BusinessMirror July 17, 2020

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Friday, July 17, 2020 Vol. 15 No. 281

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

RATING AFFIRMATION POST-COVID, PINOYS STICKING TO DIGITAL PAYMENTS, SAYS POLL

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A POLICE armored personnel carrier patrols the streets of Navotas City after it was placed under a 14-day lockdown to curb the community transmission of Covid-19 in the northern Metro Manila fishport city. The government has kept the National Capital Region and some areas of Calabarzon under general community quarantine until July 31, even as Finance Secretary Carlos G. Dominguez III said such will delay recovery, given their contributions to GDP. Story on A2, “Keeping NCR, Calabarzon in GCQ weakens economy–Dominguez.” NONOY LACZA

By Tyrone Jasper C. Piad & Jovee Marie N. Dela Cruz

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OODY’S Investor Service on Thursday kept its “Baa2” rating for the Philippines’ long-term local and foreign currency issuer and senior unsecured debt, with outlook maintained at “stable,” but a lawmaker warned such status might come undone if pending reforms are not passed.

The debt watcher said the rating affirmation and stable outlook was supported by the robust fiscal position of the Philippine government in the recent years, noting that it has “a buffer against a rise in public indebtedness due to shocks such as the ongoing global coronavirus outbreak.”

Reacting to the development, Finance Secretary Carlos G.

Dominguez noted, “I was told that as of end June 2020, Moody’s has downgraded the credit ratings of 18 sovereigns and revised to ‘negative’ the outlook on the ratings of 27 sovereigns.”

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Moody’s affirmation of the credit rating showed that the Philippines is on the right track

PESO EXCHANGE RATES n US 49.4660

in managing the impact of the Covid-19 crisis.

“The Philippines entered this crisis in a position of strength characterized in part by healthy external accounts, sound and stable banking system, and manageable inflation,” he said.

“Complementing these buffers are the prompt, decisive and extraordinary measures implemented by the BSP and the national government to save lives and livelihoods, and to make sure we emerge from this crisis stronger than before,” Diokno added.

Meanwhile, a leading economist-lawmaker said that while the latest development is a sign that the Philippines will “bounce back very strongly” from the pandemic, “fundamentals are not enough in a country’s long-term prospects.”

Albay Rep. Joey Salceda said, “We have to keep thinking hard about how to improve our systems and how to build an ecosystem that is conducive to economic innovation.”

See “Reforms,” A2

AJORITY of Filipinos included in a worldwide poll by Visa Inc. said they intend to stick with digital payment methods instead of reverting back to cash even when the current health emergency is over, the digital payments provider said.

The key findings of the survey by Visa, which it announced on July 16, revealed “how the spending habits and behaviors of Filipino consumers are changing as operating in the ‘new normal’ takes shape across the globe.”

According to Visa, its survey revealed that 70 percent of Filipinos would stick to using digital payment platforms even after the pandemic passes. These findings come from a Visa survey of consumers from across 40 countries worldwide, including the Philippines.

The usage result is similar to Asia-Pacific respondents (78 percent) and higher than the global shoppers (68 percent), Visa said.

Interestingly, experts from the Asian Development Bank (ADB) said the world can’t discount cash yet, despite the increase in online payment transactions due to the pandemic.

Cash, they said, is deeply embedded in day-to-day life in many countries, making it an important tool in local economies.

See related story on A8, “Despite online boom, don’t count out cash yet–ADB.”

“We approached the study with the intention to gain a timely, deeper and clearer understanding of how Filipino consumer behaviors are changing in the current environment,” Dan Wolbert, Visa See “Digital,” A2

PHOTO shows part of the ceiling of the Food Hall of the Ninoy Aquino International Airport (Naia) Terminal 3, which collapsed at dawn of Wednesday (July 15). No one was injured, according to airport manager Ed Monreal, who immediately ordered an investigation and told the airport contractor to give his side. CONTRIBUTED PHOTO

Amid China Q2 growth, PHL GDP outlook dim

By Cai U. Ordinario

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ESPITE the recent announcement of China’s economic growth in the second quarter, the National Economic and Development Authority (Neda) and local economists still believe the Philippines’ own GDP outlook remains bleak.

On Thursday, China reported that its GDP grew 3.2 percent in the second quarter when many countries like the Philippines are expected to post their deepest contractions.

However, local economists still see contractions in Philippine GDP in the second quarter despite the good news coming from its largest trade partner.

“We have to check the composition of that growth [China’s GDP growth],” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a message. He said there is no assurance that the rebound in China’s growth would also be experienced by the country.

However, Neda Undersecretary Rosemarie G. Edillon told the BusinessMirror that the growth of China’s GDP certainly brings hope that the country’s growth would see a recovery, especially in June.

Edillon said currently, the country’s trade and manufacturing performance remains “subdued” even in May given the lockdowns.

The country’s external trade performance still posted a contraction of 38.7 percent in May. Exports contracted 35.6 percent while imports declined 40.6 percent in May. Continued on A2

n JAPAN 0.4626 n UK 62.2876 n HK 6.3812 n CHINA 7.0782 n SINGAPORE 35.6178 n AUSTRALIA 34.6658 n EU 56.4555 n SAUDI ARABIA 13.1892

Source: BSP (July 16, 2020)

News BusinessMirror

A2 Friday, July 17, 2020

Reforms…

Continued from A1

Moody’s said that while the local financial system remains robust, it was expecting more “structural economic and fiscal reforms will be on hold for some time, delaying potential further improvements in the Philippines’ credit profile.”

The credit rating agency also affirmed the government’s foreign currency senior unsecured shelf rating at (P)Baa2 and senior unsecured ratings for the liabilities of BSP at Baa2. Moody’s said that the credit quality of BSP is closely aligned with the government’s.

The long-term foreign currency bond ceiling and short-term foreign currency bond ceiling remained at A3 and P-2, respectively.

The long-term foreign currency deposit ceiling was given Baa2, while the short-term foreign currency deposit ceiling was kept at P-2.

The long-term local currency bond and deposit ceilings were unchanged at A2.

Government debt

WITH the Philippines seen to maintain strong credit metrics, Moody’s said the country is expected to be resilient to absorb shocks from the coronavirus pandemic. It noted that the local government managed to bring down the national debt to 39.6 percent of GDP in 2019 from 50.2 percent in 2010.

Moody’s expects the country’s GDP to contract by 4.5 percent this year. This could take a hit to the Philippines’ fiscal strength due to revenue plunges, increase in government debt and weakening debt affordability.

“However, fiscal strength will remain consistent with similarly related peers,” it noted.

The debt watcher is seeing government debt rising to over 45 percent of GDP this year.

“Moody’s forecasts the general government debt burden to peak next year, just under 46 percent of GDP, before falling gradually over the next several years,” it added.

Economic recovery

THE credit rating agency expects the real GDP growth to reach 6.5 percent in 2021 and stay around 6 percent in the following years.

“Unless the Philippines faces a significant and prolonged drop in remittances and an acceleration in the fragmentation of regional supply chains, growth potential will continue to be boosted by favorable demographics and ongoing improvements in the investment climate,” it noted.

“External vulnerability risks are muted despite pressures on the Philippines’ exports of goods and services and an expected fall in remittances from overseas Filipinos,” it added.

The BSP recently reported that personal remittances from overseas Filipinos declined by 2.9 percent to $10.494 billion in the first four months from $10.811 billion registered in the comparable period last year.

Moody’s added that the foreign currency reserve of the Philippines can cover the external debt and external debt servicing.

‘Fundamentals not enough’

MEANWHILE, House Committee on Ways and Means Chairman Salceda reminded everyone that, “Fundamentals simply indicate a country’s potential. To realize the potential, we need to seize on opportunities to build a thriving digital economy, strengthen our human capital, keep our finances stable, and make our economy more investment-driven.”

According to Salceda, the government should modernize the economy—from Internet access, to education and skills.

“Fundamentals, on their own, will not get us where we need to be. We have to leverage on our fundamentals. We have the youngest labor force in Asean. We can do even better by educating that labor force, so that we can have a young and very highly skilled workforce that is irresistible to global investment,” he said.

The credit report cited several reform proposals as reasons for keeping the country’s credit rating at Baa2, and the credit outlook to “stable,” despite the agency having downgraded 18 other countries, and having revised outlooks to “negative” for 27 countries.

The report cites “proposed changes to the Foreign Investments Act, the Public Service Act and the Retail Trade Liberalization Act, as well as the remaining thrusts of the government’s Comprehensive Tax Reform Program” as reforms they are watching. Salceda is a principal author of all of these reforms.

Salceda stressed that the Moody’s report warns against the “reversal of reforms that have supported prior gains in economic and fiscal strength would also likely lead to a downgrade.”

www.businessmirror.com.ph

Small investors troop to safe haven offered via retail bonds

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By Bernadette D. Nicolas

HE Bureau of the Treasury raised P192.707 billion from its rate-setting auction of 5-year Retail Treasury Bonds, called RTB 24, more than six times its initial P30-billion offer, amid the uncertainty over the government’s tack on rising Covid-19 cases.

Strong demand for RTB 24, dubbed “Progreso Bonds,” was evident in Thursday’s auction, which attracted tenders of as much as P278.572 billion.

The RTBs fetched a coupon rate of 2.625 percent and are due on August 2025.

National Treasurer Rosalia V. De Leon told reporters that “there is already a good pickup with 2.625 coupon and results in real positive yield.”

“Online ordering platform and mobile applications will allow us to reach far and wide small investors in this environment of safe dis-

tancing and quarantines,” De Leon said in a message.

She earlier said proceeds from the RTB sale would be used for the country’s budgetary support.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort told the BusinessMirror “there is a good chance” that the Treasury can set a new record-high RTB issuance amount given the rate-setting auction results and the large excess liquidity in the financial market.

Prior to the lockdown on March 17, the Treasury was able to raise P310.8 billion in 3-year T-

bonds in a one-week offer period that started on January 28 and ended on February 4.

Moreover, Ricafort said the coupon rate for RTB 24 is higher than the comparable interest rate benchmark, which is at a record low.

“The coupon rate is higher than the comparable 5-year PHP BVAL [Bloomberg Valuation Service] yield at a record low of 2.32 percent and also higher than the headline inflation rate,” he said.

“Record low local interest rates are very much favorable especially for all types of borrowers and for the broader economy as well, with much lower financing costs that help spur greater demand for loans, as well as support more investments, job creation, and other business/economic activities,” he added.

The Treasury has started the 3-week public offer period last Thursday, which is scheduled to last until August 7. However, the Treasury may opt to cut the public offer period earlier than scheduled.

The issuance of new RTBs due 2025 also comes with an exchange offer for RTB 10-01, RTB 10-02,

FXTN 05-73, and/or FXTN 07-57.

RTBs are generally considered low risk for investors as these allow them to earn on a fixed interest based on prevailing market rates. Investors are paid quarterly during the term of the bond.

For minimum denominations of P5,000, the general investing public is given the chance to take advantage of the issuance during the offer period.

To ensure wider participation of individual investors, they may also order and purchase the new RTBs through online channels.

To be able to buy bonds, users must first cash in via various payment options and other payment facilities available in mobile applications.

Individual investors may also purchase the RTB 24 from any of the 25 selling agents, which include the Development Bank of the Philippines, Land Bank of the Philippines, BDO Capital and Investment Corp., BPI-Capital Corp., China Banking Corp., First Metro Investment Corp., Philippine National Bank, RCBC, Security Bank Corp. and Union Bank of the Philippines.

PHILHEALTH EYES 2ND WAVE OF HOSPITAL CASH ADVANCES

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TATE-RUN Philippine Health Insurance Corporation (PhilHealth) is “seriously considering” the release of a second wave of financial support to hospitals for them to respond better to the rising number of Covid-19 cases.

In a statement on Thursday, PhilHealth said it is eyeing to provide concerned hospitals with a second tranche of the Interim Reimbursement Mechanism (IRM) or cash advance equivalent to three

months’ worth of their claims based on their claims data in 2019.

The state health insurer also said the second wave of IRM will be made available to hospitals with high concentration areas, such as National Capital Region (NCR), Regions III, IV and VII. In these areas, bed capacity either reached full capacity or critical levels as coronavirus infections increase due to the easing of quarantine policies.

However, overall nationwide

total Covid-19 admissions was only a little over 50 percent with most admissions in Level 3 or apex referral hospitals.

The agency said it will review each hospital’s utilization of the first tranche of IRM and will ask them to start liquidating the said funds so that they can be eligible for the second tranche.

Under the first wave of IRM, PhilHealth released a total of P14.7 billion to 681 hospitals. Of this, P7.6 billion or 52 percent went to

private institutions.

Of the amount released to private institutions, almost P4.2 billion or 29 percent was released to NCR, followed by PRO IV-A (Calabarzon) at P1.2 billion or 8 percent, and PRO III-A (Central Luzon) at P1.1 billion or 7 percent.

It also assured the public that it has adequate funding to support patients, whether with Covid-19 or not, in line with its mandate under the Universal Health Care Law. Bernadette D. Nicolas

Keeping NCR, Calabarzon in GCQ weakens economy–Dominguez

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INANCE Secretary Carlos G. Dominguez III said on Thursday said the extension of general community quarantine (GCQ) over National Capital Region (NCR) and some areas of Calabarzon would not bode well for the country’s economy.

The new community quarantine classifications, which will take effect until July 31, were announced late Wednesday night.

While the government kept NCR under GCQ, it eased the restrictions in Cebu to modified enhanced community quarantine (MECQ).

“I don’t know if it will deepen the recession, it probably will level

it off, but certainly it will not pull us up,” Dominguez told reporters when asked on the economic impact of the government’s decision to extend GCQ. The finance chief earlier said the government needs to ease further the restrictions in Metro Manila and Calabarzon to modified general community quarantine (MGCQ) as soon as possible, considering that the two areas made up 67 percent of the country’s economy.

Dominguez, also the head of the government’s economic team, also said they are in the process of reviewing macroeconomic assumptions, including their earlier pro-

jection that the country’s economy would contract by as much as 3.4 percent this year.

“We are currently reviewing the emerging figures,” he said.

The government’s economic team expects the economy to contract by 2 percent to 3.4 percent this year due to the Covid-19 pandemic.

This could be the country’s worst GDP growth rate since the economy contracted by 6.9 percent in 1985 based on 2018 constant prices.

The economic managers also expect the economy to rebound by 8 percent to 9 percent next year and to grow by 6 percent to 7 percent in 2022. Bernadette D. Nicolas

DOMINGUEZ: “I don’t know if it will deepen the recession, it probably will level it off, but certainly it will not pull us up.” AP

Digital…

Continued from A1

country manager for the Philippines and Guam, was quoted in the statement as saying.

“In this new normal, we’re seeing a shift—Filipinos are becoming more digital, and the Covid-19 situation has forced consumers to adopt this change in behavior,” Wolbert added.

Based on the findings, 73 percent of Filipino consumers said they are most likely to increase or sustain their current online shopping, similar to global shoppers (72 percent).

Wolbert explained that based on the data the survey collected, they see that one in six active Visa cardholders who have never made an e-commerce (electronic commerce) transaction last tear “are shopping online for the first time this year.”

“They are shopping for essential goods and services such as groceries, drugs and pharmaceutical goods and making bill payments for their telecommunication services,” Wolbert said.

“They are also making purchases for business services, showing a shift in small business owners making e-commerce purchases for business-related services.”

When it comes to the shopping experience, 37 percent of Filipino respondents said online shopping is a more positive experience than shopping at a physical store, higher than the global response (35 percent).

“The shift to e-commerce means that it is even more crucial that we work with our partners to streamline the online shopping experience for Filipinos in the country,” Wolbert said through the statement.

He added they are currently working with new partners, including small-scale and medium-scale enterprises who have “onboarded” e-commerce platforms to enable digital payments acceptance “and help drive a seamless and secure online shopping experience for Filipino consumers.”

The study also shows cashless habits are forming across the globe with 42 percent of Filipino respondents saying they prefer paying with cashless methods. This trend for the Philippines is slightly lower than Asia-Pacific (61 percent) and global (59 percent).

Wolbert said they hope the findings “will spark conversation and drive collaboration among the payment ecosystem and beyond, as together we navigate these uncharted waters in the Philippines.”

He added the company “will continue to utilize its data, drive innovative practical solutions, and leverage the power of our global network to help businesses in the Philippines grow stronger as we enter the different phases of recovery.” Dennis D. Estopace

Amid China Q2 growth, PHL GDP outlook dim Continued from A1

In terms of the results of the Monthly Integrated Survey of Selected Industries (MISSI), the Philippine Statistics Authority (PSA) said the Volume of Production Index (VoPI) contracted 40.3 percent while the Value of Production Index (VaPI) contracted 42.1 percent in May.

“To the extent that this implies a resumption of supply chains, then this is good for us,” Edillon said, in reply to a question of whether the good news of China’s positive GDP growth will affect the Philippines.

Local economists like Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang told the BusinessMirror that a primary reason for China’s positive growth is the fact that it was affected by the pandemic earlier than the rest of the world.

China’s coronavirus 2019 (Covid-19) cases started as early as December 2019. However, this did not prevent it from posting growth of 6 percent in the fourth quarter and 6.1 percent in the full year of 2019.

However, the first quarter of China’s growth in 2020 was severely affected.

In the first quarter of 2020, the Philippine economy saw a slowdown mainly due to the eruption of Taal Volcano and the slowdown in China and the US economies, as well as the start of the local lockdown in March.

However, economists said the full brunt of the impact of the pandemic-forced lockdowns on the economy will be in the April to June period or the second quarter.

Ang said ACERD’s latest estimates showed the country posting a contraction of as much as 13 percent in the second quarter of the year.

Another economist who sought anonymity said the second-quarter GDP data will be a major turning point in terms of full-year estimates.

Currently, the economist placed full-year growth at a contraction of 2 percent to 4 percent. But the estimate will likely be revised once the second-quarter numbers are released by the government.

Other economists such as ING Bank Manila Senior Economist Nicholas T. Mapa earlier forecast second-quarter GDP to see growth contract 5.8 percent.

Longer than expected

VIVENCIO DIZON, recently appointed deputy chief implementer of the national policy against Covid-19, said in an online forum on Thursday that Filipinos need to learn how to cope while maintaining health protocols longer

than they expect.

Dizon said this means Filipinos must learn to go about their daily lives wearing masks, practicing frequent handwashing, and maintaining social distancing for the next 10 to 12 months.

“If we are not careful, if we do not wear our masks, if we do not practice very frequent washing of our hands, and if we do not distance from others, then we’re going to see a spike in cases,” Dizon said.

“This is something that we’re going to have to deal with not in the next month, not in the next six months but in all likelihood, we are going to deal with this in the next 10 to 12 months,” he added.

This, he said, is especially crucial at this time when the government is slowly trying to open up the economy, which he said is reeling from the effects of the lockdowns.

Dizon said efforts to open up the economy while maintaining minimum health standards cannot be done by the government alone.

The local governments and the private sector must do their part to ensure that the gradual reopening would not lead to spikes in infections.

Dizon said the recent spike in cases can be attributed to the gradual opening up of the economy and the increase in testing capacity.

“We’re testing a lot more now, we’ve quadrupled the tests in the country from just a little over a month ago, and we breached the 1 million tests two days ago throughout the country,” Dizon said.

“But as we increase testing, we have also had an easing up of the economy. As our economic managers have told everyone, we can no longer stay in this prolonged lockdown,” he added.

www.businessmirror.com.ph

The Nation BusinessMirror

Labor groups file ninth plea vs Anti-Terrorism Act before High Court

By Joel R. San Juan @jrsanjuan1573

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EVERAL labor groups filed before the Supreme Court on Thursday the ninth petition seeking to declare as unconstitutional Republic Act 11479, or the Anti-Terrorism Act (ATA) of 2020, for being “unconstitutional.”

As an immediate relief, the petitioners led by the Federation of Free Workers (FFW) also sought the issuance of a temporary restraining order to enjoin its implementation pending the resolution of their petition on its merit.

In particular, the petitioners are seeking the scrapping of Sections 4 (defines terrorism), 5 (punishes those who threaten to commit terrorism), 6 (penalizes preparatory acts in the commission of terrorism), 9 (proscribes speeches and other representations that incite others to terrorism), 10, 11 and 12 (on recruitment and membership in a terrorist organization) for allegedly being vague, thus, violative of the constitutional requirement for due process; Section 25, paragraphs 1 to 3 for being invalid delegation of legislative power and Section 29 for being in violation of the constitutional guarantee against unreasonable searches and seizures and the due process clause.

The petitioners also claimed the ATA of 2020 “will have a destructive chilling effect” on the workers’ right to organize and conduct activities to petition the government to address their grievances.

“Indeed, vague and overly broad provisions of a law particularly those which are penal in nature such as RA 11479 is a deprivation of the people’s right to due process,” the petition read.

The petitioners said the R A 11479 should be declared unconstitutional for clearly allowing detention of persons, or group of persons, suspected of committing terrorism on the basis of mere suspicion.

The warrantless detention, according to the petitioners, is “without doubt, a clear and blatant assault” on the due process provision in Section 1 of the Constitution which states, “No person shall be deprived of life, liberty or property without due process of law.”

Furthermore, the petitioners said the detention authorization power of the Anti-Terrorism Council (ATC) is “a usurpation of judicial power” and a blatant disregard of the separation of powers.

They insisted that only a judge can issue an arrest warrant under

the present Constitution.

“While petitioners recognize the efforts of those who sincerely keep our people safe, they strongly oppose the Anti-Terrorism Act of 2020…in its present form which runs contrary, or repugnant, to the Constitution,” the petition read.

“Their greatest concern is that the unrestrained power given to the Executive department by the assailed law would be an instrument to terrorize the ordinary citizens who are not terrorists—or be used to aggravate the situation of the workers who are already victims of terrorism or terrorist acts,” they added.

Joining the FFW in the petition are the Trade Union Leaders of the Nagkaisa Labor Coalition, Kilusang Mayo Uno, Trade Union Leaders of the Uni Global Union-Philippine Liaison Council, Kilusang Artikulo Trese, and Co-Chair of the Church Labor Conference Julius Cainglet.

Named respondents in the petition are the Office of the President, the Senate and House of Representatives, the National Security Adviser the secretaries of foreign affairs, national defense, interior and local government, finance, justice department, information and communications technology and the executive director of the Anti-Money Laundering Council (AMLC).

The SC has ordered the eight separate petitions earlier filed questioning the constitutionality of the ATA to be consolidated.

It has also directed the Office of the President, several agencies under the Executive department, and both Houses of Congress to comment on the petitions.

The first four cases that were ordered consolidated by the SC were filed by the group of lawyer Howard Calleja and former Education Secretary Armin Luistro, Rep. Edcel C. Lagman, the group of Law Dean Mel Sta. Maria and several professors of the Far Eastern University, and the Makabayan bloc in the House of Representatives led by Bayan Muna Party-list Rep. Carlos Isagani Zarate.

The last four cases filed recently were those of the former head of the Office of the Government Corporate Counsel Rudolph Philip B. Jurado, the group of former members of the 1986 Constitutional Commission Christian S. Monsod and Felicitas A. Aquino and their group from the Ateneo Human Rights Center, two labor groups represented by the Center for Trade Union and Human Rights (CTUHR) and the Pro-Labor Legal Assistance Center (PLACE), and the Party-list organization Sanlakas.

DAR chalks up ‘satisfactory’ case resolutions amid Covid

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MID community lockdowns due to the coronavirus disease (Covid-19) pandemic, the Department of Agrarian Reform (DAR) reported that 14,372 out of the 18,124 agrarian law implementation cases have been resolved during the first half of 2020.

This means that from January to June this year, the DAR was able to maintain a “satisfactory” accomplish rate of 79.3 percent.

Since March, all government offices were operating with a skeletal work force because of the community lockdowns.

The DAR-Western Visayas (Region 6) delivered the highest number of cases resolved at 3,717, while DAR-Cagayan Valley (Region 2) is next after resolving 972 out of 980 cases received, for a near-perfect 99.18-percent accomplishment rate.

Soccsksargen (Region 12) resolved a total of 1,584 cases; Cala-

barzon (Region 4A), 1,065 cases; and Northern Mindanao (Region 10), 928 cases.

Ilocos (Reg ion 1) resolved 517 out of 526 cases received or 98.29-percent accomplishment rate; Calabarzon (Region 4A), 1,065 of 1,095 cases or 97.26 percent; Caraga, 582 out of 605 cases or 96.2 percent; and Zamboanga Peninsula (Region 9), 805 out of 857 cases or 93.82 percent.

While the number of cases resolved is a far cry from the agency’s ambitious target of a hundredpercent accomplishment rate, DAR Secretary John R. Castriciones said in a news statement that the accomplishment during the first half of the year is in itself something to boast about, considering the “abnormal” working condition the DAR legal sector had found itself amid the pandemic.

Jonathan L. Mayuga

Editor: Vittorio V. Vitug • Friday, July 17, 2020 A3

FOI data requests rose 40% to 31,827 from March to June–PCOO official

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By Samuel P. Medenilla

@sam_medenilla

ATA requests the government’s Freedom of Information Program (FOI) rose by 40 percent this year amid the novel coronavirus disease (Covid-19) pandemic.

