1.14 201,178,000 236,145,510 FIRST GEN 29.9 29.95 29.8 30 29.6 29.95 1,870,600 55,881,445 75.9 76 76 76 75.85 76 21,450 1,629,849 FIRST PHIL HLDG 288 289.4 289.4 291.4 288 288 187,460 54,105,490 MERALCO 3.73 3.74 3.73 3.74 3.71 3.74 796,000 2,968,390 PETRON 3.79 3.97 3.9 3.9 3.78 3.8 135,000 518,640 PETROENERGY PHX PETROLEUM 12.62 12.7 12.62 12.82 12.6 12.78 58,900 746,130 PILIPINAS SHELL 22.4 22.45 22 22.5 22 22.4 658,800 14,732,870 SPC POWER 10.2 10.26 10.3 10.3 10.1 10.26 114,800 1,171,346 VIVANT 13.54 14.58 13.94 13.94 13.5 13.5 5,000 68,266 AGRINURTURE 7.16 7.2 7.25 7.62 7.15 7.2 3,894,900 28,594,142 AXELUM 3.37 3.48 3.42 3.48 3.33 3.48 1,556,000 5,318,810 14.06 14.32 14 14.48 14 14.34 1,200 16,900 CNTRL AZUCARERA CENTURY FOOD 17.3 17.8 17.58 17.8 17.26 17.8 1,625,700 28,498,340 8.95 9 9.18 9.4 8.71 9 83,200 746,026 DEL MONTE 7.28 7.3 7.28 7.35 7.22 7.3 562,600 4,106,763 DNL INDUS 9.99 10 9.92 10 9.91 10 201,400 2,008,034 EMPERADOR SMC FOODANDBEV 68.2 68.25 67.6 68.5 67.35 68.25 267,310 18,285,799.50 ALLIANCE SELECT 0.64 0.66 0.64 0.66 0.64 0.66 997,000 644,720 FRUITAS HLDG 1.55 1.56 1.61 1.63 1.55 1.55 42,968,000 67,752,130 GINEBRA 52.8 52.85 53 54 52.55 52.85 145,540 7,747,783.50 178.8 179 180 181 178.1 178.8 1,104,670 198,353,854 JOLLIBEE 35.6 35.95 35 35.75 34.5 35.75 1,700 59,550 LIBERTY FLOUR MACAY HLDG 7.8 8.13 7.81 8.13 7.8 8.13 2,000 15,644 MAXS GROUP 6.61 6.7 6.65 6.7 6.6 6.61 196,800 1,304,891 0.415 0.42 0.43 0.445 0.41 0.415 31,570,000 13,384,850 MG HLDG SHAKEYS PIZZA 7.48 7.5 7.45 7.5 7.45 7.5 875,100 6,562,229 ROXAS AND CO 1.16 1.17 1.17 1.2 1.15 1.15 2,180,000 2,552,070 RFM CORP 4.61 4.71 4.73 4.73 4.73 4.73 1,000 4,730 SWIFT FOODS 0.144 0.145 0.154 0.154 0.144 0.144 40,960,000 6,020,110 UNIV ROBINA 139.9 140 141 141.8 138 140 1,238,800 172,721,446 0.91 0.92 0.93 0.93 0.91 0.91 2,366,000 2,168,750 VITARICH 52.1 53.9 52.1 52.1 52.1 52.1 140 7,294 CONCRETE A CONCRETE B 56 57.95 56.1 56.1 56 56 310 17,390 CEMEX HLDG 1.42 1.43 1.4 1.47 1.4 1.43 21,859,000 31,455,760 6.36 6.37 7 7.25 6.36 6.37 4,354,700 29,057,402 DAVINCI CAPITAL EAGLE CEMENT 13.6 13.62 13.9 13.9 13.6 13.6 8,800 119,828 EEI CORP 8.8 8.83 8.7 8.9 8.5 8.83 2,770,100 24,342,295 HOLCIM 6.32 6.33 6.33 6.35 6.3 6.32 485,800 3,072,209 MEGAWIDE 7.85 7.87 8 8.15 7.8 7.85 2,243,200 17,817,534 10.64 10.7 10.8 10.8 10.6 10.6 47,100 499,330 PHINMA TKC METALS 1.44 1.46 1.53 1.6 1.41 1.46 5,081,000 7,460,890 VULCAN INDL 3.23 3.25 3.86 3.97 3.16 3.23 59,746,000 210,998,140 150 175 150 150 150 150 300 45,000 CHEMPHIL 2.05 2.07 2.12 2.51 2.05 2.06 21,934,000 49,857,360 CROWN ASIA EUROMED 2.27 2.3 2.3 2.34 2.29 2.3 128,000 296,320 LMG CORP 4.81 5.05 5.05 5.05 4.81 4.81 64,300 322,920 MABUHAY VINYL 4.5 4.64 4.62 4.66 4.6 4.64 9,000 41,640 PRYCE CORP 5.4 5.56 5.65 5.65 5.52 5.52 120,100 664,860 CONCEPCION 20.9 20.95 21 21.4 20.95 20.95 67,200 1,411,440 3.89 3.9 4.02 4.09 3.72 3.9 57,155,000 224,760,370 GREENERGY 13.04 13.06 13.04 13.32 12.86 13.04 897,200 11,711,636 INTEGRATED MICR 1.28 1.3 1.32 1.35 1.27 1.28 990,000 1,296,780 IONICS 5.67 6.02 6.02 6.02 6.02 6.02 100 602 PANASONIC SFA SEMICON 1.52 1.55 1.58 1.58 1.52 1.55 889,000 1,367,970 CIRTEK HLDG 6.79 6.8 6.93 6.93 6.7 6.8 1,651,100 11,199,308

3,617,574 -26,200 -36,033,830 522,210 14,022,935 -1,033,487 -30,107,656 1,604,770 283,950 8,497,300 -3,028,183 1,749,070 -11,501,286 14,875 -850,621 245,397 -316,654.50 1,410,630 5,891,235 -27,051,788 21,817 -1,124,450 510,750 124,120 29,400 -28,980,090 205,380 -2,210,820 222,440 34,018 4,951,395 -40,463 -4,013,418 -9,312,410 15,000 -2,864,930 9,960 10,507 -953,730 10,171,900 2,956,626 -69,440 39,580 99,495

HOLDING & FRIMS ABACORE CAPITAL 1.14 1.15 1.2 1.2 1.15 1.15 38,238,000 44,589,850 ASIABEST GROUP 7.94 8.14 8.22 8.22 7.94 8.14 58,400 466,939 AYALA CORP 787 790 792 792 783.5 790 246,270 193,669,945 ABOITIZ EQUITY 43 43.85 42.85 43.95 42.85 43.85 320,900 13,953,930 ALLIANCE GLOBAL 10.54 10.58 10.78 10.78 10.54 10.58 1,395,500 14,764,366 3.06 3.07 3.11 3.11 3.02 3.07 2,730,000 8,350,700 AYALA LAND LOG 7.01 7.29 7.09 7.1 7.01 7.01 20,600 146,172 ANSCOR ANGLO PHIL HLDG 0.88 0.89 0.96 1 0.87 0.88 30,016,000 27,837,870 0.95 0.96 0.95 1.05 0.89 0.96 44,258,000 43,147,720 ATN HLDG A ATN HLDG B 0.95 0.98 0.95 1.05 0.92 0.95 3,914,000 3,836,970 COSCO CAPITAL 5.23 5.24 5.35 5.35 5.19 5.24 5,487,000 28,740,535 DMCI HLDG 5.4 5.42 5.5 5.5 5.31 5.42 2,642,700 14,284,724 FILINVEST DEV 8.8 8.9 8.8 8.8 8.79 8.8 87,800 772,607 FJ PRINCE A 3.07 3.27 3.07 3.07 3.07 3.07 60,000 184,200 FORUM PACIFIC 0.238 0.241 0.25 0.25 0.234 0.238 3,160,000 751,850 562 562.5 568 569 554 562 108,220 60,599,930 GT CAPITAL 3.94 4 3.8 4.1 3.8 4 1,774,000 6,934,510 HOUSE OF INV 66.15 66.7 66.6 67.1 65.7 66.7 1,373,530 91,001,909.50 JG SUMMIT 4.69 5.06 4.65 4.69 4.65 4.69 18,400 85,973 JOLLIVILLE HLDG KEPPEL HLDG A 4.93 5.29 5.25 5.3 5.25 5.25 11,400 60,120 LODESTAR 1.8 1.81 1.7 1.85 1.66 1.8 31,246,000 55,670,970 LOPEZ HLDG 3.74 3.77 3.75 3.77 3.74 3.77 98,000 368,040 LT GROUP 14.22 14.24 14.54 14.54 14.14 14.22 3,111,600 44,275,246 MABUHAY HLDG 0.51 0.53 0.52 0.53 0.52 0.53 99,000 52,290 1.96 2.22 1.99 2.39 1.86 2.22 185,000 389,330 MJC INVESTMENTS 4.2 4.21 4.24 4.24 4.18 4.21 13,431,000 56,511,990 METRO PAC INV 5.25 5.45 5 6.6 5 5.45 438,000 2,496,970 PACIFICA HLDG 1.58 1.59 1.54 1.62 1.54 1.58 5,833,000 9,233,920 PRIME MEDIA SOLID GROUP 1.25 1.28 1.3 1.31 1.24 1.28 184,000 233,620 SYNERGY GRID 317 329 317 318 317 317 340 107,860 SM INVESTMENTS 1,044 1,060 1,056 1,069 1,030 1,060 10,369,270 10,786,348,185 SAN MIGUEL CORP 125.9 126 126.9 128.9 125.9 126 92,070 11,634,535 SOC RESOURCES 0.82 0.84 0.96 0.96 0.82 0.82 5,854,000 4,932,030 SEAFRONT RES 2.29 2.59 2.6 2.6 2.59 2.59 5,000 12,980 136.4 138.5 138.5 138.5 138.5 138.5 250 34,625 TOP FRONTIER WELLEX INDUS 0.234 0.255 0.25 0.255 0.23 0.255 490,000 114,630 ZEUS HLDG 0.255 0.26 0.29 0.3 0.255 0.26 24,080,000 6,491,550

2,030,960 -31,959,660 -9,079,240 -1,424,194 2,764,040 170,100 557,990 660,004 -3,402,523 212,047 8,676,690 -3,357,550 -19,025,241.50 638,620 263,100 -2,901,180 3,840 -8,172,350 -110,000 -114,485,855 -5,564,753 24,900 51,000

PROPERTY ARTHALAND CORP 0.66 0.67 0.66 0.67 0.66 0.66 600,000 397,910 ANCHOR LAND 7.8 8.32 7.79 7.79 7.79 7.79 700 5,453 AYALA LAND 39.5 39.55 39.85 39.95 39.2 39.55 8,388,900 332,287,160 ARANETA PROP 1.4 1.45 1.46 1.51 1.4 1.4 594,000 861,180 AREIT RT 34 34.05 34 34.45 33.95 34 540,900 18,433,210 1.67 1.68 1.71 1.71 1.63 1.68 780,000 1,302,850 BELLE CORP 0.96 0.97 0.97 0.98 0.95 0.97 3,154,000 3,052,970 A BROWN 0.79 0.8 0.79 0.79 0.79 0.79 1,000 790 CITYLAND DEVT CROWN EQUITIES 0.15 0.151 0.153 0.154 0.15 0.151 3,520,000 531,950 CEB LANDMASTERS 5.09 5.11 5.11 5.11 5.08 5.11 178,300 908,948 CENTURY PROP 0.41 0.42 0.41 0.425 0.41 0.42 24,420,000 10,115,400 CYBER BAY 0.35 0.355 0.37 0.375 0.345 0.35 1,990,000 712,250 DOUBLEDRAGON 14.92 14.96 14.62 15.3 14.62 14.96 7,509,000 112,754,434 DM WENCESLAO 6.9 6.95 6.84 6.95 6.78 6.95 83,600 575,856 EMPIRE EAST 0.295 0.3 0.3 0.3 0.285 0.295 5,640,000 1,637,550 0.091 0.094 0.093 0.099 0.091 0.094 2,160,000 205,020 EVER GOTESCO FILINVEST LAND 1.17 1.18 1.2 1.2 1.16 1.18 16,187,000 19,053,460 0.9 0.92 0.9 0.9 0.89 0.9 279,000 250,000 GLOBAL ESTATE 8990 HLDG 7.45 7.68 7.79 7.8 7.4 7.45 82,900 618,373 PHIL INFRADEV 1.45 1.46 1.45 1.47 1.43 1.46 2,014,000 2,917,540 CITY AND LAND 0.7 0.74 0.74 0.74 0.74 0.74 2,000 1,480 MEGAWORLD 3.86 3.91 3.91 3.91 3.81 3.91 12,952,000 50,206,650 MRC ALLIED 0.51 0.52 0.53 0.54 0.51 0.51 47,969,000 25,119,970 PHIL ESTATES 0.41 0.425 0.41 0.41 0.405 0.41 80,000 32,600 1.52 1.53 1.5 1.55 1.48 1.52 1,830,000 2,778,650 PRIMEX CORP 19.26 19.38 19.24 19.48 19.22 19.38 832,600 16,082,712 ROBINSONS LAND 0.29 0.3 0.3 0.3 0.29 0.3 60,000 17,800 PHIL REALTY ROCKWELL 1.43 1.44 1.45 1.46 1.43 1.44 797,000 1,151,790 SHANG PROP 2.65 2.67 2.68 2.68 2.65 2.66 389,000 1,033,320 STA LUCIA LAND 2.12 2.19 2.2 2.21 2.11 2.19 2,161,000 4,612,780 SM PRIME HLDG 37.1 37.25 37.4 37.8 37.05 37.25 8,884,600 332,434,725 VISTAMALLS 3.98 4 4.01 4.01 4 4 30,000 120,010 SUNTRUST HOME 2.03 2.04 1.94 2.1 1.9 2.04 22,658,000 45,704,910 VISTA LAND 4.32 4.36 4.36 4.36 4.26 4.32 1,306,000 5,640,480

