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‘BOOSTING CONFIDENCE IN BIZ KEY TO RECOVERY’ www.businessmirror.com.ph

Wednesday, July 15, 2020 Vol. 15 No. 279

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

PHL BANKS ON ’BEST ASSET QUALITY’ LIST IN REGION: MOODY’S By Tyrone Jasper C. Piad

T THE once bustling basement food court at Shangri-La Edsa observes social distancing in the new normal. Authorities have allowed restaurants to resume operations with strict guidelines on social distancing, like setting barriers between tables or setting them far apart, limiting the number of persons inside at any given time, and wearing of face shields, masks and gloves by personnel. BERNARD TESTA

By Cai U. Ordinario

OOSTING the confidence of businesses and consumers in the economy is the only thing that can provide the much-needed relief for millions of Filipinos here and abroad who became jobless because of the pandemic, according to experts.

With as many as 7.3 million Filipinos jobless as of April 2020 and over 80,000 overseas Filipino workers (OFWs) repatriated due to job losses abroad, the government must think of more ways to boost the economy, they said. Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang said reopening the economy and loan-financed social safety nets can help, but these will not be sustainable and the overall lack of confidence prevents millions of Filipinos from getting jobs. “There is no confidence in the

economy. Funds are limited and we cannot always borrow. The government wants to reopen the economy, but what is needed is the assurance that the government can manage the coronavirus 2019 [Covid-19] pandemic. That will bring confidence,” Ang said. He said even if the general community quarantine remains in effect, as long as the government’s protocols are clear and steps to manage Covid-19 from national to local are in place, that is assurance enough. Continued on A2

Most private firms heed Covid rules–DTI By Samuel P. Medenilla

VER 90 percent of government-monitored private establishments have complied with workplace guidelines to prevent the spread of novel coronavirus disease (Covid-19). Citing its daily monitoring data, the Department of Trade and Industry (DTI) said between 92

percent and 100 percent are implementing the interim guidelines it issued together with the Department of Labor and Employment (DOLE), Department of Tourism (DOT) and the Department of Health (DOH). “We monitor 400 establishments every day, which is being done digitally,” Trade Secretary Ramon M. Lopez said in an online

PESO EXCHANGE RATES n US 49.4070

briefing on Tuesday. Among the measures implemented by the concerned firms were the wearing of face masks, temperature checks, as well as providing sanitation equipment in workplaces. Lopez said he is pleased with the high compliance rate of companies, which boosts the government’s campaign against Covid-19.

Technical support

IN the National Capital Region (NCR), DOLE reported that 80 percent of the 5,049 monitored establishments complied with the guidelines from June 8 to July 1, 2020. DOLE-NCR Regional Director Sarah Buena S. Mirasol said most of the establishments they monitored are in the following industries:

HE Philippine banking system is one of a few in the region with the best asset quality amid the coronavirus pandemic, Moody’s Investors Service said. The debt watcher, in a report released Tuesday, noted that the local banks, including those of Singapore and Malaysia, recorded nonperforming loan (NPL) ratios of less than 2 percent. This is the lowest among other countries in the Association of Southeast Asian Nations (Asean) region and India. Lower NPL ratios means less bad loans. According to the latest preliminary data from Bangko Sentral ng Pilipinas (BSP), the local financial system has a net NPL ratio of 1.26 as of end-May. “The extent of loan deterioration will depend on the pace of economic recovery, efficiency of government support packages and regulatory forbearance,” Moody’s said. It explained that more bad loans are even expected next year as moratoriums on loan payments are likely be relaxed. “Net interest income will decrease due to margin contraction, while credit costs will rise due to weaker asset quality,” it added.

Government support

MOODY’S noted that the government aid could ease the impact of the financial crisis. In the Philippines the government support includes debt moratorium, monetary policy easing, relaxation of bank reserves, credit guarantees for small and medium enterprises and cash subsidies to households, among others. The same help was also extended to India, Indonesia, Malaysia, Singapore and Thailand, it noted. “Fiscal and credit support, liquidity injections and regulatory forbearance will alleviate pressure on banks, but will not fully offset it,” Moody’s quipped.

Well-capitalized

MOODY’S is not worried about the banks’ capitalization and liquidity as they are expected to be stable until next year. “Funding and liquidity will remain sound and stable, and banks in all covered systems fully fund their loans with deposits,” it said. BSP data show that the local banking system has capitalization of P2.37 trillion as of May. This translates to a capital adequacy ratio of 12.62, which is above the regulatory requirement, for the same period. BSP Governor Benjamin E. Diokno, meanwhile, reported earlier that the agency’s liquidity support has reached around P1.3 trillion.

See “Covid,” A2

n JAPAN 0.4607 n UK 62.0750 n HK 6.3747 n CHINA 7.0602 n SINGAPORE 35.5446 n AUSTRALIA 34.2934 n EU 56.0720 n SAUDI ARABIA 13.1734

Source: BSP (July 14, 2020)

News BusinessMirror

A2 Wednesday, July 15, 2020

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Number of food-insecure Filipinos up 14 million from 2017-2019–FAO O By Cai U. Ordinario

regions of the world; thus, we are facing a global problem that affects us all,” the report stated.

VER 14 million Filipinos became moderately or severely food insecure under the term of President Duterte compared to the last few years of the previous administration, according to a report released by the Food and Agriculture Organization (FAO). In the 2020 State of Food Security and Nutrition in the World, FAO said there were 59 million Filipinos who were considered moderately or severely food insecure between 2017 and 2019. This was a 14.1-million increase from the estimate of 44.9 million between 2014 and 2016. Among Southeast Asian countries with the latest data, the Philippines recorded the highest number of moderately to severely food-insecure citizens. Those with data for 20172019 were Indonesia, Cambodia, Vietnam, Malaysia and Singapore. “Updates for many countries have made it possible to estimate hunger in the world with greater accuracy this year,” FAO said. “The revision confirms the trend reported in past editions: the number of people affected by hunger globally has been slowly on the rise since 2014.” Data from the report showed a 6.4-million increase in the number of severely food-insecure Filipinos. Between 2017 and 2019, an estimated 18.8 million Filipinos were severely food-insecure, higher than the 12.4 million recorded between 2014 and 2016. The FAO also said the total number of undernourished Filipinos increased by 2.4 million to 15.4 million in 2017 to 2019, from 12 million in 2014 to 2016. Data also showed that 63 percent of the country’s population as of 2017, estimated at 105.2 million, could not afford a healthy diet. A healthy diet in the Philippines costs $4.31 and takes up about 65.7 percent of the food expenditure. Among the Asean member coun-

tries, the Philippines had the third highest proportion of the population who cannot afford a healthy diet. The country with the highest such proportion is Lao PDR at 83.3 percent, followed by Indonesia at 68.8 percent. However, in terms of the cost of healthy diets, the Philippines already had one of the lowest cost of healthy diets compared to other Asean countries. Thailand had the highest cost of food which amounted to $4.89 followed by Lao PDR at $4.85. Meanwhile, FAO also estimated that a nutrient-adequate diet, which costs $2.43 in the country, cannot be afforded by 30.6 percent of the

Grow your veggies

JEEPNEY drivers who were not lucky enough to get jobs in socalled “modern” jeepneys beg for alms along A. Mabini Street in Caloocan City on Tuesday as the government continues to limit public transportation to prevent the spread of Covid-19. NONOY LACZA

population. The cost of a nutrient-adequate diet accounts for 37.1 percent of food expenditures. In terms of the affordability of an energy-sufficient diet, this amounts to $1.16, but 2.6 percent of the population

cannot afford it. This accounts for 17.6 percent of the food expenditure in the Philippines. “It is unacceptable that, in a world that produces enough food to feed its entire population, more

than 1.5 billion people cannot afford a diet that meets the required levels of essential nutrients and over 3 billion people cannot even afford the cheapest healthy diet. People without access to healthy diets live in all

CAB REITERATES TRAVEL CURBS ON FOREIGN NATIONALS By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE Civil Aeronautics Board (CAB) has cautioned all carriers from marketing and selling their travel promos overseas due to travel restrictions that are still in effect for foreign nationals. In an advisory signed by CAB executive director Carmelo L. Arcilla, the agency said, “foreign nationals [subject to exemptions] are restricted from traveling to the Philippines.” As per Bureau of Immigration regulations, the only foreign nationals allowed to enter the Philippines are: accredited foreign government and international organization officials and their dependents; foreign spouses and children of Filipino nationals; and foreign airline crew. “In this regard, airlines are advised to exercise extra prudence in marketing ser-

vices, mindful of the existing restrictions imposed by the government and the need to spare passengers of needless inconvenience,” the CAB advisory stressed. The advisory was issued on reports of Filipino-Americans using their US passports arriving aboard foreign carriers, and encountering difficulties at the Immigration counters. At present, only Filipinos with Philippine passports are allowed to enter the Philippines, such as students enrolled in universities abroad and returning overseas Filipino workers. Meanwhile, the Philippines may have lost over 60,000 students studying English as a Second Language (ESL) with the travel restrictions imposed to contain the spread of the novel coronavirus. Tourism Secretary Bernadette Romulo Puyat has directed schools to continue online ESL programs to maintain the country’s position as a leading ESL destination.

In a recent webinar titled “Philippine ESL Industry Situationer” hosted by the Department of Tourism (DOT), the tourism chief said the agency is committed to assist in the enhancement of educators’ skills and in exploring ways to promote the country’s ESL offerings. “The students who have come here have returned to their home countries for now. While travel restrictions brought by the Covid-19 pandemic have affected the growth of the ESL industry, we know we can take back the gains we have achieved,” said Romulo Puyat in her opening remarks. She likewise disclosed that the DOT is closely working with the private sector and stakeholders in developing the official guidelines on health and safety protocols for the implementation of ESL schools once they are allowed to open by authorities.

Years of developing ESL as a key educational tourism product and market expansion efforts have lured students from foreign countries to the Philippines to learn English mostly coming from Asia, the Middle East, and non-Englishspeaking countries of Europe. The ESL market has been growing rapidly; from just 22,561 special study permits issued by the BI in 2013, close to 60,000 permits were issued in 2018. According to the DOT, the Philippines was ranked 10th in the Test of English for International Communication (TOEIC), with a mean score of 710. It is also the highest score among Asian countries. The Philippines is a preferred choice to learn ESL because many schools offer one-on-one training sessions. ESL, or Education Tourism, is a “niche” product of the DOT under its National Tourism Development Plan for 2016-2022.

ONE of the ways to address food insecurity is through homestead food production. By growing the food they need, households save on transportation costs to reach markets. FAO said the distance to food markets is a key barrier for consumers to access healthy meals. The distance often makes food more expensive. Based on the results of the National Nutrition Survey, FAO said more than half of the green, leafy and yellow vegetables and more than a quarter of other vegetables consumed by households were produced in homesteads. “At optimal levels of sales and own consumption, the proportion of rural households that otherwise would not be able to afford a nutrient-adequate diet could decrease from 37 percent to none,” FAO said. FAO said the report assessed food security and nutrition globally, with projections of what the world may look like in 2030, if trends of the last decade continue. FAO projections showed the world is not on track to achieve Zero Hunger by 2030 and, despite some progress, most indicators are also not on track to meet global nutrition targets. The food security and nutritional status of the most vulnerable population groups is likely to deteriorate further due to the health and socioeconomic impacts of the pandemic. The report also introduces new analysis of the cost and affordability of healthy diets around the world, by region and in different development contexts. It presents valuations of the health and climate-change costs associated with current food consumption patterns, as well as the potential cost savings if food consumption patterns were to shift toward healthy diets that include sustainability considerations. The report then concludes with a discussion of the policies and strategies to transform food systems to ensure affordable healthy diets, as part of the required efforts to end both hunger and all forms of malnutrition.

‘Boosting confidence in biz key to recovery’ Covid… Continued from A1

Ang said the country cannot wait for a vaccine to be available in order to provide assistance or employment for the millions who have lost their jobs and those who may still lose it. He said that recently, the government announced that it intends to improve testing, contact tracing and isolation efforts for those infected. This is a good first step. Ang, however, told the BusinessMirror, “Everyone is looking for something more stable, predictable and consistent in the response.”

Community approach

THE lack of confidence is normal in any crisis, former Labor Undersecretary Rene Ofreneo said in a phone interview on Tuesday. He said, however, that the government should take a more proactive approach to helping the

millions of Filipinos who lost their jobs here and abroad. Ofreneo recommended a community-based approach that relies on the strength and capabilities of the city and municipal local government units (LGUs) all the way down to the barangays. He said by channelling the resources intended to undertake the trillions-worth Build, Build, Build (BBB) program to the needs of communities, the government will be able to employ all those who lost jobs and boost the economy. Ofreneo said LGUs, including barangays, can create soup kitchens to feed the hungry, particularly those who lost their livelihoods during the pandemic. He also said the funds can be used for cash-for-work programs to upgrade local communities by fixing pathways, helping relocate residents living in danger zones, fortifying dikes and dredging projects, among others.

OFRENEO: “Let us save the majority through maximizing the impact of limited resources through the community approach. That is the true essence of bayanihan.”

“Instead of giving individual assistance, you can do it through the community. You can inspire a sense of solidarity and community among the members. You will also encourage the sharing of knowledge on wellness and community health,” Ofreneo told the BusinessMirror. “Let us save the majority through maximizing the impact of limited resources through the community approach. That is the true essence of bayanihan.”

Passing legislation

FOR other economists, helping those who lost their jobs will require legislation, specifically those that have already been filed in the House of Representatives, such as the bill for Corporate Recovery and Tax Incentives for Enterprises, or the former Corporate Income Tax and Incentives Rationalization Act, as well as the stimulus bill. Action for Economic Reforms coordinator Filomeno Sta. Ana III told the BusinessMirror that wage subsidies, tapping employment or unemployment benefits will help, as well as subsidized loans for SMEs to

keep their workers. Sta. Ana said the AER actually advocates for the reduction of corporate income tax to 25 percent from 30 percent be tied to job preservation. This means, Sta. Ana said, companies who will benefit will have to restrict giving dividends and equity buybacks. This will enable the use of the tax windfall for reinvestment and keeping jobs. “Effectiveness of tax reduction as stimulus is conditioned on job preservation. The bill goes hand in hand with rationalization of fiscal incentives. It has been certified urgent,” he said via SMS. Unionbank Chief Economist Ruben Carlo O. Asuncion told the BusinessMirror that unemployment support and health insurance are “foundational safety nets” not only for the local workforce but also returning OFWs. Asuncion said safety nets can be expensive, especially for countries like the Philippines at this time. However, the pending fiscal stimulus bill gives hope that the plight of workers could improve through the infusion of additional resources. Still, given that the bill is still being deliberated, Asuncion said the exact impact of the bill on workers cannot be ascertained at this point.

Fiscal prudence

THE stimulus bill is not the government’s last “ace” in the fight against the pandemic, Asuncion pointed out. What is important at

this point is to be prudent. He said Finance Secretary Carlos G. Dominguez III stressed this point when he cited the need for prudence in fiscal policy given that the crisis is “a marathon rather than a sprint.” “Debt sustainability will be something that history will come back with to judge this administration eventually. It’s difficult, actually. A crisis will really show who you are,” Asuncion said. Despite government attempts to allow more businesses to resume operations, another 9,500 workers were permanently displaced since last week as Covid-19 continues to impact enterprises. As of Monday, the Department of Labor and Employment said the number of workers who lost their jobs is now at 121,921 from 112,414 a week ago. Of these employees, 110,934 were employed by 4,454 firms which reduced their workforce, while the remaining 10,987 are from 501 establishments which permanently shut down their operations. Industries which suffered the most from labor displacement were the administrative and support service activities industries (31,816); other service activities (18,000); and manufacturing (17,295). The National Capital Region still has the most number of displaced workers at 50,696, followed by Calabarzon (29,833) and Central Luzon (14,882).

Continued from A1

Accommodation and Food Services; Other Service Activities; Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles; Manufacturing; and Administrative and Support Services. To further boost compliance, Mirasol said they provide support to private establishments. “The ongoing pandemic had posed major challenges and adjustments on business establishments, so our approach would be to continue providing employers with technical assistance,” Mirasol said.

OSH inspection DTI and DOLE released the updates after Sen. Joel Villanueva on Monday called on authorities to intensify occupational safety and health (OSH) inspection, citing reports that 327 construction workers in Taguig City were infected with Covid-19. “Having 327 workers testing positive at a single workplace should already serve as a wake-up call for DOLE. This incident clearly shows how the transmission of the disease can spread to a lot of people if prevention and control measures are lax,” Villanueva said in a statement. In an SMS, Labor officer in charge assistant secretary Teresita S. Cucueco told the BusinessMirror that implementation of anti-Covid measures in construction sites falls under the jurisdiction of the Department of Public Works and Highways (DPWH), as instructed by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF). “But we do provide help to DPWH on this matter,” Cucueco said. To recall, the IATF issued separate Covid-related guidelines for construction sites.

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Raps expected to be filed vs Jolo cops in gunslay of 4 Army men—DOJ chief By Joel R. San Juan @jrsanjuan1573

USTICE Secretary Menardo Guevarra on Tuesday said he is expecting the National Bureau of Investigation (NBI) to soon file a criminal complaints against the policemen involved in the alleged “misencounter” in Sulu last June 29 that killed four intelligence officers of the Philippine Army. Guevarra said the initial report submitted by the NBI field agents to his office showed that the Army officers mostly sustained bullet wounds on the back. “The bullet wounds were mostly on the back of the body, with one soldier sustaining eight wounds at the back and extremities. While the three other soldiers had three wounds each. But all of them sustained bullet wounds on their backs,” Guevarra said. The military leadership has accused the police officers of executing the victims contrary to their claim of a misencounter. “Unless the NBI intends to submit a supplemental report, I expect that a criminal complaint will be filed very soon with the DOJ,” he added. The four Army intelligence agents who died in the shooting incident were identified in reports as Maj. Marvin Indammog, 39; Capt. Irvin Managuelod, 33; Sgt. Eric Velasco, 38; and Cpl. Abdal Asula, 33. Ballistic report showed that the shells and slugs found at the scene

of the crime matched the firearms of the police officers involved. He added that NBI’s initial report also contained the accounts of 10 witnesses, the forensic findings of the medico-legal and ballistic experts, and the affidavits of the family members of the deceased Army intelligence officers. The nine policemen were immediately relieved from their post. They were identified as Staff Sgts. Almudzrin Hadjaruddin, Iskandar Susulan and Ernisar Sappal; Patrolmen Alkajal Mandangan, Rajiv Putalan and Moh Nur Parsani; Senior M/Sgt. Abdelzhimar Padjiri, M/Sgt. Hanie Baddiri and Cpl. Sulki Andaki. The NBI’s Western Mindanao Regional Office (WEMRO) located in Zamboanga City has been directed to conduct the investigation. Both, Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) have agreed to let the NBI conduct an impartial investigation into the incident. The Sulu Police Provincial Office claimed that policemen on patrol from the Jolo Municipal Police Station and the Police Drug Enforcement Unit reportedly apprehended four men onboard a vehicle, who at first attempted to flee but later on allegedly pointed guns at the policemen. On the other hand, the military denied that version of the policemen, saying that it was the policemen who allegedly approached the victims and for still unknown reasons fired shots at them.

Swab test requisite bars departure of OFWs from Manila to Dubai By Recto Mercene @rectomercene

NLY 68 of the 168 overseas Filipino workers (OFWs) were able to board a Philippine Airlines (PAL) flight bound for Dubai after restrictions were imposed on travelers by the United Arab Emirates (UAE). The UAE has earlier required PAL to only allow the boarding of passengers with negative swab test results. The 100 who were stranded at Naia said they were not informed of the new requirements and sought to rebook their trip. One of the stranded passengers, Engr. Salvador Dibar, 46, from Leyte, who is working in Dubai Metro Rail said that he didn’t know the new requirement of bringing the negative swab test results, saying “it is only now that the airline staff asked me about my swab test results.” Those left behind were requested to rebook their flights from Manila to Dubai, a route that PAL operates once a week. The UAE has required passengers traveling from 12 countries deemed by the UAE authorities as “high risk” to take Covid-19 test before being allowed to board flights.

The invasive nose and deep throat swab test must be taken within four days of travel at the passenger’s own expense. The rule applies to both passengers traveling to UAE, as well as passengers who are simply connecting through Dubai International Airport (DXB) to their final destination. The 12 high-risk countries where UAE passengers must obtain a negative Covid-19 test certificates are: Afghanistan, Bangladesh, Egypt, India, Iran, Nigeria, Pakistan, Philippines, Russia, Sudan, Tanzania and the United States. The requirement for passengers from the US will only apply if one is flying from or started their journey in Dallas Fort Worth (DFW), Houston (IAH), Los Angeles (LAX), San Francisco (SFO), Fort Lauderdale (FLL) and Orlando (MCO). Dubai reopened to tourists on July 7 with a requirement from visitors to present a negative Covid-19 test certificate on arrival but Emirates has possibly become the first airline in the world to require all passengers, regardless of their final destination, to undergo full Covid-19 testing before being allowed to travel.

Expert: US may be ready to wage war to ensure freedom of navigation in SCS

By Rene Acosta

@reneacostaBM

N international law professor reminded China on Wednesday that the US may be ready to wage war if Beijing shuts down the South China Sea (SCS) in pursuit of its expansive maritime territorial claims. Dr. James Kraska, chair and Charles H. Stockton professor of international law of the Stockton Center for Internal Law at the US Naval War College, said that the US separately waged wars with the United Kingdom and France centuries ago and fought two other major wars in pursuit of freedom of navigation. China should take these historical acts to exercise caution, he warned. Kraska, also a lecturer at the Harvard Law School, emphasized the need for international waters to

remain open and free to navigation and overflight, such as the SCS, which the US and other countries treats with commercial and military importance. Keeping SCS free, he added, is also necessary to strengthen international law. While noting that Beijing began to challenge the US military’s freedom of navigation and overflight (FONOP) in the regional waters in the early 1990s as a result of its excessive claims, the US military has, however, been unrelenting by conducting

regular patrols, dismissing Beijing’s expansive territorial narrative. Under the administration of President Donald Trump, US patrols and its other military-related activities in the SCS have been intensified, delivering America’s clear message that Beijing must not impede passage and other sea and air movements in the international water. The US military has carried out at least 22 FONOPs in the SCS, all directed at challenging China’s claims, and just recently, it sent its two Nimitz-class aircraft carriers in the regional waters in what was seen as a massive show of naval force. Kraska told the Stratbase Albert del Rosario Institute’s virtual roundtable forum on Tuesday that the two carrier strike groups carried out not just ordinary maneuvers, but for the first time, anti-air warfare training and long range bombing exercises. He said that other countries, including Japan, Australia and now India, are working with the US and

are stepping up militarily to balance China’s military rise in the region. Meanwhile, Defense Secretary Delfin Lorenzana joined the international community’s call for China to observe rules-based order in the SCS, specifically by adhering to the July 2016 order of the UN Arbitral Tribunal that junked its claims. “We urge China to comply with the Permanent Court of Arbitration [PCA] ruling, and abide by the United Nations Convention on the Law of the Sea [UNCLOS] to which it is a signatory,” Lorenzana said in a news statement. “It is in the best interest of regional stability that China heed the call of the community of nations to follow international law and honor existing international agreements,” he added. The defense chief said the country will continue pushing for the finalization of a substantive Code of Conduct in the SCS “to settle disputes and prevent the escalation of tensions in the region.”

