BusinessMirror March 08, 2021 by BusinessMirror

‘Banks’ real-estate exposure may up risks’ By Bianca Cuaresma @BcuaresmaBM

SM marked a milestone for the National Women’s Month as the company signed the UN Women’s Empowerment Principles (WEPs) at the launch of Women at Work pop-up market on March 5 at SM Aura Premier, making SM the largest homegrown company to sign the WEPs in the Philippines. Co-signatories of the WEPs were SM Prime Holdings, Inc. and SM Supermalls, represented by Steven Tan (left), president of SM Supermalls; The SM Store, represented by its president, Chelo Monasterio (second from left), and Chito Manalo (right), president of SM Retail Inc. Joining the signing is Lenlen Mesina (second from right), Country Programme Manager for UN Women WeEmpowerAsia Philippines. CONTRIBUTED PHOTO

HE local banking system’s ex posure to rea l estate may heighten pandemicrelated losses and risks this year, an international credit watcher warned. In its latest assessment on the local banking system, Fitch Ratings said the weakness in the property sector, evidenced by falling price valuations, may eventually affect the balance sheets of local banks. “Banks that were actively underwriting mortgage loans at the height of the property boom in late 2019 and early 2020 are more

vulnerable to heightened provisioning risks from the recent price correction as the property values of some of these loans may already be underwater, raising the incentive for borrowers to default or reducing collateral recovery rates,” Fitch Ratings said. In the third quarter of 2020, the aggregate Philippine property prices dropped 14 percent quarter on quarter. Real estate loans account for roughly 20 percent of banking system loans. “We think further moderation [in prices] is probable given the rapid price appreciation before the crisis, reinforcing our June 2020 view in our report, Philippine Banks’ Real Estate Stress Test,

that the economic deterioration brought about by the pandemic is likely to lead to a correction in the property market,” Fitch Ratings said. “This takes into account the rapid expansion in ag gregate cond om i n iu m pr ic e s , w h ic h surged by more than 40 percent over 2017 to the second quarter of 2020, in large part due to the once-booming offshore gaming sector,” it added. Despite the risks, Fitch Ratings said local banks have the capacity to absorb a moderate shock in the property sector, and the low interest rate environment could help to prop up real-estate demand.

“Nevertheless, we see rising impairment risks for the banks should prices continue to decline and weak economic conditions persist, as some banks have a sizable propor tion of mortgages with loan-to-value ratios in excess of 80 percent,” Fitch Ratings said. Fitch Ratings has recently put a negative outlook on the Philippine banks’ asset quality, as further deterioration is likely on the back of expected rise in bad loans for the year. This comes after the S&P Global Ratings recent assessment that the local banking system will continue to be under pressure in 2021 on account of rising bad loans.

DOF FOR EASING TARIFFS,

Monday, March 8, 2021 Vol. 16 No. 148

P25.00 nationwide | 2 sections 20 pages |

NTBs ON INFLATION WORRY Record-high ₧230-B NG subsidies to GOCCs

The Estrella-Pantaleon Bridge renovation project is finally nearing completion. In July last year, the Department of Public Works and Highways said the project is on track for its December 2020 completion but the timeline was slightly adjusted to early 2021. In recognition of its critical role as an alternative route to Edsa, the bridge has been expanded into a two-way, fourlane bridge on either side. ROY DOMINGO

By Bernadette D. Nicolas

@BNicolasBM

HE Department of Finance (DOF) has backed the easing of both tariff and non-tariff barriers to bring down the country’s inflation rate as it warned of “elevated year-on-year inflation rate in the coming months if supply sideissues are not addressed.” See “DOF” A2 PESO exchange rates n US 48.5730

ECONOMISTS SEE INFLATION REACHING 5% IN 2021 By Tyrone Jasper C. Piad @Tyronepiad

F TER consumer pr ice g row t h reac hed t wo year highs, economists see inflation going beyond the government target and reaching 5 percent this year due to low base effects and elevated

commodity prices. “For the coming months, much lower inflation denominator/base effects would also mathematically lead to higher year-on-year headline inf lation locally, even into 5 percent levels, as well as worldwide, in view of the anniversary of the Cov id-19 loc kdow ns (star t-

ing March-April) that sharply reduced demand,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said. Bank of the Philippine Islands (BPI) Lead Economist Emilio Neri Jr., for his part, said that inflation may exceed 5 percent by April.

See “Inflation” A2

UBSIDIES extended by the national government to government-owned and -controlled corporations (GOCCs) hit a new record-high in 2020, with Philippine Health Insurance Corporation (PhilHealth) receiving the biggest allocation during the pandemic year. Data from the Bureau of the Treasury showed the national government spent a total of P230.42 billion in subsidies to GOCCs, the highest since 1986 when the government started collecting data. Last year’s amount of subsidies was also 14.3 percent above the national government’s previous record of P201.524 billion in 2019. Bulk or 57 percent of the subsidies disbursed by the government last year went to other government corporations (P131.425 billion), followed by major non-financial government corporations (P75.23 billion) and government financial institutions (P23.761 billion). Of the total subsidies released by the government last year, P62.4 billion or 27 percent was cornered by PhilHealth followed by Social Security System (SSS) with P51 billion or 22.13 percent share. Since 2014, PhilHealth has been the top recipient of government subsidy. Meanwhile, SSS was used as the conduit for releasing the Small Business Wage Subsidy Program aimed at helping the micro, small and medium enterprises amid the economic slowdown due to the coronavirus pandemic. The other big subsidy recipients next to PhilHealth and SSS are National Irrigation Administration (P33.677 billion), Land Bank of the Philippines (P23.298 billion), and National Housing Authority (P18.14 billion). See “NG subsidies” A2

n japan 0.4499 n UK 67.5116 n HK 6.2603 n CHINA 7.5065 n singapore 36.3244 n australia 37.5226 n EU 58.1419 n SAUDI arabia 12.9490

Source: BSP (March 5, 2021)

News

BusinessMirror

A2 Monday, March 8, 2021

BOC…

Continued from A12

Montemayor thinks that the increase in rice tariff collections could be mainly attributed to the increase in volume and increase in global rice prices. Montemayor noted that the export prices of rice from Vietnam and Thailand have breached the $500-per-MT level at the start of the year due to supply concerns in these countries. Montemayor said they will review the BOC’s figures to determine if indeed the increase in tariff collections was attributable to changes the bureau has made in its valuation system. An analysis made by the BusinessMirror on rice import entries as published by the BOC in its website showed a discrepancy between the bureau’s reference price for rice, prevailing market price and the declared value of shipments by rice importers. For example, the average import cost of White Rice 5 percent broken from Vietnam (Tariff line: 1006.4090) in January was at $413.25 MT or about P19,857.13 per MT, based on BusinessMirror’s analysis. The figure was 18.21 percent lower than the BOC’s average reference price for the same commodity and tariff line which was at $0.50525 per kilogram or $505.25 per MT, based on the bureau’s documents published online. The average import figure was also lower than the average $505 per MT price for Vietnam’s 5 percent broken rice in January as monitored by the United Nations’ Food and Agriculture Organization (FAO). The FAO’s data sources included livericeindex.com, where the BOC based its reference prices, and viettraders.com. Montemayor also conducted a quick analysis of the BOC figures and concurred with the computations of this newspaper. “It only means that undervaluation is still ongoing despite the claims of the BOC. Undervaluation is still rampant,” he said.

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Salceda: DA, BOC need more teeth vs smuggling T

By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means on Sunday asked the Bureau of Customs (BOC) to allow the Department of Agriculture (DA), and the Bureau of Animal Industry (BAI) to inspect meat imports into the Philippines to help prevent the further spread of African Swine Fever. House Ways and Means Chairman Joey Sarte Salceda said the request is urgent, as meat inflation is becoming alarming. “From a strategic point of view, we need to protect the domestic supply from further decline due to ASF, so sanitizing imports is very important,” he said. “All the agencies involved are under the Economic Development Cluster of the Duterte Cabinet, chaired by Finance Secretar y Sonny Dominguez. I will send him a formal request for clusterwide action on the matter. Invoking my oversight powers over the BOC, I am strongly requesting the agency to streamline all processes where the DA needs to be able to inspect, so that we can prevent any further spread of ASF from meat imports,” Salceda said. The Philippine Statistics Authority (PSA) reported Friday that

the elevated February 2021 inflation was due to the increase in meat prices, which had an inflation rate of 20.7 percent in February 2021 from 17.1 percent in January 2021. February 2021 inflation was 4.7 percent, the highest in 26 months, during the height of the rice price crisis. “It’s so obvious that we have significant food supply vulnerabilities. The solutions will no longer be monetary or regulatory. A price ceiling won’t work. Interest rate adjustments won’t work. Because the problem is really that there isn’t enough food for our growing population,” Salceda added. “We will have no choice. While we must modernize Philippine agriculture, in the short run, we will be forced to import some food. The DA has to have the authority to inspect raw imported food to ensure that it does not carry diseases that

could further weaken domestic industry,” Salceda warned.

Executive session

On Monday, Salceda said the Committee on Ways and Means will consolidate its observations on food smuggling in an executive session. He added the committee is expected to recommend stricter enforcement in economic zones and freeports, as well as biosecurity measures to prevent the spread of diseases from imports. “We are now seeing the problem with merely relying on imports for one’s food security policy. It can carry biohazards that affect domestic industry. So, while imports are cheaper per se, there are implicit costs, such as biosecurity and enforcement that we used to not take into account. We must have a more holistic view of importation versus domestic food production. Imports are not always the answer,” Salceda added. “I am not against food importation. But I am against laxity that harms domestic industry. Agricultural smuggling harms our industries and our revenues. And lax enforcement of biosecurity in importation threatens our own domestic agriculture sector. We in the Ways and Means Committee will work with the Executive to address these risks,” he said.

DOF…

Meanwhile, Salceda said his committee will also continue to conduct hearings on the use of ecozones as conduits for the smuggling of agricultural products, fuel, and cigarettes, warning that the Philippine Economic Zone Authority (PEZA) and other investment promotion agencies with freeport privileges have to take smuggling enforcement seriously. Salceda made the observation that ecozones are becoming conduits for big-time smuggling. Salceda says this is on top of the use of ecozone tax privileges to commit transfer pricing. “For tax incentives in 2017, the latest complete figure, we gave P504 billion in national government tax incentives. If you price in the special privileges, if you price in the smuggling that these freeport zones enable, easily, the annual cost to the taxpayer of ecozones is P695 billion for that year alone. With higher excise taxes on fuel, cigarettes, and sugar-sweetened beverages, as well as very attractive prices for food smuggling, the present figure is probably very close to P1 trillion every year,” Salceda said. “Ecozones are the country’s trillion-peso blackhole. It’s where a third of government revenues go to disappear. The bleeding has to stop,” Salceda said.

Continued from A1

Finance Undersecretary and Chief Economist Gil Beltran said in an economic bulletin over the weekend that the price rise in February is “due mainly to regulated products with high tariff rates and non-tariff barriers.” “Economic decision-makers need to ease these protective barriers to provide more competition to heavily protected domestic suppliers,” Beltran said, noting that the acceleration in the general price level is “largely due to continuing food supply constraints.” Sought to clarify what non-tariff barriers (NTBs) should be eased and which commodities should be covered, Beltran told the BusinessMirror these refers to import permits, certificates of necessity, among others, for some commodities which importers have to submit prior to importation. “Many commodities like fish, meat, and raw food items are subject to this,” Beltran said, adding that these “regulated items are the subject of high inflation.” He also told the BusinessMirror the Department of Agriculture (DA) is “now conducting studies on all these NTBs and see which ones are not needed anymore.” Beltran issued the economic bulletin after the Philippine Statistics Authority (PSA) reported on Friday that inflation surged 4.7 percent in February—the highest since December 2018’s 5.1 percent—due to more expensive pork products. This was also higher compared to the country’s inflation rate in February last year at 2.6 percent and also the 4.2 percent inflation rate recorded in January this year. In the first two months of the year, inflation averaged 4.5 percent. With core inflation inching up from 3.38 percent to 3.54 percent, Beltran also pointed out in his economic bulletin the need to address supply-side issues to avoid an uptick in the country’s inflation rate in the succeeding months. He noted food inflation rose from 6.64 percent in January to 6.98 percent in February due to the 20.69-percent spike in meat

prices and the 16.66-percent rise in vegetable prices. On the other hand, non-food inf lation rose from 2.34 percent to 2.69 percent due to the price spike in transport services by 9.82 percent. The finance official also said food productivity programs “will go a long way” in addressing the inflation problem, adding that DA has already launched a “comprehensive program to enhance productivity.”

Pork tariffs

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua on Friday also said the Cabinetlevel Committee on Tariff and Related Matters (CTR M) w ill submit its recommendation to temporarily lower pork tariffs. Chua said the CTRM recommendation proposes to immediately lower pork tariffs to 5 percent within the minimum access volume (MAV) and 15 percent outside the MAV for 3 months, with a slight increase to 10 percent within the MAV and 20 percent outside the MAV for 9 months. Chua lamented that the recent increase in inflation, particularly of pork, was due to the raging African swine fever (ASF) outbreak. National Statistician Claire Dennis S. Mapa said prices of fresh pork pure meat products increased 55.2 percent year-onyear to an average of P323 per kilo in the National Capital Region in February 2021 from P208 per kilo in February 2020. For fresh pork meat with bone, Mapa said prices increased 48 percent to P298 per kilo in February 2021 from P202 per kilo in February 2020. For areas outside of the National Capital Region (AONCR), fresh pork pure meat products increased 53 percent year-onyear to an average of P317 per k i lo i n Febr u a r y 2021 f rom P207 per kilo in February 2020. For fresh pork meat with bone, Mapa said prices rose 55 percent to P280 per kilo in February 2021 from P181 per kilo in February 2020.

NG subsidies… Continued from A1

For December alone, the government released subsidies amounting to P42.56 billion, of which more than half or P23.824 billion went to PhilHealth. Other government corporations received the majority or 61.7 percent of the subsidies in December amounting to P26.23 billion. The remaining amount was shared by government financial institutions (P13.298 billion) and major nonfinancial government corporations (P3.031 billion). The national government provides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects. Bernadette D. Nicolas

Inflation… Continued from A1

It will likely remain at that level for several months before easing in the fourth quarter, he added. Neri, who maintained a full-year inflation forecast of 4.3 percent for 2021, attributed the inflationary pressures to high oil and pork prices. “Oil prices will likely remain elevated given the expected increase in demand amid the distribution of vaccines,” he explained. “Meanwhile, it may take the swine industry some time to address the ASF (African Swine Fever) problem since supply problems usually last for many months.” Ricafort said inflation could still be offset with the increase in crop supply given the expected planting and harvest seasons with the onset of summer, bringing some food prices down after the onslaught of typhoons in November last year disrupted the stock of vegetables and other agricultural products. In addition, the RCBC economist said the 60-day price ceiling on pork and chicken, along with the importation of the said meat, could also help mitigate inflationary pressure. Last week, the Philippine Statistics Authority (PSA) reported that inflation surged to 4.7 percent in February, the highest since December 2018 when inflation reached 5.1 percent. “The cost of meat continues to increase month-on-month despite the price ceiling put in place by the government,” Neri said. “Consequently, restaurants had to raise their prices to cover their expenses, contributing further to headline inflation.” The BPI economist also pointed out that high oil prices led to the increase in consumer prices in February. That month, he noted that the benchmark price of oil in the global market climbed to $63 per barrel, which is the highest level since December 2019.