Based from its June 2020 data, the Presidential Communications Operations Office (PCOO), which manages the electronic FOI (eFOI) portal, said it already registered 31,827 FOI requests.

This was 13,791 higher compared to the 18,036 FOI requests from 2016, when President Duterte signed Executive Order 2 implementing the FOI program, up to December 2019.

PCOO Assistant Secretary Kristian Ablan attributed the increase to the additional number of government agencies, which was included in the eFOI Portal.

“We continuously increase agencies onboard. We now have 487 agencies. So that we must account for it,” Ablan told theBusinessMirrorinaVibermessage.

Prompt action

OF the requests submitted to eFOI,

Palace says ban on face-to-face classes remain

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ALACAÑANG on Thursday said the ban on faceto-face classes in areas under community quarantine will remain for now.

This, after President Duterte deferred on the request of the Department of Education (DepEd) and Commission on Higher Education (CHED) to allow limited face-to-face classes during a Cabinet meeting on July 15, 2020.

“This is still under study. The President instructed them to submit their written proposal so it could be thoroughly discussed,” Presidential spokesman Harry Roque said during an online news briefing.

“It will not be implemented without the approval of the President,” he added.

He said the proposal will be presented to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) before it could be decided upon by Duterte.

CHED is eyeing to allow face-toface classes by January 2021, while DepEd is seeking to allow similar classes in areas, where there are “low risks” of Covid-19 incidents.

Roque said there is still time for the President to decide on the matter since the school year 2020 to 2021 has not started yet.

DepEd and CHED earlier announced they will be opening the next school year in August.

During a meeting with President Duterte on Wednesday, CHED Chairman Prospero de Vera recommended to allow face-to-face classes in areas under low risk modified general community quarantine (MGCQ) by next year.

“Let us delay it up to January [2021] and order universities to schedule in the second semester all subjects, which will need lab, OJT [on the job training], internship, etc.,” de Vera said.

For her part, Education Secretary Leonor Briones relayed to the President the appeal of some education stakeholder to allow face-to-face classes.

She noted other Southeast Asian countries have allowed face-to-face classes amid the pandemic albeit on a limited scale.

45 percent were successfully processed by concerned government agencies.

Another 32 percent were declared unsuccessful or denied since the requested information falls under categories of the “exceptions list,” or was requested to the wrong agency.

The other 5 percent were classified as “closed requests.” These are requests which were returned to the requesting party for clarification and the requesting party failed to respond within 60 days.

Only 18 percent of the requests are pending, or under process.

Processing of these requests remain uninterrupted even during the Covidrelated community quarantines, which were declared since March.

“Even with the community quarantine, which affected government operations and caused the suspen-

sion of FOI requests processing, most agencies continued to act upon FOI requests. A total of 4,496 FOI requests were received from March 13 to June 15, 2020,” Ablan said.

Most requested information

ABLAN said the most, or 47 percent, of the requested information are legal documents/resources such as memo circulars, board resolutions, orders and contracts.

Another bulk, or 39 percent, of requests are for government statistics, datasets and research.

Only 6 percent were related to personal information such as Statement of Assets, Liabilities, and Net Worth (SALN), Personal Data Sheets, monthly salary of government officials, travel expenses, etc.

The remaining 13 percent are not counted as FOI request. These include inquiries and complaints.

The top agencies with the most requests are the Philippine Statistics Authority; Department of Health; Department of Education; Department of Social Welfare and Development; Department of Labor and Employment; Department of Transportation; Department of Public Works and Highways.

Expanded coverage

ABLAN said they are now pushing

to further expand the coverage of the FOI program to include not only the Executive department as part of the administration’s initiative to promote more transparency in the government.

However, he said, the initiative will need the passage of the pending FOI legislation in Congress.

“We would like it to cover the entirety of the government, including the judiciary, Congress our constitutional commissions, as well as our local government units [LGU]. That is why we are calling on Congress to finally pass the Freedom of Information law within the term of the President,” Ablan said.

But even without the said law, he pointed out that 28 LGUs have already implemented their own FOI ordinances.

These are the areas of Benguet; Ilocos Norte; Surigao del Norte; Province of Bohol; Masbate; Northern Samar; La Union; Batanes; Occidental Mindoro; South Cotabato; Pasig City; Laoag City; Legazpi City; Tuguegarao City; Antipolo City; Himamaylan City; Quezon City; San Pablo City; Valenzuela City; and Borongan City.

For the municipalities, these include Pakil, Laguna; San Nicolas, Ilocos Norte; Infanta, Quezon; Torrijos, Marinduque; Sablayan, Occidental Mindoro; Consolacion, Cebu; and, and Santo Domingo, Ilocos Sur.

A4 Friday, July 17, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

IBPAP bares program to ‘upskill’ work force

By Elijah Felice E. Rosales @alyasjah

T

HE information-technology and business-process management is looking to “upskill” nearly three thirds of its labor force by 2022 through its proposal of a national strategy geared toward providing training grants to IT-BPM workers.

The IT and Business Process Association of the Philippines (IBPAP) is proposing a nationwide upskilling program that will provide learning tools for 1 million workers over a fiveyear duration. The initiative will offer near-hire trainings, upskilling vouchers, scholarships and immersions, as

well as student grants and tertiary education subsidies for individuals.

With this, the IBPAP is hoping 73 percent, or 1.15 million, of full-time IT-BPM workers will take mid to high skill level jobs by 2022, from just 54 percent of the labor force in 2016.

IBPAP Executive Director for Talent Development Frankie Antolin said the industry should work on making employees adapt to the new technologies. This way, they would not be prone to elimination in the age of automation.

“The adoption of next generation technologies will inevitably overhaul the current state of work. However, the transformation will be centered on the redefinition and augmenta-

tion of human work rather than elimination,” Antolin said.

“The argument should not be about whether technological disruption will create, or remove jobs. It should be more about finding ways to help humans wield these new tools and one way to accomplish this is to enable the movement of the existing work force up the value chain through upskilling, reskilling and promoting lifelong learning,” she added.

This year the IBPAP is targeting to launch a scaled pilot project with the Department of Information and Communications Technology (DICT) and the Development Academy of the Philippines (DAP). The IBPAP,

DICT and the DAP are working on a framework for implementation and monitoring of the proposed program.

Priority skill areas have been identified as well for all six subsectors based on what can be efficiently deployed through digital platforms, support countryside development and improve work from home capacity of the present and future labor force.

The objective for this year is to upskill 1,000 full-time employees and provide a proof of concept for the nationwide program that will try to emulate the success of SkillsFuture in Singapore, TalentCorp in Malaysia and the National Skills Development Corp. in India.

Gatchalian eyes financial aid for private schools

DOLE and CSC line up online job fairs for displaced workers

S

HE government is planning to conduct several online job fairs to provide alternative employment to the growing number of displaced workers.

The Civil Service Commission (CSC) said it will be conducting its virtual 2020 Government Online Career Fair (GOCF) from September 14 to 18, 2020 in partnership with JobStreet.com.

CSC Commissioner Aileen Lizada said an initial 750 jobs from the Commission on Audit (COA) will be made available in the event.

She said they expect to get more job vacancies from other government agencies in the coming weeks.

“I’m hoping for the best…so we could help more people,” Lizada told the BusinessMirror in a Viber message as of press time.

“With COA’s inclusion, there are now 15 agencies participating in the event,” she added.

CSC said interested applicants could get additional details about the event by visiting http://www.csc.gov. ph/slider/1972-2020gocf.html.

The deadline for registration for the GOCF is on August 14, 2020.

By Butch Fernandez

@butchfBM

EN. Sherwin T. Gatchalian on Thursday pressed for early passage by Congress of urgently needed remedial legislation granting timely government aid to “struggling” private schools, citing records that enrollment in these institutions dipped to 24.3 percent from last year’s 4 million enrolees.

Gatchalian, who chairs the Committee on Basic Education, noted reports reaching the Senate that out of 20,220,507 learners enrolled nationwide as of July 15, only 1,050,437 enrolled in private schools, adding that the Department of Education also reported 323,524 learners from private schools, state universities and colleges (SUCs), and local universities and colleges (LUCs) moved to public schools, even as DepEd clarified enrollment is still ongoing in some private institutions.

The senator stressed the need to ensure continued implementation of government subsidy programs, including the Senior High School Voucher Program (SHS VP) and the Education Service Contracting (ESC) to help learners continue their education, while giving relief to private schools, particularly those struggling to sustain operations because of lockdown measures and postponed enrollment.

He noted that the SHS VP is a continuing program of financial assistance where subsidies in the form of vouchers are provided to qualified SHS learners from private or nonDepEd schools, while the ESC utilizes the excess capacities of certified private junior high schools by allocating slots—which come with subsidies called ESC grants—to students who would have gone to public schools.

Gatchalian asserted there should be enough allocations for these programs under the 2021 budget so as not to reduce the number of beneficiaries as it could lead to a potential spike in dropouts. At the same time, the senator stressed that in order to help private schools “stay afloat,” there is need to give direct subsidies to teachers and personnel, noting that “some of whom are being paid so little since the imposition of quarantine measures.”

“This adds urgency to passing the Bayanihan to Recover As One Act [Senate Bill 1564] or Bayanihan 2.0, which has a provision to give one-time cash assistance to affected teaching and non-teaching personnel in private schools,” said Gatchalian, noting that Bayanihan 2.0 also aims to give tuition subsidies to learners who are not covered by government educational subsidies and voucher programs.

He acknowledged private schools as partners of the State in providing quality education to young students, stressing that in order to ensure their continuing education, there is need to provide State assistance in the midst of a crisis brought about by the deadly Covid-19.

Still, he assured that “with the help of the government and other sectors, private schools should ramp up their re-enrollment campaigns so they can reach learners who are at risk of dropping out and ensure that no child will be left behind including children in private schools.”

By Samuel P. Medenilla

@sam_medenilla

T

Test run

THE Department of Labor and Employment (DOLE)

is now also planning to conduct its own online Job Fair next month for returning overseas Filipino workers (OFW).

“We are now in the profiling phase of the supply and demand...we have weekly meetings for the preparations [for this],” Dominique Tutay of DOLE’s Bureau of Local Employment told the BusinessMirror in a Viber message.

She noted this will serve as their “test run” to determine the effectivity of online job fairs in addressing the needs of jobseekers compared to traditional job fairs.

“It could be cheaper in terms of administrative cost, but the reach may be limited to those who have access to needed technology,” Tutay said.

DOLE said there was a drastic decline in the number of traditional job fairs is annually organizes because of the community quarantine.

It also noted there were also fewer job opportunities this year because of business disruptions caused by the novel coronavirus disease (Covid-19) pandemic.

Based from its latest available data, DOLE registered over 121,900 displaced workers nationwide since the onset of the Covid-19 this year.

It also earlier noted it tallied around 400,000 Covid-affected OFW.

DPWH opens new steel flyover bridge in Panabo

AN aerial view of the newly opened steel flyover in Panabo, Davao del Norte.

T

HE Department of Public Works and Highways (DPWH) on Thursday opened a steel flyover in Panabo City, Davao del Norte, cutting travel time from the city to neighboring towns and urban centers to just 15 minutes.

The 195.59-meter Panabo City steel flyover with 304-meter approaches will “eliminate vehicle congestion by providing continuous traffic flow along the busy intersection of Daang Maharlika National Highway-Tadeco and Panabo Wharf Road,” accord-

ing to Public Works Secretary Mark A. Villar.

“The Panabo Flyover is much needed during this time of crisis when safe and reliable roads are crucial to public use and government response,” he said.

The bridge is part of the government’s Mega Bridges for Urban and Rural Development Project.

The DPWH spent P452.5 million to construct the bridge, which uses prefabricated modular steel technology from France. Lorenz S. Marasigan

www.businessmirror.com.ph

Ayala Group head calls for stronger govt support

for MSMEs amid pandemic

By Jovee Marie N. dela Cruz @joveemarie

A

YALA Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala on Thursday called for a strong government support for micro, small and medium enterprises (MSMEs).

During the “Build Back Better: Economic Resilience After COVID” forum of the House Committee on Economic Affairs, Zobel pointed out three sectors that the country should accelerate its efforts in line with government agenda to “Build Back Better.”

One of these efforts is the government’s continued support to MSMEs, he said.

Zobel acknowledged the importance of supporting MSMEs, which cover 60 percent of total annual revenues of Philippine businesses, contribute about 35 percent of the total gross domestic product, and employ 63 percent of Filipino work force.

However, he said the surveys done during the quarantine period indicated that financial security, employees safety, business continuity were among critical concerns of the MSMEs. “It’s unfortunate that many of these concerns led many businesses ceasing operations for about three months...these have been very difficult [for them],” Zobel said.

While large businesses can withstand longer period with no revenue, he said, this timeframe has been so hard for small businesses.

“We recognized that many initiatives have been taken by the Department of Trade and Industry to help entrepreneurs to withstand the crisis. With significant financial support and I know private sector groups have been critical partners providing mentorship and online training...we hope to sustain the momentum on the collaboration between the public and private sectors.

We look forward to working together to build a better and more

resilient Philippines,” he added.

Ayala Corp., Zobel said, is committed to supporting its network of 250,000 small and medium enterprises and over 1 million micro enterprises under three key aspects, namely, health, business continuity through digitalization, and financial assistance.

“Throughout this emergency we have tried to be supportive as possible to this partner community to condone rental fees and extending grace period for payment. We understand that they’re going to long pain, we can take this pain together so we can grow together,” he said.

He said the private sector is one with the government in mitigating the impact of Covid-19 pandemic.

“The unprecedented Covid-19 crisis really impacted the country in such unimaginable ways, none of us could have seen this to take place. The pandemic, however, give the private and public sector an opportunity to work closely,” Zobel added.

The lower chamber is pushing for the passage of the Accelerated Recovery and Investments Stimulus for the Economy of the Philippines, or ARISE Philippines Act, to address the adverse impact of the Covid-19 to businesses.

Besides helping MSMEs, Zobel said the country should also improve the limited public transportation, especially in the National Capital Region.

“We need to reimagine public transportation as an exercise in people mobility and apply technology such as contactless payment, less handling of physical objects that can transmit disease,” he said.

Also, Zobel said the national ID system can transform how public and private services are accessed and delivered digitally.

“Anything that facilitates digital infrastructure should be encouraged. The national ID system will be a key component for banking to take place at lower economic levels,” he added.

Duterte attending joint session for Sona at Batasan, says Sotto continued from a8

This is broken down into 25 people from the Executive department, including security. “So, not all Cabinet members will be there, only a select few. There will also be no audience,” Sotto said.

The rest of the 50 will come from the Legislative. “So, we agreed at 13 from the House, and 12 from the Senate.... That includes the Sergeant-at-Arms, Senate Secretary, and one or two officers from the documenting staff. So, in other words, it jibes with the number of senators who had expressed interest to attend. There are 8 possible senators who may [attend].... From the House, there will be 9 congressmen who will be there physically,” Sotto added.

Sotto is confident that, “no doubt ...we will have more than enough of the senators at 10am when we open the Second Regular Session” at the Senate building in Pasay City.

Among those who signified earlier their intention to join him at the Batasan rites in the afternoon, said Sotto, were at least seven other senators, “with me as 8th.”

Other senators will take up the slots “originally reserved” for the

Senate Pro Tempore (Ralph Recto) and the Minority Leader (Franklin Drilon). “Both of them have given their slot to other senators who would want to attend. In the case of Sen. Ralph Recto, he’d rather give it to Sen. Ronald Dela Rosa; and the Minority Leader also told me that you can ask any members of the Majority who expressed their intention to attend instead of him.”

Sotto said some senators told him “they would be present in the morning [at the Senate opening], but will no longer join in the afternoon.

They know it’s a tight affair, only a few can be accommodated,” the Senate chief said in a mix of English and Filipino.

Among those attending in the initial list apart from Sotto are Senators Panfilo Lacson, Francis Tolentino, Christopher “Bong” Go, Sherwin Gatchalian, Pia Cayetano and Majority Leader Miguel Zubiri.

Dela Rosa would be the eighth if he takes up the slot of Recto.

According to Sotto, if other senators are interested to attend, “we can take it up with the Executive,” but added that so far, no other senators have conveyed their intent.

Despite online boom, don’t count out cash yet–ADB This has led to the success of companies like Venmo which operates like a digital wallet, as well as a social-media feed and allow easier peer-to-peer transfers.

The app now has over 50 million user accounts, with a net payment volume of $31 billion in the first quarter of 2020 alone.

“The move away from cash has been bol-

stered by two other powerful trends: the rise of online shopping and a striking willingness to trust gadgets,” Édes and Dingwall said.

“If a shopper in Shanghai is likely to reach

continued from a8

for WeChat, a Manila diner might buy her meal using GCash, and a New Yorker might buy his coffee by waving his Apple watch at a card reader,” they also said. Cai U. Ordinario

Editor: Angel R. Calso

The World BusinessMirror

IMF warns small- and mid-sized business bankruptcies may triple

T

he International Monetary Fund warned that the rate of bankruptcy for small- and medium-sized businesses may triple this year in the absence of sufficient government support, threatening to stall the economic recovery and cause financial instability.

A staff analysis of 17 countries suggests that bankruptcies for the firms could surge to 12 percent, from 4 percent before the pandemic, the IMF said in a report on Thursday. Italy would see the biggest increase due to a large drop in aggregate demand and high share of production in contact-intensive industries. Across the Group of 20, relief from taxes and social security contributions, grants and interest rate subsidies have been an important salve, the IMF said.

Bankruptcy rates in the services

sector in the average country may climb by more than 20 percentage points in administration services, arts, entertainment and recreation, and education. Essential activities like agriculture, water and waste, may experience only small growth in bankruptcy rates, the IMF said.

More than one third of small businesses in Canada, South Korea, the UK and US worry about viability or expect to close permanently within the next year, according to the Washington-based fund. While the fiscal costs of support for firms are substantial and rising debt levels are a serious concern, the costs of premature withdrawal are greater than the cost of continued support where needed, Managing Director Kristalina Georgieva said in a related blog post. Bloomberg News

China becomes first economy to grow since virus pandemic

B

EIJING—China became the first major economy to grow since the start of the coronavirus pandemic, recording an unexpectedly strong 3.2 percent expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.

Growth reported on Thursday for the three months ending in June was a dramatic improvement over the previous quarter’s 6.8 percent contraction—China’s worst performance since at least the mid-1960s. But it still was the weakest positive figure since China started reporting quarterly growth in the early 1990s.

“We expect to see continuous improvement in the upcoming quarters,” Marcella Chow of JP Morgan Asset Management said in a report.

China, where the coronavirus pandemic began in December, was the first economy to shut down and the first to start the drawn-out process of recovery in March after the ruling Communist Party declared the disease under control.

“The national economy shifted from slowing down to rising in the first half of 2020,” the National Bureau of Statistics said in a statement.

Economists say China is likely to recover faster than some other major economies due to the ruling Communist Party’s decision to impose the most intensive anti-disease measures in history. Those cut off most access to cities with a total of 60 million people and suspended trade and travel—steps later imitated by some Asian and European governments as the virus spread.

Manufacturing and some other industries are almost back to normal. But consumer spending is weak due to fear of possible job losses. Cinemas and some other businesses still are closed and restrictions on travel stay in place.

“The pandemic is creating winners and losers,” said Bill Adams of PNC Financial Services Group in a report. “Manufacturing is leading China’s recovery.”

Private sector analysts say as much as 30 percent of the urban work force, or as many as 130 million people, may have lost their jobs at least temporarily.

They say as many as 25 million jobs might be lost for good this year.

The ruling party promised in May to spend $280 billion on meeting goals including creating 9 million new jobs. But it has avoided joining the United States

and Japan in rolling out stimulus packages of $1 trillion or more due to concern about adding to already high Chinese debt.

China reported 4,634 coronavirus deaths and 83,611 confirmed cases. It has not reported any domestically transmitted cases since an outbreak in Beijing that infected more than 330 people before it faded early this month.

On Tuesday, the government eased some curbs on domestic tourism after China reported no new locally acquired infections in nine days.

The Ministry of Culture and Tourism said tourist sites can allow 50 percent of their daily visitor capacity, up from 30 percent, and tours from one province to another can resume.

In the three months ending in June, factory output rose 4.4 percent, rebounding from the previous quarter’s 8.4 percent contraction after factories that make the world’s smartphones, shoes, toys and other goods reopened.

Retail sales shrank by 3.9 percent, but that was a marked improvement over the previous quarter’s 19 percent contraction while millions of families were confined to their homes and shopping malls were shut down. Online retail sales rose 14.3 percent, up from the previous quarter’s 5.9 percent.

June exports grew by an unexpectedly strong 0.4 percent but still are off 3 percent for the first half of the year. Imports rose 3 percent—including a 10.6 percent jump in purchases of US goods despite a tariff war—but are down 3.3 percent so far this year.

Forecasters warn exporters are likely to face another decline in demand as sales of masks and other medical supplies taper off and US and European retailers cancel orders.

“This suggests sustained pressure on employment, currently the government’s foremost policy priority,” said JP Morgan’s Chow.

A potential stumbling block is worsening relations with the United States, China’s biggest national export market, over disputes about trade, technology, human rights and Hong Kong.

The two governments signed an agreement in January to postpone further tariff hikes in their fight over Beijing’s technology ambitions and trade surplus. But most increases already imposed remained in place. AP

Apple wins big E.U. court case involving $15 billion in taxes

B

RUSSELS—A European Union court on Wednesday delivered a hammer blow to the bloc’s attempts to rein in multinationals’ ability to strike special tax deals with individual EU countries when it ruled that Apple does not have to pay 13 billion euros ($15 billion) in back taxes to Ireland.

The EU Commission had claimed in 2016 that Apple had struck an illegal tax deal with Irish authorities that allowed it to pay extremely low rates.

But the EU’s General Court said on Wednesday that “the Commission did not succeed in showing to the requisite legal standard that there was an advantage.”

“The Commission was wrong to declare” that Apple “had been granted a selective economic advantage and, by extension, state aid,” said the Luxembourg-based court, which is the second highest in the EU. The EU Commission had ordered Apple to pay for gross underpayment of tax on profits across the European bloc from 2003 to 2014. The commission said Apple used two shell companies in Ireland to

report its Europe-wide profits at effective rates well under 1 percent.

In many cases, multinationals can pay taxes on the bulk of their revenue across the EU’s 27 countries in the one EU country where they have their regional headquarters. For Apple and many other big tech companies, that is Ireland. For small EU countries like Ireland, that helps attract international business and even a small amount of tax revenue is helpful for them. The net result, however, is that the companies often end up paying very low tax.

The ruling can only be appealed on points of law and the Commission Vice President Margrethe Vestager said she will “reflect on possible next steps.”

The Irish government welcomed the ruling, saying “there was no special treatment provided” to the US company. Apple likewise said it was pleased by the decision, arguing that the case is not about how much tax it pays, but in what country. Apple CEO Tim Cook had earlier called the EU demand for back taxes “total political crap.” AP

Friday, July 17, 2020

A5

165 countries sign up for global vaccine plan

By Maria Cheng

L

AP Medical Writer

ONDON—More than 70 rich countries have signed up to a global coronavirus vaccine initiative intended to ensure that any effective shots are fairly distributed around the world–but which may also allow them to buy more vaccines to stockpile for their own citizens.

In a statement on Wednesday, the vaccines alliance Gavi reported that 75 countries have said they would join its new “Covax facility” along with another 90 low-income countries that hope to receive donated vaccines.

The Associated Press reported

this week that the Gavi initiative may allow rich countries to reinforce their own coronavirus vaccine supplies while leaving fewer doses available for more vulnerable populations.

When Gavi approached donor countries last month, it advertised

China says Britain is helping US hurt Huawei Technologies

B

EIJING—China accused Britain on Wednesday of colluding with Washington to hurt Huawei after the Chinese tech giant was blocked from working on a British next-generation mobile phone network.

A government spokeswoman said Beijing will protect Chinese companies but gave no indication of possible retaliation.

Washington accuses Huawei Technologies Ltd., the biggest maker of switching gear for phone and Internet companies, of being a security risk, which the Chinese company denies.

The Trump administration wants European and other allies to exclude Huawei as they upgrade to fifth-generation, or 5G, networks.

On Tuesday, the British government announced Huawei would be excluded from work on the network because US sanctions made it impossible to ensure the security of Chinese-supplied equipment.

“Without any concrete evidence, the United Kingdom took unfounded risks as an excuse and cooperated with the United States to discriminate, suppress and exclude Chinese companies,” foreign ministry spokesman Hua Chunying said.

Last year, Washington imposed curbs on Huawei’s access to American components and other technology. In May, the Trump administration tightened controls by blocking non-US companies from using American technology to produce processor chips and other components for Huawei without Washington’s approval.

Chinese officials accuse Washington of misusing national security concerns to block a rising competitor to US tech suppliers.