-7,696,335 4,800 -10,618,890 39,240 -55,890 12,772 112,050 -52,169,124 49,150 -978,620 259,550 740 -20,135,210 372,800 528,000 -8,764,050 397,500 213,000 -35,422,980 -529,440 -2,485,720

SERVICES ABS CBN 12.38 12.4 12.5 12.5 12.32 12.4 132,200 1,636,408 GMA NETWORK 6.75 6.8 6.94 7 6.7 6.75 1,459,000 10,108,779 MANILA BULLETIN 0.48 0.5 0.51 0.52 0.48 0.49 1,003,000 493,985 MLA BRDCASTING 10.8 11.28 11.3 11.3 10.8 11.3 600 6,630 GLOBE TELECOM 2,046 2,050 2,052 2,052 2,036 2,050 34,810 71,197,400 1,352 1,359 1,367 1,378 1,350 1,352 131,860 178,828,035 PLDT 0.26 0.265 0.243 0.27 0.242 0.265 2,679,570,000 692,061,740 APOLLO GLOBAL 18.14 18.22 18.84 18.84 18.04 18.14 13,459,000 245,881,014 CONVERGE 5.22 5.25 5.49 5.58 5.22 5.22 1,818,100 9,798,989 DFNN INC 17.78 17.8 18.1 18.3 17.5 17.78 49,310,900 882,497,230 DITO CME HLDG IMPERIAL 1.84 1.93 1.95 1.95 1.93 1.93 32,000 62,060 ISLAND INFO 0.19 0.192 0.188 0.2 0.184 0.19 31,720,000 6,051,440 JACKSTONES 2.1 2.16 2.25 2.25 2.1 2.17 163,000 349,930 NOW CORP 3.15 3.17 3.2 3.2 3.12 3.17 6,090,000 19,157,800 TRANSPACIFIC BR 0.495 0.5 0.54 0.55 0.485 0.495 227,575,000 115,085,280 2.7 2.74 2.65 2.88 2.62 2.74 2,458,000 6,647,460 PHILWEB 8.65 8.7 9.1 9.1 8.65 8.65 29,100 256,496 2GO GROUP ASIAN TERMINALS 14.72 15.52 15.52 15.52 14.7 14.72 1,400 20,670 CHELSEA 4.41 4.42 4.5 4.51 4.39 4.41 1,387,000 6,140,330 50.1 50.15 50.75 50.85 49.95 50.1 406,170 20,362,881 CEBU AIR INTL CONTAINER 121.4 122 122 122.1 120.1 122 1,393,840 169,062,094 LBC EXPRESS 16.36 16.38 16.02 16.38 16.02 16.36 2,700 43,940 LORENZO SHIPPNG 0.99 1.03 1.03 1.03 0.97 1.03 646,000 638,860 MACROASIA 5.52 5.53 5.55 5.7 5.53 5.53 1,723,200 9,595,000 2.97 2.99 3.18 3.18 2.97 2.97 1,515,000 4,588,230 METROALLIANCE A PAL HLDG 6.31 6.44 6.58 6.58 6.3 6.44 76,700 489,623 1.36 1.38 1.4 1.4 1.33 1.36 1,871,000 2,561,150 HARBOR STAR 1.49 1.51 1.52 1.52 1.51 1.51 8,000 12,090 ACESITE HOTEL DISCOVERY WORLD 5.35 5.45 5.03 5.6 5 5.35 6,414,600 33,616,479 WATERFRONT 0.54 0.55 0.57 0.57 0.54 0.55 6,185,000 3,394,590 CENTRO ESCOLAR 6.61 7.01 7.01 7.01 7.01 7.01 200 1,402 FAR EASTERN U 600 649.5 600 600 600 600 320 192,000 IPEOPLE 8.12 8.6 8.13 8.13 8.12 8.12 5,200 42,239 STI HLDG 0.41 0.42 0.42 0.425 0.41 0.41 2,660,000 1,102,950 4.41 4.65 4.67 4.69 4.4 4.4 59,000 261,140 BERJAYA BLOOMBERRY 7.61 7.63 7.7 7.9 7.61 7.63 2,551,200 19,537,933 2.08 2.11 2.05 2.11 2.05 2.11 11,000 23,150 PACIFIC ONLINE LEISURE AND RES 1.74 1.75 1.76 1.78 1.74 1.75 141,000 247,330 MANILA JOCKEY 2.88 2.91 2.18 2.95 2.18 2.91 1,714,000 4,702,740 PH RESORTS GRP 2.66 2.67 2.65 2.68 2.58 2.66 6,883,000 17,907,580 PREMIUM LEISURE 0.48 0.485 0.49 0.5 0.48 0.48 19,000,000 9,297,150 PHIL RACING 6.5 6.64 6.5 6.64 6.5 6.64 5,500 36,022 ALLHOME 8.3 8.34 8.36 8.44 8.25 8.34 1,109,100 9,238,753 1.43 1.44 1.42 1.44 1.42 1.42 435,000 623,080 METRO RETAIL 38.5 38.55 38.85 38.9 38.2 38.5 928,700 35,721,400 PUREGOLD 57.9 58.05 57.5 58.2 57.5 57.9 1,074,710 62,308,416 ROBINSONS RTL 103.5 103.6 103.5 104 103 103.5 20,330 2,104,365 PHIL SEVEN CORP 1.39 1.4 1.42 1.43 1.38 1.4 2,125,000 2,990,160 SSI GROUP WILCON DEPOT 17.9 18 17.98 18.18 17.9 18 4,258,600 76,680,560 APC GROUP 0.425 0.43 0.455 0.455 0.425 0.425 20,300,000 8,830,350 EASYCALL 6.91 7 7.06 7.28 6.9 6.91 102,600 712,911 GOLDEN MV 434 446 437.2 446 433 446 2,480 1,089,350 IPM HLDG 5.15 5.2 5.15 5.15 5.15 5.15 600 3,090 2.2 2.36 2.3 2.3 2.3 2.3 1,000 2,300 PAXYS PRMIERE HORIZON 2.67 2.68 2.81 2.86 2.64 2.67 149,339,000 405,394,720 4.55 4.6 4.65 4.65 4.55 4.55 21,000 96,260 SBS PHIL CORP

-11,116,670 -92,728,420 17,853,320 -75,454,872 521,408 12,818,960 137,350 2,811,360 -14,688,655 262,430 4,380 5,354,353 -91,497,045 -2,708,027 -1,935 -13,900 52,240 408,800 -264,550 -7,924,397 214,240 -2,159,330 12,050 -343,882 37,160 -5,930,185 -44,265,935.50 618,132 -39,960 51,558,588 575,300 62,840 -14,324,370 4,630

MINING & OIL ATOK 7.5 7.65 7.98 8.09 7.32 7.5 1,825,200 13,897,738 -37,525 APEX MINING 1.56 1.57 1.56 1.57 1.56 1.56 1,938,000 3,028,350 47,100 ABRA MINING 0.0043 0.0044 0.0046 0.0046 0.0043 0.0043 10,893,000,000 48,398,200 1,085,500 ATLAS MINING 6.37 6.38 6.45 6.46 6.36 6.37 465,300 2,974,745 3,822 2.89 2.95 2.9 2.95 2.9 2.95 2,000 5,850 BENGUET B COAL ASIA HLDG 0.36 0.365 0.32 0.365 0.32 0.36 10,170,000 3,611,300 CENTURY PEAK 2.75 2.81 2.8 2.81 2.8 2.81 80,000 224,230 168,230 11.68 11.7 12.38 12.38 11.68 11.68 101,400 1,202,578 DIZON MINES FERRONICKEL 2.76 2.77 2.74 2.79 2.7 2.76 19,778,000 54,503,200 35,353,290 GEOGRACE 0.52 0.53 0.52 0.54 0.5 0.52 8,896,000 4,638,400 84,390 LEPANTO A 0.156 0.158 0.16 0.164 0.156 0.158 23,790,000 3,822,660 LEPANTO B 0.157 0.158 0.159 0.159 0.158 0.158 2,890,000 457,660 -42,700 MANILA MINING A 0.0099 0.01 0.01 0.011 0.01 0.01 175,000,000 1,757,800 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.01 7,900,000 80,500 -4,400 1.66 1.67 1.65 1.68 1.61 1.66 2,079,000 3,418,680 -176,580 MARCVENTURES 2.73 2.75 2.88 2.9 2.73 2.73 475,000 1,324,700 2,760 NIHAO 5.52 5.53 5.5 5.56 5.4 5.53 1,709,100 9,365,644 2,244,370 NICKEL ASIA 0.455 0.46 0.48 0.53 0.455 0.455 6,070,000 2,974,900 10,200 OMICO CORP 1.11 1.12 1.21 1.21 1.06 1.11 5,583,000 6,359,020 35,400 ORNTL PENINSULA PX MINING 4.41 4.44 4.57 4.57 4.36 4.41 251,000 1,119,870 -113,110 SEMIRARA MINING 12.84 12.86 12.8 13 12.8 12.84 457,900 5,876,472 -3,153,160 UNITED PARAGON 0.0099 0.01 0.01 0.011 0.0094 0.0099 869,200,000 8,540,960 2,940 ACE ENEXOR 20.4 20.9 20.8 21.7 20 20.9 732,700 15,008,675 1,466,375 0.013 0.014 0.013 0.014 0.013 0.013 137,900,000 1,826,800 ORNTL PETROL A ORNTL PETROL B 0.013 0.014 0.015 0.015 0.013 0.014 34,100,000 490,300 -92,400 0.014 0.015 0.015 0.016 0.014 0.014 757,300,000 11,263,900 10,900 PHILODRILL 9.75 9.8 10.4 10.4 9.75 9.75 1,924,500 19,302,235 -343,187 PXP ENERGY

PREFFERED HOUSE PREF B 100 100.5 100 100 100 100 500 50,000 HOUSE PREF A 100.1 101 101 101 100.9 101 11,350 1,146,342 AC PREF B1 517 528 528 528 528 528 10 5,280 AC PREF B2R 510.5 512 511 511 510.5 510.5 1,000 510,750 CPG PREF A 102.2 104 104 104 104 104 100 10,400 100.9 101 101 101 101 101 67,180 6,785,180 -6,720,540 DD PREF 105 107.9 106.5 106.5 105 105 23,880 2,511,625 FGEN PREF G GLO PREF P 501.5 510 504 504 500 501 6,590 3,301,145 MWIDE PREF 100.6 101.9 101 101 100.8 100.8 6,100 614,900 MWIDE PREF 2A 99 100.5 99 99 99 99 500 49,500 MWIDE PREF 2B 101 101.5 101 101 101 101 29,770 3,006,770 PNX PREF 3B 103.3 106 102 108 102 103.3 480 49,964 PNX PREF 4 1,000 1,011 1,008 1,008 1,000 1,000 2,410 2,414,845 PCOR PREF 2B 1,050 1,059 1,050 1,051 1,050 1,050 380 399,005 PCOR PREF 3A 1,095 1,096 1,095 1,096 1,095 1,096 1,050 1,150,750 1,111 1,130 1,115 1,115 1,111 1,111 2,550 2,833,250 PCOR PREF 3B SFI PREF 1.8 1.88 1.74 1.93 1.68 1.87 172,000 316,830 SMC PREF 2C 80 80.3 80 80.05 80 80.05 480 38,420 SMC PREF 2E 76.15 77.95 76.2 76.2 76 76.15 52,900 4,024,060 SMC PREF 2F 77.75 79.3 79.3 79.7 79.3 79.3 882,550 69,986,295 SMC PREF 2G 76 77 77 77 76.5 77 5,300 405,555 SMC PREF 2H 77 78 77.5 77.5 77 77 77,810 5,997,805 SMC PREF 2I 77.15 78.9 78.9 78.9 78.9 78.9 2,330 183,837 SMC PREF 2J 76.25 77.1 76.75 76.75 76.2 76.2 68,000 5,211,005.50 76.3 76.5 76.25 76.5 76.25 76.3 1,570 119,755 SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.3 12.48 12.3 12.3 12.3 12.3 11,100 136,530 -24,600 GMA HLDG PDR 6.65 6.71 6.68 6.72 6.6 6.65 333,100 2,225,625 212,808

WARRANTS LR WARRANT 0.88 0.9 0.89 0.89 0.88 0.88 36,000 31,960 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 20 20.25 21.25 22 20 20 735,200 15,186,695 -185,800 ITALPINAS 3.03 3.04 3.03 3.08 3.01 3.03 1,645,000 4,989,670 6,140 KEPWEALTH 5.93 5.98 5.92 5.92 5.92 5.92 700 4,144 MAKATI FINANCE 2.82 2.83 2.85 2.85 2.82 2.83 31,000 87,860 MERRYMART 7.19 7.2 7.4 7.48 7.15 7.2 19,868,600 144,472,646 -1,033,128

EXHANGE TRADE FUNDS

FIRST METRO ETF 105 105.6 106.5 106.5 104.7 105 18,200 1,914,633 470,951

www.businessmirror.com.ph

MPTC divests stake in Thai toll facility for $149.25M

By Lorenz S. Marasigan

M

@lorenzmarasigan

etro Pacific Tollways Corp.