Amid rising Covid cases, Gatchalian Defense chief goes family extends help to Cebu City on self-quarantine anew after aide tested positive for Covid-19

MILITARY aide of Defense Secretary Delfin N. Lorenzana has tested positive for Covid-19, prompting the defense chief and even Armed Forces Chief of Staff and Chairman of the Joint Chiefs Gen. Felimon Santos Jr. to go on self-imposed quarantine while awaiting the results of their swab testing. The staff, according to Lorenzana, had traveled with him on two occasions during the past four days. One of the trips was also joined by Santos, in an event that was attended by President Duterte. “One of my staff [Col. Rolly Nerona] who came with me to Jolo yesterday [Monday] tested positive of the Covid-19 virus based on a PCR test done on him last Friday, July 10,” Lorenzana told military journalists via Viber message. This was the second time that he has gone on self-quarantine in four months. “He learned about it upon landing in Jolo yesterday. He was also with me at Subic last Friday,” the defense secretary said. The Subic trip was made for the handover, blessing, christening and commissioning of the BRP Jose Rizal, which Lorenzana attended. On the other hand, the trip to Sulu was joined by Santos and it was made in connection to the visit of Duterte to the province. While the military staff was in Jolo, he did not attend the event where the Commander in Chief was present, Lorenzana assured. “He was not in the event with the President in Jolo yesterday as he was in seclusion. He came back with us to Manila yesterday in PPE [personal protective equipment],” Lorenzana said. “All passengers of both planes have been informed and others he came in contact with while in Subic, so that they can have themselves tested and go on quarantine,” he added. Lorenzana said he underwent swabbing on Tuesday morning and will “self-quarantine to await the results.” Santos will also undergo a “doctor-supervised” quarantine,” according to military spokesman Maj. General Edgard Arevalo. Rene Acosta

BI deports American pedophile preying on Pinoy pubescent girls HE Bureau of Immigration (BI) has deported a suspected pedophile accused of sexually exploiting girls in Cebu City during his frequent travels to the country. BI Commissioner Jaime Morente said 64-year-old Craig Alex Levin was deported Thursday last week aboard a chartered special flight of the US Embassy. Agents from the US Marshals Service reportedly fetched Levin from the airport tarmac where he was brought from his detention cell at the Warden Facility in Camp Bagong Diwa, Taguig City. According to Morente, Levin was ordered expelled by the BI Board of Commissioners for being an undocumented and undesirable alien and due to his status as

Editor: Vittorio V. Vitug • Wednesday, July 15, 2020 A3

a wanted fugitive. “He has been placed in our immigration blacklist, thus, he is now perpetually banned from reentering the Philippines. Henceforth, he would no longer pose a threat to our Filipino children,” the BI Chief added. Records showed that operatives from the police’s Women and Children Protection Center in Region 7 arrested Levin at his condominium unit in Barangay Cogon Ramos in Cebu City on May 24, 2019, after he was seen in the company of a 15-yearold girl in his room. He was arrested after US authorities informed the police that Levin is wanted before a US district court in Philadelphia on charges of sexually exploiting minors in the Philippines and for engaging in

child sex trafficking. Levin was subsequently turned over to the BI where he was detained while undergoing deportation proceedings. US prosecutors have described Levin as a dangerous sexual predator who targeted vulnerable children in the Philippines. They also alleged in their indictment that Levin used the Internet to persuade, induce, entice, and coerce a child into sex trafficking, and that he frequently traveled to the Philippines to engage in illicit sex with minors. Morente warned foreign nationals planning to travel to the Philippines for illegal activities “not prey on our children. We do not welcome sex tourists in this country.” Recto Mercene

CEBU Mayor Edgardo Labella and Association of Barangay Captains President Franklyn Ong with Sen. Sherwin T. Gatchalian in front of the Cebu City Hall, Tuesday, July 14, 2020. PHOTO BY MARK CAYABYAB/OS WIN GATCHALIAN

S cases of Covid-19 continue to rise, Sen. Sherwin Gatchalian has stressed that there should be no let-up in providing aid to those who need it most, especially in Cebu City, which is now considered as the epicenter of Covid-19 in the country. The Gatchalian family donated on Tuesday more than P2 million worth of daily basic needs and commodities to the Cebu City local government. Cebu City Mayor Edgardo Labella received the donations consisting of 600 sacks of rice, 20,000 assorted canned goods, 50,000 packs of noodles, and 100,000 pieces of surgical masks. Gatchalian was joined by Cebu City Association of Barangay Captains President Franklyn Ong and Region 7 PNP Regional Director Albert Ignatius Ferro in the ceremonial turnover of donations at the Cebu City Hall open grounds. Gatchalian, in a news statement, said that the latest donation is part of the Gatchalian family’s ongoing humanitarian efforts, especially to those in vulnerable communities. The donation is on top of the family’s earlier assistance to Barangay Lahug in Cebu two months ago. Over a million peso-worth of food packs, bottled water, sacks of rice, assorted canned goods, and medical supplies for the frontliners and constituents were donated. “We’re far from flattening the curve. Containment measures seem to be not enough. But we also cannot be less stringent in managing the outbreak,” Gatchalian said. The number of confirmed Covid-19 cases in the country has reached more than 56,000 as of Monday afternoon. For Cebu City alone, of the 7,246 confirmed cases of Covid-19, there were recoveries of 3,650 and 356 deaths as of July 11. “While the government continues to strive in providing help to where it’s needed most, the private sector’s contribution in the fight against Covid-19 could keep our countrymen away from

hunger and illness,” said Gatchalian. “Makaaasa ang taong-bayan na patuloy kaming tutulong, sa abot ng aming makakaya, sa kahit saan mang sulok ng Pilipinas. Kaisa kami sa laban na ito,” he stressed.

MCIA lab

ALSO in Cebu, the Mactan-Cebu International Airport (MCIA) has announced it has already started the operations of its own Covid-19 PCR testing laboratory, which, it said, is the country’s first airport-dedicated testing lab with state-of-the-art facilities. It holds a BSL2 certification from the Department of Health (DOH) and the Research Institute for Tropical Medicine (RITM). According to MCIA operator GMR Megawide Cebu Airport Corp. (GMCAC), the 400-sq-m laboratory is designed to process 1,500 to 3,000 tests per day with test results available within 24 hours, the shortest time in the country to release swab test results. Equipped with its own HVAC system, the lab’s state-of-the-art equipment also includes two MagNA Pure 96 System that can process up to 96 RNA samples each in less than two hours compared to the manual process that usually takes four to six hours. The laboratory also has two LightCycler 480 Instrument II that can amplify and analyze a total of 184 samples in 90 minutes. The construction of the laboratory started on June 1, 2020, with the first swab samples processed on June 21, 2020. “The additional testing capacity and quick turnaround time within 24 hours of our Covid laboratory will help support the government in bringing OFWs [overseas Filipino workers] and seafarers home,” said Andrew AcquaahHarrison, chief executive advisor of GMCAC. “This will also push for the growth of our domestic traffic once travel restrictions by the LGU [local government unit] are lifted.”

Economy BusinessMirror

A4 Wednesday, July 15, 2020 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Imported car sales plunge 55% in H1–AVID By Elijah Felice E. Rosales @alyasjah

ALESofimportedcarsforthefirst half of the year declined more than 50 percent on two-month closure of dealerships but figures are seen to go up in the latter half with quarantine protocols now eased and operations are reverting to normal. The Association of Vehicle Importers and Distributors Inc. (AVID) on Tuesday reported sales in the first

Jobless benefit applications jump twofold in July to 30K

HE number of permanently displaced workers in the private sector in Metro Manila seeking unemployment benefits has now doubled to 30,000 since last month. In a news statement, the Department of Labor and Employment-National Capital Region (DOLE-NCR) said it has already registered 30,157 request for Certificate of Involuntary Separation (CIS) as of July 1, 2020. This was twice the number of 15,000 CIS applicants a month earlier. CIS is a requirement of the Social Security System (SSS) before it could process the unemployment benefit of its members. “Of the total number, DOLE-NCR had already approved and released 16,436 certifications—15,536 were requests from workers that were involuntarily separated by locally based employers while 900 were from OFWs [overseas Filipino workers],” DOLE-NCR said. More employees are still expected to apply for CIS in NCR after DOLE reported the number of displacement in the region has already reached 50,696 as of July 13, 2020 amid the novel coronavirus disease (Covid-19) pandemic. DOLE-NCR said another 6,000 CIS applications are currently under evaluation and validation process. For other workers who will be applying for their CIS, DOLE-NCR said they should provide one valid ID and a copy of the Notice of Termination (NOT) issued by the employer for the process. Those who will have no NOT must submit a duly notarized Affidavit of Termination of Employment to DOLE Field or Provincial Office or Philippine Overseas Labor Office. Samuel P. Medenilla

six months fell by nearly 55 percent to 19,455 units, from 43,082 units during the same period last year. The group admitted the first half was a challenging period for the industry, as dealerships had to close for various reasons during the stretch. Sales of passenger cars suffered a 60-percent decrease to 6,111 units, from 15,279 units, while those of light commercial vehicles plunged over 51 percent to 13,207 units, from 27,300 units.

Also, commercial vehicle sales slid nearly 73 percent to just 137 units, from 503 units. In spite of the contractions, AVID President Maria Fe Perez-Agudo is confident sales of imported cars will bounce back in the next six months. She said AVID members are doing everything in their capacity to entice consumers to purchase cars again, but factors relating to overseas Filipino workers’ (OFW) remittances, demand and public health make it difficult for

sales to rebound immediately. “While AVID members and their partner dealerships have gone to great lengths to Covid-proof their facilities, strengthen e-commerce assets and offer extraordinary promotions and deals to win back customers and encourage buying, headwinds remain. These include lower OFW remittances, weaker demand and the prospect of a second wave, so we can’t let our guard down,” Agudo said. If there is one bright spot the in-

dustry is looking at right now, it is the sales for June that is triple the numbers in May. Based on records, sales of imported cars in June grew triple to 3,967 units, from 1,239 units in May. Agudo said figures will likely improve in the July to December stretch with the restrictions on movement now relaxed. “They say, breakdowns lead to breakthroughs and we are seeing more and more innovations in the industry, highlighted by quick, ef-

ficient and contactless services that allow us to adapt and create a better normal for our industry,” the AVID chief added. In terms of market share, Hyundai Asia Resources Inc. owns more than 35.43 percent of sales of imported cars. The local distributor of the South Korean automobile is then trailed by Suzuki Philippines Inc. and Ford Group Philippine Inc. with market shares of 29.09 percent and 27.58 percent, respectively.

Customs cracks whip on erring port consignees By Bernadette D. Nicolas @BNicolasBM

HE Bureau of Customs (BOC) has filed criminal cases against three erring consignees for violating Republic Act 10863, or the Customs Modernization and Tariff Act (CMTA). In a statement on Tuesday, the BOC said the cases against the consignees were filed on Friday before

the Department of Justice - National Prosecution Office in a bid to prevent any unlawful importation of goods into the country as well as to hold liable erring individuals. The cases were filed by the Bureau’s Action Team Against Smugglers (BATAS). According to BOC, consignee Titan Marketing and Development Corp. was found to have violated several provisions under Republic

Act 10611 or the Food Safety Act of 2013 for importing frozen meat products “deemed unfit for human consumption.” Another consignee FiveBeast Trading violated the CMTA and Article 172 in relation to the Article 171 of the Revised Penal Code because of a shipment that was declared to contain plastic fittings but was allegedly found to actually contain galvanized steel flexible conduit,

the BOC said. Likewise, BOC said consignee FGM-RS-CO also violated the CMTA and the Article 172 in relation to the Article 171 of the Revised Penal Code because of declaring a shipment as hot rolled steel coil but was found to contain galvanized steel coil valued at a higher price. For the first half of the year, BOC’s collections plummeted by 16.49 percent to P253.04 billion from P303.01

billion in the same period last year. However, it was able to surpass its P40.74 billion collection goal by 4.42 percent for the month of June as import volumes began to improve, with the bureau collecting P42.54 billion. The bureau has since said it maintained its enhanced control measures against undervaluation, misdeclaration and other forms of technical smuggling to protect the country’s borders and collect lawful revenues.

Fast-track connectivity, regulators, telcos told Nutritious choice: DAR sets launch of sweet potato ‘pan de sal’ at neighborhood bake shops continued from a8

By Jonathan L. Mayuga

@jonlmayuga

OUR favorite pan de sal bread being sold at the neighborhood bake shop will soon be fortified with nutritious camote (sweet potato) tops. The Department of Agrarian Reform (DAR) said it is set to provide farmer-beneficiaries of the Comprehensive Agrarian Reform Program (CARP) with livelihood opportunities through the establishment of bakeries in rural areas that will be serving pan de sal fortified with shredded camote tops as an added ingredient. DAR Legal Affairs Office Undersecretary Luis Meinrado Pangulayan disclosed that DAR has already organized an agrarian reform beneficiaries’ organization (ARBO) in San Miguel, Bula, Camarines Sur, and a bakery being set-up as part of the project prior to a full-scale launch. The bakery, he said, will be offering kamote pan de sal. “These bakeries are not ordinary because they would produce kamote pan de sal, as we call it, because it is pan de sal made from talbos ng kamote,” Pangulayan said in a news statement. Pangulayan also discussed the project during a taped episode of PTV-4’s “Kain Na!” program hosted by Cabinet Secretary Karlo Nograles. Pangulayan said that camote crops could be planted and cultivated practically everywhere in the country as the resilient plant thrives even on vacant lots and on the roadside. “This vegetable is full of nutrients. We would

make pan de sal with this plant and use these for business and serve them to Filipino families.” Growing camote for their leaves, or camote tops, requires very low maintenance. Planting materials are basically free, and it grows in a few days compared to a malunggay tree, whose leaves are used to make malunggay pan de sal. “According to research, this plant helps in regulating blood sugar, inhibits the coagulation of the blood, strengthens bones, good for the eyes and improves menstrual cycles, among its other benefits,” he said. Pangulayan explained that DAR provides training to the agrarian reform beneficiaries for this project to make them more productive. “The DAR does not just distribute lands to the landless farmers, the department also supports them in their economic empowerment,” he said. Pangulayan said that this livelihood program is also in support of Nograles’s “Zero Hunger Task Force.” Nograles is the committee chairman of Enhanced Partnership Against Hunger and Poverty Program (EPAHPP), a government initiative to fight hunger nationwide. Nograles, for his part, lauded the DAR for using camote tops as the main feature of the soon to be launched pan de sal variety. “This plant [camote] is regularly found in this area and what is good in this project is that the DAR, as always, makes good use of this very common vegetable as one of their livelihood projects.

At the same time, the senator said the committee is still expecting submission of the guidance and initiatives of the Department of Information and Communications Technology (DICT) “so that acquiring permits to build a cell tower will take a shorter time, as mandated by the Anti-Red Tape Act [Arta].” Poe pointed out that had the Arta been properly implemented in this regard, it would have helped boost the country’s overall Internet speed. “Improving the country’s Internet connectivity is a pressing challenge and it is only fitting that we work hand in hand to make this happen,” she added. Moreover, the senator noted that while there are at last count around 73 million Internet users in the Philippines, as many as 30 percent of Filipinos have no access to the Internet using a cell phone, compared to the 12-percent average among Asean countries. The numbers are even lower for fixed broadband, as a measly 4 percent of Filipinos are able to subscribe to the service while the regional average stands at 10 percent. The most recent Speedtest Global Index report, she noted, had the Philippines sliding down further to 114th place (out

of 138 countries) when it comes to mobile connection speed, as it can only average 16.17 mbps compared to the 110.10 mbps of South Korea that sits at No. 1. It is even worse for fixed broadband, with an average speed of only 23.74 mbps, good for 108th place (out of 174 countries). This lags way behind first-placed Singapore, which averages 208.16 mbps. Poe noted that many Filipinos cannot also afford such a service: PLDT’s lowest fiber service plan of 10 mbps is priced at P1,299 monthly, Globe offers 5 mbps at P999 per month while its highest plan of 200 mbps is priced at P4,449. Converge has the cheapest plan at P1,500 for a top speed of 25 mbps, but this is because it has no landline service that comes with the package, unlike its competitors. The senator admitted she was “gravely disappointed” with the numbers at a time when Filipinos direly need Internet connection. “These numbers are really lamentable especially today, when Internet connection is crucial for Filipinos working from home or students who will be undergoing distance learning because of the pandemic,” said Poe. Butch Fernandez

‘Duterte can still fulfill vow to raise SCS arbitral ruling’ continued from a8

Tuesday’s Stratbase webinar was joined by key diplomats, among them Vietnamese Ambassador Nguyen Vu Tung, who now invoked Unclos “as a legal referee.” He believes that the “Constitution of the Oceans”—which today embodies the Rule of Law in the world’s oceans and sea, could be carried over to finally help draft the long-delayed Code of Conduct, which would spell out how claimants in the South China Sea should behave toward other claimants. “Unclos could be the weapon of the weak,” Ambassador Vung, noting small nations that could not stand up militarily against the Asian giant can turn to this. Former Japanese Ambassador Kazuo Kodama, who sent a recording, said “history tells us that when vacuum of power persists, China fills them.” “The world is now preoccupied with the fight against the coronavirus, and China is squeezing the opportunity with a heightened sense of urgency in the South China Sea, East China Sea and Hong Kong.” Ambasssador Kazuo said the current declaration of conduct (DOC) is a great document that “can be converted to COC [code of

conduct] easily with some additional legally binding words,” adding, in that sense, “you can conclude the COC negotiations overnight.” According to Kazuo, the lengthy negotiations concerning the COC are not favorable for peace and security in the SCS, as “it provides China with time to build up military capabilities.” Kazuo highly endorsed the concept of FOIP, “free and open Indo-Pacific, a concept developed by Prime Minister Shinzo Abe. “Governments should express support along the line of a free and open indo-Pacific, whose main concept is the confluence of two seas, the Indian Ocean and the Pacific, as international public goods and a multilateral pursuit with our Asean friends.” Kazuo said they congratulated the Philippines’s victory in the Permanent Court of Arbitration, viewing it as “the most authentic way to peacefully solve the dispute despite the adverse reaction from China.” China, he added, was expected to disregard the ruling, “as a strategy and divert world attention to from the Philippines and let the public forget it.” Kazuo said it was therefore, “absolutely necessary for the Philippines, Japan and other like-minded countries like the US and Australia to demand this historic ruling and call on its importance whenever possible.” He said Japan was concerned when China developed the Xisha and Nansha islands or the Paracels and Spratly islands because, he said, “China breached the law almost daily around the Senkaku Islands, [Diaou in Chinese],” referring to the islands Japan claims but China disputes.

The World BusinessMirror

Editor: Angel R. Calso

Japan says coronavirus adds to security threat by China

OKYO—China is pushing harder to make territorial claims in the regional seas and even using the coronavirus pandemic to expand its influence and take strategic superiority, posing a greater threat to Japan and the region, Japan’s government said. The report highlighting the government’s defense priorities was adopted by Prime Minister Shinzo Abe’s Cabinet on Tuesday, less than a day after the Trump administration rejected outright nearly all of Beijing’s significant maritime claims in the South China Sea in a statement likely to deepen the US-China rift. The Abe government’s Defense White Paper 2020 highlights what are potential Chinese and North Korean threats as Japan tries to further increase its defense capability. Under Abe, Japan has steadily increased its defense budget and capability and purchased costly American arsenals. Defense Minister Taro Kono recently scrapped the deployment of a pair of costly US land-based missile intercepting systems due to technical issues, and Abe quickly announced his intention to revise Japan’s defense guidelines, possibly allowing Japan to go beyond its conventional defense-only role under the Japan-US security alliance, including discussing a possibility of acquiring a preemptive strike capability. The White Paper accused China of using propaganda, including spreading disinformation, about the spread of the coronavirus. “The Covid-19 pandemic may

expose and intensify strategic competition among countries intending to create international and regional orders more preferable to themselves and to expand their influence,” the report said. “We need to closely watch their move with serious concern affecting the national security.” As evidence, a Japanese Defense Ministry official noted a Chinese Foreign Ministry official had posted on Twitter in March accusing US military of spreading the coronavirus in Wuhan and that Chinese media has touted herbal medicine as effective Covid-19 treatments. He spoke on the condition of anonymity citing department rules. The annual report said China has “relentlessly” pushed to “change the status quo” in the North Asian seas, including sending 3,000-ton class government vessels into Japanese waters around Japan-controlled disputed East China Sea islands called Senkaku in Japanese. Beijing also claims the islands and calls them the Diaoyu. The report also cited North Korea’s continued development of its nuclear and other weapons program. The North is “relentlessly pursuing increasingly complex and diverse modes of attack and is steadily strengthening and improving its attack capabilities,” the report said. It said North Korea since May 2019 has launched three types of new short-range ballistic missiles that use solid fuel and fly at lower altitudes than their conventional missiles that can breach Japanese missile defense system. AP

WHO chief slams ‘mixed messages’ from government leaders on virus

ENEVA—The World Health Organization’s chief on Monday slammed some government leaders for eroding public trust by sending mixed messages on the coronavirus and warned that their failures to stop their countries’ spiraling outbreaks mean there would be no return to normal “for the foreseeable future.” WHO Director-General Tedros Adhanom Ghebreyesus did not call out specific politicians for criticism but said “too many countries are headed in the wrong direction” with the pandemic and some were not taking the proper steps to curb infections. At the same time, Tedros acknowledged how difficult it was for governments to respond effectively, given the economic, social and cultural consequences of imposing restrictions. “The virus remains public enemy No. 1, but the actions of many governments and people do not reflect this,” he said. The director-general’s remarks to reporters in Geneva came a day after WHO reported yet another worldwide record of more than 230,000 confirmed cases in 24 hours. Ten countries accounted for 80 percent of the daily tally reported on Sunday, and more than half of the new confirmed cases came from the United States and Brazil alone. The UN health agency said government and individual responses should depend on local conditions—namely, whether there is widespread community spread of the virus. Take schools: Many countries have reopened classrooms as their daily case counts fell, but some nations are playing “political football” by calling for schools to reopen without having broader control measures in place such as keeping shops closed or limiting public gatherings, WHO said. “Mixed messages from leaders are undermining the most critical ingredient of any response: trust,” Tedros said on Monday, adding that governments should

com mu n ic at e c le a re r pu bl ic health messages and individuals should maintain social distancing, mask-wearing, hand-washing and staying home when they have Covid-19 symptoms. As the UK emerges from a nationwide lockdown, government leaders were chastised in recent days for giving inconsistent statements on the merits of wearing facemasks inside public place, among other issues. The British government decided on Monday to require people to wear face coverings in shops, joining a long list of countries that have made masks mandatory under some circumstances. After weeks of prevarication and days of confused messaging, Prime Minister Boris Johnson’s government said that masks will be required in stores starting July 24. Without applying basic outbreak-control methods, “there is only one way this pandemic is going to go,” WHO chief Tedros cautioned. “It’s going to get worse and worse and worse,” he said, continuing with a blunt warning. “There will be no return to the old normal for the foreseeable future.” Still, WHO pointed to a sign of hope in countries that had experienced massive outbreaks and death tolls and managed to get the virus under control. Leaders in countries like the United States, Brazil and India that are still facing large outbreaks have variously rejected or played down advice or recommendations from scientific experts, advisers in government and their political allies to take tougher action. Brazilian President Jair Bolsonaro has frequently questioned the utility of lockdown measures and largely shunned masks. Amid a debate in places like the United States about whether schools can reopen, the WHO’s emergencies chief said any such decisions require a broader outlook that takes into account how workplaces or long-term care facilities operate, too. AP

Wednesday, July 15, 2020

US rejects nearly all Chinese claims in South China Sea

ASHINGTON—The Trump administration escalated its actions against China on Monday by stepping squarely into one of the most sensitive regional issues dividing them and rejecting outright nearly all of Beijing’s significant maritime claims in the South China Sea. The administration presented the decision as an attempt to curb China’s increasing assertiveness in the region with a commitment to recognizing international law. But it will almost certainly have the more immediate effect of further infuriating the Chinese, who are already retaliating against numerous US sanctions and other penalties on other matters. It also comes as President Donald Trump has come under growing fire for his response to the Covid-19 pandemic, stepped up criticism of China ahead of the 2020 election and sought to paint his expected Democratic challenger, former Vice President Joe Biden, as weak on China. Previously, US policy had been to insist that maritime disputes between China and its smaller neighbors be resolved peacefully through UN-backed arbitration. But in a statement released on Monday, Secretary of State Mike Pompeo said the US now regards virtually all Chinese maritime claims outside its internationally recognized waters to be illegitimate. The shift does not involve disputes over land features that are above sea level, which are considered to be “territorial” in nature. “The world will not allow Beijing to treat the South China Sea as its maritime empire,” Pompeo said. “America stands with our Southeast Asian allies and partners in protecting their sovereign rights to offshore resources, consistent with their rights and obligations under international law. We stand with the international community in defense of freedom of the seas and respect for sovereignty and reject any push to impose ‘might makes right’ in the South China

Sea or the wider region.” Although the US will continue to remain neutral in territorial disputes, the announcement means the administration is in effect siding with Brunei, Indonesia, Malaysia, the Philippines and Vietnam, all of which oppose Chinese assertions of sovereignty over maritime areas surrounding contested islands, reefs and shoals. “There are clear cases where [China] is claiming sovereignty over areas that no country can lawfully claim,” the State Department said in a fact sheet that accompanied the statement. In a statement on Monday night from its embassy in Washington, China accused the State Department of “deliberately distorting the facts and international law.” It added that the US “exaggerates the situation in the region and attempts to sow discord between China and other littoral countries. The accusation is completely unjustified. The Chinese side is firmly opposed to it.” China also accused the US of interfering in disputes in which it was not directly involved and “throwing its weight around in every sea of the world.” “We advise the US side to earnestly honor its commitment of not taking sides on the issue of territorial sovereignty, respect regional countries’ efforts for a peaceful and stable South China Sea and stop its attempts to disrupt and sabotage regional peace and stability,” the embassy statement said. The US announcement came a day after the fourth anniversary of a binding decision by an arbitration panel in favor of the Philippines that rejected China’s maritime claims around the Sprat-

In this photo provided by US Navy, the USS Ronald Reagan (CVN 76) and USS Nimitz (CVN 68) Carrier Strike Groups steam in formation in the South China Sea on July 6, 2020. China accused the US of flexing its military muscles in the South China Sea by conducting joint exercises with two US aircraft carrier groups in the strategic waterway. Mass Communication Specialist 3rd Class Jason Tarleton/US Navy via AP

ly Islands and neighboring reefs and shoals. China has refused to recognize that decision, which it has dismissed as a “sham,” and refused to participate in the arbitration proceedings. It has continued to defy the decision with aggressive actions that have brought it into territorial spats with Vietnam, the Philippines and Malaysia in recent years. However, as a result, the administration says China has no valid maritime claims to the fish- and potentially energy-rich Scarborough Reef, Mischief Reef or Second Thomas Shoal. The US has repeatedly said that areas regarded to be part of the Philippines are covered by a US-Philippines mutual defense treaty in the event of an attack on them. In addition to reiterating support for that decision, Pompeo said China cannot legally claim the James Shoal near Malaysia, waters surrounding the Vanguard Bank off Vietnam, the Luconia Shoals near Brunei and Natuna Besar off Indonesia. As such, it says the US will regard any Chinese harassment of fishing vessels or oil exploration in those areas as unlawful. The announcement came amid heightened tensions between the US and China over numerous issues, including the coronavirus pandemic, human rights, Chinese policy in Hong Kong and Tibet and trade, that have sent relations plummeting in recent months. But the practical impact wasn’t immediately clear. The US is not

a party of the UN Law of the Sea treaty that sets out a mechanism for the resolution of disputes. Despite that, the State Department noted that China and its neighbors, including the Philippines, are parties to the treaty and should respect the decision. China has sought to shore up its claim to the sea by building military bases on coral atolls, leading the US to sail its warships through the region in what it calls freedom of operation missions. The United States has no claims itself to the waters but has deployed warships and aircraft for decades to patrol and promote freedom of navigation and overflight in the busy waterway. Last week, China angrily complained about the US flexing its military muscle in the South China Sea by conducting joint exercises with two US aircraft carrier groups in the strategic waterway. The Navy said the USS Nimitz and the USS Ronald Reagan, along with their accompanying vessels and aircraft, conducted exercises “designed to maximize air defense capabilities, and extend the reach of long-range precision maritime strikes from carrier-based aircraft in a rapidly evolving area of operations.” China claims almost all of the South China Sea and routinely objects to any action by the US military in the region. Five other governments claim all or part of the sea, through which approximately $5 trillion in goods are shipped every year. AP

China accuses Hong Kong vote organizers of seeking ‘revolution’

hina accused organizers of an unofficial primary in Hong Kong of violating the city’s new national security law, signaling that authorities may use the measure to prosecute or disqualify opposition figures ahead of upcoming legislative elections. China’s top agency in Hong Kong denounced the event drawing more than 600,000 voters as “illegal” in a statement released late Monday, accusing organizers of receiving support of “foreign forces.” The Liaison Office specifically condemned organizer Benny Tai, saying his goal was “to seize the power of governance in Hong Kong and stage the Hong Kong version of a ‘color revolution’.” The city’s pro-democracy bloc held the primary on Saturday and Sunday in an effort to winnow down their candidate list ahead of elections for the city’s Legislative Council in September. The unofficial vote was intended to overcome fractures in the opposition movement that have diluted their impact in previous elections and prevented them from winning a majority. “Organizations and individuals who participated in unlawful elections will not get the results they want,” a Liaison Office spokesperson said in the statement. “Those who are willing

to act as proxies of foreign forces, who try to confront the state, who undermine the principle of ‘one country, two systems,’ while attempting to separate Hong Kong from the mainland, will have no way out. There is no room for them in Hong Kong’s system.” Tai didn’t immediately respond to a text message and a phone call for comment on Tuesday. China has defended the law as necessary to restore stability after a wave of historic protests last year, repeatedly saying that it would be used to prosecute “extremely few” people. Civil society groups, business chambers and foreign governments including the US and the U.K. say the law’s provisions are vague, threaten freedom of expression and risk the city’s status as a global financial hub. The Liaison Office statement followed warnings from Hong Kong government officials saying the opposition primary could fall afoul of the sweeping security measures that were imposed by Beijing in late June and criticized by foreign governments including the US. The Hong Kong Constitutional and Mainland Affairs Bureau separately pledged an “in-depth” investigation on Monday into a range of potential violations, including the

subversion charge, which carries a sentence as long as life in prison. The government cited the opposition’s plans to use greater representation in the Legislative Council to veto the government’s budget. Under Hong Kong’s Basic Law, repeated failures to pass a budget would force the city’s Beijing-appointed chief executive to resign. “We will not tolerate any practices trying to interfere, disrupt, cause confusion to a coming election in September,” Chief Executive Carrie Lam told a news briefing Monday night, adding the city had “no such thing as a primary.” “I hope people will not be confused by this so-called primary,” she said. “It’s not part of Hong Kong’s electoral system.”