Key policy rates

With the inflationary pressures present, Neri said the Bangko Sentral ng Pilipinas (BSP) will not likely cut the policy rate further. “Expanding the negative spread between interest rates and inflation may harm the economy in the long run and exacerbate portfolio outflows that could drive volatility in the currency market,” he explained. And, while there is only a slim chance of increasing rates given the current economic situation, Neri is not discounting it especially if inflation “becomes unmanageable.” BSP Governor Benjamin E. Diokno said last week the inflation was temporary, and a monetary response is not yet required. The surge in February consumer prices was due to supplyside shocks which are best addressed by non-monetary interventions to ease domestic supply constraints, he explained. “If there are second-round inflation effects (or the resulting higher prices of other affected goods and services in the economy) due to higher prices of local and global food and other commodities, local policy rate could be adjusted higher from the record low of 2 percent,” Ricafort said. The next monetary policy meeting is set on March 25.

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Comelec targets female registrants for ‘22 polls By Samuel P. Medenilla @sam_medenilla

HE Commission on Elections (Comelec) is ramping up registration for the 2022 National and Local polls by targeting females through a new activity this month. The poll body tapped its Gender and Development Office (GAD) that will hold a special registration beginning March 9 until March 11 for local potential voters and beginning March 8 until March 10 for those who would be outside the country during the polls. The Comelec said the latter would be given similar treatment when applying at the Philippine posts and embassies abroad, Philippine Satellite Offices in the Department of Foreign Affairs (DFA), Philippine Overseas Employment Administration (POEA), Maritime Industry Authority (Marina) and the Palacio del Gobernador, Intramuros, Manila.

The Comelec said it would commemorate the Women’s Month by installing banners and tarpaulins colored purple the color associated with women’s rights. The poll regulatory body said all its employees are required to wear purple-colored clothes in all Fridays of March. Comelec’s women commissioners, namely Rowena Amelia V. Guanzon, Socorro B. Inting, and Aimee Ferolino-Ampoloquio, would also post messages on the poll body’s social networking platform. The Comelec said it will also be participating in the month-long activities of the Philippine Commission on Women (PCW). The country celebrates Women’s Month every March as stipulated under Presidential Proclamation 227, signed on March 17, 1988 by then-President Corazon C. Aquino, to recognize the role of women in the country’s history.

PHL, Moderna ink deal for 13M vaccine doses

Editor: Vittorio V. Vitug • Monday, March 8, 2021 A3

First 5 of millions of National IDs given to Duterte, officials By Cai U. Ordinario @caiordinario

HE first five of millions of National Identification cards were given to President Rodrigo Duterte and four other top national government officials as the administration expects over a fifth of the Philippine population could receive theirs this year. Philippine Statistics Authority (PSA) Deputy National Statistician Rosalinda P. Bautista told the BusinessMirror that at least 27 million Filipinos may receive their PhilSys IDs this year. Apart from the President, those who received their National IDs last week were Executive Secretary Salvador C. Medialdea, Finance Secretary Carlos G. Dominguez III, Budget Secretary Wendel E. Avisado and Senator Christopher T. Go. “Our target registration is at least 50 million but ID production will be lower. However, the PSA and the BSP [Bangko Sentral ng

Pilipinas] are already talking to it will soon open the Step 1 Regisaddress this concern,” Bautista told tration to the public through online the BusinessMirror. registrations. The PSA hopes to enShe told the BusinessMirror courage tech-savvy youth to encourthat National Statistician Claire age and help members of their family Dennis S. Mapa and Acting Socioregister through the PhilSys portal. economic Planning Secretary Karl Step 2, meanwhile, involves the Kendrick T. Chua have yet to receive validation of supporting documents and capture of biometric their IDs. The PSA is one of seven information, such as fingerprints, agencies attached to the National iris scans, and front-facEconomic and Developing photographs at regisment Authority (Neda). EXCLUSIVE tration centers as per the However, Bautista asregistrants’ appointments sured the National Statset under Step 1. istician and Neda Director General Step 3 of the registration process, that IDs will be made available this according to the PSA, includes the year along with the IDs of those issuance of the PhilSys Number and Filipinos who completed their Step the National ID. 2 registration. The PSN is randomly generated and The registration for the National will serve as a permanent identificaID was done in three steps. Step 1 tion number for every registrant; each involved obtaining demographic information which, due to lockdown can be used for digital transactions. measures, was done through enuThe PSA partnered with the Philippine merators who made house calls in Postal Corp. for the delivery of the PSN and PhilID to registrants. areas where the number of Covid-19 The latest data from the PSA cases were not considered “high.” showed that as of February 26, The PSA recently announced that

Go goads DOH: Fast-track counter-Covid inoculation

We remain committed to making our vaccine available on every continent to help end this global pandemic. Moderna CEO Stéphane Bancel

By Recto Mercene @rectomercene

HE Philippines has inked an agreement with Moderna Inc., to supply the Philippines with 13 million doses of the American pharmaceutical and biotechnology firm’s Covid-19 vaccine, according to the information given by the Philippine Embassy in Washington, D.C. Under the terms of this agreement, deliveries would begin in mid2021, the Massachusetts-headquartered company said. And although the Covid-19 vaccine by Moderna is not currently approved for use in the Philippines, the company said it will work with regulators to pursue necessary approvals prior to distribution. A separate agreement with the Philippine government and the private sector for the supply of an additional seven million doses is also anticipated, the information from the Philippine Embassy in Washington, D.C. said. Moderna CEO Stéphane Bancel was quoted as saying he thanks the Philippine government and the private sector “for their collaboration to bring the Covid-19 vaccine Moderna to the Philippines.” “We remain committed to making our vaccine available on every continent to help end this global pandemic.” The Covid-19 Vaccine Moderna has been granted temporary approval by Swissmedic, the Swiss Agency for Therapeutic Products, based upon the recommendation of

By Butch Fernandez @butchfBM

the Human Medicines Expert Committee (HMEC), which authorizes the Covid-19 Vaccine Moderna for active immunization to prevent Covid-19 caused by SARS-CoV-2 virus in individuals 18 years of age and older. Moderna maintains alliances with a broad range of domestic and overseas government and commercial collaborators, which has allowed for the pursuit of both groundbreaking science and rapid scaling of manufacturing. Most recently, Moderna’s capabilities have come together to allow the authorized use of one of the earliest and most-effective vaccines against the Covid-19 pandemic. The Covid-19 Vaccine Moderna was co-developed by Moderna and investigators from the US National Institute of Allergy and Infectious Diseases Vaccine Research Center. On May 12, the US Food and Drug Administration granted the vaccine “fast track designation.” On July 28, results from a nonhuman primate preclinical viral challenge study evaluating the vaccine were published in The New England Journal of Medicine. On November 30, Moderna announced the primary efficacy analysis of the Phase 3 study of the vaccine conducted on 196 cases. On December 3, a letter to the editor was published in The New England Journal of Medicine reporting that participants in the Phase 1 study of the Moderna COVID-19 Vaccine retained high levels of neutralizing antibodies through 119 days following first vaccination (90 days following second vaccination).

HER STORY

Female residents of Barangay 119, Tondo, Manila held last Sunday a “Kwentuhang Bayan” (townhall meeting) on the different issues that affect their community in celebration of the International Women’s Day on March 8. The women addressed the issue of the possible imposition of lockdown measures on Divisoria and Tondo, on the gender-based inequalities during lockdowns, to become a cigarette smoking free community and a Covid-free baranggay. BERNARD TESTA

Number of filed foreign nationals’ annual report dropped by 25%

HE Bureau of Immigration (BI) yesterday reported that the number of foreign nationals who filed their annual report (AR) for 2021 have gone down by 25 percent. Immigration Commissioner Jaime H. Morente said from 169,890 who filed their AR in 2020, the number went down to 130,000 or 25-percent lower than the previous year’s figure. The filing of an AR is in compliance with the Alien Registration Act (ARA) that directs all foreigners reg-

istered with the BI to report in person to the bureau within the first 60 days of a calendar year. Under the 1950 ARA, foreign nationals who are holders of valid immigrant and non-immigrant visas issued by the BI, and were issued alien certificate of registration (ACR), are required to make the AR. “This is not surprising as many of these registered aliens were stranded abroad as a result of worldwide Covid-19 travel restrictions,” the BI chief said.

Morente said the aliens may still file their report within 30 days upon their return to the Philippines. The BI said Chinese nationals topped the list of reporters followed by Indians, Americans, Taiwanese and South Koreans. Also in the list of top reporters are Japanese, Vietnamese, Indonesians, Malaysians and Germans. Those who failed to comply with reportorial requirement are facing fines, visa cancellation, deportation and even imprisonment. Joel R. San Juan

DENR shuts down Pangasinan landfill, 107 open dumpsites By Jonathan L. Mayuga @jonlmayuga

S the Department of Environment and Natural Resources (DENR) steps up the campaign to close down all the remaining open dumps in the country by the end of the month, a sanitary landfill in Urdaneta City, Pangasinan, was

a total of 20.13 million Filipinos have completed Step 1 registrations for the Philippine Identification System (PhilSys). National Statistician Mapa told the BusinessMirror last week the figure includes the 10.6 million who registered last year. Mapa said the target for the first three months of 2021 is also within reach. For 2021, the PSA intends to register between 50 million to 70 million Filipinos in Step 2 of the National ID registration. Mapa told the BusinessMirror this is “doable” considering the number of Step-1 registrants completed last year and as of February this year. He explained that if the Step 1 registration target for the first quarter of 14.9 million is achieved, this will bring the total Step 1 registration to 25.5 million by March 31, 2021. Efforts to complete the registration of these Filipinos for Step 2 will be aided by the PSA’s plans to fully operate the National ID registration this month.

ordered closed for violating environmental laws. Since January this year, the DENR has shut down 107 open dumps but still needs to close down 169 more before the agency’s March 31 deadline. DENR Environmental Management Bureau-Region 1 Director Maria Dorica Naz-Hipe served

the cease and desist order (CDO) on March 5 to stop the operation of the Urdaneta City Engineered Sanitary Landfill in Barangay Catablan, Urdaneta City. Last January, the 18,000-square meter SLF has been issued two CDOs for violations of environmental laws, which included Republic Act (RA) 9003 and RA 9275

or the Philippine Clean Water Act of 2004. The Urdaneta SLF was given until February 2021 “to implement the improvements, such as constructing a water treatment facility, siphoning the garbage seepage, and identifying an ideal new cell, among others” following a surprise inspection on January 27.

DENR officials have advised Urdaneta City officials to rehabilitate the SLF. However, during a followup inspection conducted on March 1 by the DENR regional office, the Urdaneta SLF failed to comply with the DENR order. The operator of the engineered SLF was given a grace period to correct the necessary violations.

DMINISTRATION Senator Christopher T. Go expects the arrival of additional Covid vaccine supply from Britain’s AstraZeneca to fast-track the Duterte government’s efforts to effectively contain the deadly Coronavirus disease of 2019 (Covid-19). “As the country’s vaccine rollout accelerates with the arrival of more AstraZeneca jabs,” Go reminded the public over the weekend to “cooperate with authorities and still follow necessary health protocols.” The Senator confirmed over the weekend the Duterte government was told at least 38,400 more doses of AstraZeneca vaccines will be delivered the evening of March 7. Go said this was based on a letter received by government officials. He added the delivery comprises the balance of the first batch of 487,200 doses of vaccine from the Covax facility of the World Health Organization. The Administration lawmaker extended gratitude to government agencies and their international partners “for facilitating the delivery of the vaccines.” The Senator emphasized “the importance of prioritizing frontliners for the vaccines,” even as he assured “they will now have more choices with the arrival of the AstraZeneca doses.” He said the first to be inoculated are frontliners. Moreover, Go reminded Filipinos anew to follow health protocols to prevent the spread of the virus. This does not mean that we will ignore established health and safety protocols, such as wearing masks and face shields, observing social distancing, washing hands frequently, staying indoors when it’s not necessary to go out and ongoing precautions to protect our health, Go said in Filipino. He prodded Filipinos to “put their trust on the vaccines and not to get too complacent until the country achieves herd immunity.” Let us trust the vaccine but we should not be complacent because until we have reached herd immunity, the threat of Covid-19 is still here, Go said in Filipino.

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New DOT marketing tack eyes females, seniors By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

Senators on Fr. Bernas: Truly a man for others

EMALES and male seniors will likely be the target segments of the Department of Tourism (DOT) in its new marketing strategy to boost domestic tourism in the “better normal.” This was confirmed by Intramuros Administrator Guiller Asido, also head of the DOT’s Task Force on Product and Market Development, in a Viber message to the BusinessMirror. The new target segments were recommended by the Asian Institute of Management-Dr. Andrew L. Tan Center for Tourism and Guide to the Philippines in their recently published The Philippine Travel Survey Report: The Evolving Landscape of Domestic Travel in the Philippines, for the DOT. “Yes. It will serve as input to the development of the inter and intra regional circuits, which is now being prepared by the regional offices and the Office of Product and Market Development,” he said. The new marketing strategy will be finalized before the end of March.

Travel circuits, jump-off points

IN reimagining the leisure trip of these target segments, based on the survey, the AIM said, travel agents and tour operators should offer travel as a relief from cabin fever, and thus offer road trips that will lead to beaches and other outdoor activities. “The trip usually lasts between two to five days. Female respondents are more inclined to stay longer, up to 10 days,” as per the survey. “Allocated budget for travel is approximately between P1,000 to P3,500, with a good number of respondents who are willing to spend up to P5,000” per person. Asido said the DOT will also be adopting AIM’s recommendations on establishing “travel circuits” and “jump-off points” for domestic tourists: the Ilocos Region, Calabarzon, and Central Visayas Circuit; the Western and Central Visayas Circuit; Palawan, Aklan, and Batanes as “jump-off points”; and Metro Manila as a “jump-off point.” As per the survey, “The top destinations preferred by travelers include those that are already considered popular destinations in the country. This includes destinations such as: Coron, El Nido, Boracay, Batanes, Laoag, La Union, Batangas, Cebu, Surigao del Norte and Benguet.”

Market segments

TARGET segment 1 are females, 31-40 years old who travel for leisure. They are college graduates and post-graduate degree holders, who travel in groups of three to five persons or six to 10 persons. They also prefer outdoor activities like hiking, biking and going to the beach. This market, as per AIM, “travel in a ‘party atmosphere’ whose goal is to see new places and make memories with friends [and whose] travel budget remains the same prior to pandemic.” The second target segment are the same as first, except for being in the 41 to 50-year-old age range, but their purpose for traveling is to “regain some measure of ‘youthfulness’ and ‘vigor’; their travel budget remains the same prior to pandemic, [but are] willing to pay for the experience.” The third target segment are 60-years-old and above males who hold college and post-graduate degrees, travel with their spouses, and are retired and well-employed. “Their purpose for traveling is primarily to have an escape/getaway and to renew relationships, [but their] travel budget may be reduced. Their practicality is a good positioning for selling to them good travel deals. Niche destinations with good value will be attractive to this market,” according to the survey.

Bespoke trips

IN designing new travel products and marketing strategies in the “better normal,” tourism stakeholders are urged to “communicate effectively the parameters of the evolving landscape of Philippine tourism. Collaboration remains essential to the overall success of rebooting tourism activities across the country, where each stakeholder can contribute to this transition.” There is a need to diversify products as the survey indicates the need to “shift from generic mass-based offerings to niche tourism.”

