BusinessMirror July 20, 2020

PEZA CUTS INVESTMENT GOAL ON VIRUS IMPACT

w

T

By Elijah Felice E. Rosales

n Monday, July 20, 2020 Vol. 15 No. 284

@alyasjah

‘LIFT BANK SECRECY TO PROTECT PHL FINANCIAL SYSTEM’

HE Philippine Economic Zone Authority (Peza) has abandoned its goal of growing investments by 10 percent this year and is now settling to get just half of its total last year.

By Tyrone Jasper C. Piad @Tyronepiad

Peza Director General Charito B. Plaza last week said the agency is doing everything it can to make existing locators stay and prospective investors come in. However, she admitted it would be difficult to achieve the initial target of a 10-percent growth on investments due to the global pandemic.

As such, Plaza said the Peza is lowering its objective to just 50 percent of its investment haul last year of P117.54 billion, which was also a decline from 2018 figures.

“We are trying our best to be able to keep existing investors and attract the new investors. We defi-

nitely are expecting half—or 50 percent—of what we have achieved last year, [even as] we are creating that impression investing in the Philippines, through our economic zones in Peza, will assure our investors that it’s Covid-free,” Plaza said in a TV interview.

She vowed her agency will provide all the assistance needed by existing locators in expanding operations, as well as by new investors in setting up shop.

Based on records, investments registered with the Peza from January to May declined close to 32 percent to P29.54 billion,

MOTORISTS queue up (top, left) to access services of the free Covid-19 Drive-Thru Testing Center set up by the City of Manila at Quirino Grandstand. The new center will accommodate more people, including non-Manilans. Top, right, Manila Mayor Isko Moreno Domagoso and Vice Mayor Honey Lacuna lead the ribbon-cutting for the soft opening of the Quirino Grandstand drivethru at the weekend. Above, people submit their filled-up forms to City Hall workers prior to the testing. ROY DOMINGO

from P43.22 billion in the same period last year. These capital registrations translated to 113 fresh projects.

Last week, the Peza Board approved 50 new projects, amounting to a total of P22.5 billion, and estimated to generate 8,917 jobs.

Hopes of recovering this year became less and less likely for the

Peza after the implementation of quarantine that kept much of business operations suspended. Entering the year, the agency set a goal of growing its investment haul by 10 percent, but numerous crises tracing to the Taal Volcano eruption in January made that difficult to accomplish.

Continued on A2

Shift to online learning boosts pirates’ trade

T

HE shift to online learning is causing problems to some intellectual property rights owners, as it has resulted in the piracy of educational materials, especially e-books, during the quarantine, according to the Intellectual Property Office of the Philippines (IPOPHL).

In a webinar last week, IPOPHL Director General Rowel S. Barba said IP rights violations rose in the first semester due to the coronavirus situation. Counterfeiters saw the health crisis as an opportunity to produce and distribute fake goods and pirated materials to the public.

PESO EXCHANGE RATES n

Based on records, reports and complaints lodged before the IPOPHL’s IP Rights Enforcement Office (IEO) in the first half reached a total of 80, more than 70 percent higher than the 47 cases received by the agency for the whole of last year.

Broken down, 67 of the first semester reports were filed during the quarantine stretch of March to June. The largest chunk at 42 percent was accounted for by piracy activities, previously just on films and TV shows but now even on educational materials.

“IEO also reported an increase of reports for e-books like educa-

P25.00 nationwide | 2 sections 16 pages |

tional textbooks due to the rise of distance learning,” Barba said, adding there have been five reports and complaints recorded for this month as of July 7, of which three are piracy of e-books.

Next to piracy, counterfeiting made up 36 percent of the reports brought to the IPOPHL during the March-to-June period. Most of the fake goods involved bags, shoes and watches, but there were also reports on cigarettes, beauty products and face masks.

“Of the March to June reports, six offending posts have been taken down, at least as reported to us, because some IP owners might have

taken their next steps but may not have reported it yet to IPOPHL,” Barba said.

According to Barba, the increase in reports and complaints lodged before the IPOPHL may be explained in three ways. There could really be a surge in violative behavior in the market, or IP rights owners became aggressive in exercising their rights, or a combination of both.

“Undeniably, the Covid crisis has played and remains to play a significant influence in driving these factors,” the IPOPHL chief concluded.

F

OLLOWING the Wirecard controversy, the bank secrecy law should be eased in the Philippines to protect the financial system from potential fraud, an analyst has said.

Having a stringent bank secrecy law could make the banking industry vulnerable to financial crimes, according to UnionBank Chief Economist Ruben Carlo O. Asuncion.

“A stringent bank secrecy law can expose the financial system to financial crimes that go undetected and perpetrators not made accountable for their crimes,” he told the BusinessMirror. “This may actually hinder further growth and maturity of the financial system at par with world standards.”

Republic Act 1405, or An Act Prohibiting Disclosure of or Inquiry into Deposits with any Bank Institution, was approved to encourage the public to put their money in the banks.

The law said that all deposits are considered confidential, except upon written permission of the depositor, in case of impeachment, upon court order in case of bribery or dereliction of duty of public officials, or in cases where the deposit is in question under a litigation.

Amending the law “can help fight tax evasion and prevent other financial crimes, both domesticand international-related,” Asuncion said.

The Wirecard accounting scandal was not the first time the financial industry called for changes in

bank secrecy law, the UnionBank economist said. In 2016, Rizal Commercial Banking Corp. and Bloomberry Resorts Corp. were alleged to conspire in the $81-million Bangladesh Bank heist.

“These issues highlight the need to urgently address the current banking secrecy law. Seemingly, the country’s financial system has become attractive to unhealthy and unscrupulous transactions, as evidenced by recent events,” he said.

Asuncion pointed out that the financial sector across the globe recognizes that bank secrecy is something that needs amendments, noting that the Philippines and Lebanon are the only countries with the most stringent laws on the matter.

His statement came after renewed calls by the Department of Finance and Bangko Sentral ng Pilipinas (BSP) to lift the bank secrecy law in the country amid the Wirecard debacle where the names of two local banking giants —BDO Unibank Inc. and Bank of the Philippine Islands (BPI)‚ were dragged.

The issue emerged when Wirecard’s auditor, Ernst & Young, declined to approve the company’s 2019 accounts after finding out that $2.1 billion worth of funds were missing. It was alleged that BDO and BPI were holding the said assets.

Wirecard, however, issued a statement later that the missing amount was likely to never exist to begin with after further assessment of the case.

See “Bank secrecy,” A2

Continued on A2

US 49.5440 n JAPAN 0.4619 n UK 62.2223 n HK 6.3900 n CHINA 7.0888 n SINGAPORE 35.5971 n AUSTRALIA 34.5173 n EU 56.3959 n SAUDI ARABIA 13.2107

Source: BSP (18 July 2020)

News

BusinessMirror

A2 Monday, July 20, 2020

www.businessmirror.com.ph

OWWA starts paying hotels that hosted OFWs on quarantine

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T

HE Overseas Workers Welfare Administration (OWWA) has finally started paying hotels for accommodating returning overseas Filipino workers (OFWs) who had to undergo temporary quarantine before going home to their residences and respective provinces.

Sources in the accommodations industry said at one point, OWWA owed nine hotels close to P36 million, with services already rendered despite the lack of contracts signed

by OWWA officials. “Contracts had been with them [OWWA], but these had gone back and forth between them and the hotels for some rea-

son,” the sources pointed out.

The government agency started paying hotels on July 10 after Tourism Secretary Bernadette Romulo Puyat, Labor Secretary Silvestre Bello III, and other officials of the Department of Tourism pressed them on the payments issue. The funds had been badly needed by

the hotels so they could remain in operation as the travel restrictions have kept local and foreign tourists from checking in.

“At least now, they [OWWA] are mindful of their actions and are paying the hotels,” the same sources averred. Among the hotels to which OWWA owed payments as of July 8 were: B Hotel in Quezon City (P952,000); The Bayleaf Cavite (P6 million); Discovery Suites in Ortigas CBD (P2.8 million); Hotel Rembrandt/Stern Real Estate and Development Corp. (P275,500) in QC; Luxent Hotel in QC (P2.6 million); Manila Marriott in Pasay (P388,000); The Linden Suites in Ortigas CBD (P1.8 million); Hotel 101-Manila (P1.7 million); and Golden Phoenix Hotel in Pasay (P9.6 million).

‘Padding’ probed

SEPARATELY, government sources said an investigation is now

ongoing on supposed “brokers” claiming close ties to high-ranking OWWA officials, who have allegedly been making OFW bookings in “favored” hotels for a fee. Another probe is also ongoing on alleged padding practices by some OWWA officials of hotel receipts.

The practice, the same sources pointed out, are being forced on budget hotel chains.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases allowed hotels and other accommodation establishments to accept bookings from returning OFWs, Filipinos residents flying home from overseas assignments and schools, for quarantine purposes. The IATF likewise permitted hotels to continue hosting long-term foreign guests who had been booked before March 16, when community quarantines were implemented all over the country.

The task force, in its Resolution

No. 56 issued on July 16, has allowed the entry of foreign nationals “with long-term visas… including native-born foreign nationals” in the Philippines starting August 1, 2020. These include aliens who had been residing continuously in the Philippines before January 1, 1984, and had been granted legal residence status before or after Nov 21, 1988, those who have entered the country prior to June 30, 1992, as well as their spouses and dependents.

They will likewise undergo testing and temporary quarantine while waiting for their Covid-19 test results. Foreign nationals with tourist visas are still barred from entering the Philippines.

Prior to Resolution No. 56, foreign spouses and children traveling with a Filipino national and members of international organizations accredited by the Philippines have been allowed to enter the country.

PEZA CUTS INVESTMENT GOAL ON VIRUS IMPACT Continued from A1

The Peza is trying to recover from two consecutive years of double-digit losses.

Last year investments applied to the agency fell more than 16 percent to P117.4 billion, from P140.2 billion in 2018, on uncertainties caused by the government’s move to rationalize fiscal incentives. For two years now, the Duterte leadership has been pushing for the legislation of a measure to overhaul tax perks granted to economic zone firms.

Economic zones, which the Peza regulates, employ roughly 1.6 million workers nationwide and contribute a huge sum of the country’s export total.

Locators warned they will shut down operations here and transfer to another Southeast Asian economy if their incentives, particularly the 5-percent tax on gross income earned in lieu of all local and national taxes, are lifted. The Peza, for their part, has been asking Congress to make no changes in the fiscal system, especially in this time of crisis.

Cha-cha not needed for Mandanas–Drilon Unexploded ordnance

By Butch Fernandez

S

@butchfBM

ENATE Minor it y Leader Franklin Drilon dumped over the weekend the revival of a clamor to tinker with the 1987 Constitution under the Duterte administration.

Drilon affirmed his position after local governments were reported resurrecting the Charter change initiative. Their reason: to institutionalize the Mandanas ruling, referring to the Supreme Court judgement upholding the position of former Batangas Governor Hermilando Mandanas, mandating inclusion in the Internal Revenue Allotment (IRA) computation of all fees collected by the government, not just those from the Bureau of Internal Revenue (BIR).

“What we need now is food, not dance,” said Drilon, referring to Charter change, which is popularly shortened as Cha-cha, a dance in the 1950s. “You know, in these times, our biggest problem is helping those who lost their jobs,” he added, in a mix of English and Filipino in a radio interview.

He said what needs to be done now is to “lock down Cha-cha be-

cause it is too divisive.”

Drilon asserted that “as of now, we need unity because of the big problem facing the country.”

But, he lamented, “what are we doing instead? Reviving the Charter change again. Cha-cha should be quarantined.”

At the same time, Drilon, a former Justice secretary, saw no need to tinker with the Charter if the avowed purpose is to address the clamor to increase the local governments’ budgets in line with the Mandanas ruling.

He explained that there is “no need” for Congress to amend the Charter since Supreme Court rulings already form part of the law of the land.

“Under our system, the interpretation of the Supreme Court as to what the Constitution means cannot be revised. For instance, we cannot pass a law saying it’s only BIR collections that can form the basis for IRA computation. Therefore, there’s no need for institutionalization [of Mandanas] since that is already institutionalized,” Drilon added.

He noted that as of now, the IRA percentage of LGUs comes from taxes collected by the BIR. But the Supreme Court ruled this is wrong.

“When the Constitutions says the IRA should come from national taxes—that means all taxes collected by the government, not just those by the BIR. Because of that, the IRA shares got bigger; in fact, it is so big that the SC also recognized that it should take effect only three years after the promulgation of the decision,” to allow the national government to adjust its fiscal program.

Drilon observed that the process of institutionalization being invoked by Cha-cha advocates was “just a reason being used as a reason because it would be institutionized due to the SC decision.”

Meanwhile, he also gave assurances that allowing full foreign investment is now being done.

“The Senate is now working on those measures [that encourage foreign investors]. For example, what we call the Cabotage law—where foreign cargo carriers are allowed to dock in ports other than Manila—is being pushed despite the stron lobby from the local private sector. The Retail [liberalization amendments] and Public Service Act are also being pushed. In general, I agree that we should remove restrictions on foreign ownership.”

He stressed, “Now, we can do

Red-tagged activists join 10th petition vs terror law Continued from A8

“ T he Inter nationa l Labour O rg a n i z at ion Com m it tee on Freedom of Association has also raised concerns about ‘blanket linkages of trade unions to an insurgency’ placing unionists in situations of extreme security,” they said.

The petitioners, like the other nine groups of petitioners before them, argued that the law violates several provisions of the Constitution such as the due process clause because of the extremely vague definition of “terrorism” (Section 4, Terrorism); the free speech clause (Sections 4 and 9, Inciting to Commit Terrorism); the constitutional right to

due process, right to property, and freedom of association, and for usurping judicial prerogatives (Section 25, Designation of Terrorist Individual, Groups of Persons, Organizations or Associations); the due process clause and encroaches upon protected freedoms (Sections 26, Proscription of Terrorist Organizations, Association, or Group of Persons and 27, Preliminary Order of Proscription); the constitutional protection against warrantless arrests and detention without charges (Section 29, Detention Without Judicial Warrant of Arrest); and the constitutionally protected right to bail and right to travel (Section 34, Restriction on the Right to Travel).

Petitioners, in this case, include Bayan Secretary-General Renato Reyes Jr., activist nun Sister Mary John Mananzan, former UP President Francisco Nemenzo, former UP Diliman Chancellor Michael Tan, Karapatan Secretary-General Cristina Palabay, former NCCA Chairman Felipe de Leon, former DSWD

Secretary Judy Taguiwalo, humanrights defender Edita Burgos, civil libertarian Renato Constantino Jr., former NAPC Undersecretary Corazon Jimenez-Tan, former DSWD Undersecretary Malou Turalde-Jarabe, playwright Bonifacio Ilagan, Bishop Deogracias Iñiguez, former Bayan Muna Representative Teddy Casino, artist Mae Paner, journalist Vergel Santos, Prof. Temario Rivera, Francisco Alcuaz, Fr. Freddy Dulay, and veteran activist Nanay Mameng, among others.

Representatives from Kilusang Mayo Uno, Kilusang Magbubukid ng Pilipinas, Health Alliance for Democracy, Pamalakaya, Anakbayan, League of Filipino Students, Salinlahi, COURAGE, and Piston also joined the petition.

Named respondents in the petition are Duterte, Executive Secretary Salvador Medialdea, Senate President Vicente Sotto III, and House of Representatives Speaker Alan Cayetano.

The physical filing of the petition is set on Thursday as the Supreme Court is closed for disinfection from Monday to Wednesday.

Joel R. San Juan

all that by law and we don’t need a Cha-cha.”

In the same interview, Drilon disclosed his apprehension that the hidden agenda behind the Charter change scheme, purportedly to attract foreign investors is really to to “abort the 2022 election.”

Drilon continued: “To my mind, the intention is to prevent 2022 elections, and if they push through, to remove the term limit. That is not right. Regardless of how it will be done, we cannot postpone the 2022 elections or remove term limits.”

He asserted that the purported reason to tinker with the Charter to lift restrictions on “foreign ownership” investments is already being addressed by the Senate through remedial legislation.

Lawmakers understand the urgency of lifting such restrictions, as the Philippines is fast being outpaced by Indonesia and Vietnam in drawing investments.

Still, he noted, it may not be solely the restrictions on foreign investment that accounts for this.

“It may be because the infrastructure in Vietnam is much better, and more incentives are on offer.

By law, we strive to liberalize the investment climate.”

Shift to online learning boosts pirates’ trade Continued from A1

In response, Barba vowed the IPOPHL is improving efforts to enforce the country’s IP laws and prevent the proliferation of counterfeiting and piracy. For one, the agency is moving to revise its “Rules and Regulations in the Exercise of Enforcement Functions and Visitorial Power.”

Once the rules are amended, the IPOPHL can act on a verified complaint by ordering platforms to take down posts online offering for sale infringing products.

“At present, what happens is that the IP rights holder is the only one who has the authority to request a takedown. Unfortunately, not all sites or platforms comply,”Barba explained. The IPOPHL can soon ask the National Telecommunications Commission, which regulates the telco services, to cut access to a site breaking IP laws.

The IEO is just fine-tuning the amendments to the rules to include insights from stakeholders.

Barba said he expects to receive the final copy of the revised rules by next quarter.

Likewise, the IPOPHL is backing the legislation of the Internet Transactions Bill that will set the standard policies e-commerce platforms must adhere to in order to avert counterfeiting online. Elijah Felice E. Rosales

found on ship anchor

By Rene Acosta

E

@reneacostaBM

XPLOSIVE ordnance personnel from the Philippine Coast Guard safely removed and secured an unexploded ordnance from one of the anchors of a ship owned by the “2GO group” at the port in Batangas on Sunday night.

Coast Guard spokesman Commodore Armand Balilo said their team of bomb experts safely recovered the high explosive ordnance for a 155mm artillery from the starboard (right) anchor of the MV St. Ignatius of Loyola at past 9 p.m.

The crew of the vessel noticed the 155mm projectile, which they did not know as such until the Coast Guard team arrived, while the ship was about to dock at ramp 5 of the Batangas port and coming from the anchorage area, also of the same port.

“Upon arrival, the team directed the crew to disembark said vessel.

They also advised other vessels in the vicinity to pull out for precautionary measures,” an initial report from the Coast Guard said.

“At around 8:34 p.m., joint CG K9

Force and Special Operations Unit [SOU] EOD team proceeded to the starboard side anchor of said vessel and verified that the explosive type object was Projectile 155 MM, High Explosive Unexploded Ordnance,” the report added.

It took an hour for the ordnance team to remove the ordnance from the ship’s anchor.

A report from Capt. Geronimo Tuvilla, Coast Guard station commander at the Batangas port, said that the vessel was waiting for passengers and cargo for the Caticlan Port in the Visayas when they saw the suspicious object on top of the ship’s starboard anchor.

He said they called up the Coast Guard, which sent teams from the K9 Explosive Ordnance and Disposal (EOD) and Special Operations Force, EOD, to verify the object and ascertained that it was an unexploded ordnance.

Investigation is still continuing.

The discovery of the projectile came on the day the AntiTerrorism law came into effect, although the law has been challenged by various groups before the Supreme Court.

Bank secrecy…

‘No money entered PHL banking system’

THE BSP reiterated in a recent press release that no money from the German payments solution provider was traced in the Philippine financial system.

“As has been previously stated, current available evidence shows that the money did not enter the Philippine banking system,” BSP said, explaining that it has systems in place flagging suspicious transactions.

The BSP and the Anti-Money Laundering Council (AMLC) have looked into the matter to verify if such funds entered Philippine shores and to determine any violations of the Anti-Money Laundering Act (AMLA) of 2001.

BSP said that it has been employing reforms to promote good corporate governance and effective risk management systems over the years.

For example, the Central Bank has regulations on the disqualification and watch-listing of erring bank officers.

“The AMLC has also issued regulations in relation to the identification of the beneficial owner of accounts, as well as guidelines for designated non-financial businesses and professions, which cover the so-called gatekeepers, such as lawyers and accountants, requiring them

Continued from A1

to comply with their obligations under the AMLA, as amended, on know-yourcustomer requirements, recordkeeping, and transaction-reporting,” it added.

The BSP and the AMLC said they would be informing the public of the updates on the issue.

No comment WHEN asked for further updates, both BDO and BPI declined to give their comments for now amid the ongoing investigations.

“We are unable to comment further in deference to the ongoing investigation being undertaken by the authorities,” BPI told the BusinessMirror in a text message.

However, both banks denied immediately their alleged involvement in hosting the missing funds of Wirecard when the controversy erupted last month.

BDO and BPI said that the German firm was not even their client in the first place.

The documents detailing the said transaction were falsified, the banks stressed.

BDO is leading the banking sector in terms of assets and capital base, which amount to P3.29 trillion and P372.22 billion, respectively, as of end-March. In the same period, BPI’s total assets reached P2.19 trillion while its capital account stood at P276.13 billion.

Agriculture/Commodities BusinessMirror

A4 Monday, July 20, 2020 • Editor: Jennifer A. Ng

Mars, IFAD back project to help small producers export cocoa

By Jasper Emmanuel Y. Arcalas @jearcalas

F

ILIPINO cocoa producers are set to benefit from a $4-million joint research-indevelopment project supported by inter-

national groups that seek to link small-scale farmers to the global supply chain through sustainable ways.

In a joint statement, the International Fund for Agricultural Development (IFAD), Mars Inc. and World Agroforestry Centre (ICRAF) said they have launched a five-year research-indevelopment project that seeks to “explore environmentally sustainable ways to link small-scale producers to global supply chains.”

The project dubbed Sustainable Farming in Tropical Asian Landscapes (SFITAL) aims to explore how agricultural systems can be managed sustainably in entire landscapes in a way that respects the environment and enables the producers to thrive, according to the statement.

“This agreement heralds a significant step in thetransitiontomoresustainable food systems,” ICRAF Director-General Tony Simons said.

“We anticipate that millions of small-scale producers, consumers and the global climate system will benefit enormously from research in development of the tropical agricultural landscapes.”

The collaboration was launched on July 1 and is supported financially and on the ground by IFAD, Mars and ICRAF. SFITAL would focus on palm oil in Indonesia

and cocoa in Indonesia and the Philippines.

“These raw materials are major sources of livelihoods of those living in rural communities who rely on them for employment and business opportunities, yet they are cultivated in areas facing environmental threats, ranging from water stress to deforestation,” the statement read.