“China will fully and seriously evaluate this incident and take all measures to safeguard the legitimate rights and interests of Chinese enterprises,” Hua said.

On Tuesday, President Donald Trump said Washington told other governments to avoid

Huawei “if they want to do business with us.”

“We convinced many countries—many countries— and I did this myself, for the most part, not to use Huawei because we think it’s an unsafe security risk,” Trump said in Washington. “I talked many countries out of using it. If they want to do business with us, they can’t use it.”

Huawei is at the center of US-Chinese conflicts over technology development and possible spying. The company’s chief financial officer is under house arrest in Canada and fighting extradition to the United States to face charges related to possible violations of trade sanctions on Iran.

Hua said Beijing would warn Chinese companies “to attach great importance to the increasing political security risks” they face in Britain.

On Tuesday, Huawei reported its revenue grew 13.1 percent in the first half of 2020 compared with a year earlier despite US pressure and the coronavirus pandemic.

Huawei is, along with Nokia Corp. of Finland and Sweden’s LM Ericsson, a leader in development of fifth-generation technology.

5G is meant to expand networks to support self-driving cars, remote surgery and other futuristic applications. That makes the technology more intrusive and sensitive politically.

US officials have suggested Washington might provide financing so that other countries can buy Nokia or Ericsson technology instead of Huawei’s lower-priced gear.

British Prime Minister Boris Johnson’s government agreed in January to allow Huawei to supply some equipment for the 5G network while it would be barred from providing core components.

London reversed course after the Trump administration threatened to end an intelligencesharing agreement due to concern that Huawei’s involvement might allow Beijing to infiltrate British networks. AP

the plan as an “insurance policy” for rich countries that have already struck deals with drugmakers for experimental Covid-19 vaccines.

Gavi told donor governments that when an effective inoculation is found within its pool of Covid-19 candidates, all countries will receive enough to cover 20 percent of their populations, including rich countries that may have their own stockpiles. It said countries would be encouraged, but not required, to give up any doses they might not need.

“For the vast majority of countries, whether they can afford to pay for their own doses or require assistance, it means receiving a guaranteed share of doses and avoiding being pushed to the back of the queue,” Gavi CEO Seth Berkley said in a statement.

Dozens of vaccines are being re-

searched, and some countries—including Britain, France, Germany and the United States—already have ordered hundreds of millions of doses before the vaccines are even proven to work.

Critics say offering rich countries the chance to buy even more vaccines through Gavi essentially allows them to hoard limited Covid-19 vaccines without consequences.

Gavi CEO Berkley acknowledged there was no enforcement mechanism, but he said the alliance would be speaking with rich countries to propose possible solutions.

Gavi said the 165 countries that have expressed interest represent about 60 percent of the world’s population. The alliance is aiming to raise $2 billion to buy Covid-19 vaccines. AP

A6

Friday, July 17, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Adapt or perish

H

ave you noticed how almost everything comes with some sort of warning label like “remove child before folding” for a baby stroller?

Astrologers, both Eastern and Western, are expected to help put labels on an upcoming year and they seem to have failed miserably for 2020. One did say, “2020 is the beginning of not only a new decade, but a new astrological era. As with any birthing process, the year will involve enduring labor pains.”

But then she sort of failed: “The first half of the year, the period from January to June, will be a relatively calm time when many of us will be successful in realizing our dreams.” The New York Times reported on another: “If ever there was one, Susan Miller would be a blue-chip astrologer. In January, she appeared on CBS New York and predicted that 2020 would “be a great year and it will be a prosperous year.”

One group looks to be perfectly accurate. “This year is expected to be the worst for the global economy since World War II, according to the Association of Chartered Certified Accountants and the Institute of Management Accountants.” Of course these “bean counters” made that forecast on July 7, 2020.

It is probably not fair to single out people that watch the stars or the sun and moon. “Scientists” are not that much better in looking at the future. Popular Mechanics magazine in a 1957 article predicted that every road and street in America will be “replaced by a network of pneumatic tubes.” Wait a minute. Didn’t Elon Musk say that he invented that idea?

The New York Times science editor Waldemar Kaempffert wrote in 1950: “By the 21st century cooking as an art is only a memory in the minds of old people. All food would be delivered to our homes.” Actually in the “Year of Covid-19” that has almost been true for many of us.

Going forward, we may have to mentally use “warning labels” like this in light of the pandemic: “NOTE: This business model might NOT be successful in 2020.”

Obviously, there has been an explosion of food home delivery during the lockdown. There are two ways of looking at this phenomenon. We often have to make adjustments in behavior due to changes in our environment. After three days of continuous rain, we automatically pick up the umbrella as we walk out the door.

If we repeat a behavior often enough it can become a routine and then can become a habit. Eating out now is kind of silly when you have to sit 3 feet away from a family member that you will go home with in the same car and sleep under the same roof.

Will we continue with “home delivery” for restaurant-style food or will we rush to eat out once the restrictions are lifted?

The same is true for going to see a movie in the mall. How much more comfortable have we become with streaming movies in full view of our own kitchen and comfort room without any strangers coughing behind us?

English author H. G. Wells—The Time Machine, The Invisible Man, and The War of the Worlds—wrote, “Adapt or perish, now as ever, is nature’s inexorable imperative.” The world is constantly changing and if we do not want to be left behind, we have to change with it.

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Better Days

O

F the many who are bearing the economic brunt of the months-long lockdown, the informal sector has probably had it worse than others. The very nature of their employment makes them invisible to the eyes of government, and hence, they do not immediately receive monetary aid or wage subsidy.

For instance, throughout the first tranche of the Social Amelioration Program (SAP), local government units staff were requiring certificates of employment (COE) from supposed beneficiaries—a step which only made it difficult for the freelance plumbers, repairmen, construction workers, street vendors, and many more who desperately needed support.

According to the International Labor Organization (ILO), the informal economy is made up of independent, self-employed smallscale producers and distributors of goods and services. Informal workers are own-account workers and employers, members of cooperatives and other similar organizations, and workers in unregulated or unrecognized employment relationships. This classification also includes some who do work in the formal economy, such as those in subcontracting, supply chains, and paid household domestic work. These informal workers are usually not covered by a country’s labor laws and regula-

tions, making them a vulnerable segment of the population.

Here in our country, this segment is large and growing. From an estimated 10.5 million Filipinos in 2008, this sector has grown to 15.6 million by 2017, according to the Philippine Statistics Authority. In fact, in 2016, this so-called unorganized sector accounted for up to P5.016 trillion—or more than one-third—of the country’s GDP. Hence, in the face of the pandemic, these workers should be integrated into the formal economy.

And the first step should be to identify where they are and create the necessary database so that government assistance can be readily

The two crises

The first step in assisting our informal workers is having accurate information about them, so we can properly plan and execute effective government projects and actions. It is why we need the Informal Economy Registration and National Database Act. With 15.6 million Filipinos who may be “unseen” by the government, it is time we recognize and keep tabs on them, so that they can finally be integrated and provided the support they desperately need. given in times of need.

In Brazil, a $24-billion program for health care and support for lost income was outlined to help informal workers. In Chile, a $2-billion fund was created to distribute resources and boost employment—2.6 million informal workers are expected to benefit from it. In Paraguay, 1.1 million informal workers who earn more than minimum wage were added to their health emergency subsidy program. All of these actions need extensive databases of a country’s informal workers.

To this end, I filed SBN 1636, or the Informal Economy Registration and National Database Act. If approved, this act will first empower the Local Development Councils (LDCs) in Local Government Units to establish a simple and standard registration system for informal

B

The rule of law is only one aspect of governance that we need to fix in order to conquer this pandemic. The trust and unity of the people in the fight against Covid-19 cannot be earned through sheer force and by instilling fear. Rather, it can be achieved if they trust the leaders and the institutions that implement the laws.

Unfortunately, the report also shows that by the time we ultimately need the rule of law to address this pandemic, this is when it is weakened. We can see this through four aspects—observing the power of the government, the primary rights of the people, the use of justice, and eradicating corruption.

Here in the Philippines, we remember the threats of the questionable provisions in the “Bayanihan to Heal as One Act” that was

fight against Covid-19 pandemic still hasn’t been accounted for or presented in detail.

Advocating the promotion of the rule of law is an important action for the Holy Church. The Catholic social teaching emphasizes the balance between achieving and using power, and the sovereignty of law.

If there is rule of law, implementation of rules would not be based on the will of a few individuals—the President, military, or police. The policies and programs of the government should be open for public scrutiny. This is one way to make those behind wrongful and suspicious acts accountable. The rule of law relies on truth, justice, preser-

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Sonny M. Angara

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

Helping the unseen

Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

rothers and sisters, it’s been two weeks since the World Justice Project, an international organization encouraging the rule of law, released their report regarding two related crises the entire world is experiencing. First is the crisis of public health brought about by the Covid-19 pandemic, and second is the rule of law crisis. RULE OF LAW means having a stable system in implementing laws, making it possible to hold the government and the private sector accountable, having social justice, and propagating human rights. supposed to give additional powers to the President including ruling over private businesses and utilizing the budget. There also have been violations of human rights during the enhanced community quarantine, like the killing of a former soldier who didn’t follow ECQ protocols. Until today, there isn’t a clear case of appointing responsibility for these cases. Even the billions in funding released by the government to help in the

workers, units, and organizations.

For workers, an identification card and a record book will be issued.

The book will list all the services and benefits that have been availed of. For informal economic units, relevant information and payments collected will be recorded. An Informal Economy One-Stop Shop shall also be created to process transactions, permits, and other applications and licenses. Informal economy associations and organizations will be directed to register with the Department of Labor and Employment.

All this information will be collected into a national database by DOLE, in cooperation with the National Economic and Development Authority, and will be revalidated and reported on regularly. It should be noted that a National ID system could also have fulfilled this database’s functions, aiding the government in identification and distribution of assistance during the quarantine.

When it comes to assistance that should be given to informal workers, I refer to another bill I filed, SBN 328, the Magna Carta of Workers in the Informal Economy. Though I have submitted earlier versions of this since my days in the House of Representatives, it is my hope that it will soon become law. The MACWIE specifies, for example, that informal workers should have social security benefits, access to PhilHealth and other services such as quality childcare, and other See “Angara,” A7

vation of the innate dignity of man, and achieving the common good.

Like what we keep on hearing, the issue of Covid-19 is not only about health. This is also a discussion about governance. The rule of law is only one aspect of governance that we need to fix in order to conquer this pandemic. The trust and unity of the people in the fight against Covid-19 cannot be earned through sheer force and by instilling fear. Rather, it can be achieved if they trust the leaders and the institutions that implement the laws.

Brothers and sisters, let us not allow these two crises to worsen in our country. We can focus on the public health crisis if we have sensible governance and a strong rule of law. Amid the fear and chaos, may we “learn to do right; seek justice.

Defend the oppressed. Take up the cause of the fatherless; plead the case of the widow,” as stated in the Book of Isaiah 1:17.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

Opinion BusinessMirror

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Graduate education in the new normal

Friday, July 17, 2020

A7

This vanishing country Tito Genova Valiente

Dino Carlo A. Saplala

EAGLE WATCH

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any schools and universities in the country had suspended onsite classes since March 10 of this year due to the Covid-19 pandemic. Both policy-makers and school administrators confronted a dilemma involving school operations and health considerations.

In terms of economic implications, schools are important for human capital development as education generates significant positive externalities for society. During the pandemic, this was weighed against the need to protect students and school personnel from the spread of the virus (and from the possibility of either getting sick or passing the virus to a more vulnerable member of the household).

As more parts of the country reopen the economy and relax quarantines, the education sector also becomes an important consideration especially as the country transitions to a new school year. The need to review and reinvent higher education follows from the continuing need to engage and support stakeholders, including faculty, school personnel, and most especially the students, during these times. One part of the sector, which stakeholders and the government may want to examine closer, is graduate level education, particularly with respect to the following points: First, unlike the basic education and undergraduate levels, many disciplines in graduate education usually involve lower student-faculty ratios. It follows that social distancing protocols may be easier to implement at such setups. This could be due to the specialized nature of the activities involved.

In addition, many students at the graduate level are part-time students who are studying while being employed elsewhere. Therefore, if these students are part of industries already open during lighter quarantines, physical interaction may not increase much if graduate schools were to re-open. This could be done for MGCQ or even GCQ areas, depending on how health protocols can be established and implemented for each context.

In terms of face-to-face interactions, schools can prioritize fields where facilities are more needed. Examples include science laboratories for science fields and medical schools. Incidentally, these fields are urgently needed today as society needs more health-care workers and scientists who can pursue research related to the pandemic.

For some fields, distance education may be sufficient to provide the more essential competences of their programs. The graduate level is generally suitable for distance education (or can be designed to do so) as graduate students are expected to perform more independent study than their basic and tertiary education counterparts in many of the fields concerned.

Online education is another aspect worth developing in the Philippine context. In a 2008 article at the Studies in Higher Education journal, David Morris explored the potential of e-learning in terms of exploiting economies of scale and scope effects

Angara. . .

continued from A6

government resources and support that can be combined into a Social Protection Floor initiative. Surely, these assistance programs and benefits would have greatly eased the suffering of informal workers during this pandemic.

The first step in assisting our informal workers is having accurate information about them, so we can properly plan and execute effective government projects and actions. It is

Overall, graduate education can be very useful especially as society recovers from the pandemic.

On a practical note, it may even serve as an alternative activity for those who lost jobs during the current crisis to upgrade their skills productively while waiting for the end of the crisis. in the education sector. Morris also cited another study that illustrated that in some cases, economies of scale are present in graduate education and research, even if not necessarily in tertiary education. Scale and scope economies can be used to examine the internationalization trend in the past decade, which saw many universities send faculty and students abroad for exchange programs and form partnerships with other universities for research and knowledge-sharing purposes. Similarly, universities can form partnerships with schools in other regions and share content which could be used for different research and teaching contexts, including online. If the infrastructure is in place, this can allow students from more areas to benefit, even if the students don’t come to Metro Manila, for example.

If done online, an improvement in the digital infrastructure in the country is necessary and may not be immediately available. It is essential for the private and public sectors to step in to address stakeholders’ needs and immediately provide alternatives. Aside from improving Internet coverage, existing facilities can be rearranged for specific purposes.

For example, library operations can be focused toward developing and acquiring online content for the use of faculty, students, and other community stakeholders. Computer laboratories in libraries and other school spaces can be used as alternatives that students without sufficient Internet access can use, even if there are no regular classes for the other students. To better match schools’ and students’ contexts, some aspects raised by this article can be decided on a regional basis.

Overall, graduate education can be very useful especially as society recovers from the pandemic. On a practical note, it may even serve as an alternative activity for those who lost jobs during the current crisis to upgrade their skills productively while waiting for the end of the crisis. The health sector and the economy will potentially benefit, but this depends on how stakeholders are supported by the private or public sector.

The author is a lecturer of economics at the Ateneo de Manila University. The contents of this education-related article are the author’s own and do not necessarily reflect the views of the university.

why we need the Informal Economy Registration and National Database Act. With 15.6 million Filipinos who may be “unseen” by the government, it is time we recognize and keep tabs on them, so that they can finally be integrated and provided the support they desperately need.

Sen. Sonny Angara has been in public service for 15 years—nine years as representative of the Lone District of Aurora, and six as senator. He has authored and sponsored more than 200 laws. He recently won another term in the Senate.

E-mail: sensonnyangara@yahoo.com| Facebook, Twitter and Instagram: @sonnyangara.

annotations

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ow much do you know your country? That question is not a rhetorical patriotic question. Far from it. It should be a frustrated and frustrating question. It is a life question asked by a life form we call man.

The question has been here with me. You should have felt it, too, this squeamish feeling in your guts that something bad is going to happen.

You become a dog able to smell anguish and angst. A dog is fairly lucky.

The dog has options, which are part of its dogness. It can look at any point in the dog-space and lick the air where it can sense the phantom. Then it can gnash its teeth and make that terrible, hissing, gurgling noise before the bite. Or, it can run away, its tail between its hind legs.

Fate is good to dogs.

We humans are not luckier. We do not have the dog options. We go on sensing, feeling the angst. We persist with the terrible. The air around us gets heavier and the horizon makes us squint because it is disappearing in a haze. The world is eating itself and in our hearts something rat-like is gnawing at whatever is left with our vital organs. We know we are being destroyed but the uncertainty in that thought is greater than the truth that we continue to be assured.

That is being human.

It is Genesis told in reverse. We are slowly going back to those series of cosmic moments before our creation, the time before we became this complex whole. The future is chained before us. The end as we see is not enlightenment. It is also not punishment. It is as if we are given a chance to witness how we came about and now we should not have come about. A voice tells us to expect the light at the end of the tunnel. But we already know there is no light, there is no tunnel. It is a phrase invented during one of those glittering phases of what we

remember as “civilization.”

There are commands around us.

Rulers abound. Kings and queens and dictators manage the day.

Being homo sapiens, a label so old it should be dismissed, we think. It is, however, a consolation given when an object or a living thing is about to disappear. The thought is the last to go, not the heart.

A disease has caused all this. But it is not just this numbered affliction.

This nation is part of a league of affliction. Manifested in the growth of its societies, which include ours, is this notion that not everyone has the right to happiness and justice is limited. Good is limited. When one has more than enough, it means others have less. In our case, more have less.

Around us hunger and poverty are so common we have gotten used to them. We think about people who are poor and hungry. We know they exist. In fact, we study hunger and poverty. Some of us have become experts in the knowledge about hunger and poverty that higher institutions of learning have rewarded us, recognized us for our skills.

Strangely or rightly so, hunger and poverty remain unsolved. The technocrats who know the origin of poverty and hunger are enshrined in sites called universities. They are comfortable in their spaces. That is necessary because no one can study about social diseases if one is hungry and poor.

The spread of bacteria and virus is not new. The solutions or cure are the ones that keep on changing. Every time a new solution is invented, it has to be marketed. We need money to buy the new solution. The ones

Dismantling the oligarchs

who propose the solution become wealthier. Those who are poor and hungry are not able to buy the solution. This is not a problem, however, because they are not informed about any solution. This is peace.

Technologies are provided by our country. This is good. We derive our knowledge from the technologies around us.

Presently, in isolation, those technologies are giving us the wisdom that persons used to achieve from aging or living a full life. Not anymore.

In this country, very few people read.

Young people do not know anything about books.

A long time ago, houses were built to face each other. Homes were fitted with windows that were open during daytime. People looked out of those windows and talk to other people.

We had neighbors then. We do not have neighbors now.

We are isolated. We are not able to move. We cannot travel. If we do embark on a journey, we need permission. When we arrive at our own place, our very own city and town has to doubt us if we are infected or not.

That is how we survive in this age.

Doubt is science.

In reality, we do not move around anymore. The technologies

are evolving faster than us. Even politicians who are imbued with the speed to cope with ever-increasing wealth have lodged a complaint to our version of the Almighty that, please, let us not use very good technologies.

And so we slow down. We check devices—mobile phones, tablets, computers—to teach ourselves where we are. We can only cope so much, thus these technologies allow us to limit the member of our humanities to friends. Non-friends who stray into our imagined territories are allowed if they agree with us; otherwise, the technology has a way of blocking them, unfriending them.

Nothing enables us at present to know what is happening outside our devices. We are not sure if our kin who have gone home really reached their homes alive. But this does not bother us very much. We are connected to the bigger world out there.

We feel we know the world. We know many people out there. We see versions of our country, our cities. We view farms with happy people singing of harvest and the seasons. The technologies tell us.

Then we get disconnected…

Sotto, the best is yet to come for Philippine basketball.

ness practices which unreasonably restrain trade and free commerce.

He strictly enforced the anti-trust law, the Sherman Act of 1890. He caused the filing of civil and criminal actions in court to enforce the antitrust laws and won many of them. Roosevelt, a progressive reformer, earned his moniker as a “trustbuster” and promoted fair deals between business and the average citizen. In his second term, he introduced a welfare state, adopted pro-labor policies and attacked the oligarchs and big business. When Rockefeller finally lost the antitrust suit filed by the US Department of Justice under Roosevelt’s order petitioning for the dissolution of the Standard Oil trust and its various subsidiaries, Rockefeller cabled a humorous obituary to his trust partners which read: “Dearly beloved, we must obey the Supreme Court. Our splendid, happy family must scatter.” The trust was then worth some $660 million which is well over several trillion in current dollars. The US Supreme Court ruled: “No disinterested mind can survey…the jungle of conflicting testimony relating to innumerable complex and varied business transactions as extending over a period of nearly forty years without being irresistibly driven to the conclusion that the very genius for commercial organization soon begot an intent and purpose to exclude others.”

With the political will and firm resolve of a Teddy Roosevelt, President Duterte who enjoys the highest approval rating of any president before him in the final years of his term, can make it his last crusade to uproot undesirable oligarchs and political dynasties which have bled our people to death.

nnn

Manny F. Dooc

TELLTALES

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he Philippines may finally be competitive in future international basketball tournaments such as the Fiba World Cup, Jones Cup and the Olympics where height is unquestionably might. In a game where stratospheric players dominate the game, we have not just one but four Filipino players with potential heft and height who can carry our national colors in world competition. And except for June Mar Fajardo, our reliable tower of strength at 6’10,” also in the future roster will be three youngters all under age 20—7-foot-2 Kai Sotto, 6-foot-10 AJ Edu, and 7-foot Sage Tolentino. Sotto is now a member of an NBA G League to prepare for a possible NBA stint. Edu is currently playing with an NCAA team in the US, while Tolentino is a member of two-time state champion high school team, the powerful Maryknoll High in Honolulu, Hawaii. This is definitely a welcome development for the basketball-crazy Pinoys.

During the MICAA days, the precursor of the PBA, whose top teams and players transitioned to the PBA, the foremost natural-born Filipino players who were considered legitimate centers of the game were Alberto Reynoso, Albert Guidaben and Ramon Fernandez. Even Manuel Paner and Bong Melencio played slotmen. Except for Guidaben, all of them were under 6’5.” Thus, Filipino players were dwarfed even by power forwards and burly guards fielded by opponent teams, not to mention their centers who were unchallenged by shorter Pinoy players in the shaded area. But that will soon come to pass once our young giants of the game have honed their skills and become competitive with their foreign counterparts. Let’s just hope that they will be patriotic enough

and answer the call when their services are required by our country to represent the Philippines in the Sea Games, Asian Games and the Olympics. Our most dominant basketball player ever was Carlos “Caloy” Loyzaga who played center for San Beda in the NCAA and YCO Painters, a top amateur basketball team long before the professional basketball league was born. He was only 6’3” but he controlled the board and the lane area like he owned them.

He captained the Philippinbe team that won third place in the 1954 Fiba World Championship and was voted a member of the World Championship All-Star Mythical Five that year. He also led the Philippine Basketball Team to a 7th place finish in the 1956 Olympic Games. With our promising young players led by Kai

The oligarchs are pretty much in the news today with no less than President Duterte claiming that he had dismantled the country’s oligarchs without even declaring martial law.

The president’s critics disagreed with his statement and instead alleged that the President has created his own cronies who are becoming the new oligarchs in our society. The way to vanquished monopolies is to promote fair competition in business. Senator Franklin Drilon has said that if the President truly wants to end oligarchy in our country, he should put an end to political dynasties, and to demonstrate his sincerity, he volunteered to work with the administration in identifying laws that foster creation of oligarchs. He also suggested enacting laws that would promote fair competition in business.

There is no question that John D. Rockefeller amassed immense wealth and awesome economic power, which had influenced and corrupted the US government during his time. He bribed regulators, obstructed laws that were prejudicial to his business interests and killed unfriendly legislations through his numerous allies in Congress. As reported in the book, The Rockefellers: An American Dynasty, “during the [William] McKinley years these excesses had become commonplace.”

The new president, Theodore Roosevelt Jr., who succeeded the assassinated president, declared war on the bad oligarchs who had monopolized business and industries in the USA. He sued the giant corporations for price-fixing, operation of cartels and for committing collusive busi-

E-mail: titovaliente@yahoo.com

A8 Friday, July 17, 2020

Poultry, allied sectors: We lost ₧95B from chicken meat imports

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE local poultry sector and its allied industries, including ihaw-ihaw (barbecue) stalls, have lost nearly P95 billion in revenues last year due to chicken meat imports, based on the estimates disclosed in an open letter by over 50 industry players.

In a new open letter backing the call to suspend meat imports, over 50 industry players involved in broiler, feeds, corn, breeder production revealed that chicken importation last year resulted in foregone sales of P94.941 billion for the local industries.

The losses included foregone sales in breeder production, broiler production, feed production, corn production, job losses, hatchery operations, dressing plants, trucking operations, and sales of by-

products on ihaw-ihaw stalls.

The losses were estimated based on the displaced number of day-old chicks (DOCs) and broiler production by last year’s chicken meat imports, which reached a record-high 338,121 metric tons (MT), according to the letter.

“The present letter attempts to show the revenues or business foregone by the sector. There will be those who would attack it as self-serving,” said the open letter addressed to the Executive and

Legislative branches of government.