PLARIDEL BYPASS

The Department of Public Works and Highways (DPWH) targets completion by end-March of a project that widens from two to four lanes a 2.22-kilometer portion of the 24.61-km Arterial (Plaridel) By-Pass Road in Bulacan as more vehicles use the existing two-way, two-lane bypass road connecting North Luzon Expressway in Balagtas with Daang Maharlika Highway in San Rafael. Part of the project is the construction of two-lane two bridges adjacent to the existing bridge by end of March 2021. Motorists can freely use by April the two more lanes for the 2.22-kilometer portion of the existing bypass road, Undersecretary Emil Sadain told DPWH Secretary Mark A. Villar in a report. PHOTO COURTESY OF DPWH

Public-private cooperation will boost state-owned tourism assets–Angara

ULL potential of State-owned tourism assets is seen to bloom with private-public collaboration, Senator Juan Edgardo Angara projected over the weekend. Addressing an Ateneo School of Government forum, Angara affirmed “public-private collaboration is needed to unleash the full potential of stateowned tourism assets.” If government assets in the tourism sector are to be made more profitable, “possible collaborations with the private sector should be explored to develop their full potential,” the senator suggested. He saw bright prospects for tourism to continue to be a driver of growth once things go back to normal. “With the right programs and investments, including closer public-private collaboration, I believe the Philippines could easily compete with the best in the region because of how much it has to offer,” Angara asserted. Tourism, he pointed out, is one area where a possible partnership between the government and the private sector could be “explored more extensively.”

The senator pointed out that while government owns a lot of assets, ”let us face it: the government is not the best at running these enterprises,” adding that, “you are not maximizing earnings in these enterprises.” For instance, he listed the Banaue Hotel and Youth Hostel and some islands in the Visayas, owned and operated by the Tourism Infrastructure and Enterprise Zone Authority (Tieza), which, Angara said, are prime tourist destinations that could use a little help from private enterprises with strong track records in developing such assets. “If you could make them attractive, maybe the private sector could come in and do some variant of BOT [buildoperate-transfer],” he said, adding: “They can make it profitable, they can make it nice and then turn these back over to the government at some point in the future.” Angara noted that “this is still a largely unexplored area of public-private collaboration that could provide a boost to the tourism industry, generate a lot of economic activity and provide employment for Filipinos.”

Labor groups, Human Rights Watch slam govt over 9 activists’ killings

HE coalition of the country's biggest labor groups on Sunday demanded that the government hold accountable the people responsible for the killing of nine activists in Calabarzon at the weekend. In a statement, Nagkaisa condemned the separate incidents, which happened in Laguna, Rizal, and Batangas, and called for its immediate investigation. “Nagkaisa is outraged with the continuous killings of trade unionists and questionable arrests of activists. It calls on the government to investigate and stop this impunity against trade unionists,” it said. Based on news reports, the nine activists, who were being investigated for their supposed links with communists insurgents, were allegedly killed by the police, while they were serving search warrants. The operations led to the arrest of six other activists. The incidents happened after President Duterte reiterated in his speech last Friday that he wants to “kill” communist insurgents. Nagkaisa called out Duterte for the pronouncement, which it blamed for emboldening the police to commit brutal

red-tagging operations. “Are we going back to the dark days of authoritarian rule? What is happening to our country, Mr. President?” Nagkaisa said. “People in government appear to be ordering if not in cahoots with criminal perpetrators or tolerating their acts,” it added. In a separate statement, Human Rights Watch expressed seriously concern about the raids, which it said were “clearly part of the government’s increasingly brutal counter-insurgency campaign aimed at eliminating the 52-yearold Communist insurgency.” HRW said the “fundamental problem is this campaign no longer makes any distinction between armed rebels and noncombatant activists, labor leaders, and rights defenders. It is also not a coincidence that these incidents occurred in provinces overseen by the Southern Luzon Command of the Armed Forces of the Philippines, led by Lt. Gen. Antonio Parlade Jr., who has led a vicious ‘red-tagging’ campaign against activists by accusing them of rebel links without providing any evidence that can stand up in a court of law.” Samuel P. Medenilla

At the same time, the senator recalled that the tourism sector was “among the most badly affected sectors” when the Covid-19 pandemic hit the country as restrictions on travel were imposed. He noted that while the tourism sector does not appear to be among the top priorities of the Duterte government at this time, “its revival will have to be addressed once there is more certainty regarding the health and safety of travelers, both domestic and foreign.” Angara affirmed that while tourism “contributes a great deal to the growth of our economy, it is lamentable that the pandemic struck at a time when the sector was already recording impressive growth.” He however, aired bright prospects that tourism will continue to be a driver of growth once things go back to normal. “With the right programs and investments, including closer public-private collaboration, I believe the Philippines could easily compete with the best in the region because of how much it has to offer,” Angara asserted. Butch Fernandez

ENATORS at the weekend mourned the passing of Jesuit intellectual Fr. Joaquin Bernas, one of the framers of the 1987 Constitution, hailing his work in democratic restoration and in raising a new generation of lawyers with a strong sense of social justice. Sen. Joel Villanueva depicted Bernas as “a man for others,” saying his passing, “brings sadness to the countless whose lives he touched,” even as it also “gives us the chance to celebrate his life.” While Bernas “may be best remembered as one of the brilliant minds that crafted our present Constitution,” the senator said, “he did more than just help a fledgling democracy stand on strong legal foundations.” Villanueva recalled that as a mentor to many who dreamed of practicing law in a country beset by many cases of lawlessness, “Father Bernas helped shape an army of men and women who saw the law not as a toy to be played with but as a tool to render justice.” Villanueva continued that “as a fellow Christian, Fr. Bernas stood strong in his faith to serve as an example to many others who are barely clinging to theirs, showing in an often unassuming way that faith is always stronger than doubt.” For his part, opposition Senator Francis Pangilinan mourned the loss of “this amazing patriot, constitutionalist, and man for others.” Pangilinan recalled “he was a law lecturer for Ateneo’s Department of Management and part of the Ateneo academic community for seven years beginning 1993. By that time, Fr. Bernas had finished his term as ADMU president.” Because of Bernas and his fellow Con-Com delegates, the senator added, “we have a Constitution that is pro-God, pro-Filipino, and pro-poor. We have a Constitution which specifies our duties as public servants, a Constitution by which we take our oath of office, a Constitution which we swear to preserve and defend.” Moreover, Pangilinan credited Bernas with helping shape “a Constitution that promises social justice for every Filipino family. His death reminds us of the urgency of delivering on this promise.” Butch Fernandez

Regional wage boards may conduct online hearings on pay hike petitions By Samuel P. Medenilla @sam_medenilla

HE regional wage boards may now conduct online consultations and public hearings for processing new wage hike petitions amid the Covid-19 pandemic. This, according to the updated Omnibus Rules on Wage Determination, which was issued by the National Wages and Productivity Commission (NWPC) in January. “When physical or face-toface meeting is not feasible for some or all members of the Board, consultations and public hearings may be conducted through the use of tele/ videconferencing technology,” the 20-paged NWPC issuance said. Prior to the issuance of the guidelines, NWPC Executive Director Maria Criselda R. Sy said the Regional Tripartite Wages and Productivity Boards (RT WPB) were required to conduct face-toface consultations and public

hearings. She noted this prevented RTWPBs from attempting to process new wage petitions since the government’s community quarantine restrictions greatly limited mass gatherings. No wage board has issued a new wage order since March 2020, when the government started its community lockdowns to slow down the spread of infection. Aside from online consultations, the new NWPC issuance also allowed wage board to commence their minimum wage determination—either through motu proprio by the board or virtue of a petition— within 60 days before the anniversary date of the previous wage order. As of last Friday, NWPC said only the RTWPB in NCR is tackling wage petitions. The petitions include the P100 across-the-board minimum wage hike, recently filed by Defend Jobs Philippines; and the P750 pay increase, filed by Unity for Wage Increase Now (UWIN) way back in 2019.

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Editor: Jennifer A. Ng • Monday, March 8, 2021

Rice imports grow by 26% in Jan-Feb By Jasper Emmanuel Y. Arcalas @jearcalas

HE country’s rice imports as of February 26 have reached 446,585.050 MT, surpassing the total volume of shipments in the first 2 months of 2020 by 26 percent, latest Bureau of Plant Industry (BPI) data showed. BPI data obtained and analyzed by the BusinessMirror showed that the volume of imports during the period was 93,858.193 MT higher than the 352,999.867 MT recorded in January to February 2020. BPI data showed that Vietnam remained the top source of imported rice as it accounted for 86.55 percent, or 386,772.67 MT, of rice imports during the period. Rice imports from Myanmar amounted to 29,689 MT while those from Thailand reached 23,788.65 MT. Singapore exported 5,163.37 MT of rice to the Philippines while China and India exported 1,400 MT and 44.36 MT, respectively, based on BPI data. Industry groups noted that the increase in rice imports during the two-month period could be driven by carryover stocks as BPI only resumed issuing sanitary and phytosanitary import clearances (SPS-IC) in late December. The BPI did not issue any SPS-IC for the months of October and November last year. BPI data showed that it issued 931 SPS-ICs in December with a corresponding applied volume of 1.043 million metric tons (MMT). Under existing rice import guidelines, rice imports from Asean countries, except Myanmar, should arrive in the country no later than 60 days from the issuance of SPS-ICs. Importers have 90 days to bring rice into the country if it will come from Myanmar and other non-Asean countries. “These [rice arrivals] could be the carryover from the commitments of rice importers last year, which already had contracts but weren’t fulfilled due to the suspension of SPS-IC issuance,” Federation of Free Farmers National Manager Raul Q. Montemayor told the BusinessMirror.

‘Honor commitment’

HOWEVER, Montemayor and Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo V. Fausto flagged the issuance of SPS-ICs by the BPI last month. They said this should not have happened if the agency honored the commitment made by the Department of Agriculture (DA) last year. BPI data showed that the agency attached to the DA issued 95 SPS-ICs in February for a total applied volume of 138,429.001 MT. Under existing rice import rules, these SPS-ICs would be valid until April, when farmers are still harvesting rice, Montemayor and Fausto noted. “We urge the DA to honor [its] commitment to not allow imports during harvest season. We are alarmed by this. We are invok-

ing the commitment of the DA to not issue SPS-IC that will impact domestic harvest,” Fausto told the BusinessMirror. During a hearing in October 2020, Senators and the DA agreed that traders will only be allowed to import rice for a total of 5 months. (Related story: https://businessmirror.com.ph/2020/10/23/consensusreached-on-rice-imports-reforms/) Based on the verbal agreement, BPI will only issue SPS-ICs during the months of November, December, January, May and June. An agriculture official disclosed during the hearing that this will ensure that imported rice will arrive during the lean months of January, February, July and August. Fausto and Montemayor said the harvest of rice will start this week in some areas like Bulacan and will run until the month of April. Montemayor said the DA-BPI must calibrate or manage the arrival of imports and issuance of SPS-ICs in the first semester to ensure that no imports would arrive during harvest season. From January to February 26, the BPI has issued a total of 174 SPS-ICs for an applied volume of 238,139.001 MT.

Number of importers

BPI data obtained by the BusinessMirror also showed that the number of importers this year has been slashed by more than half as cooperatives and farmers’ organizations were restricted from importing rice. BPI data indicated that only 80 eligible importers, composed of corporations, firms, retailers, millers and traders, imported the staple this year. Last year the BPI recorded a total of 193 rice importers, bulk of which were cooperatives and farmers’ groups, slightly lower than the 217 rice importers recorded in 2019. BPI data showed that San Pedro Rice Mill was the top rice importer during the period with a total volume of 28,290 MT followed by Arvin International Marketing Inc. which imported 24,858 MT of rice. In October Agriculture Secretary William D. Dar ordered the suspension of the issuance of SPS-ICs to cooperatives and associations, including irrigators’ associations for commercial purposes until further notice. (Related story: https://businessmirror. com.ph/2020/11/05/da-blanket-ban-onco-op-rice-importers-risks-challenge/) Dar issued the order following the publication of reports that cooperatives, particularly those of farmers, as well farmers’ organizations and irrigators’ associations are used by unscrupulous traders as dummies in importing rice. The BusinessMirror broke the story in 2019 that unscrupulous traders continue to use farmers’ cooperatives and associations as their dummies even after the rice industry was liberalized. (Read the award-winning story here: https://businessmirror.com. ph/2019/10/31/pre-and-post-rice-tradeliberalization-law-big-traders-gamingfarmer–groups/).

PHL abaca output falls to 7-year low

OVEMENT restrictions imposed by the government to stop the spread of Covid-19 coupled with the devastation caused by Typhoon Rolly (international name Goni) pulled down the country’s abaca output last year to a 7-year low. Philippine Fiber Industry Development Authority (PhilFida) data obtained and analyzed by the BusinessMirror showed that abaca production last year declined by 11.94 percent to 61,491.67 metric tons (MT) from the 69,828.8 MT recorded in 2019. Historical PhilFida data, dating back to 1980, showed that this is the lowest abaca output by the country since the 55,958 MT recorded in 2013. Data also showed that the nationwide production of the natural fiber was below 70,000 MT for the second consecutive year. PhilFida Executive Director Kennedy T. Costales told the BusinessMirror that movement restrictions imposed last year

amid the Covid-19 pandemic hampered the trade of abaca nationwide. “Our farmers weren’t able to go to the mountain to harvest and at the same time they cannot go to areas where the trading is happening. There were checkpoints in every municipality. Due to these restrictions, the traders were also not able to [sell their abaca].” This was made worse by Typhoon Rolly which battered Catanduanes in November last year, as the province is the country’s top producer of abaca, Costales added. “Catanduanes looked like it was hit by a nuclear bomb. I went to Bato, Catanduanes and the mountains are really brown, all abaca were uprooted.” Costales told the BusinessMirror last year after Rolly hit Catanduanes that total abaca output for 2020 could fall to its lowest level in 20 years. (Related story: https:// businessmirror.com.ph/2020/11/03/ rolly-hits-abaca-hard-20-year-declineseen/). Jasper Emmanuel Y. Arcalas