(MPTC) is exiting the Thai market, as it divests its entire shareholding in a major toll road facility in Bangkok for $149.25 million.

According to a regulatory filing, its indirect subsidiary FPM Tollway Ltd. has entered into share purchase agreements with several parties for the sale of FPM Tollway’s entire shareholding in AIF Toll Roads Holdings Co. Ltd. AIF owns approximately 29.45 percent of the outstanding shares in Don Muang Tollways (DMT),

the operator of a 21.9-kilometer elevated toll road in Bangkok.

“MPTC has decided to take advantage of the increased interest from third parties to acquire MPTC’s entire shareholdings in DMT. The transaction will allow MPTC to realize a gain on its investment in DMT and benefit from the increased liquidity,” the

disclosure read.

Parties involved in the transaction are members of Wachiparong family, Ademas Co. Ltd., existing shareholders, and private Thai citizens.

MPTC is selling its shares for $9.428 apiece or a total of roughly $149.25 million, representing the sale of 15.83 million shares.

“The purchase price was determined after an arm’s length negotiation between FPM Tollway and the purchasers, after taking into account the AIF Toll Road’s 29.45 percent interest in DMT, the value of the assets and business of DMT and in comparison to a previous offer received by FPM Tollways and MPTC,” the disclosure read.

The proceeds from the sale will be used to fund MPTC’s other projects, particularly the C5 Link

of the Manila-Cavite Expressway (Cavitex), the Cavite-Laguna Expressway (Calax) and the Cebu-Cordova Link Expressway (CCLEX), MPTC CFO Christopher Lizo said in a text message.

MPTC Vice President Francis Rojas noted that his group will still be on the lookout for other investments in Thailand.

“While we are selling our assets in Thailand, we are not closing our doors to future toll road opportunities in Thailand,” he said in a text message.

The transaction is expected to be completed “within a few days after the signing of the share purchase agreements.”

“After the sale of DMT, we are left with CII B&R in Vietnam and Nusantara in Indonesia,” Lizo said.

Razon firms’ petition against GGAM junked

T

he Singapore Court of Appeals has denied the petition of firms controlled by billionaire Enrique Razon Jr., who owns Solaire Resort and Casino, related to an agreement they forged with Global Gaming Asset Management Philippines (GGAM).

In its decision on February 16, the Singapore appellate court upheld the decision of the Singapore High Court to dismiss the petition of Bloomberry Resorts and Hotels Inc. (BRHI) and Sureste Properties Inc. (SPI) “to vacate and oppose the enforcement of the partial award of the Arbitration Tribunal dated September 20, 2016.”

In its 2016 decision, the court sided with GGAM and said it did not mislead billionaire Enrique Razon Jr. into signing a management agreement to operate Solaire Resorts and Casino.

The court, in its partial award, also said there is no basis for Razon, who owns Bloomberry Resorts Corp., to challenge the ownership of GGAM on some 921.18 million shares in the company. GGAM acquired the said shares after it exercised its equity option rights to raise its stake in the Bloomberry to 8.7 percent.

The arbitration tribunal has since then issued its final award September 2019 in favor of GGAM and ordered monetary awards in favor of GGAM and a constructive remedy pertaining to the 921.18 million Bloomberry shares declared as owned by GGAM. The Razon camp, meanwhile, said that only a Philippine court can order the enforcement of such award.

“Counsel for SPI and BRHI has advised that the arbitration award is not self-executing and must be enforced through the court of the jurisdiction where it is to be enforced. Philippine counsel for SPI and BRHI has advised that, as a matter of Philippine law, the partial award may be enforced in the Philippines only through an order of a Philippine court of proper jurisdiction, after appropriate proceeding taking into account applicable Philippine law and public policy.”

In September 2009, Bloomberry entered a management services agreement with GGAM for all the aspects of the operations of Solaire, which included the pre-opening preparations.

As part of the agreement, GGAM was granted the option to purchase up to 921.18 million shares at a purchase price equivalent to P1 per share plus $15 million.

Fees per contract amounts to $100,000 per month for the technical assistance and $75,000 monthly for services related to the pre-opening operations. Its contract was for 5 years, with the option to extend by another 5 years.

Razon, however, fired GGAM in 2013 shortly after the opening of Solaire, accusing GGAM’s Philippine unit of “just sitting on their laurels,” and allowing the billionaire’s management to do most of the legwork including bringing in VIP gamblers from Macau and China.

The tribunal, however, rejected the claim of GGAM that it was defamed by the heated statements of Razon against the firm. VG Cabuag

Eastern Communications sets 2021 capex at ₧2.8B

C

ONNECTIVITY solutions company Eastern Communications is spending P2.8 billion in capital expenditures (capex) this year to upgrade and expand its services throughout the country.

Bulk of this year’s capex will go to the deployment of fiber optic cables to cover wider service areas, which include the following: Davao City, Cagayan De Oro, Dumaguete, Tagbilaran, Bacolod, Roxas, Kalibo, Caticlan, Boracay, Naga, Legazpi, Iriga, and Sorsogon.

Eastern Communications is laying fiber optic cables to address requirements of companies in central business districts. It has also started placing strategic hubs in various regional locations in order to better serve the local enterprises in the area.

“Eastern will continue this trend and we plan to be available nationwide in the next few years.

This is an exciting time of growth for all of us and we, as a telecommunications company, look forward to being a big part of the Philippines’ stronger tomorrow,” Eastern Communications

Co-coordinator Aileen Regio said in a statement.

Eastern Communications is beefing up its network as part of the Digital Cities Program of the government, an initiative that aims to accelerate the growth of Information Technology and Business Process Management (IT-BPM) sector and promote countryside development.

“We commend the efforts of Eastern Communications to broaden and strengthen their network within and beyond Metro Manila as it is supportive of our goal to drive inclusive growth in the countryside through the Digital Cities 2025 program,” Rey E. Untal, IT and Business Process Association of the Philippines (IBPAP) President and CEO, was quoted as saying in the same statement.

Untal added: “These expansion plans will provide Philippine-based businesses much-needed access to innovative services and faster, more reliable internet connection—critical tools to forge ahead in this new normal.” Lorenz S. Marasigan

mutual funds

February 17, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 223.51 -5.37% -8.46% -1.32% -1.63% ATRAM Alpha Opportunity Fund, Inc. -a 1.3386 8% -6.13% 4.55% 1.95% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0831 -6.75% -12.42% -2.83% -1.59% Climbs Share Capital Equity Investment Fund Corp. -a 0.7801 -5.07% -7.69% n.a. -2.96% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7067 -11.17% n.a. n.a. -4.71% First Metro Save and Learn Equity Fund,Inc. -a 4.8544 -2.77% -6.59% -0.45% -1.76% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7233 -8.73% -9.66% -5.83% -4.8% MBG Equity Investment Fund, Inc. -a 99.71 4.33% -5.42% n.a.

-2.19% PAMI Equity Index Fund, Inc. -a 46.1311 -3.27% -6.45% 0.31% -1.53% Philam Strategic Growth Fund, Inc. -a 480.9 -3.64% -6.42% -0.4% -1.65% Philequity Alpha One Fund, Inc. -a,d,5 1.0647 9.2% n.a. n.a. -2.97% Philequity Dividend Yield Fund, Inc. -a 1.1578 -4.1% -5.94% 0.34% -0.89% Philequity Fund, Inc. -a 34.2672 -3.42% -5.88% 1.05% -1.45% Philequity MSCI Philippine Index Fund, Inc. -a 0.8963 -6.06% n.a. n.a. -1.83% Philequity PSE Index Fund Inc. -a 4.7202 -2.89% -6.04% 1.1% -1.48% Philippine Stock Index Fund Corp. -a 789.77 -2.67% -5.92% 1.03% -1.48% Soldivo Strategic Growth Fund, Inc. -a 0.71 -7.76% -9.7% -2.94% -1.24% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5669 -8.04% -8.07% -0.57% -1.57% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9037 -2.97% -6.21% 0.87% -1.53% United Fund, Inc. -a 3.2845 -4.11% -5.12% 1.65% -1.04% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.0061 -2.67% -5.7% 1.76% -1.44% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.3626 34.29% 7.39% 12.16% 13.28% Sun Life Prosperity World Voyager Fund, Inc. -a $1.8106 26.4% 8.24% 12.74% n.a.

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6724 9.58% -3.14% -0.13% 0.23% ATRAM Philippine Balanced Fund, Inc. -a 2.2577 8.59% -2.65% 1.38% -1.21% First Metro Save and Learn Balanced Fund Inc. -a 2.5938 2.15% -2.21% 0.36% -1.26% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1957 -8.64% n.a. n.a. -1.46% NCM Mutual Fund of the Phils., Inc. -a 1.9614 2.27% -0.35% 2.14% -0.13% PAMI Horizon Fund, Inc. -a 3.7462 2.4% -1.17% 1.31% -1.11% Philam Fund, Inc. -a 16.7656 2.41% -1.23% 1.28% -1.01% 1.05% -0.74% Solidaritas Fund, Inc. -a 2.0786 1.07% -2.49% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5448 -3.57% -4.03% 0.09% -0.79% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.011 3.15% n.a. n.a.

-1.13% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9361 -0.61% n.a. n.a. -1.38% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9195 -1.72% n.a. n.a. -1.46% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8843 -3.52% -4.56% -0.46% -0.38% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03874 -0.49% 3.28% 1.83% -0.97% PAMI Asia Balanced Fund, Inc. -b $1.2076 16.59% 4.67% 7.62% 4.99% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7879 18.9% 9.53% 10.59% 6.09% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2318 8.98% 5.1% n.a.

2.47% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.78 3.63% 3.29% 2.77% 0.19% ATRAM Corporate Bond Fund, Inc. -a 1.9045 -0.17% 0.46% 0.26% 0.22% Cocolife Fixed Income Fund, Inc. -a 3.2179 2.63% 4.31% 4.66% 0.1% Ekklesia Mutual Fund Inc. -a 2.2947 2.65% 2.84% 2.21% -0.06% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4456 3.5% 3.36% 2.07% -0.31% Philam Bond Fund, Inc. -a 4.6258 5.44% 5.02% 2.86% -0.19% Philam Managed Income Fund, Inc. -a,6 1.3216 5.26% 4.43% 2.7% 0.03% Philequity Peso Bond Fund, Inc. -a 3.97 4.86% 4.34% 2.62% -0.78% Soldivo Bond Fund, Inc. -a 1.0356 6.74% 4.42% 2.37% -0.61% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2024 3.72% 4.71% 3.23% -0.11% Sun Life Prosperity GS Fund, Inc. -a 1.7476 2.88% 3.97% 2.6% -0.42% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $484.87 2.88% 3.11% 2.77% 0.21% ALFM Euro Bond Fund, Inc. -a Є219.59 -0.58% 1.07% 1.3% 0.19% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2664 4.2% 4.2% 2.82% -1.09% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.15% 2.11% 1.51% -1.13% PAMI Global Bond Fund, Inc -b $1.0888 -1.6% 1.26% 0.07% -0.36% Philam Dollar Bond Fund, Inc. -a $2.522 3.04% 5.03% 3.14% -0.54% Philequity Dollar Income Fund Inc. -a $0.0625928 2.98% 3.32% 2.36% 0.44% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1968 -1.71% 2.75% 1.91% -0.83% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 130.05 2.93% 3.32% 2.58% 0.18% First Metro Save and Learn Money Market Fund, Inc. -a 1.0491 1.75% n.a. n.a.

0.1% Sun Life Prosperity Money Market Fund, Inc. -a 1.2988 2.31% 2.94% 2.6% 0.17% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0539 1.38% 1.78% n.a.

0.14% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2073 n.a. n.a. n.a. 6.88% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $1 0% n.a. n.a.