“But even if you divide the total by half, the remaining amount is substantial enough to weaken the industry—along with the thousands of families depending on it especially during these times that we are facing the greatest problem our generation has to face,” it added.

The open letter was signed by heads of the United Broiler Raisers Association, Philippine Chamber of Agriculture and Food Inc., Philippine Association of Feed Millers Inc., National Federation of Hog Farmers Inc., Philippine Egg Board Association, Philippine Maize Federation Inc. and Philippine College of Poultry Practitioners.

Signatories to the letter also included the Philippine Society of Animal Nutritionists, Philippine Veterinary Drug Association, PVDA Foundation Inc., Philippine Association of Breeder Layers Inc., Philippine College of Swine Practitioners, among others.

Based on the letter, direct broiler production lost the most revenues at P37.006 billion with an estimated 302.746 million heads of broiler being displaced last year.

The losses include so-called “DOC” sales (for day-old chicks) amounting to P7.807 billion, feed

sales worth P21.782 billion, and dressing plant costs worth P2.876 billion, according to industries’ computations.

Filipino ihaw-ihaw stalls and vendors are the second-most affected by chicken meat imports as they had an estimated lost income from sales of chicken by-products of about P15.818 billion, according to the letter.

Based on industry computations, ihaw-ihaw stalls lost P5.752 billion worth of isaw sales at a P10 per piece, P4.314 billion in chicken head and neck sales, P2.876 billion worth of chicken blood or dugo sales and another P2.876 billion lost revenues in chicken feet sales.

Corn, feed millers impacted

CHICKEN meat imports, which the industry players noted enter the country as a finished product and bypass the local production process, have also impacted the corn industry and the feed milling businesses, according to the letter.

Based on the letter, lost domestic feed sales from broiler operations amounted to P14.086 billion, half of which comprised corn sold to feed millers worth P7.139 billion.

The industry players estimated that the loss in domestic corn sales

have led to the reduction—by about 138,659 hectares—of the area planted to corn, impacting 106,661 families dependent on corn.

T he industr y players a lso claimed that chicken meat importation has resulted in losses of income among poultry industry employees, such as flockmen and supervisors, amounting to a total of P3.383 billion.

“At the outset, we respectfully ask for your understanding as to that manner we have been communicating with you—through open letters. We have numerous letters, position papers, and attended countless meetings with the relevant agencies through the years,” the letter read, referring to executive and legislative officials.

“We have also been requesting fairness in treatment. Unfortunately, no meaningful results have been made. We have, therefore, chosen to engage with the [government of the Republic of the Philippines], the media, and our people through a humble effort at a public discourse,” it added.

The industry players noted that they have been asking for a sound data system in accordance with the Agri-Fisheries Modernization Act so that they could make informed business decisions.

DESPITE ONLINE BOOM, DON’T COUNT OUT CASH YET–ADB

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ESPITE the increase in online payment transactions due to the pandemic, experts from the Asian Development Bank (ADB) said the world can’t discount cash yet.

In an Asian Development Blog, ADB North America Office Representative Bart Édes a nd For mer Sen ior Ed itor Alastair Dingwall said cash is deeply embedded in day-to-day life in many countries, making it an important tool in local economies. Édes and Dingwall also said many electronic platforms are not covered by banking regulations or insured by institutions such as the Federal Deposit Insurance Corp. in the US. “Cash is deeply embedded in the daily life of some countries,” the authors said. “For farmers in Indonesia, vendors in Cambodia or pedicab drivers in Bangladesh, the concept of using an app over cash is still far-fetched. But it is a lot more plausible now than it was before the pandemic.”

While cashless transactions

have become the norm in cities, Édes and Dingwall said it is worth noting that a large chunk of the population in each country still relies on cash transactions.

They said that in China, where many have embraced digital payments, around 30 percent of the population still do not own a smartphone. Even in the US, there are 8.4 million households who do not own bank accounts.

“If cash is on its way out, its departure will be staggered,” the authors said. “A lingering death [of cash] seems more likely.” Édes and Dingwall said nearly half or 46 percent of those surveyed by Mastercard in Asia and the Pacific said they used cash less often as of April this year.

They said that the use of cash in countries like the United Kingdom has declined to 23 percent as of 2019 from 87 percent in 1985.

In 2018, they said, 98 percent of people who owned smartphones in cities already used their units to make mobile payments.

Continued on A4

Big backlog, little supply also hounded us–RITM

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AVING 31 of its work force testing positive for Covid-19 and vital equipment bogging down are not the only reasons that prompted the Research Institute for Tropical Medicine (RITM) to scale down their operations.

On Thursday, they also cited shortage of hard-to-procure supplies, and an overflow of samples received over the past week that have constrained the center’s full delivery of Covid-19 testing services.

Per their earlier advisory, the laboratory scaledown shall be effective until July 18. Disease Reporting Units (DRUs) were reminded that the daily specimen limit will be strictly observed once RITM resumes its full laboratory operations.

Prior to the scaledown, the RITM had also agonized on whether to maintain its testing capacity of 2,000 specimens per day despite enduring the manpower problem—a number of personnel have been infected since June. Presently, the RITM said 31 of its work force have tested positive for the disease. Ten remain symptomatic but stable, while the others are reportedly in their recovery state as they await the results of their repeat test.

Still, RITM Director Celia Carlos said they will still continue to accept samples from catchment areas assigned to the Institute, which include Las Piñas, Makati, Muntinlupa, Parañaque, Pasay, Pateros, andTaguig in Metro Manila; Batangas, Laguna, and Quezon in Region 4A; and Marinduque, Occidental Mindoro, and Romblon in Region 4B. “This does not mean we will be closing our doors—we will still be accepting specimens from admitted patients within our testing zone for the five days of the laboratory operations scaledown,” said Carlos.

To limit backlogs and prolonged turnaround time, RITM also requested Centers for Health Development (CHDs) in Calabarzon, Mimaropa, and NCR to arrange out-patient testing referrals to activated Covid-19 laboratories, both public and private real-time PCR and GeneXpert facilities, within their respective regions for the mean time.

“We wanted to consistently deliver our best despite the mounting challenges, but it was at the expense of our weakening manpower. If our machines can give out for long periods of 24/7 high throughput testing, our people can be worn down as well. This scaledown also provides us the opportunity to take care of our own,” explained the RITM director.

Current infection control protocols in RITM include the reporting of the slightest flu-like symptoms. All personnel presenting any or related Covid-19 symptoms must consult with the Institute’s Employee Health Service (EHS) and isolate immediately.

The EHS clinic is working in full swing to attend to concerns raised by employees with regards to their physical and mental well-being. Baseline Covid-19 testing is likewise being performed for all RITM employees, including all newly hired staff.

“Please bear with us for the next few days as we conduct full servicing of equipment, decontamination of facilities, and the urgent testing of our staff. These measures are being done to ensure that we are fully armed and healthy to continue performing our tests safely and accurately. It is an uphill climb responding to this public health emergency, but please trust that our commitment to serve does not waver,” Carlos said. Claudeth Mocon-Ciriaco

Duterte attending joint session for Sona at Batasan, says Sotto

By Butch Fernandez

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@butchfBM

AL AC AÑANG has con f i r med P resident Duterte’s personal appearance before a joint session of Congress when lawmakers reconvene on July 27 to hear the Chief Executive’s traditional State of the Nation Address (Sona), junking an earlier option to have Duterte speak at the Palace with senators and congressmen listening from their respective chambers.

“I just received word today, the President has decided to deliver his Sona in the Batasang Pambansa, the

House of Representatives on July 27,” Senate President Vicente Sotto III said in a Zoom interview. The number of people physically present at the Batasan will, however, be limited to 50—a far cry from the audience of 500 who usually attend the event.

Sotto said he learned about it just after meeting with Senate officials to finalize the Sona preparations. “As a matter of fact, I just left a meeting with Senate Secretary Myra Villarica and the Senate Sergeant-at-Arms [Major General Rene C. Samonte], who were set to meet with their House counterparts.”

As finally agreed upon during talks with Executive officials, Sotto confirmed that the suggestion of the Executive Department and the Presidential Security Group (PSG) was adopted, in which only 50 persons will be allowed inside the Batasan Hall where Duterte will deliver the traditional Sona, his fifth since assuming the presidency in 2016. “Beforehand, or a week or so [ago], the consensus was already, as pitched by the Executive Department and the PSG, the maximum number of people in the Batasan would be 50 persons only,” Sotto explained.

Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

Friday, July 17, 2020

B1

Meralco moves to resolve billing concerns

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By Lenie Lectura @llectura & Jovee Marie N. Dela Cruz @joveemarie

he Manila Electric Co. (Meralco) has assured the Department of Energy (DOE) that it would soon finish the delivery of “personalized” letters to over 4 million of its customers to explain their May bills.

The electric meters of the customers were read in May, but their bills contained a reading that was based on estimated consumption in March or April.

In a letter to Energy Secretary Alfonso G. Cusi, Meralco President and CEO Ray C. Espinosa said the company is “on target to deliver the 4.1 million personalized letters to customers explaining their May

2020 bills made even more laymanized than what we issued for the June bills.”

The delivery of said letters commenced last July 10 and will be completed by Thursday.

Earlier this week, Cusi followed up on actions taken by Meralco to resolve consumer complaints previously discussed with the company’s executives.

“When I met with Meralco last May, I advised them to reissue electricity bills based on actual meter readings and disregard previous bills that were made on estimated consumption,” he said.

“We met again in June to discuss their implementation plan, and at that time, I underscored the importance of properly and clearly communicating with their consumers.

Meralco informed us then that they will be issuing advisories explaining the May and June billings through letters, social-media posts, and print media notices.”

Meralco provided the DOE a compliance status report on commitments made to the agency, Energy Regulatory Commission (ERC), Joint Congressional Energy Commission; Senate and House Committees on Energy, and the House Committee on Good Government and Public Accountability.

Espinosa also said “virtual agents”

in select Bayad Center outlets within its franchise area were deployed so that the affected customers can talk to a Meralco employee via computer set up with regards to their billing concerns. Additional manpower was also deployed to handle complaints in various digital channels such as emails, Facebook and Twitter.

Meralco also shouldered the P47 convenience fee charged by the payment gateway provider for payments made through the Meralco online app or website for payment transactions between March 15 to May 16, amounting to P12.6 million for approximately 268,000 transactions.

Espinosa said no convenience fees will be charged for Meralco online payments until the end of the general community quarantine.

According to Cusi, the DOE continues to receive a high volume of consumer complaints regarding their May and June Meralco bills.

“We welcome Meralco's assurance

ICTSI issues perpetual securities

By VG Cabuag @villygc

P

ort operator International Container Terminal Services Inc. (ICTSI) on Thursday said it has raised $300 million from its new senior perpetual bonds offering offshore, while extending the tender offer for the holders of all its older $450 million for-life debt.

In separate disclosures at the Philippine Stock Exchange, the company said its new for-life debt fetched a price of 98.979 percent with a reoffer yield of 5.2 percent per annum. The said paper confers a right to receive distributions at an initial rate of 5 percent, the company said.

“The new perpetual securities were structured to constitute equity under International Financial Reporting Standards and represent ICTSI’s fifth successful perpetual se-

Fiat, PSA agree on moniker for group

F

iat Chrysler Automobiles NV and Peugeot maker PSA Group paged through Latin dictionaries before they landed on a name for their combined car-making group.

The name Stellantis draws from the Latin verb “stello,” which means “to brighten with stars,” evoking the idea of a constellation, according to Peugeot brand leader Jean-Philippe Imparato.

“It’s the parasol, the umbrella that will house the combined company” and its stable of 12 brands, he said on BFM radio Thursday.

Fiat Chrysler and PSA billed the announcement as a major step toward completing their merger by early next year. More meaningful matters to overcome include finalizing terms that have irked some PSA investors—namely, a planned dividend to be paid out to Fiat Chrysler shareholders—and getting through a European Commission antitrust probe. Assuming the merger goes through, a name change will be nothing new for Chrysler, whose name has survived in one form or another since its founding in 1925. When Daimler bought the American automaker in 1998, it dubbed the combined entity DaimlerChrysler. After their split in 2007, Cerberus Capital Management renamed the US carmaker Chrysler Llc. The name Chrysler Group Llc. emerged from the company’s 2009 government-backed bankruptcy, which then gave way to Fiat Chrysler Automobiles in 2014.

The Italian-American and French manufacturers plan to only use the new moniker at the group level as a corporate brand. With a dozen different logos, “we couldn’t call it Peugeot,” Imparato said. Bloomberg News

curities issuance,” the company said.

The port operator said investors’ demand for its paper was so high, allowing ICTSI to implement its largest-ever senior perpetual capital securities tightening of 42.5 basis points from initial price guidance of 5.625 percent area. This transaction also marks ICTSI’s first perpetual securities issuance since January 2018.

The current tender offer, meanwhile, was an investor-friendly offering that facilitated investors who wished to roll over to the New Perpetual Securities whilst improving carry efficiency for ICTSI, the company said.

“ICTSI’s overall financing and liability management exercise is one of three levers that we focused on in response to the ongoing global pandemic, the other two being the tactical delay in capital expenditures and sustainable cost reduction," Rafael J.

Consing, the company’s CFO, said.

“This exercise achieved our objectives of reducing capital cost, eliminating call redemption risk in 2021, and further enhancing the strength of ICTSI’s balance sheet.”

Citigroup Global Markets Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank acted as joint lead managers and joint book runners for the new perpetual securities issuance and as joint dealer managers for the Tender Offer.

ICTSI will have the right to redeem the new paper on any day from February 5, 2026, to May 5, 2026, or on any semi-annual distribution payment date thereafter. The rate of distribution for the new perpetual securities will be reset on the step up date and every five years thereafter, it said.

The debt were distributed with

fund managers/asset managers, private banks, insurance companies and banks/pension funds accounting for 64 percent, 18 percent, 12 percent and 6 percent, respectively. By geography, Asia accounted for 91 percent for the buyers while Europe was allocated the remaining 9 percent.

Meanwhile, it has extended its tender offer period for its older $450 million, 5.5 percent perpetual bond until July 29, after only a handful participated in the auction.

ICTSI said some investors holding $65.48 million in bonds accepted the tender offer. The company offered security holders a price of $1,007.50 for every $1,000 in principal amount of perpetual bond.

Citigroup Global, HSBC and Standard Chartered acted as dealer managers for the transaction, while Morrow Sodali Ltd. acted as tender agent and information agent.

PXP Energy looks forward to H2 comeback

P

XP Energy Corp. is looking forward to a “better half” of 2020 despite the uncertainties brought about by the pandemic and the collapse in global oil prices.

“We are clouded by uncertainties at this age of Covid-19 with petroleum forecast indicating that oil price will continue to remain below $50 per barrel over the next several months,” said PXP President Daniel Stephen Carlos during the company’s annual meeting.

Nonetheless, the upstream firm will strive to revitalize petroleum activities and to diversify the company asset portfolio through the acquisition of new areas, including one in Sulu Sea Basin.

PXP and Philodrill Corp. earlier submitted a bid to conduct oil and gas exploration activities in Area no. 7, one of the 14 pre-determined areas offered by the Department of Energy (DOE) under the Philippine Conventional Energy Contracting Program (PCECP).

“We look forward to being granted a new

service contract in the Sulu Sea,” said Carlos.

“Once a new service contract is awarded, our immediate plan is to re-process 1,600 square kilometers of 3D data.”

In the first quarter, PXP posted a net loss of P40.4 million, a reversal of the P7-million net income it posted in the same period a year ago. The company attributed the drop to the 38-percent cut in production and 60-percent decrease in crude oil price in the Galoc field.

“There was a decline in oil revenue resulting from 38-percent lower volume lifted in the Galoc field and sharp drop in oil price caused by pandemic and a price dispute early this year among major oil exporting countries,” said Carlos. “We experienced a decrease in oil revenue and impairment in Galoc resulting from the collapse in crude oil price that started in March this year.”

PXP is looking forward to a better performance in July to December, focusing on several blocks, particularly in Palawan and Cebu, where it is al-

lowed to conduct exploration activities.

“We remain optimistic that the continued talks between the Philippines and China on the West Philippine issue will eventually lead to an agreement that will allow us to resume exploration activities in our highly prospective SC (service contract) 72 and SC 75 blocks,” he added.

PXP Energy holds interest in SC 72 or the contract to explore Recto Bank in the West Philippine Sea through London-listed Forum Energy Plc. It also has a direct operating interest in SC 75 northwest Palawan. It is also waiting for guidance from the Philippine government in respect of any future activity in the SCs. “Once moratorium of SC72 is lifted, our immediate plan is to conduct a 2,600-square kilometer 3D seismic survey to further evaluate the prospect, which could eventually lead to a drilling of an exploratory well. It is estimated to contain as much as 3 trillion cubic feet of prospective gas resources,” he added. Lenie Lectura

that they have been acting upon the various issues being raised by consumers. In this time of pandemic, our people are plagued with concerns about their health and safety, as well as their job and financial security.

The government and private sector should work hand-in-hand to alleviate, and not add to their burdens,” he said.

The ERC said it would tap the Commission on Audit (COA) to verify whether the refunds to Meralco customers have been given or credited to their accounts.

“The ERC is short of auditors so we are mulling over to seek the assistance of the COA to find out if the refunds that Meralco is supposed to have undertaken have already been completed or not,” ERC Chairman and CEO Agnes VST Devanadera.

“We believe that there must be proper auditing by an independent party, and we are confident that the COA is the best entity that could

render their evaluation on Meralco’s refund as they are reliable and unbiased.”

The ERC had ordered Meralco to refund the Bill Deposit, Meter Deposit, and Income Tax that it collected from its customers.

The agency also ordered the refund of the Feed-In Tariff Allowance (FIT-All) and Universal Charge-Environmental Charge (UC-EC) that were collected from their consumers during the quarantine period.

It can be recalled that the ERC had previously sought the assistance of the COA to establish whether the implementation of the approved unbundled distribution rates resulted in a fair return and the recovery of generation costs were indeed revenue-neutral to Meralco. The COA then conducted a complete audit of the books, records, and accounts of Meralco.

Continued on B2

First Gen tags preferred bidders for LNG tanker

F

irst Gen Corp. LNG Corp., a wholly-owned subsidiary of Lopez-led First Gen Corp., has selected three preferred bidders to participate in a competitive selection process (CSP) for its planned Floating Storage and Regasification Unit (FSRU).

An FSRU is an LNG (liquefied natural gas) storage ship that has an onboard regasification plant capable of returning LNG back into a gaseous state and then supplying it directly into the gas network.

“The three Preferred Tenders selected by FGEN LNG to participate in the FSRU Tender Process for the chartering of an FSRU for the Project are BW Gas Limited, GasLog LNG Services Ltd. and Hoegh LNG Asia Pte Ltd.,” First Gen said Thursday.

The winning bidders will provide LNG storage and regasification services in respect of FGEN LNG’s Interim Offshore LNG Terminal that it is developing at the First Gen Clean Energy Complex in Batangas City.

BW Gas Limited is a wholly-owned subsidiary of the BW Group, and is involved in the global market of transportation and floating regasification services of LNG, including construction, ownership, and operation of FSRUs and other LNGCs. GasLog LNG Services Ltd. is a wholly-owned subsidiary of GasLog, which is one of the largest independent LNG midstream companies in the world, with experience dealing with cargo types as diverse as LNG, oil, dry-bulk, and chemicals.

It is an LNG focused ship owner, listed on the New York Stock Exchange, with a technologically advanced fleet that it manages exclusively through its six offices around the world.

Hoegh LNG Asia Pte. Ltd. is a wholly-owned subsidiary of Hoegh LNG Limited, which is itself a wholly-owned subsidiary of Hoegh LNG Holdings.

Hoegh LNG Holdings, which is listed on the Oslo stock exchange, specializes in the global market of transportation and floating regasification services

of LNG, including the construction, ownership, and operation of FSRUs. The FSRU represents the initial phase of the FGEN Batangas LNG Terminal.

First Gen said the project consists of construction works necessary to modify the existing liquid fuel jetty that will enable it to become multipleuse, and build an adjunct onshore gas receiving facility to receive and deliver gas to end-users.

Once completed, the project will utilize an FSRU that will be docked at the Multi-Purpose Jetty to store and re-gasify LNG for use when required.

“The project will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as third quarter of 2022 and is intended to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” it said.

FGEN LNG said its LNG project will play a critical role in ensuring the energy security of the country as the gas from the Malampaya facility is expected to be less reliable in producing and providing sufficient fuel supply for the country’s existing gas- fired power plants, and even less so for additional gas-fired power plants.

“The entry of LNG to supplement and eventually replace Malampaya gas will encourage new power plant developments, as well as industrial and transport industries, to consider it as a replacement to more costly and polluting fuels,” it added.

First Gen already operates four gas-fed power plants with an aggregate capacity of about 2,000megawatts (MW). These are the 1,000-MW Santa Rita, 500-MW San Lorenzo, 414-MW San Gabriel and 97-MW Avion.

The gas contracts inked between the Malampaya consortium and gas power plants will expire in 2021. Thus, gas plants must look for other sources before their contract expires. Lenie Lectura

Imax bets on China cinema rebound

Virtual bazaar for local firms opens

M

etro Retail Stores Group Inc. (MRSGI), in partnership with Vicsal Foundation Inc. (VFI), launched the First Virtual Metro Community Bazaar, which runs until July 31.

The virtual bazaar was organized to give businesses affected by the Covid-19 pandemic a platform where they can sell their goods.

“As we mark the new normal of the global pandemic, this virtual bazaar shows how Covid-19 is affecting businesses, and how to do business in the new normal. Online selling via social media platforms and using the internet to reach a wider audience is becoming an inescapable way of life,” said Trade Secretary Ramon Lopez in his keynote speech during its recent kickoff.

Themed “We Rise as One Metro Family,” this online marketplace features products from homegrown social enterprises.

“We laud MRSGI for holding this event to help communities recover from the pandemic,” said Lopez.

“Through business opportunities presented in the bazaar, these communities can continue with their livelihood, and provide them with much-needed income and employment.”

The virtual bazaar provides potential buyers with a unique shopping experience by clicking on the webbased storefront that will lead them to the exhibitor’s website, e-commerce platform or social media page.

There are also free activities like cooking and baking demonstrations; dance, yoga, and fitness exercises; as well as various classes that shoppers can try and, eventually, encourage them to patronize local goods.

Lopez urged Filipino consumers to become “buyanis” by purchasing local and supporting homegrown brands and microenterprises.

Apart from shopping, they can even get more details on MRSGI and VFI’s corporate social responsibility (CSR) allies and donate to the advocacies that they champion.

Among these cause-oriented groups are Bahay ng Dios Foundation, which spearheads church conservation efforts; Caritas Segunda Mana, the donationsin-kind program of Caritas Manila; and Green Earth Heritage Foundation, which promotes sustainable community-based farming.

Other participating-organizations are Covid Manila Project, Daloy Dance Co., DSWD-Haven for the Elderly, Habitat for Humanity, Philippine Red Cross, Rex Academy, St. Arnold Janssen Kalinga Center, 8 Movements Foundation, and the Bureau of Jail Management and Penology.

“Our theme captures our belief in the strength of collective compassion. We persist in addressing the needs of the most vulnerable. The work of our government partners and longstanding CSR partners is a testament to the power of working as one,” said Manuel Alberto, president and chief operating officer of MRSGI. Roderick L. Abad

Bloomberg News

T

he Chinese unit of Imax Corp., the world’s largest jumbo-screen cinema platform, is expanding its partnership with the country’s biggest film exhibitor to add 10 more of the systems in a bet that post-pandemic demand will favor premium formats.

In partnership with Wanda Film Holding Co., the Imax affiliate will also upgrade to laser technology at 10 cinemas in big cities including Beijing and Shanghai, the companies said in an emailed statement Thursday. The operation of some cinemas will be converted to a recurring

revenue-sharing model and pandemic safety steps will be taken, Imax China Holding Inc. Chairman Richard Gelfond said in an email The cinema chain is counting on business to bounce back in China, where renewed outbreaks have delayed nationwide reopenings.