IFAD’s regional economist for Asia and the Pacific Fabrizio Bresciani said the joint project would “promote better farm management, lower transactional costs and higher production standards.”

“IFAD is committed to supporting small-scale producers to improve the sustainability and profitability of their farms through better practices, and this grant does that,” Bresciani said.

“We will establish innovative traceability systems so small-scale producers can participate in highly profitable and sustainable cocoa and palm-oil value chains.”

IFAD said small-scale producers in tropical regions face numerous challenges which include climate change, poverty, slow or unresponsive governance systems with little interconnectivity and environmentally unfriendly infrastructure.

These producers are also at risk of social conflict and have limited access to finance mechanisms as they are unattractive for investors, IFAD added.

“Mars has a responsibility to the millions of small-scale producers in our value chains,” said Barry Parkin, chief procurement and sustainability officer.

“And for many of these producers, meeting sustainability standards that are required for access to global markets is incredibly costly.

We believe this landscape approach will demonstrate environmentally and socially viable models for more effectively integrating smallscale producers into global supply chains.”

IFAD said the progress of the project will be watched closely by governments, development agencies, farmers’ associations and the private sector.

“The SFITAL team encourages more multisectoral collaboration to help expand the scale of sustainable farming, ensuring the swift transformation of the world’s food systems.”

www.businessmirror.com.ph

‘Market access key to reducing waste, hiking output of farmers’

By Estrella Torres | Contributor

A

T the height of the enhanced community quarantine, a group of farmers from Tarlac were worried where to sell corn harvest that they cultivated for four or five months.

The Covid-19 pandemic has stirred massive fear among farmers not only about the health and safety of their families, but their livelihood and future.

Photos of tons of tomatoes and other crops going to waste have been circulating in social media due to lack of transport services.

Agriculture-entrepreneur James Amparo received distressed calls from farmers in Tarlac who are part of his agri program. They were anxious if his company will continue with its commitment to purchase their products. With the imposition of nationwide quarantine, farmers were afraid they could not sell their harvest due to closure of markets and suspension of transport services.

Last month, Amparo hurdled multiple checkpoints from barangays, municipal and provincial levels to meet the farmers and bought their harvest totaling 1.5 million kilograms of corn.

“Farmers should be concentrating on how to improve their produce, there should be a way to help them effectively market their produce. Farmers should just concentrate on producing good harvest and not be burdened with selling,” said Amparo, president and chief executive officer of Yovel East Research and Development.

In the last five years, Yovel East has been helping farmers in Tarlac and Pampanga to increase production and marketability of produce through technology and innovation.

He said providing end-to-end assistance to farmers is critical to secure high yields at a low cost and provide income opportunities to farmers and their families.

Amparo witnessed the difficulties of farmers through his grandfather who tended a small farm in Atimonan, Quezon.

Farmers are among the poorest people in the Philippines. In 2015, farmers ranked first among nine basic sectors with highest

incidence of poverty at 34.3 percent at the national level, according to data from the Philippine Statistics Authority.

He said the hierarchical system of farming to rice retailing does not benefit farmers but only perpetuates poverty among them.

The farmers harvest palay that are wet and buyers dry them so they can sell by bulk before turning to rice mills. The second buyer sell the milled rice to wholesalers, who, then sell rice to retailers. These retailers are the ones who sell to consumers.

“Farmers need to be supported with the right technology and innovation so they can improve their harvest and ensure buyers for the produce eventually earn better for their families,” said Amparo.

Yovel East provides assistance to farmers who manage 300 hectares of land in Tarlac and Pampanga provinces through access to seeds, fertilizer and cash assistance to cover labor cost.

“Our agriculture engineers also provide technical support for land preparation and farm monitoring to ensure better harvest,” he said.

The company was established in 2009 to promote sustainable farming through technology and innovation and to provide marketing platforms to help farmers sell their produce.

Amparo said cutting the layers of transactions for farmers can secure high yields and lower the cost of production.

“Yovel has proven this, and the success rate is 99 percent.”

Yovel East, a family-run research and development firm, also conducts seminars on farming technology and innovative techniques to help farmers increase yields and improve the marketability of produce.

The farmers are also being supported with seeds, fertilizer, land preparation, machinery and cash for labor cost.

Amparo said there should be collaboration between local government units and the private sector in providing a market platform for the farmers’ yields.

He said the pandemic has opened the eyes of many people to the situation of farmers and their dependence on assured market for their harvest as many farmers were forced to throw away their harvest.

Experts: Harness ‘intellectual capital’ of HEIs to boost PHL food security

T

HE government should tap the “intellectual capital” of higher education institutions (HEI) to boost food security and hasten economic recovery by fostering a “knowledge economy” amid the Covid-19 crisis.

Experts at the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (Searca) made this recommendation as they noted that developed countries have put up incentives for a “knowledge economy” (KE).

The incentives are meant to meet their people’s needs. Searca said KE accelerates economic growth objectives.

The top 10 countries in 2008 that have high knowledge economic index (KEI) based on the criteria of the World Bank Institute are Denmark, Sweden, Finland, the Netherlands, Norway, Canada, Switzerland, United Kingdom, United States, and Australia. Philippines ranked 79.

KEI measures the conduciveness of an environment to use knowledge for economic development. It maximizes use of human capital to enrich productivity and aid in food production and manufacturing and services industries.

“A country like the Philippines needs an adequate cadre of re-

searchers who appreciate the need to shorten the gap between research productivity and its translation to economic development,” according to an Asian Development Bank report titled “Food Security Amid the Covid-19 Pandemic” (FSACP).

“Various modalities of Academe-Industry-Government interconnectivity models need to be explored.”

The FSACP recommendations are being pushed by Glenn B. Gregorio, Searca director, and Rico C. Ancog who is also with the University of the Philippines Los Baños (UPLB).

Their recommendation is for HEI’s human capital to contribute to the development of the following prior-

ity areas relevant to four pillars of food security: food availability, access to food, stability of food supply, and utilization of food for nutrition, health and safety To foster this advanced KE economic phase, incentives must be given so that the intellectual capital in HEIs (faculty, researchers) can generate commercialization tools that will meet Filipinos’ imminent needs— food security, in particular, amid the pandemic.

Such research must not be done just for academic exercise, according to experts. But studies should fill the needs of society—produce food, solve hunger and malnutrition, help farmers become profitable entrepreneurs.

GREENING PROGRAM Workers from the Department of Environment and Natural Resources in Lianga, Surigao del Sur, are preparing potting materials for seedlings production under the Enhanced National Greening Program, which as of July 9 has prepared some 36 million seedlings or 80 percent of its 2020 target of 45.2 million. CONTRIBUTED PHOTO

The World BusinessMirror

Editor: Angel R. Calso

Monday, July 20, 2020

A5

Global virus deaths hit 600,000, infections surpass 14.2 million

J

ohns Hopkins University says the global death toll from Covid-19 has surpassed 600,000.

The university's tally as of Saturday night says the United States tops the list with 140,103 deaths.

It is followed by 78,772 fatalities in Brazil, and 45,358 in the United Kingdom.

The number of confirmed infections worldwide has passed 14.2 million, out of which 3.7 million are in the United States. There are over 2 million in Brazil and more than 1 million in India.

The World Health Organization is again posting a single-day record of new confirmed coronavirus cases.

It announced 259,848 new cases on Saturday.

The WHO on Friday posted more than 237,000 confirmed cases around the world. The back-to-back records come as many nations struggle with new waves of infections after loosening lockdown restrictions.

ministry says the recovery rate had slightly come down to 62.9 percent.

The actual numbers, like elsewhere in the world, are likely far higher because of various reasons, including limited testing. More than 300,000 samples are tested every day.

Global update:

Seoul, South Korea— South Korea has reported less than 40 additional cases of the coronavirus for a second straight day, as authorities struggle to suppress an uptick in local infections.

The Korea Centers for Disease Control and Prevention said on Sunday it has reported 34 additional cases, raising the country's total to 13,745 with 295 deaths.

The agency says 21 of the newly confirmed cases were domestically infected patients, all of them found in the densely populated Seoul area or two central cities. It says the rest 13 cases were from overseas.

New Delhi—A surge of 34,884 new coronavirus cases took India's tally to 1,038,716, as local governments reimpose focused lockdowns in several parts of the country.

The Health Ministry on Saturday reported 671 confirmed deaths in the past 24 hours for a total of 26,273. The

Mexico City—Mexico continues to register near-record levels of confirmed coronavirus infections, frustrating plans to reopen the economy.

The Health Department reported 7,615 more cases on Saturday and 578 more deaths. That brings Mexico to a total of 38,888 confirmed Covid-19

deaths since the pandemic began and 338,913 cases. Those numbers are widely considered significant undercounts because Mexico has done so little testing. Government labs have administered slightly more than 800,000 tests so far, or about one out of every 150 people in the country with a population of nearly 130 million.

Beijing— China on Sunday said another 13 confirmed cases of coronavirus have been reported in the northwestern city of Urumqi, raising the total in the country's most recent local outbreak to at least 30.

An additional three cases were brought into the country from overseas, increasing China's total number of confirmed cases to 83,660 with 4,634 reported deaths.

Despite the Urumqi outbreak, China has just 251 people remaining in treatment for Coovid-19, according to the National Health Commission.

Another 151 people were being monitored in isolation for showing signs of having the virus or for testing positive without showing symptoms. At least 23 of those asymptomatic cases were in Urumqi, although China does not include those in the numbers of confirmed cases.

Urumqi has responded by reducing subway, bus and taxi service, closed off some residential communities and is now conducting tests on people city-wide, beginning with those in communities where cases had been reported, according to state

media. Some restrictions on people leaving the city have also been imposed, with the number of flights from the city reduced.

Urumqi is the capital of the Xinjiang region, where China has been accused of human rights abuses among its native Muslim minority groups. China has deployed a massive security presence in the region, which it says is needed to prevent terrorist activity.

The Hague, Netherlands—

Authorities in Amsterdam are urging people not to visit the city's famous red light district and have closed off some of the historic district's narrow streets because they are too busy.

After months of coronavirus lockdown measures, sex workers in the Netherlands were allowed to resume work on July 1 and as other restrictions also have eased, the red light district has gotten busier again.

Late Saturday night, amid fears that visitors could not maintain social distancing, Amsterdam Municipality took action, closing roads in the area and tweeting in Dutch and English: "Don't come to the red light district.

It is too busy."

Johannesburg— South Africa now ranks fifth in the world for confirmed coronavirus cases caseload as the African continent faces the pandemic's first wave head-on.

South Africa on Saturday reported 13,285 new confirmed cases for a to-

tal of 350,879. That puts the country ahead of Peru and makes up roughly half the cases in Africa. The only four countries with more confirmed cases—the US, Brazil, India, and Russia—all have far more people than South Africa's 57 million.

The virus arrived on the continent a little later than elsewhere, giving officials more time to prepare, but Africa has fewer health care resources than any other region and South Africa's public hospitals struggle to handle the growing number of patients.

Gauteng province, home to Johannesburg and the capital, Pretoria, is now Africa's epicenter for the virus.

It has one-quarter of the country's population and many of the poor are crowded in township areas with inadequate access to clean water and sanitation.

Phoenix—Arizona health officials reported a daily record of 147 deaths from the coronavirus and 2,742 new confirmed cases.

The Department of Health Services say the additional deaths included 106 newly attributed to Covid-19 after health officials' latest periodic reviews of death certificates. It says the additional cases didn't include figures from a laboratory that missed the reporting cutoff.

Fort Lauderdale, Fla.— Florida reported more than 10,000 new confirmed cases of the coronavirus and 90 additional deaths.

Gov. Ron DeSantis announced 30,000 vials of remdesivir were being shipped to the state after hospitals complained of shortages. He says he worked with Vice President Mike Pence last week to expedite the shipments.

The state reports Florida hospitals are treating more than 9,000 patients for coronavirus. Overall, there have been nearly 338,000 confirmed cases and 5,002 deaths.

Barcelona, Spain— Po lice in Barcelona are limiting access to some of the city's beaches because sunbathers are ignoring regulations amid a resurgence of the coronavirus.

Police on Saturday impeded more people for entering the beach and asked others to disperse.

Catalan health authorities reported over 1,200 new cases on Saturday from the preceding 24 hours. The new outbreaks have forced regional officials to announce the prohibition of gatherings of over 10 people that went into effect on Saturday.

Athens, Greece— Greek authorities announced 19 new cases of coronavirus and no new deaths over the past 24 hours.

Total confirmed cases since the outbreak of the epidemic are 3,983, with 194 deaths.

Despite the relatively low number of cases, authorities are concerned about increasing evidence that social distancing guidelines aren't being followed. AP

A6

Monday, July 20, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Covid-19: Long-term life changes loom

T

he quarantines imposed in every country have challenged the lives of virtually 7 billion people.

Even as the quarantines have been lifted and modified, there remains great dissension as to the effectiveness of this response to the pandemic.

While it is difficult to quantify/qualify the success of this containment measure, it is equally difficult to argue with the fact that nations that lifted their quarantines have suffered a surge in cases and deaths.

On May 22: “Israel has largely brought the virus under control in the country and lifted most lockdown restrictions.” Now we read: “Israel thought it had crushed Covid-19. Then cases surged—and restrictions were reinstated.”

Jun 5, 2020—“Mexico is starting to bustle again as the country gradually reopens after a quarantine that hammered its economy.”

July 17, 2020—“Mexico has registered some 38,000 Covid-19 deaths, the fourth highest total in the world, and recorded over 324,000 cases, somewhere around the seventh-highest.”

Of perhaps greater importance and concern is what the world is going to look like one year from now.

Not since the “9/11 terrorist” attack has international travel been so negatively affected. A recent study concluded: “Grounded for many months, airlines are beefing up their summer schedules—though the number of flights will be a fraction of their pre-pandemic frequency.”

It is estimated that 100 million people have been put out of work because of the collapse of international travel for both tourism and business. It will take years to return to “normal.”

But there is a more human side of that data. At the end of June, Saudi Arabia canceled the Hajj to foreigners. In 2017, the number of pilgrims coming from outside Saudi Arabia to perform the rites of Hajj was officially reported at 1,752,014. Recognizing the significance of this “Pillar of Islam,” how many people missed a once-in-a-lifetime opportunity this year because of the pandemic?

The television and film industry in the US have been closed for months.

Production and release dates are still question marks on the calendar.

Initially, “The 2021 Oscars will not be canceled.” In Hollywood fashion, it has “been postponed to April 2021.”

The 2020 Summer Olympics in Tokyo is now going to start in July 2021. Again, how many athletic once-in-a-lifetime opportunities will be forfeited?

In times of great turmoil, people tend to turn to their religious faith for comfort. But that is a challenge in the time of Covid. Places of worship have been closed around the world. Even now as some restrictions on public gatherings are eased, churches are still at the front line of government concern. “The city of Toronto has announced that they will be banning the sacrament of Holy Communion in Catholic Churches. The Ontario Ministry of Health has issued guidelines to “suspend activities including the sharing or distributing materials or objects, which may include but is not limited to: books, communion, microphones, prayer mats, prayer shawls, water, etc.”

We are being encouraged by government and forced by the rules to adopt work from home protocols. The consultancy firm KPMG International warns “social-distancing measures” will “dramatically cut the amount of miles Americans travel by car” by a 10 percent permanent reduction. How many industries and jobs globally will be affected by less use of transportation?

Hopefully, the worst of the pandemic may be over, but the long-term consequences have just started.

Since 2005

BusinessMirror A broader look at today’s business

Are the children okay?

Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

T has been recognized that one of the serious problems we are dealing with during this pandemic is the issue on mental health. It is understandable when adults struggle through psychological problems because of stress and anxiety brought about by loss of income/job, vulnerability, illness, isolation, and many other factors. But it is not just the adults who may be having a hard time mentally. Children are also vulnerable.

Classes have been canceled and children and teens can’t engage in outdoor activities or hang out with their friends. There are various kinds of stressors inside the home and our children are also having a hard time coping with social isolation, anxiety, disappointment and uncertainty.

Even without Covid-19, many teens are especially prone to feelings of anxiety and/or depression. This is compounded by the challenges related to the current crisis.

Recently I saw a video about a

The travelers that we are Thomas M. Orbos

✝ Ambassador Antonio L. Cabangon Chua

STREET TALK

Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

12-year-old child who committed suicide. The boy’s father considers the death Covid-related, even if it was self-inflicted. His child didn’t show any signs of depression or loneliness before the incident. According to the father, he seemed like a normal boy who was into gaming and all the other things other kids his age are normally into. Sometimes, we really can’t see it coming, so it’s very important to be observant all the time.

An urban youth development ex-

L

ast week, I wrote about the significance of the number of ships that are currently anchored off Manila Bay and how the Philippines can become a maritime power hub in a post pandemic world. As I have mentioned, being the second-largest source of merchant marines that man the world’s fleet of ships can serve as a good reason for our “pivot” to make the Philippines a marine transport hub this side of the globe. Hence, it would do well if our government provides the infrastructural as well as institutional support to make this happen. This week, I would like to pay tribute to that indomitable spirit of the Filipino; the same spirit that makes us leave the comfort of our motherland to find better opportunities for ourselves and our families and endure the hardships that go along with it.

It may seem that travel and adventure is in our DNA. All over the globe, in almost all corners, and whatever the climate is, you would find a Filipino, if not a community of Filipinos in some shape or form. You have that Filipino nurse in most hospitals in the western hemisphere; the crew in the oil fields in the Middle East, the Pinay singer that belts the perfect Whitney Houston song with her Filipino band in almost all hotels worldwide, which are most likely staffed by some Filipinos as well. But this is not just a recent phenomenon. The Filipino diaspora has been there as early as centuries ago. Filipinos were

even ahead of the colonial settlers of the Americas as crewmembers of the Spanish galleons of the ManilaAcapulco galleon trade route, jumping ship and eventually establishing “Manila,” the early settlement close to what is now New Orleans. Or the “Alaskeros,” the Filipino migrants who arrived in Alaska to work in their fishing boats some two centuries ago, and the “Manongs” who worked in the many plantations in California and Hawaii.

For most of our brother Filipinos, past and present, they go abroad because life here in our motherland has been generally difficult. There is

Classes have been canceled and children and teens can’t engage in outdoor activities or hang out with their friends. There are various kinds of stressors inside the home and our children are also having a hard time coping with social isolation, anxiety, disappointment and uncertainty.

Even without Covid-19, many teens are especially prone to feelings of anxiety and/or depression. This is compounded by the challenges related to the current crisis. pert from the USA, Nancy Treviño, encourages parents to teach their children how to care for the self.

This means engaging in activities that relieve stress. For children and teens, this could be gaming, hanging out online with friends or relatives, giving time for hobbies or interests that they enjoy, listening to music, etc.

A schedule or routine is also very important. Even if classes are being held online, or if kids are still on

The Filipino diaspora has been there as early as centuries ago.

Filipinos were even ahead of the colonial settlers of the Americas as crewmembers of the Spanish galleons of the Manila-Acapulco galleon trade route, jumping ship and eventually establishing “Manila,” the early settlement close to what is now New Orleans.

Or the “Alaskeros,” the Filipino migrants who arrived in Alaska to work in their fishing boats some two centuries ago, and the “Manongs” who worked in the many plantations in California and Hawaii. that inherent need to find better life and provision for our families that makes us endure long bouts of loneliness, low pay, and maltreatment.

But such is true as well with other nationalities. The many Chinatowns in the world, the Little Indias and Koreatowns attest to their ancestors’ journey to seek a better way of life.

Maybe what sets us Filipinos apart is our ability to adapt and eventually “melt” into our environment. Rather than cloister ourselves in our communities where we try to relive our former lives in the motherland, we open ourselves to the stimuli of the new world, albeit sometimes losing our identity in the process. One good reason why there is no enduring

break at this time, it is crucial that children and teens follow a structure everyday to create some semblance of normalcy. When helping them create their daily schedule, it is important to include a short period for physical activities, preferably outdoors. The backyard would normally be a safe place for the children. Some neighborhoods are also safe enough, as long as we all practice the necessary protocols. But if it’s not possible to go out, an indoor activity (like dancing) is better than nothing.

While it’s true that signs are not present sometimes, stress or sadness is often perceivable, especially by people close to the child like his/ her parents. Changes in behavior and/or habits and physical issues like constipation, nausea or diarrhea are just some of the usual red flags of depression or anxiety.

Connection is of utmost importance. Experts advise parents to make sure they are openly communicating with their children, that they know they can talk to their parents or depend on them. We must take every opportunity to make them feel that they are being heard, that they are appreciated and loved.

Filipino town or Little Manila in any of the places where we have ventured.

But Filipinization does creep in these adapted communities and for some reason, it comes out with a better blend for the good of both cultures.

We see this in its subtle results—intermarriages as well as the Filipino contribution to the many cultures we find ourselves in.

Indeed, we Filipinos venture, survive and adapt. The stoppage brought about by the pandemic is only temporary. Our overseas Filipino workers brothers and sisters will go back to their adopted shores as soon as they will be allowed to do so and resume bringing in the needed dollars and other foreign currencies that keep together the bodies and souls of their families, not to mention their role in keeping our economy afloat. But it may be good that in this pause of their journeys, they’re back in our shores.

All of us who benefited from their hard work should show our gratitude to them. And what better testament to show them these than the homes they leave behind; the communities and the whole country are in good condition and that their efforts have not gone to waste. It is a challenge for all of us collectively as a country that we must always yearn to meet.

Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He is an alumnus of the McCourt School of Public Policy of Georgetown University and the MIT Sloan School of Management.

He can be reached via e-mail at thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Fintech shaping the future of financial landscape

Soldiers’ Lives Matter (SLM)

By Ney Villasenor

W

hen a pandemic forces everyone to stay at home, individuals tend to get creative with how they spend their time and money. With multiple social-media shops popping up and traditional businesses shifting their focus on the development of their digital processes, it is no doubt that the pandemic has made financial technology (fintech) essential to each and every Filipino today.

The era of Ube pan de sal and sushi bake was ushered in with the help of fintech applications that have now cemented their place on the screens of our smartphones. In a country where cash is king, most perceived digital transactions as novel. Before the “new normal,” payment through QR codes and apps like GCash were deemed optional. Nowadays, having a digital wallet is considered necessary.

As proximity from urban centers remains an issue for the Filipino, fintech services continue to bridge the gap between traditional and modern practices, playing a huge role in financial inclusion. Mobile wallet serves as an ally to rural and underserved households—and nowadays small and medium-sized enterprises—as it utilizes modern technology to provide accessible financial services and information to everyone.