‘Color revolution’

More than 600,000 Hong Kong residents— representing about 13 percent of registered voters—turned out for the primary, despite government warnings and a new wave of Covid-19 infections. Organizers say they have seen heightened interest across the opposition bloc—from moderate democracy advocates to more radical “localists”—after last year’s protests. Pro-Beijing officials have also called

for those who oppose the law to be barred from seeking office. Hong Kong has already prevented nine candidates from seeking office in previous elections, after taking the unprecedented step in 2016. “With the support of foreign forces, some opposition groups and their leaders have deliberately devised plans to hold these so-called primaries, which have seriously challenged the current electoral system, and seriously damaged the fairness and justice of the Legislative Council elections,” the Liaison Office said on Monday. “They also seriously damaged the legitimate rights and interests of other potential candidates.” A survey released by the American Chamber of Commerce in Hong Kong earlier Monday showed that 76 percent of respondents were concerned about the law, and that their primary worry was the ambiguity of the measure’s provisions and enforcement. “The potential for arbitrary application of the national security law is frightening to many and Hong Kong’s judiciary is powerless to protect the people and rule of law,” one unnamed respondent told AmCham. Bloomberg News

A6 Wednesday, July 15, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Giving all Filipinos equal access to food

he Covid-19 pandemic has magnified the challenge of feeding an entire population due to the restrictions and hurdles created by the health crisis. This is especially true in the Philippines, where producers from remote islands would have to cross rivers and seas just to transport their produce and sell them in urban areas, including cities in the National Capital Region. Quarantine restrictions meant to stop the virus on its tracks particularly posed difficulties to producers who have to spend a good chunk of their income for transportation costs. Globally, the hurdles created by the pandemic is expected to push as many as 132 million people into chronic hunger by the end of this year, according to the latest report published by the United Nations. The State of Food Security and Nutrition in the World annual report noted that prior to the pandemic, almost 690 million people, or 8.9 percent of the global population, were undernourished. The UN estimate for 2019 has revealed that an additional 60 million people have become affected by hunger since 2014 and if this trend continues, the number of undernourished people will exceed 840 million by 2030. What makes the current situation more problematic for many governments, the UN said, is the finding that a growing number of people have had to cut the quantity and quality of the food they consume. More than a fourth of the global population, or some 2 billion people, experienced hunger or did not have access to nutritious and sufficient food in 2019. This is worrisome particularly since experts have recommended the consumption of nutritious food to strengthen the body’s immune system so it can fight the virus that causes Covid-19. As the pandemic rages on, more people will not be able to afford the cost of healthy diets. Social distancing and other health measures are making it difficult for many businesses to reopen, forcing them to lay off employees. In the Philippines, some 5 million workers were added to the ranks of unemployed in April, as the lockdown imposed by the government forced firms to stop their operations. Bringing down the cost of nutritious food and ensuring that producers would not be placed at a disadvantage require a radical transformation in the food production and distribution systems. And there is no other recourse but to transform food systems, taking into account the lessons learned from this pandemic. This would require an assessment of current practices and the commitment to address the problems identified by stakeholders to improve the system. Agriculture Secretary William D. Dar earlier exhorted all officials of the Department of Agriculture and their staff to innovate and rethink their roles. The DA chief urged his co-workers in government to map out a more cohesive set of operational and strategic courses of action in addressing challenges to food production. Other agencies must also do the same and work with the DA if they are really bent on improving Filipinos’ access to nutritious food, with or without a pandemic. Achieving food security for the country should be at the heart of a collective effort by the government and the private sector to make sure that all 100 million Filipinos have equal and regular access to nutritious food. This is the best way to end hunger in the country and ensure healthy lives for all Filipinos. Since 2005

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SSS: Extending social security protection to job order and contractual government employees Aurora C. Ignacio

All About Social Security

he first half of 2020 has ended but the whole world continues its battle against the invisible enemy. Nothing is stable during Covid-19 crisis as several businesses in the private sector have ceased operations, resulting in thousands of displaced workers. Public utility vehicle operators, drivers, self-employed individuals and repatriated overseas Filipino workers (OFWs) also suffer the same fate, and they are pleading for help from the national government. Worst, this global health crisis has caused suffering and death. While our country is still under public health emergency, the national and local governments have joined forces to exhaust available resources and render full assistance to the public. As a result, government personnel, regardless of employment status—whether regular, contractual or casual, Contract of Service (COS), and Job Order (JO) positions are currently deployed in their work stations. In the exigencies of the service, some of them must physically report for work where their health may be jeopardized by unavoidable virus exposure. Despite the current health hazards in public service, the government is indeed the most stable organization at this point because all agencies deliver essential services to the public and offer security of tenure to their workers. However, only

regular government employees are enjoying the perks of having permanent job security. Thousands of JO and contractual workers are currently working in national government agencies, government-owned and controlled corporations (GOCCs), state universities and colleges (SUCs), local government units (LGUs) and local water districts (LWDs). They are directly hired through Contract of Service that often covers a specific period of employment or under a special project. Sadly, they often perform critical tasks and functions similar to permanent government employees but they lack adequate social protection for themselves and their families. Since JOs and contractual workers have no employer-employee relationship, they are not entitled to receive Government Service Insur-

ance System (GSIS) benefits. During this time of the pandemic, the national government has authorized the release of hazard pay for all permanent government employees, including contractual/casual positions, or those engaged through COS. Also, JOs and contractual workers received their salaries during the community quarantine period as exception to the “no work, no pay” principle. However, these initiatives are not yet equivalent to adequate compensation and what they need right now is a lifetime security for future contingencies. To extend meaningful social security protection to job order and contractual government workers, the Social Security System (SSS) launched the KaltaSSS-Collect Program in 2013. The pension fund has forged partnerships with national government agencies, GOCCs, LGUs, SUCs and LWDs by signing Memorandum of Agreements (MOAs). Under the KaltaSSS-Collect Program, JOs and contractual workers will be registered as self-employed professionals while government agencies are responsible to remit their monthly premiums to SSS through automatic salary deduction scheme. Regular remittance of SSS contributions will give them various benefits like sickness, maternity, disability, unemployment, and retirement, while their legal beneficiaries can avail themselves of the death and funeral benefits upon the member’s death. They are also qualified to benefit from various SSS loan privileges such as salary, housing, educational,

calamity, as well as pension loans for retiree-pensioners. As of January 31, 2020, there are 1,770 participating agencies under the KaltaSSS-Collect Program. As a result, more than 239,000 JOs and contractual workers are registered self-employed members with contribution collection amounting to P2.6 billion. As the world continues its battle against this pandemic, people from all walks of life compassionately respond to people in need. The SSS, as a social security institution, also ensures that adequate social protection is given to these “modern day heroes.” We too are committed to deliver fast service and due benefits when members need them. As we continue to perform our mandate, we encourage all government agencies to ink agreements with SSS for the coverage of their JOs and contractual workers through the KaltaSSS-Collect Program. Linking agencies together is the essence of Bayanihan and demonstrates the real meaning of being a Kabalikat as we never cease to establish strong and stable partnerships with our valuable partners. Timely, reliable, and accurate services are extended not only to SSS members but also to their families, leaving no burden to society in times of contingencies like the current pandemic. Aurora C. Ignacio is SSS president and chief

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

Waivers and quitclaims in the Covid-19 pandemic

By Dennis Gorecho

aivers and quitclaims are ineffective in barring recovery of the full measure of a seafarer’s rights, including the underpayment of monetary benefits during their extended work on board the vessel. This was the pronouncement by Atty. Bernard Olalia, administrator of Philippine Overseas Employment Administration (POEA), during the recent webinar organized by the Philippine Overseas Labor Office (POLO) in Washington, D.C., in celebration of Migrant’s Day. Olalia answered a query by a seafarer on the issue of waivers signed on board stating that they will not be paid during the extension the whole monetary package as indicated in their original POEA contract. As a general rule, the period of employment shall be for a period mutually agreed upon by the parties but not to exceed 12 months. The contract shall cease when the seafarer completes his period of contractual service aboard the ship,

signs-off and arrives at either airport or seaport of the point of hire. But airline and port restrictions have made it difficult for seafarers to get home. If a seafarer keeps working longer than the agreed period, any subsequent period is to be considered an extension of the contract. The POEA issued a memorandum stating that consummated contract of seafarers who are prevented by circumstances of the Covid-19 pandemic to disembark or to be repatriated can be extended for a maximum of 60 days. Their employment is governed by the contracts they sign at the time of engagement, which have the force of law between the parties as long as the stipulations therein are not con-

The Migrant Workers and Overseas Filipinos Act (RA 10022) explicitly prohibits the substitution or alteration to the prejudice of the worker, of employment contracts from the time of actual signing thereof by the parties up to and including the period of the expiration of the same without the approval of the DOLE.

trary to law, morals, public order, or public policy. Deemed written in the seafarer’s contract is a set of standard provisions implemented by the POEA, called the Standard Terms and Conditions, which are considered to be the minimum requirements acceptable to the government for the employment of Filipino seafarers on board foreign ocean-going vessels. The POEA contract is crafted for the sole purpose of ensuring that the seafarers are not put at a disadvantage in their desire of seeking greater economic benefit abroad.

Olalia underscored that the provisions of the POEA contract must be strictly enforced and not disregarded “without justifiable reason” even during the current pandemic. There are reports that some employers are paying only basic wages, while some none at all, during the extension period. The seafarer must not be forced to accept monetary benefits that are lower than those stated in the original contract. The Supreme Court ruled that the obligations and liabilities of the local agency and its foreign principal do not end upon the expiration of the contracted period as they were duty bound to repatriate the seafarer to the point of hire to effectively terminate the contract of employment (Interorient Maritime v. NLRC, 330 Phil. 493). “A subsequently executed side agreement which reduced one’s salary below the amount approved by the POEA is void because it is against existing laws, morals and public See “Gorecho,” A7

www.businessmirror.com.ph

Opinion

Our deepest fear

Who’s to blame and who should be accountable?

BusinessMirror

By Khristian Ross P. Pimentel

hile most students and teachers were not able to finish the previous school year the usual way, here comes the plan to begin the next one in August. Many of us are probing these questions: Why do we have to continue learning in this pandemic? How will students learn? Will it be safe? Will there be equality and equity? Some education officials are already offering answers that may help us only if we take time to understand them. One thing that is common among us is fear of the unknown. It’s human nature to be afraid of the unknown or something uncertain, but it is also natural to find solutions where possible. American author Marianne Williamson said, “Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure.” Aristotle once stressed, “The more we know, the more we know we do not know.” This endless pursuit of knowledge should remind us that our youth need to continue learning for them to persist in this trying time and be able to live once this health crisis is over. Hence, we need to educate our youth not only with knowledge and skills, but also how to think, especially in this era of fake news and suppression of critical opinion. We cannot walk the path when it is not safe for children, but we can walk on a route where it is possible. Face-to-face learning is not safe, so online learning is proposed, but some students do not have gadgets or Internet connection. Some local government agencies are offering to provide them. Those who won’t receive will be given modules, but if it is still not possible, the ranks of teachers will look for solutions for these problems the way that they always do. All we have to do is trust that they will. Critics complain that if education continues now, it will just multiply inequities, but this will happen only if our minds will allow it. Yes, we need to look for a vaccine first, but we also need nutrients that will fuel our youth, keep their batteries recharged, and fight the endless battles day by day. Our education system is not perfect. Our perpetual problem in education is an open book. Before the pandemic, some students need to compress themselves in a single classroom. Some students have to walk for hours just to reach the school while teachers need to cross rivers or ride a boat to reach a remote area to teach. Parents work double just to provide allowance for their children. Meager pays, lack of resources, limited facilities, and more challenges that teachers, students, and parents similarly face every school year. Many of these scenarios are not uncommon to us. But many success stories serve as inspiration, and there is no challenge too hard for us to face just to get an education. We would not have our frontliners, engineers,

Gorecho. . .

continued from A6

policy. It cannot supersede the contract approved by the POEA. This is a scheme all too frequently resorted to by unscrupulous employers against helpless OFWs who are compelled to agree to satisfy their basic economic needs. Such practice is known as contract substitution for which the recruitment agency may be held accountable.” (Chavez v. Bonto-Perez, 312 Phil. 88) The Migrant Workers and Overseas Filipinos Act (RA 10022) explicitly prohibits the substitution or alteration to the prejudice of the worker, of employment contracts from the time of actual signing thereof by the parties up to and including the period of the expiration of the same without the approval of the DOLE. Olalia cited the several rulings of the Supreme Court that a deed of release or quitclaim cannot bar an employee from demanding what is legally due him. As a rule, quitclaims, waivers or releases intended to limit the employer’s liability for full compensa-

Teaching in the new normal is not something we are familiar with, but we will gladly commit because teaching is our passion and calling. When we made a decision to become a teacher some years ago, we know that the profession will never be easy, but we choose the difficult path, so our children will get the education they need. Amid the pandemic, our deepest fear will disappear when we begin to work on the things that we can do for the sake of our students, and the future of our nation. lawyers, other professionals, and skilled workers had we not trusted the power of education to ignite hope. There is no bigger challenge that educators won’t face for their students. Teaching is a calling that remains burning in our hearts. We are not certain if we will win, but we believe that we will, and we will do everything for us to win. Besides, not resuming the school year this August means loss of jobs, especially for teachers under “no work no pay” contracts in private schools. These teachers play a major role in educating our youth; this is not the time to fail them. Should resumption of classes happen in August, all stakeholders need to be part of the preparation more than ever. Our communities, local government units, and the private sector need to work together to make learning possible. Above all, many of us teachers will definitely miss seeing our students face-to-face. We will all miss the actual smell of the classroom, the taste of a new idea, and the sound of eureka moments. Teaching in the new normal is not something we are familiar with, but we will gladly commit because teaching is our passion and calling. When we made a decision to become a teacher some years ago, we know that the profession will never be easy, but we choose the difficult path, so our children will get the education they need. Amid the pandemic, our deepest fear will disappear when we begin to work on the things that we can do for the sake of our students, and the future of our nation. The author is a master teacher in a public school in Antipolo City.

tion provided under the law and contract are looked upon with disfavor by the courts. “The reason for this is that the employee does not really stand on an equal footing with his employer. In some cases he may be so penurious that he is willing to bargain even rights secured to him by law. He had no means of questioning his employer’s acts. He had no choice but to accept what was being offered to him.” (JGB and associates v. Arrojado, GR 109390 March 7, 1996) The Supreme Court aptly used in the Arrojado case the phrase “necessitous men are not free men” with respect to actions of employers in capitalizing on the vulnerable position of seafarers in entering into such agreement and take advantage of the situation to their prejudice. The International Transport Workers Federation (ITF) earlier said that the pandemic cannot be used by the employers as an excuse to renege on their obligation to the seafarers as keyworkers. Atty. Dennis Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com.

Dr. Jesus Lim Arranza

MAKE SENSE

S the country’s attention is glued to the horrifying spike in the number of confirmed Covid-19 cases nationwide, I would like to go back to an issue that I previously discussed in my columns. Although I will attack it on a different perspective, this also has a significant impact on the dreadful Covid-19 situation we are in. I am referring to the continued existence of informal settlers along urban creeks and river banks, even if these areas have been declared danger zones and subject to legal easement as provided by law. I find it disturbing to see how these illegal settlers have become so brazen with their illegal occupancy of state-owned and even some private properties. Surprisingly, they are practically left alone to worsen urban blight, unbothered by local government officials. Isn’t it the responsibility of local and barangay officials to monitor the rivers and creeks in their areas of jurisdiction to ensure that informal settlers do not illegally occupy them? If they refuse to do their jobs for whatever reason, these local and barangay officials are equally guilty. They surely know that creeks and riverbanks are supposed to be free of illegal settlers. But it’s not what we see in the National Capital Region (NCR) and other urban centers

in the country. The myriad problems created by informal settlers along rivers and creeks are most felt during the rainy season. A waste and pollution watchdog deplored the reckless disposal of solid and human waste in these waterways by the illegal settlers, causing siltation and clogging the flow of water, which usually worsens inundation. As we all know, most if not all houses in squatter colonies do not have septic tanks. The disposal of human waste in plastic bags by illegal settlers worsens the floods triggered by monsoon rains and typhoons. This recurring problem is costing the government hundreds of millions of pesos every year just to dredge clogged rivers and creeks to mitigate the damage caused by frequent flooding. By now we should have realized the magnitude of the problems caused by informal settlers during fires when fire trucks can’t get through narrow alleys in these

Wednesday, July 15, 2020 A7

So, are we just going to leave things as they are? Are we not going to go after those responsible for allowing informal settlers to live in danger zones like along riverbanks and creeks? Somebody has to be answerable to the Filipino people. Barangay and local officials should be held accountable for dereliction of duty by condoning the unlawful activities of informal settlers in their respective jurisdictions.

crowded communities. In fact many fires in squatter colonies were triggered by power overloads, if not faulty electrical wirings. And yet, the slums are provided with electricity even without the approved electrical plan. Legitimate landowners who want to build a house on their property have to secure a building permit, and submit the necessary electrical and sewerage plans, among others, before they can start construction. Informal settlers, on the other hand, need not secure any permit whatsoever, and yet they are given all the basic utilities like power and water. So, are we just going to leave things as they are? Are we not going to go after those responsible for allowing informal settlers to live in danger zones like along riverbanks and creeks? Somebody has to be answerable to the Filipino people. Barangay and local officials should be held accountable for dereliction

of duty by condoning the unlawful activities of informal settlers in their respective jurisdictions. Are they being allowed to stay in danger zones for monetary consideration, political favor, or both? I learned that some informal settlers living in their concrete three-story homes with split-type air-conditioning units sans structural and electrical plans, among others, have even rented out rooms in their illegally constructed homes. And now that the National Capital Region has become the epicenter of the Covid-19 pandemic, let me remind local government officials that the citizenry are demanding the accountability of those who may have been neglectful of their duties. I appeal to the Department of Interior and Local Government (DILG) and to local and barangay officials to give priority to the relocation of informal settlers living along creeks and riverbanks. Otherwise, they could be contributory to disasters. Bear in mind that those who tacitly allowed the construction of up to three-story houses along river banks, including those that provided connection to basic utilities like power and water to these houses, could also be liable for the disaster waiting to happen. Do we need legitimate homeowners to file a test case before we move? Let us know. Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

Anatomy of a competitive online marketplace Atty. Amabelle C. Asuncion

Competition Matters

re you looking for a hard-to-find product? Or perhaps a pantry supply that ran out? Or maybe personal hygiene products that you cannot go out to buy because of fear of Covid-19? Look no further, the marketplace is right in your home.

The past four months that glued everyone home has fueled the growth of the digital marketplace to unanticipated levels. Whereas there were only a number of online stores viewed as a distant alternative to brick-and-mortar stores, the so-called new normal has propelled digital platforms to the top-of-mind option for consumers. New forms emerged to respond quickly to the pressing demand for access to basic necessities amid the lockdown and to the counterpart need for an avenue to dispose of available inventory or simply earn a living. One such form that has become immensely popular is the online marketplace. This marketplace makes use of the group chat feature of instant messaging and social-media platforms where an administrator creates an online community for sellers and buyers to join. Sellers can post their products and buyers can place their orders directly with the sellers. Buyers can likewise post “looking for” inquiries to which sellers can respond. Some marketplaces accommodate all types of products while others cater only to particular types of products, for instance, only food products, or even more specialized, such as baked products. Some are geo-specific while others are general. Some marketplaces could be as small as the number of residents in a village; others could have more than 50,000 members from all over the metro. Clearly, the online marketplace is more than a novelty; it has become a service that addresses multifarious needs all at once. Like any market, however, the rules of fair competition are relevant. Quite interestingly, online marketplaces instinctively developed their own rules. While most of their rules are for the convenience of both sellers and buyers,

some have implications on competition which impact competitors and consumers. How then do you keep the online marketplace competitive? Here we dissect the anatomy of an online marketplace. The administrator. S/he created the marketplace and is the one who sets out and implements the rules. S/he can delete posts and ads, reject registration of sellers, ban sellers, and remove buyers. The administrator may or may not be a seller himself/herself. An administrator who is also a seller, however, has a responsibility to act fairly. S/ he should not use the authority to accept, reject, and ban sellers to prevent entry of competitors into the marketplace. This is especially significant in community marketplaces that cater to a specific geographic location where considerations such as delivery/transportation costs, logistics, perishability of goods, and time are important to consumers. There are also marketplaces where the primary consideration is trustworthiness of sellers. An example would be marketplaces for second-hand products. Second-hand buyers joining a marketplace that conducts a vetting process of sellers before admitting them are likely to limit themselves to that marketplace when looking for second-hand products. In these types of markets, unreasonable denial of entry of competitors would create monopolies and leave consumers with no choice. At a time where consumer options have already been severely limited by health and economic constraints, competition in the markets that consumers are increasingly relying on must be safeguarded. Pricing information. In some marketplaces, sellers are required to provide pricing information

This marketplace makes use of the group chat feature of instant messaging and socialmedia platforms where an administrator creates an online community for sellers and buyers to join. Sellers can post their products and buyers can place their orders directly with the sellers. Buyers can likewise post “looking for” inquiries to which sellers can respond.

upon registration. An administrator who is also a seller must not use this advance information to deny registration to a competitor that is offering its products at a lower price or to undercut it before allowing its entry into the marketplace. Neither should this information be used to agree on a price range for the product that they are both selling. In all of these scenarios, consumers are at the losing end. Limitations on products. Some marketplaces have rules disallowing sales of identical products or products of the same brand. Others limit the number of suppliers per product type. In a desire to help sellers, there could be a tendency to allocate the market among products or brands rather than have several sellers offering the same products. If various alternative marketplaces exist for both sellers and buyers, this would be less of a concern. However, if a specific marketplace is viewed by buyers and suppliers as a class on its own, such that they are not likely to see other marketplaces as equivalent alternatives to sell or buy products from, then limiting the number of suppliers per product or brand in that market would be anti-competitive. Overpricing; lowballing. Two popular rules adopted by many marketplaces relate to price: no overpricing and no lowballing. The prohibition on overpricing aims to protect buyers while the prohibition on lowballing is for the benefit of sellers. Violation of either rule gives the administrator the right to ban the concerned seller or buyer. However, most marketplaces do not have standards for what is considered as overpricing or lowballing. Thus, although these rules may have merit, they are vulnerable to subjectivity

on the part of the administrator who has the power to remove sellers and buyers from the marketplace. To be sure, the pricing behavior of big sellers and big buyers are subject to scrutiny when these have the effect of exploiting customers or squeezing out competitors. However, it is a judgment that should not be used to substitute for the price that may be determined by the market. What an administrator should therefore ensure is the existence of competition in the marketplace by not unduly restricting entry of sellers. Regulated posting. A common rule is the limitation on posts and advertisements to one per day. In some marketplaces, the privilege of promoting through photos or streams is reserved to the administrator. The stated reason for this rule is to avoid spamming. However, it can also stifle competition. In a regular market, advertising and promotion is part of the competition. Companies invest huge capital in brand marketing in order to attract and maintain customers. The more aggressive the promotions are, the more likely the company can boost its sales. This also benefits consumers as they are able to learn more about the product and compare across competing brands. The regulations on posting should not dampen such competitive spirit in the online space. Closing friendly reminder. The list of rules ends with an affirmation of the purpose for which the marketplace was created—for buyers to find what they want and for sellers to do business. This is accompanied with a friendly reminder for all members to show respect and practice proper business etiquette, under pain of banishment from the marketplace. This is as good a reminder that business etiquette includes fair play and that the virtual marketplace can only truly fulfill its purpose if it is kept competitive.