Wanda Film, part of the Dalian Wanda Group Co. empire led by billionaire Wang Jianlin, this week reported a first-half loss of as much as 1.6 billion yuan ($229 million) on a preliminary basis amid theater closures and postponed film releases. Bloomberg News

B2

Companies BusinessMirror

Friday, July 17, 2020

PSE STOCK QUOTATIONS

July 16, 2020

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

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

45.05 92.8 70.85 20.5 7.42 36.7 20.1 16.84 99.95 53.25 20.65 2.41 0.92 0.285 0.59 160 1750 1.06

46.7 92.95 71.1 21 7.45 36.9 20.2 17.1 100 53.4 21.35 2.54 1 0.295 0.6 163 1760 1.14

46.7 90.45 70 20.4 7.33 36 20.15 16.82 100 53.8 20.5 2.43 1 0.28 0.61 163 1750 1.06

46.7 93 71.5 21 7.45 37 20.3 16.82 102.2 54 21.45 2.43 1 0.31 0.62 163 1760 1.06

46 90.15 69.5 20.4 7.31 36 20.05 16.82 99.8 53.25 20.5 2.4 0.92 0.26 0.59 160 1750 1.06

46.7 92.8 70.85 20.95 7.45 36.7 20.15 16.82 100 53.4 21.4 2.4 0.92 0.3 0.61 160 1750 1.06

3800 2554050 1453470 382400 108700 2879200 183300 6900 697400 19300 13800 31000 38000 2720000 76000 3320 280 155000

176560 234814460 102948394 7850080 802802 105602960 3699050 116058 70006006.5 1031730.5 289325 74600 36210 786050 45750 532838 490100 164300

162550 -22699840 -32902599 -8200 15452 -4611925 -1514930 -17340488 -345176 -347100 350100 139920

INDUSTRIAL AC ENERGY 2.18 2.19 2.16 2.21 2.16 2.18 4651000 10200860 -388960 ALSONS CONS 1.21 1.25 1.2 1.29 1.16 1.25 3093000 3851410 -10660 ABOITIZ POWER 26.15 26.5 25.8 26.5 25.8 26.5 724400 18895795 -7449190 BASIC ENERGY 0.156 0.163 0.164 0.164 0.153 0.163 530000 85790 FIRST GEN 23.55 23.7 22.3 23.7 22.3 23.7 660700 15505460 886620 FIRST PHIL HLDG 60 61 57.4 60 57.4 60 56730 3335730 -602745 MERALCO 260.6 260.8 263 268 258 260.8 237540 62001438 8708376 MANILA WATER 13.32 13.34 13.16 13.38 13.1 13.32 3488800 45988176 -8626992 PETRON 3.1 3.11 3.1 3.11 3.1 3.1 688000 2132990 PETROENERGY 3.24 3.3 3.3 3.34 3.3 3.34 53000 175140 10020 PHX PETROLEUM 11.26 11.4 11.1 11.42 11.1 11.4 231100 2634356 PILIPINAS SHELL 18 18.1 18.1 18.18 17.9 18 381200 6880910 3192076 SPC POWER 8 8.04 8 8.11 7.95 8 116000 923596 651458 AGRINURTURE 7.51 7.52 7.4 7.6 7.31 7.51 161700 1204704 106283 AXELUM 2.28 2.29 2.35 2.35 2.2 2.29 1004000 2286440 -453530 CNTRL AZUCARERA 11.14 11.5 11.5 11.5 11.14 11.14 2000 22352 CENTURY FOOD 14.5 14.6 14.5 14.6 14.48 14.5 4080300 59164728 -52172124 DEL MONTE 4.05 4.16 4.18 4.18 4.05 4.05 4000 16590 -4050 DNL INDUS 4.79 4.8 4.75 4.86 4.73 4.79 467000 2240020 -1200820 EMPERADOR 9.19 9.2 8.8 9.5 8.8 9.2 9832200 90,490,141( 39,909,917.0003) SMC FOODANDBEV 65.9 66 65.05 66.35 64.6 66 266280 17472835.5 1966416.5 ALLIANCE SELECT 0.58 0.6 0.6 0.62 0.58 0.6 590000 356860 -1200 FRUITAS HLDG 1.21 1.22 1.2 1.25 1.19 1.22 3793000 4587420 -467210 GINEBRA 31.5 31.6 31.5 31.6 31.5 31.5 67300 2126510 -271650 JOLLIBEE 133 134 136.5 137.9 133 133 1849380 250783066 -95578834 MACAY HLDG 6.5 7.19 6.89 7.5 6.89 7.46 29300 203211 -49996 MAXS GROUP 5.1 5.13 5.04 5.1 5.03 5.1 398100 2013376 -90698 SHAKEYS PIZZA 6.05 6.06 6.05 6.18 6.05 6.06 526400 3187250 1154387 ROXAS AND CO 1.29 1.3 1.33 1.36 1.28 1.29 1728000 2262480 -388210 RFM CORP 4.16 4.2 4.21 4.25 4.2 4.2 107000 454190 -46350 SWIFT FOODS 0.102 0.11 0.102 0.11 0.102 0.11 500000 51260 8100 UNIV ROBINA 122 122.1 120.1 122.9 120.1 122 902070 109798631 12223135 VITARICH 0.81 0.82 0.84 0.84 0.81 0.81 1821000 1494500 -85480 CONCRETE B 58 66 58 58 58 58 1100 63800 2900 CEMEX HLDG 0.94 0.95 0.92 0.97 0.92 0.95 6346000 5999880 -1666170 DAVINCI CAPITAL 3.86 4.39 3.87 3.87 3.87 3.87 2000 7740 EAGLE CEMENT 9.82 9.93 9.8 9.82 9.8 9.82 311800 3058652 -392982 EEI CORP 5.04 5.08 5.05 5.09 5.02 5.02 284300 1434570 HOLCIM 5.4 5.43 5.25 5.5 5.02 5.4 2429400 12951030 108863 MEGAWIDE 7.27 7.3 7.19 7.45 7.02 7.27 2341900 17049472 -7504059 PHINMA 9 9.04 9 9.05 9 9.05 700 6325 TKC METALS 0.68 0.7 0.69 0.7 0.67 0.7 520000 357080 68000 VULCAN INDL 0.8 0.81 0.78 0.83 0.76 0.83 512000 407260 EUROMED 1.92 1.93 1.88 1.97 1.88 1.93 394000 751280 MABUHAY VINYL 3.8 3.92 3.76 3.94 3.75 3.94 11000 42230 PRYCE CORP 4.1 4.15 4.1 4.15 4.1 4.1 690000 2829150 -0 GREENERGY 1.56 1.58 1.51 1.59 1.51 1.58 4223000 6650210 222950 INTEGRATED MICR 5.3 5.35 5.35 5.5 5.2 5.35 111200 592682 -112211.9997 IONICS 0.99 1 1.01 1.01 0.97 1 487000 479120 PANASONIC 4.21 4.8 4.56 4.89 4.56 4.89 6000 28030 SFA SEMICON 1.3 1.31 1.25 1.39 1.25 1.3 3046000 4026970 23140 CIRTEK HLDG 6.88 6.89 6.66 6.95 6.66 6.88 1118600 7688659 -275430

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.465 0.475 0.465 0.47 1840000 862500 ASIABEST GROUP 8.11 8.36 8.35 8.36 8.09 8.36 7500 61076 AYALA CORP 738 740 725 748 725 740 189680 140114325 ABOITIZ EQUITY 48.35 49.25 48 49.25 47.6 49.25 575400 28284855 ALLIANCE GLOBAL 6 6.03 6 6.1 5.98 6 11578800 69648168 AYALA LAND LOG 1.62 1.63 1.62 1.63 1.61 1.62 268000 434210 ANGLO PHIL HLDG 0.485 0.495 0.51 0.51 0.48 0.48 50000 24600 ATN HLDG A 0.59 0.6 0.57 0.6 0.57 0.6 3710000 2186430 ATN HLDG B 0.58 0.6 0.57 0.6 0.57 0.6 49000 27960 COSCO CAPITAL 5.12 5.15 5.15 5.19 5.11 5.12 115900 594511 DMCI HLDG 3.87 3.88 3.82 3.95 3.81 3.88 7689000 29858470 FILINVEST DEV 8.81 9.12 8.8 9.12 8.55 9.12 68300 613528 FORUM PACIFIC 0.177 0.209 0.177 0.177 0.177 0.177 110000 19470 GT CAPITAL 446.4 450 428.2 450 428.2 450 107610 47897266 JG SUMMIT 67.4 67.6 67.15 68.45 67.15 67.6 605230 40938175 JOLLIVILLE HLDG 4.6 4.96 5.17 5.17 4.4 5.05 8700 39192 KEPPEL HLDG A 5.02 5.74 5.02 5.02 5.02 5.02 200 1004 LODESTAR 0.59 0.6 0.6 0.61 0.58 0.59 1069000 628340 LOPEZ HLDG 2.43 2.45 2.43 2.45 2.43 2.43 3304000 8035520 LT GROUP 8.04 8.1 8 8.15 8 8.1 649200 5248417 MABUHAY HLDG 0.46 0.48 0.46 0.48 0.46 0.46 21000 9720 METRO PAC INV 3.33 3.34 3.19 3.38 3.19 3.33 29815000 98522190 PACIFICA HLDG 3 3.19 3.25 3.25 3 3.19 60000 182990 PRIME MEDIA 0.78 0.83 0.78 0.83 0.78 0.83 42000 33820 SOLID GROUP 0.99 1.01 0.99 1 0.99 1 23000 22920 SYNERGY GRID 150 165 168 168 160 160 70 11520 SM INVESTMENTS 932.5 933 916 945.5 916 933 167230 156225810 SAN MIGUEL CORP 98.1 98.25 101.5 101.9 98 98.1 346960 34246518.5 SOC RESOURCES 0.68 0.7 0.62 0.71 0.61 0.68 1296000 870230 TOP FRONTIER 123 124 130 130 120.1 124 32150 3909655 WELLEX INDUS 0.178 0.19 0.202 0.202 0.202 0.202 20000 4040 ZEUS HLDG 0.139 0.143 0.139 0.144 0.139 0.139 900000 126680

-121700 22832245 12322680 -57062336 -364884 -21185070 155492.9999 20251446 10882033.5 -31630 -40606 9394970 60967700 -7889488 -2200 -87835 -

PROPERTY ARTHALAND CORP 0.56 0.57 0.53 0.57 0.53 0.56 1386000 778050 AYALA LAND 32.7 32.9 32.15 32.95 32.15 32.9 5277000 172728165 ARANETA PROP 0.99 1.03 1 1.09 0.98 0.99 221000 226330 BELLE CORP 1.37 1.38 1.38 1.38 1.35 1.37 173000 236070 A BROWN 0.73 0.74 0.72 0.74 0.72 0.74 166000 121870 CITYLAND DEVT 0.75 0.78 0.75 0.75 0.75 0.75 20000 15000 CROWN EQUITIES 0.121 0.123 0.122 0.123 0.119 0.123 14330000 1729340 CEB LANDMASTERS 4.95 5 4.98 5 4.94 5 813000 4049570 CENTURY PROP 0.37 0.375 0.365 0.375 0.365 0.375 1950000 716350 CYBER BAY 0.255 0.275 0.255 0.26 0.255 0.255 320000 81650 DOUBLEDRAGON 16.78 16.8 16.84 17 16.36 16.8 219600 3695862 DM WENCESLAO 6.17 6.18 6.22 6.22 6.17 6.17 26100 161537 EMPIRE EAST 0.265 0.27 0.29 0.35 0.26 0.27 70540000 21840200 EVER GOTESCO 0.093 0.101 0.094 0.094 0.093 0.093 520000 48830 FILINVEST LAND 0.97 0.98 0.96 0.98 0.95 0.97 4682000 4541850 GLOBAL ESTATE 0.83 0.84 0.84 0.86 0.84 0.85 225000 191140 8990 HLDG 9.1 9.42 9.78 9.78 9.1 9.42 31400 298470 PHIL INFRADEV 0.81 0.82 0.79 0.84 0.79 0.82 1342000 1094700 CITY AND LAND 0.71 0.73 0.75 0.75 0.71 0.71 45000 32100 MEGAWORLD 3.14 3.16 3.01 3.16 3 3.16 12802000 39734820 MRC ALLIED 0.188 0.189 0.181 0.2 0.173 0.189 63920000 11863860 PRIMEX CORP 1.37 1.4 1.37 1.8 1.36 1.4 1061000 1633290 ROBINSONS LAND 15.92 16.46 15.7 16.46 15.7 16.46 494000 7929750 PHIL REALTY 0.234 0.244 0.235 0.235 0.235 0.235 60000 14100 ROCKWELL 1.51 1.61 1.55 1.55 1.51 1.51 207000 316890 SHANG PROP 2.69 2.7 2.68 2.7 2.68 2.7 61000 163690 STA LUCIA LAND 1.81 1.82 1.82 1.82 1.82 1.82 16000 29120 SM PRIME HLDG 32.2 32.7 31.75 32.7 31.75 32.7 2893100 93601405 VISTAMALLS 3.81 3.95 3.8 3.99 3.8 3.81 20000 78540 SUNTRUST HOME 1.19 1.2 1.16 1.22 1.16 1.19 1190000 1417590 VISTA LAND 3.59 3.61 3.55 3.63 3.54 3.59 1159000 4166020

-43129300 -9600 85100 -150 -731196 -50100 -45810 -18373610 128800 501080 -3757802 -2690 36312715 -3239640

SERVICES GMA NETWORK 5.5 5.51 5.38 5.64 5.3 5.5 2448700 13400536 MANILA BULLETIN 0.4 0.41 0.39 0.44 0.38 0.4 5450000 2244350 MLA BRDCASTING 13.02 13.72 13.58 14 12.8 13.72 10700 145442 GLOBE TELECOM 2058 2066 2030 2066 2026 2066 23545 48252630 PLDT 1355 1359 1360 1367 1340 1359 178120 241353520 APOLLO GLOBAL 0.049 0.051 0.051 0.052 0.05 0.05 6940000 347840 DFNN INC 2.9 2.96 2.94 2.94 2.94 2.94 81000 238140 DITO CME HLDG 2.92 2.93 2.76 2.93 2.76 2.92 26657000 76899030 IMPERIAL 1.28 1.48 1.49 1.5 1.49 1.5 2000 2990 ISLAND INFO 0.072 0.075 0.071 0.075 0.071 0.075 2190000 156350 JACKSTONES 1.56 1.59 1.55 1.56 1.5 1.56 131000 201040 NOW CORP 2.09 2.1 2.08 2.14 2.06 2.09 4453000 9355320 TRANSPACIFIC BR 0.179 0.18 0.17 0.184 0.163 0.18 23370000 4108620 PHILWEB 1.96 1.99 1.98 2.13 1.93 1.99 2542000 5164380 2GO GROUP 9.3 9.39 9.11 9.45 9.11 9.3 72300 663787 CHELSEA 3.56 3.64 3.46 3.7 3.46 3.65 860000 3119680 CEBU AIR 39.75 39.8 39.15 40.7 39.15 39.8 79500 3184085 INTL CONTAINER 96.9 97 93.55 97 93.55 97 863470 83341709.5 LBC EXPRESS 12.1 13.08 13 13.1 13 13.1 2100 27480 LORENZO SHIPPNG 0.72 0.76 0.7 0.7 0.7 0.7 1000 700 MACROASIA 5.25 5.27 5.26 5.59 5.24 5.25 7295500 39227716 METROALLIANCE A 1.9 1.93 1.87 1.9 1.75 1.9 1137000 2072030 METROALLIANCE B 1.92 2.16 2.15 2.15 2.15 2.15 14000 30100 PAL HLDG 6.16 6.2 6.15 6.58 6.15 6.2 47300 301044 HARBOR STAR 0.79 0.81 0.81 0.83 0.77 0.8 1261000 1007350 ACESITE HOTEL 1.21 1.31 1.31 1.31 1.31 1.31 20000 26200 BOULEVARD HLDG 0.025 0.026 0.026 0.026 0.024 0.026 34400000 860600 DISCOVERY WORLD 1.57 1.84 1.84 1.84 1.84 1.84 2000 3680 GRAND PLAZA 11.06 12.64 12.66 12.66 12.66 12.66 300 3798 WATERFRONT 0.375 0.385 0.375 0.385 0.37 0.385 650000 243450 FAR EASTERN U 588.5 615 619 619 615 615 30 18490 IPEOPLE 7.86 8.66 8.66 8.66 7.86 7.86 3800 30508 STI HLDG 0.3 0.305 0.29 0.305 0.285 0.305 3910000 1152900 BLOOMBERRY 7.45 7.48 6.95 7.49 6.85 7.48 4703900 33884617 PACIFIC ONLINE 1.89 2 1.89 1.89 1.89 1.89 3000 5670 LEISURE AND RES 1.3 1.31 1.35 1.35 1.31 1.31 235000 308300 PH RESORTS GRP 2.25 2.32 2.1 2.33 2.1 2.25 32000 72230 PREMIUM LEISURE 0.3 0.31 0.305 0.315 0.3 0.31 11900000 3676950 ALLHOME 6.9 6.98 6.7 6.98 6.61 6.9 3480700 23668549 METRO RETAIL 1.51 1.52 1.47 1.54 1.46 1.51 2751000 4140190 PUREGOLD 47.9 48 48.1 49.05 48 48 9000800 438898970 ROBINSONS RTL 62.2 62.3 62.5 63.45 62 62.3 514480 32054562.5 PHIL SEVEN CORP 125 125.6 125 125.5 125 125 3030 379685 SSI GROUP 1.12 1.13 1.11 1.16 1.11 1.12 1559000 1746200 WILCON DEPOT 15.9 15.96 16 16.1 15.9 15.96 344900 5510426 APC GROUP 0.305 0.31 0.31 0.31 0.31 0.31 30000 9300 EASYCALL 6.63 6.83 6.63 6.9 6.58 6.83 127300 854394 GOLDEN BRIA 280.2 305 305 305 305 305 20 6100 PRMIERE HORIZON 0.221 0.223 0.212 0.224 0.205 0.223 6670000 1434030

2042860 -129162910 4842160 15840 -105500 135610 -1824 -1234490 -11639226.5 -10783622 15460177 601350 -1665355 2654270 -142696240 -21598591 175195 -874760 -854726 -

MINING & OIL ATOK 7.84 7.96 7.98 7.98 7.72 7.96 2300 18059 APEX MINING 1.27 1.28 1.29 1.3 1.26 1.27 2367000 3015810 -1338500 ABRA MINING 0.0008 0.0009 0.0008 0.0009 0.0007 0.0009 4181000000 3352000 ATLAS MINING 2.5 2.59 2.45 2.5 2.43 2.5 49000 122320 BENGUET A 1.5 1.56 1.52 1.57 1.5 1.56 56000 85190 BENGUET B 1.5 1.62 1.52 1.62 1.5 1.62 18000 27480 COAL ASIA HLDG 0.187 0.19 0.178 0.19 0.178 0.19 60000 11160 CENTURY PEAK 2.61 2.7 2.7 2.7 2.7 2.7 100000 270000 -110700 DIZON MINES 7.02 7.11 7.25 7.25 7.02 7.1 1600 11382 FERRONICKEL 0.97 0.98 0.96 0.99 0.96 0.98 2303000 2236480 144000 GEOGRACE 0.221 0.226 0.228 0.229 0.221 0.221 210000 47300 LEPANTO A 0.105 0.107 0.101 0.108 0.101 0.107 4830000 501510 LEPANTO B 0.105 0.106 0.106 0.111 0.105 0.105 6420000 684550 -611310 MANILA MINING A 0.0075 0.0078 0.0072 0.0072 0.0072 0.0072 1000000 7200 MARCVENTURES 0.63 0.65 0.61 0.66 0.61 0.65 11517000 7035200 NIHAO 1.28 1.33 1.39 1.39 1.3 1.33 175000 232140 NICKEL ASIA 2.06 2.07 2.02 2.07 2.02 2.06 5668000 11584770 498690 ORNTL PENINSULA 0.53 0.54 0.5 0.55 0.5 0.55 383000 195480 PX MINING 2.78 2.79 2.79 2.8 2.77 2.78 724000 2011330 -430830 SEMIRARA MINING 11.1 11.2 11.46 11.48 11.1 11.1 2601700 29237338 -5902164 UNITED PARAGON 0.0038 0.0042 0.0039 0.004 0.0039 0.004 15000000 59800 ACE ENEXOR 5.81 5.9 5.85 6.19 5.8 5.9 25100 146906 20945 ORNTL PETROL A 0.0087 0.009 0.009 0.009 0.009 0.009 5000000 45000 PHILODRILL 0.0075 0.0079 0.0075 0.0075 0.0075 0.0075 12000000 90000 PXP ENERGY 6.38 6.4 6.04 6.59 6 6.4 2373700 15007047 -927492

PREFFERED HOUSE PREF A 100 100.2 100.1 100.1 100 100 39000 3900118 AC PREF B1 516 520 516 516 516 516 10 5160 ALCO PREF B 101.2 102.5 102.5 102.5 102.5 102.5 1000 102500 DD PREF 101.3 102 101.2 101.2 101.2 101.2 5000 506000 450340 FGEN PREF G 105.4 109.9 105.3 105.3 105.3 105.3 5000 526500 GLO PREF P 513 518 520 520 513 513 80 41360 -5200 GTCAP PREF B 1005 1019 1005 1005 1005 1005 20 20100 MWIDE PREF 101.1 101.5 101.5 101.5 101.5 101.5 15070 1529605 PNX PREF 3A 100.3 101.3 101 101 100.2 100.2 7770 782738 522170 PNX PREF 4 1013 1020 1016 1016 1013 1013 700 709850 PCOR PREF 2B 1020 1035 1027 1027 1020 1020 200 204385 PCOR PREF 3A 1037 1052 1050 1052 1050 1052 2600 2733935 SFI PREF 1.4 1.5 1.4 1.4 1.4 1.4 1000 1400 SMC PREF 2C 78.2 78.5 78.2 78.5 78.2 78.5 4770 373152 10205 SMC PREF 2D 75.3 75.5 75.5 75.5 75.5 75.5 70 5285 SMC PREF 2F 77.5 78 78 78 78 78 6000 468000 -468000 SMC PREF 2H 76.8 77 76.8 76.8 76.8 76.8 240 18432 SMC PREF 2I 76.5 78.4 78 78 76.3 76.5 35000 2710591

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 5.25 5.3 5.15 5.27 5.15 5.25 123600 648868

WARRANTS LR WARRANT 0.69 0.71 0.66 0.71 0.66 0.68 45000 31550

SMALL & MEDIUM ENTERPRISES ALTUS PROP 18.64 18.7 17.6 18.9 17.6 18.7 2133300 39147728 -4830810 ITALPINAS 1.83 1.84 1.78 1.84 1.76 1.84 1976000 3580660 -54700 KEPWEALTH 5.22 5.3 5.32 5.45 5.2 5.3 29100 155868 MERRYMART 2.68 2.69 2.54 2.72 2.54 2.69 31980000 84668970 1473730 XURPAS 0.58 0.59 0.61 0.62 0.57 0.58 9747000 5710840 -3660

EXHANGE TRADE FUNDS

FIRST METRO ETF 93 93.9 91 94 91 93 7840 729188.5 111960

www.businessmirror.com.ph

7-Eleven operator slashes capital spending by half

P

By VG Cabuag

@villygc

hilippine Seven Corp. (PSC) is slashing its capital expenditures by half to just P2 billion this year as the company halted all of its expansion plans and discouraged the opening of new stores for franchise holders.

“We don’t advise the opening of new stores unless they can argue their good case about it,” said Jose Victor Paterno, president and CEO of Philippine Seven, the holder of the master franchise of 7-Eleven convenience stores in the country.

The company ended 2019 with 2,864 stores in the Philippines, 349 of which were opened within the year. During the lockdowns,

some 30 percent of these stores were temporarily closed, he said.

With the easing of lockdown measures that started in March through early June, Paterno said 95 percent of its stores are now opened, but the remaining 5 percent will be permanently closed due to various reasons, including low foot traffic.

As of the first quarter, the com-

pany had some 2,916 stores.

The company is losing about P2 million per store closure, he said.

It said customers’ preference for e-money and virtual wallets became more evident in 2019. Service revenues nearly doubled due to the increase in e-wallets and bills payments. This shift drove the frequency of customer visits as 7-Eleven stores became the preferred channels for e-money loading.

“This shift in customer behavior is widely welcomed, especially as the pandemic requires physical contact limitations,” the company said.

“Despite the challenging times, I am happy to say that the PSC family has stood together. I would especially like to express my sincerest gratitude to our franchisees for their determination to fight to keep their stores open at a time when the communities they serve need them most, but most espe-

cially to our frontliners who brave the environment to serve our customers,” Paterno said.

For the first quarter, the company reported a 7-percent drop in its net income to P103.8 million, down from last year’s P112.2 million.

Revenue from merchandise sales reached P11.7 billion, an increase of 11 percent from P10.5 billion in 2019. Cost of merchandise sold rose to P 8.5 billion, an increase of 13.5 percent from P7.5 billion in 2019.

Gross margin declined to 27 percent of revenue from merchandise sales in the first quarter, from 28 percent last year, which the company attributed to the lower margin generated by general merchandise categories.

Revenue from merchandise sales is comprised of the retail sales of corporate stores plus the sales to franchisees valued at cost price.

Billionaires hunt real-estate bargains

D

avid and Simon Reuben aren’t letting the pandemic curb their real estate ambitions.

Since the crisis began, the billionaire brothers have made a push into Madrid’s residential market, bought almost 90 hectares (222 acres) of land in Spain’s Balearic Islands and acquired Manhattan retail property near Rockefeller Center from SL Green Realty Corp. for about $170 million.

Other wealthy investors are exhibiting a similar appetite for real estate.

Almost half the 121 family offices surveyed by UBS Group AG are looking to increase their allocations to property as they hunt for opportunities and potential bargains, according to the Swiss bank’s Global Family Office Report 2020. The firms also expect to be more aggressive in putting their cash to work than most other investors.