The World BusinessMirror

Monday, March 8, 2021

Pope Francis, top Shiite cleric deliver message of coexistence

LAINS OF UR, Iraq—Pope Francis walked through a narrow alley in Iraq’s holy city of Najaf for a historic meeting with the country's top Shiite cleric on Saturday, and together they delivered a powerful message of peaceful coexistence in a country still reeling from back-toback conflicts over the past decade. In a gesture both simple and profound, Grand Ayatollah Ali al-Sistani welcomed Francis into his spartan home. The 90-year-old cleric, one of the most eminent among Shiites worldwide, afterward said Christians should live in peace in Iraq and enjoy the same rights as other Iraqis. The Vatican said Francis thanked al-Sistani for having "raised his voice in defense of the weakest and most persecuted" during some of the most violent times in Iraq's recent history. Later in the day, the pope attended a gathering of Iraqi religious leaders in the deserts near a symbol of the country's ancient past— the 6,000-year-old ziggurat in the Plains of Ur, also the traditional birthplace of Abraham, the biblical patriarch revered by Jews, Christians

and Muslims. The joint appearance by figures from across Iraq's sectarian spectrum was almost unheardof, given their communities' often bitter divisions. Together, the day's events gave symbolic and practical punch to the central message of Francis' visit, calling for Iraq to embrace its diversity. It is a message he hopes can preserve the place of the thinning Christian population in the tapestry. At a Mass the pope celebrated later in Baghdad, emotional worshippers sang hymns, ululated and shouted "Viva la Papa!" or "Long live the pope"— a rare public moment of joy among a population weighed down by turmoil, economic woes and the coronavirus pandemic. Still, his message faces a tough sell in a country where every community has been traumatized by sectarian bloodshed and discrimination and where politicians have tied their power to sectarian interests. In al-Sistani, Francis sought the help of an ascetic, respected figure who is immersed in those sectarian identities but is also a powerful voice standing above them. Al-Sistani is one of the most senior clerics in Shiite Islam, deeply revered among Shiites in Iraq and worldwide. His rare but powerful political interventions have helped shape present-day Iraq. Their meeting in al-Sistani's humble home, the first ever between a pope and a grand ayatollah, was months in the making, with every detail painstakingly negotiated beforehand. Early Saturday, the 84-year-old pontiff, travelling in a bulletproof Mercedes-Benz, pulled up along Najaf's narrow and column-lined Rasool Street, which culminates at the golden-domed Imam Ali Shrine, one of the most revered sites in Shiite Islam. He then walked the few meters (yards) down an alley to al-Sistani's home. As a masked Francis entered the doorway, a few white doves were released in a sign of peace. A religious official in Najaf called the meeting "very positive." He spoke on condition of anonymity because he was not authorized to brief media. The official said al-Sistani, who normally remains seated for visitors, stood to greet Francis at the door of his room—a rare honor. The pope removed his shoes before entering al-Sistani's room and was served tea and a plastic bottle of water. At one point in their 40-minute meeting, the pope gingerly cradled the ayatollah's two hands in his own as al-Sistani leaned in speaking, according to footage aired on Lebanon's LBC. They sat close to one another, without masks. Al-Sistani spoke for most of the meeting, the official said. Al-Sistani, who rarely appears in public or even on television, wore black robes and a black turban, in simple contrast to Francis' all-white cassock. The official said there was some concern about the fact that the pope had met with so many people

the day before. Francis has received the coronavirus vaccine but al-Sistani has not. The aging ayatollah, who underwent surgery for a fractured thigh last year, looked tired. After the meeting ended, Francis paused before leaving the room to have a last look, the official said. In a statement issued by his office afterward, alSistani affirmed that Christians should "live like all Iraqis, in security and peace and with full constitutional rights." He pointed out the "role that the religious authority plays in protecting them, and others who have also suffered injustice and harm in the events of past years." Al-Sistani wished Francis and the followers of the Catholic Church happiness and thanked him for taking the trouble to visit him in Najaf, the statement said. Iraqis cheered the meeting, and the prime minister responded to it by declaring March 6 a National Day of Tolerance and Coexistence in Iraq. "We welcome the pope's visit to Iraq and especially to the holy city of Najaf and his meeting with Grand Ayatollah Ali al-Sistani," said Najaf resident Haidar Al-Ilyawi. "It is a historic visit and hope it will be good for Iraq and the Iraqi people." Iraq's Christians, battered by violence and discrimination, hope a show of solidarity from alSistani will help secure their place in Iraq and ease intimidation from Shiite militiamen against their community. Al-Sistani's voice is a powerful one, often for moderation. After the 2003 US-led invasion, his opinions forced American administrators to alter their transition plans, and his approval opened the way for Iraq's Shiites to participate in force in post-Saddam Hussein elections. In 2019, as anti-government demonstrations gripped the country, his sermon led to the resignation of then-prime minister Adil Abdul-Mahdi. But his word is not law. After 2003, he repeatedly preached calm and restraint as the Shiite majority came under attack by Sunni extremists. Yet brutal Shiite reprisals against Sunni civilians fed a yearslong cycle of sectarian violence. His 2014 fatwa, or religious edict, calling on ablebodied men to join the security forces in fighting the Islamic State group helped ensure the extremists' defeat. But it also swelled the ranks of Shiite militias, many closely tied to Iran and now blamed for discrimination against Sunnis and Christians. Later, Pope Francis evoked the common reverence for Abraham to speak against religious violence at the inter-faith gathering at the Plains of Ur, near the southern city of Nasiriyah. "From this place, where faith was born, from the land of our father Abraham, let us affirm that God is merciful and that the greatest blasphemy is to profane his name by hating our brothers and sisters," Francis said. "Hostility, extremism and violence are not born of a religious heart: they are betrayals of religion." Such interfaith forums are a staple of Francis' international trips. But its sectarian breadth was startling in Iraq: From Shiite and Sunni Muslims to Christians, Yazidis and Zoroastrians and tiny, ancient and esoteric faiths like the Kakai, a sect among ethnic Kurds, Mandaeans and Sabaean Mandaeans. The Vatican said Iraqi Jews were invited to the event but did not attend, without providing further details. Iraq's ancient Jewish community was decimated in the 20th century by violence and mass emigration fueled by the Arab-Israeli conflict, and only a handful remain. AP

Indian farmers mark 100th day of protests with road blockade

EW DELHI—Thousands of Indian farmers blocked a massive expressway on the edges of New Delhi on Saturday to mark the 100th day of protests against agricultural laws that they say will devastate their income. Farmers stood on tractors and waved colorful flags while their leaders chanted slogans via a loudspeaker atop a makeshift stage. Thousands of them have hunkered down outside New Delhi's borders since late November to voice their anger against three laws passed by Parliament last year. Prime Minister Narendra Modi's government says the laws are necessary to modernize agriculture, but farmers say they will leave them poorer and at the mercy of big corporations. Samyukta Kisan Morcha, or Joint Farmers' Front, said the blockade would last five hours. "It is not our hobby to block roads, but the government is not listening to us. What can we do?" said Satnam Singh, a member of the group. The farmers have remained undeterred even after violence erupted on Jan. 26 during clashes with police that left one protester dead and hundreds injured. But they could soon run into problems. For 100 days, Karnal Singh has lived inside the back of a trailer along a vast stretch of arterial highway that connects India's north with New Delhi. He camped outside the capital when it was under the grip of winter and smog. Now the city is bracing for scorching summer temperatures that can hit 45 degrees Celsius (113 Fahrenheit). But Singh, like many other farmers, is unfazed and plans to stay until the laws are completely withdrawn. "We are not going anywhere and will fight till the end," Singh, 60, said Friday, as he sat cross-legged inside a makeshift shelter in the

back of his truck. The mood at the Singhu border, one of the protest sites, was boisterous on Friday, with many farmers settling into their surroundings for the long haul. Huge soup kitchens that feed thousands daily were still running. Farmers thronged both sides of the highway and hundreds of trucks have been turned into rooms, fitted with water coolers in preparation for the summer. Electric fans and air conditioners are also being installed in some trailers. Farmers say the protests will spread across the country soon. The government, however, is hoping many of them will return home once India's major harvesting season begins at the end of the month. Karanbir Singh dismissed such concerns. He said their community, including friends and neighbors back in the villages, would tend to farms while he and others carried on with the protests. "We'll help each other to make sure no farm goes unharvested," Singh said. But not all farmers are against the laws. Pawan Kumar, a fruit and vegetable grower and ardent Modi supporter, said he was ready to give them a chance. "If they [the laws] turn out to not benefit us, then we will protest again," he said. "We will jam roads, and make that protest even bigger. Then more common people, even workers, will join. But if they turn out to be beneficial for us, we will keep them." Multiple rounds of talks between the government and farmers have failed to end the stalemate. The farmers have rejected an offer from the government to put the laws on hold for 18 months, saying they want a complete repeal. AP

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Tibetan spiritual leader Dalai Lama vaccinated

HARMSALA, India—The Dalai Lama, the 85-year-old Tibetan spiritual leader, was administered the first shot of the coronavirus vaccine on Saturday at a hospital in the north Indian hill town of Dharmsala. After receiving the injection, he urged people to come forward, be brave and get vaccinated. "In order to prevent some serious problems, this injection is very, very helpful," he said. Dr. G.D. Gupta of Zonal Hospital, where the shot was administered, told reporters that the Dalai Lama was observed for 30 minutes afterward. "He offered to come to the hospital like a common man to get himself vaccinated," he said. Ten other people who live in the Dalai Lama's residence were also vaccinated, Gupta said. All 11 received the Covishield vaccine, which was developed by Oxford University and UK-based drugmaker AstraZeneca,

and manufactured by the Serum Institute of India. The Dalai Lama made Dharmsala his headquarters in 1959, fleeing Tibet after a failed uprising against Chinese rule. China doesn't recognize the Tibetan government-in-exile and accuses the Dalai Lama of seeking to separate Tibet from China. The Dalai Lama denies being a separatist and says he merely advocates for substantial autonomy and protection of the region's native Buddhist culture. India has confirmed more than 11 million cases of the coronavirus and over 157,000 deaths. The country, which has the second-highest caseload in the world behind the US, rolled out its vaccination drive in January, starting with health care and frontline workers. Earlier this month, it expanded its inoculation drive to older people and those with medical conditions that put them at risk. AP

Covid Drug ‘80 times more potent than Trump’s’ being tested in Italy

ucked in the Tuscan hills around Siena in Italy, a research lab has come up with an antibody treatment for Covid-19 that its developers say will be 80 times more potent than the one given to former US President Donald Trump in his most critical days in hospital last year. The therapy is derived from the blood of people who’ve recovered from Covid, and relies on 453 different antibodies. It will also be administered as a single shot rather than a drawn-out infusion, which has been the norm for similar drugs. Clinical trials of about 3,000 doses produced so far started in Italy on Thursday, and a roll out for general use could be approved as early as this summer. “The focus of our work has been on dosage,” said Fabrizio Landi, president of the Toscana Life Sciences Foundation, the promoter of the project. “When Trump received an antibodies drug he had to have an hours-long infusion. We are aiming at getting to a dose 80 times more powerful than the one he got.” As the world struggles to deal with the deadliest pandemic in recent history—one that has left more than 2.5 million people dead—vaccines and treatments have become critical. Italy, where the pandemic has killed almost 99,000 people, has turned to a well-tested pharmaceutical hub for answers. Created more than a century ago as a research center by Achille Sclavo, a pioneer in vaccines, the area around Siena is where an antidote for anthrax was found, where GlaxoSmithKline Plc produces its meningitis shots and dozens of startups funded by Toscana Life Sciences Foundation work on vaccines. The country’s Covid antibodytreatment project backed by Toscana is being funded by the Monte Paschi di Siena SpA foundation, the Tuscany region, the Italian government and the European Union.

Early results

According to its developers, early tests have shown the Siena treatment —with its more concentrated dosage and its one-shot delivery—is highly effective and less time-consuming than some other such therapies. Its efficacy in clinical trials has yet to be determined. The therapy was also found in early testing to neutralize emerging and more virulent variants that are now prevalent in Italy, Landi said. New strains sent the number of cases in Italy to a two-month high this week. The Siena monoclonal antibody treatment works on principles similar to those used by Regeneron Pharmaceuticals Inc. The US company’s combination antibody therapy gained notice last year when Trump received it after contracting Covid-10. Eli Lilly

& Co. has a single-antibody product. Monoclonal antibody treatments mimic proteins the body naturally makes to repel viruses. They are among the few treatments that can prevent patients with early Covid symptoms from worsening enough to need hospitalization. AstraZeneca Plc last month said its Covid-19 antibody cocktail has proved effective against variants of the virus in early testing.

Vaccine delays

As Italy, like the rest of Europe, struggles to accelerate the pace of its vaccinations, it is looking for such treatments for patients who are unable to get inoculated and end up contracting the virus. If and when the Italian monoclonal antibody treatment is approved for general use, it will initially be produced in partnership with Menarini Biotech in Pomezia, near Rome, Landi said. In the early days of the pandemic, Italy struggled to find everything from masks and ventilators to drugs, reinforcing the need to keep some critical manufacturing home. The Siena project is part of a broader effort by the country to become independent in the production of vaccines and other coronavirus drugs—something that has become more urgent following challenges faced by the EU in securing adequate vaccine doses. Economic Development Minister Giancarlo Giorgetti said on March 3 that Rome is evaluating the possibility of producing Covid vaccines in the country in four to eight months, and that the government is willing to invest in the creation of a national drug and vaccines research hub. “Italy should become independent in the production of monoclonal antibodies and vaccines,” said Filippo Anelli, the head of the Italian doctors’ association. “Italy should work on this in coordination with the European Union.”

‘Game changer’

Developing a production and distribution line for monoclonal antibodies may become crucial if new variants emerge. A monoclonal antibody treatment could quickly be created using white blood cells from people who’ve recovered from the new strain. The Siena lab’s antibody library relies on more than 4,000 b-cells, said Claudia Sala, a senior scientist at Toscana Life Sciences Foundation and head of the research team on the project. “A subcutaneous injection for such a drug would be a game-changer,” said Anelli. “An effective use of monoclonal antibodies would reduce pressure on hospitals, the number of deaths, and would allow to better handle a possible delay in the vaccination campaign.” Bloomberg News

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Biden, Dems prevail as Senate approves $1.9T virus relief bill