Before her appointment to the Philippine Competition Commission, Commissioner Amabelle C. Asuncion was engaged in corporate practice and served as chief legal counsel of a top company and a partner of a law firm. She was also previously involved in legislative, law and policy reform, advocacy, and adjudication work. Commissioner Asuncion has a master of laws degree (with distinction) in international legal studies from Georgetown University Law Center in Washington, D.C., and is admitted to the New York bar.

A8 Wednesday, July 15, 2020

Fast-track connectivity, regulators, telcos told

T a time when most businesses and the education of children rest on connectivity, government regulators and telecommunications companies were pressed on Monday to step up efforts to upgrade Internet service in the country. “We expect [Internet] connectivity to improve and expand,” said Sen. Grace Poe, who chairs the Committee on Public Services. She reminded telcos, that “the service should be at least on a par with its regional neighbors at a lower cost.” Internet connectivity is “especially crucial today when being online has become the new normal” for most students, employees, and just about anyone in the face of the Covid-19 pandemic, where social distancing is framed as a life-and-death safeguard and faceto-face encounters are discouraged. “We have so far received the progress reports of the Department of Education [DepEd] and Globe Telecom only, and expect others also to submit ASAP,”said Poe, who earlier issued a July 13 deadline for detailed plans on how to improve Internet service and coverage across the country. In a statement, Poe added the Senate also expects telcos to inform the committee how they intend to assist the DepEd in implementing distance learning, asking: “Anong gagawin nila para magkaroon ng tulong sa DepEd ngayong may [What will they do to help DepEd with] distance learning?” Continued on A4

‘Duterte can still fulfill vow to raise SCS arbitral ruling’

By Recto Mercene

@rectomercene

N the last few years of his term, President Duterte can still fulfill his promise to the Filipino people to raise the UN arbitral tribunal award in the Philippines’s case against China on the South China Sea—this time, doing so “not before Chinese President Xi Jinping, but before the world.”

Former Foreign Affairs Secretary Albert del Rosario made this suggestion during a webinar on Tuesday on “A New Regional Order: Effective Alignment through Strategic Partnership,” organized by the Stratbase ADR Institute to mark the fourth anniversary of Manila’s victory in the UN body. Del Rosario saidthe first order of business is to take the award off the shelf, and raise it “before the 75th session of the United Nations General Assembly [UNGA] this coming September 2020.” He said this will be an opportune moment because the theme of the upcoming UNGA session is the

commitment to multilateralism. “This is when the leaders of 193 countries will troop to the UN to promote their positions before the global community of nations. This is when we will rely on the UN General Assembly to serve as not only the primary promoter of the rule of law but also the court of world public opinion.” Although the Philippines won the award in 2016 under the Aquino administration, President Duterte shelved the award when he assumed the presidency, in favor of a closer friendship with China in the hope that his multibillion infrastructure program, called “Build, Build, Build,” would get a

fresh infusion of financial support, del Rosario recalled. However, China continued its aggressive behavior in the West Philippine Sea, even when Duterte adoped a two-pronged foreign policy of putting the award in the back burner, while pursuing cooperation with the Asian giant. In the past four years, China continued to militarize the features it had turned into island fortresses and Filipino fishermen complained of being driven out of their traditional fishing grounds, being continually harassed, and, at one point, having a fishing boat hit and abandoned, and leaving the occupants to the mercy of the sea. Chinese military ships, during faceoff in the South China Sea (SCS) last April, “illuminated a Philippine ship with fire-control radar,” which suggests the imminent launch of weapons, prompting a diplomatic protest by the Department of Foreign Affairs. Foreign Affairs Secretary Teodoro L. Locsin Jr. recently warned of “the strongest reponse” possible if the Chinese naval military drills in the waters off the Paracels archipelago from July 1 to 5, spills over into Philippine territory. Vietnam claims the Paracels. Del Rosario’s second proposal is to consolidate support and assistance from the US, Australia, EU, Japan, Asean and other responsible nations. He said most of the countries around the world believe in the Rule of Law and the UN Convention on the Law of the Sea (Unclos), “and these countries believe that the enforcement of the Award is the legitimate process of resolving the maritime dispute in the South China Sea, not China’s method of bullying and deceit.” The former ambassador has a third option: making Chinese officials criminally accountable “for having inflicted the most massive, near-permanent and devastating destruction of the marine wealth in the South China Sea.” He urged citizens of Vietnam,

Malaysia, Indonesia and Brunei “to submit similar communications to the ICC because they too have been affected by China’s systematic and wanton environmental destruction.” Fourth, he said, China must be made to pay monetarily for their criminal behavior, after it “mercilessly destroyed the breeding grounds of fish and other marine life in the Spratlys.” Over half of 110 million Filipinos “live in coastal communities, relying on marine resources for their daily needs. Where will we get our food when we run out of fish?” he asked. Del Rosario’s fifth suggestion is for the country “to develop a minimum credible defense posture, rejoin our partners in conducting joint patrols in the South China Sea and work to strengthen our alliance with the US.” He said as a self-respecting country, we need the capacity to protect our territory and defend ourselves against external threats like China’s incursions, as mandated by our Constitution. While consistent in opposing war, he said, “but if threatened by the use of force, we should be ready to inflict, at the very least, a bloody nose on any attacker who is out to harm us.”

MDT affirmed

HE welcomed the recent clarification by the US as to when the Mutual Defense Treaty (MDT) can be invoked, saying that last year, US State Secretary Mike Pompeo declared that “as the South China Sea is part of the Pacific, any armed attack on any Philippine forces, aircraft, or public vessels in the South China Sea will trigger mutual defense obligations under…our Mutual Defense Treaty.” On Tuesday, Del Rosario said, Pompeo added the following: “The United States champions a free and open Indo-Pacific. Today we are strengthening US policy in a vital, contentious part of the region—the South China Sea.” Continued on A4

SC defers once more ABS-CBN deliberations By Joel R. San Juan

@jrsanjuan157

HE Supreme Court has deferred anew is deliberations on the petition filed by ABSCBN Corp. seeking to set aside the cease and desist order (CDO) issued by the National Telecommunications Commission (NTC) preventing it from broadcasting on its television and radio stations following the expiration of its franchise last May 5. SC spokesman Brian Keith Hosaka said the magistrates decided to “call again” the deliberations on the said petition at Tuesday’s en banc session. “I was able to briefly confer with SC Chief Justice Diosdado Peralta, and he confirms that the ABS-CBN Corporation petition will be called again for deliberations by the En Banc on August 4, 2020,” Hosaka said. The NTC issued and served its CDO to ABS-CBN last May 5, a day after its franchise expired. The network has been off the air for more than two months already, and is utilizing its social-media accounts and other digital platforms

for its programs. In its petition, the media company accused the NTC of committing grave abuse of discretion, amounting to lack of jurisdiction in issuing the CDO. ABS-CBN also argued that the CDO resulted in irreparable repercussions on public interest, especially at this time when there is a Covid-19 pandemic. It also pointed out that 11,000 workers stand to be affected and lose their jobs. It also claimed to be losing P35 million everyday while it is off the air. Furthermore, the petitioner said the CDO also violated the media network’s right to equal protection of the law. The NTC, on the other hand, has sought the dismissal of the petition, insisting that there was no grave abuse on the part of the agency to warrant the nullification of the CDO. The NTC claimed that it was merely performing its administrative duty in issuing the CDO since it is the administrative agency tasked to regulate and supervise radio and television broadcast stations.

Pompeo to China: SCS bullying is illegal By Rene Acosta

@reneacostaBM

HINA’S insistence that it owns rich resources in most parts of the South China Sea and its bullying of neighbors in order to control them are illegal, US Secretary Mike Pompeo said. Pompeo’s statement released on Tuesday, Manila time, is the strongest position yet by the US on Beijing’s demeanor against other claimant states in support of its expansive claims in the regional waters. “We are making clear: Beijing’s claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them,” Pompeo said. Related story on page A5, World. The statement was issued just two days after the Philippines marked the fourth year of the UN arbitral tribunal ruling on a case Manila had filed, and dismissed as invalid Beijing’s so-called historical claims to nearly the entire South China Sea, including a portion of the West Philippine Sea. On the July 12 arbitral award anniversary, Foreign Affairs Secretary Teodoro L. Locsin Jr. had called the award as “nonnegotiable” but Beijing responded the next day with the usual dismissive stance that it never recognized the proceedings in the Permanent Court of Arbitration in The Hague. China by way of its nine-dash line map lays claim to over half of the South China Sea’s waters, intruding even into the maritime waters of the Philippines, Vietnam, Malaysia, Brunei and Taiwan. In issuing the statement, Pompeo said the US was strengthening its policy on the South China Sea, which he considered a “vital” and “contentious” part of Southeast Asia. He reiterated the US’s stance of seeking to preserve peace and stability and uphold “freedom of the seas in a manner consistent with international law.”

‘Unimpeded’ commerce

HE also said the US wants to maintain the “unimpeded flow of commerce, and oppose any attempt to use coercion or force to settle disputes.” While these are shared interests with its allies and partners, Pompeo said they have come under unprecedented threat from China. “Beijing uses intimidation to undermine the sovereign rights of Southeast Asian coastal states in the South China Sea, bully them out of offshore resources, assert unilateral dominion, and replace international law with ‘might makes right.’” Pompeo said China has no legal grounds to unilaterally impose its will on the region, as he dismissed its nine-dash line. The US Secretary of State admonished China to abide by the UN Arbitral Tribunal’s ruling. “The PRC [People’s Republic of China] cannot lawfully assert a maritime claim—including any Exclusive Economic Zone [EEZ] claims derived from Scarborough Reef and the Spratly Islands—visa-vis the Philippines in areas that the Tribunal found to be in the Philippines’s EEZ or on its continental shelf,” Pompeo said. “Beijing’s harassment of Philippine fisheries and offshore energy development within those areas is unlawful, as are any unilateral PRC actions to exploit those resources,” he added. Pompeo said China also has no legal claims on Mischief Reef and Ayungin Shoal, as laid out by the ruling.

Companies BusinessMirror

www.businessmirror.com.ph

Covid-19 uncertainty prompts DMCI to reduce capex by half By VG Cabuag

@villygc

ngineering conglomerate DMCI Holdings Inc. said it is slashing its capital spending this year by half, with its property unit sustaining the deepest cut, as the company expects its earnings to fall due to the Covid-19 pandemic. “We expect weak demand and low selling prices to affect most of our businesses because of reduced economic activities, supply chain disruptions, job insecurity, lower overseas remittances and marked slowdown in private sector-led investments,” DMCI Chairman and President Isidro A. Consunji said during the company’s annual stockhold-

ers’ meeting that it conducted online. The company said it is only allocating some P19.4 billion in capital expenditures (capex) for the entire group, down by more than half from its P40.4-billion budget earlier this year. Consunji said the company would rather preserve its cash, reduce unnecessary spending, and give the

savings as dividends to shareholders. DMCI Homes, which cornered the bulk of the company's capex, will see the steepest budget cut, as its spending for the year was slashed to P14 billion, from the original P31 billion. The developer, which is still launching one to two projects this year, is capping its land acquisitions to P4 billion, a 79-percent drop from its original plan of P19 billion. Consunji referred to the pandemic as the third historic crisis in the company’s history, after the 1997 Asian financial crisis and the 2008 global financial crisis. “DMCI [D.M. Consunji Inc.—the construction firm] could show more resilience, if supported by massive public spending and timely issuance of permits and rights-of-way,” he said. “At this stage of the pandemic, we cannot predict how the business environment will evolve but it will

definitely take some time before our company can rebound to its pre-pandemic income and dividend payout levels.” Company officials said its units have enough money for now so DMCI may not have to tap the debt market this year. As of end-June, DMCI Holdings has consolidated cash and cash equivalents of P14 billion and P52.6 billion in consolidated debts. Some P14.6 billion of its total debt will mature in the next 12 months. In the event of an economic recovery, subsidiaries DMCI Homes and Semirara Mining and Power Corp., which account for the bulk of the consolidated debt, have P53 billion in unused credit lines to tide them over, the company said. “We are debt-free at the parent level, which gives us the flexibility and financial standing to tap credit facilities and funding sources, if needed.”

Meralco: SC ruling brings relief to consumers By Lenie Lectura @llectura

he Manila Electric Co. (Meralco) said the recent decision of the Supreme Court (SC), which affirmed the directive of the Energy Regulatory Commission (ERC) to implement price controls for the Wholesale Electricity Spot Market (WESM), has protected consumers against higher power generation cost. “Meralco is happy to receive the recent SC Resolution which affirmed the ERC’s jurisdiction to set prices in the WESM and confirmed Meralco’s position that the prices for the 3rd and 4th months of WESM should be adjusted," Meralco First Vice President and Head of Regulatory Management Jose Ronald V. Valles said on Tuesday.

“We thank the ERC for ruling in favor of the consumers, and the Court of Appeals [CA] and SC for affirming the ERC ruling.” Last month, the SC affirmed the power of the ERC to implement price controls at the WESM, the country’s trading floor for electricity, as part of the ERC’s police power to avoid “unusually high and unreasonable market prices.” Based on the SC Resolution, WESM prices surged during the 3rd and 4th billing months of WESM operations, with WESM prices reaching as high as P4,903 per kilowatt hour (kWh) and P7,218/MWh, respectively. Meralco requested the Philippine Electricity Market Corp. (PEMC) to investigate this matter and the PEMC Market Surveillance Committee concluded that certain market participants behaved anti-

competitively and abused market power. Eventually, the ERC set the WESM settlement prices at NPC (National Power Corp.) TOU (Time of Use) rates, which the CA and SC affirmed. The amount involved was almost P9 billion, translating to what would have been an additional imposition of P6/kWh in generation charges. “This Resolution is a welcome relief to the consumers, especially at this time of pandemic, as there would be no additional burden to consumers. If the WESM prices were not adjusted, this would have translated to an increase in the generation charge of its consumers of about 90 centavos and P2.05 per kilowatt hour for the supply months of September and October, 2006, respectively which we will be passed

on to consumers,” said Valles. In upholding the ERC’s order, the SC pointed out that the object in applying TOU rates was not merely to protect consumers but also to set the WESM settlement prices at reasonable levels, “since there was a clear evidence of unusually high WESM prices during the subject periods. The ERC validly exercised its regulatory power pursuant to the police power of the State when it imposed the commission-approved TOU rates as a form of price adjustment or price control.” “Here, the unusually high and unreasonable market prices for the subject billing periods which necessitated the ERC to step in and exercise its police power as mandated by the EPIRA [Electric Power Industry Reform Act], cannot be overemphasized,” the SC said.

Toyota partners with DOH in fight against Covid-19

In photo are (from left) Department of Health (DOH) Undersecretary Gerardo Bayugo, Japan Ambassador to the Philippines Koji Haneda, DOH Secretary Francisco Duque III, TMP President Atsuhiro Okamoto and TMP Chairman Alfred V. Ty. Contributed Photo

oyota Motor Philippines Corp. (TMP) recently signed a Memorandum of Agreement with the Department of Health (DOH) in support of the Philippine government’s efforts to address the mobility needs of healthcare workers at this time of the Covid-19 pandemic. TMP announced that it is donating a total of 30 Vios units to various public hospitals in Metro Manila and Laguna. DOH hosted the event at its Central Office in Sta. Cruz, Manila with Secretary Francisco Duque III heading the ceremony. Showing strong support to the government, Toyota officials in attendance were Chairman Alfred V. Ty, Vice Chairman David Go, and President Atsuhiro Okamoto. The event was also graced by Japan Ambassador to the Phil-

ippines Koji Haneda who continuously promotes strong ties between the Japanese business community, the Philippine government and the Filipino society at-large. In his short message during the simple ceremony, TMP president Okamoto commended healthcare workers for their sacrifice and hard work, saying, “Toyota salutes all healthcare workers in the country - the brave heroes who continue to work relentlessly to care for the sick and preserve life… Please accept Toyota’s humble contribution of providing mobility services through our proudly Philippinemade and ever dependable Toyota Vios.” Culminating the simple event was the actual turnover of one Vios unit each to Jose R. Reyes Memo-

Toyota Motor Philippines Corp. turns over one Vios unit each to Jose R. Reyes Memorial Medical Center, San Lazaro Hospital, and San Lorenzo Ruiz Women’s Hospital. Contributed Photo

rial Medical Center, San Lazaro Hospital, and San Lorenzo Ruiz Women’s Hospital. TMP will complete the turnover of units to identified public hospitals this month. Toyota strongly believes that providing mobility to healthcare frontliners will help in the country’s current battle with the pandemic. TMP Chairman Alfred V. Ty remarked, “I would like to extend my sincerest gratitude to the Philippine government for its strong leadership during this difficult time. And, of course, I send our utmost appreciation to all our front liners for their outstanding dedication and selflessness.” He further assured Toyota’s role in assisting the country at this time, saying, “As a strong partner

for nation building, we are committed to heed the call of Filipinos as they begin to rebuild their lives. We need to help them get back to work every day. We have to make sure that we can take them to the hospital when they need care. We must ensure that essential workers can transport themselves to their work places to care for our loved ones. When we can once again move freely, we will be there to bring families and friends together.” On top of the vehicle donation, TMP, in partnership with Toyota Mobility Foundation, provides 10 connected and sanitized shuttles to the Philippine General Hospital health workers. All shuttles are in compliance to the “new normal” guidelines to ensure that healthcare workers are well-protected.

Wednesday, July 15, 2020

‘Demand for Emperador’s products surges in China’

Photo from www.allianceglobalinc.com.

mperador Inc., the liquor arm of businessman Andrew Tan, on Tuesday said its whiskey businesses in developed countries and China performed well in the first half of the year. The company attributed this to the high demand for Emperador products despite the devastation caused by the Covid-19 pandemic. Emperador, known locally as the top seller of cheap brandy products, said the company saw strong whisky sales in the United States, Sweden, Spain, the United Kingdom, Russia and also China. Whyte & Mackay Ltd., a whollyowned unit of Emperador in the United Kingdom, has reported a 34-percent growth in sales volume for the first half of the year, driven mainly by Whyte & Mackay Blended Scotch. Whyte & Mackay currently owns and operates five whisky distilleries in various parts of Scotland. Whisky sales in Russia were up by 69 percent for the period, driven by strong commercial and marketing of the product as several of its

premium brands such as Jura were driving growth in the Russian market, the company said without giving other details. Amid the lockdown across China due to the pandemic since the start of the year, Whyte & Mackay’s business yielded a portfolio growth. There were large orders for Dalmore and Fettercairn range across China as the country eased up its quarantine lockdowns during the second quarter, the company said. “China has bounced back quickly after it re-opened its economy. We are pleasantly surprised at China’s remarkable resilience and its strong preference for luxury and super premium goods has returned so quickly as it began its V-curve recovery. In fact, our sales orders for June and July alone are 125 percent more than the same period last year,” Glenn Manlapaz, CEO of Emperador International, said. “We are very optimistic that our Whyte & Mackay full-year revenues in China will more than double this year.” VG Cabuag

GrabPay beefs up service

rab said it has expanded its GrabPay service by participating in the Bangko Sentral ng Pilipinas’ (BSP) automated clearing house called Instapay, which allows end-users to send and receive money from different banks and nonbanks in the country. Jonny Bates, who heads GrabPay Philippines, said this is part of his group’s commitment on “doubling down on efforts to provide cashless convenience and safer payments” amid the Covid-19 pandemic. With its participation in Instapay, GrabPay users may now transfer funds between their e-wallets and other bank or non-bank accounts. “Building trust by connecting more digital channels and giving flexibility to move around funds help us break barriers in providing hassle-

free transactions for our users,” he said. Instapay is an electronic fund transfer service that allows customers to transfer peso funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24/7. “InstaPay was launched as one of the efforts of the National Retail Payment System to establish a safe and reliable electronic retail payments system in the Philippines. With Grab and its services playing a huge role in Filipinos’ daily lives— especially during this pandemic— we know GrabPay’s integration with InstaPay will make everyday transactions much more convenient and accessible for Filipinos,” Instapay CEO Aristeo Zafra Jr. said. Lorenz S. Marasigan

Companies BusinessMirror

Wednesday, July 15, 2020

PSE STOCK QUOTATIONS

July 14, 2020

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

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

45.05 92.85 71.3 20.25 7.4 35.95 8.4 17.08 20.1 47.2 16.76 101.6 52.9 0.72 20.9 0.46 2.42 8 0.94 0.31 0.58 160 1700

46.3 92.9 71.45 20.45 7.5 36 8.99 17.48 20.15 47.95 17.1 101.7 53 0.79 21.25 0.56 2.53 8.45 1 0.315 0.59 163 1739

46.8 92 73.5 20.45 7.63 35.95 8.4 17.02 20.5 47.95 16.8 103 53.5 0.72 21.25 0.46 2.43 8 0.94 0.29 0.59 165 1700

46.8 93.4 73.5 20.45 7.63 36.4 8.4 17.02 20.8 47.95 17.1 103 53.5 0.79 21.8 0.46 2.43 8 0.94 0.435 0.59 165 1700

46 91.9 71 20 7.5 35.85 8.4 17.02 20.1 47.95 16.7 101.1 52.85 0.72 21 0.46 2.41 8 0.94 0.29 0.57 160 1700

46.3 92.85 71.3 20.45 7.5 36 8.4 17.02 20.1 47.95 17.1 101.7 53 0.79 21.25 0.46 2.41 8 0.94 0.31 0.59 163 1700

8500 3327990 1645970 105500 427000 3679700 100 600 667700 200 5500 205190 29580 2000 9800 10000 20000 8400 1000 95750000 81000 2180 500

392550 309006568.5 118376307 2133255 3217403 132486630 840 10212 13446595 9590 92534 20880882 1569877.5 1510 210045 4600 48430 67200 940 36848000 47660 351636 850000

387920 -71451750 -64638035.5 166255 -759677 -38591405 -7168165 2663591 10630 -521750 -97800 841500