2.04%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

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

Envoys&Expats BusinessMirror

Thursday, February 18, 2021

www.businessmirror.com.ph

B3

Chief Executive welcomes new envoys

P

RESIDENT Duterte accepted the credentials of five new envoys to the Philippines on February 11 at the Malacañang Palace.

The Chief Executive welcomed ambassadors from Brazil (Antonio Jose Maria De Souza E Silva), South Korea (Kim In-chul), France (Michéle Boccoz), Colombia (Marcela Ordoñez) and the European Union (EU) (Luc Véron).

Describing Brazil as an “old friend and partner” of the Philippines, Duterte said the two countries should work together to intensify trade and investment exchanges, especially in agriculture, biofuels, business-process outsourcing and logistics, as well as ensure universal access to the coronavirus disease 2019 vaccine.

De Souza e Silva, in turn, said his country looks forward to further enhancing ties with the Philippines on agriculture, tourism, renewable energy, as well as trade and investments. He said he looks forward to deeper cooperation between the Philippines and Brazil, citing their special roles in interregional cooperation through Asean and the Southern Common Market, or MERCOSUR. The Brazilian diplomat also lauded the Philippine government for its efforts and diligence in fighting the pandemic.

Duterte hailed South Korea as a valued friend and partner of the country, as he accepted the credentials of Kim. The President thanked the Korean government for its exceptional commitment to the Build, Build, Build program and support for the country’s defense modernization, as well as efforts to combat the pandemic.

Kim, meanwhile, thanked the Philippines for its historic contributions to the East Asian country: from the Filipino soldiers’ bravery in the Korean War, to its advocacy for the Republic of Korea during the

advent of the latter’s democracy.

He assured the Chief Executive of the Korean government’s continuing support for Philippine infrastructure initiatives—including the ongoing Panguil Bay Bridge construction project in Mindanao.

Duterte also received Boccoz and assured her of the Philippines’s keen interest to further strengthen cooperation with France.

The Philippine leader welcomed the European country’s active participation in Build, Build, Build and defense-modernization programs, as he encouraged closer cooperation on defense, trade and investments, public health, tourism, as well as collaboration in these unprecedented times.

Boccoz noted that France will continue to step-up its defense and strategic cooperation with the Philippines, within its broader commitment to contribute to stability, free trade, the peaceful settlement of disputes, development, the fight against climate change, and freedom of navigation in the Indo-Pacific region.

Duterte also accepted the credentials of Ordoñez and acknowledged the longstanding friendship between the two countries.

He encouraged deeper bilateral and regional engagement between the two nations, particularly with the ambassador’s designation as Colombia’s resident ambassador to the Philippines, and the South American country’s recent accession to the Treaty of Amity and Cooperation in Southeast Asia, or TAC. He also said the Philippines is looking forward to stronger ties with Colombia in terms of trade and investment, defense, as well as addressing nontraditional security issues—including terrorism

THEIR credentials presented as ambassadors-designate: South Korea’s Kim In-chul, France’s Michéle Boccoz, Colombia’s Marcela Ordoñez, the European Union’s Luc Véron, and Brazil’s Antonio Jose Maria De Souza E Silva with President Duterte. PNA FACEBOOK PAGE

and other transnational crimes, as well as furthering the peace process given Colombia’s experience.

Ordoñez conveyed her hopes to strengthen bilateral relations between the two countries by sharing Colombia’s best practices on the reintegration of former combatants, engaging the youth through sports as well as cultural and technological activities, and breakthroughs in education. She also pointed out the importance of opening a Philippine embassy in their country.

The President also expressed readiness to work with the EU for the “greater good” of the people, as he accepted the credentials of newly installed Ambassador to the Philippines Luc Véron.

Duterte emphasized the need to continue to reinforce Philippine-EU ties in face of new challenges and opportunities.

“The Philippines and the EU share a deep respect for democracy and the rule of law,” said the Chief Executive. “This will serve as a solid foundation for robust cooperation on the basis of mutual trust, respect and benefit. Ours is a long-standing relationship dating back to 1964.”

He said he was encouraged by the launch of the subcommittee on good governance, rule of law and human rights under Manila and EU’s Partnership and Cooperation Agree-

ment (PCA) on February 5, which serves as a formal platform where views and concerns on issues related to human rights will be raised and discussed. The next Philippines-EU subcommittee meeting is expected to be held in the country in 2022.

“This signifies our shared resolve to implement this landmark agreement, notwithstanding the pandemic,” he said.

Duterte emphasized the need to prioritize efforts to intensify trade and investments through a freetrade agreement. He expressed his desire to partner with the EU to protect and promote all rights of all, especially the human rights of migrant workers. He said the Philippines is willing to further enhance cooperation on climate change and humanitarian assistance and disaster relief.

“Those most responsible for climate change must be held to account, even as we work together to build our communities, resilience, and preparedness,” he said.

Duterte also thanked the EU for its support to the country’s justice sector, peace-building and development efforts in Mindanao, particularly with the Bangsamoro Autonomous Region, as he said: “Excellency, the Philippines is ready to work constructively with the EU for the greater good of our peoples.”

Legacy of PHL’s first envoy to the US remembered

by Recto L. Mercene @rectomercene

T

HE Philippine Embassy in the United States, the USPhilippines Society and St. Joseph-on-Carrollton Manor Parish jointly observed on February 9 the 56th death anniversary of Joaquin Miguel Elizalde—the first Philippine ambassador to the United States from 1946 to 1952.

Elizalde is buried in the cemetery at St. Joseph. At exactly noon, a small group of representatives gathered around his gravestone and offered prayers led by Fr. Kevin Farmer, St. Joseph’s pastor. It was followed by a clip of a speech delivered by Elizalde on December 16, 1941, a few days after the bombing of Pearl Harbor.

In his “Message to the Philippines,” now stored at the Recorded Sound Research Center of the Library of Congress, the ambassador foreshadowed how the destinies of the Filipino and American peoples will eventually be forged by the fires of war, and presciently anticipates the strategic importance of the Philippines in Southeast Asia.

Consul-General Jose Victor Chan Gonzaga, US-Philippines Society Executive Director Hank Hendrickson, and Fr. Kevin offered flowers at the grave of the ambassador. The former two delivered remarks which emphasized the importance of Elizalde’s role in the beginning of PhilippinesUS relations, then highlighted the important friendship, alliance and partnership of the two countries.

ELIZALDE

“The commemoration of Ambassador Elizalde’s death anniversary auspiciously marks the beginning of a year-long celebration of the 75th year of formal diplomatic relations between [our two countries],” current Ambassador of the Philippines to the US Jose Manuel G. Romualdez said following the ceremony.

“The work, life and legacy of Ambassador Elizalde is a clear testament to the deep, historic, and enduring relationship [of the two nations],” Romualdez stated. “However, we are also reminded that [their] relations continue to be an unfinished project.

Our task is to build upon the strong foundations of the past in order to achieve a common future of mutual peace and prosperity.”

“In commemorating the 75th anniversary of US-Philippines diplomatic ties, [we recognize] the foundational role of Ambassador Elizalde in setting in motion an enduring relationship between our two

PHILIPPINE Consul-General Jose Victor Chan Gonzaga (from left), St. Joseph-on-Carrollton Manor Parish pastor Fr. Kevin Farmer and US-Philippines Society Executive Director Hank Hendrickson

sovereign nations that has grown and prospered for three-quarters of a century,” US-Philippines Society Executive Director Hank Hendrickson also said after the event.

“We were honored [by the presence of] representatives from the Philippine Embassy to mark Ambassador Elizalde’s 56th death anniversary. It is with great affection that we recall his work linking America and the Philippines through diplomatic service, business, and educational ties.”

“It is an honor to receive our guests from Washington and the Philippines. We are thankful for this chance to pray together, to remember the ambassador, and all of the departed in our cemetery,” Fr. Farmer said during the ceremony.

He was joined by Executive Director of Mission Ruth Puls, as well as coordinators Martina Vallecillo from Children’s Faith Formation and Ministries Administration Toni Edwards.

For his part, Véron expressed eagerness to pursue the effective implementation of its PCA with the Philippines in all areas.

“By developing closer political relations, together we will strengthen multilateralism and cooperation [on] bi-national and global issues,” the French diplomat stated. “And we will be true to our shared pledge to a rules-based international order.”

Véron said the EU is working with the Philippines to expand trade and investments, promote maritime security, and maintain open and safe shipping routes. He cited how the EU and the Philippines have developed a strong economic and trade partnership.

“Since 2014, the EU has provided the Philippines with preferential trade access to the EU market based on sustainable development, principles, good governance and human rights,” he confirmed. “The EU, with its business community, is also the first foreign investor to the Philippines.”

The ambassador also cited the way the EU has recently established a Strategic Partnership with Asean, and looked forward to engage closely with the Philippines during its role as Asean coordinator for dialogue with the bloc starting this August.

On global warming, he said the

EU is at the forefront of global efforts to fight climate change, and shares strategic interest with the Philippines on the environment.

“The EU has decided to cut further its emissions by 55 percent by 2030. [It] stands prepared for all times to support the Philippines [during] natural emergencies, like most lately following Typhoons Goni and Vamco. [We are] ready to work as well...on disaster preparedness,” he said.

Véron expressed readiness to have a productive political relationship with the Philippine government, notably to provide support in its efforts to overcome the pandemic and its effort to restart its economy.

“The EU and its member-states will continue their efforts to contribute to the international response to the pandemic including by guaranteeing affordable and fair access to vaccines for all,” he said.

He promised that the bloc would continue its participation in supporting peace and development in the Bangsamoro Region through a comprehensive and inclusive approach.

Véron also assured the EU will be a “strong and reliable partner,” and vowed to build on robust foundations to move bilateral ties forward. Azer Parrocha/PNA

Belgium confirms Covid-19 vaccine availability for PHL, all countries

B

ELGIUM, through its local embassy, ensured that it will make vaccines against the coronavirus disease 2019 (Covid-19) available to the entire world, including the Philippines.

This developed as Belgium’s Federal Public Service Foreign Affairs as well as Foreign Trade and Development Cooperation informed diplomatic missions, consular posts and international organizations established in the kingdom a new procedure to request an export license for the said medical commodities outside of the European Union.

It said that after the publication of the European Commission Implementing Regulation 2021/111 on January 30, companies are required to request an export license before each shipment.

This measure has been adopted with the purpose of enhancing transparency in vaccine delivery, and will be in place until March 31. “[Our] government takes pride in the fact that Belgium is the home of production facilities of some of the world’s most renowned pharmaceutical companies, and will spare no effort to ensure that within the framework of this new procedure, [they] will be able to fulfill their contractual obligations toward third countries, and the distribution of Covid-19 vaccines will not be interrupted,” according to a statement.

It read as follows: The competent authority to grant the aforementioned export license is the Federal Public Service Economy, [small and medium enterprises], middle classes and energy.

Companies can electronically submit a request via becovid@economie.fgov. be. According to the European Com-

mission, the country where the final manufacturing handling of the vaccine is done before it is shipped to its destination, is responsible for granting the export license.

As such, Belgium is responsible for granting export licenses for Covid-19 vaccines manufactured by Pfizer, and soon also those from Johnson & Johnson.

Export licenses for exports of vaccines from other suppliers shall be dealt with by other competent EU member-states.

The requesting company will receive a decision on the granting of an export license within 72 hours after a complete request has been submitted through the above-mentioned address. In this timeframe, the request will be processed by both the Belgian Federal Public Service Economy and the European Commission. National authorities are in constant communication with suppliers of the said pharmaceutical companies to streamline procedures and to continue to guarantee a smooth and swift treatment of the requests.

Suppliers Pfizer and Johnson & Johnson are best placed to provide [countries] with specific information on their license requests. Within the Federal Public Service Foreign Affairs of Belgium, the service B3–Economic interests via Julie. feremans@diplobel.fed.be, should be contacted.

The Federal Public Service Foreign Affairs as well as Foreign Trade and Development Cooperation avails itself of this opportunity to renew diplomatic missions, consular posts and international organizations established in Belgium, with the assurance of its highest consideration.

B4 Thursday, February 18, 2021

Banking&Finance BusinessMirror

www.businessmirror.com.ph

‘Fate of bad loans still depends on Fist IRR’

By Tyrone Jasper C. Piad @Tyronepiad Butch Fernandez @butchfBM & Samuel P. Medenilla @sam_medenilla

T

HE devil is in the details, indeed.

A recently-signed law easing the financial sector’s onus of bad loans has been praised and also met with guarded optimism as some economists told the

BusinessMirror it all boils down to the implementing rules and regulations.

The economists explained the actual impact of the Financial Institution Strategic Transfer (FIST ) law (Republic Act 11523) in mitigating the surging bad loans amid the pandemic would be only felt after the IRR is released.

Apart from this, analysts interviewed by the BusinessMirror said they are expecting smooth implementation of the law given

that the financial sector is familiar with this already, citing the “Special Purpose Vehicle (SPV) of 2002.”