According to a study by the Asian Development Bank, fintech services can address “around 40 percent of unmet demand for payment services and about 20 percent of credit requirements of poor households and small businesses in Asia.”

A wave of food trends and online shopping campaigns aside, every Filipino has had to adapt to the draconian restrictions the new coronavirus disease has brought upon us. Fintech companies like GCash have emerged as key players during this pandemic, offering alternative financial solutions to an economy crippled by Covid-19.

Local restaurants focused on takeout services, promoting contactless payment through the use of credit cards and digital wallets.

Online social-media shops have taken it upon themselves to provide essentials to Filipinos in the most efficient way possible, with transactions facilitated by mobile apps and instant fund transfers.

Social distancing is our gospel, and companies like GCash, the country’s leading digital wallet, are thrust at the forefront of the “contactless” movement. While most businesses have set up short-term recovery plans to survive the economic slump, the fintech industry looks at the broader picture. What comes next as the pandemic has hastened the shift toward digital transactions? What must be done to ensure that this growth remains sustainable?

With the increasing demand and the sudden surge of registrations, GCash sets a precedent, focusing on continuously improving their digital infrastructure and company workflow.

In May alone, GCash transactions ballooned by 700 percent year on year. As it continues to recognize its responsibility in the fight against the coronavirus, GCash has taken two steps forward in its commitment

Fintech should make its mark in history with its constant push toward inclusive financial practices, and how it came to help in the middle of a crisis that banks on contactless technological advances. From local start-ups to individual remittances, fintech has emerged as a game changer for the Filipino individual, and traditional business models have to catch up, ASAP. to extend its services to everyone, marking the Covid-19 era with strong moves catered toward its growing consumer base.

The company has strengthened its partnership with Ant Financial, which runs Alipay, the world’s largest online wallet. GCash has responded to the expansion of their operations by future proofing their app, upgrading their database to the A+ Platform, set to ensure efficiency and security in line with building consumer confidence.

This shows how fintech companies must leverage on the interest in their services, moving toward dominating the financial industry, and focusing on the long-term commitment toward digitalization and innovation. Fintech should make its mark in history with its constant push toward inclusive financial practices, and how it came to help in the middle of a crisis that banks on contactless technological advances.

From local start-ups to individual remittances, fintech has emerged as a game changer for the Filipino individual, and traditional business models have to catch up, ASAP. For the financially marginalized, mobile wallets serve a proliferating demand for ease of services—from paying bills, credit and investments.

With a major portion of the population suffering disproportionately during this pandemic, apps like GCash make these services more accessible.

Now, as we welcome the second half of the year, there are norms that the pandemic has instilled that are set to stay with us for a long time.

Fintech has proven its role in facilitating the most important practice of today, social distancing. The government has taken this into account as well, enlisting the help of fintech players in distributing financial aid all over the country.

The fight against Covid-19 is not futile, there are ways to adapt and emerge from this victoriously, and fintech companies must recognize their role in this pandemic and embrace this unexpected opportunity to grow and accomplish what they set out to do—serve the underserved.

Author is the Vice President and Chief Corporate Affairs Officer of GCash.

Siegfred Bueno Mison, Esq.

THE PATRIOT

Part Two

T

he Revised Penal Code has no specific provisions for any so called misencounter. Even the Articles of War does not include “misencounter” as a specific violation. As discussed in the first part of this series, the term “misencounter,” when used incorrectly, can cause division instead of unity among security forces.

Evolved as a military slang, “misencounter” should be avoided in making public announcements because it is not the same as any offense under our penal laws. Legitimate security operations will never have intent to commit a crime, only a will to accomplish a mission-oriented task. As such, a misencounter will always be legal, but unfortunately, will lead to unexpected casualties.

Misencounters generally happen when two different operating units unexpectedly have a chance meeting in the same area, especially when there is no prior coordination or when operating troops have not internalized their rules of engagement. According to General Dennis Acop (Ret.) misencounters occur due to poor or lack of communications, technical failure, credit-grabbing, and human error. Without prior coordination, due to inadvertence or due to technical failure of equipment to warn units about the presence of friendly forces, misencounters often ensue.

The worst cause for a misencounter is due to inter-service rivalry, which, according to Dennis, has been happening since time immemorial as some ambitious commanders decide to operate on their own without coordinating their movements with other allied units as these commanders want all the credit for successful operations.

The only excusable cause for a misencounter is human error. However, I dare say that there was no human error when police officers deliberately killed four military intelligence personnel in Jolo, Sulu last month.

They will soon be criminally charged, hopefully with the right felony under

Bloomberg Opinion

W

hen a man in a MAGA hat was asked to put on a mask last week at a suburban Kansas City restaurant, as state law requires, he said he had an exemption. Then he lifted his shirt to reveal a holstered firearm.

A customer who refused to wear a mask at a convenience store in Michigan this week stabbed a fellow customer and was later shot dead by police.

Despite the recommendations of health officials, the requirements of an increasing number of retail stores and the force of laws—or perhaps because of them—many citizens are still resisting

masks. Covid-19 has spurred a tangled knot of health-care, economic and political crises. For supporters of President Donald J. Trump, however, those crises have produced another: a brutal rejoinder to the magical thinking that is foundational to the MAGA creed.

It’s not just randos. Georgia Governor Brian Kemp this week instituted a death-defying ban on local ordinances requiring masks—even as Covid-19 cases soar in his state. Republican Senator Ted Cruz of Texas was photographed maskless on a flight. When Trump finally modeled a mask, he received the kind of praise typically associated with opening your mouth to allow the airplane spoon of applesauce inside. But the presidential

the Revised Penal Code. In my book, misencounters due to human error can be caused by negligence, hopefully excusable. Under our penal laws, negligence can also be punishable, whereas human error excuses the offender, as enunciated in the case US v. Ah Chong (GR L-5272, March 19, 1910). In brief, the defendant, Ah Chong, was a cook while the deceased, his roommate, Pascual Gualberto, was employed as a houseboy. They slept in a detached house whose door had no permanent bolt or lock and was only reinforced by a chair against it. Since there had been several robberies in the general area, Ah Chong kept a knife under his pillow for his personal protection. One late evening, Ah Chong was suddenly awakened by a supposed intruder. Ah Chong, sat up in bed and called out twice, “Who is there?” As Ah Chong heard no answer, he leaped to his feet and called out—“If you enter the room, I will kill you.” In darkness, as Ah Chong was struck by the edge of the chair which fell when the door was forced open, he stabbed and killed the intruder who turned out to be his roommate, Pascual. Upon recognizing his wounded roommate in the moonlight, Ah Chong called for help

and applied bandages to the wounds.

This was a case of mistake in the blow.

In contrast, based on the video footage released to the public, the Jolo incident was indicative of a vicious intent with treachery, if not premeditation, and showed arrogant impunity when the soldiers were left for dead by the police. The Army major even apparently introduced himself to the police; there was no miscommunication, based on this initial video evidence.

In the US v. Ah Chong case, the theory of the defense was that the houseboy, in a spirit of mischief, was playing a trick on his Chinese roommate.

Deceased sought to frighten him “by forcing his way into the room, refusing to give his name or say who he was, in order to make Ah Chong believe that he was being attacked by a robber”, according to the records of the Supreme Court. The court ruled that Ah Chong struck the fatal blow, upon the firm belief and in good faith that the intruder was a thief, from whose assault he was in imminent peril. The doctrine of aberratio ictus was thus introduced—“that had the facts been, as he (Ah Chong) believed them to be, he would have been wholly exempt from criminal liability on account of his act; and that he can not be said to have been guilty of negligence or recklessness or even carelessness in falling into his mistake as to the facts.”

There was not even excusable negligence in the supposed misencounter in Jolo. General Felizardo Simoy, a seasoned Army intelligence officer, said that security forces engaged in counterinsurgency will always have the intent to inflict harm or injury once rebels or enemy forces are identified.

But this is not the case for intelligence operations. In his words, Simoy said that “the military intelligence, when dispatched prior to these operations, are always prepared only for gathering of sufficient information for use by the combat forces.” Having said that, those Army intelligence operatives in Jolo were not heavily armed as compared to those police forces that intercepted them. The police had no reason to kill these soldiers, not even by human error!

A7

The current administration, according to Dennis, has provided an operating climate wherein some abusive members of the police can actually get away with a crime, including murder.” I hope not! I still believe in an impartial investigation that will eventually expose the few evil acts in the police organization. President Duterte, compared to his other predecessors, has pampered the country’s security forces—Philippine National Police and the Armed Forces of the Philippines— perhaps owing to the President’s law enforcement background. Due to this, a few, such as those based in Jolo who killed these Army intelligence operatives in broad daylight, can consciously break the law they swore to enforce only to say, “oops I am sorry” together with a lame excuse of a misencounter.

With the effectivity of the AntiTerrorism Law, this country has entered into a very dangerous era where poorly trained law enforcement personnel can misapply or, worse, abuse the powers given to them under the law. Seeing the clear and present danger of the Anti-Terrorism Law, as passed, together with a few abusive law enforcement agents, I call on the majority of the policemen to keep in mind what the Bible says in Proverbs 21:15—“When justice is done, it brings joy to the righteous but terror to evildoers.” May our police be guided with the mindset of “service” and not “power” in order to bring joy to peaceloving members of society and bring wrath upon the real terrorists and enemies of the State!

The last of the series will offer some suggestions to minimize these misencounters and others like them.

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

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

How accountants can help MSMEs thrive during the pandemic

1. Initiate financial planning and analysis—Accountants can help business owners have a clear picture of the company’s financial health through financial planning and analysis. During these times, cash is critical for survival, and accountants can help in cash preservation by analyzing the incoming and outgoing cash. They can also monitor and negotiate which supplier payments can be delayed and which customer invoices can be pushed for collection to provide for the muchneeded liquidity.

2. Update the business own-

Crystian Diamond G. Singh is a Certified Public Accountant who works with business leaders in solving their pressing problems. He serves as a consulting CFO of MSMEs and large companies in the Philippines.

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

told me. “The decision to disregard what science and education policy dictate is a political statement reflective of what the president is trying to do in gaslighting the country.”

Obviously, fanatical resistance to masks amid a lethal pandemic has little to do with the efficacy or decorum of cloth coverings. The mask has become a focus of MAGA angst, an impertinent reminder of Trump’s dishonesty and incompetence. As David Frum has noted, a mask “strings an accusation from ear to ear.” It’s a facial wall, and Mexico’s not paying for this one, either.

Among the MAGA crowd, the mask is also a symbolic gag. It signals not only capitulation to experts and liberal scolds,

who once again expose their hero, but also the impending demise of uninhibited speech—especially the freedom to tell someone browner to “go back where you came from.”

The deaths of 135,000-and-counting Americans have altered behavior and changed opinions, including among Republicans. “If all of us would put on a face covering now for the next four weeks to six weeks, I think we could drive this epidemic to the ground,” Dr. Robert Redfield, the director of the Centers for Disease Control and Prevention, said this week. Tate Reeves, the Republican governor of Mississippi, tweeted Monday: “Right now, despite mixed messages at the beginning, it seems like masks are

the best bet. They’re a hell of a lot better than widespread shutdowns. Please wear one!”

Yet the partisan gap on mask use is wide. According to Gallup, 27 percent of Republicans say they “never” wear a mask, as do 18 percent of independents.

Among Democrats, it’s 1 percent. Yes, some of those Republicans live in rural areas where mask use is largely unnecessary. But even rural residents go to stores more often than never.

The mask may prove to be the dividing line between conservatives who share a common reality with the rest of the nation and those who insist on a separatist life of conspiracy mongering and political fantasy.

DEBIT CREDIT

M

icro, small, and medium enterprises (MSMEs), comprising 99.52 percent of all the businesses in the Philippines and employing 63.19 percent of the work force, are greatly affected by the Covid-19 pandemic.

Among the different departments in companies, accounting plays a great role in helping these businesses navigate through these trying times.

Traditionally, accountants are seen as a department responsible for computations and reports preparation.

But accountants can do more than that because they are in a unique position to help, and they have access to important information that allows business owners to make informed business decisions.

So, here are my suggestions on how accountants can effectively help MSMEs thrive:

mask hasn’t returned.

The accretion of knowledge about the virus has been halting and muddled. By contrast, the anti-mask crowd has (so far) remained emphatic and absolute. In Orange County, California, the Republicandominated school board voted to allow schools to reopen even as neighboring Los Angeles and San Diego announced that the resurgence of Covid-19 had rendered school openings unfeasible. The board also recommended that neither students nor teachers be required to wear masks or maintain social distance.

“Politicization is quite acute in Orange County,” Democratic state senator Tom Umberg, whose district is concentrated in the northern part of the county,

4. Adopt an innovative mindset—Now, more than ever, accountants need to think differently. They need to see beyond the numbers because this will aid in recommending better ways of conducting the business. Accountants can start this by discussing with other departments such as marketing, sales, and operations to get a different perspective and come up with new ideas.

Accountants play a vital role in business, especially during these trying times. The information and skills they have can pave the way for business survival and growth.

Accountants must realize that they are not just a department responsible for computations and reports, but they are an important partner of business owners in helping companies achieve their goals.

ers with government aids—The government has issued various measures to help stimulate the economy during the pandemic. Accountants can greatly help the business owners during these times by keeping them updated with government help such as the MSME Assistance from the Department of Trade and Industry.

Furthermore, House Bill 6815, otherwise known as Accelerated Recovery and Investments Stimulus for the Economy, was approved on its final reading on June 4, 2020.

This P1.3 trillion economic stimulus package aims to propel the country’s growth and development and mitigate the effects of pandemic on heavily hit sectors.

3. Start digital transformation—Accountants can start digitization with their department.

Several MSME friendly accounting systems enable working remotely, minimize manual work, and boost productivity. Automation is critical for the accountants to free themselves from the clerical work and focus on providing the business owners with much-needed insights and analysis.

Crystian Diamond G. Singh

The war on masks is another lost cause

By Francis Wilkinson

Monday, July 20, 2020

A8 Monday, July 20, 2020

DOJ calls BuCor chief on death of inmates

By Joel R. San Juan

J

@jrsanjuan1573

USTICE Secretary Menardo Guevarra on Sunday summoned Bureau of Corrections (BuCor) Director General Gerald Bantag to report to the Department of Justice (DOJ) and shed lights on the reported death of high-profile inmate Jaybee Sebastian due to Covid-19 inside the New Bilibid Prison (NBP) in Muntinlupa City.

Sebastian repor tedly died due to Covid-19 last Saturday and his body was immediately cremated, according to unconfirmed reports.

A radio repor ter who checked a crematorium in Cavite said a man named “Jaybee Niño Sebastian” was cremated there early Sunday.

“We have summoned Director General Bantag to the DOJ tomorrow. We’ll find out what is really happening at the NBP,” Guevarra said in a text message to reporters on Sunday.

Guevarra added that he would discuss with Bantag about recent deaths at the NBP, Covid-related or otherwise.

Guevarra, however, did not confirm reports about Sebastian’s death.

Sebastian had accused opposition Sen. Leila de Lima—detained for three years now —of abetting the drug trade of convicts inside the NBP during her term as justice secretary in order to raise funds for her 2016 senatorial bid.

Sebastian, who is convicted of kidnapping-for-ransom and carjacking in 2009, is one of De Lima’s co-accused in one of the criminal cases filed against the senator before the Regional Trial Court in Muntinlupa City in connection with the illegal drug activities inside NBP. Even the BuCor refused to confirm

Sebastian’s death, saying they are prohibited from disclosing such information under the Data Privacy Act. Earlier, BuCor spokesman Col. Gabriel Chaclag noted that there were persons deprived of liberty (PDLs) who had died from Covid-19.

“However, as much as we want to inform the public with respect to the names of PDLs who died due to Covid-19, the Data Privacy Act prohibits us from doing so,” Chaclag said.

“Rest assured that the Bureau of Corrections is doing its best to address this pandemic. In fact, we have a high rate of recovery and we are glad to report to the public that all our interventions appear to be doing well and [are] effective,” he added.

He noted that the BuCor has been doing quick identification, isolation and treatment programs that greatly mitigated the risks from the virus.

The DOJ reported last July 15 that the BuCor has not logged any new case of Covid-19 infection in all its penal farms and colonies since July 1.

Its last count places the total confirmed cases all throughout the BuCo—gathered since the start of its monitoring in March—at 343 confirmed cases, 18 deaths, and so far, 323 recoveries.

Of the 18 recorded deaths—all PDLs —15 are from the NBP and three from the Correctional Institute for Women (CIW).

The NBP and CIW are the only penal farms and colonies managed by BuCor that logged cases of infection; the remaining five reported no cases of Covid-19 throughout the monitoring period.

Visitation privileges remain suspended though the electronic “dalaw [visitation] program” remains in place to allow inmates to communicate with their loved ones via online.

Rice importers face suspension on unused SPS-IC

R

By Jasper Emmanuel Y. Arcalas

@jearcalas

ICE traders and importers who have unused sanitary and phytosanitary import clearance could be suspended by the Department of Agriculture (DA) as about 60 percent of issued SPSICs in the first half, covering almost 2 million metric tons (MMT), are unutilized to date.

Latest Bureau of Plant Industry (BPI) data obtained and analyzed by the BusinessMirror showed that only 1,803 SPS-ICs out of the 3,926 SPS-ICs issued from January to June have been used by eligible rice importers as of July 10.

This corresponds to a total rice volume imported of about 1.347 MMT out of the 3.261 MMT ap-

plied volume during the six-month period, BPI data showed.

About 2,123 SPS-ICs, which cover 1.914 MMT of rice, are yet to be used by registered and eligible traders, importers, firms, cooperatives, and organizations, based on BPI data.

Agriculture Secretary William D. Dar has issued a new memorandum order (MO) reminding importers that “low utilization” of SPS-ICs could be “grounds for rejection of application or their suspension as importer.” “Importers should regularly account and surrender any unused SPS-ICs to BPI,” Dar said in his MO No. 30 dated June 4 but was made public on July 6.

“They are reminded that low utilization of applied SPS-IC can affect their track record and can be grounds for rejection of application or their suspension,” Dar added.

Dar issued the new order to address the “problem of low utilization” of SPS-IC for milled rice and “ensure availability of food” during this Covid-19 pandemic.

The new order required rice importers to submit additional requirements for the application of SPS-IC which are 1) payment

of certification of the consignment and 2) list of distribution points/warehouse of the said consignment.

The additional requirements shall be attached to the importers’ application together with previous requirements of proforma/commercial invoice, GMO or non-GMO certification and certificate of analysis for heavy metals, according to the MO. In his order, Dar said failure to comply with the new requirements will result in rejection of the traders and importers’ application for SPS-IC for milled rice.

BPI data showed that the agency issued a monthly average of 654 SPS-IC while utilization by importers was only at about 300 SPS-ICs per month.

In January, BPI issued 801 SPSICs but only 307 SPS-ICs were used, while in February, only 227 SPS-ICs were utilized by importers out of the 1,076 SPS-ICs issued to them.

Under the rice trade liberalization (RTL) law, interested rice importers shall secure a SPS-IC—a document that certifies food and plant safety of the goods—from the BPI to be able to bring in staple from abroad.

The implementing rules and regulations (IRR) of the RTL law stipulated that “imported rice should arrive before the expiration of the SPS-IC from BPI.” Furthermore, Dar issued MO No. 28, Series of 2019, that further specified the said provision of the IRR of the law.

Based on his MO last year, the actual rice consignment “must be shipped out from the country of origin within the prescribed date in the approved SPS-IC and must arrive not later than 60 days from the Must Ship Out Date.”

Earlier this year, Dar ordered the voiding of all unused SPS-ICs for milled rice that were issued last year as BPI data showed that some 1,752 SPS-ICs were unused at the end of 2019.

Red-tagged activists join 10th petition vs terror law

S

EVERAL groups and individuals, some of them have been tagged as “communistterrorists,” have filed the 10th petition before the Supreme Court (SC) seeking to scrap Republic Act 11479 or the anti-terror law for being unconstitutional.

The petitioners led by causeoriented groups Bayan, The Movement Against Tyranny and Karapatan filed the online petition on Sunday or a day after the law took effect.

They said they decided to file the petition since they have been at the receiving end of “systematic harassment and vicious government retagging.”

In its petition, the petitioners also asked the court to issue a temporary restraining order (TRO) to enjoin the Anti-Terror Council from convening to draft the implementing rules and regulations (IRR) of the law.

“With the terror law already deemed effective, the petitioners are asking the High Court to stop the convening of the Anti-Terror Council and the exercise of its functions, to stop the drafting of the IRR and the convening of the Joint Oversight Committee under Section 50 of the assailed law. The petitioners are asking the SC to strike down the entire law for being unconstitutional,” they said.

The ATC, under the law, is authorized to order the arrest of suspected terrorists and unilaterally designate persons as terrorists The National Union of Peoples’ Lawyers, which represents the petitioners, said the controversial law poses “a chilling effect” on every person and deters people from freely exercising their constitutionally guaranteed freedoms of speech, expression, assembly and association.

“Red-tag g ing , harassment, and k i l l ings of trade unionists continues. Intervention by State security forces in union meetings and affairs, threats and profiling of members—including of a national alliance of teachers—have been reported,” petitioners said.

Continued on A2

Bishops, in pastoral letter, ask SC to rule justly on terror law T HE Catholic Bishops’ Conference of the Philippines (CBCP) called on the Supreme Court to uphold its independence in tackling the petitions filed against the controversial Republic Act (RA) 11479 or the Anti-Terror Act (ATA) of 2020.

In a new pastoral letter, CBCP urged the top magistrates to be among government officials, “who only do as conscience dictates and do not allow themselves to be intimidated or prevented by political pressure from performing their constitutionally mandated duties.”

“Will the highest level of our Judiciary assert its independence, or will they, too, succumb to political pressure?” the bishops asked in the letter, issued to the faithful on sunday.

Similar situation

CBCP stressed the importance of SC’s role to address the growing public rejection of the provisions of the new law, which the protesters claimed were unconstitutional.

The said “dissenting voices” were ignored by the Executive and Legislative branches of the government, when the anti-terror bill was signed into law on July 3, 2020.

“Alas, the political pressure from above seemed to weigh more heavily on our legislators than the voices from below. It only made more evident the blurring of lines between Legislative and the Executive branches of our government,” the bishops said.