INDUSTRIAL AC ENERGY 2.19 2.2 2.24 2.24 2.18 2.2 8519000 18762360 ALSONS CONS 1.16 1.21 1.15 1.23 1.15 1.16 725000 849470 26.35 26.5 26.55 26.55 26.25 26.35 2053500 54201905 ABOITIZ POWER BASIC ENERGY 0.158 0.162 0.159 0.162 0.158 0.162 940000 149080 22.8 22.9 24.2 24.5 22.5 22.9 2370100 55191430 FIRST GEN FIRST PHIL HLDG 60.25 60.3 62.55 62.55 60.2 60.25 142250 8764895 MERALCO 268.2 269 274.2 275.2 268.2 268.2 398230 107563402 13.7 13.74 14.38 14.38 13.66 13.7 3499700 48577048 MANILA WATER PETRON 3.1 3.11 3.1 3.12 3.1 3.1 1747000 5420540 3.09 3.18 3.09 3.22 3.08 3.18 43000 132940 PETROENERGY PHX PETROLEUM 11.28 11.4 11.4 11.44 11.14 11.4 161600 1839122 PILIPINAS SHELL 18.5 18.52 18.7 18.7 18.52 18.52 178600 3313638 8.05 8.14 8.2 8.24 8 8.05 454300 3657067 SPC POWER AGRINURTURE 7.42 7.5 7.55 7.55 7.39 7.5 396300 2959484 2.46 2.48 2.52 2.54 2.46 2.46 641000 1599690 AXELUM CNTRL AZUCARERA 11.12 11.96 11.5 11.5 11.02 11.12 2000 22194 CENTURY FOOD 14.48 14.6 14.5 14.54 14.48 14.48 525700 7621214 4.03 4.18 4.16 4.16 4.04 4.04 9000 36600 DEL MONTE DNL INDUS 4.72 4.79 4.79 4.82 4.71 4.72 1712000 8130670 8.8 8.82 8.55 8.8 8.55 8.8 2893700 25149853 EMPERADOR SMC FOODANDBEV 68.05 68.3 68.7 69.4 67.1 68.05 266220 18040895.5 0.59 0.6 0.56 0.6 0.56 0.6 1117000 662330 ALLIANCE SELECT 1.27 1.28 1.28 1.3 1.26 1.28 7324000 9364420 FRUITAS HLDG GINEBRA 31.5 31.6 31.55 31.6 31.5 31.5 53800 1694790 140 141 140.9 142.5 140 140 424880 59868375 JOLLIBEE MACAY HLDG 6.7 6.9 6.88 6.89 6.88 6.89 4100 28230 5.12 5.17 5.25 5.25 5.1 5.12 391500 2018112 MAXS GROUP 0.13 0.135 0.129 0.139 0.128 0.129 1530000 198520 MG HLDG SHAKEYS PIZZA 6.1 6.12 6.05 6.12 6.05 6.12 1618500 9801203 1.33 1.35 1.35 1.37 1.32 1.35 5556000 7456370 ROXAS AND CO RFM CORP 4.25 4.39 4.25 4.39 4.25 4.39 4000 17140 1.47 1.52 1.51 1.51 1.47 1.47 19000 28330 ROXAS HLDG SWIFT FOODS 0.105 0.11 0.11 0.11 0.104 0.105 470000 49750 UNIV ROBINA 124.4 124.5 126.5 126.9 124.1 124.5 691680 86275025 0.81 0.82 0.81 0.82 0.8 0.81 2697000 2185990 VITARICH VICTORIAS 2.24 2.45 2.26 2.26 2.2 2.24 12000 26750 55.05 62 57 57 55.05 55.05 1120 62300.5 CONCRETE A CONCRETE B 58 63.15 60 63.15 58 63.15 510 29881.5 CEMEX HLDG 0.95 0.96 0.99 1 0.94 0.96 18143000 17466680 9.8 9.85 9.99 9.99 9.79 9.8 632400 6197216 EAGLE CEMENT EEI CORP 5.05 5.06 5.1 5.1 5.05 5.06 708300 3591535 5.4 5.41 6 6.01 5.36 5.4 25056400 137951956 HOLCIM MEGAWIDE 7.06 7.07 7.34 7.35 6.88 7.07 3496100 25009483 PHINMA 8.39 9.05 9 9 9 9 9000 81000 0.72 0.74 0.73 0.83 0.71 0.73 2056000 1558900 TKC METALS VULCAN INDL 0.81 0.82 0.86 0.86 0.8 0.82 686000 570860 1.84 1.97 1.84 1.97 1.84 1.97 5000 9330 CROWN ASIA EUROMED 1.99 2 1.93 2.15 1.91 1.99 2393000 4907740 MABUHAY VINYL 3.72 3.91 3.95 3.95 3.7 3.92 11000 41880 4.01 4.13 4.06 4.15 4 4.15 55000 220810 PRYCE CORP CONCEPCION 19.18 20.3 20.25 20.3 20.25 20.3 700 14190 1.55 1.57 1.66 1.68 1.51 1.57 12113000 19492510 GREENERGY INTEGRATED MICR 5.77 5.88 5.95 5.95 5.8 5.8 228900 1330721 0.99 1.02 1.01 1.03 1 1 466000 468700 IONICS PANASONIC 4.42 4.43 4.44 4.46 4.43 4.43 18000 79960 SFA SEMICON 1.24 1.26 1.29 1.29 1.23 1.26 1032000 1291390 6.65 6.66 7.29 7.29 6.51 6.65 7704300 52949220 CIRTEK HLDG

-424420 -617400 -8878245 17926925 -1869583 -31156182 251150 198490 -658930 1988097.9997 1451594.9999 161520 405530 -2957670 -8200 -6285170 -10060671 -3252405.5 -36600 -43520 1483650 -2606350 -15158 166526 2384295 -1125220 -11000 -46177385 -58320 -4961700 -34299 273644 28075568 -3486988 108000 -1729.9999 -3570 841299 578479

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.5 0.5 0.47 0.475 18466000 8851455 ASIABEST GROUP 8.13 8.41 8.41 8.43 8.12 8.4 13800 113014 749.5 750 732 758 732 750 158790 118716315 AYALA CORP ABOITIZ EQUITY 48.85 50 49 50 48.9 50 912100 45378415 6.03 6.04 6.17 6.18 6.03 6.03 9528000 58067974 ALLIANCE GLOBAL AYALA LAND LOG 1.65 1.66 1.66 1.69 1.64 1.65 818000 1351670 ANSCOR 6.06 6.23 6.23 6.23 6.23 6.23 200 1246 0.52 0.53 0.56 0.56 0.5 0.53 1634000 844500 ANGLO PHIL HLDG ATN HLDG A 0.57 0.58 0.53 0.62 0.53 0.58 6471000 3808120 0.55 0.61 0.56 0.62 0.56 0.61 664000 394120 ATN HLDG B COSCO CAPITAL 5.24 5.26 5.18 5.34 5.18 5.24 424500 2239738 DMCI HLDG 3.97 3.98 4.03 4.1 3.98 3.98 11026000 44252270 8.2 8.8 8.88 8.88 8.7 8.8 20400 179438 FILINVEST DEV FJ PRINCE A 2.82 3.49 3.45 3.45 3.45 3.45 1000 3450 0.173 0.209 0.19 0.21 0.19 0.209 340000 68070 FORUM PACIFIC GT CAPITAL 452 453 451 457 445.6 452 103160 46565964 HOUSE OF INV 3.29 3.4 3.4 3.4 3.31 3.31 15000 50100 68.25 68.5 69.05 69.5 67.1 68.5 819670 56357695.5 JG SUMMIT KEPPEL HLDG A 5.12 5.74 5 5 5 5 2100 10500 4.72 6.24 4.68 4.68 4.68 4.68 2000 9360 KEPPEL HLDG B LODESTAR 0.56 0.57 0.67 0.71 0.56 0.56 29097000 16990250 2.43 2.45 2.56 2.56 2.45 2.45 1266000 3128800 LOPEZ HLDG 8.05 8.18 8.25 8.34 7.91 8.18 798700 6518341 LT GROUP METRO PAC INV 3.36 3.38 3.45 3.45 3.33 3.36 41630000 140289800 3 3.06 2.83 3.06 2.82 3.06 41000 121580 PACIFICA HLDG PRIME MEDIA 0.82 0.85 0.8 0.9 0.8 0.85 1104000 937310 0.98 1.01 1 1 1 1 45000 45000 SOLID GROUP SYNERGY GRID 150 165 150 150 150 150 30 4500 SM INVESTMENTS 929.5 935 928 938.5 925 935 438560 407636560 101.5 102 103 103.3 101 102 318070 32463801 SAN MIGUEL CORP SOC RESOURCES 0.65 0.66 0.68 0.84 0.65 0.65 3655000 2721410 124.1 132 125 132 124.1 132 11030 1375644 TOP FRONTIER WELLEX INDUS 0.19 0.204 0.176 0.204 0.176 0.204 2470000 484460 ZEUS HLDG 0.137 0.145 0.133 0.15 0.133 0.145 1940000 279120

-1262010 -49975 28866960 -31800762 -830367 -25529370 14579454 -39900 -1180452 -255360 688163 -58752050 336601075 2859429 -12780 144779.9997

PROPERTY ARTHALAND CORP 0.52 0.53 0.55 0.55 0.53 0.53 600000 319980 ANCHOR LAND 8.16 8.87 8.17 8.17 8.16 8.16 5000 40830 33.35 33.5 32.8 33.5 32.55 33.5 5547100 184,116,340( 23,280,150.0004) AYALA LAND ARANETA PROP 0.98 1.01 0.99 1 0.98 0.98 12000 11840 1.4 1.44 1.42 1.42 1.39 1.4 324000 453550 -280320 BELLE CORP A BROWN 0.73 0.74 0.72 0.75 0.71 0.74 1100000 805330 -48960 CROWN EQUITIES 0.125 0.127 0.123 0.125 0.122 0.125 3350000 415150 4.87 4.97 5 5 4.86 4.97 2627700 13014021 -2756267 CEB LANDMASTERS CENTURY PROP 0.37 0.375 0.37 0.38 0.37 0.37 330000 122600 0.26 0.29 0.26 0.325 0.26 0.26 7930000 2288850 CYBER BAY DOUBLEDRAGON 16.8 16.86 16.82 16.86 16.5 16.86 262400 4371372 -1284576 DM WENCESLAO 6.18 6.2 6.19 6.22 6.15 6.2 45200 280268 0.249 0.26 0.255 0.26 0.25 0.26 1930000 485600 EMPIRE EAST EVER GOTESCO 0.097 0.102 0.093 0.102 0.093 0.097 390000 37440 950 0.98 0.99 0.99 0.99 0.98 0.98 7021000 6902810 -1644180 FILINVEST LAND GLOBAL ESTATE 0.8 0.83 0.82 0.84 0.8 0.81 269000 216780 8990 HLDG 9.56 9.68 9.19 9.8 9.19 9.68 194700 1855179 -484312 0.87 0.88 0.85 0.87 0.84 0.87 2333000 1991290 PHIL INFRADEV KEPPEL PROP 3.12 3.86 3 3.02 3 3.02 3000 9040 0.72 0.75 0.72 0.72 0.72 0.72 2000 1440 CITY AND LAND MEGAWORLD 3.05 3.06 3.03 3.08 3.02 3.05 19397000 59017830 -20681650 0.225 - 0.157 0.225 0.156 0.225 360130000 68929210 -619120 MRC ALLIED 0.285 0.305 0.285 0.305 0.285 0.285 330000 98950 PHIL ESTATES PRIMEX CORP 1.36 1.45 1.35 1.36 1.35 1.36 10000 13590 15.7 15.78 15.5 16.1 15.5 15.78 1320600 20997418 -7504194 ROBINSONS LAND PHIL REALTY 0.231 0.238 0.228 0.231 0.228 0.231 100000 22980 1.55 1.64 1.55 1.55 1.55 1.55 8000 12400 ROCKWELL STA LUCIA LAND 1.83 1.9 1.89 1.9 1.89 1.9 50000 94860 SM PRIME HLDG 31.5 31.6 31.2 31.75 31.2 31.6 3879600 122468270 -11803235 3.89 3.92 3.85 4.05 3.6 3.96 452000 1754720 VISTAMALLS SUNTRUST HOME 1.24 1.25 1.29 1.31 1.24 1.25 2170000 2732700 3.7 3.72 3.75 3.75 3.67 3.7 1058000 3913320 -1010150 VISTA LAND SERVICES GMA NETWORK 5.77 5.78 6.53 6.53 5.71 5.77 21304900 129376245 MANILA BULLETIN 0.4 0.43 0.59 0.73 0.4 0.4 121294000 72682110 14.04 15.4 20 23.3 13.5 15.4 250000 4890946 MLA BRDCASTING GLOBE TELECOM 2062 2070 2080 2084 2062 2062 28710 59503000 1380 1381 1381 1389 1352 1380 84750 116585355 PLDT APOLLO GLOBAL 0.05 0.052 0.05 0.052 0.05 0.052 2120000 107100 DFNN INC 2.88 2.96 2.94 2.94 2.88 2.88 17000 49320 2.9 2.91 3.1 3.1 2.9 2.9 26830000 79545060 DITO CME HLDG IMPERIAL 1.4 1.47 1.35 1.5 1.22 1.48 116000 156620 0.077 0.078 0.076 0.078 0.075 0.077 10090000 772170 ISLAND INFO JACKSTONES 1.62 1.64 1.78 1.78 1.61 1.62 306000 497220 NOW CORP 2.18 2.19 2.48 2.48 2.12 2.18 40896000 94596900 0.25 - 0.169 0.25 0.169 0.25 164450000 36527220 TRANSPACIFIC BR PHILWEB 1.84 1.86 1.96 1.96 1.82 1.85 1126000 2135810 9.2 9.3 10.04 11 9.2 9.2 698100 7038548 2GO GROUP CHELSEA 3.47 3.58 3.7 3.7 3.48 3.58 741000 2650630 CEBU AIR 40.15 40.2 40.25 41 40 40.15 118300 4751750 96.55 97.3 98.25 98.8 96 96.55 1605890 155451959.5 INTL CONTAINER LBC EXPRESS 12.02 13.1 13.1 13.1 13.1 13.1 1700 22270 5.61 5.62 6.19 6.2 5.5 5.62 12342000 72339357 MACROASIA METROALLIANCE A 2.05 2.06 1.82 2.14 1.75 2.05 6596000 13179530 1.9 2.27 2 2.3 1.9 1.9 42000 90640 METROALLIANCE B 6.12 6.2 6.3 6.3 6.11 6.12 85000 520858 PAL HLDG HARBOR STAR 0.9 0.91 0.84 0.92 0.83 0.9 3282000 2895700 0.024 0.025 0.023 0.025 0.023 0.025 28100000 659500 BOULEVARD HLDG WATERFRONT 0.38 0.395 0.38 0.4 0.375 0.4 780000 298100 6.3 6.48 6.48 6.48 6.48 6.48 200 1296 CENTRO ESCOLAR FAR EASTERN U 555 700 700 700 700 700 20 14000 STI HLDG 0.295 0.3 0.3 0.3 0.29 0.3 1990000 594400 2.13 2.19 2.09 2.2 2.09 2.19 257000 552660 BERJAYA BLOOMBERRY 7.61 7.8 7.9 7.99 7.61 7.61 3929100 30914907 1.89 2.09 1.88 1.88 1.88 1.88 25000 47000 PACIFIC ONLINE LEISURE AND RES 1.33 1.34 1.35 1.35 1.34 1.34 121000 163120 PH RESORTS GRP 2.12 2.15 2.2 2.2 2.12 2.15 75000 159680 0.3 0.305 0.32 0.325 0.3 0.3 12860000 3912600 PREMIUM LEISURE ALLHOME 6.75 6.81 6.7 6.82 6.55 6.81 1316600 8843934 1.52 1.53 1.56 1.56 1.5 1.52 3493000 5325230 METRO RETAIL PUREGOLD 47.75 48 46.6 48 46.25 48 5689500 271875160 ROBINSONS RTL 63.1 64 63.8 64 63 64 69400 4423565 125 125.3 125 125.5 125 125 4620 577525 PHIL SEVEN CORP SSI GROUP 1.15 1.17 1.13 1.17 1.11 1.17 2608000 2957020 15.98 16 15.9 16.1 15.8 15.98 2922700 46722392 WILCON DEPOT APC GROUP 0.315 0.32 0.305 0.32 0.305 0.32 520000 162550 EASYCALL 7.1 7.28 7.32 10.6 6.75 7.1 5089900 46158255 288 308 308 308 308 308 10 3080 GOLDEN BRIA IPM HLDG 3.61 4.39 3.57 3.57 3.56 3.56 2000 7130 0.23 0.234 0.215 0.26 0.206 0.23 56380000 13437270 PRMIERE HORIZON SBS PHIL CORP 4.21 4.98 4.05 5 4.05 5 373000 1512690

-22928380 9529385 -334220 -57180 -437480 62870 31094.0002 -80505 -118828579 -2947908 -9200 9776 -12320 -1469746 213400 -1210345 -29730 91680930 -1368662.5 123750 412529.9998 8219752 -70942.0002 390 -

MINING & OIL APEX MINING 1.25 1.26 1.27 1.27 1.24 1.25 5453000 6836420 -656290 0.0008 0.0009 0.0009 0.0009 0.0008 0.0008 4038000000 3231100 80000 ABRA MINING ATLAS MINING 2.51 2.6 2.56 2.72 2.51 2.51 356000 904300 256780 1.57 1.63 1.72 1.72 1.54 1.63 320000 506560 BENGUET A BENGUET B 1.58 1.64 1.64 1.64 1.58 1.64 37000 59640 COAL ASIA HLDG 0.183 0.188 0.19 0.19 0.183 0.183 420000 79310 2.62 2.7 2.65 2.7 2.63 2.7 437000 1169600 -94500 CENTURY PEAK DIZON MINES 7.37 7.48 7.49 7.49 7.37 7.48 400 2971 0.99 1 1.04 1.05 0.98 1.01 5964000 6026990 -617750 FERRONICKEL GEOGRACE 0.228 0.232 0.235 0.235 0.228 0.235 60000 13890 LEPANTO A 0.104 0.11 0.103 0.113 0.101 0.11 71510000 7375590 0.109 0.11 0.107 0.11 0.104 0.109 29400000 3083540 -375600 LEPANTO B MANILA MINING A 0.0073 0.0081 0.0073 0.0079 0.0073 0.0079 7000000 52600 0.61 0.64 0.63 0.64 0.61 0.64 276000 171370 MARCVENTURES NIHAO 1.35 1.41 1.36 1.42 1.33 1.41 435000 593870 NICKEL ASIA 2.05 2.06 2.2 2.2 2.04 2.05 13011000 27357300 -667560 0.51 0.55 0.52 0.55 0.51 0.55 347000 181590 ORNTL PENINSULA PX MINING 2.75 2.76 2.81 2.81 2.75 2.76 984000 2714250 -893500 11.86 11.9 12.08 12.08 11.86 11.9 720600 8583924 -5381048 SEMIRARA MINING UNITED PARAGON 0.0042 0.0043 0.0051 0.0051 0.004 0.0043 219000000 968800 6.1 6.14 6.02 6.5 6 6.14 90300 558166 11719 ACE ENEXOR 0.0086 0.0091 0.0087 0.0087 0.0087 0.0087 1000000 8700 ORNTL PETROL A PXP ENERGY 6.16 6.17 6.34 6.34 6.07 6.17 1008000 6208842 122269 PREFFERED HOUSE PREF A 100.2 100.5 100.5 100.5 100.5 100.5 990 99495 AC PREF B1 515 520 520 520 520 520 10 5200 505 510 507 507 507 507 290 147030 AC PREF B2R DD PREF 101.2 101.5 101.3 101.3 101.2 101.2 58040 5873768 5752208 105.3 108.9 110 110 105.2 105.3 219190 23573014 1052000 FGEN PREF G GTCAP PREF A 1000 1010 1005 1005 1005 1005 1700 1708500 GTCAP PREF B 1005 1019 1005 1005 1005 1005 10 10050 101 101.5 101.5 101.5 101.5 101.5 19500 1979250 MWIDE PREF PNX PREF 3A 100.1 100.7 100 100 100 100 2500 250000 4000 1016 1020 1018 1018 1018 1018 1000 1018000 PNX PREF 4 PCOR PREF 3A 1050 1051 1050 1050 1050 1050 440 462000 PCOR PREF 3B 1071 1078 1075 1078 1075 1078 575 618395 78 78.45 78.45 78.45 78.45 78.45 340 26673 SMC PREF 2C SMC PREF 2F 76.6 79 76.55 76.55 76.55 76.55 100 7655 75.7 76 76 76 76 76 4640 352640 SMC PREF 2G SMC PREF 2H 76.05 76.1 76.1 76.1 76.1 76.1 100 7610 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 5.26 5.35 5.2 5.46 5.01 5.35 562500 2931509 WARRANTS LR WARRANT 0.67 0.69 0.63 0.67 0.63 0.67 24000 15570 SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.32 17.36 19.9 19.9 17.32 17.36 2205000 40763652 -362602 ITALPINAS 1.87 1.88 1.97 1.97 1.87 1.88 3307000 6290950 -226660 5.31 5.7 5.4 5.74 5.32 5.7 106200 589095 KEPWEALTH MERRYMART 2.64 2.65 2.97 2.98 2.58 2.65 58452000 161503190 1114480 0.56 0.57 0.56 0.57 0.55 0.56 980000 550980 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 93.5 93.8 93.5 94 93.5 93.5 6620 620160 20663.5

www.businessmirror.com.ph

Vista Land to pay maturing debt via dollar bond issue By VG Cabuag

@villygc

roperty developer Vista Land and Lifescapes Inc. on Tuesday said it raised some $200 million in senior guaranteed notes from the offshore market. In its disclosure, the company said its unit VLL International Inc. executed a subscription agreement with Credit Suisse (Singapore) Ltd., DBS Bank Ltd., and The Hongkong

and Shanghai Banking Corp. Ltd., which acted as managers for the offer, sale and issuance of notes with a yield of 7.25 percent and will mature in 2027.

BDO Capital and Investment Corp. and China Bank Capital Corp. acted as domestic lead managers for the issuance of the notes. The company said the debt is part of its $2-billion notes program, which it is floating in tranches. The company said earlier the proceeds of the said debt will be used to pay its maturing loans in 2022. In a separate disclosure, the company said it is terminating its tender offer and consent solicitation for the holders of $425-million 7.375 percent senior guaranteed notes due 2022. “As a result of such termination, any tender instruction already re-

ceived will be rejected,” it said. Vista Land said its income last year grew 10 percent to P11.6 billion, from P10.5 billion in 2018, pushed by its leasing and residential businesses. Consolidated revenues grew 7 percent to P44.4 billion from P41.5 billion in the previous year, the company said. Leasing income expanded by 20 percent to P8.5 billion, while revenues from real estate rose 3 percent to P32.8 billion. Manuel Paolo Villar, the company’s president and CEO, said Vista Land will refocus on utilizing its existing portfolio of investment properties as well as utilize its current land bank of about 3,000 hectares.

‘Calax section may open in Q1 of next year’ By Lorenz S. Marasigan @lorenzmarasigan

he Department of Public Works and Highways (DPWH) and Metro Pacific Tollways South Corp. (MPT South) are targeting to open a new section of the Cavite-Laguna Expressway (Calax) by the end of 2020. Public Works Secretary Mark A. Villar said his agency hopes to open the East Silang Exit of the Cavite section of the Calax as early as December, but noted this may be pushed back by a quarter due to limitations

caused by the Covid-19 pandemic. “I’m still hoping that maybe by the end of the year but possibly first quarter of next year we can open the East Silang Exit, that’s the first exit after Laguna. And then after that, that should be continuous,” he said in a recent interview. MPT South President Roberto V. Bontia said his group has received about “50 percent” of the right of way for the Cavite section. He added that his group will be able to have it “opened first quarter of next year.” Villar said he is still hoping that the whole

Power supply contract with Vivant unit above board—Banelco By Lenie Lectura @llectura

he Bantayan Island Electric Cooperative (Banelco) on Tuesday said due process was observed in the selection and awarding of a power supply contract to a subsidiary of Vivant Energy Corp. Banelco said the auction was done via a Competitive Selection Process (CSP), in accordance with Department of Energy (DOE) Circular 201802-0003. It added that the CSP was witnessed by DOE, National Electrification Administration (NEA) and National Power Corp. representatives and that policies and guidelines imposed by the Third Party Bids and Awards Committee (TPBAC) were observed. “We affirm our position that due process was observed in the selection and awarding of the winning bid—a position that is supported by the TPBAC, to which the winning bidders submitted and withstood scrutiny,” said Banelco General Manager Lee Rivera. Her statement comes after Bantayan Island Power Corp. (BIPCor), which has an existing power supply deal with Banelco, slammed the bidding process that occurred in September 2019. BIPCor alleged that there was an “apparent systematic and coordinated effort to ease BIPCor out as Banelco’s sole power provider at all costs.” Banelco’s power supply contract with BIPCor expires in November 2021. It participated in the CSP last year but the new contract was awarded to Isla Norte Energy Corp., a joint venture of Vivant Energy and Gigawatt Power Corporation. “Despite numerous attempts by BIPCor to overturn the TPBAC’s decision to their favor, the winning bidder was clearly and carefully selected at that time,” commented Rivera. “Notwithstanding these circumstances, we are still under contract

with BIPCor until 2021, and we hope that they will still give Banelco— and more importantly, the people of Bantayan Island—the service that they are duty-bound to fulfill. Please rest assured that we at Banelco are working hard to overcome the energy deficit, despite the bureaucratic issues we have to address.” The island in Cebu is currently experiencing daily rotational brownout mainly due to “constant engine failure of BIPCor.” Rivera said the generating engines of BIPCor are of different brands and that the newly installed gensets are the ones that are always under maintenance. The power outage incidents started before the CSP. “I also want to stress out that the brownouts that we are experiencing which worsened last March have created an outrage from our member consumer owners mainly because of the failure of BIPCor to provide reliable power supply to Bantayan Island.” BIPCor has elevated its complaint to the Mandaue City Regional Trial Court Branch 84 but its application for the issuance of a temporary restraining order (TRO) on Banelco’s award of a 15-year, 15-MW power supply contract to Isla Norte Energy was denied. “Our company is now in the midst of a legal battle to continue our service to households and industries in Bantayan Island with adequate, reliable and sustainable electricity. We maintain that there was gross violation of the rules governing the grant of PSA, the bidding protocols, and the CSP as mandated by the DOE. Our disqualification from the bidding due to a simple and minor defect in our document—which was not even listed in the Bidding Procedures—was absolutely without basis. Thus, it was highly anomalous and illegal for Banelco to arbitrarily proceed with the grant of the contract to Vivant,” said BIPCor Director Fichte Peñaloza.

expressway will be opened within the term of President Duterte. “Hopefully we can finish the whole alignment and we’re targeting to finish the the whole alignment by this administration. I think we’re well underway,” he said. Bontia noted that his group is fasttracking the construction to have the road ready before Duterte steps down from office in 2022. “We’re working with the support of the DPWH to complete it within the term of the current administration,” he said.

mutual funds

Calax is envisioned to be a four-lane, 45-kilometer roll road that will connect the Manila-Cavite Toll Expressway (Cavitex) and the South Luzon Expressway (Slex). It will have eight interchanges, namely: Kawit, Daang Hari, Governor’s Drive, Aguinaldo Highway, Silang, Sta. Rosa-Tagaytay, Laguna Blvd., Technopark, and a Toll Barrier before Slex. So far, an initial 10 kilometers of the expressway has been opened. This particular section runs between Mamplasan, Biñan City and Sta. Rosa City.