The FIST law allows financial institutions to unload their nonperforming assets by selling them to asset management firms to better handle their debt portfolio. NPAs refer to nonperforming loans (NPL) and real and other properties owned or acquired, or Ropoas, in settlement of loans.

The “significant” decline in NPLs will only be recorded once the final draft of the IRR is released, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion told the BusinessMirror.

Asuncion is seeing potential improvement in NPL level later this year if all goes well.

“We may also see abatement starting if the IRR is very soon forthcoming,” he said. “I would safely assume that we may see NPLs starting to ease around third or fourth quarter, but then again, this would be a very positive expectation.”

In a statement released on Wednesday, Malacañang explained that RA 11523 will allow banks to efficiently dispose their NPLs as well as clean up their balance sheets.

The statement added the law aims to improve the liquidity of banks allowing them to extend more financial aid to establishments, which were affected by the economic slowdown caused by the pandemic.

Malacañang said the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), Bureau of Internal Revenue (BIR) and the Land Registration Authority (LRA) will issue the necessary IRR 30 days after RA 11523 takes effect.

The legislation will take effect immediately upon its publication in the Official Gazette and in a newspaper of general circulation, the statement from the Palace said.

versal and commercial banks declined by 0.7 percent in December 2020—the first contraction in 14 years.

“Meanwhile, despite aggressive rate cuts by the BSP designed to bolster lending activity, banks have largely been unable to pass on these lower borrowing costs as they tack on additional premium due to elevated levels of risks given the recessionary environment,” ING Bank of Manila said.

Overnight reverse repurchase facility is currently at record low of 2 percent.

Implementation

Essence of FIST

FOR now, the impact of the FIST measure is still up in the air, UnionBank Chief Mass Market and Financial Inclusion Executive Manuel G. Santiago Jr. said on Wednesday.

Santiago said it was still too early to tell “if it [FIST] is going to work out or not.”

“Time will only tell whether this is something that is of the need at this time or there are other things that need to be put in place,” he added.

His colleague, Asuncion, agreed.

No major challenges are seen at this point when it comes to enforcing the law because it mirrors the blueprint of the SPV law nearly two decades ago, he said.

“It has the same spirit and was mainly enacted to address NPLs in the financial sector,” Asuncion told the BusinessMirror.

“It sought stability of the sector by transferring the soured loans to ‘special vehicles,’ eventually unload banks’ balance sheets and help financial institutions resume their lending activities.”

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort noted that the SPV law (RA 9182) came into existence when bad loans surged significantly during the Asian Financial Crisis in 2003.

“The country already has a track record/ experience under the SPV Law about 18 years ago, so the FIST Law is an update of that in response to the latest economic realities due to the Covid-19 pandemic,” Ricafort told the BusinessMirror.

According to latest BSP data, NPLs reached P391.67 billion as of end-December 2020, which is 74.77 percent more than P224.11 billion year-on-year. This, as the total loan portfolio slipped by 1 percent to P10.86 trillion by the end of last year from P10.97 trillion in 2019.

Bad loans piled up last year after what BSP Deputy Governor Diwa C. Guinigundo said was poor governance of the pandemic led to an economic recession: joblessness surged after businesses shut down.

Loan demand

THE Financial Executives Institute of the Philippines (Finex) also welcomed the “forward-looking legislation,” which it hopes to boost bank lending.

“Hopefully, it (FIST) will encourage the banking sector to continue lending to the private sector and thereby achieve its objective to rehabilitate distressed business and make them meaningful contributors to our economic recovery,” Finex President Francisco ED. Lim said in a statement on Wednesday.

“Needless to stress, a healthy financial sector is indispensable to ensure liquidity that can be harnessed to help our economy recover fast from the pandemic,” he added.

Amid the economic recession, the ING Bank of Manila noted that bank lending has significantly dropped partly because of the decline in demand from both households and corporates.

Borrowers were likely in “cash conservation mode” as majority probably put off investment plans until they see the economy improves, the bank said.

To recall, outstanding loans of uni-

Heart of the law

THE signing of RA 11523 was also hailed

by Senators, with Banks Committee Chairman Sen. Grace Poe noting the legislation was “designed for tough times, and we are glad it is now institutionalized into our financial system.”

“At the heart of this law are the people and their jobs and livelihood which we aim to protect amid the pandemic-induced economic crunch,” Poe said Wednesday.

The Senator affirmed that the “timely enactment” of the FIST bill into law giving banks and financial institutions a lifeline will mean more credit access for businesses, preservation of jobs and even generation of new ones as economic activities continue.

“Jobs are crucial to productivity and the rebound of the economy,” Poe pointed out.

SIMILAR to the intent of the SPV law, RA 11523 allows the creation of FIST corporations to invest, or acquire NPAs of financial institutions and engage in third parties to manage, operate, collect and dispose these.

The Securities and Exchange Commission (SEC) will accept applications for these FIST corporations within 36 months from the effectivity of the said legislation, the statement said.

To qualify as a FIST corporation, an applicant must have a minimum authorized capital stock of P500 million with a minimum subscribed capital stock of P125 million and a minimum paid-capital of P31.25 million.

They would also be required to have a FIST corporation plan, which must be approved by the SEC, before it could start selling and distributing Investment Unit Instruments (IUI) covered by the said plan.

The IUI can be acquired or held by buyers defined in the Securities Regulation Code in the minimum amount of P10 million.

“Any loss that is incurred by the FI [financial institution] as a result of the transfer of an NPA within the 2-year period from the effectivity of this Act, shall be treated as ordinary loss,” according to the provisions of RA 11523.

“Such loss incurred by the FI from the transfer of NPAS within two-year period from the effectivity of this Act may be carried for a period five consecutive taxable years immediately following the year of such loss,” it added.

Tax exemption

THE transfer of NPAs from FI to a FIST corporation and from a FIST corporation to a third party shall be exempt from documentary stamp tax, capital gains tax, creditable withholding incomes taxes imposed on transfer of land and/or buildings treated as ordinary assets and value-added tax.

They will also qualify to 50-percent discount on fees for applicable registration and transfer fee, filing fees and land registration fees.

The said privileges will be in effect for not more than two years from the date of effectivity of RA 11523.

The said tax exemption, incentives and fee privileges can also be extended to individuals.

Any person, who will violate the provision of RA 11523, can be fined with not less than P100,000 but not more than P2 million as well as be jailed for six to 12 years.

A foreign national would be immediately deported after serving their other penalties. Erring public officials and employees face temporary or permanent disqualification from public office.

The SEC may also revoke the FIST corporation plan of any erring FIST corporation and will fine them P10,000 to P1 million plus not more than P2,000 for each day of continuing violation.

The BSP may also issue administrative sanctions for erring financial institutions.

Parentlife BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Thursday, February 18, 2021

Vaccinating children: Is Covid-19 herd immunity possible without them?

CLOCKWISE: Milo Sports Interactive Online Classes poster; Meagan’s earlier fencing competitions; Meagan and Marcus’ training with Penn State University Fencing Coach Wes Glon; Meagan excitedly wearing her National Junior Team Fencing track suit; and Mommy Kaye Figuracion with daughter Keisha in Milo Online Gymnastics class

By Rodney E. Rohde Texas State University IT may be summer before children under 16 can be vaccinated against Covid-19 in the United States.

That’s a problem for reaching herd immunity quickly.

Children are a significant portion of the population—roughly 65 million are under the age of 16, making up 20 percent of people in the US. While children appear to face less danger of severe illness or death, they can still spread the virus, though how much young children contribute to transmission is still unclear.

Some simple math shows why America has an immunization numbers problem.

Initially, it looked like herd immunity could be reached when 60 percent to 70 percent of the population was immune. Herd immunity means that enough of the population has either been vaccinated or gained immunity through natural infection to stifle the virus’s spread.

However, research and expert opinions now tell us this number is likely much higher—in the 70 percent to 90 percent range due to highly transmissible virus variants that are emerging.

With children under 16 unable to get the vaccine, that leaves 80 percent of the US population eligible to be immunized. A tiny percentage of those adults shouldn’t be vaccinated due to severe allergies to ingredients in the vaccines or other serious health conditions.

But not all of the remaining adults plan to get the vaccine. A large percentage—32 percent in one recent national poll—say they either probably or definitely won’t get inoculated. In another poll, nearly half either said they won’t get the vaccine unless required to or they want to “wait and see” and how it works for others.

Without broadly vaccinating children to reduce Covid-19 transmission, herd immunity simply will not happen.

You may be asking: What about all the people who have already been infected?

So far, the US has had about 28 million confirmed Covid-19 cases. Since a large number of infected people never show symptoms, the CDC estimates that 83 million people in the US were actually infected last year—about a quarter of the population.

At this point, however, researchers don’t know how long natural immunity lasts. The Centers for Disease Control and Prevention recommends that people who had Covid-19 should still get vaccinated.

The vaccination effort will still have an impact on the pandemic, even if herd immunity takes longer. As former CDC Director Tom Frieden pointed out to me, “Even without children being vaccinated, vaccination of adults will decrease deaths substantially and could decrease spread.”

One of the main questions among parents is when children can get the vaccine. The short answer: We don’t yet know.

First, the national vaccination process is still ramping up, starting with medical staff and the most vulnerable adults. About 1.5 million people are getting the vaccine each day, and each needs two doses.

Second, the two vaccines with federal emergency use authorization are only authorized for adults and older teens right now—Moderna’s for ages 18 and older and Pfizer’s for 16 and older.

Drug companies must run extensive tests on thousands of subjects to show their vaccines are safe and effective. While the FDA fast-tracked the Covid-19 vaccine trials for adults, the process for children will likely take longer due to factors like safety data.

Depending on the vaccine technology, this data for children can take up to six months compared to two months for adults.

Moderna also had difficulty initially finding enough volunteers for its trials in adolescents. In midJanuary, the company had only enrolled about a third of the 3,000 volunteers needed. Pfizer’s clinical trial for adolescents completed recruitment but has not publicly released data.

For younger children, Moderna’s CEO reported in January that the company would likely soon begin clinical trials for ages 1-11. Pfizer has not released details for that age range.

A third vaccine could also soon be in the mix. FDA advisers are expected to discuss Johnson & Johnson’s application on February 26.

Frieden said it’s likely vaccines could be authorized for adolescents by summer. That would add children ages 12 to 15 to the vaccination eligibility list—another 5 percent of the US population.

Dr. Anthony Fauci, chief medical adviser on Covid-19 to the president, recently suggested a similar time frame. Vaccine trials in younger children will begin in the “next couple of months,” Fauci said, and “as we get to the late spring and summer, we will have children being able to be vaccinated.” THE CONVERSATION

B5

It’s beyond physical

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GREW up hearing that sports could be distracting to academics. I guess this is also where the stereotype comes about star athletes struggling in academics, while kids who excel academically can’t be star athletes. When I started to read more books on child development when my kids were babies, it was enlightening to know that physical activities actually enhance a child’s mental development and well-being. In fact, motor development should first be developed for better brain development.

As seen on www.earlyresources.co.uk, the six positive effects that physical activity has on a child’s mental development and well-being are: n It boosts brainpower and cognitive ability because of the greater flow of blood to the brain assists in the creation of new brain cells; n It enhances academic learning because physical activity increases levels of a brain-derived protein,

Improve your sleep with a quality weighted blanket that offers massage therapy for both adults and kids alike.

which improves focus, concentration and decisionmaking; n It elevates mood and reduces anxiety due to the release of “feel good” hormones, called endorphins; n It improves social skills; n It enhances creativity because physical activity helps spark creative juices and overcome mental blocks; and n It helps maintain mental health and emotional well-being.

As part of my quest to find “Simplify Parenting” solutions, I saw physical activities like infant swimming, visiting the playground, riding their scooters and bikes and even simple tumbling and jumping around, as that “one” effort that would bring forth multiple and long-term benefits for my kids. I introduced them to sports for this purpose.

It was never about raising athletes. It is great that my daughter recently got into the National Junior Fencing Team, but I am happier that she is developing holistically, prouder of her for the intrinsic and full effort she chose to put in to get there.

Now that my eldest Meagan is 14 and my son Marcus is 10, I can attest that developing physical skills like sports brings results beyond motor abilities. I believe this has helped both of them to excel in academics, school activities and their chosen interests. I believe it has also taught them resilience, hard work and confidence in handling both people and situations. That is why I am very happy that MILO Home Court is bringing on-ground sports

Experience hotel slumber right from your home with Select Hotel Pillows.

online and in homes, so that kids can still partake in different activities during this pandemic.

The platform recently launched the MILO Sports Interactive Online Classes, where kids are given the opportunity to interact and get more personal direction from professional coaches and esteemed athletes from the health drinks’s long-standing partner sports organizations. Through MSIOC, parents can enroll their kids in real-time sessions via videoconferencing tools like Zoom or Google Meet.

This setup also gives the kids a chance to interact and gain new friends from the session because the sessions are done in groups.

Rates vary per sport and enrolling in the classes are specific to children’s ages 4 to 12 and their level of competency to ensure that they’ll get to properly follow and keep up. More information about the organizers and the classes on offer can be found at bit. ly/3dhCD2g.