CBCP likened the ATA to the National Security Act recently passed

by Hong Kong officials with the support of the Chinese government, and widely deemed as a threat to the human rights of Hong Kong residents.

“Why does this sound eerily familiar to us Filipinos? Because we are in a similar situation.... Like them, we are also alarmed about the recent signing into law of the Anti-Terror Act of 2020,” they said.

Flawed system

CBCP is concerned the ATA will

only embolden unscrupulous authorities, who have already tagged groups as terrorists or threats without sufficient basis.

To prove its point on the flawed government system, CBCP cited how some Church leaders were falsely charged with sedition by the police and suspects were killed on the basis of mere suspicion of links to illegal drugs, among others.

“Is it not evident to us how this pattern of intimidation creates an atmosphere detrimental to the freedom of expression in our country?” the bishops said.

There are currently 10 petitions filed against ATA at the SC. The latest was filed by a cause-oriented group that included a former president and Chancellor of the University of the Philippines (UP), religious leaders, former government officials, religious leaders, and politicians.

They asked the SC to strike down as unconstitutional ATA in its entirety rather than just some of its provisions from the other petitions.

Samuel P. Medenilla

www.businessmirror.com.ph

Companies BusinessMirror

Monday, July 20, 2020

B1

PSE optimistic on prospects for REITs with Ayala offering

By VG Cabuag

T

@villygc

he Philippine Stock Exchange Inc. (PSE) has approved the initial public offering of Ayala-led AREIT Inc., the first real-estate investment trust (REIT) to be listed in the country.

"We are set to witness a milestone in the capital market with the first REIT IPO. We are excited over the prospects of the REIT sector now that we have a first mover in REIT listing,” PSE President and CEO Ramon S. Monzon said.

AREIT will be offering a total of 502.57 million shares, inclusive of the over-allotment option of 45.68 shares. AREIT shares have an indica-

tive price of up to P30.05 per share.

Some brokers have trimmed down its price between P25.00 to P29.50 per share.

The final offer price will be determined after the company’s book building process.

Offer period of AREIT is from July 27 to August 3.

“We are pleased that AREIT has decided to pursue its IPO even un-

der the present economic challenges brought about by the Covid-19 pandemic. We are optimistic that the company’s IPO will pave the way for other property firms, even those that are not yet listed in the PSE, to consider listing REITs,” Monzon said.

As an asset class, REITs are required to declare dividends of at least 90 percent of its distributable income.

“Aside from the potential advantages this investment instrument provides to investors, REITs provide a positive multiplier effect on the economy due to enhanced economic activity. Furthermore, REITs may help boost government’s 'Build, Build, Build' program given the wide range of real estate property assets it can own, including hospitals, cell towers, airports, seaports, and infrastructure development," Monzon said.

"The reinvestment clause in the

REIT Rules of the Securities and Exchange Commission also facilitates that proceeds from identified activities are invested back in real estate or infrastructure projects in the country."

Similar to trading dollar-denominated securities, REITs may only be traded through eligible brokers.

Aside from fulfilling the requirements to be an eligible broker, trading participants must comply with PSE’s REIT rule on the recording of securities ownership of its clients under a Name-on-Central-Depository arrangement. This is among the investor protection features of REIT investing.

As with other IPOs, AREIT’s offering will have a local small investor tranche, wherein 10 percent of the offered shares will be allocated.

Subscription to LSI shares may be done online through the PSE EASy website or mobile application.

Gencos get nod to start operations

By Lenie Lectura @llectura

T

he Energy Regulatory Commission (ERC) said it has acted on the pending applications of power firms for the continued operation of their facilities amid the pandemic.

The agency said it approved 176 applications for the issuance of Certificate of Compliance (COC) and Provisional Authority to Operate (PAO) of Independent Power Producers (IPPs), Qualified End-Users (QEs), and Self-Generation Facilities (SGFs) from March 15 to July 14.

“Work in the ERC must go on de-

spite the lockdown measures implemented by the government, because keeping sustainable electricity is very crucial especially during this time of the Covid-19 pandemic.

The COCs and PAOs that we have approved will authorize the generation companies to start their commercial operations in order to ensure a stable and reliable power supply,” said ERC Chairman and CEO Agnes VST Devanadera.

The COCs are being issued by the ERC in favor of a person or entity to operate a power plant or other facilities used in generation of electricity pursuant to Section 6 of Republic Act 9136 or the Electric Power Industry

Reform Act of 2001.

Meanwhile, pending the issuance of a COC, a PAO may be issued by the ERC to enable a generation company to operate its generation facility. The PAO is being issued in the form of a notification to the GenCo which is valid for a period of six months from the issuance thereof. The 6-month period shall be included in the 5-year term of the COC that may be issued by the ERC. The agency said it approved 51 COCs to IPPs, 33 of which are PAOs; 76 COCs for QEs; and 49 COCs for SGFs. For the IPPs, 15 are new COCs while the remaining 36 are renew-

als. For the SGFs, 23 are new COCs while 26 are renewals.

“The Commission assures the generation companies that they will be issued the required COCs or PAOs within the prescribed period to enable them to operate and augment the country’s power supply. This will help ensure uninterrupted electricity and help alleviate the impacts of this pandemic,” Devanadera added.

To ensure the performance of its mandates and the continuous delivery of its services, the ERC adopted a combination of work-from-home and skeleton work force work arrangements during the community quarantine periods.

DPWH weighs Petron extends fuel subsidy until end-July options for QBEx

By Lorenz S. Marasigan @lorenzmarasigan

T

he government and the private sector may build the planned Quezon-Bicol Expressway (QBEx) simultaneously, depending on the most cost-effective and quickest option, according to the Department of Public Works and Highways (DPWH).

Public Works Secretary Mark A. Villar said his agency has finished the feasibility study for the expressway project and is looking at extending it to the supplemental toll operations agreement of San Miguel Corp.

(SMC) for the South Luzon Expressway (Slex).

He noted, however, that the DPWH is also looking at funding it via the government budget, but using a different alignment.

“On our part, we have other options; we can still pursue it as a general appropriations-funded project.

SMC has their own plans for their version of the alignment, but it does not necessarily conflict with our alignment. We can do both simultaneously,” Villar said.

QBEx is seen as an alternative option for motorists traveling between the provinces of Quezon and Bicol. Aside from cutting travel time, the project also aims to spur economic development through the facilitation of trade among Quezon, Bicol, and the northern parts of Luzon. It will run for about 160 kilometers.

“We’re discussing this. We’re making plans to see next year if we can pursue,” Villar said, referring to the concurrent construction works with SMC.

PAL to flyers: Check travel requirements prior to departure

www.philippineairlines.com

By Recto Mercene @rectomercene

F

lag carrier Philippine Airlines (PAL) reminded domestic and international passengers to check the latest travel requirements applicable to their destination city or country.

PAL noted that travel requirements change from time to time.

Here are some of the regulations that took effect recently: n Travel to Davao City—Passengers are required to submit a negative Covid-19 RT-PCT test result, issued within 48 hours from date of departure, before they could be allowed to board their flight bound for Davao.

This new requirement from the Davao City local government takes effect on July 20; n Travel to Dubai—Authorities now require travelers to obtain a

Davao electric coop seeks help of NEA

T

P

etron Corp. an oil company that has partnered with the Department of Transportation (DOTr) to help with the transportation needs of medical frontliners during Covid-19 health crisis, has extended its fuel subsidy for participating vehicle units in the Free Ride Service for Health Workers Program until July 31.

The extension of the fuel subsidy follows the decision of the government to extend the general community quarantine over Metro Manila until July 31, with the continuous increase in confirmed Covid-19 cases in the country.

DOTr Undersecretary for Administrative Affairs Artemio Tuazon Jr. expressed his gratitude for the continued support being given by Petron to the department’s effort to provide frontline health workers with comfortable and convenient transportation during the GCQ. “The extension of the fuel subsidy is a welcome development. Secretary Tugade, and the whole of DOTr, are grateful for Petron’s generosity to ex-

tend the assistance until July 31 for this greatly helps our health workers, especially now that the NCR and its neighboring regions remain under GCQ,” Tuazon said.

Since April 7, Petron has been providing free fuel to vehicles of transport companies participating in the DOTr Free Ride Service for Health Workers Program in the Greater Manila Area. The program aims to ferry frontline health workers to hospitals and medical communities daily, as the country continues its fight to contain the spread of Covid-19.

As of July 17, Petron had provided the program with 255,000 liters of diesel fuel worth P7,913,500.00.

Petron’s fuel subsidy was made possible through the donation of San Miguel Corporation Infrastructure.

Petron has assured that it will be providing 60 vehicles participating in the DOTr’s Free Ride Service for Health Workers Program with 50 liters of fuel each per day, or a total daily allocation of 3,000 liters daily until July 31.

Four Petron stations were initially assigned to accommodate participating private bus units carrying frontliners. These Petron stations are located at Filinvest in Alabang, Macapagal Blvd. in Parañaque City, East Avenue in Quezon City, and in Mandaluyong City.

The Free Ride Service for Health Workers Program, which started on March 18, is a collaborative effort between the DOTr and various government agencies, as well as private transport companies to ferry frontline health workers since the start of the enhanced community quarantine.

Aside from Petron, the DOTr also teamed up with other oil firms such as CleanFuel and Phoenix Petroleum Philippines Inc., which also extended their respective fuel subsidy programs until May 31. The other oil companies that have provided fuel subsidies were Seaoil Philippines and Total Philippines.

On July 17, the program reached 1,354,378 in total ridership nationwide.

Covid-19 negative certificate (PCR test results) no more than 96 hours before departure. Presenting the Covid-negative certificate is a prerequisite for boarding a flight bound for Dubai. This new requirement is already in effect; n Travel to Philippines—Allowed to travel to the Philippines at present are Filipino citizens, including their spouses and children who may be foreign citizens; foreign diplomats and officials of international organizations accredited to the Philippines; and uniformed personnel for official business, especially those transporting medical supplies, laboratory specimens, related to Covid-19, and other humanitarian assistance.

PAL said these rules are expected to be revised on August 1 to allow some foreign citizens to enter under certain conditions.

he Davao Oriental Electr ic Cooperat ive Inc. (DORECO) is seeking financial assistance from the National Electrification Administration (NEA) to finance its operational expenses.

NEA said DORECO intends to borrow P62.222 million for the immediate procurement of equipment and devices "to ensure the continuity and sustainability" of its operations.

“The acquisition of the equipment and devices in our continued pursuit to modernize the DORECO's power distribution system will certainly benefit the member-consumer-owners and will attract more investors in the province of Davao Oriental,” DORECO Board Resolution No. 110 stated.

NEA received the resolution last July 1.

DORECO’s P177-million capital expenditure application for 2015 was approved by the Energy Regulatory Commission (ERC) only in October 2018.

The same resolution stated that DORECO has committed to improve its distribution facilities in a bid to provide better service to its power consumers in the province.

DORECO’s coverage area is experiencing frequent low power voltage as it is located at the load

end of southern Mindanao. The EC said it has already requested the National Grid Corp. of the Philippines (NGCP) to improve the voltage level in the province.

To address this situation, the power distribution utility announced that the NGCP has already laid down its development plan to construct 138 kV transmission line by 2024.

While waiting for the establishment of the 138 kV transmission line, DORECO embarked on an embedded 11-megawatt diesel fired power plant, which is expected to be completed this year, in partnership with a private company.

In addition, it also installed an automatic voltage regulator in Barangay Roxas, Gov. Generoso, Davao Oriental in December 2019 to address the low voltage concerns in the towns of San Isidro and Gov. Generoso.

DORECO also energized its 10 MVA Substation in Baganga in December 2019 to improve the distribution services in the towns of Baganga, Boston, Caraga, Cateel, and Manay.

“Through the years, the entire DORECO workforce has been doing its best in ensuring power reliability and service efficiency in the delivery of power services within the province of Davao Oriental,” it said. Lenie Lectura

B2

Companies BusinessMirror

Monday, July 20, 2020

PSE STOCK QUOTATIONS

July 17, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.15 92.45 70.35 20.25 7.32 36.7 17.04 19.96 47.15 17 99.7 53.2 0.69 19.8 2.42 0.275 0.59 160.5 1750 1.06

46.5 93.5 70.65 20.45 7.38 36.75 17.9 20 48 17.1 100 53.25 0.79 20.5 2.51 0.28 0.6 163.8 1780 1.14

46 92.85 71 20.25 7.45 36.45 17.04 20.5 47.3 17.1 100 54 0.68 21.35 2.53 0.295 0.59 164 1750 1.06

46.5 93.5 71.05 20.5 7.45 36.75 17.04 20.5 48 17.1 100 54 0.68 21.35 2.53 0.295 0.6 164 1780 1.06

46 90.35 69.8 20.2 7.26 36 17.04 19.96 47 17 98.15 53.2 0.68 19.1 2.53 0.27 0.58 160.5 1750 1.06

46.5 93.5 70.35 20.45 7.38 36.7 17.04 19.96 47.15 17 100 53.25 0.68 19.9 2.53 0.28 0.59 160.5 1780 1.06

8700 2177350 918200 59600 283700 1042600 200 319200 10600 3200 273940 11370 24000 490500 3000 800000 232000 2160 150 13000

401450 200695612 64575601 1208285 2077890 38016350 3408 6389542 499135 54510 27230200.5 605464.5 16320 9765065 7590 221350 135070 347201 266100 13780

341600 -55579701 -37023535 265139 -15056610 -2113840 404200 -5159379.5 -361035 -27285 212700 13780

INDUSTRIAL AC ENERGY 2.19 2.2 2.2 2.2 2.17 2.19 5626000 12290120 ALSONS CONS 1.22 1.23 1.25 1.25 1.22 1.23 619000 759250 ABOITIZ POWER 26.5 27 26.45 27 26 27 793600 21102915 BASIC ENERGY 0.155 0.157 0.165 0.165 0.151 0.159 1510000 232630 23.6 24.15 23.9 24.15 23.1 24.15 976500 23433165 FIRST GEN 60 61 60 61 58 60 20480 1222271 FIRST PHIL HLDG 260.6 262 264 266.8 260.2 260.6 129170 33770766 MERALCO MANILA WATER 13.2 13.22 13.4 13.5 13 13.2 1524500 20195702 PETRON 3.1 3.11 3.09 3.11 3.07 3.1 1078000 3332740 PETROENERGY 3.17 3.28 3.33 3.35 3.17 3.28 137000 439250 11.02 11.38 11.4 11.4 11 11.38 581100 6553810 PHX PETROLEUM 18.18 18.26 18 18.46 18 18.18 38800 704238 PILIPINAS SHELL 8 8.07 8 8.08 7.9 8 247100 1964728 SPC POWER AGRINURTURE 7.87 7.89 7.51 7.89 7.51 7.89 914300 7063564 AXELUM 2.28 2.3 2.33 2.33 2.28 2.28 225000 519210 CNTRL AZUCARERA 11.12 11.48 11.12 11.14 11.12 11.14 2100 23378 14.6 14.8 14.7 14.86 14.52 14.6 2197400 32099810 CENTURY FOOD 3.99 4.05 4.05 4.05 4.05 4.05 4000 16200 DEL MONTE 4.72 4.75 4.79 4.9 4.72 4.72 1525000 7248510 DNL INDUS EMPERADOR 8.97 8.98 9 9.1 8.81 8.98 1109100 9923616 SMC FOODANDBEV 64.8 65.15 64.75 67.75 64.2 65.15 266250 17232132.5 ALLIANCE SELECT 0.59 0.6 0.61 0.61 0.58 0.6 416000 247880 1.21 1.22 1.23 1.23 1.19 1.22 2237000 2692910 FRUITAS HLDG 30.8 32 32 32 32 32 11700 374400 GINEBRA JOLLIBEE 133.6 133.7 135.5 136.3 133.5 133.6 875150 117836560 MACAY HLDG 6.75 7 7.2 7.2 6.7 6.75 27900 189590 MAXS GROUP 5.06 5.08 5.11 5.14 5.05 5.06 267500 1358112 MG HLDG 0.133 0.134 0.134 0.134 0.134 0.134 60000 8040 6.03 6.1 6.06 6.18 6.05 6.05 1380500 8363233 SHAKEYS PIZZA 1.27 1.28 1.29 1.29 1.24 1.27 1263000 1590660 ROXAS AND CO 4.03 4.22 4.13 4.13 4.01 4.03 70000 283990 RFM CORP SWIFT FOODS 0.104 0.107 0.102 0.102 0.102 0.102 70000 7140 UNIV ROBINA 121 121.5 120.7 123 120.5 121 986200 119225457 VITARICH 0.82 0.83 0.82 0.85 0.8 0.82 13976000 11581070 2.24 2.39 2.24 2.24 2.24 2.24 10000 22400 VICTORIAS CONCRETE A 54.35 57 55 63.45 54.2 57 950 54172 CONCRETE B 58.1 61.5 66.4 66.4 62 62 220 14384 CEMEX HLDG 0.94 0.95 0.96 0.97 0.93 0.94 2565000 2429340 EAGLE CEMENT 9.79 9.8 9.82 10 9.8 9.8 260000 2573061 EEI CORP 5.04 5.05 5.03 5.07 5.02 5.04 139500 702020 5.5 5.51 5.43 5.5 5.22 5.5 1549300 8368967 HOLCIM 7.24 7.26 7.27 7.27 7.04 7.24 1208200 8648126 MEGAWIDE 8.35 9 9 9 9 9 500 4500 PHINMA TKC METALS 0.68 0.7 0.7 0.7 0.69 0.7 116000 81000 VULCAN INDL 0.79 0.8 0.81 0.81 0.79 0.79 297000 236170 CROWN ASIA 1.81 1.89 1.75 1.75 1.75 1.75 1000 1750 2.01 2.02 1.93 2.01 1.92 2.01 650000 1292240 EUROMED MABUHAY VINYL 3.81 3.91 3.8 3.94 3.71 3.91 18000 70350 PRYCE CORP 4.1 4.12 4.1 4.1 4.1 4.1 502000 2058200 CONCEPCION 19.08 20.5 20.5 20.5 19.06 19.06 200 3956 GREENERGY 1.56 1.57 1.59 1.59 1.53 1.56 1160000 1798080 INTEGRATED MICR 5.05 5.25 5.38 5.38 5 5.04 231000 1200133 0.98 0.99 1 1 0.97 0.99 136000 133330 IONICS SFA SEMICON 1.27 1.29 1.3 1.3 1.26 1.27 616000 783120 CIRTEK HLDG 6.56 6.57 6.95 6.95 6.33 6.57 7785000 51123063

809950 267430 911035 -114151 -1725426 -3228200 -786150 -9600 -554624 -188944 734700 144034 -237660 -16121518 -16200 -3684730 -1342813 -6895154 -399720 -21157734 -135175 -591110 3754052 20290 -201390 -50719921 -256620 -82760 -520411 -62889 1785169 -2356079 8200 63820 -187369 540115

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.47 0.465 0.47 0.465 0.47 1650000 774600 ASIABEST GROUP 8.08 8.36 8.37 8.38 8.08 8.36 10300 83600 AYALA CORP 723 750 732 750 721 750 207870 152953555 ABOITIZ EQUITY 49.75 49.8 48.95 49.75 48.95 49.75 1112000 55010025 5.99 6 6.03 6.03 5.98 6 5135900 30814565 ALLIANCE GLOBAL 1.67 1.69 1.63 1.69 1.62 1.67 425000 702860 AYALA LAND LOG ANSCOR 6.1 6.25 6.23 6.25 6.23 6.25 1200 7492 ANGLO PHIL HLDG 0.47 0.51 0.51 0.51 0.51 0.51 10000 5100 ATN HLDG A 0.66 0.67 0.75 0.83 0.66 0.66 133739000 99730690 ATN HLDG B 0.67 0.68 0.7 0.83 0.67 0.67 9349000 6863530 920 1424 920 920 920 920 20 18400 BHI HLDG COSCO CAPITAL 5.16 5.2 5.12 5.2 5.12 5.16 654700 3379856 3.84 3.85 3.93 3.93 3.84 3.85 5777000 22303130 DMCI HLDG FILINVEST DEV 9 9.1 9 9 8.88 9 94900 853400 GT CAPITAL 445.4 448 450 453.8 440.2 448 110480 49293690 HOUSE OF INV 3.32 3.4 3.4 3.4 3.4 3.4 3000 10200 65.75 67.6 67.4 67.6 65.25 67.6 1320230 88583133 JG SUMMIT 3.95 4.77 4.9 4.97 4.8 4.8 2800 13608 JOLLIVILLE HLDG LODESTAR 0.57 0.58 0.6 0.6 0.54 0.57 4929000 2735080 LOPEZ HLDG 2.43 2.45 2.43 2.45 2.43 2.43 122000 297850 LT GROUP 7.99 8 8.1 8.1 7.95 7.99 675900 5421496 METRO PAC INV 3.25 3.26 3.4 3.4 3.2 3.26 21595000 70656260 3.03 3.18 3.2 3.2 3.02 3.18 12000 37580 PACIFICA HLDG PRIME MEDIA 0.77 0.79 0.78 0.83 0.75 0.8 270000 208690 0.99 1.01 0.99 0.99 0.99 0.99 5000 4950 SOLID GROUP SM INVESTMENTS 920 923 922 943 918 920 610350 566081460 SAN MIGUEL CORP 98.5 98.6 98.2 99.9 97.6 98.5 89930 8831452.5 SOC RESOURCES 0.65 0.66 0.66 0.71 0.66 0.66 376000 248610 120 124 123 124 119 124 4970 598709 TOP FRONTIER 0.138 0.143 0.139 0.139 0.136 0.137 2890000 399740 ZEUS HLDG

-98650 -40163580 29955185 -15255972 -862600 334217 -12252630 -415800 6773840 12229498.5 -9720 -2025868 -33232110 -1540 346003320 -2685774.5 -564815 -