“Covid-19 has reconfirmed that diversification is the game to be in,” Josef Stadler, head of UBS’s global family office unit, said in an interview. “Real estate has always been an asset class for diversification, and it obviously has reconfirmed its status.”

Slumping property prices in the pandemic’s wake have created opportunities for cash-rich investors with long-term outlooks, and few have horizons longer than family offices. The lightly regulated investment vehicles aim to grow fortunes across generations and have fewer constraints than institutional firms.

Lockdown measures initially froze real estate markets, but many nations are now reopening their economies even as the virus resurfaces in some locales. With the pandemic introducing uncertainty around long-term demand for office space, the wealthy are increasingly targeting residential property, according to Stadler.

“It’s quite an elegant conduit for one generation to hand over the money to the next,” Stadler said. “It’s the ultimate wealth preservation class.”

Many of the world’s rich from Zara founder Amancio Ortega to billionaire banker Joseph Safra have long favored real estate, an asset that offers stable cash flows, tax breaks and leverage opportunities. Private investors including family offices made up about a third of real estate investments worldwide last

Meralco moves to resolve billing concerns Continued from B1

“We are preparing to discuss our upcoming engagement with the COA as soon as practicable. We will rely on COA’s expertise to verify and ensure that what were supposed to have been refunded or credited to the consumers’ electricity accounts have been duly returned to them,” Devanadera added.

Policy review

House Speaker Alan Peter Cayetano has directed the Energy Regulatory Commission (ERC) to review its policies to ensure that they are still “pro public and government.”

Cayetano issued the statement after the ERC admitted that it received several consumer complaints over the electric bill shocks during the community quarantine period.

During his manifestation at the Committee on Good Government and Public Accountability’s hearing on high electricity rates, Cayetano also told ERC to be “more progressive” and interpret the law in favor of the public when it comes to dealing with certain companies.

“Follow the example of our President, our Commander-in-chief, our Chief Executive. Be more progressive in interpreting the law. We have to interpret this in favor of

the public,” Cayetano said.

“I’ve been watching you even in our other hearings...Please review your current stance.”

According to Cayetano, there are a lot of companies that have liabilities to the government and “yet the ERC chooses to side with the power producers or the owner of the company.”

“I’m not saying you’re not doing your job. Let me make this clear, this is no different from ABS-CBN. Just because what you’re doing is legal, that doesn’t mean you’re not abusing the system.”

Last week, the House Committee on Legislative Franchises denied the application of ABS-CBN Corp. due to “several violations.”

“I would like to advise all our government agencies, even the BIR [Bureau of Internal Revenue], not to say that it’s right just because it’s legal. Study it carefully then tell us if there’s a violation,” he added.

ERC Executive Director Floresinda Baldo-Digal told lawmakers that the agency has already received 50,000 consumer complaints against Meralco following the lockdown period.

Baldo-Digal also said the ERC is committed to address all the complaints as they now have 70 people working on it.

year, according to real estate broker Knight Frank.

David and Simon Reuben, who didn’t respond to requests for comment through a spokesman, built a fortune trading metals and later invested in real estate, leisure interests and technology companies. They have a combined net worth of around $12 billion, according to the Bloomberg Billionaires Index.

As part of one property deal completed during the pandemic, they plan to build 650 homes and a hotel in an exclusive neighborhood an hour from Spain’s

mutual funds

capital. Potentially reshaping their fortune further, they’re also involved in a takeover of Premier League soccer club Newcastle United.

“The pandemic has been hard on many investors,” said Harco van den Oever, founder and chief executive officer of London-based art fintech firm Overstone. “Ultra-highnet-worth individuals who have not spread their exposure across different asset classes may now be learning about the importance of diversification the hard way.” Bloomberg News

July 16, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 197.72 -28.73% -10.49% -5.9% -21.49% ATRAM Alpha Opportunity Fund, Inc. -a 1.0155 -40.11% -14.48% -6.2% -26.52% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6636 -38.36% -15.15% -8.15% -27.58% Climbs Share Capital Equity Investment Fund Corp. -a 0.6773 -31.57% n.a. n.a.

-24.58% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6607 -28.13% n.a. n.a.

-22.21% First Metro Save and Learn Equity Fund,Inc. -a 4.247 -26.04% -8.93% -5.47% -20.29% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6683 -27.69% -11.56% n.a.

-21.71% MBG Equity Investment Fund, Inc. -a

78.91 -35.5% n.a. n.a.

-23.55% PAMI Equity Index Fund, Inc. -a 39.7123 -27.93% -8.89% -4.83% -22.56% Philam Strategic Growth Fund, Inc. -a 425.77 -25.5% -8.19% -5.03% -20.09% Philequity Alpha One Fund, Inc. -a,d,5 0.8603 n.a. n.a. n.a.

-16.48% Philequity Dividend Yield Fund, Inc. -a 1.0051 -27.84% -8.68% -4.61% -21.9% Philequity Fund, Inc. -a 29.5541 -27.68% -8.2% -4.34% -22.01% Philequity MSCI Philippine Index Fund, Inc. -a 0.7824 -29.32% n.a. n.a.

-23.15% Philequity PSE Index Fund Inc. -a 4.0468 -27.67% -8.4% -4.14% -22.53% Philippine Stock Index Fund Corp. -a 677.24 -27.51% -8.39% -4.33% -22.33% Soldivo Strategic Growth Fund, Inc. -a 0.612 -37.22% -12.36% -8.42% -28.12% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1246 -31.38% -9.88% -5.55% -25.77% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7768 -27.62% -8.56% -4.31% -22.38% United Fund, Inc. -a 2.8308 -27.62% -7.29% -3.88% -22.51% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.9003 -27.31% -7.91% -3.52% -22.28% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0313 3.79% 0.73% 0.85% 0.28% Sun Life Prosperity World Voyager Fund, Inc. -a $1.419 7.14% 6.66% n.a.

2.92% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5538 -14.12% -4.5% -3.64% -0.58% ATRAM Philippine Balanced Fund, Inc. -a 2.0535 -14.57% -4.79% -1.98% -5.85% First Metro Save and Learn Balanced Fund Inc. -a 2.4076 -12.5% -3.21% -3.25% -8.51% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1848 n.a. n.a. n.a.

-19.12% NCM Mutual Fund of the Phils., Inc. -a 1.8327 -7.72% -1.42% -0.52% -6.57% PAMI Horizon Fund, Inc. -a 3.4801 -9.85% -2.52% -1.66% -8.15% Philam Fund, Inc. -a 15.4999 -10.79% -2.8% -1.85% -8.61% Solidaritas Fund, Inc. -a 1.9125 -13.79% -3.94% -1.76% -9.88% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2625 -18.72% -5.02% -3.01% -15.56% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9441 -10.38% n.a. n.a.

-7.05% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8414 -20.66% n.a. n.a.

-15.56% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8158 -22.83% n.a. n.a.

-17.86% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8036 -22.04% -6.08% -4.23% -17.56% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03865 3.4% 2.61% 1.75% 1.18% PAMI Asia Balanced Fund, Inc. -b $1.0138 1.63% 1.22% 1.07% 0.18% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9465 3.87% 4.7% 3.77% 0.92% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1287 1.73% 2.54% n.a.

0% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367 4.47% 3.2% 2.61% 2.53% ATRAM Corporate Bond Fund, Inc. -a

1.9445 2.26% 0.97% 0% 2.23% Cocolife Fixed Income Fund, Inc. -a 3.1953 4.68% 5.09% 5.09% 2.48% Ekklesia Mutual Fund Inc. -a 2.3073 5.09% 3.18% 2.43% 3.77% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4548 5.87% 3.49% 2.01% 4.06% Philam Bond Fund, Inc. -a 4.648 10.66% 4.46% 2.76% 6.29% Philam Managed Income Fund, Inc. -a,6 1.3017 6.85% 4.2% 2.31% 3.58% Philequity Peso Bond Fund, Inc. -a 3.9646 7.56% 4.39% 2.48% 4.66% Soldivo Bond Fund, Inc. -a 1.0396 10.62% 3.82% 2.02% 7.81% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1803 6.98% 4.88% 2.98% 3.4% Sun Life Prosperity GS Fund, Inc. -a 1.7464 5.85% 4.23% 2.48% 2.66% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $474.9 3.37% 2.51% 2.75% 1.4% ALFM Euro Bond Fund, Inc. -a Є215.67 -1.1% 0.67% 1.02% -1.87% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2259 3.41% 2.92% 2.6% 1.55% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0261 1.95% 1.58% 1.36% 1.16% PAMI Global Bond Fund, Inc -b $1.0729 -1.14% -0.02% 0.38% -1.89% Philam Dollar Bond Fund, Inc. -a $2.4548 4.59% 3.38% 3.17% 2.13% Philequity Dollar Income Fund Inc. -a $0.0605913 2.16% 1.91% 1.83% 0.48% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1939 3.82% 2.21% 2.5% 0.59% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.44 3.77% 3.26% 2.46% 2.07% First Metro Save and Learn Money Market Fund, Inc. -a 1.0425 2.61% n.a. n.a.

1.58% Sun Life Prosperity Money Market Fund, Inc. -a 1.2846 3.04% 3.04% 2.59% 1.55% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0458 1.63% n.a. n.a.

0.72% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9937 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a.

-5.05%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

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

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

www.businessmirror.com.ph

After hedging vs credit losses, BPI sees H1 profits drop 15 percent

T

he Bank of the Philippine Islands (BPI) registered a 15-percent decline in net earnings during the first half as it further hiked provisions for credit losses.

In a disclosure on Thursday, the Ayala-led bank said its earnings as of end-June reached P11.68 billion, which is lower than P13.74 billion booked in the same period last year. For the second quarter alone, BPI saw its net earnings drop by 24.6 percent to P5.29 billion from P7.01 billion year-on-year.

The decrease in income came with the higher allowance for bad debts amounting to P15.01 billion in the first half. This is markedly higher than the P4.23 billion earmarked in the first quarter and the P3.48 billion it set aside during the first half of last year.

The financial intermediary emphasized that government measures addressing coronavirus pandemic have made it challenging for consumers and businesses to pay off their obligations as the economy slows down.

Total revenues grew by 14.8 percent to P52.69 billion in the first half.

Net interest income in January-to-June period expanded by 12.5 percent to P36.4 billion on the back of 5.9-percent growth in average asset base. This, as net interest margin widened by 18 basis points to 3.55 percent.

Non-interest income in the first semester, meanwhile, surged by 20.3 percent to P16.29 billion due to higher securities trading gains.

Operating expenses were down 0.3 percent to P24.19 billion for the period as the bank recorded lower premises, technology, marketing and product expenses.

BPI saw its loan portfolio ramp up by 5.9 percent to P1.43 trillion in the first half. This was supported by the growth in microfinance (41.4 percent), corporate (8.4 percent) and consumer loan (2.5 percent) segments.

Total deposits climbed by 6.2 percent year-on-year to P1.76 trillion for the period on the back of 11.8-percent growth in current account/savings account deposits.

Nonperformance loan (NPL) ratio stood at 1.83 percent in the first half. Meanwhile, NPL coverage ratio hiked to 140.7 percent from 97.5 percent yearon-year.

Total assets as of end-June improved by 5.8 percent to P2.26 trillion year-on-year.

Total equity reached P278.81 billion in the first half, translating to capital equity tier 1 ratio of 15.63 percent and capital adequacy ratio of 16.52 percent.

Both ratios are above regulatory requirements.

Return on equity and return on assets stood at 8.56 percent and 1.08 percent, respectively, in the first semester.

Earlier this month, BPI concluded the offer period of its Covid-19 bonds on the back of robust demand. The subscriptions for the Philippines’s maiden Covid response bonds surpassed that initially planned P3-billion issue size.

Proceeds from the bond offering will be allocated to finance and refinance eligible micro, small and medium enterprises.

BPI shares climbed by 1.21 percent, or 85 centavos, to end at P70.85 each as the benchmark index registered a 2.18-percent uptick on Thursday. Tyrone Jasper C. Piad

Banking&Finance BusinessMirror

Friday, July 17, 2020 B3

Anti-Money Laundering Council taps UK group to train local professionals

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he London, UK-headquartered Chartered Institute for Securities & Investment (CISI) announced it has been recently accredited by the Anti-Money Laundering Council (AMLC) to conduct training programs for capital markets, banking and finance professionals.

CISI CEO Simon Culhane said in a statement on Thursday they are “honored to be able to support the AMLC in its commitment to ensure robust training and competence standards for those working in the Philippine capital markets.”

Citing the 2019 evaluation report of the Asia/Pacific Group on Money Laundering (APG), the CISI said the Philippines was observed to have weakness with assessments and understanding of the transnational aspects of terrorism financing and

money laundering risks. The APG is an intergovernmental organization upholding international standards against money laundering, terrorism finance and proliferation financing.

The report then recommended that further education and assistance to designated non-financial business and professionals should be in place to allow them to have a deeper understanding of the risks that terrorism financing and money laundering entail.

This is where CISI comes to picture, offering training through online certificate program in antimoney laundering/combating the financing of terrorism professional assessment, or AML/CFT. It is designed for practitioners who need to comply with the annual AMLC requirement for training.

“The said program gives an over-

Of associations, ecotourism and Uzbekistan

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hat do associations, ecotourism, and Uzbekistan have in common? Let me tell you the story.

I met Jon Bruno, executive director of The International Ecotourism Society (TIES), sometime back in one of the gatherings of association leaders worldwide. TIES is a non-profit organization dedicated to promoting ecotourism globally.

Founded in 1990, the organization strongly contributes to the development of ecotourism while providing guidelines and standards, technical assistance, training, research and publications. It lists over 15,000 members in 190 countries.

Recently, I got an unexpected email from Jon, requesting me to be in a panel for an online discussion with representatives from the State Tourism Development Committee of the Republic of Uzbekistan through their Tourism Development Institute (TDI). The agenda was to provide ideas and suggestions to the central Asian country’s desire to develop ecotourism.

The other invited panelists were US-based Art Krebs, a property development expert, and Jason Banks, an investment banker. From the TDI side were Zarina Valieva and Madina Jabborova. I was invited because of my development banking background, my international network, and my general knowledge of sustainable tourism.

The virtual meeting was to be held in five days—a reason for me to panic

Association World Octavio Peralta but excited at the same time to contribute to the country’s aspiration. I was also confident because of my background and the fact that I have been to some places in Uzbekistan because of my work in managing a development banking association.

Since Uzbekistan is starting its ecotourism initiative from zero, I thought of coming up with a conceptual framework of a sustainable tourism development and presenting the case study of the Philippines. As it turned out, my contribution was one of the bases for further discussions to craft a sustainable tourism vision in Uzbekistan. Below is a summary of my contribution: There are at least three essential components in developing a national sustainable tourism framework: government policy support; a national development plan; and, a conducive investment environment.

Government policy support may come in the form of a policy directive from the tourism authority and/or a law enacted by the legislative branch of government as in the case of the Philippines’s Tourism Act of 2009 and the National Tourism Development

regulations of Anti-Money Laundering Act 2001 is prescribing training programs and continuing education for personnel of institutions covered by the said law.

“We are always pleased to have partners in building AML/CFT capacity among our local stakeholders to ultimately eradicate money laundering and terrorism finance in the Philippines,” AMLC Secretariat Executive Director Mel Georgie B. Racela was quoted in the statement as saying.

Founded in 1992, CISI is a professional body for securities and investment profession in the UK and other parts of the world. It has 45,000 members in over 100 countries and qualification recognized by 61 regulators. The group opened its Philippines office in 2015.

view of the current AMLC/CFT legislation and regulation, enabling firms and individuals to demonstrate compliance with the government mandated Amla training requirements and international standards,” the CISI noted. The modules, CISI explained, are tailored for professionals in the fields of banking, moneyservice businesses, pawnshops and other businesses regulated by the Securities and Exchange Commission.

CISI Pacific Regional Head Andrella Guzman-Sandejas said that the organization was looking forward to offering an “affordable, accessible, readily-available, online solution” providing the much-needed training to counter money laundering and terrorism financing.

As part of efforts to further the understanding of money-laundering, the 2018 implementing rules and

Plan, 2011 to 2016.

The national development plan design can include tourism asset inventory, cluster approach, coordination mechanism, training and capacity building, among others.

Investment or financing will follow if the three components above are present and if there are viable and bankable projects.

There must also be a national champion to take the lead in ascertaining that the above components are in place, implemented, and carried through.

I wish to also emphasize the power of connection through associations.

Regardless of what association you are working for and wherever your association is situated, there is a chance that sometime, somehow, your associations and others will meet, collaborate and contribute to the betterment of society and of the country. After all, this is what associations are there for!

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center which is expected to draw over 200 association professionals here and abroad. The two-day event is supported

by Adfiap, the Tourism Promotions Board, and the PICC. E-mail inquiries@adfiap.org for more details on AS8.

Tyrone Jasper C. Piad

CIMB Bank sees 500% growth in deposits

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he Philippines business of Malaysia’s CIMB Group said it expects its deposit balances to grow by 500 percent this year following the recent uptick in the average cash-in per customer.

“CIMB’s momentum for customer acquisition stood strong throughout April to June, with the significant increase in average deposits allowing CIMB Bank PH to already surpass its 2020 deposit target,” a statement by CIMB Bank Philippines Inc. on Thursday read.

In the second quarter, CIMB saw its average cash-in per customer advance by 160 percent.

It also recorded growth in savings account openings and personal loan applications during the first three months of lockdown in the country.

The all-digital bank said it was anticipating to go beyond its initial target of four million customers, targeting now to reach five million within the next year.

CIMB booked its highest monthly loan disbursement in June. The bank noted that 51 percent of the successful loan applicants claimed it was their first time to have a bank loan.

Majority or 98 percent of the

clients with outstanding borrowings said they were “willing to consider applying for a loan” again with the bank.

“As the most-awarded digital bank in the country, we recognize that we are in a unique position to provide our customers with accessible solutions, especially during this period of adjustment wherein digital adoption is necessary for individuals and businesses,” CIMB Bank Philippines CEO Vijay Manoharan said.

In March, CIMB announced it was launching a financial assistance program for coronavirus disease 2019 (Covid-19) patients.

The bank said it also donated P1 million through its efforts with group Rise Against Hunger Philippines, the UP Medical Association and GCash; the donation helping over 6,000 families and 73,000 individuals.

“The challenges that this pandemic has presented to us have only fueled us to do more as we continue to find ways to support our customers, with our commitment to leading Filipinos into financial freedom,” Manoharan said. Tyrone Jasper C. Piad

Strong demand allows RCBC to raise ₧16.6B from peso bond offering

By Tyrone Jasper C. Piad @Tyronepiad

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he latest bond offering of Rizal Commercial Banking Corp. (RCBC) was met with strong demand, generating P16.6 billion from the transaction.

The amount earned from the offering was more than five times the

original minimum issue size of P3 billion. RCBC concluded the offer period on July 15.

The 2-year fixed rate peso bonds’ proceeds are allocated to support asset growth, refinance maturing obligations and fund other general corporate matters.

The bonds are slated to be listed with the Philippine Dealing and

Exchange Corp. on July 27.

The sole lead arranger of the transaction is ING Bank N.V., Manila Branch while RCBC Capital Corp is serving as the financial advisor.

Both are selling agents.

The offering is the fifth tranche to be issued out from the bank’s P100-billion bond and commercial paper program. The said program

has an unissued amount of P62.45 billion.

Since RCBC launched its bond program—which is aimed at diversifying its funding base—last year, the company has raised over P50 billion already.

The Yuchengco-led bank reported that its net income grew by 77 percent to P2.3 billion while gross

revenues rose by 23 percent to P10 billion in the first three months. Its topline figures were driven by net interest income and non-interest earnings, which climbed by 19 percent and 29 percent, respectively.

RCBC shares were down 1.06 percent, or 18 centavos, to close at P16.82 apiece amid the 2.18-percent hike for the main index on Thursday.

Singapore’s financial regulator downplays fund outflows from Hong Kong

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ong Kong remains a “formidable” financial center even though inquiries from businesses looking to come to Singapore are picking up amid the uncertainties in the Chinese territory, said the chief of Singapore’s financial regulator.

“There are more inquiries as you would expect when there’s greater uncertainty in Hong Kong,” Ravi Menon, managing director of the Monetary Authority of Singapore, told reporters Thursday, without saying where the queries are

coming from. “But actual fund flows are not very large. Flows of activities and businesses are also not significant.”

Hong Kong, which competes with Singapore as a regional financial hub, has suffered setbacks as China tightens its grip on the former British colony through a new security law. And while tensions between the U.S. and China are fueling concerns that the city may lose its appeal for international finance and trade, Menon said it still has its attractions.

“Security law-related issues

are one set of considerations” for businesses in Hong Kong but that is “just one of a whole set of factors in the territory,” Menon said at a briefing on the MAS’s annual report. “It’s better to compete with a strong financial center because that means growth and opportunities in the region are good. If things go badly wrong in Hong Kong, that’s not good for the region, and not good for Singapore.”

Among the signs that Singapore could benefit from Hong Kong’s troubles, there have been cases of wealthy people and ex-

pats preparing to move to the Southeast Asian nation and elsewhere. Still, there’s little evidence so far of widespread capital flight. Hong Kong bank deposits stood near record levels in May and the city’s currency continues to trade at the strong end of its permitted band against the dollar, a sign of persistent inflows.

Singapore has seen increases in foreign-currency deposits over the past year, which the MAS has attributed to factors including global liquidity abundance and inflows from many

jurisdictions. Such deposits were up 19 percent in May from a year earlier, according to MAS data tracked by Bloomberg Intelligence.

Many financial firms have businesses in both Hong Kong and Singapore, Menon said.

“The financial services industry in Asia is growing, so it is not a zero-sum game,” he said.

“We are watching Hong Kong closely but with concern, that the issues there are sorted out and settled, and that stability returns and then we can move forward.” Bloomberg News

B4

Show BusinessMirror

Friday, July 17, 2020

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Autopsy confirms Naya Rivera’s death was accidental drowning

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By Andrew Dalton The Associated Press

OS ANGELES—An autopsy confirmed on Tuesday that Glee star Naya Rivera died from accidental drowning, officials said, while her family released a statement honoring her “everlasting legacy and magnetic spirit.”

The examination, performed the day after the 33-year-old’s body was found in a Southern California lake, showed no signs of traumatic injury or disease that might have contributed to the drowning, and gave no initial indication that drugs or alcohol may have played a role in her death, the Ventura County Medical Examiner said in a statement.

Dental records were used to confirm Rivera’s identity, and routine toxicology tests will be

performed for the presence of drugs and alcohol, the statement said.

Rivera was found in Lake Piru on Monday, five days after she disappeared while boating with her four-year-old son, who was found asleep and alone on the boat hours later. The autopsy’s findings were all consistent with the expectations of the Sheriff’s Office, which conducted the search and investigation.

Rivera’s family members released their first public statement Tuesday since her disappearance, saying they are “so grateful for the outpouring of love and prayers for Naya, Josey and our family over the past week. While we grieve the loss of our beautiful legend, we are blessed to honor her everlasting legacy and magnetic spirit.”

The statement said Rivera was “an amazing talent, but was an even greater person, mother, daughter and

sister...Heaven gained our sassy angel.”

The family thanked the search teams for their “commitment and unwavering effort to find Naya.”

The creators of Glee also released a statement in tribute to Rivera on Tuesday, announcing that they would be creating a college fund for her son and remembering her as a joyful and immensely talented performer. “Naya was more than just an actor on our show—she was our friend,” Ryan Murphy, Brad Falchuk and Ian Brennan said in a statement Tuesday.

“Our hearts go out to her family, especially her mom, Yolanda, who was a big part of the Glee family, and her son Josey,” the three producers said, referring to the child as “the beautiful son Naya loved most of all.” Josey is Rivera’s son with her former husband, actor Ryan Dorsey. She called the boy “my greatest success, and I will never do any better than him.” n

over the job. She said in publishing Calmese’s photo of Davis on the cover, “we celebrate him and honor his vision at this heightened moment in American history.”

“Calmese describes his cover concept as a recreation of the Louis Agassiz slave portraits taken in the 1800s—the back, the welts,” she writes. “This image [of Davis] reclaims that narrative, transmuting the white gaze on Black suffering into the Black gaze of grace, elegance and beauty.”

In her Vanity Fair interview, Davis discusses the recent racial justice protests, her upcoming role as Michelle Obama, her impoverished upbringing in Rhode Island, and the challenges of being a Black woman in Hollywood, among other topics. The issue hits newsstands on July 21. AP

THE multi-awarded Vicky Morales, host of the long-running public affairs program Wish Ko Lang!

CELEBRITIES BORN ON THIS DAY: Luke Bryan, 44; Carey Hart, 45; David Hasselhoff, 68; Donald Sutherland, 85.

Happy Birthday: Take a unique approach to the changing times, and you will come out on top.

Recognize that life has changed and that new territory is evolving that can lead to greater opportunity. A willingness to adapt and use what’s transpired to your advantage will set the new standard by which you live.