MSIOC also gives kids a sense of acceptance and belonging from doing activities and spending time with other kids who enjoy their interests.

“We loved how Coach Eva was very warm and welcoming to us,” says mommy blogger Kaye Figuracion, who signed up her daughter Keisha in the gymnastics class. “We felt comfortable to join the others even if we were newbies. Everyone was also patient with Keisha, especially when she was struggling to follow the moves. The tips and instructions they gave helped her a lot. We also had fun meeting other moms and kids online.” n

Craft your comfortable bed with quality mattress that keeps you sleep longer.

And so to bed...

THERE’S nothing like a good night’s sleep to make us feel healthier and happier. It helps reduce stress, improves your attention and concentration, and takes care of your emotional well-being, and it can help improve your memory. At the same time, a good night’s sleep is said to keep your heart healthy, strengthen your immune system, lower your blood pressure, reduce your chances of diabetes, and help you maintain your weight.

The American Academy of Sleep Medicine recommends that adults should get at least seven hours of sleep each night. And you’ll be surprised how having the right beddings and linens can contribute to

a good night’s sleep.

And the good news is that you can enjoy up to 70-percent off discounts on bed and bath essentials with SM Home’s Mattress and Linen Sale, which is ongoing until February 28. And while shopping, it will be good to keep the following tips from SM Home (www.thesmstore.com) in mind: n Look for thread counts that are between 200 and 400, which will feel smooth, soft and breathable for a good night’s sleep. n Choose the right and quality material for bed covers. Cotton and bamboo are organic materials that are breathable, antimicrobial and eco-friendly for a

sustainable lifestyle. n Opt for a weighted blanket as it has a therapeutic benefit which has a deep pressure stimulation to relieve pain, lessen anxiety and improve mood. n Do not forget to update your mattress for every five to eight years. This helps to alleviate tension at the back and prevent aches and pains. n Wash beddings and linens in warm water at least once a week for hygiene purposes. Use gentle laundry detergent if you have allergies. Also, change your type of bedding in season. Microfiber beddings are best for cold weather while opt for cotton sheets on summer.

B6 Thursday, February 18, 2021

Cherry Mobile announces extension of service warranty and replacement period ABS-CBN, Caritas Philippines partner to raise funds for Alay Kapwa programs

PRESENT at the virtual ceremony for the partnership were ABS-CBN chairman Mark Lopez, CBCP-CFFI executive secretary Rev. Fr. Antonio Labiao Jr., ABS-CBN chief operating officer of broadcast Cory Vidanes, ABS-CBN chaplain and CBCP-CFFI BNC Movement coordinator Rev. Fr. Tito Caluag, and CBCP-CFFI board member Most Rev. Fr. Honesto Ongtioco

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BS-CBN and the Catholic Bishops’ Conference of the Philippines – Caritas Filipinas Foundation, Inc. (CBCP-CFFI) or Caritas Philippines are joining forces to help alleviate poverty in the country through launching an online portal for donations.

Starting February 17 on Ash Wednesday, viewers and netizens who attend the Kapamilya Daily Mass with Fr. Tito Caluag on-air or online via ABS-CBN’s different platforms can make a donation to Caritas Philippines’ Alay Kapwa/Stewardship program, that will be used to support poverty alleviation programs for food security, education, jobs/livelihood, nutrition and mental health, and conscience collective formation, as well as relief operations during calamities, of Caritas Philippines’ Building Networks of Compassion (BNC) Movement.

The donations can be made through banks, GCash, and PayMaya.

“Caritas' mission to serve the poor is completely aligned with ABS-CBN's

mission to be in the service of the Filipino.

I believe we are two organizations who put service at the center of our work and so it is with a deep sense of commitment that we offer our full support to Alay Kapwa,” ABS-CBN chief executive officer Carlo Katigbak.

“From our own experience, we know that fighting poverty and providing genuine public service is a mission that is too big for any one organization to own. We believe that more and more groups need to come together to render true service, as this kind of cooperation is the only real way to achieve genuine and sustainable change,” he added.

“Alay Kapwa has been in the forefront of the social action for the last 40 years and one of those that have left an impression on many of the people connected with the Church is the Alay Kapwa program where we were able to respond immediately in the evident that there are disasters, there are calamities that happen in

our country. We are very thankful for this opportunity given to the CBCP Episcopal Commission on Social Action-Justice and Peace. You can expect our commitment to always be of the service of our people and most of all the poorest of the poor,” said CBCP-CFFI national director Most Rev. Jose Colin Bagaforo, D.D. “Through ABS-CBN, we will be able to reach more people. You will really provide the avenue for our people to make their pledges for charity, for support of our many advocacies, especially in event of natural calamities,” added Most Rev. Fr. Gerardo Alminaza, the vice chairman of CBCP-CFFI. Kapamilya Daily Mass with Fr. Tito Caluag airs LIVE from Monday to Sunday at 5:30 am on Kapamilya Channel on cable.

For more details, follow @ ABSCBNPR on Facebook, Twitter, and Instagram or visit www.abs-cbn.com/ newsroom.

Hilton Manila introduces innovative, safe solutions to event planners and attendees

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HERRY Mobile has good news for the Filipino consumers as it announces the extension of its service warranty and replacement period starting February 15, 2021. As a way of showing gratitude to Cherry Mobile’s valued customers, the replacement period has been extended to a gaping 128 days from 7 days. On top of that, customers are also entitled to an extended service warranty of 18 months from 12 months.

“We’ve always been thankful to our loyal customers for the continuous support they’ve shown for the brand.

Their unyielding support has fueled the brand all these years. And by extending our replacement period to 128 days, we want to show how we value our customers by sharing this good news.” says Elias Landong Jr., AVP for Sales, Cherry Mobile.

Since its inception in 2009, Cherry Mobile has been committed to providing end-user support. “In a business, generating sales is important, so as having a very reliable aftersales support, which is one of our top priorities. Considering these difficult times, every amount of money that we spend is for what’s deemed essential.

This is our simple way of giving back and atleast relieving the burden that everyone is going through right now.” Landong adds.

To date, Cherry Mobile has twenty five (25) service centers nationwide. For queries about your device, you may reach Cherry Mobile Customer Solutions at: Customer Service Number: 09969777770 Facebook: https://www.facebook.com/ cherrymobilecustomersolutions/ Email: support@cherrymobile.com.ph

Sarah Geronimo teams up with Grab for exciting promos

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RAB welcomes its newest brand ambassador: one of the Philippines’ most popular and talented sensations, Sarah Geronimo, to provide everyday value to more Filipinos.

In celebration of the new collaboration, Grab is hosting the Kilo-Kilometrong Pa-Promo, a line-up of promos and deals

until March 7 that will allow users to unlock great discounts across Grab’s services such as GrabCar, GrabFood, and more, simply from using the promo code GRABWITHSARAHG. Catch your first glimpse of Sarah G on Grab. Follow Grab Philippines on Facebook and check out the Grab app.

FastCat’s 17th and 18th Brand new vessels finally arrives

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HE highly–acclaimed Hilton Manila continues the tradition of hosting in-person gatherings with the timely roll out of the Hilton EventReady with CleanStay program – Hilton’s global cleanliness and customer service program that addresses the current safety and cleanliness concerns of meeting planners and event professionals.

“In response to today’s current environment and growing concerns on health and saftey, it is essential that we give extra attention and focus on the wellbeing of our partners, clients and guests who have made Hilton Manila their venue of choice,” said Simon McGrath, General Manager of Hilton Manila. We believe our elevated sanitation standards and cleanliness protocols alongside our unqiue range of offerings will be vital in helping event planners execute successful events in the new normal,” added McGrath.

The key elements of the Hilton

EventReady with CleanStay program include: Cleanliness Protocols: The program expands on the elevated sanitation standards of the Hilton CleanStay program, addressing every touch point of the meeting experience. This includes room seals for guest and meeting rooms, sanitizing stations in public areas and meeting spaces and an EventReady Room Checklist.

Book-to-Billing Flexibility: Understanding the importance of flexibility, Hilton Teams will work hand-in-hand with customers to align on shared objectives, providing: Flexible pricing, space options and contract terms; Responsive offers to meet the needs of customers, like simplified agreements for small meetings; Hilton EventReady Playbook, which delivers expert guidance and curated resources for solutions, such as Hybrid Meetings that seamlessly combine on-

site attendees with those in remote locations, Room Sets and Creative Networking.

Safe and Socially Responsible Solutions: To responsibly host meetings and events, Hilton Team Members will partner with their clients to achieve the meeting’s objectives while addressing both health and environmental concerns. This includes presenting creative physical distancing meeting sets and meal service, developing inspiring food & beverage menus and sharing environmental impact solutions measured by LightStay, Hilton’s award-winning corporate responsibility measurement platform.

For more information, visit www. meetings.hilton.com/eventready.

To book your next event, email hiltonmanila_events@hilton.com. For more updates, call +63 2 7239 7788, visit www.hiltonmanila.com, and connect on Facebook, Instagram and Youtube (@hiltonmanila).

RCHIPELAGO Philippine Ferries Corporation, is pleased to announce the arrival of two more brand new vessels (FCM17 & FCM18), now ready to serve the needs of the traveling public and business entities nationwide through its passenger and rolling cargo services.

To date, the flagship brand,FastCat, already has a total of sixteen (16) vessels connecting the major islands of the country.

This makes them closer to its goal of completing the fleet of 30 vessels by 2031.

In 2018, shipbuilding began through the support of one of the country’s most trusted financial institution, Land Bank of the Philippines.

FCM17 and FCM18 are set to serve the islands of Palawan, Mindoro and/or Zamboanga-Basilan. This is in addition to the routes FastCat currently operates at nationwide, using its existing fleet. These are as follows: 1. Batangas- Calapan, 2.BulalacaoCaticlan (with weekly special trips via Caluya, a first Class Municipality of Antique), 3. IloiloBacolod (Banago/Bredcco), 4. DumagueteDapitan, 5.Cebu-Tubigon, 6. San CarlosToledo, 7.) Matnog- Dapdap, 8. Matnog-San Isidro, and 9. Liloan–Lipata.

Currently, the company continues to operate nationwide to transport essential

goods, front liners and authorized passengers to help keep the economy afloat. All safety and security protocols are also in place in preparation for the opening of boarders, anytime it will come.

Additionally, the company endlessly works toward the fulfillment of its brand promise of a FerrySafe, FerryFast and FerryConvenient travel experience.

The features of the said vessels are improved versions of their sisterships, FCM15 and 16. The air conditioning of the vessel now uses a water-cooling system.

Unlike normal air conditioning system, it emits less Carbon Dioxide (CO2) therefore it is more environment friendly.

For easy access, a dedicated accommodation area with an exclusive rest room, TV set and air conditioning are provided at the main deck for People with Disability (PWD), the elderly and pregnant women. It can hold up to 10 individuals. Those who are more physically capable can stay at the upper sections of the vessel with multiple accommodation options.

The seating capacity has been increased to 360 from 325 to accommodate more passengers. Certified and compliant with local and international safety standards, it has a capacity for at least 34 cars, 7 trucks or buses.

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

Biohack your way to wellness at newly launched institute

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By Rory Visco| Contributor

ver heard of “biohacking” or “DIY Biology?” Biohacking involves a broad range of activities that range from performing science experiments on yeast or other organisms, tracking your own sleep and diet, changing your own biology by pumping a younger person’s blood into your veins to fight aging to ‘young blood transfusion [vampirism?],’” as described in an article that came out on www.vox.com.

Or perhaps having a chip implanted in your own hand.

However, for Eli Abela, the country’s first and only Human Potential™ (Bulletproof™) Coach and a biohacker as well, her biohacking philosophy involves none of the above.

Abela said her biohacking is ethical and natural. It involves self-healing and self-regeneration for the body, and even the mind, to get better. She calls it “self-responsible wholeness.”

“Wholeness implies that the person himself is the one doing self-healing, not a doctor, nutritionist, biohacker or anyone else. It also implies that we were born whole, except that we went through life’s tragedies, mishaps, challenges and we lost pieces of ourselves. Biohacking is about empowering one’s self to be your own healer because we are born with a body that heals itself. It is about being responsible and accountable for everything that happens to your body, including your own faults, and then finding missing pieces of yourself to make you what you were originally.”

One of its kind

With the launch of UNLTD (“Unlimited”) Biohacking Recovery Center, the first and only one of its kind in the Philippines located along Pioneer Street in Mandaluyong City, Abela hopes that Filipinos will get to see how easy state-of-the-art

technology and non-medical machines can help people get their mind, body, and soul to perform at its optimum.

“Overall wellness and anti-aging are the immediate benefits of biohacking, but we are also able to help those who suffer from depression, anxiety, addiction, trauma, post-traumatic stress disorder (PTSD), stress and many more,” she said.