PROPERTY ARTHALAND CORP 0.54 0.56 0.56 0.56 0.55 0.56 640000 354430 AYALA LAND 31.7 31.8 32.35 32.6 31.6 31.7 14126100 449486275 -233091065 ARANETA PROP 1.02 1.03 0.99 1.04 0.98 1.02 51000 51460 BELLE CORP 1.37 1.38 1.36 1.38 1.36 1.37 77000 105530 -5480 0.71 0.72 0.74 0.74 0.71 0.72 1040000 743530 A BROWN CITYLAND DEVT 0.75 0.78 0.78 0.78 0.78 0.78 4000 3120 CROWN EQUITIES 0.12 0.122 0.124 0.124 0.12 0.122 1370000 165330 CEBU HLDG 5.78 5.99 5.73 5.73 5.73 5.73 13400 76782 CEB LANDMASTERS 4.93 4.98 5 5 4.9 4.98 1381500 6868988 -2186282 CENTURY PROP 0.365 0.37 0.365 0.375 0.365 0.365 2480000 905750 0.255 0.28 0.255 0.26 0.255 0.255 500000 127600 CYBER BAY DOUBLEDRAGON 16.54 16.8 16.8 16.84 16.42 16.8 202700 3376488 -1866688 6.09 6.1 6.16 6.27 6.1 6.1 101800 624468 -535833 DM WENCESLAO EMPIRE EAST 0.28 0.285 0.3 0.3 0.27 0.28 15420000 4391800 56250 EVER GOTESCO 0.093 0.1 0.093 0.093 0.093 0.093 20000 1860 FILINVEST LAND 0.96 0.97 0.97 0.98 0.96 0.97 4687000 4542110 -951900 0.81 0.82 0.83 0.83 0.8 0.81 447000 359330 GLOBAL ESTATE 8990 HLDG 9.02 9.44 9.5 9.68 9.45 9.45 16600 160148 -48078 0.81 0.83 0.82 0.84 0.81 0.81 1172000 968050 PHIL INFRADEV CITY AND LAND 0.7 0.75 0.71 0.71 0.71 0.71 17000 12070 MEGAWORLD 3.14 3.15 3.14 3.18 3.09 3.15 17197000 54077330 -11137660 MRC ALLIED 0.188 0.192 0.189 0.196 0.179 0.188 53190000 9964930 -112300 0.285 0.31 0.31 0.31 0.31 0.31 50000 15500 PHIL ESTATES PRIMEX CORP 1.36 1.4 1.36 1.43 1.35 1.4 285000 385490 13600 16 16.3 16.4 16.4 15.58 16.3 1764300 28,366,936( 18,251,787.9999) ROBINSONS LAND PHIL REALTY 0.233 0.24 0.234 0.234 0.233 0.233 130000 30390 SHANG PROP 2.68 2.7 2.68 2.71 2.68 2.69 157000 423410 STA LUCIA LAND 1.81 1.85 1.8 1.81 1.8 1.81 10000 18080 31.15 31.2 32.45 32.45 30.9 31.2 9145900 285894280 -131288960 SM PRIME HLDG 3.8 3.87 3.8 3.96 3.71 3.93 68000 261160 VISTAMALLS SUNTRUST HOME 1.2 1.21 1.2 1.21 1.16 1.21 831000 986370 PTFC REDEV CORP 37.05 44.95 37.05 37.05 37 37 500 18515 VISTA LAND 3.56 3.57 3.65 3.65 3.56 3.57 363000 1298460 -947600

SERVICES GMA NETWORK 5.5 5.53 5.59 5.6 5.36 5.53 1689200 9242636 MANILA BULLETIN 0.385 0.395 0.4 0.4 0.385 0.385 1350000 524350 MLA BRDCASTING 12.5 12.8 12.8 12.8 12.8 12.8 900 11520 GLOBE TELECOM 2078 2080 2066 2078 2038 2078 48330 100254020 1346 1350 1355 1355 1340 1350 112860 152205115 PLDT 0.05 0.051 0.051 0.052 0.05 0.052 3250000 164430 APOLLO GLOBAL DFNN INC 2.82 2.9 2.95 2.99 2.9 2.9 27000 79790 DITO CME HLDG 3 3.01 2.94 3.02 2.82 3.01 24091000 71011210 ISLAND INFO 0.072 0.074 0.072 0.074 0.07 0.074 2340000 166800 JACKSTONES 1.57 1.62 1.59 1.64 1.59 1.62 88000 141500 2.05 2.06 2.08 2.1 2.04 2.06 2603000 5385090 NOW CORP 0.191 0.192 0.181 0.194 0.179 0.192 34940000 6600900 TRANSPACIFIC BR 1.98 2 2.02 2.06 1.95 1.98 415000 830380 PHILWEB 2GO GROUP 9.19 9.29 9.32 9.55 9.15 9.19 26900 248328 CHELSEA 3.6 3.61 3.64 3.75 3.5 3.6 447000 1628690 CEBU AIR 38.45 38.5 40.55 40.55 38.2 38.45 232900 9010345 96.9 97 97 97 95.2 97 976710 94581170.5 INTL CONTAINER 12.84 13.08 12.82 13.08 12.82 13.08 500 6436 LBC EXPRESS MACROASIA 5.05 5.07 5.36 5.4 4.91 5.05 8906800 45135897 METROALLIANCE A 1.85 1.86 1.9 1.9 1.82 1.86 245000 456810 PAL HLDG 6.2 6.25 6.1 6.5 6.1 6.25 28700 180578 HARBOR STAR 0.79 0.8 0.79 0.79 0.79 0.79 343000 270970 1.25 1.3 1.31 1.31 1.28 1.28 7000 9080 ACESITE HOTEL BOULEVARD HLDG 0.026 0.028 0.026 0.028 0.026 0.028 115900000 3112800 1.56 1.84 1.8 1.8 1.8 1.8 1000 1800 DISCOVERY WORLD GRAND PLAZA 11.1 12.42 12.66 12.66 12.66 12.66 800 10128 WATERFRONT 0.375 0.38 0.37 0.38 0.37 0.38 400000 149100 CENTRO ESCOLAR 6.35 6.48 6.3 6.3 6.3 6.3 100 630 589.5 647 590 590 588.5 589.5 100 58910 FAR EASTERN U STI HLDG 0.295 0.305 0.305 0.305 0.295 0.3 1270000 380300 2.21 2.24 2.19 2.25 2.19 2.24 272000 605530 BERJAYA BLOOMBERRY 7.25 7.4 7.45 7.45 7.05 7.4 1327700 9698700 PACIFIC ONLINE 1.89 1.98 1.97 1.98 1.97 1.98 22000 43350 LEISURE AND RES 1.3 1.34 1.31 1.31 1.3 1.3 379000 493000 2.2 2.29 2.2 2.31 2.2 2.29 25000 57090 PH RESORTS GRP PREMIUM LEISURE 0.305 0.31 0.31 0.31 0.3 0.31 430000 131000 ALLHOME 6.8 6.9 6.92 6.98 6.8 6.9 2310900 15768353 METRO RETAIL 1.51 1.52 1.53 1.57 1.5 1.52 2069000 3173010 PUREGOLD 48.45 48.65 48 48.65 46.4 48.65 622800 29964165 ROBINSONS RTL 62.1 62.25 62.3 62.3 61 62.25 587120 36463759 125 126 125.5 125.5 125 125 19410 2426339 PHIL SEVEN CORP 1.11 1.12 1.15 1.15 1.11 1.12 1403000 1571010 SSI GROUP 15.76 15.96 15.76 15.96 15.76 15.96 703600 11148528 WILCON DEPOT APC GROUP 0.335 0.34 0.315 0.37 0.315 0.34 21140000 7276450 EASYCALL 6.68 6.7 6.79 6.8 6.6 6.68 50900 339787 PRMIERE HORIZON 0.209 0.212 0.223 0.224 0.201 0.212 9110000 1891030

MINING & OIL

-3126620 -21904605 -1109550 740 -46200 190 1950 -102110 -1434190 -52490203.5 -5125561 21350 -8000 630 3000 306648 -17730 15600 -847364 2366470 13307650 -25388518.5 41162 -550469.9997 1685692 -155500 -

ATOK 7.95 7.98 7.98 7.98 7.71 7.98 21100 165284 APEX MINING 1.21 1.22 1.28 1.28 1.2 1.21 7530000 9200400 -1284980 ABRA MINING 0.0007 0.0008 0.0008 0.0009 0.0007 0.0008 1126000000 862500 70000 2.5 2.6 2.46 2.5 2.46 2.5 22000 54920 ATLAS MINING BENGUET A 1.48 1.54 1.53 1.56 1.48 1.54 172000 256090 COAL ASIA HLDG 0.185 0.189 0.185 0.185 0.185 0.185 210000 38850 CENTURY PEAK 2.61 2.68 2.7 2.7 2.7 2.7 100000 270000 -24300 DIZON MINES 6.89 7.05 7.11 7.11 6.9 6.9 15100 104345 FERRONICKEL 0.97 0.98 0.99 0.99 0.95 0.98 2067000 2000620 377310 0.22 0.222 0.226 0.227 0.22 0.22 770000 170200 GEOGRACE LEPANTO A 0.108 0.109 0.108 0.108 0.104 0.108 3960000 425950 LEPANTO B 0.103 0.108 0.111 0.111 0.107 0.107 3070000 329240 -311480 MANILA MINING A 0.0076 0.0079 0.0078 0.0078 0.0077 0.0078 11000000 85700 MARCVENTURES 0.63 0.65 0.66 0.67 0.63 0.65 369000 240390 NIHAO 1.19 1.25 1.26 1.37 1.2 1.25 527000 647570 180000 2.04 2.05 2.07 2.1 1.96 2.04 5982000 11970420 988500 NICKEL ASIA 0.51 0.53 0.51 0.53 0.5 0.53 211000 107220 ORNTL PENINSULA PX MINING 2.7 2.73 2.74 2.75 2.69 2.7 688000 1873600 -310230 SEMIRARA MINING 11.1 11.12 11.12 11.56 11.12 11.12 2641400 29428998 -2081418 UNITED PARAGON 0.0038 0.004 0.004 0.004 0.0038 0.0039 3000000 11700 ACE ENEXOR 5.71 6 5.9 6 5.8 6 25700 149357 2920 0.0089 0.009 0.0089 0.0089 0.0089 0.0089 12000000 106800 ORNTL PETROL A PXP ENERGY 6.1 6.16 6.39 6.4 6.03 6.1 813100 5009645 80481

PREFFERED HOUSE PREF A 100 100.2 100.1 100.1 100 100 20000 2001217 AC PREF B1 502.5 519 519 519 519 519 10 5190 ALCO PREF B 101.2 103.5 101.2 101.2 101.2 101.2 1000 101200 AC PREF B2R 505.5 510 510 510 510 510 10 5100 101.2 102 101.3 101.3 101.2 101.2 50040 5064065 5046844 DD PREF 105.3 109 105.3 105.3 105.3 105.3 4050 426465 FGEN PREF G GLO PREF P 513 524.5 524.5 524.5 524.5 524.5 10 5245 5245 GTCAP PREF A 1000 1010 1000 1000 1000 1000 50 50000 GTCAP PREF B 1005 1019 1005 1005 1005 1005 20 20100 MWIDE PREF 101 101.5 101.5 101.5 101.5 101.5 440 44660 100.3 100.7 100.3 100.3 100.3 100.3 10000 1003000 PNX PREF 3A PNX PREF 4 1006 1020 1020 1020 1006 1006 2910 2942860 PCOR PREF 2B 1035 1039 1035 1035 1035 1035 40 41400 PCOR PREF 3A 1040 1053 1052 1053 1052 1053 1155 1215255 PCOR PREF 3B 1072 1078 1072 1078 1072 1078 100 107500 SMC PREF 2C 78.1 78.5 78.2 78.2 78 78 3130 244166 75.3 75.5 75.3 75.3 75.3 75.3 70 5271 SMC PREF 2D SMC PREF 2F 78 79 78 78 78 78 780 60840 -60840 75.55 76.95 76 76 75.55 75.55 11650 882475 SMC PREF 2G SMC PREF 2I 77 78.3 77 77 76.3 77 32540 2502052

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 5.25 5.48 5.25 5.49 5.12 5.49 23900 127598

WARRANTS LR WARRANT 0.65 0.69 0.64 0.69 0.64 0.69 48000 31140

SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.28 17.3 18.92 18.92 17.18 17.28 1337100 23624880 -236082 ITALPINAS 1.8 1.82 1.84 1.84 1.78 1.82 1379000 2490390 KEPWEALTH 5.2 5.4 5.4 5.7 5.2 5.4 27000 147068 MERRYMART 2.6 2.61 2.7 2.72 2.55 2.6 19937000 51954490 511650 0.59 0.6 0.58 0.6 0.57 0.59 1182000 685870 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 92.25 92.3 92.95 93.25 92 92.75 10900 1007718 14879.5

www.businessmirror.com.ph

SEC permanently bars firm from soliciting investments

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) said it has denied the lifting of the cease-and-desist order (CDO) to stop CROWD1 Asia Pacific Inc. from soliciting and accepting investments from the public under a scheme disguised as a digital marketing business.

In a resolution issued on July 2, the SEC denied the motion to lift the CDO filed by CROWD1 for lack of merit and thereby declared the order permanent.

“A careful review of the motion to lift will show that except for its

general denials, CROWD1 failed to present any evidence in support of its claim that it is not engaged in the sale and/or offer for sale of securities in the form of investment contracts,” the SEC said in its resolution.

The SEC issued a cease and desist

order against CROWD1 last May 12 after finding that the entity has operated “a fraudulent investment scheme consisting of the sale and/ or offer of inexistent securities in the form of investment contracts to the public.”

CROWD1 has solicited and accepted investments from the public by offering what it describes as educational packages for a minimum of P6,000 and as much as P240,000.

To entice the public to invest, CROWD1 has promised memberinvestors bonuses called streamline bonus, binary pairing bonus, fear of loss bonus, matching bonus and residual bonus from games and gambling apps.

CROWD1 has touted a pairing incentive payable in euros to encourage member-investors to recruit new members.

Representing itself as a digital marketing business, CROWD1 has

claimed that it generates income from online games and facilitates the generation by its members of residual income from its affiliate gaming companies such as AFFIGLO and MIGGSTER. The SEC ruled that CROWD1’s scheme involved the sale and/or offer of securities in the form of investment contracts and, thus, required a secondary license under Republic Act 8799, or the Securities Regulation Code.

The SEC also ruled that the act of CROWD1 of publishing and making presentations on its investment, business scheme through its website, Facebook, YouTube and on-ground events and inviting investors constituted a public offering as defined under the SRC. CROWD1 only registered as a corporation for the primary purpose of engaging in business process outsourcing services.

Megaworld unveils condo project in Iloilo

M

egaworld Corp. said it is expanding its residential portfolio inside its 72-hectare Iloilo Business Park township in Iloilo City, with the launching of its sixth residential development called the Pinnacle.

The said development is due for completion in 2026 and is expected to generate P1.5 billion in sales.

The Pinnacle is a 20 story residential con-

dominium tower offering 572 units, ranging from studio of up to 34 square meters, studio with loft of up to 56 square meters, executive studio with loft of up to 73 square meters, one bedroom of up to 40 square meters, executive one bedroom of up to 61 square meters, two bedroom of up to 84.5 square meters, two bedroom with loft of up to 89.5 square meters, and two bedroom with deck of up to

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as trading was lethargic with many investors still reeling from the possible effects of ABS-CBN Corp.'s franchise denial on other regulated firms, while some are bracing for the worst during the second quarter reporting season.

The benchmark Philippine Stock Exchange index (PSEi) declined 108.63 points to close at 6,088.75 points.

The main index swung back and forth during the week, losing as much as 2.5 percent on Wednesday, but recovering most of it the following day. It declined by the end of the week.

Average value of trade for the week was low at P4.65 billion, while foreign investors were net sellers at P3.75 billion.

All other subindices finished in the red led by the All Shares index that fell 73 points to close at 3,579.60 points, the Financials index was down 23.29 to 1,198.45, the Industrial index shed 243.89 to 7,417.65, the Holding Firms index declined 123.55 to 6,405.71, the Property index lost 40.29 to 2,940.90, the Services index retreated 18.05 to 1,417.42 and the Mining and Oil index plunged 222.03 to 5,112.03.

For the week, losers edged gainers 169 to 66 and 13 shares were unchanged.

Top gainers for the week were MRC Allied Inc., the A and B shares of ATN Holdings Inc., Discovery World Corp., Boulevard Holdings Inc., Transpacific Broadband Group International and Manila Broadcasting Co. Top losers were United Paragon Mining Corp., Lodestar Investment Holdings Corp., Altus Property Ventures Inc., Macroasia Corp. and Benguet Corp. A.

This week

Share prices may remain down this week as the lack of optimism has forced investors to stay on the sidelines.

“We expect it [PSEi] to maintain its course to test support at 5,950 points in the coming week. The biggest concern that is troubling investors is the lack of spending by the public.

Our economy is consumer based and relies on strong consumer demand and spending.

Although most businesses are fully operational and most have gone back to work, spending remains low because of restrictive social distancing measures,” Christopher Mangun, research head at AAA Securities Inc., said.

Meanwhile, 2TradeAsia said the swifter the spread of the virus is contained, the earlier the lockdown can be lifted and the faster the industries can absorb the stimulus even with the decline in consumer consumption.

“The PSEi's trajectory should move inversely to the coronavirus [infections] curve; that is, efforts to flatten the Covid-19 curve will be key to bend share prices upward,” the broker said. It sees support level for the main index between 5,500 to 6,000 points and resistance at 6,400.

Stock picks

Broker Regina Capital Development Corp. gave a "sell" recommendation on the stock of Puregold Price Club Inc. after it closed at the P48-per-share level, canceling out the gains it made during the earlier trades.

“It peaked at P49.05—a two-month high—before selling momentum overtook and pushed prices down. Indicators, however, remain on strong buy signs. At this point, the stock is still trading above its moving averages,” it said.

“This may indicate a possible correction in the next days, so taking advantage of the elevated price may be wise for those who are in a favorable position."

Shares of Puregold closed Friday at P48.65 apiece.

Meanwhile, it gave a "trade the range" advice on the stock of Metro Pacific Investment Corp. (MPIC) after it recovered from its four-day losing streak and got back to its support price of P3.17 per share.

“However, indicators remain strong on sell signs despite the tapering momentum. It is likely that the bounce back may prompt the beginning of sideways consolidation at a new range—albeit lower relative to the past month. The next level to watch now is its strongest resistance at P3.45,” the broker said.

MPIC shares closed last week at P3.26 apiece. VG Cabuag

113.5 square meters.

“Iloilo City, particularly Iloilo Business Park, remains to be an attractive location for property investments. Since we started selling our first residential condo tower here in 2013, prices per square meter have already more than doubled. Those who bought a P3million unit with a size of 40 square meters seven years ago would see their property

mutual funds

appreciating to P6.8-million today,” Jennifer Palmares-Fong, vice president for sales and marketing of Megaworld Iloilo said.

The tower’s fifth floor amenity deck boasts of amenities that include a lap pool and kiddie pool, fitness center, outdoor fitness area, function room, outdoor lounge, daycare center, children’s play area, jogging path, private dining room and an atrium garden. VG Cabuag

July 17, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 201.58 -26.33% -9.73% -5.53% -19.96% ATRAM Alpha Opportunity Fund, Inc. -a 1.0331 -38.85% -14.05% -5.88% -25.25% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7189 -35.8% -14.35% -7.77% -26.08% Climbs Share Capital Equity Investment Fund Corp. -a 0.6876 -30.29% n.a. n.a.

-23.43% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6644 -26.79% n.a. n.a.

-21.77% First Metro Save and Learn Equity Fund,Inc. -a 4.3208 -23.81% -8.3% -5.15% -18.91% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6825 -25.26% -10.89% n.a.

-20.04% MBG Equity Investment Fund, Inc. -a 80.17 -34.57% n.a. n.a. -22.33% PAMI Equity Index Fund, Inc. -a 40.5608 -25.51% -8.08% -4.42% -20.91% Philam Strategic Growth Fund, Inc. -a 433.71 -23.35% -7.48% -4.68% -18.59% Philequity Alpha One Fund, Inc. -a,d,5 0.8783 n.a. n.a. n.a.

-14.74% Philequity Dividend Yield Fund, Inc. -a 1.0223 -25.75% -8.04% -4.29% -20.56% Philequity Fund, Inc. -a 30.0949 -25.5% -7.53% -3.99% -20.59% Philequity MSCI Philippine Index Fund, Inc. -a 0.7995 -26.66% n.a. n.a.

-21.47% Philequity PSE Index Fund Inc. -a 4.132 -25.24% -7.56% -3.74% -20.9% Philippine Stock Index Fund Corp. -a 691.79 -25.04% -7.54% -3.92% -20.66% Soldivo Strategic Growth Fund, Inc. -a 0.6255 -34.9% -11.6% -8.02% -26.53% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1895 -29.23% -9.08% -5.16% -24.22% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7936 -25.15% -7.7% -3.9% -20.7% United Fund, Inc. -a 2.887 -25.39% -6.49% -3.5% -20.97% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 92.8673 -24.82% -7.05% -3.1% -20.6% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0323 3.4% 0.68% 0.87% 0.38% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4426 8.69% 7.12% n.a.

4.63% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5658 -12.76% -4.12% -3.49% 0.19% ATRAM Philippine Balanced Fund, Inc. -a 2.0697 -12.71% -4.4% -1.83% -5.11% First Metro Save and Learn Balanced Fund Inc. -a 2.4297 -10.96% -2.84% -3.07% -7.67% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1866 n.a. n.a. n.a.

-18.34% NCM Mutual Fund of the Phils., Inc. -a 1.8497 -6.43% -0.98% -0.34% -5.7% PAMI Horizon Fund, Inc. -a 3.5153 -8.46% -2.02% -1.46% -7.23% Philam Fund, Inc. -a 15.6485 -9.46% -2.34% -1.66% -7.74% 1.9298 -12.3% -3.54% -1.58% -9.06% Solidaritas Fund, Inc. -a Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3009 -17.21% -4.53% -2.79% -14.56% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9531 -8.84% n.a. n.a.

-6.16% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8556 -18.48% n.a. n.a.

-14.13% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8307 -20.61% n.a. n.a. -16.36% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8155 -20.49% -5.52% -3.95% -16.34% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03876 3.5% 2.75% 1.81% 1.47% PAMI Asia Balanced Fund, Inc. -b $1.0199 1.82% 1.13% 1.19% 0.78% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9928 4.9% 5.01% 4.01% 2.1% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1362 2.25% 2.73% n.a.