July 14, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 202.1 -25.32% -9.83% -5.42% -19.75% ATRAM Alpha Opportunity Fund, Inc. -a 1.0496 -37.11% -13.53% -5.05% -24.05% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7343 -35.22% -14.4% -7.48% -25.66% Climbs Share Capital Equity Investment Fund Corp. -a 0.6912 -28.58% n.a. n.a. -23.03% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.675 -24.86% n.a. n.a. -20.52% First Metro Save and Learn Equity Fund,Inc. -a 4.3379 -22.78% -8.29% -4.88% -18.59% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6854 -24.04% -10.81% n.a. -19.7% MBG Equity Investment Fund, Inc. -a 79.27 -35.37% n.a. n.a. -23.2% PAMI Equity Index Fund, Inc. -a 40.7297 -24.23% -8.11% -4.2% -20.58% Philam Strategic Growth Fund, Inc. -a 434.66 -22.16% -7.56% -4.54% -18.42% Philequity Alpha One Fund, Inc. -a,d,5 0.8879 n.a. n.a. n.a. -13.8% Philequity Dividend Yield Fund, Inc. -a 1.0275 -24.35% -8.01% -4.01% -20.16% Philequity Fund, Inc. -a 30.2033 -24.33% -7.53% -3.74% -20.3% Philequity MSCI Philippine Index Fund, Inc. -a 0.7985 -25.99% n.a. n.a. -21.57% Philequity PSE Index Fund Inc. -a 4.149 -23.94% -7.64% -3.51% -20.57% 694.61 -23.75% -7.61% -3.69% -20.34% Philippine Stock Index Fund Corp. -a Soldivo Strategic Growth Fund, Inc. -a 0.6293 -34.06% -11.55% -7.8% -26.09% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.192 -28.36% -9.24% -5.02% -24.16% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7968 -23.86% -7.78% -3.68% -20.38% United Fund, Inc. -a 2.8872 -24.73% -6.68% -3.41% -20.97% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 93.2452 -23.54% -7.13% -2.86% -20.27% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0343 4.17% 0.83% 1.04% 0.57% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4333 8.62% 7.01% n.a. 3.96% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5763 -11.12% -4.04% -3.28% 0.86% ATRAM Philippine Balanced Fund, Inc. -a 2.0797 -12.09% -4.39% -1.63% -4.65% First Metro Save and Learn Balanced Fund Inc. -a 2.4358 -10.12% -2.83% -2.88% -7.44% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1869 n.a. n.a. n.a. -18.21% NCM Mutual Fund of the Phils., Inc. -a 1.8523 -5.74% -1.07% -0.26% -5.57% PAMI Horizon Fund, Inc. -a 3.5185 -7.5% -2.16% -1.4% -7.14% Philam Fund, Inc. -a 15.662 -8.57% -2.46% -1.6% -7.66% 1.9343 -11.46% -3.58% -1.43% -8.85% Solidaritas Fund, Inc. -a Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3017 -16.54% -4.65% -2.71% -14.54% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9556 -7.67% n.a. n.a. -5.92% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8584 -17.29% n.a. n.a. -13.85% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8337 -19.43% n.a. n.a. -16.06% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8155 -19.88% -5.62% -3.84% -16.34% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03869 3.23% 2.64% 1.78% 1.28% 2.65% 1.37% 1.22% 0.61% PAMI Asia Balanced Fund, Inc. -b $1.0182 Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9755 4.83% 4.95% 4.13% 1.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1326 2.07% 2.65% n.a. 0.35% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 366.95 4.55% 3.19% 2.59% 2.52% ATRAM Corporate Bond Fund, Inc. -a 1.9438 2.25% 0.95% -0.03% 2.2% Cocolife Fixed Income Fund, Inc. -a 3.1949 4.64% 5.08% 5.09% 2.47% Ekklesia Mutual Fund Inc. -a 2.3061 5.13% 3.16% 2.4% 3.72% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4553 6.02% 3.5% 2.02% 4.08% Philam Bond Fund, Inc. -a 4.6419 10.71% 4.42% 2.71% 6.15% Philam Managed Income Fund, Inc. -a,6 1.3015 6.93% 4.2% 2.31% 3.56% Philequity Peso Bond Fund, Inc. -a 3.9758 7.64% 4.49% 2.43% 4.95% Soldivo Bond Fund, Inc. -a 1.039 10.68% 3.8% 1.92% 7.75% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1796 7.11% 4.87% 2.95% 3.38% Sun Life Prosperity GS Fund, Inc. -a 1.7461 5.97% 4.22% 2.4% 2.65% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $474.77 3.33% 2.5% 2.76% 1.37% ALFM Euro Bond Fund, Inc. -a Є215.68 -1.12% 0.67% 1.03% -1.87% 2.57% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2256 3.43% 2.91% 1.52% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0261 1.56% 1.58% 1.36% 1.16% PAMI Global Bond Fund, Inc -b $1.0729 -1.21% -0.02% 0.27% -1.89% Philam Dollar Bond Fund, Inc. -a $2.4503 4.15% 3.32% 3.12% 1.95% Philequity Dollar Income Fund Inc. -a $0.0607106 2.29% 1.98% 1.86% 0.68% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1907 3.33% 2.17% 2.48% 0.49% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.35 3.76% 3.24% 2.44% 2% First Metro Save and Learn Money Market Fund, Inc. -a 1.0424 -1.29% n.a. n.a. 1.57% Sun Life Prosperity Money Market Fund, Inc. -a 1.2845 3.07% 3.04% 2.59% 1.54% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0457 1.64% n.a. n.a. 0.71% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9884 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a. -6.06%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

LandBank released ₧3.02B in loans to agriculture sector

he Land Bank of the Philippines (Landbank) on Tuesday said it released a total of P3.02 billion in loans to help farmers and fishers boost productivity. The LandBank said in a statement that it extended P2.5 billion in loans to 19,367 eligible borrowers as of June 30 under the Agricultural Competitiveness Enhancement Fund (Acef) Lending Program. Of the total borrowers, it said 19,189 are small farmers and fishers (SFFs), 119 are micro and small enterprises (MSEs) and 59 are farmers and fisherfolk cooperatives and associations. The state-owned bank’s direct lending under the Acef Lending Program has been made available to eligible borrowers at 2 percent interest rate per annum. Under the program, individual farmers and fishers may use the loan for the purchase of farm inputs and equipment or for farm improvement. For MSEs, cooperatives and associations, the loan may be used for the acquisition of machineries, equipment and facilities for agriculture-based production and post-production, as well as processing. Moreover, the bank said it has also released P527.3 million in loans to 3,115 rice farmers and 22 cooperatives as of end-June 2020 under the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF) program. The ERCA-RCEF program was implemented to provide support to farmers following the implementation of Republic Act 11203 or the Rice Tariffication Law. The bank said it is one of the implementing agencies for the P1billion RCEF allocation for credit. It was also mandated to make available P500 million in loans annually to rice farmers in 59 out

of 80 rice-producing provinces covered by the Program from year 2019 to 2024. Direct lending under the ERCARCEF program has been made available to eligible borrowers at an interest rate of 2 percent per annum. For on-lending, interest rate is at 0 percent per annum with prescribed pass-on rate to end-borrowers of up to 6 percent per annum. Individual farmers may use the loan under the Program for the purchase of farm inputs for rice and rice seed production and the acquisition of farm machineries and equipment for production and post-production. For cooperatives, the loan may be used for the purchase of farm inputs for rice and rice seed production as a collective operation, working capital for rice and rice seed trading operation and other rice farming-related activities, acquisition of machineries and equipment, relending to small rice farmers listed in the Registry System for Basic Sectors in Agriculture and rediscounting of existing loans of small rice farmers listed in the registry. LandBank President and CEO Cecilia C. Borromeo said the LandBank will continue to provide affordable financial assistance to farmers and fishers, as well as their cooperatives and associations. “LandBank is continuously working with the Department of Agriculture to intensify our support to the agriculture sector,” Borromeo said. “Through the ACEF and ERCA-RCEF Loan Programs, we aim to assist more farmers and fishers, as well as their cooperatives and associations, so they can boost their productivity and profitability, and contribute significantly in ensuring food security in the country especially with the ongoing [government measures against the] Covid-19 pandemic.”

he country’s sole domestic professional reinsurer considers the A rating it secured from the Philippine Rating Services Corp. (PhilRatings) as reflecting its strong financial characteristics. In a statement on Tuesday, the National Reinsurance Corp. of the Philippines (NatRe), said the investment grade rating of PRS A means an insurer has strong financial security characteristics. However, NatRe said it also means the rated firm is somewhat more likely to be affected by adverse business conditions compared to higher-rated insurance companies. Quoting PhilRatings, NatRe said the grader took into consideration the reinsurer’s solid market franchise, shareholders of good standing, experienced management, sound investment portfolio, improving profitability outlook, though improvement may be at a relatively tempered pace. Moreover, PhilRatings also considered the insurance industry’s resilience amid the pandemic supported by regulatory relief measures. Over the projected period, NatRe foresees positive and improving underwriting results. While both “gross premiums written” and “net premiums written” are expected to both taper off in the nearterm due to the rebalancing of the company’s foreign treaties, NatRe expects that both will post doubledigit growth in the medium-term. Likewise, it also expects a doubledigit growth in its net income over the projected period, to be driven by the launch of the Philippine Catastrophe Insurance facility in the nearterm and the continued expansion of the company’s life business. However, PhilRatings sees NatRe’s future improvement in profitability may be at a tempered pace relative to company forecast based on its historical attainment of projected underwriting and net incomes. Being the only domestic profes-

Amid concerns on ABS-CBN’s future, banks seen handling credit portfolio

By Tyrone Jasper C. Piad

@Tyronepiad

he Bankers Association of the Philippines (BAP) assured that the country’s financial intermediaries can handle their loan portfolio following the rejection of a Lopez-led firm’s broadcast franchise.

The bankers’ group said it has “confidence in the capacity of banks to manage their credit portfolio in relation to the non-renewal of the ABSCBN Corp. broadcast franchise.” The banking sector is well-capitalized and has strong liquidity to manage credit risks, the BAP said. According to preliminary data from Bangko Sentral ng Pilipinas, the financial system has capitalization of P2.37 trillion as of May. This

translates to capital adequacy ratio of 12.62, which is above the regulatory requirement, for the same period. The BAP said the efforts of the Central Bank to implement measures keeping the sector healthy and stable has allowed it to surpass crises. “In the midst of today’s pandemic and concerns on the non-renewal of the ABS-CBN broadcast franchise, we strongly believe that banks will continue to be steadfast as they are

supported by strong financial conditions, robust risk management systems and a good corporate governance,” the BAP said. The association said it was also confident that BAP-member banks are prioritizing the welfare of their clients, ensuring their deposits are protected. Last week, the majority of the House of Representatives committee tackling franchise of ABS-CBN denied the media firm’s application for renewal after a series of hearings.

Hit on financials

Analysts said that this could take a hit on the media company’s financial position as it is poised to lay off 11,000 employees amid the shutdown of its broadcast operations. De La Salle University economist Maria Ella C. Oplas told the BusinessMirror that this could diminish ABSCBN’s revenues from advertisement, pulling its overall financial position. Oplas added this could then pose

MUFG on prowl for more tech investment after betting on Grab

Jovee Marie N. Dela Cruz

Strong financial security traits mark NatRe’s ‘PRS A’ rating

sional reinsurance firm in the country, NatRe is considered to have a solid market franchise. With a unique advantage granted by the law, it is entitled to take up a minimum 10-percent share of all the outward reinsurance business of domestic insurance companies, otherwise ceded abroad. This gives NatRe significant access to domestic reinsurers’ business, and also a broader view of their reinsurance requirements. The company’s marketing strategy is supported by its technical know-how, industry track record and familiarity with the domestic market. At the end of first quarter this year, state-run pension fund Government Service Insurance System continued to be NatRe’s largest shareholder, with a 25.7-percent stake in the company. The company’s other major shareholders are the Bank of the Philippine Islands and MICO Equities Inc., with ownership interests of 13.7 percent and 12.9 percent, respectively. As of end-2019, bulk or 69.9 percent of NatRe’s total investment portfolio is composed of low-risk bonds. On the other hand, equity securities and cash equivalents made up 17.5 percent and 11.1 percent of the company’s total investment portfolio, respectively. Bond investments of the company include government securities and debt issues of Philippine private corporations while equity securities consist mainly of shares of stocks (common and preferred) in companies listed in the Philippine Stock Exchange; in particular, blue chip companies belonging to various industries. PhilRatings noted that the share of equity securities to the company’s total investment portfolio is significantly lower than its share in 2018 (27 percent) and 2017 (30.6 percent). Cash equivalents, meanwhile, were represented by short-term placements. Bernadette D. Nicolas

Wednesday, July 15, 2020 B3

The MUFG logo is seen on a building. Mitsubishi UFJ Financial Group Inc. CEO Hironori Kamezawa said the company would continue to investment in tech startups. Bloomberg News

he days of aggressively buying Southeast Asian banks appear over for Japan’s biggest lender, which is now focusing on digital investment to reach new customers and streamline operations. Mitsubishi UFJ Financial Group Inc. is seeking to spend money on startups like Grab Holdings Inc. rather than purchase more brick-and-mortar financial institutions, CEO Hironori Kamezawa said. “We’re always looking for such opportunities” to invest in tech firms, he said in an interview. The coronavirus outbreak has provided a fresh impetus for banks worldwide to digitize their operations, as social distancing deals a further blow to the viability of their branch networks. Kamezawa, who was chief digital transformation officer until becoming CEO in April, spearheaded MUFG’s deal to invest $700 million in ridehailing giant Grab earlier this year. “The digital shift has already been one of the megatrends in society, but it has picked up pace in the wake of the pandemic,” said Kamezawa, 58. MUFG wants to tap Singapore-based Grab’s vast client base and expertise in artificial intelligence. The companies are working together on about a dozen potential business projects in Thailand, Indonesia, the Philippines and Vietnam, where MUFG has commercial banking units, Kamezawa said. “We’re planning to generate profit by teaming up our Southeast Asian banks with Grab,” he said. “For instance, we have a credit model and Grab has its data on customers’ behavior. We’re trying to create new financial services by combining the two.” Southeast Asia is already seeing huge growth in demand for digital financial services, with revenues projected to more than triple to at least $38 billion by 2025, a study by Bain & Co., Google and Temasek Holdings Pte showed last year. Kamezawa said the bank plans to start either a scoring model-based lending program or AI laboratory with Grab

in the fiscal year ending in March. He’s not perturbed by the pandemic’s impact on the startup, which recently said it will cut 360 jobs to reduce expenses during the downturn. “The ride-hailing business is in a tough situation,” Kamezawa said. “But food delivery is seeing a sharp increase at the same time, so they’re doing fine.” Still, Grab Singapore’s managing director, Yee Wee Tang, has said the growth in food delivery hasn’t been enough to cover the drop in transport business. Kamezawa’s background isn’t typical of an elite banker in Japan. A math expert who studied number theory at University of Tokyo’s graduate school, he made an impression earlier in his career by heading the bank’s launch of bond options trading. Digitalization is key to streamlining operations, especially in domestic retail banking, he said. While MUFG and others saw a surge in branch traffic despite a stay-at-home plea by the government in April, Kamezawa said the bank is now seeing a jump in the use of online banking services. His two predecessors, Kanetsugu Mike and Nobuyuki Hirano, were known for their overseas backgrounds. Under them, MUFG spent about $15 billion to acquire PT Bank Danamon Indonesia and Thailand’s Bank of Ayudhya and obtain stakes in Vietnam’s Vietinbank and Security Bank Corp. of the Philippines. Asked whether the acquisition of commercial banks in the region is over, Kamezawa said: “I think so.” “We have succeeded in making up for declining domestic profit through our push overseas,” he said, adding that the priority now is to control steadily rising costs. MUFG’s costs as a percentage of revenue remain high, standing at 70.2 percent for the year ended March, compared with 62.8 percent for rival Sumitomo Mitsui Financial Group Inc. “We will recalibrate our global strategy, review growth areas and allocate resources accordingly,” Kamezawa said. Bloomberg News

challenges on the network’s cash flow, thereby potentially affecting its ability to settle obligations. “With the denial of the franchise renewal, ABS CBN will not be able to resume its radio and television broadcasting operations which has been an integral part of its business,” Philstocks Financial Inc. analyst Japhet Louis Tantiangco said. He said that ABS-CBN might resort to liquidating its assets to pay off obligations. According to its latest unaudited financial report posted in the Philippine Stock Exchange, ABS-CBN has total liabilities amounting to P48.43 billion as of end-September 2019. Of this amount, P21.23 billion comprises the loan agreements the company has with several banks throughout the years. The media firm’s assets, meanwhile, reached an aggregate amount of P85.65 billion as of end-September 2019. A huge chunk of its assets includes property and equipment amounting to P27.87 billion.

Old 60-40 formula for stocks, bonds has run into trouble

precipitous slide in Treasury yields is calling into question one of the world’s most popular investment strategies. The traditional asset mix of 60 percent stocks and 40 percent bonds, a starting point for investors since the proliferation of modern portfolio theory in the 1950s, has produced one of the best risk-adjusted returns of the past three decades, outshining debt alone. But with Treasury yields now hovering around zero, and likely to stay there for years, those gains are in doubt. It’s not the first time that so-called 60/40 portfolios have faced scrutiny; the strategy is often a target of griping after a surge in stocks leaves investors short-changed. Still, this blend has protected many from this year’s volatility, eking out a 2.5 percent return through last week, according to JPMorgan Chase & Co.’s Jan Loeys. But with yields in the world’s biggest debt market plumbing new depths, bonds have less room to rise going forward, hurting their use as a hedge against falling stock prices. That has money managers looking beyond Treasuries to securities that have more potential to rally. “There’s a strong temptation to reach for yield wherever people can find it,” said Bill Merz, head of fixed-income research at US Bank Wealth Management, which oversees $180 billion from Minneapolis. “On a global scale, more investors are migrating out the risk spectrum because they feel they have no choice.” Calls for the demise of the 60/40 portfolio resurfaced in August, as US-China trade tensions exacerbated fears of a global economic slowdown. Bank of America Corp. and Morgan Stanley warned of sobering returns late last year, but expectations that the Fed will eventually cap yields for some Treasury maturities have given these arguments further traction. The mix, as measured by the S&P 500 Index and Bloomberg Barclays US Aggregate Bond Index, produced an annual compounded rate of return of almost 10 percent from 1983 to 2019, JPMorgan’s Loeys, a senior adviser of long-term investment strategy, wrote in a note June 30. Going forward, he sees returns on the 60/40 portfolio dropping to around 3.5 percent per year over the next decade, but investors could boost their returns to a little over 4 percent by adopting a portfolio that’s 40 percent stocks, 20 percent bonds and 40 percent invested in securities with some characteristics of both, he wrote. That could include collateralized loan obligations, commercial mortgage-backed securities, real estate investment trusts or utility stocks.

Making a move

Investors seem to be on the same page. Conning—an investment manager that oversaw $180 billion from Hartford, Connecticut as of June 30—has looked more closely at structured products such as CLOs over the past three months because it’s an area where prices haven’t been pushed higher by the Federal Reserve’s emergency asset purchases, Chief Investment Strategist Rich Sega said. And US Bank Wealth Management increased allocations to investmentgrade corporates and municipal credit in June, Merz said. Convertible bonds, which offer a risk profile between bonds and stocks, have also benefited from greater investor interest. US exchange-traded funds tracking this type of debt added more than $300 million in May, and another $427 million in June—the biggest monthly haul in six months, data compiled by Bloomberg show. “Convertibles are getting the best of all worlds because they have both bond- and equity-like aspects: They are a bond and they are convertible into stocks,” Loeys said by phone. “They gain when stocks go up and they gain when bonds rally, as both asset classes have in the last three months.” In Europe, where banks have spent the past decade shoring up balance sheets and deleveraging following the 2008 financial crisis, so-called CoCos—or bonds issued by the lenders that are convertible into stock—have become an appealing bet. They’ve returned more than 6 percent annually during the five years through June 30, even after accounting for a 9.4 percent annualized loss in the first half of 2020, according to Daniel Tenengauzer, head of markets strategy at Bank of New York Mellon Corp. CoCos returned double the region’s government bonds over the same period. Bloomberg News

Show BusinessMirror

Wednesday, July 15, 2020

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Tristan Wilds, 31; Lana Parrilla, 43; Jason Bonham, 54; Forest Whitaker, 59. Happy Birthday: Share your emotions, discuss your intentions and clear up matters that have been plaguing you for a long time. It’s up to you to take the initiative if you want to see a change take place. It’s time to set a course that leads to happiness and fulfillment. Don’t wallow over what’s gone; embrace what’s ahead. Your numbers are 3, 12, 19, 23, 28, 33, 45.

UNPROFESSIONAL

WHO is the star who arrived for a taping eight hours late and when she did, she offered no apologies or explanations. She obviously did not know the reputation of her costar, a senior star who’s very opinionated. Well, the senior star berated the star who couldn’t do anything except tell her mother. The senior star is really known for being feisty. Even now, she frequently complains about her younger costars being late and/or coming to the set unprepared. If she doesn’t tell them off to their faces, she gives them bad looks all day. In a way, the senior star has a point. It’s their job and they are paid handsomely for it. The least they could do is come to the set prepared.

DISRESPECTFUL

IT seems that the controversial star’s comeback is being slightly delayed by logistical problems as producers are worried if she can hack it. The star is not the problem. She is willing and she is disciplined enough to go to work. But judging from what’s been happening in the last two years, she has been late for many commitments largely because of health issues. There are even rumors that the project will not push through as many people in the network are still opposing it. Why? Because they think that controversial star disrespected the proper channels and went straight to the top to get the project. Also, people think that the celebrity being in their network could attract the ire of the powers-that-be. Politics is one of the reasons why her career has been sidelined. Everyone wants to see the celebrity back in the limelight. She might be controversial but she’s always riveting and oftentimes entertaining.

HER BENEFACTOR

SO the young actress and her clan have been quiet on the closing of a certain network. People are wondering why? There have long been speculations that the actress’s lifestyle is being financed by a certain powerful and well-connected individual, and this is reportedly the reason why she and her family have been noticeably mum on the things that have been unfolding. She is indebted to this man because he has given her the chance to pursue her dreams in a luxurious manner. She does not care if her projects flop. She has enough money in the bank to retire at such a young age. The actress’s benefactor is married and it is not clear whether her intends to legitimize their relationship someday. Or if the actress will agree to it.

MELTDOWN

NOW for a throwback: Who is the actress that arrived from abroad carrying two luxury bags and did not expect to get taxed at the airport? If she wasn’t such a prominent figure, it wouldn’t have happened but she was quite famous and those bags were worth around P1 million combined. So, OK, she was willing to pay but the authorities would not accept credit cards or checks, only cash. By this time, the actress was ready to throw a fit. She had been at it for almost an hour and she was hungry and tired. So she had meltdown right there and then. She was lucky that she was with someone who had cash and that the customs officials she screamed at were patient and accommodating. Also, she was lucky no one filmed her and uploaded the video on YouTube.