Eli shared that by healing yourself through harnessing the healer within starts by believing that one’s biology evolved itself to develop survival-focused self-healing powers. “Using the machines at UNLTD allows you to gain practical knowledge on how you can defy aging from the inside-out so that your body’s natural ability to detox, repair, restore and regenerate occurs to help you boost immunity and perform at your best without medications, and with no side effects, and absolutely no chemicals.”

Among the machines found at UNLTD include: NeurOptimal Feedback Training— One wears headphones to listen in and view a short film. Probes are attached to various parts of the head which transmit or train the central nervous system that will in turn train the brain to better respond to stress, anxiety, trauma and even feelings of panic or depression.

“Peak performing athletes, artists, and business people use this to achieve and

Eli Abela, the lady behind UNLTD.

Saunaspace Infrared Therapy

maintain their edge, and the conditions of those with Alzheimer's or stroke have improved dramatically.”

Medical Ozone Therapy—Allows oxygen to be distributed to the cells and allows for maximum absorption and utilization. It promotes the production of cellular energy fuel called “ATP” or “Adenosine Triphosphate,” thus boosting mitochondria (the powerhouse of our cells) and stimulating elements needed for cellular repair and regeneration. “Ozone has been used successfully in the fight against the ebola virus and cancer. We are confident it will be successful in preventing or winning the fight against Covid-19,” she said.

Exercise with Oxygen Therapy (EWOT)—Abela said the EWOT is the athlete’s top machine of choice “because it helps them perform better and recover faster.” EWOT is known to boost immunity, for its anti-aging benefits, and aid in recovery and cellular health. It has a stationary bike and a massive oxygen reservoir attached to a face mask, a concept similar to a hyperbaric chamber.

Upon mounting the bike and wearing the mask, it would open air ways to get a direct dose of pure oxygen at every inhalation. Intervals are set for seconds of pure oxygen and sprints with a deficit in oxygen.

Lenyo Bioregulation Therapy (BRT) and NanoVI—Perfect for those with insomnia or having trouble harnessing the benefits of deep sleep. Combining the two machines help energize injured or diseased cells and restore balance. It is safe to use without any harmful effects to tissues, organs or cells so it is recom-

mended for all ages, from children to aging adults. Ideal for smokers, people with cancer, with compromised immunity, heavy metal toxicity, autoimmune disease and much more.

RedBed Therapy—Recommended

by Abela for those who want to lose weight, want to have clear and smooth complexion, and those with skin and thyroid disorders. “This Cellular Rejuvenation Therapy includes RED Light Therapy and Near Infrared Therapy PLUS Powerful Quantum Energy Medicine that delivers clinically-proven results and recommended by medical doctors around the globe,” she declares.

Formula packages

For its launch, UNLTD is offering Introductory Formula Packages for a limited time only. They have four Formulas to serve every need and all types of people: DEFENSE (for immunity), PEAK (for the ultimate athlete), RESTORE (for Repair and Rehabilitation), and POWER SLEEPER (for Deep Sleep) so just choose the Formula that you know is for you.

UNLTD’s mission, Abela shares, is to help people know they are unlimited. “In the center, we welcome people to walk in, we make recommendations based on other people’s experiences, but we invite them to become active in deciding what’s best for them.”

UNLTD Biohacking Recovery Center is located at the 2nd Floor, 123 Pioneer St, Mandaluyong City. Call 0917-8964567 or email: info@unltd.ph for appointments.

Visit also https://unltd.ph/services/biohacking-machines/introductory-formulapackages/ for more details.

Should seniors be vaccinated against Covid-19?

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any people are excited about the arrival of the Covid-19 vaccines, which is expected any time soon. The vaccines offer the light at the end of the tunnel when it comes to finally getting the necessary protection against the dreaded SARS-CoV-2 virus.

Drowned beneath the din of anticipation, however, is the concern among the society’s elders.

Many have expressed fear and anxiety, especially after news came out about the 23 elderly people in Norway who allegedly died after being injected with the vaccine.

Are older people at risk with severe Covid-19 affliction?

In an episode of the “Stop Covid Deaths” webinar series organized by the University of the Philippines, Dr. Shelley Dela Vega, Director, Institute on Aging NIH, and Professor at the UP College of Medicine, said that aside from age, there are morbidities or chronic diseases that make older people at risk to increased mortality.

Citing data from OurWorldinData.org, which conducted a “scoping” (assessment or evaluation) at the start of the pandemic, Dr. Dela Vega said most deaths from Covid-19 occurred among older persons.

For the 50 to 59 year-old set, it was about 0.4 to 1.3 percent; for the 60 to 69 year-olds, the mortality practically tripled at 1.8 to 3 percent. As the age bracket went up to the 70 to 79 year-old range, it quadrupled to 4.8 to 12.8 percent, and then for 80 years old and above, it rose further to 13 to 20.2 percent. Data came from China and parts of Europe, where most deaths happened in nursing homes.

Here in the Philippines, Dr. John Wong of Epimetrics measured Covid-19 deaths per 10,000 population. There were 4.32 deaths for those aged 25 to 49 years, but it jumped more than five times

with 25.87 deaths for the 50 to 64 year olds, and then climbed even further to 81.15 deaths for people 65 years and older. It showed that there was a big leap in mortality among older people.

Dr. Dela Vega also cited a Department of Health (DOH)-funded study called “Fit for Frail” among 400 Filipinos in communities in various areas (National Capital Region, Region 4-A, Region 7, Davao region) complete with geriatric assessment. It showed 55.6 percent had hypertension, 16.8 percent had diabetes, 15.4 percent are obese, 11.6 percent are tobacco smokers (mostly men) and may lead to Chronic Obstructive Pulmonary Disease (COPD), 4.2 percent live alone so there are social risks as well, 15.6 percent were dependent on a caregiver, and 44.2 percent of those aged 80 above needed help.

This means, Dr. Dela Vega said, that older people with one or more chronic degenerative diseases are the best candidates for Covid-19 vaccines.

So are the vaccines safe for older people?

Dr. Dela Vega emphasized that the vaccines underwent an approval layer composed of independent vaccine experts. It went through the HTAC (Health Technology Assessment Council) that considered everything like side effects, efficacy, effectiveness.

HTAC, she said, went through all evidence and scientific data before it can reach the Food and Drug Administration (FDA). Even the DOH says these vaccines are good for older people.

“Aside from vaccine approval, there are also various safety measures in place like vaccine storage and handling, site preparedness (personnel, chair placement to ensure distancing, etc.), screening on day of vaccination, to monitoring immediately within 30 minutes, one hour and after up to 1 year.

The proposed vaccine sites are closely monitored and ranked in terms of preparedness in administering

the vaccine,” Dr. Dela Vega explained.

Are senior citizens too frail and weak to be vaccinated?

Dr. Dela Vega defined “frailty” as having reduced strength and physiological malfunctioning that predisposes an older person to increased dependency, vulnerability and even death. The frailest, she said, are those at risk for Covid-19 complications, hospitalization and even death.

During the study, Dr. Dela Vega said the participants underwent activities to determine whether they were frail. They discovered that 15 percent were frail, especially those aged 80 years and above.

“However, a great majority were not frail, where 19.3 percent were robust or really healthy, while 60.5 percent were pre-frail, or at risk of being frail, but that state can improve with vaccination.”

How about older people with dementia?

During this period, older people with dementia should get enough support. “In our experience, when people with dementia get hospitalized and have Covid-19, they get confused, agitated, which is called delirium. Those quarantined at home can also be anxious, depressed, and their dementia can even worsen because of isolation. Our Fit for Frail data showed 24.4 percent had mild cognitive impairment while 9.1 percent had dementia.”

Dr. Dela Vega explained that those with dementia need to be supported in understanding and accepting the vaccine so that their fears are allayed. “If they still can’t understand, there is a need to appoint a legally authorized representative, usually a family member, spouse, or child who can sign the consent for them. Monitor closely also for pain, fever, poor food intake, gastrointestinal symptoms.”

How about the frail and Near End of Life?

Citing the case of the 23 seniors in Norway who supposedly died after vaccination, she said most of the older people in nursing homes in Norway are known to be frail, have severe disease and are near end of life.

She said that there is no certainty in the association between the vaccine and the deaths. Upon investigation of 13 of those who died, it was discovered they had fever, vomiting, nausea, diarrhea, and may have been dehydrated because of that, and not because of the vaccine. After evaluation, the decision was to continue the vaccination because the benefits of vaccination among the frail still outweigh the harm.

Dr. Dela Vega advised: “If you have a loved one in a nursing home with many ailments, discuss with the nursing home personnel or administrator whether you want the loved one to receive the vaccine, but the nursing home should have an effective infection control program. We want our nursing homes to be strictly Covid-free and personnel to be vaccinated to prevent infection, and monitor those who received the vaccine and ensure that they get the best care.”

Ultimately, Dr. Dela Vega emphasized that senior citizens should get vaccinated! “Covid-19 vaccines are generally safe and only the most effective vaccine brand for older people will be recommended for them. They are the best candidates for COVID vaccination because they have many chronic diseases that predispose them to complications and death. The frailest and near end of life may also get the vaccine especially in nursing homes where strict infection control is necessary. Close monitoring and tender loving care from family or caregivers should be given to frailest and those with dementia.”Rory Visco

Thursday, February 18, 2021 B7

Benefits of Covid-19 vaccines outweigh adverse reactions

By Claudeth Mocon-Ciriaco

W

hile adverse reactions to Covid-19 vaccines can occur, the Philippine Society of Allergy, Asthma, and Immunology (PSAAI) said that based on the current data, the benefits of these vaccines to the general public far outweigh the potential risks of developing adverse reactions and severe symptoms to the vaccines which may result in death.

PSAAI President and National Adverse Event Following Immunization Committee member Dr. Rommel Lobo said that the management of adverse reactions to vaccines like reactogenic reactions is done through supportive care.

A reactogenic reaction is an inflammatory response that occurs after vaccination. Mild allergic reactions can be treated with antihistamines. An allergic reaction or hypersensitivity reaction, on the other hand, is an exaggerated immune response to a usually harmless substance.

Anaphylaxis (a severe allergic reaction), although rare, should be recognized and managed promptly with Epinephrine. Every patient should be observed for at least 30 minutes postvaccination.

Fully equipped

He also emphasized that adverse reactions to vaccines can occur anytime, thus, the health-care facility should be fully equipped with emergency medications.

Reactogenic reactions are often mild and can subside within a few days with supportive care (paracetamol, NSAIDs, cold compress). Mild allergic reactions such as urticaria and rhinitis can be managed with antihistamines.

Anaphylaxis should be recognized and treated immediately with Epinephrine (1mg/mL) 0.3-0.5 mL intramuscularly at the mid antero-lateral thigh. Anaphylaxis may increase the risk of mortality if not treated promptly.

Other types of vaccine hypersensitivity reactions are managed usually in the

hospital setting and controlled by oral or intravenous steroids, or other systemic immunomodulators, depending on the severity of the reaction.

Dr. Lobo said that patients with these reactions must be referred to an allergist for more extensive evaluation and management.

Antihistamines

Giving antihistamines and systemic corticosteroids as prophylaxis for vaccination is not consistently effective and often fails to prevent severe reactions and anaphylaxis.

Moreover, these medications may mask the early signs and symptoms of anaphylaxis and delay the administration of epinephrine. Antipyretics and NSAIDs are likewise not recommended as prophylaxis for reactogenic reactions.

The PSAAI, in their statement stressed that there is a lack of data to recommend pharmacologic prophylaxis before vaccination.

"The only current contraindication to Covid-19 vaccination is an allergy to a previous dose of Covid-19 vaccine and any of its components," the group added.

In general, he said, vaccines are safe and effective.

"Vaccination saves lives. For the Filipinos, we will only give vaccines that are proven to be safe and effective. And vaccination is free and will be made available for all Filipinos starting with high-risk sectors such as health workers and then senior citizens,” Dr. Lobo said during the DOH forum adding that majority of Covid-19 vaccine adverse reactions are mild.

Dr. Lobo also underscored the importance of monitoring after immunization and reporting of any adverse effect that may occur to your doctors.

"It doesn't stop there [vaccination].

Right after that, you need to see your doctor for the progress is continuous.

In fact, the follow-up should be longer so that if ever there is an adverse reaction, the doctor can determine if it is the effect of the vaccine or not," Dr. Lobo concluded.

New drug for heart failure gets FDA approval

T

here is now a new medicine for heart failure patients. Dapagliflozin is the first and only drug under the sodium glucose transport protein 2 inhibitor (SGLT2i) class approved to treat heart failure in adult patients with reduced ejection fraction (pumapalyang puso). It is the only SGLT2i proven to significantly prevent cardiovascular death and death due to other causes in these heart failure patients. Despite advances in the current treatments, heart failure is still a life threatening condition with nine of out 10 patients remaining to be symptomatic and half of the patients will die within five years of diagnosis.