ASHINGTON—An exhausted Senate narrowly approved a $1.9 trillion Covid-19 relief bill on Saturday as President Joe Biden and his Democratic allies notched a victory they called crucial for hoisting the country out of the pandemic and economic doldrums. After laboring all night on a mountain of amendments—nearly all from Republicans and rejected—bleary-eyed senators approved the sprawling package on a 50-49 party-line vote. That sets up final congressional approval by the House next week so lawmakers can whisk it to Biden for his signature. The huge measure—its cost is nearly one-tenth the size of the entire US economy — is Biden's biggest early priority. It stands as his formula for addressing the deadly virus and a limping economy, twin crises that have afflicted the country for a year. "This nation has suffered too much for much too long," Biden told reporters at the White House after the vote. "And everything in this package is designed to relieve the suffering and to meet the most urgent needs of the nation, and put us in a better position to prevail." Saturday's vote was also a crucial political moment for Biden and Democrats, who need nothing short of party unanimity in a 50-50 Senate they run with Vice President Kamala Harris' tiebreaking vote. They hold a slim 10-vote House edge. Not one Republican backed the bill in the Senate or when it initially passed the House, underscoring the barbed partisan environment that's characterized the early days of Biden's presidency. A small but pivotal band of moderate Democrats leveraged changes in the legislation that incensed progressives, hardly helping Speaker Nancy Pelosi, D-Calif., guide the measure through the House. But rejection of their first, signature bill was not an option for Democrats, who face two years of running Congress with virtually no room for error. In a significant sign, the chair of the Congressional Progressive Caucus, representing around 100 House liberals, called the Senate's weakening of some provisions "bad policy and bad politics" but "relatively minor concessions." Rep. Pramila Jayapal, DWash., said the bill retained its "core bold, progressive elements." "They feel like we do, we have to get this done," Senate Majority Leader Chuck Schumer, D-N.Y., said of the House. He added, "It's not going to be everything everyone wants. No bill is." In a written statement, Pelosi invited Republicans "to join us in recognition of the devastating reality of this vicious virus and economic crisis and of the need for decisive action." The bill provides direct payments of up to $1,400 for most Americans and extended emergency unemployment benefits. There are vast piles of spending for Covid-19 vaccines and testing, states and cities, schools and ailing industries, along with tax breaks to help lower-earning people, families with children and consumers buying health insurance. Republicans call the measure a wasteful spending spree for Democrats' liberal allies that ignores recent indications that the pandemic and economy was turning the corner. "The Senate has never spent $2 trillion in a more haphazard way," said Senate Minority Leader Mitch McConnell, R-Ky. He said Democrats' "top priority wasn't pandemic relief. It was their Washington wish list." The Senate commenced a dreaded "votea-rama"—a continuous series of votes on

amendments—shortly before midnight Friday, and by its end around noon dispensed with about three dozen. The Senate had been in session since 9 a.m. EST Friday. Overnight, the chamber looked like an experiment in sleep deprivation. Several lawmakers appeared to rest their eyes or doze at their desks, often burying their faces in their hands. At one point, Sen. Brian Schatz, D-Hawaii, at 48 one of the younger senators, trotted into the chamber and did a prolonged stretch. Sen. Dan Sullivan, R-Alaska, missed the votes to attend his father-in-law's funeral. The measure follows five earlier ones totaling about $4 trillion enacted since last spring and comes amid signs of a potential turnaround. Vaccine supplies are growing, deaths and caseloads have eased but remain frighteningly high, and hiring was surprisingly strong last month, though the economy remains 10 million jobs smaller than prepandemic levels. The Senate package was delayed repeatedly as Democrats made eleventh-hour changes aimed at balancing demands by their competing moderate and progressive factions. Work on the bill ground to a halt Friday after an agreement among Democrats on extending emergency jobless benefits seemed to collapse. Nearly 12 hours later, top Democrats and West Virginia Sen. Joe Manchin, perhaps the chamber's most conservative Democrat, said they had a deal, and the Senate approved it on a party-line 50-49 vote. Under their compromise, $300 weekly emergency unemployment checks—on top of regular state benefits—would be renewed, with a final payment on Sept. 6. There would also be tax breaks on some of that aid, helping people the pandemic abruptly tossed out of jobs and risked tax penalties on the benefits. The House relief bill, largely similar to the Senate's, provided $400 weekly benefits through August. The current $300 per week payments expire March 14, and Democrats want the bill on Biden's desk by then to avert a lapse. Manchin and Republicans have asserted that higher jobless benefits discourage people from returning to work, a rationale most Democrats and many economists reject. The agreement on jobless benefits wasn't the only move that showed moderates' sway. The Senate voted Friday to eject a Houseapproved boost in the federal minimum wage to $15 an hour by 2025, a major defeat for progressives. Eight Democrats opposed the increase, suggesting that Sen. Bernie Sanders, I-Vt., and other liberals pledging to continue the effort will face a difficult fight. Party leaders also agreed to restrict eligibility for the $1,400 stimulus checks for most Americans. That amount would be gradually reduced until, under the Senate bill, it reaches zero for people earning $80,000 and couples making $160,000. Those ceilings were higher in the House version. Many of the rejected GOP amendments were either attempts to force Democrats to cast politically awkward votes or for Republicans to demonstrate their zeal for issues that appeal to their voters. These included defeated efforts to bar funds from going to schools that don't reopen their doors or let transgender students born male participate in female sports. One amendment would have blocked aid to socalled sanctuary cities, where local authorities don't help federal officials round up immigrants in the US illegally. AP

Organization says are powering another uptick in infections across Europe. The variants also include versions first identified in South Africa and Brazil. Europe recorded 1 million new Covid-19 cases last week, an increase of 9 percent from the previous week and a reversal that ended a six-week decline in new infections, WHO said Thursday. "The spread of the variants is driving the increase, but not only,'' said Dr. Hans Kluge, WHO regional director for Europe, citing "also the opening of society, when it is not done in a safe and a controlled manner." The variant first found in the UK is spreading significantly in 27 European countries monitored by WHO and is dominant in at least 10 countries: Britain, Denmark, Italy, Ireland, Germany, France, the Netherlands, Israel, Spain and Portugal. It is up to 50 percent more transmissible than the virus that surged last spring and again in the fall, making it more adept at thwarting measures that were previously effective, WHO experts warned.

Violent crackdown on protests ups pressure for Myanmar sanctions

ANGKOK—The escalation of violence in Myanmar as authorities crack down on protests against the Feb. 1 coup is raising pressure for more sanctions against the junta, even as countries struggle over how to best sway military leaders inured to global condemnation. The challenge is made doubly difficult by fears of harming ordinary citizens who were already suffering from an economic slump worsened by the pandemic but are braving risks of arrest and injury to voice outrage over the military takeover. Still, activists and experts say there are ways to ramp up pressure on the regime, especially by cutting off sources of funding and access to the tools of repression. The UN special envoy on Friday urged the Security Council to act to quell junta violence that this week killed about 50 demonstrators and injured scores more. "There is an urgency for collective action," Christine Schraner Burgener told the meeting. "How much more can we allow the Myanmar military to get away with?" Coordinated UN action is difficult, however, since permanent Security Council members China and Russia would almost certainly veto it. Myanmar's neighbors, its biggest trading partners and sources of investment, are likewise reluctant to resort to sanctions. Some piecemeal actions have already been taken. The US, Britain and Canada have tightened various restrictions on Myanmar's army, their family members and other top leaders of the junta. The US blocked an attempt by the military to access more than $1 billion in Myanmar central bank funds being held in the US, the State Department confirmed on Friday. But most economic interests of the military remain "largely unchallenged," Thomas Andrews, the UN special rapporteur on the rights situation in Myanmar, said in a report issued last week. Some governments have halted aid and the World Bank said it suspended funding and was reviewing its programs. Its unclear whether the sanctions imposed so far, although symbolically important, will have much impact. Schraner Burgener told UN correspondents that the army shrugged off a warning of possible "huge strong measures" against the coup with the reply that, "'We are used to sanctions and we survived those sanctions in the past.'" Andrews and other experts and human rights activists are calling for a ban on dealings with the many Myanmar companies associated with the military and an embargo on arms and technology, products and services that can be used by the authorities for surveillance and violence. The activist group Justice for Myanmar issued a list of dozens of foreign companies that it says have supplied such potential tools of repression to the government, which is now entirely under military control. It cited budget documents for the Ministry of Home Affairs and Ministry of Transport and Communications that show purchases of forensic data, tracking, password recovery, drones and other equipment from the US, Israel, EU, Japan and other countries. Such technologies can have benign or even beneficial uses, such as fighting human trafficking. But they also are being used to track down protesters, both online and offline. Restricting dealings with military-dominated conglomerates including Myanmar Economic Corp., Myanmar Economic Holdings Ltd. and Myanmar Oil and Gas Enterprise might also pack more punch, with a minimal impact on small, private companies and individuals. One idea gaining support is to prevent the junta from accessing vital oil and gas revenues paid into and held in banks outside the country, Chris Sidoti, a former member of the UN Independent Interna-

In this Feb. 15, 2021 file photo, a policeman aims a slingshot toward an unknown target during a crackdown on anti-coup protesters holding a rally in front of the Myanmar Economic Bank in Mandalay, Myanmar. The escalation of violence in Myanmar as authorities crack down on protests against the Feb. 1 coup is adding to pressure for more sanctions against the junta, as countries struggle over how to best confront military leaders inured to global condemnation. AP Photo/File

tional Fact-Finding Mission on Myanmar, said in a news conference on Thursday. Oil and gas are Myanmar's biggest exports and a crucial source of foreign exchange needed to pay for imports. The country's $1.4 billion oil and gas and mining industries account for more than a third of exports and a large share of tax revenue. "The money supply has to be cut off. That's the most urgent priority and the most direct step that can be taken," said Sidoti, one of the founding members of a newly established international group called the Special Advisory Council for Myanmar. Unfortunately, such measures can take commitment and time, and "time is not on the side of the people of Myanmar at a time when these atrocities are being committed," he said. Myanmar's economy languished in isolation after a coup in 1962. Many of the sanctions imposed by Western governments in the decades that followed were lifted after the country began its troubled transition toward democracy in 2011. Some of those restrictions were restored after the army's brutal operations in 2017 against the Rohingya Muslim minority in Myanmar's northwest Rakhine state. The European Union has said it is reviewing its policies and stands ready to adopt restrictive measures against those directly responsible for the coup. Japan, likewise, has said it is considering what to do. The Association of Southeast Asian Nations, or Asean, convened a virtual meeting on March 2 to discuss Myanmar. Its chairman later issued a statement calling for an end to violence and for talks to try to reach a peaceful settlement. But Asean admitted Myanmar as a member in 1997, long before the military, known as the Tatmadaw, initiated reforms that helped elect a quasi-civilian government led by Aung San Suu Kyi. Most Asen governments have authoritarian leaders or one-party rule. By tradition, they are committed to consensus and non-interference in each other’s internal affairs. While they lack an appetite for sanctions, some Asean governments have vehemently condemned the coup and the ensuing arrests and killings. Marzuki Darusman, an Indonesian lawyer and former chair of the Fact-Finding Mission that Sidoti joined, said he believes the spiraling, brutal violence against protesters has shaken Asean's stance that the crisis is purely an internal matter. "Asean considers it imperative that it play a role in resolving the crisis in Myanmar," Darusman said. Thailand, with a 2,400-kilometer (1,500-mile)long border with Myanmar and more than 2 million Myanmar migrant workers, does not want more to flee into its territory, especially at a time when it is still battling the pandemic.

Europe staggers as infectious variants power Covid-19 surge ILAN—The virus swept through a nursery school and an adjacent elementary school in the Milan suburb of Bollate with amazing speed. In a matter of just days, 45 children and 14 staff members had tested positive. Genetic analysis confirmed what officials already suspected: The highly contagious coronavirus variant first identified in England was racing through the community, a densely packed city of nearly 40,000 with a chemical plant and a Pirelli bicycle tire factory a 15-minute drive from the heart of Milan. "This demonstrates that the virus has a sort of intelligence... We can put up all the barriers in the world and imagine that they work, but in the end, it adapts and penetrates them,'' lamented Bollate Mayor Francesco Vassallo. Bollate was the first city in Lombardy, the northern region that has been the epicenter in each of Italy's three surges, to be sealed off from neighbors because of virus variants that the World Health

Monday, March 8, 2021

Scientists have concluded that it is also more deadly. "That is why health systems are struggling more now," Kluge said. "It really is at a tipping point. We have to hold the fort and be very vigilant." In Lombardy, which bore the brunt of Italy's spring surge, intensive care wards are again filling up, with more than two-thirds of new positive tests being the UK variant, health officials said. After putting two provinces and some 50 towns on a modified lockdown, Lombardy's regional governor announced tightened restrictions Friday and closed classrooms for all ages. Cases in Milan schools alone surged 33 percent in a week, the provincial health system's chief said. The situation is dire in the Czech Republic, which this week registered a record-breaking total of nearly 8,500 patients hospitalized with Covid-19. Poland is opening temporary hospitals and imposing a partial lockdown as the UK variant has grown from 10% of all infections in February to 25 percent now. Two patients from hard-hit Slovakia were expected to arrive Saturday for treatment in Germany, where authorities said they had offered to take in 10 patients. Kluge cited Britain's experience as cause for optimism, noting that widespread restrictions and the introduction of the vaccine have helped tamp down the variants there and in Israel. The vaccine rollout in the European Union, by comparison, is lagging badly, mostly

because of supply problems. In Britain, the emergence of the more transmissible strain sent cases soaring in December and triggered a national lockdown in January. Cases have since plummeted, from about 60,000 a day in early January to about 7,000 a day now. Still, a study shows the rate of decline slowing, and the British government says it will tread cautiously with plans to ease the lockdown. That process begins Monday with the reopening of schools. Infection rates are highest in people ages 13 to 17, and officials will watch closely to see whether the return to class brings a spike in infections. While the U.K. variant is dominant in France, forcing lockdowns in the French Riviera city of Nice and the northern port of Dunkirk, the variant first detected in South Africa has emerged as the most prevalent in France's Moselle region, which borders Germany and Luxembourg. It represents 55 percent of the virus circulating there. Austria's health minister said Saturday the UK variant is now dominant in his country. But the South Africa variant is also a concern in a district of Austria that extends from Italy to Germany, with Austrian officials announcing plans to vaccinate most of the 84,000 residents there to curb its spread. Austria is also requiring motorists along the Brenner highway, a major north-south route, to show negative test results. AP

Kavi Chongkittavorn, a senior fellow at Chulalongkorn University's Institute of Security and International Studies, also believes Asean wants to see a return to a civilian government in Myanmar and would be best off adopting a "carrot and stick" approach. But the greatest hope, he said, is with the protesters. AP

A10 Monday, March 8, 2021 • Editor: Angel R. Calso

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Covid: Don’t be too fat

ommon sense should lead you to think that if you are unhealthy and you then contract a potentially serious disease, the symptoms might be more severe and you might pay the ultimate price.

The simplest definition of “healthy” is a disease-free body. The definition has changed. In 1948, the World Health Organization said: “Health is a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity.” By that definition, who do we know are in “a state of complete physical, mental, and social well-being” or healthy? We have gone from healthy—meaning waking up in the morning and being able to say, “I feel strong and well”—to needing to reach for some Dalai Lama-like level of enlightenment. We live in an age of “relativism” where some sort of absolute definition has given way to personal interpretation. “Relativism is the view that standards of reasoning are products of differing conventions and frameworks of assessment and that their authority is confined to the context giving rise to them.” In other words, we all get to define “healthy” by our own standards. There was a time not too long ago when telling a person “you drink too much,” “you smoke too much,” or “you eat too much” was considered a show of your love. Now, telling people that they are overweight is practically a violation of their human rights. “Being Overweight Doesn’t Mean You’re Unhealthy!” write doctors Benjamin C. Wedro and Melissa Conrad Stöppler. PhD candidate Jamie Khoot at the University of York Centre for Women’s Studies writes, “Fat people do not need your concerns about their health.” The National Association to Advance Fat Acceptance (NAAFA) has a 200-word mission statement “to help liberate fat people and allow them to live their lives to the fullest every day,” but never mentions losing weight. Last September, NAAFA wrote: “A large study on the risk of hospitalization, ventilation, or death among US veteran patients with Covid-19 finds that neither high body mass index, Black race, Hispanic ethnicity...were associated with mortality.” Yet Greater Good Magazine: Science-Based Insights For A Meaningful Life says “Why Is Covid-19 Killing So Many Black Americans? The answer, according to researchers, is racism.” “Even though I focus on Black and Latinx, we’re also certainly seeing disturbing trends in Native American populations.” Black Americans were 2.7 times more likely to be hospitalized than white patients. A recent study that shows that 88 percent of total global Covid deaths is in countries where more than 50 percent of the population is overweight. These countries also saw increased hospitalization and ICU admissions. The World Obesity Federation findings were “near-uniform across the globe,” according to the Washington Post, noting that after old age, increased body weight is the second greatest predictor of poor outcomes. In the US, obesity rates by race are: Non-Hispanic Black—40.7 percent, American Indian/Alaska Native—38 percent, and Hispanic—35 percent. On February 5, 2021 in the peer-reviewed journal Frontiers of Medicine, results from 17 studies of 543,399 patients in as many as 47 countries showed that the higher risk of Covid death in obese patients ranged from 9 percent higher to 378 percent higher factoring in age and pre-existing conditions. The numbers speak for themselves.