Be smart, and you will excel. Your numbers are 6, 14, 21, 23, 37, 42, 44.

a

ARIES (March 21-April 19): Channel your energy into something constructive. If you have too much time to think, you will end up in a senseless argument. Let the past help you make a clear-cut decision. Make time for someone you love.

Romance is encouraged. HHHH

b

TAURUS (April 20-May 20): Consider what you want, and go after it wholeheartedly.

Make your opportunities, and strive for perfection in all that you pursue. Be a fierce competitor and a passionate and loyal friend, and you’ll bring out the best in everyone. HHH

c

GEMINI (May 21-June 20): Reach out to a cause you are passionate about helping. How you spend your spare time will help you grow emotionally and mentally. Dig in and make a difference.

Someone you meet will pique your imagination, as well as your interest. HHH

d

e

LEO (July 23-Aug. 22): Participate in life.

Take action, be a driving force and make a difference. Sign up to volunteer, be the one to negotiate and run the show. Life is about doing; if you let others do for you, you lose your voice. HHHH

f

VIRGO (Aug. 23-Sept. 22): How you approach situations, people and responsibilities will matter. Consistency, fairness and the ability to listen to sound advice and to admit when you are wrong will help you excel. Don’t let emotions ruin your chance to succeed. HH

g

LIBRA (Sept. 23-Oct. 22): Consider what you want, who is standing in your way and how best to reach your target. Step away from demanding or indulgent people, and put your energy into personal growth, self-improvement and connecting with those who share similar goals. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Educate, formulate and market what you want to do next. A change of scenery will help stimulate your mind and trigger how best to bring about a positive lifestyle change. It’s up to you to initiate what you want to achieve. HHH

OSCAR winner Viola Davis

‘Wish Ko Lang!’ returns for special season ONE of the most well-loved public service programs on television, Wish Ko Lang! returns on-air for a special season that began airing on July 11.

The award-winning program hosted by GMA News anchor Vicky Morales continues to bring hope and inspiration to Filipinos by opening its doors to deserving individuals in this time of great need.

“As the world continues to face the pandemic and its effects on our lives, there is a need for us to be inspired, to be reassured that we will get through this together. We just need to continue to hope.

And Wish Ko Lang! aims to spark that hope among the hearts of everyone,” says Vicky.

“I am grateful that I get to be the ‘fairy godmother’ again—even for the time being—and help our Kapuso in these trying times. Walang imposible kahit sa panahon ng pandemya hangga’t tayo ay hindi nawawalan ng pag-asa.”

Wish Ko Lang! is now airing fresh

By Eugenia Last

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CANCER (June 21-July 22): You’ll get an inside view of a situation that can lead to something that interests you professionally or financially. Don’t take too long to make up your mind, or it will turn into a lost opportunity. A physical challenge will be energizing. HHH

‘Vanity Fair’ cover shot by Black photographer for 1st time THE new issue of Vanity Fair featuring a powerful image of Oscar-winning actor Viola Davis marks the first time the publication has featured the work of a Black photographer on its cover.

The historic image of Davis, shot by photographer Dario Calmese, shows the 54-year-old in profile, her back facing the camera. Davis is wearing a blue gown with a deep plunge in the back, hand on hip. The publication has “had a problem in the past with putting Black women on the covers,” Davis says in an interview for the magazine.

Radhika Jones, the magazine’s editor in chief, writes in the issue that 17 Black people have been on the cover in the 35 years between 1983 and 2017, and that she was determined to fix the lack of representation when she took

Today’s Horoscope

episodes every Saturday. For July, Sigrid Andrea Bernardo directs the dramatization segments of the episodes. Bernardo is known for the films Kita Kita and Untrue.

Some of the GMA stars who will grace the program include Prima Donnas mainstays Elijah Alejo and Chanel Latorre.

For its first two episodes in the new season, Wish Ko Lang! features the stories of child breadwinner Manny and construction worker mom Joan.

Manny loves playing basketball. His dream is to make it to his school’s varsity team. But he must set aside his dreams for a while. Because of the pandemic, Manny becomes his family’s breadwinner. In the morning he sells various household items while in the afternoon he offers balut along North Caloocan. His earnings are spent on his parents’ medicines and their food.

After falling in a construction site, Manny’s father became disabled. His mother, on the other hand, has tuberculosis. What little

savings Manny has, he intends to use for his enrollment and to buy items to play basketball. But given his new role in the family, he is now unsure if he can still go to school. Meanwhile, Joan used to sell fruits in Laguna, while her husband Sherwin used to be a construction worker in Rizal. When the enhanced community quarantine was implemented, both lost their jobs. Sherwin became a localized stranded individual (LSI) who can’t go home to his family. Joan was left no choice but to take on work to provide for their family. She applied for a construction job in their area and, at the same time, took sideline work as a house help. Joan worries about Sherwin and hopes to be reunited with her husband. Her wish is that they could face the hardship brought about by the pandemic together.

The program will also be asking viewers to send in their most urgent wishes so these may be featured in future episodes. Wish Ko Lang! airs every Saturday on GMA at 4 pm.

i

SAGITTARIUS (Nov. 22-Dec. 21): Don’t let anger take over when action is required. If you love someone, speak up, find out where you stand and be prepared to take the next step, regardless of what that might be. Choose your lot in life. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Slow down, and wait for substantial evidence to unfold before allowing someone to work alongside you.

Confusion is apparent, and it’s essential to give the benefit of the doubt. HHH

k

AQUARIUS (Jan. 20-Feb. 18): It’s time to do your own thing. Put your talents to work for you in ways you’ve only dreamed about in the past, and you will make headway. Share your feelings with someone you love. Romance is featured. HHHHH

l

PISCES (Feb. 19-March 20): Walk away from a bad situation. Embrace a positive change that will take you back to a time when life was simpler. Make decisions that will encourage you to gravitate toward the people who bring out the best in you. HH Birthday Baby: You are insightful, adaptable and energetic.

You are charming and expressive.

‘swirling the glass’ by enrique henestroza anguiano The Universal Crossword/Edited by David Steinberg

ACROSS 1 Pale-faced 5 Due, as an apology 9 Salon goops 13 Cordon ___ 14 ___ room (ironically safe place) 16 “Preach!”

17 College rejection notice, often (unscramble letters 2 to 7) 19 Carano of The Mandalorian 20 Police dispatch, for short 21 One may carry a crumb 22 Wildlife-tracking aid 24 Warm headwear 26 No longer in style 28 Traditionally yellow flower (2 to 6) 33 Dog walker’s command 35 Raison d’___ 36 Secretly marry 37 Figure skater Midori 38 Apothecaries’ measures 40 Peculiar 41 Birthday helper?

44 Ruler of Valhalla 45 Space chimp of 1961

6 Groups of actors in the Avengers 4 movies, e.g. (5 to 10) 49 Some babies 50 One sharing top billing 53 Tiered Asian tower 56 Glide on snow 57 Poem of praise 58 “Sadly...”

59 Mixed drinks?...or a hint to the starred answers’ scrambled letters 63 “A ___ by any other name...”

64 Rae played by Sally Field 65 Tuna or patty sandwich 66 Retained 67 Depilatory brand 68 Swiss Army knife’s multitude DOWN 1 1990s-2000s Britcom 2 Incline 3 Like parsley, sage, rosemary and thyme 4 “Tasty!”

5 Clear-sighted 6 Lightbulb unit 7 Tolkien tree creature

8 “The ___ is cast!”

9 Funny DVD feature 10 Issue forth 11 Dunham or Headey 12 Unexpected setback 15 Toothpaste brand 18 Villain’s hideout 23 Tennis legend Arthur 25 Stanley Cup org.

26 Events featuring floats, often 27 Needing iron 29 Leisurely walk 30 Opalescent gems popular in Art Nouveau 31 Hairstyle that may show off earrings 32 Rx orders 33 Shout before a surprise party 34 Aldous Huxley’s boys’ school 39 Place to buy popcorn 42 A ton of bricks, perhaps?

43 Surrounded by 45 Aliens, briefly 47 Muscle 48 What fertilizer improves 51 Discombobulate

2 Relaxes 5 53 Gear that can prevent sliding 54 Soothing plant 55 (Oh my!)

56 18-wheeler 60 It must be positive or negative 61 FDR’s fair practices org.

62 Bird with low-fat meat Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Relationships BusinessMirror

Friday, July 17, 2020

Money buys even more happiness than it used to

By Jean Twenge San Diego State University

Carrot cake muffin with cream cheese frosting from The Weekend Baker. FROM FACEBOOK

Chef Sau’s gorgeous walnut-studded Vananah Walnut Malagos Tsokolateh Cake. STELLA ARNALDO

The big boom in baking

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S attested by the supermarket shelves always near-empty of flour, vanilla flavoring, and other condiments, baking has become the primary preoccupation of many Filipinos trying to fill their extra time while being cooped-up and working at home.

Some do it as a form of therapy, like I do, because I find baking or cooking relaxing. (Knead the worries, uhmmm, dough away!) Some have used it as an alternative to their regular jobs or professions, or just an additional means to pay for living expenses with the drop in one’s regular income owing to the Covid-19 community quarantines.

One of Pampanga’s best, Chef Sau del Rosario, has worked in restaurants in France and Asia, and has been involved in various dining establishments in Metro Manila, before finally setting up his own in his hometown of Angeles. His latest restaurant iterations are 25 Seeds and Café Fleur, where he has been serving tasty savories. I recall relishing an earthy Sinigang na Ulang (Crayfish in a Soured Broth) at one of his earlier Angeles restaurants.

Of late, he has been busy in his kitchen churning out sweet treats instead.

Chef Sau tells me he started baking only during this pandemic, when the entire Luzon was locked down to contain the spread of the novel coronavirus.

“I self-quarantined in our ancestral house in Pampanga. I was pretty much bored, so I started cooking all the dishes my Mom used to cook for us when we were young.

“Then I remembered her cooking some egg pies and buco pie too. So I attempted to bake, which I hate so much, but I thought this would be a good ‘killing time’ activity and therapy.”

He first started baking breads, then went on to whipping up pastries. “I Instagrammed and everybody wanted to order. I started with three buco pies until I got an order of, like, 200 pies in one day!

The rest is history!” (His buco pie has eight large pieces of coconut meat in layers, with a custard filling

Chef Sau del Rosario has turned to baking to help him survive the pandemic lockdown. FROM FACEBOOK

and baked in a French pastry pie crust. Yeah, are you drooling already?)

But let me just admit right now, I’m not a fan of banana cake or banana bread. There’s something about the use of overripe bananas in the recipe that just makes me want to hurl. It’s been a thing since I was a child, although these past few years, I’ve been trying to get over my dislike of certain dishes like ube cake and ube ice cream, although I still won’t come near ube jam. And it’s still a definite “no” to Biya (Gobies) with their eyes that stare at you, ampalaya (bitter gourd), and raisins in embotido. Ewww.

Yet Chef Sau insists overripe bananas are really the best to use in his Vananah Walnut Malagos Tsokolateh Cake because “it’s tastier!” He says the best bananas for this cake is the green variety, called bungulan, which is quite difficult to come by these days. So when it isn’t available, he turns to the regular lacatan. (He adds saba bananas are just not flavorful enough for the cake, while the cavendish variety is too expensive.)

Chef Sau also incorporates good quality chocolate from Malagos Farms in Davao, whose products have reaped a whirlwind of international chocolate

awards over the years. (This is a testament to how the Philippines can be a chocolate powerhouse, if it is able to export enough cacao or raw chocolates to the world.)

He also uses American walnuts, which helps temper the sweetness of the bananas and chocolates, a flavor my palate is particularly attracted to.

Meanwhile, I remember as a child that my Mama used to bring me along to her sojourns to Zurbaran Market. I don’t quite recall what her purchases were, probably more kikay stuff, but there was a food stall there that used to sell the creamiest homemade egg pies. My Lola, another layas in the family, used to come home from her lakwatchas with incredibly delectable egg pies from Binondo, as well, along with my favorite mamon and pianono.

Chef Sau, however, elevates the humble egg pie with his use of Malagos chocolate once more, thus its name: Malagos Tsokolateh Heg Fye. Incorporating chocolate in his version brings a touch of whimsy to the egg pie, and speaks to the playful kid in anyone.

Chef Sau is most thankful to his late mom, Garding: “She helped me go through this crisis. She may have passed away 20 years ago, but I still feel her in our house. She is all over me.” Amen to the mothers who nurtured us and taught us everything about fine food and cooking.

You may order Chef Sau’s Café Fleur Bekeri goodies at 0917-1928343. Delivery schedules are available for Pampanga, Bulacan, Metro Manila, Antipolo and the Southern areas of Alabang, Sucat, and Muntinlupa. nnn AND of course I wouldn’t be a good Tita if I didn’t write about my niece Nikka’s The Weekend Baker’s goodies. Nikka started baking during the lockdown primarily to augment her income. While she isn’t trained in the august kitchens of Paris and the south of France like Chef Sau, she has been dabbling in cooking and baking for years. Her setting up of The Weekend Baker project is her serious focus on the business aspect of baking, instead of indulging in just a hobby.

So far I have tasted her banana bread with chocolate chips, which also sets it apart from the regular banana breads. Nikka also bakes carrot cake muffins (with cream cheese frosting) and banana walnut muffins. Follow The Weekend Baker on Instagram and Facebook, where you can order her yummies.

If you’re friendly enough, you can probably persuade Nikka to cook and deliver her tuna spaghetti as well, a family favorite. Such wonderful treats for the weekend, di ba? n

The International Sanctuary of Lourdes hosts ‘Lourdes United’ global e-pilgrimage ON July 16, the anniversary of the 18th and last apparition of the Virgin Mary, the Shrine of Lourdes hosted an exceptional e-pilgrimage for the whole world, which took place live from the Grotto of the Apparitions. This extraordinary day brought together millions of people from all continents, through television, radio and social networks, under the sign of hope and solidarity.

The program ran for 15 hours.

For the entire day, the agenda of the broadcasts was filled with celebrations, processions, rosaries, prayers. Religious and civil personalities were on hand to testify on the role of Lourdes in their lives.

The cameras went behind the scenes of this unique place to better explain its mission.

Numerous interventions on the themes of solidarity, fraternity, commitment, entraide, hope and the search for meaning, as well as reports, archive videos, live music, duplexes with foreigners and other highlights completed the two hours of live coverage.

Lourdes, an international pilgrimage center, mobilizes nearly 100,000 volunteers to welcome 3 million pilgrims and visitors from all over the world each year, including more than 50,000 sick and disabled people.

Multigenerational and multicultural, the “Lourdes United” global e-pilgrimage brought everyone from the four corners of the world to see Lourdes as a beacon of faith, commitment and hope

during this unprecedented time.

Closed for more than two months, it is the first time in its history that the Shrine had to cancel all pilgrimages. Despite its partial reopening, the Shrine can only welcome a limited number of pilgrims to follow strict sanitary protocols.

Without the pilgrims, Lourdes does not have enough resources to carry out its mission, maintain the entire site and guarantee its durability, displacing as well 320 employees.

In addition, the whole of the Lourdes catchment area is in immense difficulty. The Sanctuary is expecting a historic loss of €8 million.

The online event can be viewed at www.lourdesfrance.org.

MANY factors determine happiness, but one has stirred considerable controversy over the years: money.

While the old adage says that money can’t buy happiness, several studies have determined that the more your income increases, the happier you are, up until US$75,000 a year. After hitting that threshold, more income doesn’t make a difference.

But in a new analysis of more than 40,000 US adults aged 30 and over, my colleague and I found an even deeper relationship between money and happiness.

Because the survey data spanned five decades, from 1972 to 2016, we were also able to see if the link between money and happiness changed over the years. That’s where things got interesting: Today, money and happiness are more strongly related than they were in the past. It seems money buys more happiness than it used to.

How did this happen?

A STRIKING CLASS DIVIDE WE decided to look at happiness trends through the lens of class, specifically via income and education.

Among white Americans in the 1970s, adults with and without a college degree were equally likely to say they were “very happy”—around 40 percent. But by the 2010s, there was an education gap in happiness: Only 29 percent of those without a degree said they were very happy, compared with 40 percent of those with a degree. The same was true for income: The difference in happiness by income level grew steadily larger from the 1970s to the 2010s.

The happiness of Black Americans with more education and income increased from the 1970s to the 2010s, while the happiness of those with less education and income stayed steady. Thus, a small happiness gap by income level in the 1970s became a larger gap by the 2010s for Black Americans.

Furthermore, unlike previous studies, there was no happiness plateau or saturation at higher levels of income. For example, adults making $160,000 or more a year in 2020 dollars were happier than those making between $115,000 and $160,000.

LESS ISN’T MORE THERE are likely many reasons for these trends.

For one, income inequality has grown: The rich have gotten richer, and the poor have gotten poorer. Today the average company CEO makes 271 times the salary of a typical worker, up from 30 times more in 1978.

While it was once possible to buy a house and support a family with a high school education, that has become increasingly difficult.

In a society with more income inequality, the gulf between the “haves” and the “have nots” is more stark, with fewer belonging to the middle class. That’s partially because the cost of many key needs, such as housing, education and health care, have outpaced inflation, and salaries haven’t kept up even as workers became more productive.

Marriage rates may also explain part of the trend.

In the 1970s, marriage rates hardly differed by class, but now those with more income and education are more likely to be married than those with less. Married people are happier on average than unmarried people. When we controlled for marriage rates, the trend toward a growing class divide in happiness lessened—though it still remained, suggesting several factors were at work.

THE ROAD AHEAD IN 2015, a widely circulated paper found that the death rate for white Americans without a college degree was increasing. Many of these deaths were what the researchers called “deaths of despair,” including suicide and drug overdoses. If anything, the class divide in well-being has grown even larger during the Covid-19 pandemic, as lower-income Americans were more likely to lose their jobs. All of this evidence suggests that the class divide in both physical and mental health is large and growing in the US. Politicians are beginning to recognize this, with more supporting the idea of universal basic income, in which all citizens receive a set amount of money from the government each month. Andrew Yang gained traction in the 2020 Democratic presidential primaries partially through his support of universal basic income, and more mayors across the country are experimenting with guaranteed income.

As a general rule, stark divisions by class have a negative impact on the well-being of a society. One study found that people living in countries with more income inequality were less happy. In a nation already deeply polarized, these growing class divisions will likely only make matters worse. As the 2020 election approaches, political campaigns must recognize the ramifications of these sharp class divides.

The nation’s happiness and well-being are at stake.

THE CONVERSATION

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B6 Friday, July 17, 2020

Megaworld bags 14 ‘Stevies’ at the 2020 Asia-Pacific Stevie Awards

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VEN amidst the pandemic, property giant Megaworld still had reasons to be thankful for after winning a total of 14 awards—including one Gold and three Silver Stevies—for its campaigns and programs at the 2020 Asia-Pacific Stevie Awards.

Winning the coveted Gold Stevie was Megaworld Foundation’s One With the Aetas program (Non-Profit Organizations).

Another program spearheaded by the Foundation, the Megaworld @ 20 coffee table book, also won a Silver Stevie (Non-Profit/ NGO Publications). Two more programs spearheaded by Megaworld Lifestyle Malls, namely ILOMOCA: Uplifting Arts and Culture in Iloilo for the Iloilo Museum of Contemporary Art (Events) and its Pet Pass Program (Community Relations and Public Service Communications), also won a Silver

Stevie Each.

Snagging a total of 10 Bronze Stevies for the company are the following campaigns and initiatives: Cebu Mangoes Festival (Events); Capturing Chinatown: Reviving Binondo with Instagram Content Creators (Use of Celebrities or Public Figures); #MomentsWeBuild Valentine’s Video Series (Use of Viral Media/Word of Mouth and Innovation in Viral Videos); Talk of the Townships: The First Real Estate Digital Magazine Show (Use of Social Media and Innovation in Social Media Marketing); Megaworld’s SEA Games 2019 video (Lifestyle Videos); Lucky Chinatown’s Chinese New Year celebration (Events); McKinley Hill Christmas Grand Parade (Events); and company’s Visit Iloilo campaign (Use of Celebrities or Public Figures).

“We are very grateful for all the prestigious recognitions bestowed upon our projects. All of these serve as reminders that whatever challenge comes our way, we will always have more reasons to stay positive and be thankful for all the opportunities that we enjoy to uplift lives, impact society, and help build a nation,” says Lourdes T. Gutierrez-Alfonso, chief operating officer, Megaworld.

The Asia-Pacific Stevie Awards is the only business awards program to recognize innovation in the workplace in all 29 nations of the Asia-Pacific region. The Stevie Awards are widely considered to be the world's premier business awards, conferring recognition for achievement in programs such as The International Business Awards for 18 years.

Nicknamed the “Stevies” for the Greek word for “crowned,” more than 1,000 nominations from organizations across the Asia-Pacific region were considered this year in various categories.

“We are delighted that the seventh edition of the Asia-Pacific Stevie Awards attracted so many impressive nominations. This year’s winning nominations are testament to the resiliency and innovation of organizations in the region, many of which continue to succeed despite the challenges of the COVID-19 pandemic,” said Stevie Awards president Maggie Gallagher.

The winners in this year’s event will be celebrated during a virtual (online) awards ceremony in September.

Book your next staycation with The Bellevue Hotels and Resorts' buy now, stay soon promo

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HE Bellevue Hotels and Resorts (BH&R) is a Filipino-owned company that manages premiere and boutique hotels, which include The Bellevue Manila, found in the heart of Alabang, and The Bellevue Resort, located in the serene shores of Panglao, Bohol. BH&R also handles the B Hotel brand in Alabang and Quezon City. The Bellevue Hotels and Resorts is prominent in providing delightful experiences and genuine Filipino hospitality for its valued guests.

Whether it’s planning a staycation in the city, or travelling to a tropical paradise with loved ones; you may now travel with ease and comfort as the Bellevue Group, amidst the pandemic, has been working on enhancing and further strengthening their precautionary measures and operational standards to ensure the safety and well-being of guests and employees. Experience a vacation like

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ith its corporate segment’s three-digit growth last year, Kaspersky today announces the appointment of its Head of Enterprise for Southeast Asia, Chow Lai Leng, a first for the region.

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S the country hopes to adjust to the New Normal brought by the COVID-19 pandemic, PCI Tech Center, one of the pioneers in education technology in the Philippines, continues to provide quality education to help Filipinos in these trying times.

The Company’s online platform and generated contents are now accessible on any available devices, from smartphones to tablets, from laptops to desktops, and can run by various operating systems (OS) without compromising the veracity and substance.

PCI Tech uses Augmented Reality and Virtual Reality while developing interactive and immersive videos, mobile applications and games, making education fun and interesting despite the blended learning arrangement.

The Company established partnerships with different schools and institutions to ensure that the system is apt and aligned with the curricula, that it is necessary and relevant in the digital world.

PCI Hub (with PCI Innovations Tech Center, Inc. Let’s #SimplifyLearning! Visit facebook.com/PCITechCenter or website info@pcitech.com.ph), the Company’s online learner-centered Learning Management System (LMS) , recently unveiled the improved functions of the system and now has a College Entrance Exam Reviewer (CEER), a customized interactive reviewer. Some of the key features of the new PCI Hub LMS are: Student Learning Management System, By reinventing the traditional classroom and way of learning, PCI Hub LMS allows the user to

facilitate the usual activities online. Students may access lessons in the form of modules or videos anytime and anywhere they want.

They can attend classes while still doing their responsibilities at home or at work.

Interactive Assessment, With the help of technology, PCI Hub paves the way for educators to create a more fun and engaging learning process. It creates new modes of presenting and analyzing information which can increase the retention rate of the student.

Parent/ Guardian Role, Another highlight of PCI Hub is the Parent Account feature for the supportive mommies and daddies who may add their children's account and assign certain subjects to them. They also have the ability to track the progress of their child on each subject they take.

Teacher Role, Through LMS, teachers can be more flexible in providing feedback to the student. Metrics embedded within the course can also be generated for them to evaluate the students better. Currently, this role is being used by PCI in-house teachers.

Knowledge Channel Videos , In partnership with Knowledge Channel, your favorite Sineskwela and Mathdali are also available on the platform, 'Di ba ang saya matuto?’

PCI believes that young minds should not stop learning and thinking most especially in these trying times. It is the company’s strategy to maximize technological innovation to champion accessible and affordable quality education. It strives to meet the needs of Filipino students through sustainable digital solutions.

CSC launches online photo contest for gov’t workers

A no other in any of the 4 properties until December 30, 2020! Room starts at P2,000

nett per night. Visit www.thebellevue.com or call (+632) 8771 8181 to know more.

After a 3-digit growth in 2019, Kaspersky names first-ever enterprise head for Southeast Asia market

Ms. Chow Lai Leng is the new Head of Enterprise for Southeast Asia of Kaspersky.

PCI Hub LMS: Preparing Filipino students for E-Learning

Lai Leng has nearly two decades of extensive experience in the enterprise sales and channel management for IT and cybersecurity industry. Her rich account portfolio spans across financial services, pharmaceutical, food and beverage industries, with her most recent stint as Channel Sales Lead for a cybersecurity provider.