This approval was based on the landmark trial Dapagliflozin and Prevention of Adverseoutcomes in Heart Failure Trial (DAPA HF). It is the first outcomes trial with an SGLT2 inhibitor investigating the treatment of Heart failure with reduced ejection fraction (HFrEF), with and without type-2 diabetes (T2D). The results showed a reduction of 26% in the occurence of cardiovascular death, hospitalization for heart failure (hHF) and Urgent Hospital Visit for heart failure (HF) along with a 30% reduction in hHF. Dapagliflozin’s significant 18% reduction in cardiovascular death and 17% reduction on death due to other causes which were only seen in the DAPA HF study.

Dapagliflozin has offered an additional treatment option for patients suffering from the symptoms of heart failure and are at risk of dying given the high mortality rate of the disease.

Safety findings in patients with and without type 2 diabetes were consistent with the well established safety profile of Dapagliflozin in previous studies. It is consistent regardless of age, gender, severity of heart failure, diabetes status and kidney function. Dapagliflozin was well tolerated and adverse event rarely led to the discontinuation of treatment.

“AstraZeneca is committed to uplift the standard of care of Filipino patients by providing them with innovative and accessible treatment. The results from DAPA HF highlight the potential of a novel approach to greatly improve outcomes for patients with HFrEF by slowing disease progression and improving morbidity and mortality. Dapagliflozin has the potential to become a long-awaited addition in the standard of care for this patient population. This is a testament of the company’s commitment in pushing what science can do to address unmet needs in healthcare,” said

Lotis Ramin, AstraZeneca Philippines Country President.

Dr. Orly Bugarin, President of the Philippine Heart Association: “The approval of Dapagliflozin for the treatment of heart failure bolds well in the Philippine situation.

Despite advances in therapy with heart failure, mortality and morbidity remain high. This signifies that there is still an unmet need for an effective heart failure treatment which Dapagliflozin may address.”

This was confirmed by Dr. May DonatoTan, President of Heart Failure Society of the Philippines, who stated that, “Dapagliflozin is a welcome strong addition in the field of heart failure because it allows heart failure patients to prevent hospitalizations and death from other cardiovascular causes. The approval of Dapagliflozin gives hope to heart failure Filipino patients.”

Heart failure a growing concern among Filipinos

Heart failure (pumapalyang puso) is a lifethreatening disease in which the heart cannot pump enough blood around the body. It is a global problem, affecting approximately 64 million people worldwide where half of the patients will die within five years of diagnosis. It is the leading cause of hospitalization for those over the age of 65 and represents a significant clinical and economic burden. Further, studies have indicated that heart failure strikes Asians early, a decade younger than their western counterparts.

In the Philippines, heart disease continues to be the leading cause of death, with 74,134 reported cases in 2016. Also, the World Health Organization predicts that from 2.7 million in 2000, the number of diabetics in the country will reach 7.7 million by the year 2030. These two diseases are very closely linked to each other, with heart failure being one of the most common complications of diabetes.

In the Philippines, Dapagliflozin is approved for glycemic control and for the prevention of new or worsening hospitalization for heart failure or cardiovascular death and nephropathy in adult patients with Type 2 Diabetes. It is now approved for the treatment of heart failure with reduced ejection fraction in adult patients. Dapagliflozin is a prescription medicine. Patients should not self-medicate and should consult their physicians regarding their condition and treatment.

Sports

EXPLOSIVE CALVIN NOW A HOTSHOT

BusinessMirror

B8

| Thursday, February 18, 2021

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Suarez’s Olympic hopes quashed

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HE cancellation of the world qualifiers for the boxing competitions of the Tokyo Olympics quashed Charly Suarez’s dream of taking a shot at a gold medal a second time around.

“It’s sad news for me,” Suarez, a Rio 2016 Olympian, told BusinessMirror on Wednesday. “I won’t be able to get that second chance for the gold medal.”

Suarez won his fifth professional fight in Tarlac over the weekend and asked the Association of Boxing Alliances in the Philippines to allow him to bid for the world qualifiers.

But the International Olympic Committee Boxing Task Force announced on Tuesday that it has canceled the world qualifiers in Paris in June and instead will go to the world and continental rankings to fill up the roster of participants for the Tokyo Games.

Suarez, 33, doesn’t have the luxury of the rankings because he already turned professional.

But he vowed to focus on the 31st Southeast Asian Games that Vietnam is hosting in November and, as importantly, offered his

CHRIS BANCHERO (left) and Calvin Abueva are switching uniforms.

By Josef Ramos

services to help prepare his fellow boxers who have a shot at the Olympics.

“I am very much willing to help them prepare for the Olympics,” he said.

Besides the SEA Games, Suarez has his sights on next year’s Hangzhou Asian Games where he intends to defend the lightweight gold medal.

“All I can do for now is to focus on my professional career. If it’s not for me, then it’s not for me,” said Suarez, who turned pro in November 2018. “I know God has other beautiful plans. But I’m so thankful to Abap President Ricky Vargas for all the opportunities that the federation gave me.” Josef Ramos

IT’S a heart-breaking loss for Ash Barty. AP

No. 1 Barty shown door in Aussie Open quarters

C

ALVIN ABUEVA minced no words in expressing his excitement over his transfer to the Magnolia Hotshots where he looks forward to a reunion with college teammate Ian Sangalang.

“I was surprised but I am really, really excited,” Abueva told BusinessMirror on Thursday just hours after the Philippine Basketball Association trade committee approve his transfer from Phoenix Super LPG to Magnolia in exchanghe for Chris Banchero.

“It’s like a falling star dropped on my house and changed everything for good,” said Abueva, who turned 33 only last February 4. “It’s a dream come true to play alongside Ian [Sangalang]. I will grab this rare opportunity and play my best there.”

The 6-foot-4 Abueva, 6-foot-7 Sangalang and guard Ronald Pascual formed a deadly San Sebastian College trio that won the 2009 National Collegiate Athletic Association men’s basketball crown.

“I know how to go along with him

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ELBOURNE, Australia—Top-ranked Ash Barty built a big lead in her quarterfinal match at the Australian Open before her opponent took a medical timeout and left the court.

More than an hour later, it was Barty heading abruptly through the exit. She was upset Wednesday by Karolina

[Sangalang] and we’re very familiar with each other,” Abueva said. “At the same time, I am now in a strong franchise. I would like to thank Phoenix for helping me during the times when I needed them, but just as what I said before, I have no idea about this trade.”

The trade was consummated on Wednesday with Phoenix also giving up its 10th overall pick in next month’s Rookie Draft. Magnolia, on the other hand, also traded its sixth and 18th overall pick in the draft.

Abueva is expected to give the Hotshots a deadly aggressive scoring and defending wingman option.

“It wasn’t easy to let go of a player like Calvin [Abueva], considering that he has been through thick and thin with Phoenix,” Fuel Masters Coach Topex Robinson told BusinessMirror. “We thank Calvin for everything that he has done for us, and we wish him all the best in his new journey.”

Robinson said the trade would benefit his team in the long run.

“We’re excited to acquire a first round pick from a very deep draft and together with Banchero, who is a superstar in his own right, the team has a great opportunity to grow in the years to come,” said Robinson, who is hoping to tab the likes of Jeremiah Grey and Mikey Williams, among others, in the talent-laden online draft on March 14.

Magnolia coach Chito Victolero said he was informed by team management on Wednesday Muchova, 1-6, 6-3, 6-2.

Seeded No. 25, Muchova earned her first semifinal berth in a Grand Slam. Her comeback win ended Barty’s bid to become the first Australian woman to win the title in Melbourne since Chris O’Neil in 1978.

“It’s heartbreaking, of course,” Barty said.

“But the sun will come up tomorrow. You’re either winning or you’re learning, and today is a massive learning curve for me.”

Muchova’s opponent Thursday will be Jennifer Brady, who reached her second consecutive Grand Slam semifinal by beating fellow American and good friend Jessica Pegula, 4-6, 6-2, 6-1.

Seeded 22nd, Brady struggled at times and gave her racket an angry toss midway through the second set. The unseeded Pegula, who advanced beyond the third round at a major for the first time, appeared to tire down the stretch.

about the trade, stressing he could not resist someone like Abueva.

But Victolero

cautioned that Abueva’s strong performance with the team won’t happen overnight.

“It’s hard to resist a trade if you’re getting someone like Abueva.

Although we improved our lineup, it doesn’t guarantee you with a championship because every team is improving like Barangay Ginebra, San Miguel Beer and TNT Tropang Giga. It’s still a long process,” Victolero said.

Abueva, who was signed by Phoenix to a maximum three-year contract last December worth P14 million, showed massive improvement inside the bubble last season after coming out from an indefinite suspension that lasted 17 months.

He averaged 13.6 points and 10.6 rebounds in six games in his return to the Fuel Masters.

Abueva played a major role when Phoenix booted out Magnolia in the quarterfinals to reach the Philippine Cup semifinals.

Banchero averaged 11 points, 3.0 rebounds and 3.7 assists in 11 games for Magnolia last year.

Muchova played poorly at the start of her second major quarterfinal, and Barty raced to a 5-0 lead while losing only six points. After nine games, Muchova had one winner and 18 unforced errors, and early in the second set, she took a medical timeout that lasted nearly 10 minutes.

Sunny weather, with the temperature in the mid-80s (30 degrees Celsius), was a factor, Muchova said.

“I think it was a bit of the heat,” she said.

“It got to me, and I was feeling kind of dizzy, really lost and almost fainting. I just asked for help.”

Medical personnel took her temperature, checked her blood pressure and gave her ice before she left the court. When the Czech returned, she played much better.

“I tried to play a bit faster rallies so we don’t play long ones as in the first set,” Muchova said, “and it worked well.” AP

Davao del Norte redesigns sports program, activities

By Manuel T. Cayon

Rural governor talks of canceling local torch relay

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OKYO—A governor in a western Japanese prefecture is talking about canceling torch relay events in his area ahead of the Tokyo Olympics.

The Japanese news agency Kyodo reported Wednesday that Gov. Tatsuya Maruyama of Shimane prefecture is unhappy with Covid-19 prevention measures surrounding the relay.

The relay is to pass through the small prefecture in May. Kyodo quoted the governor saying he was “dissatisfied with the central and Tokyo metropolitan governments’ measures to prevent the spread of the novel coronavirus.”

The torch relay is to begin on March 25 in northeastern Japan and will crisscross the country with about 10,000 runners.

The relay ends in Tokyo with the opening ceremony of the Olympics on July 23.

Concerns about the relay are reflected in general skepticism in Japan about holding the Olympics. Several polls have shown about 80 percent of Japanese think the games should be canceled or postponed.

Local organizers and the International Olympic Committee began rolling out the first edition of so-called Playbooks for the Games earlier this month.

The rule books explain in limited details how 11,000 Olympic athletes and 4,400 Paralympic athletes will enter Japan, compete, and then exit the country.

The Playbooks also spell out how tens of thousands of officials, broadcasters and media will enter Japan.

Tokyo and other prefectures have been under an emergency order since January 7 because of the Covid-19 pandemic. New cases have recently been dropping in the capital after surging for several weeks. And after a late start, Japan began rolling out its vaccine campaign this week. AP THE Tokyo Olympics Torch Relay begins next month. AP

D

AVAO City—Demonstration sports and more grassroots participation mark a redesigned sports program that Davao del Norte will be implementing to assure the province’s athletes of continued support amid the lockdown wrought by the Covid-19 pandemic.

The Provincial Sports and Youth Development Office (PSYDO) of Davao del Norte tinkered with its sports activities and competitions to adopt to the limitations and protocols during the pandemic.

“It’s still possible to conduct trainings and competitions virtually—when competitions were hard to believe that they could be staged during pandemic held,” PSYDO Department Head, Giovanni Irong Gulanes said. “The nature of the competitions had to change in order to adapt to the difficult times.”

For sepak takraw, basketball and taekwondo, Gulanes said athletes record on video their routines in ball control, freestyle dribbling and speed kicking and submit them online to judges.

“Now there is an incoming online dancesport, no partners, just individually,” he said. “This pandemic pushed us to be innovative.”

Gulanes said that the PSYDO intends to reach out to athletes who have no gadgets or internet.

“Our staff at PSYDO will go to these places and record the participants on video. Originally, the parents were tasked to take the videos.

But it’s no longer that way, we want to have an inclusive sports program,” Gulanes said.

“This way, the provincial sports office would ensure more grassroots participation,” he added.

Gulanes said the province also helped keep the athletes in shape during the lockdown with provincial sports association and technical officials serving as trainers and coaches.

The capital of Tagum City, meanwhile, opened a new residential care facility for children with special needs.

The Department of Social Welfare and Development Field Office recently inaugurated the Center for Children with Special Needs (CCSN) as one of the highlights of its 70th anniversary celebration.

The CCSN is the first and only DSWD-managed facility in Mindanao that will cater to children with special needs. It has a 60-bed capacity.

The city government of Tagum donated 4,000 square meters of land to the DSWD where the residential care facility now stands.

“We extend our utmost appreciation to the local government for their support to this project,” Assistant Regional Director for Operations Merlinda Paragamac said.

SPORTS doesn’t stop in Davao del Norte. MANUEL CAYON