Tips for men on women’s day Atty. Jose Ferdinand M. Rojas II

RISING SUN

oday is International Women’s Day, and even if I already dedicated a whole column last week to write about Women’s Month, there are still many things to say about the topic, especially today, the actual day of remembrance and celebration. Many of us have a good idea on how to celebrate this day—by sending greetings and/or gifts to the women in our lives, supporting women-owned businesses and endeavors, learning more about female historical figures, gathering the family to watch films about strong women, etc. —but there are more ideas floating around on the Internet. I would like to focus on some-

Evaluating our elected officials

I honestly believe that most of us still value better governance than just that song and dance from politicians, the giveaways and dole-outs we see during elections. We should hold our elected officials to account. With our country facing rough seas ahead, we cannot afford to bring in the clowns and dancers to take care of our future.

Legislators: senators, congressmen, councilors; and local administrators: governors, mayors and their deputies; or the more than 18,000 elective posts that we will also vote for in 2022. They are, given their proximity to our lives, equally important as our search for our national leaders. Unlike the presidency, however, these posts allow three-peats. And here, we are in a fortunate position to review and evaluate their performances, just like a teacher giving a report card or a private firm rating their employees. I have come up with a list of questions, to provide hopefully an insight on the performance of public officials vying for re-election and for anyone asking for our vote. You may have a different set and admittedly these are all subjective, depending on your beliefs on governance. But given where we are heading, it would be good for us to have such a guide to ensure that we have a better chance of choosing right, this time. Hence:

everyone on assistance, services and opportunities? Projects and programs benefitting the whole community and not one sector of society? Or is the position used to gain undue advantage for self, family and allies? A sense of entitlement? Example—does he/she travel with an unnecessary number of bodyguards, escorts? Sirens stopping traffic? 4. Is the official incorruptible, morally upright and trustworthy? Does he/she tell the truth? Or lie easily? Meddling in government contracts or businesses? Undue influence for other considerations? Beholden to the interest of others? Involvement in corruption, even as simple as taking office supplies for private use? Unexplained wealth of the official, family or allies? Flaunting their cars, houses, jewelry, travel, etc.? Their names and faces on government projects? Accuracy of SALN and other claims such as academic, medical, legal records? Issues on morality, illegal drugs, infidelity, land grabbing, political vendetta, discrimination, cronyism, nepotism, control of businesses?

Thomas M. Orbos

Since 2005

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STREET TALK

side from my usual discourse on our urban and traffic woes, I will begin a series of articles on leadership, which I feel is very relevant at this crucial time in our history. I previously wrote about the search for our next president, the next “captain of our ship” and the national leadership traits we need. Today, I will discuss about choosing our other leaders.

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thing I read recently about how the engagement of men in gender inclusion programs leads to progress in organizations, according to research. This is important especially for organizations working on diversity and inclusion efforts. Know that you must deliberately include the men in your programs so it has a better chance to succeed, and by inclusion I don’t mean simply inviting them to

attend the events for women. Inclusion also means building alliances. Essentially, what follows are a couple of tips for men on women’s day, based on a study that I recently came across on the Internet. Earnest listening is crucial, the study says, because it is tantamount to trust and respect for the women and their issues. When women talk about their experiences, in whatever format—conferences, informal gatherings, personal setting, etc.—the men can show that they value her honesty and her experience by lending an ear. It is also wise to not try and solve the women’s problems by speaking for them or telling them how to approach their concerns. It would help to remain humble and ask the women what they need in terms of support or how you can help amplify their message. For example, men can share their social capital (influence, information, knowledge, organizational

1. Does the official have a good vision and program that will benefit his/her constituency? Is there a viable road map for this vision? Has this road map been embarked on? And because of this vision, has it made the lives of his/her constituents better? 2. Has the official performed his/ her stated duties and programs well and beyond the call of duty? With local administrators: services such as health, social welfare, public order, safety, environment, fiscal management? With legislators: Session/committee attendance? Bills/resolutions co/sponsored? Voted for/against? Active participation in debates, interpellation or part of the so-called “committee of the silent”? Working beyond regular working hours, days, during times of disaster and emergency? Despite limited funds and resources and without any intention for political gains? 3. Does the official work for fairness, the common good and without abuse of power? Equal access for

resources, etc.) with women if this is what they need. In other words, do not assume anything. It is not always easy to act as an ally of women, if you are a man. New research shows that in some organizations, men who advocate for women may be perceived as less competent and less masculine. Others face criticism from the feminists themselves. And yet some men really just don’t get it; and this lack of understanding sometimes undermines or ruins the women’s initiatives and progress. Sometimes, talking about or listening to women’s issues may put some of the men in an uncomfortable position. But the males must understand that the path forward involves overcoming these feelings and making a commitment to listen and interact, and eventually, to advocate for gender equity through solid action. To all the women, Happy Women’s Day!

Does he/she live a simple life? 5. Is the official fearless in doing what is right? Dispense his/her duties without fear or favor to any sector, group or individual? Protecting the weak and marginalized? Readily oppose or punish wrongdoing, even if done by members of his/her family and allies? Fighting for what is right even if that will cost or endanger his position/ office/well-being? Or is it just politics and self that is important? It may be that we are expecting too much of our elected officials, but should we not? Were they not forewarned of the sacrifice that comes with the office, and not just the benefits? After all, are they not public “servants” that we have a social contract with, and that we should be able to terminate or renew, come election time? If they had performed well to be voted for the same or higher office, why not? In the same manner, if they don’t meet our criteria, then we should let them go. I honestly believe that most of us still value better governance than just that song and dance from politicians, the giveaways and dole-outs we see during elections. We should hold our elected officials to account. With our country facing rough seas ahead, we cannot afford to bring in the clowns and dancers to take care of our future. Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Monday, March 8, 2021 A11

It’s time to get serious about gender equality in the workplace

Vaccine passport beyond science and politics

Siegfred Bueno Mison, Esq.

THE PATRIOT

By Chihoko Asada-Miyakawa

t’s now more than 100 years since the International Labor Organization first established standards on women in the workplace, focusing on maternity protection.

A century on, much has changed, and we can all point to women who are successfully making a living, carving out careers, doing well in business and taking up leadership positions. International Women’s Day should be the perfect occasion to celebrate this success and to look forward to a bright and prosperous future for all women who wish to work. Unfortunately the reality for so many women is different. Covid-19 is partly to blame, amplifying pre-existing inequalities and often having a disproportionate impact on women’s employment. Women are also more at risk of being pushed out of jobs into the more precarious informal sector or work that matches neither their skills nor aspirations. However, if we are to be honest, even before the pandemic hit, the situation was less than rosy. Just over a year ago, before most of us had even heard of Covid-19, ILO’s flagship report “A Quantum Leap for gender equality for the future of work” highlighted how progress in closing gender gaps had stalled, and in some cases reversed. There are numerous factors preventing women from entering, remaining and progressing in the labor force. Top among them is unpaid care work, the burden of which still rests disproportionately on the shoulders of women worldwide. For all the efforts to advance gender equality, between 1997 to 2012 the amount of unpaid care work carried out by women fell by just 15 minutes a day while men did 8 minutes a day more. At this rate it will take over 200 years for the gap to close and certainly far longer when the impacts of Covid-19 are taken into account. Women continue to occupy fewer jobs and sectors than men. Those working in the same occupation as men are still systematically paid less (approx. 20 percent worldwide). Globally, according to ILO data, less than one third of managers are women, a situation that has changed very little in the last 30 years, although they are likely to be better educated than their male counterparts. And if this isn’t bad enough, women with children are further penalized with regards to employment, pay and leadership opportunities. These penalties are carried throughout a woman’s life cycle, often contributing to poverty during elder years, due to a lack of pensions and social safety nets. Violence and harassment are unacceptable and continue to have a detrimental impact on women’s participation in employment and their ability to reach their potential. It remains a depressingly widespread phenomenon, irrespective of country, position or sector, often extending beyond physical spaces into the digital world. Although the challenges are considerable, the good news is, we know what needs to be done. Gender equality in the world of work requires a “quantum leap” and

not tentative, incremental steps. If we are to reap the social and economic benefits this will bring, then conscious, proactive and concerted efforts are needed. We must all play our part. That means governments, workers and employers, women’s organizations, schools and academia, other key partners, you and me. Following are four key areas to make transformative change for women in the world of work. First, we must seek to tackle the huge disparity between women’s and men’s unpaid care responsibilities. Men need to do more and would benefit from a better work-life balance. Increased support and investment at workplace level is also vital, through policies that allow a more flexible approach to working hours and careers, as well as pathways to manage care responsibilities and return to the workforce after care-giving absences, without unfair penalties. Second, governments need to adopt—or in some cases make sweeping changes to—legislation and policies that enhance women’s access to the labor market as well as higher skilled and better paid jobs and opportunities. This includes investing in publicly funded, accessible, professional care services. Many countries have legislation in place but implementation is weak, so allocating resources, increasing capacity and holding duty bearers accountable can go a long way. Third, gender-based violence and harassment, including sexual harassment is unacceptable and must be addressed. ILO’s Violence and Harassment Convention provides a clear framework and practical actions in this regard since it was shaped by world of work institutions. Ratification and implementation of the Violence and Harassment Convention should be at the top of the agenda for every country in the region – following the lead of Fiji, which ratified it in June 2020. Lastly, steps are needed at every level to support women’s voice, representation and leadership. Discrimination in hiring and promotion must be removed and affirmative action considered to close stubborn gender gaps once and for all. We must also reach out to women everywhere, including those with compounding identities who often face marginalization, such as migrant workers, members of the LGBTI community, ethnic minority and indigenous women as well as women with disabilities. The opportunity loss of failing to tackle gender equality at work is enormous. Despite the cloud cast by Covid-19, there is no time to waste. Now is the time for commitment to be shown and courageous choices to be made. Together we can narrow inequalities and break down barriers. By doing so, women everywhere can realize their full potential in a world of work where no one is left behind. Chihoko Asada-Miyakawa is the ILO’s Assistant Director-General and Regional Director for Asia and the Pacific.

he Covid-19 vaccine’s first roll out in our country generated an eclectic collection of responses. Top government officials closely involved in its implementation were excited, while ordinary citizens found themselves on opposing sides of the parted Red Sea—one group indifferent and willing for the vaccine to pass them by, and the other, anxiously waiting and praying to get the vaccine in their system.

A lot of people are understandably hesitant to get inoculated. Aside from the swift process and timeframe by which these much-awaited shots were formulated (casting a cloud of doubt on their efficacy), their source has also become an issue of science and politics. I gather that some people prefer vaccines from the US over China. I heard reports that a person, already vaccinated, was not spared from death. Yet the only explanation proffered by health officials is the presence of a pre-existing ailment, like bronchitis, already besetting the recipient at the time of the inoculation. Should our government make inoculation mandatory as an extreme measure regardless of any violent or tacit objection? After all, Covid cases in the Philippines are still on the rise. Apparently, the masks and social distancing requirements have proven to be inadequate, and not even the travel restrictions have come close to curbing the spate of infections. We may be seeing a novel prerequisite not just for entering establishments or purchasing basic goods and services, but also for simple pursuits as boarding a public utility vehicle. And this requirement may be as wide-ranging as going abroad, with our country forging an agreement with other nations to demand the same condition for

entry, and vice-versa. In some countries, a certificate of vaccination has become a new “passport.” Can this certificate be the next level “no face mask/face shield, no entry” rule? Under that scenario, authorities will find difficulty in enforcement since many can take an obstinate posture that they can do without the vaccine for as long as they take the necessary precautions. However which way one may decide, it cannot be gainsaid that with the vaccine certificate as the new “law” under the “new normal,” a person’s movement shall be gravely affected. Also, communal discrimination against those who are not yet vaccinated is not a remote possibility. With this thought, I was reminded of the 1997 science-fiction film Gattaca where test tube babies were created to lead the Earth and those born the conventional way were relegated to a lower caste to perform menial jobs. “Perfect health, a high I.Q. and a long life-span” qualify a person to a new world of “Gattaca.” Using biometrics to distinguish those so created as “valids” from the ones conceived the oldfashioned way thus more vulnerable to genetic disorders as “in-valids,” the system creates a qualification scheme especially for professional employment. This spawned genetic discrimination. Analogous to this movie where

A vaccine certificate, as proof of one’s inoculation, shall be his new permit, identification, or authorization to process all transactions and conduct all activities —from simply going out of his residence to traveling in general. As the vaccines have arrived, the next logical step could be an intentional declaration of the individual’s acceptance of said vaccine passport as our way of adjusting to the new normal.

eugenics is utilized to improve the genetic quality of a human population, our “future” society can make use of the “vaccine passport” to ensure the safety of the general populace. It will be protection over risk, uniformity instead of diversity, compliance and not compromise. Those found lacking in said documentary criterion will be isolated and discriminated against, regrettably so. A vaccine certificate, as proof of one’s inoculation, shall be his new permit, identification, or authorization to process all transactions and conduct all activities—from simply going out of his residence to traveling in general. As the vaccines have arrived, the next logical step could be an intentional declaration of the individual’s acceptance of said vaccine passport as our way of adjusting to the new normal. From a figurative perspective, it may be best to consider these vaccines as a “gift” to humanity. As in law and in fact, a recipient must freely accept every gift. Fortunately, our stance with our Creator, the Almighty God, is accentuated by the gift of salvation. Such a gift, made possible by that one true sacrifice of Jesus Christ, is never conditioned upon anyone’s qualification. The gift is offered to all, yet only those who will consciously accept this gift are truly “inoculated” with salvation! In the

Managing the risks of SMEs By Reynaldo A. De Dios

he owners of small and medium business enterprises (SME) have as their primary objective to make it a success. However, they should also take into consideration the various risk exposures that threaten this objective. The owners cannot expect to be risk free, so it will be wise for them to select a professional insurance agent or broker to undertake a risk survey of their premises and operations. The purpose of the survey is to identify all exposures and to analyze all the insurance policies purchased by the owner. The agent or broker will then be able to prepare a comprehensive report, which will lay the basis of an adequate insurance program to protect and mitigate the various risks and perils inherent in the enterprise. An adequate insurance program is one designed to protect the business from any loss that would seriously impair its financial condition or its ability to remain in operation should an accident or disaster occur. In considering an insurance program, it is absolutely necessary to concentrate on the essentials, that is, start first with the MUST coverage. Buildings owned by the businessman often represent a large part of his investment and substantial financing is usually involved in the construction of these structures. Machiner-

ies, equipment and materials also constitute a major expense when its time to replace them. As we see it, fire insurance is absolutely necessary especially if the business is located in a hazardous area where one fire could practically wipe it out of operation. Furthermore, financial institutions would naturally require this coverage in order to protect their mortgage interest. For adequate coverage, the amount of insurance should be carried close to the value of the insured properties. The standard fire policy in the Philippines is subject to the Average Clause, which more or less requires that a property should be insured for its fair market value in order to be adequately covered. This clause often is the subject of a lot of misunderstanding for in the case of a partial loss; the policyholder will have to bear a portion of the loss in the ratio that the amount of underinsurance bears to the value of the insured item. Premium rates of fire insurance depend primarily on the construction, occupancy and exposure of a building to other risks.

An adequate insurance program is one designed to protect the business from any loss that would seriously impair its financial condition or its ability to remain in operation should an accident or disaster occur.