0.66% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 366.89 4.42% 3.2% 2.6% 2.5% ATRAM Corporate Bond Fund, Inc. -a 1.9442 2.19% 0.94% -0.01% 2.22% Cocolife Fixed Income Fund, Inc. -a 3.1955 4.69% 5.09% 5.09% 2.49% Ekklesia Mutual Fund Inc. -a 2.3052 5.02% 3.18% 2.42% 3.68% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4538 5.78% 3.49% 2.01% 4.01% Philam Bond Fund, Inc. -a 4.6482 10.55% 4.58% 2.76% 6.3% Philam Managed Income Fund, Inc. -a,6 1.3015 6.77% 4.19% 2.31% 3.56% Philequity Peso Bond Fund, Inc. -a 3.9628 7.25% 4.4% 2.47% 4.61% Soldivo Bond Fund, Inc. -a 1.04 10.57% 3.95% 2.02% 7.85% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1794 6.85% 4.88% 2.98% 3.37% Sun Life Prosperity GS Fund, Inc. -a 1.7458 5.64% 4.23% 2.47% 2.63% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $475.12 3.37% 2.54% 2.76% 1.44% ALFM Euro Bond Fund, Inc. -a Є215.75 -1.11% 0.66% 1.02% -1.84% 3.38% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2256 2.9% 2.6% 1.52% 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 $1.0735 -1.13% n.a.

0.39% -1.84% Philam Dollar Bond Fund, Inc. -a $2.4585 4.56% 3.49% 3.2% 2.29% Philequity Dollar Income Fund Inc. -a $0.0606628 2.23% 1.95% 1.85% 0.6% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1961 3.67% 2.3% 2.52% 0.66% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.44 3.76% 3.27% 2.46% 2.07% First Metro Save and Learn Money Market Fund, Inc. -a 1.0425 2.59% n.a. n.a.

1.58% Sun Life Prosperity Money Market Fund, Inc. -a 1.2847 3.03% 3.04% 2.59% 1.56% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0458 1.62% 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 1.011 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

Banking&Finance BusinessMirror

Avoid ‘aggressive measures’ during pandemic–ADB exec

By Cai U. Ordinario @caiordinario

I

ncurring more debts, bailing out firms not immediately requiring such aid and printing money should be avoided by countries during the pandemic, according to an expert from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Economic Research and Regional Cooperation Department Principal Economist Jong Woo Kang said current and long-term economic policies during the pandemic will help define the level of prosperity of future generations.

Kang said recent “aggressive measures” such as large stimulus packages to support households and businesses are not without cost.

According to Kang, while diverse policy recommendations are flying high, governments are ultimately the ones held accountable for both short-term and long-term repercussions of policies adopted.

“Extraordinary circumstances require extraordinary responses,” he said. “Nevertheless, how wisely governments cope with current long-term economic challenges will be a more important defining factor for the prosperity of our and future generations.”

Kang said governments, particularly in emerging market economies like the Philippines, should explore other sources of funds apart from incurring debts and raising taxes.

These other sources may include mobilizing private capital for infrastructure investments and privatization of state-owned enterprises.

He added that emergency assistance from multilateral institutions remain crucial, especially for health and economic recovery.

Kang said that income and credit support to households and firms should focus on the vulnerable segments of society and industry.

The ADB principal economist said assistance such as a time-bound universal income subsidy program would not be efficient considering that rich households can use this for other expenditures, limiting the impact of the assistance on the economy.

“Third, emerging economies in particular need to fend off the temptation to resort to money printing

to fund the necessary resources beyond short-term, immediate needs,” Kang added.

Stimulus packages

IN an interview on CNN Philippines last Friday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the government expects Congress to prioritize the stimulus measures when it resumes session on July 27.

Chua said the stimulus package would have three primary components: fiscal support for affected sectors and workers; support for micro, small and medium enterprises by lowering loan rates and extending guarantees; and, helping the financial sector so that it can extend a lifeline to more small-scale and medium-scale enterprises or SMEs. Chua explained the third component means the government would help banks dispose bad debts and assets to free up resources that they can lend to SMEs. This move has been encapsulated in what the economic team called the Government Financial Institutions (GFIs) Unified Initiatives to Distressed Enterprises for Economic Recovery (Guide) bill.

The bill will cover the efforts of the GFIs, particularly the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) as well as the Philippine Guarantee Corp. (PhilGuarantee) to help ensure liquidity and prevent insolvency.

The Guide bill used to be part of the Bayanihan II Act. However, the National Economic and Development Authority (Neda) earlier told the BusinessMirror that the bill had to be a separate one from these bills because of the “one rule, one bill” canon.

The Neda said the Bayanihan II focused on emergency subsidies, wage subsidies and reallocation of budgets for infrastructure projects and health and testing.

The bill could also not be lumped with the Corporate Recovery and Tax Incentives for Enterprises (Create) bill since it focuses on incentives for private sector firms.

The initial design of the Guide bill—when it was still part of Bayanihan II—was to extend P50 billion for LBP and DBP as well as another P20 billion for PhilGuarantee.

Makati cites H1 revenue growth, bags highest COA rating again

M

akati City again obtained the highest audit rating from the Commission on Audit (COA) for its 2019 financial statements, an unprecedented ‘three-peat’ achievement for a local government unit.

Makati Mayor Abby Binay said she was “extremely delighted” by COA’s ‘unmodified opinion’—the highest audit rating rendered by the state auditor— after concluding that the city’s financial statements were presented fairly and in conformity with generally accepted accounting principles.

The city government received the good news through a letter dated July 6, 2020 signed by COA director Omar S. Roque.

With this latest finding, Makati now holds the record of earning COA’s highest audit rating for three consecutive years.

As this developed, Binay also announced that Makati posted a 4-percent revenue growth in the first half of the year.

City Treasurer Jesusa E. Cuneta reported that business tax collections jumped to P6.69 billion in June 2020 from P6.42 billion the previous year. Revenue from real property tax also

increased by three percent to P4.72 billion from P4.58 billion, Cuneta added.

As of June, Cuneta also reported that the city has attained 73 percent of its revenue target for 2020 with a total of P12.98 billion in actual collections. Target revenue collection for the year is P17.76 billion.

“I’m heartened by these positive developments as the city grapples with the pandemic,” Binay said. “We’re thankful for meeting COA’s stringent standards for the third straight year.”

Binay added she was pleasantly surprised to learn that the city achieved a four percent year-onyear gain in revenue collections for the first half of 2020 despite the challenges posed by Covid-19.

“We hope to sustain the upward trend for our income in the coming months,” she was quoted in the statement as saying.

For the past four years, the city has been implementing reforms and innovations to promote transparency and efficiency in its operations. It continues to pursue a ‘no-contact’ policy to eliminate fixers and curtail corruption, particularly in the processing of business permits.

Claudeth Mocon

Monday, July 20, 2020 B3

NG debt service spikes by 70.17% by end-May

T

By Bernadette D. Nicolas

@BNicolasBM

he national government’s total debt service as of end-May spiked by 70.17 percent compared to the same period a year ago mainly due to a surge in amortization payments.

Data from the Bureau of the Treasury (BTr) showed the government’s total debt payments have already reached P512.960 billion for the first five months of the year from P301.443 billion as of end-May last year.

Of the total debt service for the period, the bulk (68.79 percent) went

to amortization payments while 31.21 percent was used to pay for interest.

Total amortization payments to both domestic and external sources for the same period this year doubled to P352.845 billion from last year’s P150.468 billion.

On the other hand, interest

payments of the government for the January to May period this year rose by 6.05 percent to P160.115 billion when compared to the P150.975 billion in interest payment in the same period last year.

For May alone, the government’s debt payments dropped by 10.09 percent to P24.642 billion when compared to the P27.407 billion of debt payments in the same month last year.

The figure also represents an 83.39-percent plunge from the total debt service of P148.34 billion in April alone this year.

Most of the debt service in May (74.48 percent) was used to pay interest while 25.52 percent of the amount went to amortization payments solely for external sources.

Interest payments in May this year slid by 6.69 percent to P18.353 billion from P19.669 billion a year

ago. The figure is 16.12-percent lower than the P21.88 billion in interest payments for April.

Amortization payments for May also dropped by 18.73 percent to P6.289 billion from P7.738 billion in the same month last year. The amount represents a 95.03-percent dive from P126.46 billion in April.

Under this year’s national budget, the government earmarked a total of P1.033 trillion for debt service.

Of the earmarked amount, P450.964 billion was appropriated for the payment of the payment of interest and P582.088 billion was allotted for the payment of principal amortization of foreign and domestic indebtedness.

Last year, the government’s total debt service reached P842.449 billion, up by 16.11 percent from P725.59 billion in 2018.

Perspectives Building supply chain resilience through digital transformation

S PNB, NINJA VAN DEAL

Philippine National Bank said its partnership with Wall Street Courier Services Inc., the company that operates the Ninja Van business, is making it easier and safer for small and medium business customers across the country to receive payments and manage cash flow during the lockdown measures against Covid-19 and beyond. PNB said Ninja Van Philippines has been its partner for its corporate remote collection settlement service since August last year. PNB serves as a settlement bank for client payments to Ninja Van coursed through Palawan Pawnshop-Palawan Express Pera Padala, one of the country’s leading pawnshop and remittance service companies. Photo courtesy Philippine National Bank

Group pushes standards to unify fintech industry

By Tyrone Jasper C. Piad @Tyronepiad

F

intechAlliance.ph released a handbook outlining the standards for the financial technology (fintech) sector in a bid to unify the regulators, policy makers and stakeholders.

In a statement over the weekend, the fintech group said that the fintech taxonomy that carries the title “Unchartered Beyond” includes standards for nomenclatures, definitions and classifications of concepts that are yet to be explored by the industry.

“This publication sheds light on how the legal and regulatory structures of the local financial sector apply to both established actors and to fintech services,” the manual said.

It is edited by FintechAlliance.ph chairman Angelito M. Villanueva, who also serves as executive vice president and chief innovation and inclusion officer of the Rizal Commercial Banking Corp.

“In the absence of a distinct legal regime for fintech, regulators may fall back on the norms applied to financial institutions. But issues of fit and consistency arise when taxonomies embodied in old laws are applied to new technologies,” the handbook added.

Among the concerns the fintech group seeks to address with the handbook are inconsistency of

terms, overlapping jurisdictions over semantically similar concepts, concepts not covered by existing taxonomies, implementation mismatch and policy conflict.

FintechAlliance.ph is also hoping that the initiative will help in establishing new rules or amendments to existing laws.

The manual discusses real-life examples of conflict between players and regulators, current regulatory framework and legal analyses of identified functional categories— including payments, remittances, lending and asset management, among others.

Villanueva told the BusinessMirror it was imperative that stakeholders in the fintech sector follow certain standards.

“Given that it is (fintech) an everevolving space, players and regulators are of the same page to ensure consistency and understanding,” he said.

The FintechAlliance.ph official shared the group was also working on a second edition of the manual, which is eyed to be released by fourth quarter this year.

Earlier this month, FintechAlliance.ph said it signed a memorandum of understanding Asean Financial Innovation Network to promote the use of API Exchange.

APIX is an online FinTech marketplace and sandbox developed by the Asean network.

ignificant supply chain disruption was caused by Covid-19, requiring leaders to right-size their operations and embrace digital capabilities that protect supply chains against future disruptions as we enter the new reality after Covid-19.

Companies from all industries are doubling down on investments in advanced technologies―from blockchain to artificial intelligence (AI), to machine learning and intelligent automation―which has proven to be the lifeblood of the organization.

Lessons learned from the pandemic

Covid-19 disruption to trade caught many off-guard, causing disruption in the supply chain.

Global lockdowns brought fragile domestic, regional, and global supply chains to a grinding halt. The initial outbreak underscored how much of the global economy relies on China.

Along with increased international trade and interconnected supply chains came hyper-efficient, just in-time supply models. As Covid-19 hit, few companies had redundancy in their supply chains to weather a disruption of more than a few weeks.

Of course, there are trade-offs with any business strategy. There are embedded costs to carry extra inventory, to invest in back-up supply chains, or to manufacture closer to the customer base. Changing your supply chain mantra from efficiency and low-cost country sourcing, to focus more on supply chain resilience and visibility can help future-proof your supply chain and reduce complexity and uncertainty across the network.

We’ve been shown that resilience against unpredictable, dramatic events require strong business models enabled by a robust digital backbone and processes that can pivot rapidly. But how specifically to accomplish that? Although the specifics of every company challenge are different, this paper highlights the broad steps that can help businesses enhance their supply chains, regardless of their digital maturity and transformation journey.

Digital acceptance is the new norm

Consumers expect a personalized experience–such as product recommendations and communications–and are willing, if not

downright preferring, to have that experience be digital.

Online technology allows your doctor to see, diagnose, and treat you virtually—all from home. We also see life science companies are moving away from traditional sales reps going door-to-door and using digital salesforce automation. A survey by UBS found that almost 40 percent of respondents in China increased online shopping in early April, higher than during the worst days of the crisis, and threequarters of them said they planned to keep up the habit in the future.

This aligns marketing, operations and sales teams onto a single platform, alongside 24/7 training, sales forecasting, physician communications and analyzed customer data throughout the customer lifecycle.

This integration allows real-time visibility to make better decisions and can reduce operational cost.

The broad emergence of stayat-home orders further pushed the digital trend as millions suddenly found themselves working remotely, using digital systems to collaborate and support their work, while millions of others were homeschooled using online learning technologies. In the evening, after work and school hours have ended, those same people are streaming videos.

Many of these changes in patterns are expected to continue once the pandemic is over. The vast virtual shopping, working, educating, and entertaining has many rethinking their supply chain models and how they can better leverage technologies to support digital activities.

Future-proof your supply chains

Good supply chain management is about two things: 1) reducing complexity and 2) reducing uncertainty.

Implementing new technologies allow a co-existence of digital enablers and humans across the different supply chain processes and activities that can help achieve these two goals.

The excerpt was taken from KPMG article “Building supply chain resilience through digital transformation.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

B4

Monday, July 20, 2020

Style

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

@MACCOSMETICS ON INSTAGRAM

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Julianne Hough, 32; Judy Greer, 45; Josh Holloway, 51; Carlos Santana, 73.

HAPPY BIRTHDAY: You’ll have plenty to keep you busy this year. Make the most of your time by organizing and preparing. Sketch out what you want to happen, and fine-tune your plans to unfold the way you want.

Take control instead of being controlled. Choose moderation over excess, intelligence over brawn, and peace over chaos, and your dreams will come true.

Your numbers are 8, 15, 23, 28, 32, 38, 40.

ARIES (March 21-April 19): Pour your energy into something that will make you feel good about the way you look, what you have to offer and the decisions you’ve made along the way. ★★

TAURUS (April 20-May 20): It’s up to you to bring about the changes you want to unfold. Don’t wait for someone to take over.

Strength and courage will lead to new beginnings and, opportunities that will change your life. ★★★★

GEMINI (May 21-June 20): Gather information; accuracy will determine the outcome of whatever you decide to get involved in today. Charm will get you ahead; disruptive behavior will hold you back. ★★★

Chinese artist Lay Zhang is the new global ambassador of cosmetics brand

I

WOKE up on Saturday to a post by MAC Cosmetics on Instagram announcing that Chinese artist Lay Zhang, who also belongs to the Korean boy group EXO, is the brand’s new global ambassador.

Zhang is no stranger to MAC Cosmetics. In 2018, he became the brand’s first spokesman in China. In 2019, he was named brand ambassador for the Asia-Pacific region. When his images appeared in the Art of Studio Fix campaign, sales skyrocketed. As a supporter of EXO and a former diehard fan of the group’s Chinese sub-unit EXO-M, that was a thrilling moment for me.

It was one of the times that my fan and beauty writing life had intertwined and involving one of my favorite brands of all time, no less.

I remember when Lay, whose other name is Zhang Yixing, starred in a MAC Prep + Prime Lip campaign

and I wouldn’t stop talking about how we were using the same product. I just did it at home, so no worries.

No one was hurt as I bragged.

Lay will  release the second part of his album Lit tomorrow. The singer and dancer’s last track “Boom� reached No. 51 on worldwide iTunes charts, and it topped all charts in China on the day of its release.    He is one of the most popular artists in China and has been an ambassador for a number of brands including Valentino, Milka, Perrier and Biotherm. He was also named Converse’s first ambassador in Asia and Pacific Ocean.

He has wax figures at three locations of Madame Tussauds. He is the “first post-1990s artiste to have his likeness displayed at three locations,� said Madame Tussauds in a press release.

Lay wears many hats, so to speak. The former child star not only sings and dances; he is also a producer, rapper, mentor, philanthropist and songwriter. He has collaborated with many artists, including Jason Derulo, Far East Movement and Steve Aoki.

Anyway, since there’s not much news about Lay’s ambassadorship for MAC Cosmetics yet except for the actual announcement, here are some of my favorite products from the brand: 1. STROBE CREAM. I just get a sales commission for every person who buys this cream because I convinced them to. Strobe Cream doesn’t just work for a glow-from-within look; it can also serve as a base for a full-on face strobing. I actually like this as a skin-

care product and anyone who really knows me knows that I am never without a tube or two of this.

2. POWDER KISS LIPSTICK. It’s no secret that I’m a big fan of MAC Cosmetics’ lipsticks, my favorites being Chili, Marrakesh, Twig, Taupe and Russian Red. I’ve been wearing this brand and these colors on my lips since the 1990s. Powder Kiss is my new favorite lipstick range from the brand. I love the color Devoted to Chili from the line so much that I have three of them. I have Mull It Over, too, which I use to layer over other lipsticks. They recently released the liquid version of Powder Kiss.

3. EXTRA DIMENSION SKINFINISH IN BEAMING BLUSH. I have so many highlighters but this warm-toned pink with a gold and pink shimmer is definitely one of my favorites. I love how natural it looks even if I apply two layers. It’s not blinding and you definitely won’t see it from afar but up close, it’s subtly pretty.

4. MINERALIZE SKINFINISH NATURAL. This slow-baked powder is definitely one of MAC Cosmetics’ best products. It’s pearlized so I usually go a shade darker when I buy this. It’s so natural-looking and has slight blurring properties. For some reason, it makes skin look youthful, meaning it does not emphasize fine lines.

5. LIP CONDITIONER. This is a product I’ve purchased over and over. It’s one of the best lip balms I have tried because it’s not overly shiny. The finish works well with lipsticks, unlike other balms that cause the lip color to change in texture. â–

CANCER (June 21-July 22): Refuse to let anyone bully you into something you don’t want to do. Dance to the beat of your own drummer, and you will make a statement that holds firm and helps you maximize your talents. ★★★

LEO (July 23-Aug. 22): Stand tall, and be ready and willing to help the underdog. How you use your influence to improve your family, community and environment will encourage others to pitch in and help. ★★★

VIRGO (Aug. 23-Sept. 22): Incorporate positive change that will set a high standard.

Be part of the solution. Take the road that offers peace, understanding and love. Voice your opinion, and make a difference. ★★★★

LIBRA (Sept. 23-Oct. 22): Don’t subject yourself to people who put demands on you.

Take time to relax, rejuvenate and to rethink your lot in life. Turn an unexpected set of circumstances into a positive outcome. ★★

SCORPIO (Oct. 23-Nov. 21): Create opportunity. Take the initiative, use your imagination and promote what you are doing. Change begins with you, and your happiness is your responsibility. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Make viable changes at home or to the way you run your household, and you will save money.

Do the work yourself, and you’ll feel good about your accomplishments. ★★★

CAPRICORN (Dec. 22-Jan. 19): Make the necessary changes before someone pressures you to do so. You’ll gain respect if you don’t drag your feet on outdated and overworked issues. Set the standard for new beginnings instead of living in the past. ★★★

AQUARIUS (Jan. 20-Feb. 18): Emotions will push you to take action. Consider your choices, and remain within the boundaries set by officials. You can achieve what you set out to do and abide by the rules. ★★★

PISCES (Feb. 19-March 20): Approach doers to help you implement a worthwhile change.

Resorting to methods infused with an updated twist will work exceptionally well. Anger solves little, decisive action promotes a better future and honesty is the backbone of unity. ★★★★★ BIRTHDAY BABY: You are opportunistic, creative and insightful.

You are expressive and determined.

How designer Jessan Macatangay found beauty and power in the midst of a pandemic JESSAN MACATANGAY complete collection.

IMAGINE being stuck in a foreign country alone at the height of a pandemic that has put the world at a standstill.

Now picture yourself being a fashion design student who’s on the brink of finally concluding his four-year journey in one of the world’s most prestigious art schools— a feat you singlehandedly worked hard to achieve and somehow came accompanied by high expectations from friends and family back

home. You wonder how this global crisis will affect your education. Will you be able to fly back home with your head held high saying, “Look! I finally did it�?

Cooped up in your flat, frustrated and homesick, you receive news that you will not be given the same kind of support previous graduates have had for your final show.

With lockdown restrictions in place, your school has decided that it’s best if everyone who can provide you support—seamstresses, wood and metal workers, even

JESSAN MACATANGAY

the ones who have access to your school’s fabrics—stay safe in their homes.

These are just some of the things that London-based fashion designer Jessan Macatangay had to overcome recently in order to earn his degree at Central Saint Martins, the same school that gave us iconic designers Stella McCartney, John Galliano and Alexander McQueen.

Originally from Batangas, the setbacks caused by the pandemic awakened the BatangueĂąo fighter spirit in him.

Instead of giving up, he took this chance to show everyone that with hard work, resourcefulness and determination, anything is possible. “The first few weeks after the lockdown was announced was the hardest for me,� shares Macatangay. “We needed to

move our work from the university to our homes. I considered flying back to Manila to be with my family but thought it was wiser to stay in London since my sewing machine and basic tools are all here. My final collection is quite different from how I envisioned it before the pandemic.

I needed to change a lot of things, from the design to the materials and the process by which I was going to make them. More than anything else, I was really grateful for the guidance of my tutors from the university.�

He said that one of the biggest hurdles he had to face was having to change his mindset to fit the situation—making do with the limited access to resources and facilities that would allow him to create his pieces. “I had to buy fabrics online, which meant I had very limited choices. I only used two fabrics for the entire collection, lycra and cotton. I also had a bit of silk satin, which I was able to use. I dyed and digitally printed my fabrics to achieve the looks I wanted. For the pieces that required metal- and woodworking, I worked with scraps and whatever I could get my hands on. It made me realize that what I was going through completely reflected the concept of my graduation collection, which is finding beauty and power in the midst of struggle.

As I faced the disappointment and frustration of the whole situation, I rediscovered my inspiration for doing what I do as well as resilience. I felt strong and empowered seeing my final garments come together under these circumstances.�

Challenging as it was, all of Macatangay’s hard work paid off. His five-piece collection (everyone else only had three pieces) was one of his batch’s stars, and was even highlighted in international publications, like Vogue, New York Times, Grazia and Net-A-Porter. Macatangay’s visually striking final collection symbolizes how people carry the weight of personal struggles.