In her new role, Lai Leng is up to steer further increase the enterprise segment clout of the global cybersecurity company in the Southeast Asia region through developing successful sales strategies and ensuring effective execution.

Commenting on her appointment, Lai Leng says, “Cybersecurity is becoming more and more important as advanced threats are increasingly becoming sophisticated and the number of breaches are on the rise. In addition, companies’ reliance on the internet continuously increases, resulting in enterprises becoming very vulnerable to social engineering attacks. I believe Kaspersky has the technology, the talents, and the values to keep enterprises secure against cybercriminals, so I

am thrilled to be part of this dynamic company and I am fully committed to bring our enterprise business to the next level.”

Lai Leng will report directly to Yeo Siang Tiong, Kaspersky’s general manager for Southeast Asia.

She will be based in Singapore where the global cybersecurity company’s Asia Pacific headquarters is located.

“2019 was a hugely successful year for our corporate portfolio and we are eyeing to carry this momentum forward in 2020. While the pandemic has hit the region badly, I am sure that, with Lai Leng at the helm, we can still double down on our enterprise segment as we are more equipped to meet the enterprises’ growing demand for cybersecurity solutions and services,” comments Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

Lai Leng has a degree in Bachelor of Science from University of Nevada and holds a Master of Business Administration from University of Western Australia.

n online photo contest for government workers seeks to use positive imagery in coping with the COVID-19 pandemic.

The Civil Service Commission (CSC) has launched a photography contest themed “Journey to the New Normal” where submitted photographs must communicate the various new norms or behavior which may effectively inspire others on how to deal with the impact of the COVID-19 situation.

In an announcement, the CSC said that the images must convey “the beauty and importance of living despite the uncertainty and discomfort brought about by the COVID-19 pandemic” and “must strongly attract the imagination of the viewer to ensure positive outlook in their hearts and minds”.

It is open to all Filipino public servants, except employees of the CSC including their relatives up to second degree of affinity or consanguinity.

The contest is ongoing, and submission of entries is until 31 July 2020 at 5 p.m.

Each participant is allowed to submit only one (1) entry.

Upon submission of entry, the contestants grant the CSC full permission to use the photos in any official CSC material.

Photo entries must comply with the following requirements: Must be original, Must not contain copyrighted material, violence, nudity, or obscenity, Must be colored (black and white or sepia photos are not allowed), Must be in JPEG or JPG format with at least 300 dpi and maximum file size of 10 MB, Must not be digitally altered and/or enhanced.

Watermarked photos or those that have been previously submitted or have won in any local or international photography contest will be disqualified.

Photos must have been taken starting 1 July 2020, Participants should submit their entry to the official email address of the CSC Regional Office (CSC RO) with jurisdiction over where they are located. For example, if the participant is in National Capital Region, he or she should submit an entry via email to the CSC National Capital Region. The directory of CSC ROs may be accessed through the CSC website at www. csc.gov.ph.

There will be three (3) winners from each region. The 3rd Prize in each region will receive PHP2,000; the 2nd Prize, PHP3,000; and the 1st Prize, PHP5,000.

From the pool of regional winners, the CSC will choose three (3) entries as the national winners. The 3rd Prize will receive PHP10,000; the 2nd Prize, PHP12,000; and the 1st Prize, PHP15,000.

Winners will be notified via email. The winning photos will also be announced and showcased in the CSC website and official social media pages on 15 September 2020.

CSC Announcement No. 16, s. 2020 containing the full contest guidelines can be accessed on the CSC website at www.csc.gov.ph.

The online photo contest is one of the events lined up for the 120th Philippine Civil Service Anniversary (PCSA) celebration this September. The PCSA is a month-long commemoration of the establishment of the civil service in the Philippines on 19 September 1900. It is also the anniversary of the whole civil service, and not just the CSC. The theme of the anniversary celebration is Philippine Civil Service @120: Public Sector in the Age of Digital Transformation, highlighting the role of technology in the evolution of public service in the country, especially as the nation copes with the COVID-19 pandemic crisis.

For more information on the PCSA theme and activities, refer to CSC Memorandum Circular No. 12, s. 2020 posted on the CSC website, www.csc.gov.ph. Updates and additional information may also be accessed via the PCSA webpage at www.csc.gov.ph/pcsa2020 and the CSC’s official Facebook Page, www.facebook.com/civilservicegovph.

Sports BusinessMirror

Editor: Jun Lomibao

PFF prepares training center

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HE Philippine Football Federation (PFF) spruced up the sprawling National Training Center in Cavite as clubs return to training in preparation for a potential resumption of matches.

The 2-hectare facility is located inside the San Lazaro Leisure and Business Park in Carmona and features a Fifa-funded artificial turf and two mini pitches bankrolled by the Asian Football Confederation (AFC). The lot is leased to the PFF by the Manila Jockey Club Inc. “We thank Fifa and AFC for providing the PFF the facilities needed to improve the National Training Center,” PFF President Mariano “Nonong” Araneta said. “These developments in the facility are a great help to the clubs and our own national teams in their training sessions.”

The PFF intends to transform the training center into its own version of a “bubble” to limit the movement of players and team staff. The bubble is being adopted by leagues—the most prominent is the National Basketball Association at Disney World in Orlando, Florida—all over the world to prevent the spread of Covid-19.

The facility hosted several matches of the Philippine Football League, Women’s League and the PFF Under-15 Boys National Championship. Developments in the area included the perimeter fence and four floodlight towers to provide the adequate lighting for night matches.

The PFF will make impose health protocols for teams at the training center.

Ramon Rafael Bonilla

TOKYO Olympics-bound Eumir Felix Marcial signs a contract with Sen. Manny Pacquiao’s MP Promotions.

By Ramon Rafael Bonilla

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OKYO Olympics-bound Eumir Felix Marcial officially sealed a six-year promotional deal with Sen. Manny Pacquiao’s MP Promotions on Thursday and banked close to P10 million in signing bonus.

Although Marcial has verbally committed to MP Promotions since last summer, it was only on Thursday that the contracts were signed with Pacquiao represented by his company’s president, Sean Gibbons.

Marcial said he was also granted a $200,000 (P9,918,100) bonus for signing with MP Promotions, which set an October pro debut for the 24-year-old pride of Zamboanga City

“I want to tell everyone of my decision that I signed a promotional deal with Manny Pacquiao Promotions,” Marcial said in a statement.

According to Marcial, the deal doesn’t prevent him from suiting up for the national team, especially for the postponed Tokyo Olympics in 2021.

“I chose MP Promotions because of its 100-percent support for me to represent the country in the Southeast Asian Games, Asian Games and the Olympics,” he said.

Marcial, along with women boxer Irish Magno, earned his ticket to Tokyo in the Russia qualifiers last February. Also qualified for Tokyo are pole vaulter EJ Obiena and world champion gymnast Carlos Yulo.

The International Boxing Federation has relaxed rules on professionals competing in the

Olympics, World Championships and other major continental and regional games.

Marcial said he considers the signing bonus as an added boost to his Olympic campaign. The same amount was offered to the potential world champion by other US-based promotions outfits.

Marcial acknowledged the support of the Association of Boxing Alliances in the Philippines, especially its president Ricky Vargas and Secretary-General Ed Picson.

Vargas said he is relieved that Marcial signed with MP Promotions.

“I told him, I am very happy for him. I wished him well and said that he can now focus on his career,” Vargas said. “He is in good hands with Senator Pacquiao.”

Marcial also thanked his coaches at Abap—

Romeo Brin, Pat Gaspi, Boy and Roel Velasco, Elmer Pamisa and Ronald Chaves—as well as lawyers Clint Aranas and Jeff Manuel David who advised him on his tax obligations.

He promised to go all out for the country’s first Olympic gold medal.

“I will give everything,” Marcial said.

At MP Promotions, Marcial joins World Boxing Organizaton minimumweight titleholder Pedro Taduran and bantamweight champion Johnriel Casimero and Internatioal Boxing Federation super flyweight titlist Jerwin Ancajas.

Marcial did not run out of people to thank for the positive development in his career. He also expressed gratitude to boxing managers Keith Connolly and Shelly Finkel, fiancée Princess Galarpe and his parents Carmelita and Eulalio.

ASIAN BODY BACKS P.O.C. LOBBY FOR ESPORTS IN VIETNAM SEAG

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ESPORTS Association Head Ramon “Tats” Suzara gets support from the sport’s Asian federation.

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MARCIAL INKS DEAL WITH PACQUIAO, GETS P10-M SIGNING BONUS

IOC postpones Dakar Youth Olympics by 4 yrs to 2026 ENEVA—The 2022 Dakar Youth Olympics were postponed by four years on Wednesday, in further fallout from delaying the Tokyo Olympics to 2021 due to the coronavirus pandemic.

International Olympic Committee (IOC) President Thomas Bach said the decision was discussed two days ago in a telephone conversation with Senegal President Macky Sall.

It means Africa will have to wait until 2026 for the continent’s first Olympic hosting duty.

“This was really too heavy workload for everybody,” Bach said during an online news conference, citing the 2020 Tokyo Olympics now opening one year later.

The Beijing Winter Olympics are due to be held in February 2022.

“We would have had to master five [Olympic] Games in just three years,” Bach said.

Bach dismissed a suggestion that a similar postponement for a full four-year Olympic cycle was an option for Tokyo, if the global health crisis persists.

The situations “cannot be compared in any way,” the IOC leader said. “We are and we remain fully committed to celebrate Tokyo 2020 next year in July and August.”

Addressing other issues, Bach also noted the financial and organizational strain on governing bodies of Olympic sports and the 206 national Olympic bodies because of the pandemic.

Around $100 million in loans and donations have now been distributed to help sports bodies through a severe cash shortfall this year.

The IOC said $63 million has gone to governing bodies and a further $37 million has gone to national Olympic committees.

The IOC said it can distribute up to $300 million to help “support the actions of the Olympic Movement.”

Also, Bach said the IOC will not “rewrite history” when it comes to perhaps his most controversial predecessor, the late Avery Brundage, whose position in the organization’s history has come under renewed scrutiny in recent weeks.

The only American to lead the IOC, from 1952-72, has long been criticized for holding racist views and being a Nazi sympathizer at the 1936 Berlin Olympics.

Last month, the Asian Art Museum in San Francisco, which houses an extensive collection donated by Brundage, removed his bust from display amid a re-evaluation of racial injustice in the United States. The museum’s director told the New York Times Brundage was “a hateful person.”

“The role of Mr. Brundage has been the focus of many studies and his history is pretty clear and has been evaluated,” Bach said Wednesday. “So we see no reason to rewrite history at this moment.”

In 1975, Brundage was the first recipient of the IOC’s Gold Olympic Order. AP

mirror_sports@yahoo.com.ph / Friday, July 17, 2020

AKE BUENA VISTA, Florida—Every team in the National Basketball Association (NBA) bubble has played golf. Most have had at least a few players go fishing. Some have taken boats out. Bowling is available for a few hours most nights. The barbers arrive for the first time later this week. And the walking trail is pretty much always occupied by coaches or players.

On occasion at Walt Disney World, basketball even gets played.

This is the NBA’s home away from home for the foreseeable future—and efforts are being made to make the time here fun. The so-called bubble in Central Florida is where 22 teams have settled for about a week now, where they all will remain for another month and where teams that make the playoffs will be for considerably longer.

“We’re trying to just live our life,” Los Angeles Clippers Coach Doc Rivers said. “Have our best Disney life.”

This summer away from home isn’t ideal, for obvious reasons. Players and coaches are away from their families, many teams are missing players or other personnel because of the coronavirus, and there are daily

HE Philippine Olympic Committee (POC) found an ally in the Asian Electronic Sports Federation (AESF) which called on its member-federations to lobby for the inclusion of eSports as a medal sport in next year’s Vietnam 31st Southeast Asian Games.

AESF Director General Sebastian Lau on Wednesday wrote National Electronic Sports Federation of the Philippines (NESFP) President Ramon Suzara about the continental federation’s intense bid for eSports’ inclusion in the Vietnam 31st SEA Games that are set from November 21 to December 2 next year.

“I am writing this letter to seek your support in driving our Olympic collaboration agenda for the upcoming 2021 Southeast Asian [SEA] Games in Hanoi,” Lau wrote. “We found out the news that Vietnam has not included eSports as one of the official games, and currently it is in a process where the participating countries send an [appealing]

letter to the hosting country Vietnam.”

Vietnam organizers said they are hosting no more than 36 sports—from an initial of 46—because their SEA Games budget were cut almost in half because of the Covid-19 pandemic. ESports didn’t survive the cut.

The NESFP is the only eSports association in the country that is recognized and certified by the AESF and the Global ESports Federation.

Earlier this week, POC President Rep. Abraham Tolentino bared he would lead a lobby among the other SEA Games member countries to convince Vietnam to reconsider eSports.

“The AESF would like our federations in Southeast Asia to be united and support the Olympic collaboration agenda,” Lau said. “To further support our unification, we would like to encourage you to advocate the inclusion of eSports as a medal event at the 2021 SEA Games in Hanoi.”

“This lobby from the AESF is a welcome development for eSports,” Suzara said. “All SEA Games countries have already adopted eSports and they would want the sport to be played in Vietnam next year.”

ESports has risen by leaps and bounds that the International Olympic Committee (IOC) agreed for its inclusion as a demonstration sport in Paris 2024. Indonesia has included eSports as a demonstration sport when it hosted the 18th Asian Games in 2018.

The Philippines made eSports a medal sport during the 30th SEA Games last December, winning three of the six gold medals at stake.

Thailand clinched two golds and Malaysia one, while Vietnam settled for three bronze medals.

AESF is recognized by the Olympic Council of Asia and lists 45 member-countries, including all 11 countries in the SEA Games Federation. It is based in Hong Kong.

PBA FINES ELITE P100K

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HE Philippine Basketball Association on Thursday slapped Blackwater a P100,000 fine for breaching health protocols when the Elite practiced as a team on Wednesday.

Commissioner Willie Marcial ordered the Elite to pay the hefty sum after Team Owner Dioceldo Sy admitted in an interview that his players already resumed training as a team. Sy bared in the same interview that he is selling the team for P150 million.

That didn’t auger well for Marcial, who announced earlier that health regulated practices would start on July 22. The PBA policy includes compulsory swab testing for everyone on each team.

The Games and Amusement Board joined the PBA in penalizing Blackwater for breaking protocols, according to its chairman Baham Mitra.

Sy aired his frustration against the PBA which disapproved his request for a 50 percent pay cut for his players.

“I’m through with the PBA,” he said, simultaneously announcing the sale of the team. Ramon Rafael Bonilla

Several options for NBA players inside bubble reminders that even this well-isolated world was created during a pandemic. Medical personnel—wearing gowns, masks, gloves and plastic visors—are arriving to place a swab in everyone’s mouth and two more in their nasal passages for the next Covid-19 test.

But the league is trying to make the days at Disney go a little faster, with activities available almost around the clock. And players are making the best of things; Denver even turned an off day into time for a full-team pool workout this week.

“I don’t think you can ever build enough ‘we,’ enough togetherness,” Nuggets Coach Michael Malone said.

Golf has been the free-time hit so far; a new private driving range just for NBA player use is scheduled to open Saturday, just to keep up with their demand. A few players—including some who don’t even play golf regularly, like Miami’s Goran Dragic—figured they might as well try to learn the game.

“It’ll be good for me mentally to have

something else to think about during the downtime,” said Dragic, whose wife and children returned home to the family’s native Slovenia on Wednesday. “So, I had my golf clubs sent here, just to try something new.”

And, of course, there’s the food.

Panned by some players upon arrival, the fare in quarantine wasn’t quite the level that NBA types are used to seeing but has generally gotten decent reviews since. Those still in quarantine at Disney get three meals dropped off outside their door each day, with an array of items to choose from in those bags.

Teams have meal rooms set up with menus that were developed in cooperation with their own staffs and dietitians. And when all else fails, there are delivery options and room service offering everything from bisques to steaks to flourless chocolate cakes.

“If you’re talking about it being a five-star restaurant, no, but if you talk about it being good food that you can eat and enjoy, I think it is,” New Orleans Coach Alvin Gentry said.

“We’re not eating off of fine china, but we’re also eating off of biodegradable containers which I think is very smart to do. Obviously, we’re not eating with silverware because that poses a threat as far as spreading the virus also.”

The NBA even developed an app for the Disney life.

Every team was assigned a liaison to help book outings and handle needs, and the app includes everything from how to get food delivered to how to book extra practice time. There’s a page within the app that allows players to report violations of health protocols, such as someone not wearing a mask, as well as links to mental health resources and even details on how players can register to vote if they haven’t already.

In short, there are many ways to keep busy in the bubble.

“I brought my bike—it’s yet to leave

Woods, DeChambeau attract attention for different reasons TIGER WOODS hits out of a bunker on the 15th hole as Bryson DeChambeau walks also from the bunker during a practice round for the Memorial on Wednesday. AP

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UBLIN, Ohio—Tiger Woods and Bryson DeChambeau pounded shots along the front nine of Muirfield Village, a nine-hole practice round Wednesday that no doubt would have attracted a capacity crowd if spectators were allowed at the Memorial.

They are gobbling up most of the attention in golf, for entirely different reasons.

One of them because he’s Woods.

The other because he’s unlike anyone else in the game.

DeChambeau has everyone talking, whether it’s his super-sized physique, how hard he swings the driver, how far he is hitting the golf ball or his beliefs—which can sound like boasts—that he’s changing the way the game is played.

Even the tournament host is curious.

“Bryson’s golf swing is not a fluid golf swing,” Jack Nicklaus said. “Bryson’s golf swing is pretty much pretty firm going back and firm coming through with a lot of body rotation.

It’s a little different than a lot of guys. And can you believe the power he’s getting from that? I mean, it’s unbelievable.

“I, for one, I want to watch him play a little bit,” Nicklaus added. “I’d like to see what he does and how he’s actually doing that because he’s obviously doing something right. The ball is

going a long way. And he’s playing well with it.”

DeChambeau faces a stacked field at the Memorial—nine of the top 10 in the world, 43 out of the top 50—while coming off a victory two weeks ago when he pummeled Detroit Golf Club with his driver. He has seven straight top-10 finishes dating to March, before Covid-19 shut down the tour. Since its return, DeChambeau has hit 29 tee shots of 350 yards or longer.

Woods is 44 and still has plenty of pop.

“There was a couple holes he hit 320, 325,” said DeChambeau, 26. “I’m like, ‘That’s pretty good for his age.’”

Wednesday wasn’t the first time they have practiced together. Woods is intrigued by a different way of playing, which is why a generation ago he used to practice early with Bubba Watson to see not just his length but the shape in his shots. DeChambeau brings an element of physics to his approach, taking into account air density and ground force.

A year ago, they were playing together in the Memorial when DeChambeau was given a bad time for taking too long over a shot. He was furious, and later claimed the PGA Tour was going about it the wrong way. He said it should take into account how fast a player walks to the ball.

How quickly the conversation has changed.

Now it’s not about slow play as much as it is muscle

CLIPPERS Coach Doc Rivers: We’re trying to just live our life, have our best Disney life. AP

the room, but the thought is nice, hopefully someday I get on it,” Rivers said. “We’ve got a lot to do. It’s still not normal, but that’s fine with us. Again, we’re going to live the best Disney life that we can.” AP mass, a ball speed approaching 200 mph and whether this is the way everyone should play.

Dustin Johnson, who won the last time he played at the Travelers Championship, has ample power. Asked what would happen if he swung as hard as DeChambeau, he replied: “I’d probably hurt something. And I would find half of them.”

He’s not about to change.

“I hit it far enough,” Johnson said. “And until I feel like I need to hit it further to compete or beat these guys, then that’s what I’ll do. But for right now, I feel like if I’m playing my game, he can hit it as far as he wants to, and I don’t think he’s going to beat me.”

Woods has always been about power, and so much more. It’s why he has won 82 times on the PGA Tour and has a chance at the Memorial— where he has won five times—to break the career victory record he shares with Sam Snead.

When he started, Woods and John Daly were the biggest hitters. Technology has changed all that, starting with launch monitors that have led to sonar devices that allow players to optimize everything. What amazed Woods was not so much the distance but the accuracy that goes with it.

“Let’s look at the fact that he’s hitting it as straight as he is,” Woods said. “That’s part of the most difficult thing to do. The further you hit it, the more the tangent goes more crooked. So the fact that he’s figured that out and has been able to rein in the foul balls to me has been equally as impressive as his gains off the tee.” AP

Motoring BusinessMirror

B8 Friday, July 17, 2020

Slim chance? Still, believe in your dream

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Y lasting dream is to own a Lexus.

I got fascinated by the car when I saw its first advertisement in 1989, the year it was launched.

I was in Los Angeles then on my way to covering the World Optimist Junior Golf championship in nearby San Diego. In the back seat of a BMW, the Los Angeles Times was proving to be a good read. As I leafed through the pages, I saw this Lexus ad showing a glass of water on the hood of the car. One whole page.

Was it the LS? I don’t remember now.

What I do remember, though, is the ad’s copy, which said the glass of water on the hood would remain

steady as Eddie, even with the car’s engine in full throttle. Meaning, pressing the pedal to the metal while the engine is on, would not cause droplets of water spilling out of the glass.

I said then to myself: “What kind of a car is this? A super car direct from Jupiter or Mars? Do we now have the so-called car of the future?”

Years later, I had a chance, so tiny it was it amounted to an ant’s nose, to own a Lexus.

But, lo and behold, a dear friend of mine himself had deflected it, denied me to realize my dream.

“You are making a big mistake,” he said. “You will lose all your money rehabilitating it once I sold it to you. I do not want that happening

to a friend who has become more than a brother to me.”

The Lexus, previously owned by an ambassador, was a sedan that had seen, well, better days. It was brought to Danny “Sir John” Isla, then-president of Lexus Manila, for a possible trade-off.

“It is beyond repair, Sir Paul,” said Sir John to me. “I don’t want you to be cursing me for life. I don’t want to lose you as a friend.”

He gave me back my hard-earned 200k down payment that I had slid, forcibly, into his pocket days ago.

“Let’s have a drink, instead,” Sir John said. “And make our friendship stay strong as ever. Let’s down a Macallan double, bottoms-up.”

Make that 18 years old!

Sir John, since retiring as Lexus president a while back, now lives in Warkworth, a suburb of Auckland, New Zealand, where he helps tend tenderly to the family coffee shop, aptly named “Let It Brew” in homage to the Beatles’ immortal hit “Let It Be.” Like me, Sir John is also a Beatlemaniac—and, if I may say so, Lexus Chairman Alfred Ty, too.

Whenever Sir John and his

comely wife Joy come home for a visit, they are chauffeur-driven in, of course, a Lexus.

Sir John knows my dream car has remained that: a dream. I’m getting old. I don’t mind. I’m used to waiting—even if it takes forever.

Inspiring Lexus technology

I got the following from Megan Soriaga, one of the trusted staffers of Raymond T. Rodriguez, the tall, new and energetic Lexus president. It is Raymond’s fresh discourse on the brand that I find it hard to resist sharing it with you. Here’s RTR: “In this new normal, we’ve come to value certain things more than we ever have. For the most discerning customers, it’s giving priority to things like safety and security.

These are also the very qualities that Lexus has set out to perfect ever since its inception.

“This desire began with its two core vehicles: The Lexus LS flagship sedan and the Lexus ES. Both of these cutting-edge models were present at the very beginning of our brand’s heritage story, and their evolution continues.

“When Lexus released the LS 400 in 1989, a single consumer complaint launched a special service campaign that earned the brand recognition as the new standard in personalized service.

“The 415hp LS 500 is our flagship full-size sedan. Built on the same platform as the high-performance LC coupe, the LS features a powerful twin-turbo V6 engine paired with an exhilarating 10-speed automatic transmission and an interior assembled by Takumi master craftsmen.

“The LS hybrid adopts a MultiStage Hybrid System, which was first introduced in the LC 500h.

This system provides perceived acceleration that matches the actual acceleration as soon as the gas pedal is pressed.

“The ES 350 offers spaciousness and refinement with a stunning coupe-like silhouette. It boasts of fluid lines and a human-centered cabin, where every detail is carefully considered for optimal comfort, and innovative technology meets your every need on the road. It is also equipped with the new 8-speed

direct-shift automatic transmission which offers smarter, sharper gear shifting.

“At the core of Lexus are the LS 500 and ES 350, and with these models, the brand has placed its clients at the heart of their work, seeking to provide them only with the best. This is omotenashi, the concept of Japanese hospitality or visionary anticipation. It means taking care of the driver and passengers, anticipating their needs, attending to their comfort, and protecting them from hazards.

“In this new normal, there is an enhanced need for safety and security. Lexus is unrelenting in the goal to deliver on that promise and more. When behind the wheel—or as a passenger—in the Lexus LS and ES, you can truly set your mind at ease.”

PEE STOP Welcome home to Jade

B. Sison, who spent nearly three years honing further her marketing skills in Toyota Singapore. She’s back, this time fielded at Lexus and under the wings of Carlo Ablaza.

Cheers!