In case of fire loss, the fire policy indemnifies for actual properties damaged or destroyed by fire but other losses consequent to the fire such as the inability to use and occupy the damaged premises as well as other expenses necessary to maintain continuing fixed charges such as rental, salaries, interest payments and loss of anticipated profits are not recoverable. This risk may be insured under what is known as Business Interruption coverage. Importation of machineries, merchandise and raw materials or exportations of agricultural products and finished goods should be covered against marine perils and related risks such as theft, pilferage and non-delivery, although it is normal for the terms of insurance coverage to be provided for in the corresponding letters of credit. Under the Workmen’s Compensation Act as amended, employers are responsible for paying indemnity to any employee who sustains physical injury by accident arising

US economy ready to surge with big stimulus, fast vaccines By Olivia Rockeman & Reade Pickert Bloomberg Opinion

ith Democrats passing an almost $2 trillion stimulus measure and Covid-19 vaccinations moving ahead, the US economic outlook is much sunnier than it looked in early January. The latest Bloomberg monthly survey of economists shows the annualized pace of growth in the first quarter

will be 4.8 percent, twice as fast as respondents expected just two months ago. For the full year, gross domestic product is projected to rise 5.5 percent, which would be the fastest since 1984 and is up from January’s estimate of 4.1 percent. After January’s key run-off elections in Georgia, where Democrats secured two Senate seats to win slim control of the chamber from Republicans, economists were generally penciling in a pandemic relief package worth around $1 tril-

lion. Democrats stuck together to push through a bill almost double that size; no Republican senators voted for the plan on Saturday. The measure next goes back to the House for a final vote, expected on Tuesday. President Joe Biden, speaking Saturday after the Senate vote, looked for a major boost to the economy. “This will create millions of new jobs,” Biden told reporters at the White House. “It’s estimated over 6 million new jobs by itself; increase the gross domestic

product by a trillion dollars.” “As tough as this moment is, there are brighter days ahead—there really are,” Biden said. “It’s never been a good bet to bet against America.” An additional round of $1,400 stimulus checks for millions of Americans, combined with supplemental jobless benefits and the acceleration in vaccinations, should help sustain growth throughout the year, said Stephen Stanley, chief economist at Amherst Pierpont

Securities LLC. Government stimulus will “give a shot of adrenaline for a short period of time,” Stanley said. He noted that “it will kind of fade out, and the more fundamental aspect of things, which is really just opening up and getting back to something closer to the pre-pandemic norm for activity, should kick in.” The Bloomberg survey of 67 economists was conducted February 26 to March 3. While economic growth is primed for a strong 2021, it could also

Bible, Romans 10:9-13 emphasized the conscious declaration or confession from the sinner’s mouth that he accepts Jesus as his savior, thus, “If you declare with your mouth, Jesus is Lord,” and believe in your heart that God raised him from the dead, you will be saved. For it is with your heart that you believe and are justified, and it is with your mouth that you profess your faith and are saved. As Scripture says, “Anyone who believes in him will never be put to shame.” For there is no difference between Jew and Gentile—the same Lord is Lord of all and richly blesses all who call on him, for, “Everyone who calls on the name of the Lord will be saved.” Similar to the eventual availability of the Covid-19 vaccine, while forgiveness and salvation are made available for everyone, only those who declare and accept Jesus as their Savior are saved. With ease, our only passport to Heaven is the mark of our Savior in our hearts, with a stamp called “valid,” to distinguish us from those whose spiritual symbols state “invalid.” Nevertheless, instead of showing any discrimination against the latter, we display our passports of faith to them, in words and in action, and pray for them. Like skeptics to the vaccine, these non-believers will accept the gift of salvation, in His time. I was taught that it is not my task to make others accept as my task is only to share with them that such a wonderful gift exists, whose source is beyond science and politics! 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.

out of and in the course of his employment, or contracts illness or disease caused by such employment. A series of claims would certainly result in a drain of the businessman’s resources and we believe that Workmen’s Compensation insurance should be classified as an essential coverage. Another MUST coverage is life insurance on the owner-businessman especially if he is the key man of the organization and whose untimely demise would adversely affect the business. It is therefore of vital importance that the small businessman carry adequate life insurance tailored to meet his responsibilities and at the same time sufficient enough to conserve the business for the benefit of his family and loved ones. One of the common practice of the SME owner is to allocate or distribute his insurance placements among different insurance companies through agents who are either relatives or close friends as he wishes to make everybody happy and at the same time anticipate some reciprocal business from them. This practice should be avoided if possible. It is obvious therefore that there is no substitute for professional insurance advice and that an adequate insurance program is necessary to guarantee the continued smooth operations of SMEs.

mean another partisan divide over the next item on Biden’s legislative agenda: a multitrillion-dollar plan focusing on infrastructure. Democrats hope the package could get bipartisan support, but Republicans—and possibly some moderate Democrats—are likely to be concerned about how the proposal would be funded, certain add-on provisions, and the size of the overall plan, especially if the economy shows sustained progress in the coming months.

A12 Monday, March 8, 2021

BOC tariff take from rice imports rises 58% in January Jasper Emmanuel Y. Arcalas

@jearcalas

HE government’s tariff collections from rice imports in January expanded by 58 percent to P2.04 billion from P1.29 billion last year, a feat that the Customs bureau attributed to

improvements in its import valuation system. Citing preliminary data, Customs Commissioner Rey Leonardo Guerrero said the volume of rice imports in January increased by 29 percent to 287,957 metric tons (MT) from 223,278 MT recorded in the same period of last year.

Based on the BOC’s electronicto-mobile (e2M) system, Guerrero said data also show that year-onyear, the average valuation of rice imports improved by 11.5 percent in January. Guerrero added that the average value of rice imports in January increased to P20,262 per MT from

P18,177 per MT in January 2020. “Improvements made by the BOC to help ensure the proper classification, quantity and weight of rice stocks brought into the country under the Rice Tariffication Law (RTL) led to the increase in the average value of imported rice, which, in turn, meant higher revenues for

the government from the duties collected from these imports,” he said.

More to be done

Some industry groups remain skeptical, however, on whether there were indeed improvements in the Bureau of Customs’ (BOC)

system that could have curbed undervaluation of shipments. Federation of Free Farmers National Manager Raul Q. Montemayor said the statement of the BOC is “good news” but the increase in the rice tariff collections “does not mean that undervaluation has been mitigated.” See “BOC,” A2

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Companies BusinessMirror

Monday, March 8, 2021

Mega Global boosts output as demand for food surges

By Elijah Felice E. Rosales

@alyasjah

ne of the country’s leading sardines makers has expanded its manufacturing capacity by 50 percent in anticipation of an increase in demand for canned goods.

Mega Global Corp. last Friday announced it is opening a new ice plant in Zamboanga, as it improves daily production capacity to 450 tons, from 300 tons. The firm also built a can making plant in Talisayan to double canning capacity to 1.5 mil-

lion a day, from 750,000. Michelle Tiu Lim Chan, CEO of Mega Global Corp., also said the firm has opened its Cawit headquarters as part of the company’s expansion plans to create additional jobs in Zamboanga.

Chan said the firm is carrying out efforts to modernize its operations in Zamboanga with the objective of becoming an employer of choice for the people there. Likewise, she disclosed the firm wants to continue improving its operations, as it looks to fire up its Luzon manufacturing plant by 2022. “Through the opening of our Cawit office, ice plant and can-making plant, we are confident that our company can help in creating more jobs in the province while also improving our operations in order to provide the best products to our consumers,” Tiu Lim Chan explained. The new Cawit office will serve as the firm’s Zamboanga headquarters to ensure the integration of its fish-

ing and canning business, distribution and marketing. Aside from the main office, Zamboanga will host Mega Global’s two internationally certified, cutting edge production plants where its signature 12-hour catching to canning process is practiced. The opening of Mega Global Corp.’s Cawit office coincides with the lifting of the 3-month fishing ban in the waters of Zamboanga Peninsula as enforced by the Department of Agriculture and the Bureau of Fisheries and Aquatic Resources. The closing of sardine fishing season was put in place by the government in 2011 to allow the fish to spawn and multiply. The state order covers portions of East Sulu Sea, Basilan Strait and Sibugay Bay.

Regulators probe trade of Abra Mining shares By VG Cabuag @villygc

arket regulators are investigating the trading of unlisted shares of Abra Mining and Industrial Corp., which goes against the rules of the Philippine Stock Exchange (PSE) and the Revised Corporation Code of the Philippines. Shares of Abra Minng were suspended for trading since Thursday. It was last traded on March 3 and closed at P0.0046 per share. According to a joint statement released by the Securities and Exchange Commission, the PSE and the Philippine Depository and Trust Corp. (PDTC), Abra Mining’s fully paid issued and outstanding shares exeed the number of the company’s listed shares and also those lodged with the PDTC. According to the rule, only securities approved for listing should be lodged with the PDTC for trading. “Shares [of Abra Mining] which are not yet reflected in the company’s books have been lodged with PDTC and are being traded, in contravention of the provisions of Republic Act No. 11232, or the Revised Corporation Code of the Philippines,” the joint statement read. In a parallel preliminary fact-

finding investigation, the SEC found that Abra Mining has 258.95 billion shares lodged with PDTC as of February 16. The figure is 186.01 billion shares higher than the 72.94 billion shares listed on the PSE. In its 2019 audited financial statements, Abra Mining reported issued and outstanding capital stock of 99.29 billion shares. The law defines outstanding capital stock as “the total shares of stock issued under binding subscription contracts to subscribers or stockholders, whether fully or partially paid, except treasury shares.” Even shares, which have not been fully paid, are considered issued and must be reflected on the company’s books. The Corporate Code, however, said that “no certificate of stock shall be issued to a subscriber until the full amount of the subscription together with interest and expenses [in case of delinquent shares], if any is due, has been paid.” To lodge securities with PDTC, the certificates covering the securities must be delivered to the transfer agent. Once lodged in the central depository, the securities may be used for settlement of exchange trades. The transfer agent, as an extension of the corporate secretary of the corporation, has the pertinent

information, and has the sole authority and duty to certify that each share meets PDTC’s and the PSE’s respective requirements for lodgment. Among the requirements is that the transfer agent must issue or register only those securities of the corporation that are authorized for issuance and listing by the PSE, and must notify PDTC if the shares delivered are found not valid or defective, or those counterfeit, altered or invalidated. “Records showed that each and every [Abra Mining] share that had entered the system was confirmed and cleared by the transfer agent for lodgment,” it said. The SEC said it will continue to investigate the issue to also find systemwide measures to prevent its recurrence. The company was ordered to submit its proposed actions to address the discrepancies in its issued, outstanding, listed and lodged shares. Abra Mining was incorporated on September 28, 1964 and is also engaged in the processing and manufacture of non-metals for industrial and commercial purposes at wholesale only. As of end-2019, the company has not started any commercial operations but it has 4 approved mining claims covered

7-Eleven installs Seven Bank ATMs in stores

hilippine Seven Corp., the owner of the master franchise of 7-Eleven convenience stores in the country, said it has started the installation of its white automated teller machines (ATM) in select stores. The company said the ATMs are capable of both accepting cash deposits and dispensing bills. The convenience store operator said it began installing the white ATMs in some of its stores since last month. The said project is carried out by Pito AxM Platform Inc. (PAPI), the local unit of Seven Bank Ltd. of Japan. More than 30 ATMs are operational to date and a total of 320 units will be live by June. This partnership shall constitute the largest cash-recycling ATM network in the country, the company said. “C a sh-rec yc l i ng AT Ms a re standard in Japan, because it reduces the need to deliver cash and provides a reliable and convenient experience for receiving deposits. There are few of them in the Philippines, because they are considerably more expensive than withdrawal-only ATMs,” Jose Victor Paterno, Philippine Seven CEO, said.

Seven Bank’s white ATMs allow several banks to share the machines so that more customers could use the ATMs without fees. Paterno said the model “made sense” for the company and it has been wooing the Japan bank for several years now but it took time discussing the idea with the local banks. The local operator of the ATM has partnered with BDO Unibank Inc., whose account holders can withdraw and perform balance inquiries free of charge from the ATMs in 7-Eleven stores and will soon be able to use the deposit function that is currently limited to 7-Eleven store cash only. The 7-Eleven stores itself can use the ATMs themselves by depositing their sales money into the machine instead of hoarding the cash in stores, which can attract robbers. “We also have several stores in small towns without bank branches or even ATMs, so this would both reduce our cash handling costs, which have increased as our payments business has grown, and reduce the need for the community to travel to access an ATM at the same time. If

the model proves financially viable for both ourselves and Seven Bank, we would like to see these machines in all stores very soon,” Paterno said. Other bank account holders through BancNet can also do withdrawal and balance inquiry transactions subject to the ATM fees charged by their issuing banks. “We have seen the increased demand for ATM access in the Philippines, especially under the current environment. By installing ATMs in 7-Eleven stores, we hope to make access to cash more convenient for numerous Filipinos and play our part in increasing financial inclusion,” Tsuneo Nagashima, president and director of PAPI, said. Seven Bank established PAPI in April 2019 to promote its ATM business in the country, but it was only in February last year that it was able to forge an agreement with Philippine Seven, which has about 2,978 stores in the Philippines at the end of 2020. Seven Bank is the world’s largest operator of ATMs, surpassing 25,000 machines in its home country alone. VG Cabuag

by a mineral production sharing agreements. These are Bucay Baticang Limestone in Bangued and Alluvial Gold Magnetite Project, Capcapo Gold Copper Project, Patok Gold Silver Copper Project and Sanvig Alluvial Gold and Magnetite Iron Sand Deposits.

NGCP, group to promote bicycle use in Guimaras

HE National Grid Corporation of the Philippines (NGCP) has partnered with an organization that promotes bicycles made with locally sourced bamboo to boost ecotourism in the provincial and local governments of Guimaras. The grid operator, under its Green Spark program, partnered with Bambike Revolution Cycles. The program stimulates positive change with the introduction of green and sustainable alternative lifestyle component to NGCP’s host communities. “Our efforts will usher in a new ecotourism milestone in Guimaras which will be centered on biking to explore the island’s tourist destinations. Bicycling is strongly encouraged as a sustainable and ecofriendly mode of tourism. There is minimal environmental damage. The activity produces no carbon emissions, promotes health through physical movement, and requires little

to no public infrastructure to support. In addition, bamboo bicycles from Bambike use the ubiquitous, locally-sourced, and sustainable bamboo in making the bicycles, making this project uniquely Filipino,” stated the company. In 2019, NGCP also launched the Green Spark program in the agricultural community of Brgy. Macabud, Rodriguez, Rizal, where evehicles complete with charging stations were provided to the community. “NGCP’s Green Spark Program embodies what the company envisions for its communities—equipped with sustainable and ecofriendly options to drive development. Similarly, that is also what we target for transmission operations—responsive to the anticipated increase in power consumption and prepared with smart solutions to growing energy dependency,” NGCP added. Lenie Lectura

Companies BusinessMirror

Monday, March 8, 2021

Meralco targeting to procure additional power capacity

By Lenie Lectura

@llectura

ollowing the successful competitive auction for the supply of 1,800megawatts (MW) of capacity for 20 years starting 2024, the Manila Electric Company (Meralco) is preparing for the next batch of competitive selection process (CSP) for the supply of 1,850MW. Meralco utility head economics Lawrence Fernandez, in an interview, said the utility firm is finalizing its latest Power Supply Procurement Plan. Under this, Meralco is expected to bid out at least 1,850MW of additional power capacity needed by 2025. “Based on our latest Power Supply

Procurement Plan, we have requirements for 1000MW baseload by second half of 2025 and up to 850MW of mid-merit, also by 2025,” said Fernandez. Meralco is currently working on the final figures before these are submitted to the Department of Energy (DOE). “Meralco will be submitting

STOCK-MARKET OUTLOOK Last week

Share prices recovered last week with the main index staying at the 6,800-point level, as investors were elated by the arrival of the vaccines, but the gains were pared by the end of the week following the announcement that inflation accelerated in February. The benchmark Philippine Stock Exchange index (PSEi) gained 86.51 points to close at 6,881.37 points. The main index was up during the first three days of trading before succumbing to profittaking starting Thursday. Average daily trading for the week was at P7.99 billion, while foreign investors were net sellers at P2.77 billion. Other subindices posted gains with the exception of the Mining and Oil index which plunged 477.21 points to close at 8,854.46 points. The broader All Shares index rose 38.24 to 4,158.54, the Financials index added 0.43 to 1,477.62, the Industrial index increased 131.34 to 8,786.68, the Holding Firms index climbed 139.15 to 7,059.23, the Property index gained 22.67 to 3,479.81 and the Services index was up 11.27 to 1,464.63. For the week, gainers led losers 127 to 103 and 25 shares were unchanged. Top gainers for the week were Boulevard Holdings Inc., Abra Mining and Industrial Corp., Prime Media Holdings Inc., ACE Enexor Inc., City and Land Developers Inc. and Concrete Aggregates Corp. B. Top losers were Da Vinci Capital Holdings Inc., Pacifica Holdings Inc., Philippine Estates Corp., Marcventures Holdings Inc., Global Ferronickel Holdings Inc. and Keppel Philippines Holdings Inc. A.