HarvardManagementUpdate BusinessMirror BusinessMirror

www.businessmirror.com.ph www.businessmirror.com.ph

Monday, 13, 2020 Monday, July 20,July 2020 b5 B5

Feeling Uncomfortable With the Reentry?

You’re on the Right Track.

A

By Julia DiGangi

s Covid-19’s dizzying spin slows down, leaders are steeling themselves for the long road to recovery. An essential early step in that journey is effectively addressing the anxieties of millions of workers worried about the future of their work and their health. But how do you stabilize human behavior at such an emotionally volatile time? plan. The three paradoxical strategies below—rooted in neuroscience and psychology—can help.

Performance management: the reflex is to exert greater control, but the solution is more flexibility

In a crisis, it’s natural to seek to grab the one thing we lack: control. For example, the leaders of one firm we worked with were panicked about a protracted office absence and lagging productivity. They thought they could create control by asking employees to sign a contract promising to avoid all distractions while working from home. While leadership’s anxious impulse around productivity is understandable, it led employees astray. Not only was the request absurd for those who were dealing with new “coworkers” in school or diapers; it also disrupted team cohesion by implicitly communicating that employees could not be trusted with managing the complexities of their own jobs and lives.

The concern about performance is warranted, but leaders should pay keen attention to any reflex that tightens the grip— and actively consider its opposite. Instead of focusing on process and micromanaging schedules, leaders would be wise to consider a strategy that is far more flexible than feels comfortable for them.

Communication: overcommunication is encouraged, but less is more

Many leadership teams determined to assuage the fear of this moment are providing employees with as much information as they can through Covid-19 microsites, updates, e-mails, policy announcements and virtual town halls. But, according to neuroscientific evidence, transparency and complete access to information don’t necessarily create a sense of security. In a recent strategic planning session with one

Milkos | Dreamstime.com

If leaders want to use this moment to do more than call worried, distracted employees back to old jobs they once knew, there is much to be learned from the study of how the brain responds to uncertainty. In particular, scientific evidence shows that it’s often counterintuitive strategies that are most effective. To beat anxiety, therefore, we should pay attention to what we instinctively want to do and then actively consider its opposite.

Consider the case of a combat veteran who develops post-traumatic stress disorder following a devastating nighttime raid. For years, the soldier’s natural coping strategy has been to avoid anything even slightly related to the experience. While it makes intuitive sense to avoid even loose associations to such painful events, the most effective treatments for PTSD demand the opposite: repeated, detailed discussions of the trauma combined with robust engagement in all facets that were previously avoided in order to cope.

Similarly, anxiety often leads us to reflexively make decisions that are not ultimately in our best interest. In my work with companies dealing with change management, I often observe new leaders who become easily distracted by the allure of day-to-day “crises.”

Paradoxically, this peremptory action often leads to less success than if leaders had done what feels like the wrong thing to do, but isn’t: sit back, listen, wait.

Many leaders are now tasked with figuring out how to meet the return-to-work challenge in a pandemic-ridden world. Covid-19 is an invisible and insidious enemy, a pathogen that promises to wax and wane for an indeterminate future period. Its unsettlingly long incubation time may render even the most rigorous workplace prevention efforts ineffective. All of this makes us anxious.

To face these anxieties, leaders need a

of our clients, a senior leader remarked that she was so fatigued by a deluge of Covid-19 communications she had set her e-mail filters to automatically delete anything mentioning “Covid-19” in the subject line.

Weary brains don’t want or need more stuff to think about.

If the goal is to lead employees through a fog of information, the solution is not generous information sharing, but radical clarity.

Radical clarity is distinct from transparency because it requires defining what information will be tended to and what information will not; it means delineating what the priorities are and also what they are not.

By definition, a crisis is something that exceeds our capabilities to cope. As we return to work, leaders will have the misguided impulse to dedicate our attention to far too many issues. Because impulses are difficult things to control, leadership would be aided by a communications hierarchy that focuses on strategic priorities at the exclusion of all others. While there is no one-size-fits-all

communications strategy, a useful heuristic is to define five top priorities.

Effective leadership: to be tough, you must first get soft

Ironically, the precursor to mental toughness is emotional vulnerability.

Thoughtful sharing of emotional content in safe spaces indeed leads to profound shifts in group cohesion, innovation and performance. However, offering uncommonly emotional content to our co-workers is a risk the brain does not take lightly.

Therefore, improving team cohesion depends on the courage of leadership to go first. The highest-ranking people at the table should begin, offering insight into their own professional struggles and subsequent emotional experiences. In doing so, they will enrich team connection and, subsequently, agility.

Leaders may feel self-conscious in the initial attempts to establish deeper connection through greater self-exposure. That awk-

wardness is healthy, and should be embraced.

At this moment, the day-to-day intricacies of team members’ lives have become tactical issues that affect the very substance of the work we do. It is time to use appropriate methods for communicating about issues previously deemed too messy for work. In what is arguably the most important lesson of anxiety research, we learn it is only in approaching what we have historically avoided that we’re able to find the very resilience we’ve been seeking.

The inevitable discomfort that accompanies change should not be interpreted as a sign we are on the wrong path—just the opposite. This anxiety is a sign of productive growth, telling us we are on the right path to making substantive changes. To squander this moment’s rich opportunity for transformative change is as bad for business as it is for the brain.

Julia DiGangi is a neuropsychologist and the founder of NeuroHealth Partners.

How to monitor your employees while respecting their privacy

By Reid Blackman

E

ven before Covid-19 sent an unprecedented number of people to work from home, employers were ramping up their efforts to monitor employee productivity. A 2018 Gartner report revealed that, of 239 large corporations, 50 percent were monitoring the content of employee e-mails and social-media accounts. A 2019 Accenture survey of C-suite executives reported that 62 percent of their organizations were leveraging new tools to collect data on their employees.

These statistics were gathered before the pandemic, which has made working from home a necessity for thousands of employees.

With that transition having happened so rapidly, employers are left wondering how much work is actually going on. The fear of productivity losses, mingling with the horror of massively declining revenues, has encouraged many leaders to ramp up their employee monitoring efforts.

There is no shortage of digital tools for employee monitoring— or, as privacy advocates put it, “corporate surveillance.” Multiple services enable stealth monitoring, live video feeds, keyboard tracking, optical character recognition,

keystroke recording or location tracking.

Despite the easy availability of options, however, monitoring comes with real risk to the companies that pursue it. Surveillance threatens to erode trust between employers and employees. Workers who are now subject to new levels of surveillancereport being both “incredibly stressed out” by the constant monitoring and afraid to speak up, a recipe for dissatisfaction, burnout and backlash.

Even so, some companies will still find surveilling their workforce worth the trade-offs. Some managers may even have ethically admirable aims, as is the case when the monitoring is intended to ensure the employees’ health and well-being. If the technology is deployed with the goal of identifying which employees are in need of additional help, that may be all the more reason to monitor.

If your business concludes that it ought to monitor employees, it is still important to do so in a way that respects the workforce. Here are six recommendations on how to walk that tightrope:

Choose your metrics carefully by involving all relevant stakeholders

It’s simply too easy to react to

information that is irrelevant to productivity, efficiency and revenue. If you insist on monitoring employees, make sure what you’re tracking is relevant and necessar y. Simply monitoring the quantity of e-mails written or read, for instance, is not a reliable indicator of productivity. If you want the right metrics, engage all of the relevant stakeholders, from hiring managers to managers to those who are actually being monitored. With regard to employee engagement, it is especially important to reach both experienced and new employees, and that the workers are able to share their thoughts in a setting where there is no fear of reprisal.

Be transparent with your employees about what you’re monitoring and why

Part and parcel of respecting someone is that you take the time to openly and honestly communicate with them. Tell your employees what you’re monitoring and why.

Give them the opportunity to offer feedback. Share the results of the monitoring with them and, crucially, provide a system by which they can appeal decisions about their career that were influenced by the data collected.

Offer carrots as well as sticks

Oppressive governments tie surveillance to threats of fines and imprisonment. But you don’t need to pursue monitoring as a method of oppression. Think of it instead as a way by which you can figure out how to help your employees be more productive and reward them for their hustle. That means thinking about what kinds of carrots can be used to motivate and boost relevant numbers, not sticks to discourage inefficiencies.

Accept that very good workers will not always be able to do very good work all the time

These are unique times, and it would be wrong to make decisions about who is and who is not a good employee based on performance under the current conditions.

Some very hardworking and talented employees may be stretched extraordinarily thin due to a lack of school and child care options, for instance. These are people you want to keep because, in the long run, they provide a tremendous amount of value. Supervisors should take the time to talk to their supervisees when the numbers are disappointing. That conversation should reflect an understanding of the employee’s

situation and focus on creative solutions, not threats.

Monitor your own systems to ensure that people of color and other vulnerable groups are not disproportionately affected

Central to any company’s diversity and inclusion effort is a commitment to eliminating any discrimination against traditionally marginalized populations.

Precisely because they have been marginalized, those populations tend to occupy more junior roles in an organization—and junior roles often suffer the most scrutiny.

This means that there is a risk of disproportionately surveilling the very groups a company’s inclusivity efforts are designed to protect, which invites significant ethical, reputational and legal risks. If employee monitoring is being used, it is important that the most junior people are not surveilled to a greater extent than their managers, or at least not to an extent that places special burdens on them. A policy that says, “This is how we monitor all employees” raises fewer ethical red flags than a policy that says, “This is how we monitor most employees, except for the most junior ones, who undergo a greater deal of surveillance.” Equal applica-

tion of the law, in other words, legitimately blunts the force of discrimination charges.

Decrease monitoring when and where you can

As people return to their offices— and even as some continue to work from home—look for places to pull back monitoring efforts where things are going well. This communicates trust to employees. It also corrects for the tendency to acquire more control than necessary when circumstances are not as severe as they once were.

At the end of the day, your employees are your most valuable assets. They possess institutional knowledge and skills others do not.

You’ve invested time and money in them and they are very expensive to replace. Treating them with respect is not only something they deserve—it’s crucial for a company’s retention efforts.

If your company does choose to move ahead with surveillance software in this climate, you need to remind yourself that you are not the police. You should be monitoring employees not with a raised baton, but with an outstretched hand.

Reid Blackman is the founder and CEO of Virtue.

B6 Monday, July 20, 2020

Huggies and Mommy Mundo partner to launch ‘Baby Hugs’ monthly online parenting seminar

Mondelez Philippines evolves school adoption program amid pandemic

Mondelez Philippines through the Philippine Business for Social Progress supported 40 public schools and 3,500 teachers with snack products for their back-to-school preparations in this new normal.

T

HE pandemic has created a lot of change in our daily lives, some more than others. For public elementary schools, the challenge now lies in continuing with education, while facing the challenges of mobility, safety and families’ limited resources. As a longtime partner of public schools, Mondelez Philippines aims to help schools rise up to the challenges they’re facing.

For the past nine years, snacks company Mondelez Philippines has been implementing the Joy Schools program.

This is a school adoption initiative which aims to support the nutritional needs of students through a 9-month daily feeding program, and interventions for nutrition education and the promotion of active play. The extensive feeding program has helped some 4,500 undernourished students improve their nutrition and well-being. All these initiatives are in line with the Company’s Purpose to empower people to snack right, with the right snack, for the right moment and made the right way. Since 2011, the Joy Schools has adopted 16 schools nationwide.

Three more schools have been adopted

this 2020, namely Don Galo Elementary School and Fourth Estate Elementary School - both in Paranaque City, and Balara Elementary School in Quezon City.

This year however, a challenge much greater than malnutrition is being faced by the new batch of adopted Joy Schools: The COVID-19 pandemic. With no face-to-face schools in the foreseeable future for these schools, the Joy Schools program has had to evolve to serve the needs of the students and schools.

“We had to evaluate how to continue making an impact on our students’ nutrition and learning,” shares Toff Rada, Mondelez Philippines CGA Country Manager. “While our daily feeding program is not feasible at the moment, we will shift to a different mode of delivering food to our adopted students, so they get much-needed nutrition. We are now looking at bringing food packs of vegetables, rice and other food items to them every week beginning in August.

For Brigada Eskwela we are assisting the schools prepare for this new normal of distance learning by providing additional printing materials, and sharing sanitation

equipment. In the coming months, we have also planned to shift our employee volunteer activities to continue to harness the passion and support of our people in helping our adopted schools.”

Since the start of the pandemic, Mondelez Philippines has also shared 10,000 cases of its snack products to health front liners and communities in need, through the support of 53 organizations. More recently for Brigada Eskwela, to help prepare schools facing this “new normal” in education, the Company shared snack products with 40 public schools in three Metro Manila cities, benefitting 3,500 teachers and school staff.

“We commend the support of Mondelez Philippines in continuing to assist our public elementary schools, at a time when they need it the most,” shares Elvin Ivan Y. Uy, Deputy Executive Director of Philippine Business for Social Progress (PBSP).

The organization has been a partner of Mondelez Philippines since 2013 in bringing the Joy Schools program to life and in the many program enhancements with the Company. “We understand this is a trying time for most industries, and we recognize the challenges in continuing a community program given the drastic changes in terms of mobility and logistics.

That’s why we are very thankful for organizations like Mondelez Philippines who continue to support our students and schools.”

Through simple shifts in the way the Joy Schools program will be implemented, the partners hope that this will inspire others too. Now more than ever, it is important to extend help if we can. Even the simplest things like sharing food or supplies can make a big difference to someone else’s life.

#TogetherForTamaraws campaign launched to help tamaraw rangers and wardens

T

HE Philippines and 35 other countries officially launched #TogetherforTamaraws, an online fundraising campaign to help conservation frontliners affected by the COVID-19 pandemic. This campaign is led by the Biodiversity Finance Initiative (BIOFIN) project in the Philippines with support from the United Nations Development Programme (UNDP) and the Department of Environment and Natural Resources (DENR) through its MIMAROPA Regional Office, plus the Biodiversity Management Bureau.

Dedicated rangers and wardens of the Mounts Iglit-Baco Natural Park (MIBNP) and Tamaraw Conservation Programme (TCP) have been conserving the tamaraw – the world’s rarest and most endangered buffalo species – for decades.

Sadly, one of the 24 TCP rangers together with 32 of the 35 Taw’buid Mangyan wardens who patrol the area to deter tamaraw hunters and poachers, have lost their jobs due to the MINBP’s closure following community quarantine measures. The wardens also serve as guides and porters for tourism and research expeditions. Now only 23 TCP rangers and three MIBNP wardens are expected to patrol a core area of 2500 hectares inside the 106,655-hectare MIBNP, which hosts at least 480 of the world’s 600 remaining tamaraw.

The campaign was launched to gift tamaraw frontliners with criticallyneeded field allowances and food so they can continue protecting tamaraw, plus the other endangered flora and fauna of Mindoro.

“We launched this global campaign because we saw local communities and rangers, the frontliners of conservation, being strongly impacted by the loss of income from tourism,” explains Onno van den Heuvel, BIOFIN global project manager. “Exotic places like the IglitBaco mountain range might seem distant to most people, but they must be conserved. Rangers and wardens need and deserve our support to keep doing good conservation work.”

C

OMMITTED to be the trusted parenting partner for moms, Kimberly-Clark’s Huggies brand with its Huggies Club online community where moms can have access to specialized, exclusive content such as expert tips, uplifting advice, and product perks, continues to find ways to provide comfort and care to moms and their babies as well as connect more moms by partnering with Mommy Mundo, one of the country’s largest community of moms by introducing a new monthly online parenting seminar called Baby Hugs, which aim to tackle insightful and relevant topics on motherhood, most especially for those with children in the infancy and toddlerhood stages.

Starting this Saturday, July 18 at 10am, and continuing every third Saturday of the month until December 2020, Baby Hugs will gather expecting, newbie, and experienced moms to join a healthy and empowering discussion on a wide variety of relevant themes and help address parenting concerns and queries, ranging from postpartum tips and tricks, speech development and other early milestones of the child, sensory stimulation and its role in early learning, meal planning, and age-appropriate activities for toddlers.

Participation in Baby Hugs is also for free!

For those who are interested, pre-register at http://www.mommymundo.com/babyhugs/ and join Huggies Club’s circle of moms and Mommy Mundo network that supports all fellow moms who are going through the challenging yet fulfilling journeys of motherhood.

The first session of Baby Hugs is something

moms would love to be part of. Entitled “Happy Sleep: Forming Amazing Sleep Habits for Infants & Toddlers,” it will feature Erin Junker, owner and founder of The Happy Sleep Company based in Ottawa, Canada.

She will be sharing how to gain healthy and amazing sleep for children and how this positively impacts a child’s overall health and the parents’ well-being.

With Baby Hugs, Huggies and Mommy Mundo will work together in embracing and celebrating all kinds of parenting styles through useful and uplifting discussions on motherhood.

For all the latest updates, you may like and follow Huggies Philippines and Mommy Mundo on Facebook. Register at Huggies Club to gain access for more specialized content and exclusive perks. For more information, visit https://www.huggies.com.ph//

FASHION FOR A CAUSE. The Philippine Red Cross Malabon Chapter donated the proceeds of their 2nd Humanity Fashion Gala, amounting to Php 200,000.00, to the Samaritan Program of the Red Cross Convalescent Plasma Center. This will enable indigent patients to avail of this kind of passive antibody therapy which is being studied for COVID19 treatment. From L to R: Ms. Julie Legaspi (PRC Malabon Chapter Administrator), Mr. Arturo Supangan II (fomer PRC Malabon Chairman), Sen. Richard J. Gordon (PRC Chairman and CEO), Ms. Jeannie Sandoval (current PRC Malabon Chairman) and Ms. Elizabeth Zavalla (PRC Secretary General).

Toyota Introduces Load-Carrying Hiace Variant

BIOFIN hopes to raise approximately PHP1.149M to help secure allowances and provisions for tamaraw frontliners until the end of the year. Readers can give gifts at any amount online through bit.ly/ TogetherforTamaraws.

“When our grandparents were still alive, forests were plentiful and full of wildlife.

Over 70% of the country was covered in pristine forest, but only a million hectares are now left,” says Titon Mitra, UNDP Philippines Resident Representative. “We’re losing 200 football fields of forest cover daily and in this fix is the tamaraw, of which only about 600 are left. I hope each of you can make a small contribution. In doing so, you play a big part in securing the livelihoods of our tamaraw wardens and rangers who are doing such an exceptional job in protecting this critically-endangered species.”

Since its inception in 2012, BIOFIN has worked with both the public and private sectors across 36 countries to enhance protection for the world’s top biodiversity hotspots by helping secure funds to implement sound biodiversity programs.

The ranger and wardens who were laid-off are members of the Taw’buid, Iraya and Buid tribes, three of Mindoro’s eight Mangyan tribes. They are enforcers and educators for their fellow tribesfolk about the significance of conserving the tamaraw, a traditionallyhunted but highly-revered animal.

“For years, our rangers have been operating without proper patrol gear and equipment. Salaries are often delayed and no one has health or social security benefits,” explains TCP head Neil Anthony Del Mundo.

Both MIBNP and TCP rangers regularly ward off poachers, dismantle spring-loaded balatik and deadly silo snare traps and discourage the park’s indigenous tribesfolk from engaging in destructive slash-and-burn farming.

“This pandemic should bring forth empathy and not drive us to apathy,” says Occidental Mindoro Congresswoman Josephine Ramirez-Sato, who delivered the first tranche of relief gifts to the rangers today. “Let us all help our rangers and wardens in saving the tamaraw. This is the spirit of Bayanihan. Even as we wear masks, stand three feet apart and stay safe in the comfort of our homes, we can and we must do our part. Our contributions will go a long way and will make a difference.

Bayanihan is possible amidst one of the greatest challenges of our time. Let’s show our families, our communities and the world that we will be together for the tamaraws!”

Though they need our help, the rangers and wardens have decided to voluntarily continue patrolling despite the dangers.

“Lockdown or not, we’ll put our own health on the line to protect our tamaraws,” vows Ed Bata, senior TCP ranger.

T

HE Toyota Hiace, the country’s number one utility van, works even harder with the addition of a Cargo Variant. The Hiace Cargo is everything customers love about the Commuter except that now, it transports load instead of passengers. By providing a seat-less option, the Hiace further expands its service to more industries.

In 2019, Toyota Motor Philippines introduced the Full Model Change Hiace with the addition of Super Grandia Elite, and GL Tourer variants to cater to a more luxurious markets. Meanwhile, the Commuter variant continues to be the staple people-mover used as company shuttles for private use, and UV express to serve the public. Overall, the variant line-up expansion, backed by the Toyota standard of quality, durability and reliability, plus a host of new comfort, convenience and

safety functionalities made it the preferred choice in the utility van segment. As of May 2020, the Hiace holds 66% market share.

But Toyota recognizes the need to transport cargo as well as people. “TMP in pursuit of providing for the needs of the market, it has introduced the Hiace Cargo to cater to customers who have requirements to transport load in a safe and secure way. It is also timely as we are also able to cater to the needs of the market for goods transfer during this pandemic situation,” explained Sherwin Chualim, Toyota Motor Philippines First Vice President for Vehicle Sales Operations. “The Philippines is the largest Hiace market outside Japan. We want to continue expanding our Hiace lineup for more versatile use.”

The Hiace Cargo retails at PHP 1,152,000.00 this July.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, July 20, 2020 B7

The coronavirus chronicles:

Managing mental health L

By Millie F. Dizon

Digital: Google Cloud launches new multi-cloud analytics and security solutions at the Kick Off of Next OnAir 2020

MANILA, PHILIPPINES—Google Cloud kicked off Next OnAir today and announced new solutions across its smart data analytics and security portfolios to help accelerate customers’ ability to digitally transform with cloud computing.

Flexible new BigQuery Omni solution enables data analysis across cloud platforms

Data is one of the most important assets for driving digital transformation, but is often siloed across on-premises machines, proprietary systems, or multiple clouds.

BigQuery Omni is a multi-cloud analytics solution that enables customers to bring the power of

BigQuery to data stored in Google Cloud, Amazon Web Services (AWS) and Azure (coming soon).

Powered by Google Cloud’s Anthos, BigQuery Omni will allow customers to connect directly to their data across Google Cloud, AWS and Azure for analysis without having to move or copy datasets. Through a single user interface, customers will be able to analyze data in the region where it is stored, providing a unified analytics experience.