ARIES (March 21-April 19): The past can teach you plenty if you mull over experiences similar to something you are facing today. Caution is in your best interest when dealing with someone who is asking for too much. HHH

TAURUS (April 20-May 20): A slight change will make a big difference. Don’t let stubbornness stand between you and what you want. Communication will lead to solutions, and charm will seal the deal. A positive attitude change will encourage better personal and professional relationships. HHH

Naya Rivera, who rose to fame on TV show ‘Glee,’ dies at 33

By Mark Kennedy The Associated Press

EW YORK—Naya Rivera, a singer and actor who played a gay cheerleader on the hit TV musical comedy Glee, was found dead Monday in a Southern California lake. She was 33. Rivera’s body was discovered six days after she disappeared on Lake Piru, where her son, Josey, was found July 8 alone on a boat the two had rented, the Ventura County Sheriff’s Office said. The Sheriff’s Office confirmed that the body was Rivera’s. “Rest sweet, Naya. What a force you were,” wrote Glee costar Jane Lynch on Twitter. Steven Canals, who cocreated and produced the FX television show Pose, tweeted that he was “heartbroken over all the stories that will remain untold.” Viola Davis sent her prayers to Rivera’s family, and Kristin Chenoweth said: “Thank you for what you gave the world.” Rivera began acting at a young age, but she rose to national attention playing a lesbian teen on Glee, which aired from 2009 until 2015 on Fox. She is survived by her parents, Yolanda and George; a younger brother, Mychal; a sister, Nickayla; and her four-year-old son. “Naya Rivera was a fierce talent with so much more to do and this is such a terrible tragedy. We are forever grateful for the indelible contribution she made to Glee, from the first episode to the last,” said a statement from 20th Century Fox TV and Fox Entertainment. A native of Santa Clarita, California, Rivera began acting at 4, appearing in such series as The Fresh Prince of Bel-Air, Family Matters and The Bernie Mac Show. As a teen, she struggled with an eating disorder and had breast implants put in at 18 (“a confidence thing, not a sexual thing,” she would later write in her autobiography). “I had the lowest self-esteem in high school possible. I wasn’t popular, I didn’t have friends, but I would say it’s really important that you know who you are and you’re going to win in the end because of that,” Rivera said in a 2011 interview with The Associated

Press. She worked odd jobs as a telemarketer, a nanny, a waitress and an Abercrombie & Fitch greeter before landing the role of Santana Lopez on Ryan Murphy’s Glee. She auditioned by singing Destiny’s Child’s “Emotion.” The pilot offered her no speaking lines. Rivera played a secondary character—the mean cheerleader with blistering put-downs—in the show’s first season, but became a show regular in the second season as she struggled to reveal her character’s sexual identity. Many on social media credited her character for making them feel better about their own sexuality. “Honestly, I never thought I’d actually be playing a teen lesbian,” she told the Los Angeles Times in 2011. “I didn’t think it was going to go this far. But I’m glad that it did, because there have been a lot of fans who have expressed that they’ve been going through similar situations in their lives. I’ve heard from girls that are in high school, they’re 16, 17, and they’re like, ‘I came out to my mom,’ or ‘I came out to my friends, and thank you for helping me do that.’” Rivera’s “brilliance and humor were unmatched,” said Glee costar Chris Colfer on Instagram. “She could turn a bad day into a great day with a single remark. She inspired and uplifted people without even trying.” Jenna Ushkowitz, another Glee costar, promised “to help the legacy of your talent, humor, light and loyalty live on.” Rivera’s death is the latest death in a tragic arc of Glee actors. Corey Monteith died in 2013—exactly seven years to the day after Rivera’s body was identified—from a toxic mix of alcohol and heroin, and Rivera’s ex-boyfriend Mark Salling, who played a jock on the series, killed himself in 2018 after pleading guilty to child pornography charges. Rivera and Salling dated for three years and broke up in 2010. In the preface to her autobiography, Rivera wrote that motherhood had changed her life and given it perspective. She said she was braver, too. “Your life doesn’t have to be perfect for you to be proud. In fact, I think it’s the opposite: the more imperfect your life has been, the prouder you should be, because it means you’ve come that much further, and also probably had a lot more fun along the way.” n

GEMINI (May 21-June 20): Put more effort into the way you look and feel. Good health is fundamental if you intend to do well throughout your life. Check out a physical activity that interests you, join a mindfulness group online and implement a nutritious diet. HHH

CANCER (June 21-July 22): Speak up, and positive changes will result. Sharing emotions isn’t a sign of weakness; it’s an indication you are passionate about something you want to pursue. Be willing to give a little if you want something in return. HHHH

LEO (July 23-Aug. 22): Last-minute change will disrupt your day if you don’t have a backup plan. When making a decision, listen to your heart. Be the leader, not the one taking orders. Put more effort into bettering yourself and your position. HH

VIRGO (Aug. 23-Sept. 22): You’ll be encouraged to make a change. Consider what’s entailed and how best to maneuver your way from one situation to another. Protect your health, assets, personal information and emotional wellbeing. Rely on facts, not hearsay. HHHHH

LIBRA (Sept. 23-Oct. 22): You’ll shine if you put your best foot forward and market what you do best. A little charm will help you convince others to believe in what you have to offer, but following through will lead to much higher rewards. HHH

SCORPIO (Oct. 23-Nov. 21): Learn as you go, ask questions, formulate plans and interact with the people who can help you get ahead. You’ll be given inside information if you are willing to make minor adjustments to your plans. A window of opportunity is within reach. HHH

SAGITTARIUS (Nov. 22-Dec. 21): An aggressive plan to improve your domestic situation will help you be more productive. Figure out how much it will cost, and start to organize the best way to enhance your environment. A romantic gesture will help you avoid an argument. HHH

CAPRICORN (Dec. 22-Jan. 19): Consider the pros and cons regarding altering the way you live. Make sure you are on the same page as someone you hold near and dear to your heart before taking action. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Don’t get trapped in someone’s emotional situation. Spend more time making sure your personal life is in order and those you live with are content, and make adjustments that will bring you closer together. Achieve the goals you set. HH

PISCES (Feb. 19-March 20): Lock on to what’s trending, and you’ll find a way to put your skills to good use. Speak on your behalf, and you’ll persuade others to take part in your plan. An addition at home will encourage family unity. HHHH Birthday Baby: You are considerate, diligent and passionate. You are intense and demonstrative.

‘adult swim’ by dexter coleman The Universal Crossword/Edited by David Steinberg

ACROSS 1 Black or green beverages 5 First ___ (ship officer) 9 Pigs 14 Leave out 15 Ever so slightly 16 San ___ (city near Long Beach) 17 Angel who was 2019’s AL MVP 19 Changed the look of 20 One is always seen with a trunk 21 They may be free or rhyming 22 Smell or taste 23 Like horror novels 25 Gives lip to 27 Obsolete tape players 31 ___ Island (borough with no subway station) 35 See 42-Across 36 Verdi solo 37 With 39-Across, noted abstract impressionist 39 See 37-Across 41 Type of wrestler 42 With 35-Across, tropical rum cocktail 44 Nephews’ siblings

45 Manipulates 46 Without profit 48 Better, in rap lingo 49 Nonsense 54 Like pants worn to a gala 58 Engine mishaps 60 The Cowboys, for the Eagles 61 Member of NSYNC 62 Advil alternative 63 Kurylenko of Quantum of Solace 64 Suffix for Smurf 65 Pool fillers? 66 Secluded valley 67 Noble gas with the atomic number 10 DOWN 1 Big books 2 Author Zola 3 American Idol runner-up Clay 4 You might take them down 5 Kate in House of Cards 6 Makes amends 7 Least loose 8 Summer hrs. in Raleigh 9 Wild shopping adventure

0 Stare creepily 1 11 Racetrack postings 12 Cheese with a soft rind 13 Covers with turf 18 Concerns for prospective PhDs 21 Nostradamus was thought to have them 24 Gather, as crops 26 Inconsistency 27 Low-lying land 28 Gator cousin 29 Main ingredient in risotto 30 ___ Fifth Avenue 31 Silicon Valley sch. 32 Thracian T’s 33 Cartoon anvil maker 34 Some boxing match results, briefly 38 Countrywide: Abbr. 40 Richard or Eva descriptor 43 Flowing glacier feature 47 Kind of juice in a screwdriver 48 Little bits of land 50 American Idol winner Studdard 51 Very angry 52 Basil sauce

53 German city hidden in “United States Senate” 54 Pull, as through the mud 55 Annoy 56 Like 2010 or 2020 57 Action often symbolized by a floppy disk 59 Volunteer’s declaration 61 Cabin component Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Wednesday, July 15, 2020

Learn from home E

VEN before the pandemic, we were already curious about homeschooling. We did so now out of necessity rather than want. We wanted to keep our child safe from the virus but at the same time, we also wanted a good solid education for him. After reading through several articles and researching the best homeschool programs, we finally decided to enroll in one. There are different kinds of homeschool programs. One allows for a highly specialized program where you get to choose a particular track of subject depending on your child’s needs. Another is a program where you take all the lessons and tests online. And another one follows online lessons but the student has workbooks to answer after each lesson. We opted for the latter because we still wanted to see our child answering workbooks and getting feedback from us. Whatever your preference, you can choose from a variety of programs to suit your child’s needs and yours. One of the advantages of homeschooling is the academic flexibility. You can decide which topics or concepts you can skip because your child already understands how to apply it and focus more on areas of weaknesses. Of course you still need to follow the regulations set by the Department of Education on homeschooling, but you can control the pace at which your kid learns—you can spend more time where it is needed. You can also choose the best resources and reading materials for your child, and also the teaching method most effective for your child. On the other hand, customized education can shield kids from other viewpoints and ways of thinking. You may not be aware of your own biases, choosing only those which you think are correct. In a classroom setting, this is balanced by different teachers and personalities which enhance children’s ability to discern for themselves what they have to believe. In homeschooling, your bias could become their own bias, which may or may not be a good thing depending on how you look at it. It might become a difficulty later on when they are exposed to other people’s way of thinking. Since your child stays at home to learn, you play the dual role of parent and teacher. And because of the peculiar nature of your role, you will have to balance both. As a teacher, homeschooling will become your continuing education because you learn as you teach. You have to understand that the

curriculum during your time is different from what is now expected from our children. It will become a challenge for some to go back to the basics, especially if you were not able to apply the knowledge (think numerical place values and atomic structure) because it was already assumed knowledge or you have not actually used it at all. At any rate, you have to go back to it. And as a teacher, you need to have a great deal of patience especially when you think your child has difficulty understanding. Adapt as needed and you might need to take courses yourself on how to do homeschooling. Ask your homeschool program advisor because chances are, they will have a training program for parents. You also need to understand your child’s propensities in learning. Fortunately, there are several online tests you can have your child take to determine the learning style most effective to them. Some kids learn better by watching, reading, listening, or doing something. Others learn via a combination of audio, visual, or kinesthetic means. As soon as you discover how your child learns, you can tailor-fit activities which suit their learning styles. Most homeschool activities rely heavily on videos and workbooks, and you have to add activities especially when you see that your child is not learning well. Children learn best through play (adults, too), and several learning and development companies have gamified their content to make learning more engaging. So if the materials in the DUST The Body Shop’s Coconut Bronze Sun Kissed Bronzing Powder over your skin for a natural-looking tan all year round.

homeschool program do not exactly address your child’s learning style, you need to look for other resources to enhance learning, or you can create activities yourself to ensure your child gets the best education. Once you understand your child’s learning style, you will also develop your own teaching methods and style. But take note which ones work and which ones do not. You might also be surprised that what works for one subject might not necessarily work in another. The great thing about homeschooling is you get to experiment and discover for yourself which ones are most effective to your child. You can also focus on life skills rather than standardized activities in a classroom setup which may or may not actually help your kid. You can then engage in more activities to enhance learning or even spend more time to develop the skills and interests of your child. This way, learning is holistic and has real world applications rather than being stuck in the pages of a book. Homeschool programs are more affordable than classroom-based education because of the lower overhead costs. You also save time from transportation costs and other school-based activities which can be spent on activities your child can enjoy more. But homeschooling can also become more expensive especially if additional activities entail buying equipment or even membership to clubs. It can also be more time-consuming if you opt to do either

the fully online homeschool program or the textbookbased program because you still need to set aside a significant amount of time to monitor your child’s progress. And if you work from home, you might have to spend some of your time teaching your child and thus lose productivity and even some business. So before you make the decision to do homeschool, make sure you have factored in the costs and the amount of time you need to set aside for your child. One of the advantages of doing homeschool is that you get to spend more time with your child and hopefully both of you will become closer to each other. Aside from keeping your children safe from the Covid-19, you also reduce stress from peer pressure and you even prevent them from being bullied. However, this also means lesser interaction with children their own age which could become an issue later on. You can augment this by play dates, sports club memberships, or even activities offered by the homeschool program provider so they can interact with other kids. I have only been homeschooling for a few weeks and there are days when I ask myself if we made the right decision. But when I see my child doing his work and asking for my help when he does not understand a problem, I become fully aware of the big responsibility of teaching him in the way he should go. And while I know it takes a village to raise a child, I also understand that as a parent, I might have to take on that burden for a while. ■

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MISSING the mall? Shangri-La Plaza (www.facebook.com/ shangrilaplazaofficial) is giving its Shang Community a way to shop for everything they need from the safety of home. The retail destination has teamed up with delivery apps JoyRide and MyKuya to help bring Shang brands and products straight to shoppers’ doorsteps. Minimizing exposure to the dangers of the coronavirus while filling in items from your favorite brands is easy. When purchasing items from a single store, JoyRide is the best option. First, the customer contacts the store directly to order items. Payment options vary depending on the store. After paying, the store then packs the items carefully for the JoyRide driver to pick-up and deliver. The customer can choose to book the JoyRide driver themselves or ask the store to do so on their behalf. Delivery fees will be charged to the customer. For a shopping spree across several stores in the Shang, MyKuya is the way to go. The app matches customers with their own personal shoppers, who can then be instructed on what to purchase. First, download and register on the app, then pin the location to Mandaluyong City/Ortigas. Tap the Shang logo and select the duration of your shopping time. After being matched with a shopper, you can discuss payment options. If it’s less than P1,000, the personal shopper can pay for the items first. If the purchase is more than P1,000, they will drop by your place first to get the money. Service fees will be deducted from the registered Visa or Mastercard. Though Covid-19 continues to affect our way of life, Shangri-La Plaza makes sure to be responsive to shoppers’ needs at the mall or online during the new normal. More information is available at the retailer’s Viber community at bit.ly/ShangCommunityinViber.

B6 Wednesday, July 15, 2020

Dr. Pio Valenzuela’s 151st birth anniversary gives tribute to City frontliners

A simple wreath laying ceremony for Dr. Pio Valenzuela’s 151st birth anniversary was led by Mayor REX Gatchalian, Vice Mayor Lorie Natividad-Borja and Mr. Jose Valenzuela at the Triumvirate on July 11, 2020. (Photo by: Kevin Gatchalian/VC PIO)

O commemorate the 151st Birth Anniversary of the City’s local hero, Dr. Pio Valenzuela, the City Government of Valenzuela highlights this year’s theme as a tribute to frontliners who bravely faced the battle against the coronavirus disease (COVID-19) pandemic – exemplifying the virtues of “Kabayanihan, Kalinga at Kahandaan.” The traditional wreath laying ceremony marks a simple celebration as safety standards and protocols on mass gatherings are being observed while Metro Manila is still under General Community Quarantine (GCQ).

The event was also streamed virtually through Valenzuela City’s Facebook page to give Valenzuelanos a chance to join the ceremony on the comforts of their homes. Dr. Pio Valenzuela, where the City got its name, is considered as the city’s local hero also known as an esteemed physician, a revolutionary leader, a public servant and a key player in the Philippine revolution uprising. Dr. Pio also hails from Polo, Bulacan which is the present day Valenzuela City. With this year’s theme as “Kabayanihan, Kalinga at Kahandaan,” the City Hall’s lobby boasts images of

Valenzuela City’s frontliners represented as the modern day heroes – models of hope, resilience and unity of the entire city government force. As Mayor REX declares, “A city that does know where it came from, will not know where it is going.” The City Government of Valenzuela always makes sure that the Valenzuelano heritage is etched to its history – with Dr. Pio’s contributions as the foundation of every Valenzuelano’s “anchors of identity” and an inspiration of hope while it faces the challenges brought by the COVID-19 pandemic.

CSC issues hiring guidelines, including conduct of online interviews

OVERNMENT agencies may resume filling-up of vacant positions, issuance of appointments, among other human resource actions guided by the Interim Guidelines on Appointments and Other Human Resource Actions (IGAOHRA) for the Period of State of Calamity Due to COVID-19 Pandemic. The announcement was made by the Civil Service Commission (CSC) through Resolution No. 2000659 promulgated on 8 July 2020 which laid down the parameters on hiring for first and second level positions, including second level executive/managerial positions in the career service, and those appointed to the non-career service who are nonpresidential appointees during State of Calamity. The IGAOHRA takes effect retroactively or on 16 March 2020, the date of the declaration placing the entire country under State of Calamity. It shall remain in force until lifted. In recruiting and selecting candidates, agencies shall adopt internal guidelines that will allow online recruitment and selection processes such as online competency assessments, video conferencing for interviews and selection board deliberations. Agencies should provide CSC Regional Office and CSC Field Office concerned a copy of said guidelines. In addition, electronic signatures on copies of appointment are now allowed with the head of the agency ensuring authenticity, certifying its use, and submitting specimen signatures to the CSC RO concerned. Appointees who will assume their duties during the effectivity of the ECQ/ MECQ may be allowed to report through the alternative work arrangements

adopted by the agency or within thirty (30) days from the lifting of the ECQ/MECQ. The administration of oath of office may be done through virtual modes such as video conferencing provided that the appointee was furnished a copy of the appointment through e-mail and receipt is acknowledged with the electronic signature affixed. Those who have taken the oath of office and assumed the duties of the position are entitled to receive salary without awaiting the approval/validation of the appointment by the CSC. The imposition of the ECQ/MECQ and other general community quarantine does not extend the probationary period of appointees availing of the alternative work arrangements adopted by the agency. But, for those whose nature of work could only be performed onsite, the probationary period is extended for the duration of the quarantine period. On the required publication and posting of vacant positions, the ninemonth validity period of publication pursuant to Section 29 of the 2017 Omnibus Rules on Appointments and Other Human Resource Actions (ORAOHRA) is extended for the period equivalent to the duration of the enhanced community quarantine (ECQ) or modified enhanced community quarantine (MECQ) imposed in the area where the agency is located. Reckoning is based on the date of its lifting. Thus, the duration of the ECQ/MECQ is not included in the counting of the ninemonth validity period of publication. However, if the vacant position is not filled-up within the said extension, the agency is required to re-publish and post the vacancy as well as submit the electronic copy of the Request for Publication of Vacant Positions (CS Form No. 9, Revised 2018) to the CSC Field Office (CSC FO)

Pulmonologist, Dr. Maricar B. Limpin. “We laud the DOF for recognizing the threats of alcohol, e-cigarettes, and heated tobacco products pose to the health of the Filipinos and for taking swift action to help counter these health risks especially during this time of the pandemic,” she added. The DOF announcement came after Finance Secretary Carlos Domínguez was told that a certain online retail platform was offering tobacco at a reduced price. This is despite the given existing levies on HTPs, and e-cigarettes, as well as higher taxes on

HE Social Security System (SSS) is now accepting Social Security (SS) Sickness Benefit Reimbursement Applications (SBRAs) of employers online through its website. The online facility for SBRAs found at the My.SSS web portal on www.sss.gov. ph, allows employers to file their sickness benefit reimbursement claims in the convenience of their homes or offices without having to wait for the hardcopy of the approved sickness notification and the need to submit a duly accomplished SBRA form to an SSS office after giving the advance payment to their employee. SSS President and CEO Aurora C. Ignacio said the development of the online facility is aligned with the SSS' ongoing digital transformation, which is now more significant considering the coronavirus disease 2019 (COVID-19) situation. "Aside from expediting the processing time of sickness benefit reimbursements by eliminating the transmission of claims from SSS Branches to Processing Centers, this online facility will also reduce faceto-face interactions in our branches," Ignacio said. To use the online facility, employers must have a registered My.SSS account. They must be enrolled in the SSS Sickness and Maternity Benefit Payment Thruthe-Bank Program and have a registered bank account in the My.SSS portal. They must also have an SSS-approved sickness notification from their employees who are entitled to the sickness benefit. Likewise, they need to have a certification that the sickness benefit was paid in advance to their employees, which is consistent with

the approved sickness notification. Using the online facility, an employer may submit his/her application by logging in to his/her My.SSS account, proceeding to the E-Services tab and clicking "Submit SS Sickness Benefit Reimbursement Application (SBRA)." The employer must enter the SS number of his/her employee, who is entitled to receive the sickness benefit. After this, a list of approved SS Sickness Notifications will appear, wherein the employer must select the claim reference number from the list and click proceed. A form for additional information will be displayed which he/she should fill out, tick the certification checkbox to certify that the information provided is true and correct and that the amount of benefit was paid in advance to the employee in accordance with Section 14 (c) of RA 11199, click submit and click OK. Upon submission, a message stating that the application was submitted successfully, and the transaction details of the SS SBRA will be displayed. The SSS will also send this notification to the registered email address of the employer. However, only SS SBRAs for new and initial claims with approved sickness notifications can be filed via the online facility. Sickness Benefit Reimbursement claims for adjustment or re-filed claims must still be filed over-the-counter at SSS branches. For more information, members and employers may visit and follow the SSS' Facebook page and YouTube channel at "Philippine Social Security System," or its Twitter feed at "PHLSSS."

TLDC assists Davao communities and frontliners amid community quarantine

concerned through e-mail. Agencies are allowed to transmit appointments to CSC Field Offices via e-mail together with the Appointment Transmittal and Action Form (ATAF) for regulated agencies or Report on Appointments Issued (RAI) for accredited/deregulated agencies, including the requirements for regular appointments within 30 calendar. On the other hand, hard copies must be submitted within sixty (60) calendar days upon the lifting of the ECQ/MECQ. Appointments submitted through e-mail may be approved/validated if the appointee meets the qualification standards of the position subject to revalidation upon submission of the original copies of the appointment, plantilla of position, and other supporting documents required under ORAOHRA, and verification of civil service eligibility of the candidate. In case of disapproval/ invalidation of appointments, the 2017 Rules on Administrative Cases in the Civil Service (RACCS) will be followed. For the full text of CSC Resolution No. 2000659 and CSC Memorandum Circular No. 14, log on to the CSC website at www. csc.gov.ph.

Health Advocates laud DOF ban on online sale of sin products CTION on Smoking and Health (ASH) Philippines lauded the Department of Finance’ (DOF) initiative to ban online sale of sin products. The move to ban online sales of liquors and cigarettes was primarily to prevent proliferation of counterfeit items. “While the ban is primarily a bid to prevent smuggling and counterfeiting, this is a win for the health side. We commend the DOF for their initiative as this will greatly help to curb the use of these harmful products,” said ASH Executive Director and

SSS goes digital in filing sickness benefit reimbursement applications

alcohol and tobacco imposed this year. Last January, President Rodrigo Duterte signed into law Republic 11467, which further expanded excise taxes on alcohol, HTPs and e-cigarettes. The DOF projected approximately P22.2 Billion would be generated in incremental revenue which would be used to help augment funding for the Universal Healthcare (UHC) Law, however latest data shows that the collection of excise taxes on sin goods continued to decline in May, pulling down also the year-to-date tax take.

TLDC Davao Admin Head Myra Como (right) and TLDC Community Relations officer John Onesimo Balaba (left) with frontliners from the Davao Doctors Hospital during the distribution of pastries from dusitD2 Davao.

OINING private sector initiatives to respond to the COVID-19 pandemic, Torre Lorenzo Development Corporation (TLDC) mobilized its Davao team to provide assistance to frontliners and affected communities in the region. “In these challenging times, we aim to support the Davao region’s most vulnerable communities, just as we have always been a staunch partner for its growth and development,” said TLDC Chief Executive Officer Tomas P. Lorenzo. Lorenzo highlighted that the company worked directly with partner communities, provided food to frontliners, and worked with the Armed Forces of the Philippines to deliver timely assistance to barangays in need. To help augment the basic needs of its communities, TLDC distributed bags of rice to partner barangays in Davao City and Davao de Oro in coordination with local government units. To show appreciation for frontliners, TLDC also distributed packs of pastries from the dusitD2 Davao hotel to healthcare workers at the Southern Philippines Medical Center and Davao Doctors Hospital, members of the local

government units (LGUs) in Davao and Davao De Oro, and members of the AFP. Lorenzo further shared that the company partnered with the Armed Forces of the Philippines East Mindanao Command for its Kapwa Ko Sagot Ko Program, which aimed to benefit indigent Davao City communities affected by the COVID-19 pandemic. Under the program, TLDC extended support to the AFP East Mindanao Command through financial assistance which facilitated the distribution of care packages that contained basic commodities such as rice and canned goods. “These are initiatives that we hope to continue to do as part of our commitment to the fight against the pandemic. We fully support private-public sector collaboration in providing assistance to those who need it the most,” Lorenzo added. Through the development of premium lifestyle properties, TLDC has invested in the economy, tourism, and future of the Davao region. From pioneering premium university residences, TLDC has expanded into mixed-used developments and townships in emerging urban centers across the country.

BusinessMirror

Editor: Tet Andolong

Wednesday, July 15, 2020 B7

I-Land taps Signet Properties to market pioneering LEED-certified mid-rise condo

By Roderick L. Abad

EAL-estate company I-Land Inc. has tied up with Signet Properties to market its pioneering residential and eco-friendly mid-rise condo project in Parañaque City. As the property developer builds and markets quality homes to the local market, it wants to partner with a company who has the credibility and network to help it popularize the concept of sustainability. “We are glad to announce that ILand is working with Signet Properties, as they understand the unique innovations that we are introducing to the real-estate industry,” said May V. Lopez, vice president for

I-Land Inc. “Together, we hope to touch more sellers both here and abroad and reach who will be the future home owners of I-Land,” she added. With their collaboration, the firm’s ally is going to bring the project closer to potential home buyers and investors. “Signet Properties will spearhead the online sales and marketing efforts of I-Land Residences-Sucat by

PRESENT in the contract signing were Meryll C. Yan, marketing for ISOC Holdings Inc.; Marian A. Roxas, assistant vice president (AVP) for sales and marketing, I-Land Inc.; Andre Mercado, chief executive officer, Signet Properties; May V. Lopez, VP of I-Land Inc.; and Erika Lim, senior manager for marketing, I-Land

providing our lead generation and management platforms to their salesforce,” noted Andre Mercado, chief executive officer of Signet Properties. “This will ensure maximum oc-

cupancy rate of the residence when the project is turned over by 2023,” he cited. Spanning at 2 hectares, I-Land Residences-Sucat is a master-planned, sustainability-driven residential community comprised

of six buildings. Generous to give residents enough living space, it offers onebedroom to two-bedroom units at roomy 20 to 27 units per floor. True to its slogan of “Home of the

Future,” the vertical housing project provides an eco-sensitive, sustainable community, with green features relevant for the coming generations of condo dwellers. Notably, it is the first mid-rise development in the country to achieve a LEED or Leadership in Energy and Environmental Design status that is the most prestigious and widely used green building rating system worldwide. I-Land Inc. is the real-estate arm of ISOC Holdings, a company chaired by former construction magnate Michael Cosiquien. Established in 2018, Signet Properties is a leading data and techdriven real-estate lead generation provider. It is known for its technology innovations, such as 360-degree aerial views of neighborhoods, 3D model unit showings and commute map integrations.

Your own space in Arcovia Palazzo along C-5 Cebu real-estate players pivot businesses during T HE past few months have made us rethink the way we dream and pursue our goals for the future. From hereon, we know that every minute of our day counts—every thing that we wish to achieve and every dream we dared to take on can be ours if only we are able to maximize our time to claim them. In our journey toward fulfilling that goal, we need to be at an excellent starting point. How about owning your own address at a prime location in the middle of the capital? Imagine the possibilities you can enjoy with a place where you can be in major central business districts faster than it takes for your morning brew to cool down.

quarantine period

LAYERS in Cebu’s real-estate industry are adopting new ways of doing business as the Covid-19 situation takes its toll on the local economy. During a Cebu property webinar hosted by leading property expert Santos Knight Frank, representatives from the real-estate sector identified strategies that range from work-from-home schemes to repurposing facilities which will help continue doing business and maximize real-estate assets while ensuring the health and safety of employees and the community.

Jump-start your dream life at Arcovia City

If there’s an ideal place to establish your roots and pursue your goals at the same time, it would be where we can have all the space we need. Arcovia City—a 12-hectare township along C-5 in Pasig City—is a community master planned by Megaworld, the Philippines’s leading township developer. As we make our way to achieve the goals we have set ahead of us, ease of access should be a top-of-mind priority. Strategically located along C-5 road in Pasig City, Arcovia City is only 23 minutes from University of the Philippines Diliman, 14 minutes away from Ateneo de Manila University, and five minutes from St. Paul College. And since it’s in C-5, the township is only 15 minutes away from Fort Bonifacio and 21 minutes away from the Makati central business district (CBD). Within the community are a variety of retail and commercial hubs. Also rising fast inside the development livework-play developments are several LEEDcertified office spaces.

Cebu property market in a glance

A can’t-miss feature of Arcovia City is the tallest bronze monument in the country, the iconic Arco de Emperador composed on nine massive sculptures. This new tourism landmark serves to inspire the residents of the township with the message of how hardwork, passion and perseverance can create a selfmade successful man. Other than accessibility, sustainability is a priority for us when choosing our home. A thousand trees set to be planted in Arcovia City complement Megaworld’s commitment to reducing the carbon footprint of its integrated developments. Indeed, being in a space that fosters ample opportunities to nurture your well-being and embrace sustainability has become the new considerations in looking for that dream home.

Everything you’ll ever need in one convenient community is in Arcovia City. Do weekly groceries at Landers Superstore. Have a quiet cup of coffee at Starbucks, indulge in a boatload of snacks from the country’s first Popeye’s store inside the township, and savor your own corner of this dynamic and growing community from your future home at Arcovia Palazzo.

Create at Arcovia Palazzo

Designed by UK-based world-renowned architectural firm Broadway Malyan, the threetower Arcovia Palazzo will offer high-standard, quality of living to its would-be residents. Composed of the 40-story Altea Tower, the 45-story Benissa Tower, and the 49-story Cantabria Tower, Arcovia Palazzo offers would-be

residents a variety of unit options to suit their exciting lifestyles. This include Studio units with or without balcony (up to 32 sq m); one bedroom with or without balcony (up to 46.5 sq m); two bedroom with balcony (up to 77 sq m); and three bedroom with balcony (up to 193.5 sq m). Select bi-level units for one bedroom and two bedroom are also available, offering generous layouts of up to 107 sq m for onebedroom and 139 sq m for two-bedroom units. With generous amenities at the fifth level including an infinity pool with pool deck, pavilion, Jacuzzi, game room, fitness center, day-care center, outdoor seating lounge, children’s playground, function rooms, and a multipurpose lawn, a well-rounded life can easily be built at your home in Arcovia Palazzo.

Century Properties resumes high-rise project construction after completing site safety requirements

ISTED real-estate developer Century Properties Group (CPG:PM) announced that is has resumed construction operations after completing the Covid-19 rapid testing of 935 workers and site personnel, as well as other requirements from the Department of Human Settlements and Urban Development, including the provision of hygienic on-site quarters and facilities for its project sites in Century City, Makati; the Residences at Azure North in San Fernando, Pampanga; and the Residences at Commonwealth in Quezon City. The tests were conducted in line with CPG’s ongoing Covid-19 prevention and safety measures for its office-based employees, onsite personnel, and construction workers. In May, CPG also facilitated the testing of more than 800 workers in the five project sites of its affordable housing business PHirst Park Homes located in Tanza, Cavite; Lipa, Batangas; San Pablo and Calamba, Laguna; and Pandi, Bulacan. This brings the total number to more than 1,735 tested construction workers and site personnel. Aside from rapid testing, the company is

strictly implementing health protocols such as daily temperature scanning and health monitoring, safety orientations, the mandatory wearing of masks, and observing physical distancing. Handwashing areas are provided to make it a habit for workers to wash their hands more frequently. Each worker received a health kit with face masks and vitamins.

CPG President and CEO Marco R. Antonio is leading the efforts with the company’s human resources team to safely resume operations and reopen construction sites after three months of government lockdowns due to Covid-19. “Despite the most challenging circumstances, we are forging ahead with construction work to deliver our commitment

to our buyers, but with the proper safety measures for our people. Critical health protocols like this contribute to the safety and wellbeing of the communities and cities where we operate in,” he said. The simultaneous testings were conducted in cooperation with CPG’s outpatient medical facility Centuria Medical Makati at Century City. Now on its 34th year in the real-estate industry, CPG has close to 19,000 units in its multi-tower condominium projects at the Residences at Commonwealth in Quezon City, the Resort Residences at Azure North in San Fernando, Pampanga; Acqua Private Residences in Mandaluyong City; Century City, Makati; and Azure Urban Resort Residences in Parañaque City. Under the brand PHirst Park Homes and in partnership with Mitsubishi Corp., CPG’s affordable housing business has so far launched 6 master-planned communities with 9,820 house and lot units in 104 hectares in Tanza, Cavite; San Pablo and Calamba, Laguna; Pandi, Bulacan; and Lipa and Nasugbu in Batangas.

Having contributed 6.5 percent of the country’s GDP in 2018, Cebu is an important investment destination outside Metro Manila and a key economic hub in the Visayas region. However, with both global pandemic and economic crisis happening at the same time, the “double Black Swan” events have affected the outlook for residential and commercial real estate in Cebu. In the short term, the current market situation may put immediate pressure on office rents in Metro Cebu and cause delays in companies’ expansion plans. The crisis will also have dramatic effects on retail as shopping malls have shut down during the enhanced community quarantine. Meanwhile, decline in primary residential sales is also expected during the quarantine period as buyers prioritize liquidity and activities such as unit inspections are not possible.

Landlord responses

As the pandemic drove businesses to either stop or continue operations through a workfrom-home scheme, real-estate players have reported disruption in cash projections, sales and construction projects. Developers and landlords have been devising new systems with respect to physical distancing and health and disinfection requirements. Jason King of King Properties said companies should prioritize the health and safety of employees and key stakeholders, assessment of liquidity position to ensure business resiliency for the next few months, and reevaluation of timelines for ongoing projects. “We feel a responsibility for every one of our stakeholders: employees, contractors, suppliers, construction workers”, said Franco Soberano of Cebu Landmasters. “It’s all about picking the right baskets right now and having a game plan not just for 2020 but for the coming years ahead.”

Need for healthier buildings

Cebu Business Park and Cebu IT Park remain as attractive destinations for occupiers. More foreign companies are looking to outsource in the Philippines, especially in Metro Cebu, in

their bid to cut costs. “While majority of BPO companies are doing more work-from-home setups, companies are also spending more just to remain operational as they provide hotel accommodation, transportation, and other needs to employees who opt to work in the office,” said Jun Sa-a Jr. of CIB.O, the IT-BPM industry association in Cebu. Post-ECQ, Sa-a projects that 30-40 percent of the work force will continue to work from home. In the long term, occupiers will be more conscious on the impact of the workplace environment on the health, safety and well-being of their employees. The need for enhanced indoor environmental quality and a focus on healthier office buildings are expected. “The concept of ‘healthy,’ well-managed buildings used to be a ‘nice-to-have, but now a ‘must-have’,” said Rick Santos of Santos Knight Frank. “Part of this should have continuous contact tracing for employees to feel safe and compelled to go back to work as the office sector is and will continue to be an important sector for businesses.”

Repurposing facilities

With Cebu known as a key tourist destination in the Philippines, the tourism and hospitality sector in Cebu is one of the hardest-hit industries by the crisis’ effects. Developers have come up with other uses for their properties to continue operating. Some have converted their facilities to serve as alternative sites of operations of BPO companies, as well as employee housing. Brian Connelly of Marco Polo Plaza Cebu said the hotel opened its doors to host BPO employees whose offices are based around the area. There are also opportunities to turn function rooms and spaces into workspaces and expand the offering of its retail center with more essential grocery needs.

Opportunities in the new normal

There are opportunities in other real-estate sectors such as industrial and logistics. “The industrial and logistics sector remains a bright spot for Cebu, driven by the shift to e-commerce and the continuous demand for essential goods,” said Santos. To overcome current challenges, Santos Knight Frank emphasized the need to come up with a win-win scenario between landlords and tenants. “Landlord-occupier partnership is a long-term relationship. During these difficult times, both should be able to understand, listen, and be flexible to survive and thrive in this crisis,” said Kling Lacson of Santos Knight Frank. Ultimately, real-estate players should not only prioritize liquidity, but also pivot their businesses to new opportunities and continue to stay resilient despite all odds.

B8 Wednesday, July 15, 2020 | mirror_sports@yahoo.com.ph

By Ramon Rafael Bonilla

PHILIPPINE Sports Commission (PSC) employee is now detained at the National Bureau of Investigation (NBI) for his involvement in an alleged payroll fraud with investigators initially declaring that the scheme has been going on for the past five years and netted the suspect at least P14 million. NBI agents arrested Paul Michael Padua Ignacio, who is assigned at the PSC Personnel Department, in an entrapment operation at around 11 a.m. on Tuesday at the PSC Administration Building in Malate, Manila. Ignacio allegedly padded the PSC payroll for athletes and coaches by including inactive members of the national team. Atty. Guillermo Iroy, one of the PSC’s two Deputy Executive Directors who handles the agency’s legal affairs, said Ignacio did not resist arrest and claimed he “was already aware” of his predicament. “Charges of falsification of documents and qualified theft are expected to be filed against Mr. Ignacio, but the latter would have more weight in the case because it is non-bailable,” Iroy told BusinessMirror. Ignacio is said to have admitted guilt when interviewed by a radio reporter while he was detained at the NBI headquarters. The PSC sought the NBI’s help after the Land Bank of the Philippines Century Park Hotel Branch also in Malate—through its Vice President Marietta Cabusao—alerted the sports agency of a suspected anomaly in its payroll. The LandBank official said they monitored “large cash transactions and aggregated transactions,” all of which merited a “red flag.” The transactions were all traced to Ignacio’s LandBank payroll account with the PSC. Iroy said the scheme is believed to have been going on for the past five years when Ignacio was still assigned at the PSC’s IT department, the Information Systems Unit. There, he had digital access to the payroll for the more than 1,000 national athletes and coaches. Ignacio, Iroy said, was responsible for encoding the athletes and coaches payroll, the final procedure before the disk drives are

Sports BusinessMirror

Editor: Jun Lomibao

PAYROLL FRAUD AT PSC UNMASKED

submitted to the LandBank a day before pay day. “Suffice it to say that there were red flags which alerted us, and so we acted accordingly,” PSC Officer in Charge Ramon Fernandez said also on Tuesday. “We hope that we can get to the truth and bring the accountable to justice swiftly. The PSC will never waver in its duty to protect the interest of its stakeholders and the Filipino people,” added Fernandez, who is subbing for on leave chairman William Ramirez. Iroy furthered that the LandBank noted one alarming transaction that had Ignacio withdrawing P2 million from his account. Ignacio is in his late 20s and was hired as an IT personnel by the PSC in 2011. He is a Contract of Service (COS) employee, meaning he is not an organic personnel of the agency. BusinessMirror learned that Ignacio is now engaged in several personal businesses, prompting the PSC to request the NBI and other concerned government agencies to conduct a lifestyle check. Iroy added that Ignacio’s alleged involvement in the athletes and coaches payroll scheme could be a part of a bigger picture. “Mr. Ignacio also handled the payroll of COS employees before, and the PSC has more than 300 COS employees. I believe that is worth looking into,” Iroy said. Also catching the PSC and NBI’s attention, Iroy said, was Ignacio admitting he knew he was getting arrested. “How could he have known his arrest?” Iroy asked. Like most of his co-employees, Ignacio is working from home as the PSC maintains

a skeletal work force amid the Covid-19 pandemic. “When LandBank alerted us in a letter [dated July 7], we immediately convened and sought the NBI’s help last Friday,” Iroy said. “We then asked Mr. Ignacio to report for work and that he bring along his laptop.” Iroy said the PSC sought the NBI’s help in accordance with a memorandum of agreement between the PSC and the Department of Justice—signed on December 20, 2018, on matters involving such schemes. PSC Executive Director Merlita Ibay signed the letter addressed to NBI OIC Director Eric Distor.

RUSSELL WESTBROOK: I’m currently feeling well, quarantined, and looking forward to rejoining my teammates when I am cleared. AP fernandez

iROy

VIRUS HITS WESTBROOK AHEAD OF NBA RESTART L AKE BUENA VISTA, Florida—Houston’s Russell Westbrook hasn’t made it to the National Basketball Association (NBA) restart yet. The coronavirus did—but health protocols seemed to work as the league and its players hoped they would. On a day of troubling news for the league—Westbrook revealing that he has tested positive for the virus and two other players facing 10-day quarantines for leaving the league campus perimeter at Walt Disney World—it was also announced that two players tested positive for the virus after arriving in Central Florida last week. But neither of those positive players ever made it out of quarantine, so neither entered

the so-called bubble and could mingle freely with other players, coaches and staff. The NBA said both players, neither of whom were identified, “have since left the Campus to isolate at home or in isolation housing.” They could rejoin their teams later. “Our protocols are unbelievable,” said Toronto Raptors guard Kyle Lowry, one of the players who helped craft the restart rules. “I think our protocols and our health and safety measures have been top-notch. I think this thing will work perfectly.... We’re doing everything that we can possibly do to make sure that we’re healthy, we’re safe and we’re in an environment where we can be successful and do our jobs at a high level.” It’s unclear when Westbrook will arrive. As recently as Sunday, the Rockets believed that

...as Leila Barros tests positive, too COMMISSIONER Willia Marcial says protocol violators will be punished.

Marcial tells PBA players: Home, car, gym...repeat

HE Philippine Basketball Association (PBA) will penalize players who will violate health protocols covering the league’s return-totraining scheme amid the Covid-19 pandemic. This was stressed by Commissioner Willie Marcial on Tuesday, saying the PBA Board approved of the penalties during its virtual meeting over the weekend. Marcial said the punishment—which starts with a minimum fine of P5,000—is a way to ensure that guidelines would be strictly followed under the league’s “closed circuit concept” of health protocols. “For the players, it’s strictly ‘home, car, gym. They shouldn’t deviate from that concept,” Marcial told the Philippine Sportswriters Association (PSA) Forum webcast. “If a player couldn’t help it but go to the supermarket for errands, because nobody else could do that in his household, he must inform the league—because we keep a log of the players’ movement. Discipline is key here,” Marcial added. Teams will begin training in clusters starting on July 22 after the Inter-Agency Task Force relaxed protocols in basketball. A first offense corresponds to a P5,000 with the penalty doubling depending to the number of times a player commits more violations. The policy, Marcial explained, also covers individual workout. Marcial said violating protocols during practice command more stringent penalties that could be as much as P20,000. “The penalty is higher in team practice. Even the team’s designated health officers could be penalized if he violates the rules,” Marcial said in the forum presented by San Miguel Beer, Go For Gold, Amelie Hotel, Braska Restaurant, Philippine Amusement and Gaming Corp. and powered by Smart. “Mas malaki yung fine kapag nilabag mo yung protocols doon sa practices.” Only four players, a coach or trainer and a safety officer would be allowed inside the training facility once team workout begins. Training by teams will be done in batches. Players, coaches and team staff are required to undergo swab testing at the San Miguel Corp. facility.

LEILA BARROS is photographed participating in the Torch Relay for the Rio 2016 Olympics.

EMEMBER Leila Barros? That 5-foot-10 charmer of a middle spiker who won the hearts of millions of Filipinos when she brought her act to the country some 20 years ago playing for her native Brazil in an International Volleyball Federation Women’s World Grand Prix? The two-time Olympic volleyball bronze medalist Barros tested positive for coronavirus. Barros, a member of the Brazilian Senate,

announced the positive test on her social media, having suffered from fever and body aches. “I have faith that soon I will recover,” she said. “I pray that everyone who fights against this disease will have strength at this moment.” Barros played in the Brazilian team that finished third at the Atlanta 1996 and Sydney 2000 Olympic Games. During her career, she also earned four

gold medals at the Volleyball World Grand Prix and was named Most Valuable Player in 1996 and 1998. The 48-year-old took part in the Olympic Torch Relay for Rio 2016. Brazil is the second heaviest hit country by the coronavirus pandemic in the world. The country has reported more than 1.8 million cases of coronavirus, resulting in at least 72,100 deaths. Insidethegames

NFL, Oakley come up with face shields to protect players By Simmi Buttar

The Associated Press

EW YORK—With National Football League (NFL) training camps set to start at the end of the month, the league believes it is closer to one answer when it comes to player safety amid the coronavirus pandemic: face shields for the players’ helmets. The NFL and the players’ union agreed to several protocols in a 42-page document last week, including team travel, media and treatment response. They have also updated the facilities protocol, specifically addressing training camp, using recommendations from a joint committee of doctors, trainers and strength coaches. However, the two sides haven’t agreed on testing and screening protocols for the coronavirus. One idea suggested by the union’s medical director, Dr. Thom Mayer, to help control the spread of the virus was to have players wear face masks. The league’s engineers and a sports equipment company tested prototypes for the masks, but players shot it down. “We’ve had a real robust discussion around it that stretches back a number of months,” said Dr. Allen Sills, the league’s chief medical officer. “From the start, the NFL Players Association, their medical advisers, their engineers have

been engaged with us. We’ve also had dialogue with players along the way trying to look at early prototypes and developments.” The face shield was designed by Oakley, which already provides visors for the players. “We have well over 700 players that used the visors last year,” said Renie Anderson, chief revenue officer and executive vice president of NFL Partnerships. The face shield has received a better response than the mask suggestion. “The player feedback was integral in coming up with this design,” said Dr. Jeff Crandall, chairman of the NFL’s Engineering Committee. “They [Oakley] would start with this design and say: ‘Do you like this one better or this one? How’s your field of view on this one?’ “At the end, they did have feedback from players. This was their choice for the players they’ve evaluated so far. I think each player is going to have an evaluation for themselves in terms of exactly how they favor one concept versus another.” Crandall said Oakley came up with the design. “Clear plastic with slits or holes in it that block any direct path of a droplet, but do promote air flow, communication, soundwaves,” he said. “They had a visor that covers the eyes. What could we do to cover the mouth and nose area?” Crandall added. “So they came up with a mouth

THIS photo provided by Oakley shows a new face shield designed by the sports equipment and apparel company. AP

shield that tried to keep the field of view as much as possible; you don’t want to block the lower part. You want to promote breathing and not a sense of restriction. You want to maximize comfort. “Prevention from touching the face was also a consideration, and obviously the biggest consideration was how can you mitigate the exchange of droplets,” he said. Sills noted the shield was designed to deal with how the virus spreads. “Just like any face shield or facemask for that matter, you’re thinking about the aerosolization of droplets and the spread of it via that mechanism, which is starting to be recognized as the more important mode of transmission.” AP

Westbrook, NBA scoring leader James Harden and newly re-acquired Luc Mbah a Moute— none of the three traveled with the team to Walt Disney World near Orlando last week—would be with the team in the next few days. In Westbrook’s case, that now seems most unlikely. “I tested positive for Covid-19 prior to my teams departure to Orlando,” Westbrook wrote on his social-media channels. “I’m currently feeling well, quarantined, and looking forward to rejoining my teammates when I am cleared.” The arrival dates for Harden and Mbah a Moute are murky as well. Neither player has revealed why they aren’t at Disney, and Rockets Coach Mike D’Antoni would only say that “these are things that people are dealing with.” D’Antoni said Westbrook had taken part in individual workouts when they were permitted back in Houston, but declined to elaborate further on the guard’s condition. He also isn’t sure when the missing Rockets will arrive. “I did have one year of pre-med,” D’Antoni said. “But I don’t know when it’s going to happen. As soon as protocols get out of the way...they’re all anxious to get here and they’re doing what they need to do to stay in shape. “This is not going to set us back. We’re not going to let it set us back, and we’re going to be ready to roll here in the next two, three weeks.” Westbrook is averaging 27.5 points, eight rebounds and seven assists per game for the Rockets this season. Houston has clinched a playoff spot and resumes its season with the first of eight seeding games on July 31 against Dallas.

“I’m praying for his safety and the same for his family,” Phoenix guard Devin Booker said. “Hopefully he can get healthy and get down here as soon as possible.” The league also said Monday that 19 players newly tested positive since July 1 during in-market testing, meaning tests done before teams began arriving at Disney on July 7. Upon arrival at Disney, 322 players were tested with the two positives. “All we can do is try to stay optimistic about it and positive, and hopefully we can finish this season,” said Los Angeles Clippers forward Kawhi Leonard, the reigning NBA Finals MVP. Inside the NBA bubble, however, there was optimism that the rules established by the league and the players will work—even though some Disney parks reopened to visitors over the weekend and the MLS restart, also at the campus, has seen two teams leave after a spate of positive tests. “It’s a condition, a virus, that does not discriminate,” Phoenix coach Monty Williams said. “And we’re trying to do everything we can to keep our guys safe.” Those protocols that Lowry spoke of were designed to be taken seriously, and at least two players inside the NBA bubble have already paid a steep price for violating quarantine upon their teams’ respective arrivals last week. Sacramento’s Richaun Holmes revealed Monday that he “briefly and accidentally” crossed the NBA campus line to pick up a food delivery. Under the NBA’s rules of the restart, he now has to spend 10 days in quarantine. Holmes said he had eight days left in quarantine. AP

Sound of silence THAT’S ALL Al Mendoza | alsol47@yahoo.com

FREEDOM of choice reverberates in the National Basketball Association (NBA). This was proven anew with the recent approval by NBA Commissioner Adam Silver of the league’s active involvement in social justice issues precipitated by the death a while back of George Floyd, black, while in police custody in Minneapolis, Minnesota. Admirable, to say the least. Four policemen are now facing murder charges in Floyd’s death in May that caused massive protests anchored on racial discrimination that horrendously expanded into anarchy and looting across many major cities in America. The NBA Players Association, with Silver’s imprimatur, has adopted 29 socially-tainted messages for players to choose from to replace the player’s name at the back of the jersey. JaVale McGee, the Los Angeles’ veteran center, said he will wear “Respect Us” on his jersey when the Lakers play the Los Angeles Clippers on July 30 in the NBA restart in Orlando, Florida. “It’s a blessing to have this platform,” McGee told AP. “We have way more of a voice playing basketball.... Our fans are basketball fans over anything. This is the biggest platform we can speak about social injustices. That’s the best time to talk about it.” But some players aren’t using any of the messages on their jerseys, among them Lakers LeBron James and Anthony Davis, who are definitely two of the league’s biggest stars. “For me, I think the name ‘Davis’ is something I try to represent every time I step on the floor,” said Davis, a seven-time NBA All-Star. “I just think my last name is something that’s very important to me, and also social justice, as well. But I’m just

representing my name on the back to go through this process...and people who have been with me through my entire career to help me get to this point, while still kind of bringing up things that we can do for social injustice.” James was the first to forego replacing his name with a social message, saying it did not “resonate” for him about the movement. He said he would have liked to choose his own slogan, but added he wasn’t angry that it wasn’t allowed. “It was no disrespect to the list that was handed down to all the players,” said James. “I commend anyone that decides to put something on the back of their jersey. It’s just something that didn’t seriously resonate with my mission, my goal.” In fairness, James has been widely known to propagate progressive issues, even building a school for the marginalized in his hometown Akron, Ohio. “It’s great that a lot of people’s ears are opening,” said James. “We will continue to push the envelope and let everyone know that we are human as well. We don’t want to be just be used for our God-given abilities.” Some love noise, shouting their cause from rooftops. But sometimes, the message is better heard when delivered in deafening silence. THAT’S IT If reports are true, the virus scare has hardly subsided as spikes of Covid-19 infections continue to be recorded in many parts of the country. That should give new worries to our sports leaders, some of whom seem to be in a hurry to prod their players to return to action. Look before you leap, puleeez?