“For customers, moving data across different clouds is both cumbersome and expensive.

To address this, we continue to invest in multi-cloud in an effort to democratize access to the best technologies for our customers, no matter what cloud provider they’re using today,” said Debanjan Saha, General Manager and Vice President of Engineering, Google Cloud.. “BigQuery Omni provides enterprises with the openness and portability they need to break down silos and create actionable business insights, all without having to pay expensive egress fees for moving data from other cloud

firmly planted on the ground can actually do wonders.”

Let a wash of calm overwhelm you and help you find a bit of solitude when you’re feeling untethered.

n Move around if you can.

“Find time to exercise,” Legg says. “Clearly you can’t get to the gym, but even if it is doing ‘laps’ around your house or pulling out a few cans of soup to make ‘improvised’ weights, exercise can be quite beneficial for stress and overall mood.”

He also suggests checking out YouTube for some videos you can do, too.

WWW.FREEPIK.COM | DESIGNED BY STORIES

PR Matters

AST May, which is globally Mental Health Month, the National Center for Mental Health reported that the number of calls its hotline receives had increased significantly—from 60 to 80 calls per month before the community quarantine began in March to 300 to 400 calls since the lockdown.

These calls for help come from persons claiming to be suffering from anxiety, depression, and other mental health conditions. The Philippine Star quotes NCMH Director Rolando Cortez noting that “there are a lot of people wanting to communicate with experts through the crisis hotline and these cases involve anxiety and depression related to the lockdown” during a virtual public hearing by the Senate Committee on Mental Health chaired by Sen. Bong Go. And we are not alone, as even members of royalty and celebrities have openly talked about their struggles with mental health. In a Health News article, What Covid-19 is Doing to Our Mental Health, Kimberly Holland was concerned that “since the beginning of the Covid-19 pandemic and isolation efforts in March, Americans have been reporting increasing pressure on their mental health.”

“Whether it’s because they’ve lost a job or fear of losing one, they’re struggling to piece together money to pay bills, or they’re worried about their health and safety [or that of everyone in their house], the continuous onslaught of worry and insecurity is leading to greater mental health issues than before.”

That’s because “there is no playbook for Covid-19,” says Holland. “The truth is, much of what we are doing is unscripted, unknowable, and uncertain. And that, it turns out, could be creating a great deal of anxiety, fear, and even depression for Americans.”

This concern for mental health is echoed by Minda Zetlin in an Inc. article, These Mental Habits Help Resilient People Handle Stay at Home Orders.

“The current pandemic is taking an emotional toll on just about everyone. Most of us have been cut off from our workplaces and

friends, and in some cases, even our families and livelihoods,” she says. “All of us have lost whatever certainty we had about the future.”

In her article, Zetlin analyzes why some people are living with the strain of social distancing better than the others. She cites research that it is those who limit exposure to the news, don’t spend too much time on social media, and who focus on self-care who have better coping mechanisms.

While things have since opened up, nothing about the days we are living is normal.

With this, mental health can still be fragile and continue to be a concern.

How, indeed, does one man-

providers to Google Cloud.”

“As hybrid and multi-cloud adoption has become the norm, enterprises are increasingly looking for data products that provide a consistent experience and lower complexity of using multiple clouds, while enabling the ongoing use of existing infrastructure investments. The launch of BigQuery Omni is an important milestone demonstrating Google Cloud’s strategy to help customers efficiently operate multi-cloud environments,” said Rick Harshman, Managing Director, Asia Pacific, Google Cloud.

New Confidential Computing portfolio enables encryption of data in-use

As organizations move workloads to the cloud, one of the biggest concerns they have is how to process sensitive data while keeping it private. Google Cloud encrypts data at-rest and in-transit, but customer data must be decrypted for processing.

Confidential Computing is a breakthrough technology which encrypts data in-use—while it is being processed. Confidential Computing environments keep

age mental health? The experts in Healthline, an American web site that’s committed to being a source for expert health guidance, offer some resources and tips, both traditional and newly acquired in these times.

n Find a therapist. Dr. Timothy Legg, PhD, CRNP recommends finding therapists who are providing treatment on-line.

“I have transitioned most of my practice to the on-line environment as a result of Covid-19,” he says,” and my clients seem to have taken well to it. I also had a group of people who were not regular clients per se, but just wanted to check in for some support. The use of telepsych has truly helped.

data encrypted in memory and elsewhere outside the central processing unit (CPU). This technology will transform the way organizations process data in the cloud, maintain control over their data, and preserve confidentiality.

Confidential VMs is the first product in Google Cloud’s Confidential Computing portfolio.

Google Cloud already employs a variety of isolation and sandboxing techniques as part of its cloud infrastructure to help make its multi-tenant architecture secure.

Confidential VMs, now in beta, take this to the next level by offering memory encryption so that customers can further isolate workloads in the cloud.

Google Cloud is the first major cloud provider to offer this level of security and isolation while giving customers an easy-to-use solution that doesn’t require changing code in apps or compromising on performance. Confidential VMs are available on AMD CPUs and take advantage of the secure encrypted virtualization supported by 2nd Gen AMD EPYC CPUs. “Customers across all industries

Closer to home there is the National Center for Mental Health hotlines we earlier mentioned which are open 24/7: 0917-8998727 and 9898727.

n Be patient with yourself.

As Legg reminds us, this is like nothing else we’ve earlier experienced. No one has experienced this. No one should expect to get it right.

“These are trying and fearful times, “he says. “Allowing yourself to experience natural emotions without judging those emotions can be powerful.

n Remember to breathe. Dr. Ramani Durvasula, PhD, on the other hand, says that “a few deep breaths with eyes closed and feet

are navigating the complexities of compliance and privacy in the cloud, especially those in regulated industries, such as financial services firms, health-care companies, and government agencies,” said Sunil Potti, general manager and VP of Security at Google Cloud.

“These companies want to adopt the latest cloud technologies, but strict requirements for data privacy or compliance are often barriers. Confidential VMs will help us better serve customers in these industries, so they can securely take advantage of the innovation of the cloud while also simplifying security operations.”

“At Google, we believe the future of cloud computing will increasingly shift to private, encrypted services that give users confidence that they are always in control over the confidentiality of their data. Confidential Computing can unlock computing scenarios which previously have not been possible,” said Rick Harshman.

Keep up to date with Next OnAir ‘20

Google Cloud Next ’20: OnAir is a free, nine-week, in-depth digi-

n Set a routine. “Routine is important for all us,” says Ramani, “but all the more so when a person is struggling with anxiety, sadness and other issues.”

However,” don’t be too aspirational or perfectionistic in the schedule. Keep it simple, but have one—a wake-up time, a routine upon waking, a goal for the morning, a goal for the afternoon, some form of activity, and pleasurable activities. This can be difficult for someone who is experiencing apathy, but even having just a wake-up time can be a start.” n Make social contact. While you can’t always make physical contact, Ramani suggests trying FaceTime or Zoom with your family. Even online support groups can connect you with others.

May we also suggest, turning to the arts—music and visual arts—for healing. And of course, there is nothing like prayer.

PR Matters is a roundtable column by members of the local chapter of the United Kingdombased International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

tal event series starting July 14.

Register here to watch over 200 sessions ranging from compelling keynotes from industry luminaries to advanced learning opportunities with top Google developers.

Availability & Getting Started

Today, BigQuery Omni is available in Private Alpha for AWS S3, with Azure support coming soon. BigQuery Omni supports Avro, CSV, JSON, ORC and Parquet.

Confidential VMs are currently in Beta.

About Google Cloud

Google Cloud provides organizations with leading infrastructure, platform capabilities and industry solutions. We deliver enterprise-grade cloud solutions that leverage Google’s cuttingedge technology to help companies operate more efficiently and adapt to changing needs, giving customers a foundation for the future. Customers in more than 150 countries and territories turn to Google Cloud as their trusted partner to solve their most critical business problems.

Sports BusinessMirror

B8 Monday, July 20, 2020

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

P.O.C. EXECUTIVE BOARD TACKLES CRUCIAL ISSUES P

JOHN RAHM (right) builds a four-shot lead at Memorial as Tiger Woods says he feels better and plays better after posting a 71. AP

RAHM ZEROES IN ON WORLD NO. 1 D

By Doug Ferguson The Associated Press

UBLIN, Ohio—Jon Rahm showed Saturday in the Memorial why he’s one of the most explosive players in golf.

With his clubs.

A back nine that capped off what he considers one of the best rounds of his careers gave Rahm a four-under 68, turned a four-shot deficit into a four-shot lead and put the 25-year-old Spaniard on the verge of reaching No. 1 in the world.

“Today could be one of the best rounds of golf I’ve played in my life,” Rahm said, a tribute to a Muirfield Village getting so close to the edge it drew comparisons with a major. “And it’s hard to believe how passively it came, compared to how I played usually.”

His passion is so great it can hurt as much as it helps.

On this day, facing this test, Rahm kept his cool. He watched Tony Finau reach the par-5 11 in two for a sure birdie that would leave the Spaniard four shots behind.

There was no panic. Rahm said he told his caddie on the 13th tee, “If we can finish the last six holes under par, it’s a great finish. And whatever we have to do to make a comeback, we’ll make a comeback.”

Birdie. Birdie. Birdie. Birdie.

With help from Finau and his two double bogeys, and Ryan Palmer with bogeys on two of his last three holes, that turned into a four-shot lead for Rahm.

A victory allows him to join Seve Ballesteros as the only Spaniards to reach No. 1, provided that Rory McIlroy doesn’t finish as a runner-up. McIlroy shot 72— not a bad effort on a day wher the average score was 73.7—and was 10 shots back.

“I’ve got to get out there tomorrow, play solid again and get the job done and think about the No. 1 afterwards,” he said.

Rahm was at 12-under 204 as he goes for his fourth Professional Golfers’ Association Tour victory, and 10th worldwide. Finau and Palmer, each with a 73, were three behind. Former Masters champion Danny Willett (70), next in line at six shots back.

Finau was was bogey-free on the front nine, poured in a 50-foot birdie putt and then easily reached the green on the par-5 11th for a two-putt birdie to reach 12 under.

One swing changed everything.

Finau’s tee shot on the par-3 12th in a swirling wind sailed 15 yards over the green, leaving a downhill chip from thick rough to a green that was yellow and ran toward the water. He left it short, chipped through the green and made double bogey. Finau took another double bogey on the 17th hole with an awkward lie in the rough.

“It was good, and then it wasn’t good,” Finau said.

“Man, this golf course can get you in a heartbeat. You just try and put your best foot forward every hole, every shot and try and play, as well as you can. The greens are firm.

There’s enough wind up there to think about. They’re fast.

A little disappointed in my finish, but look, I’m in a good position going into tomorrow.

“And it’s going to be tough tomorrow.”

Muirfield Village is rebuilding all the greens starting Monday, and tournament officials are not afraid to let the course go to the very edge for the strongest field of the year.

It wasn’t easy to get shots close. It wasn’t easy to hole putts. It wasn’t easy to do anything.

It was the highest average score for the third round at the Memorial since 2012, the last year Tiger Woods won. There won’t be a repeat of that. Woods said he felt better and he played better, posting a 71. He still was 14 shots behind.

That’s what made Rahm’s round so special. The ball kept rolling on the greens, and the Spaniard realized it was happening to everybody. He dropped only one shot, on the par-3 eighth.

And his finish was simply sublime.

Rahm played in the group in front of Finau and saw him reach the 11th green in two, a sure birdie. His only concern was hitting the green at No. 12, trying to pick up a birdie or two and if had to rally on Sunday, so be it.

He hammered his tee shot 360 yards over the bunker that set up a wedge to 12 feet for birdie on the 13th. He wisely laid up on the 14th, with the tees moved forward to play at 322 yards, and hit wedge to five feet for birdie.

L

SERENA WILLIAMS eyes return in Kentucky. AP

exhibitions to be televised by some combination of local TV, national TV, NBA TV or NBA League Pass.

“I believe that it’s done just trying to get safety first for the players,” Orlando Coach Steve Clifford said of the shorter first exhibition. “I think most teams are like us, where everybody is just feeling their way and guys aren’t in the type of condition they would normally be in in a training camp situation.”

The league is still working on some of the specifics for the first games, even whether to give teams the option of wearing uniforms or practice gear. Most teams, as of Saturday, were still planning to wear their usual regularseason uniforms for all three of their exhibitions—the new jerseys featuring social justice messaging will not debut until the seeding games that count begin July 30.

Other changes for the exhibition games may include using more than three referees in a rotating system, though that also remains under discussion.

Players apparently had not been told the first exhibitions will go faster.

“I don’t know about that yet,” said Oklahoma City guard Chris Paul, the president of the National Basketball Players Association. “So, I’ll find out.”

The exhibitions will be played like normal games—score and stats will be kept, and it will be

T

Right of the green on the par-5 15th in two, with the green running fast and away from him, he hit a flop-andrun to 3 feet for a third straight birdie. And then he capped it off with a 25-foot birdie putt on the 16th.

Just like that, he had the lead. He’s in control.

Rahm has had a mathematical chance to reach No. 1 ever since golf resumed six weeks ago. He missed the cut at Colonial and finished out of the top 25 in the other three events he played.

Now it’s right there in front of him—along with a Muirfield Village course that won’t be getting any easier.

“Whatever happens tomorrow happens, but it’ll be a great test for me to learn for the future, for major championships,” Rahm said. “Because this is going to be the closest thing we get to a major championship without being one.”

L

a chance for the league’s stat crews that were hired to work for three months at Disney to work out any kinks in the system.

Miami Coach Erik Spoelstra said he’s taking a different view than he does for typical preseason matchups. For the first time, he’s talking with the coaches of the teams the Heat will face—Sacramento’s Luke Walton and Utah’s Quin Snyder—to see if there are any specific situations those clubs want to work on in those games.

Spoelstra simply bumped into Snyder in the lobby of a Disney hotel and from there, the idea of one team helping out another in the exhibitions was born. The Heat and Jazz will not play in a seeding game and couldn’t meet in a game that counts at Disney until the NBA Finals.

“You have to fast-track so much before you get to that eight-game regular season.... We’ll approach it that way and play probably everybody available, but definitely work on some things and do a little bit of evaluating as well,” Spoelstra said.

The exhibitions will be helpful in breaking up the monotony of practice, Denver Coach Michael Malone said, but he stressed that player health will come before anything else in those games.

“The No. 1 thing for me is can we get through these three scrimmages healthy and not getting guys put in a position where they’re overworked, playing too many minutes and getting hurt,” Malone said. “I think the vast majority of the 22 teams will approach it the same way.” AP

Serena returns to action in August

EXINGTON, Kentucky—Serena Williams is planning to make her return to competition at a new hard-court tournament in Kentucky next month.

It’ll be the 23-time Grand Slam singles champion’s first action since playing for the US in the Fed Cup in February, before all sanctioned tennis was shut down the next month because of the coronavirus pandemic.

The women’s and men’s professional tennis tours are

Tolentino

vargas

Board,” said Tolentino, who will meet the executive board members in a 10 a.m. virtual conference.

Already airing their opposition to the proposed policy on age limit were POV First Vice President Jose Romasanta (volleyball) and gymnastics association president Cynthia Carrion (board member). Romasanta is 75 and Carrion 72.

“Give the younger ones the opportunity to run the organization,” said Vargas, who encouraged the elders to stay as “mentors.”

Another proposed amendment to the POC charter that is expected to be heavily debated, Vargas said, is the policy that prohibits an individual from becoming an official of more than one national sports association.

“The official should only choose one NSA and avoid getting another seat as president, vice president or director of another federation,” he said.

Vargas added that a third crucial proposed amendment borders on NSAs being stripped of their membership in the POC once they lose recognition from their international federations.

Any amendment that will be approved by the executive board will be predented to the POC General Assembly for ratification. Ramon Rafael Bonilla

Big day for Lanete, unique bday for triathlon champion Huelgas

NBA eyes shorter games for Disney exhibition openers AKE BUENA VISTA, Florida—The first exhibition games of the National Basketball Association (NBA) restart will go a little more quickly than usual.

The NBA is tweaking the rules for those initial matchups, going with 10-minute quarters instead of the usual 12 minutes. The change is for several reasons— among them, not wanting to overly tax players after they went more than four months without games, and because some teams do not have their full rosters at Walt Disney World yet because of coronavirus and other issues.

The change will apply only to the first exhibition for teams; their second and third exhibition games at Disney will use standard timing. All teams are slated to play three exhibitions.

“This is a different situation,” Dallas Coach Rick Carlisle said Saturday. “In all areas, really.... I do think that there’s some latitude to do some different things.”

Exhibitions start with a four-game slate Wednesday and continue through July 28. Plans call for all 33

HILIPPINE Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino convenes the body’s executive committee on Monday expecting a morning of debates and arguments on proposed major constitutional reforms specially on issues about age.

The POC is set to debate on a recommendation from Constitutional Amendments Committee Head Ricky Vargas that sets a 70-year-old age limit for members wishing to hold critical positions in the organization.

Vargas, 68 and a former POC president, wanted the POC to toe a recently approved International Olympic Committee (IOC) policy that sets 70 as the maximum age for its top officials. He earlier stressed the younger generation should be given the opportunity to run the POC. “We will tackle the report [of the Committee on Constitutional Amendments] and present it to the

scheduled to resume in August.

The Kentucky event, called the Top Seed Open, announced Thursday that Williams and 2017 US Open champion Sloane Stephens will be in the field when play begins there August 10.

Williams already has said she will enter the next scheduled Grand Slam tournament, the US Open, which is supposed to begin in New York on August 31. AP

HREE-TIME Philippine Basketball Association (PBA) champion Chico Lanete was tapped by Chooks-toGo Pilipinas 3x3 as playing assistant coach for its pro teams.

Lanete signed his contracts on Friday afternoon. A day later on Saturday, it was two-time Southeast Asian Games triathlon gold medalist Nikko Huelgas who did something special on his 29th birthday, also courtesy of the same fried chicken company.

“Having Chico around will be of great help to our players because 3x3 is a game of court awareness,” Chooks-to-Go Pilipinas 3x3 league owner Ronald Mascariñas said. “Being an undrafted player but still playing 12 years in the PBA should serve as an inspiration to our players as well as Chico proved that hard work trumps all.”

Lanete, 40, will be working alongside Coach Eric Altamirano and his staff with the league’s three pro teams

that will compete in the global Fiba 3X3 circuit. He will also help the national team in its preparations for the 2021 3x3 Olympic Qualifying Tournament in May. “I’ve been wanting to be a coach as my basketball career approached its end,” Lanete said. “I thank Chooks-to-Go for this opportunity to give back to the new generation ng players and to the new event of 3x3.”

Lanete, who is also signed with club team Sarangani, will also play in the 2020 Chooks-to-Go Pilipinas 3x3 league tentatively set in September.

Huelgas, meanwhile, distributed more than 200 packed Chooks-to-Go meals to frontliners and the needy in his home Las Piñas City.

“All of us are affected by the pandemic and on my birthday, I thought of doing something unique—by helping the needy and the frontliners,” said Huelgas, chairman of the Philippine Olympic Committee (POC) Athletes’ Commission, Early Saturday morning, Huelgas went around town to personally distribute the packed meals and thank the front liners for their service to the country amid the crisis.

Ceres and BlackWater: Signs of turbulent times Bleachers’ Brew Rick Olivares | bleachersbrew@gmail.com

IN the last two weeks, we have read of the news that CeresNegros Football Club and BlackWater Elite were either folding or for sale.

While the Covid-19 pandemic has a lot to do with it, I couldn’t help but remember when fabled Philippine Basketball Association (PBA) ballclubs Toyota and Crispa folded one after the other after the recession of 1983 brought about by the assassination of the late Sen. Benigno Aquino Jr. Now Ceres and BlackWater haven’t gone the way of Toyota and Crispa as the intervention of the Philippine Football Federation, PBA, and Games and Amusements Board respectively have stayed the formers teams’ hands.

There is word there is an interested party to the sale of Ceres, but it has been weeks and so far, it has not been consummated. And I understand. With all this uncertainty—everyone should not move rashly.

One can only hope that the pandemic is soon dealt with. Pending a vaccine, it remains a real threat to life and world economies.

We have seen European football leagues playing to empty stadiums—for safety reasons of course—but they can probably take the hit now, but that too begs the question—for how long?

The match revenue from fans counts as a huge part of any team’s revenue. In the case of the Philippines Football League and the PBA that do not really play to packed houses, corporate sponsorship is what keeps them really going. But what business isn’t affected today? With still many people working from home or unable to go out because of the lack of a safe means of public transportation, it has an effect. If people aren’t going out to work, they do not have income. If they cannot go to work, it affects the petroleum industry and the business sector because no one is buying.

In my opinion, it seems the food industry is the one really moving. On the other hand, aren’t we straining that industry with a huge demand for food production right now?

If some corporate sponsors are troubled with the economy or even this government, that can put them in

doubt in terms of coverage viability.

What can be done to help?

If people are holding on to their money, will they buy into revenue streaming such as pay-per-view? I think it is possible.

Some might complain that they could previously view them on free television. I do hope they understand the gravity of the situation. As long as the public is charged reasonably then why not? I think we have seen a boom in streaming sites such as Netflix with literally everyone online.

Are pay cuts feasible? I know this is the toughest.

My son took a pay cut to help alleviate his company’s sales. I twice offered my own company’s human resources department because I saw how the company kept paying full fees even if no money was coming in and they paid full salaries for three-plus months. Bless, the owner because he declined the pay cut according to the HR manager.

Sure I could use the money, but you also have to think of your employer. We aren’t ere to bleed them dry. I know this will be a contentious point.

I am told that professional sports leagues are the only ones allowed to practice or even gear up for the potential opening of their leagues.

How about the game venues? Must they charge their usual fees? I don’t think so. Some income is better than none at all.

Can some fans be allowed inside the venues? How do they get to the facilities? As long as the sanitizing protocols are dutifully observed and there is aggressive contact tracing, there will be measures in place.

I think all the stakeholders in sports—league officials, club owners, venue management along with the Inter-Agency Task Force should sit down—at least online and put their heads together on this. Maybe they are. I am curious because the discussion for this must be fascinating and head-wracking at the same time. And obviously, the IATF has the last word on all these.

They have to take into consideration the cases of CeresNegros and BlackWater Elite because in my opinion, that is just the tip of the iceberg sailing into Philippine sports’ way.