This week

Share prices may continue its downward trend this week as the rising inflation rate is starting to worry investors. Inflation for February came in at 4.7 percent, from 4.4 percent in January. This was the highest since 2019, mainly as a result of higher prices of pork and petroleum products. “Ultimately, the market will have to deal with the possible rate squeeze that this may entail. With the BSP [Bangko Sentral ng Pilipinas] monetary policy just around the corner [March 25], expect funds to run more prudent trading policies. Even if dovish rates are maintained, transitory inflation will impact margins negatively, on top of already frail consumer confidence,” online broker 2TradeAsia said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the resurgence of Covid-19 cases including the increasing number of those with the more infective strains from the United Kingdom and South Africa may weigh on market sentiment due to the adverse impact it can have on the economy. “This includes dented consumer and business confidence, as well as the risk of reimplementation of strict social restriction measures. Investors are also expected to monitor the movement of the US bond yields. A further rally in the said yields may lead to more foreign fund outflows which would intensify selling pressures,” he said. Investors are also expected to take cues from the upcoming corporate earnings reports and employment figures next week. The PSEi’s support is seen at 6,600, while resistance is seen at 6,900, he said.

Stock picks

Broker Philstocks said Philippine National Bank is seen to benefit from the expected recovery in bank lending this 2021 amid improving economic sentiment. “Risks coming from bad loans are expected to remain elevated, however, which in turn is seen to weigh on the bank’s recovery,” it said. PNB’s price to earnings ratio in its 2020 close of 29.35 was at 6.14 times, below its 2015 to 2019 average of 7.88 times. Meanwhile, its price to book ratio at the said close stood at 0.29 times, below its 2015-2019 average of 0.53 times. This shows that PNB is undervalued based on historical average, it said. It placed a target price of P36.80 on PNB shares. PNB shares closed Friday at P25 apiece. Meanwhile, the broker also recommended buying the shares of Security Bank Corp. (SECB), whose shares are also undervalued based on its historical price to earnings and price to book ratio. Its price to earnings ratio at the close of 2020 at P134.50 was 11.18 times, below the 2015 to 2019 average of 14.72 times. “Moving forward, SECB is expected to return to its growth trajectory this 2021 amid the pickup in bank lending stemming from the expected rise in business and consumer confidence. Loan loss provisions may continue to weigh on the bank however amid elevated default risks, tempering its recovery,” it said. The broker set a target price of P62.30 on the bank. Security Bank shares closed last week at P128.10 apiece. VG Cabuag

its latest Power Supply Procurement Plan as part of the Distribution Development Plan, this March. Meralco will have firmed up its future supply requirements by then.” With the easing of community quarantine restrictions and the planned nationwide rollout of the Covid-19 vaccines, Meralco said it is preparing for an economic rebound by making sure it has sufficient power requirements to supply its entire franchise area. Certain commercial and industrial establishments slowly resumed operation, Meralco noted. Industrial volumes inched up gradually by the end of 2020 as manufacturers started to operate. Recovery began from an all-time low volume of 655 gigawatt hours in April 2020. For the first time since March 2020, industrial volumes reflected a positive 4-percent growth in December. The semiconductor and non-metallic industries provided the increase to the volumes and took

mutual funds

the share in sales from the food and beverage, and packaging industries. Meralco’s system peak demand last year reached 7,614MW on March 10, down by 2 percent from 7,740 MW on June 4, 2019. In general, peak demand is expected to grow at a rate of 3 to 4 percent annually. Last month, Meralco said it received “best” bids from two subsidiaries of SMC Global Power Holdings Corp. for the supply of 1800MW of power. Excellent Energy Resources, Inc. (EERI) offered a levelized cost of electricity (LCOE) of P4.1462 per kilowatt-hour (kWh) while Masinloc Power Partners Co. Ltd (MPPCL) offered P4.2605 per kWh. Both are significantly below the LCOE reserve price of P5.2559 per kWh. EERI will supply Meralco with 1,200 MW from its planned natural gas-fired power plant, while MPPCL will source 600MW from its coal plant to supply Meralco.

March 5, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 219.2 -1.63% -8.61% -2.18% -3.53% ATRAM Alpha Opportunity Fund, Inc. -a 1.3071 17.36% -6.22% 3.22% -0.45% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0148 -2.71% -12.78% -3.99% -3.77% Climbs Share Capital Equity Investment Fund Corp. -a 0.7702 -0.61% -7.99% n.a. -4.19% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6955 -8.35% n.a. n.a. -6.22% First Metro Save and Learn Equity Fund,Inc. -a 4.755 0.56% -6.51% -1.26% -3.77% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7007 -6.22% -10.05% -6.43% -7.78% MBG Equity Investment Fund, Inc. -a 99.07 9.19% -5.43% n.a. -2.82% PAMI Equity Index Fund, Inc. -a 45.169 0.38% -6.55% -0.7% -3.58% Philam Strategic Growth Fund, Inc. -a 471.56 -0.46% -6.53% -1.42% -3.56% Philequity Alpha One Fund, Inc. -a,d,5 1.0442 9.66% n.a. n.a. -4.84% Philequity Dividend Yield Fund, Inc. -a 1.1252 -1.43% -6.55% -0.52% -3.68% Philequity Fund, Inc. -a 33.6002 0.16% -6.23% 0.1% -3.36% Philequity MSCI Philippine Index Fund, Inc. -a 0.8763 -3.02% n.a. n.a. -4.02% Philequity PSE Index Fund Inc. -a 4.6228 0.77% -6.19% 0.07% -3.51% Philippine Stock Index Fund Corp. -a 773.48 0.99% -6.07% -0.04% -3.51% Soldivo Strategic Growth Fund, Inc. -a 0.6978 -2.88% -9.87% -3.88% -2.94% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4934 -4.93% -8.27% -1.57% -3.6% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.885 0.68% -6.37% -0.17% -3.56% United Fund, Inc. -a 3.2197 -1.3% -5.34% 0.73% -2.99% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.8116 0.98% -5.86% 0.68% -3.48% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2949 35.22% 5.39% 10.01% 7.65% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7117 30.76% 10.08% n.a. 2.33% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6527 10.46% -3.13% -0.67% -0.95% ATRAM Philippine Balanced Fund, Inc. -a 2.2221 8.24% -2.9% 0.59% -2.77% First Metro Save and Learn Balanced Fund Inc. -a 2.5544 3.11% -2.23% -0.38% -2.76% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.192 -6.3% n.a. n.a. -3.32% NCM Mutual Fund of the Phils., Inc. -a 1.9424 3.18% -0.44% 1.56% -1.1% PAMI Horizon Fund, Inc. -a 3.6703 2.73% -1.49% 0.48% -3.11% Philam Fund, Inc. -a 16.4654 3.09% -1.41% 0.48% -2.78% Solidaritas Fund, Inc. -a 2.0521 2.72% -2.52% 0.5% -2.01% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4956 -1.86% -4.13% -0.58% -2.17% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9835 2.46% n.a. n.a. -3.82% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9068 0.19% n.a. n.a. -4.47% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8935 -0.1% n.a. n.a. -4.24% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8667 -1.7% -4.89% -1.17% -2.37% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03817 -2.97% 2.8% 1.46% -2.43% PAMI Asia Balanced Fund, Inc. -b $1.1672 17.05% 3.04% 6.44% 1.48% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5962 20.69% 7.62% 8.92% 1.85% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1983 8.8% 3.94% n.a. -0.32% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.65 2.97% 3.2% 2.62% -0.11% ATRAM Corporate Bond Fund, Inc. -a 1.905 -0.33% 0.63% 0.24% 0.25% Cocolife Fixed Income Fund, Inc. -a 3.2175 2.3% 4.21% 4.61% 0.09% Ekklesia Mutual Fund Inc. -a 2.2537 0.26% 2.3% 1.78% -1.84% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4314 2.28% 3.21% 1.85% -0.89% Philam Bond Fund, Inc. -a 4.5009 1.59% 4.23% 2.16% -2.88% Philam Managed Income Fund, Inc. -a,6 1.3211 4.46% 4.4% 2.69% -0.01% Philequity Peso Bond Fund, Inc. -a 3.9679 4.23% 4.38% 2.55% -0.83% Soldivo Bond Fund, Inc. -a 1.0229 3.91% 4.02% 1.93% -1.83% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1885 2.34% 4.63% 3% -0.55% Sun Life Prosperity GS Fund, Inc. -a 1.7413 1.48% 3.93% 2.36% -0.78% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $482.91 2.18% 3% 2.6% -0.2% ALFM Euro Bond Fund, Inc. -a Є219.37 -0.73% 1.03% 1.23% 0.09% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2025 -1.06% 2.46% 1.74% -6.08% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 -0.77% 1.59% 1.12% -2.63% PAMI Global Bond Fund, Inc -b $1.0642 -5.45% 0.48% -0.35% -2.61% Philam Dollar Bond Fund, Inc. -a $2.4792 0.12% 4.47% 2.58% -2.22% Philequity Dollar Income Fund Inc. -a $0.0625621 2.68% 3.27% 2.29% 0.39% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1356 -4.68% 2.16% 1.37% -2.73% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.92 2.58% 3.29% 2.55% 0.08% First Metro Save and Learn Money Market Fund, Inc. -a 1.0491 1.59% n.a. n.a. 0.1% Sun Life Prosperity Money Market Fund, Inc. -a 1.2995 2.93% 2.59% 0.22% 2.19% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0545 1.33% 1.78% n.a. 0.2% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1816 n.a. n.a. n.a. 4.6% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 1.03% n.a. n.a. 0% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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PSE STOCK QUOTATIONS

March 5, 2021

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

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

43.2 110.7 86.45 24.35 8.49 9.99 48.85 10.4 24.8 55 17.3 128.1 73.8 1.88 3.92 0.69 3.31 1.46 0.41 896 0.72 150.9 2,200 1.01

44.95 110.8 86.5 24.4 8.5 10 48.9 11 25 55.35 17.5 128.2 73.95 1.9 3.97 0.7 3.4 1.51 0.43 900 0.79 151.2 2,240 1.07

44.5 109.4 87.3 24.55 8.49 10 47.95 10.4 25 55.35 17.5 128.1 73.65 1.84 3.99 0.6 3.35 1.46 0.41 896 0.8 151 2,238 1.02

45 110.8 87.35 24.55 8.49 10.18 49 10.4 25.8 55.35 17.5 128.9 73.95 1.97 3.99 0.75 3.35 1.53 0.43 896 0.8 151.3 2,238 1.02

43.2 108.1 86.05 24.2 8.49 9.98 47.65 10.4 24.8 55.35 17.34 127.6 73.65 1.75 3.91 0.59 3.31 1.44 0.41 896 0.72 150.5 2,238 1.01

43.2 110.8 86.5 24.35 8.49 9.99 48.85 10.4 25 55.35 17.5 128.1 73.95 1.9 3.97 0.69 3.31 1.52 0.43 896 0.8 151.2 2,238 1.01

13,200 4,692,500 2,620,170 35,800 700 167,900 5,748,500 141,800 66,300 20 13,900 967,050 21,250 7,234,000 51,000 1,253,000 52,000 92,000 130,000 530 144,000 17,550 5 71,000

591,960 516,756,548 227,278,594 875,760 5,943 1,680,427 278,836,265 1,474,720 1,663,385 1,107 241,650 123,892,585 1,569,440 13,758,970 201,470 845,450 173,940 133,860 54,150 474,880 107,540 2,650,080 11,190 72,200

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE AXELUM CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MAXS GROUP MG HLDG SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED LMG CORP PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

7.14 1.29 24.95 1.1 30 72.5 279 15.3 3.5 3.71 12.12 22.45 10.16 14.5 7.22 3.48 13.2 17.6 8.5 7.57 10.18 66.45 0.63 1.47 51.8 186.7 32 6.47 0.37 7.17 1.14 4.57 1.57 0.141 128.1 0.87 2.23 52.6 58 1.34 4.91 12.38 8.32 6.15 7.07 12.02 1.29 2.73 2.01 2.2 4.8 5.45 21.55 4.3 12.9 1.23 5.83 1.46 6.56

7.15 1.3 25 1.11 30.05 72.6 280 15.32 3.53 3.85 12.4 22.55 10.18 14.94 7.26 3.5 13.5 17.8 8.73 7.58 10.2 66.5 0.65 1.48 51.9 186.8 32.6 6.49 0.375 7.35 1.15 4.75 1.6 0.142 128.9 0.88 2.25 55 65 1.35 4.94 12.4 8.33 6.16 7.11 12.2 1.3 2.74 2.03 2.24 5.05 5.65 21.65 4.31 12.96 1.24 5.99 1.48 6.6

7.05 1.29 24.9 1.12 30.1 72.2 277.6 15.1 3.51 3.72 12.36 22.1 10.1 14.5 7.02 3.37 13 17.8 8.79 7.58 10.26 66.5 0.63 1.48 51 189.5 32.6 6.58 0.395 7.2 1.15 4.57 1.63 0.143 130.6 0.89 2.23 52.5 69.85 1.33 7.8 12 8.15 6.04 7.15 11.88 1.28 2.96 2.04 2.26 4.79 5.52 21.7 4.15 12.78 1.22 6.16 1.47 6.7

7.24 1.31 25.05 1.14 30.1 72.9 280.8 15.46 3.53 3.72 12.4 22.7 10.16 14.5 7.4 3.5 13.2 17.8 8.79 7.58 10.26 66.85 0.65 1.5 52.1 189.5 33.25 6.6 0.395 7.35 1.16 4.57 1.65 0.144 131.1 0.89 2.23 55 69.85 1.35 7.8 12.46 8.32 6.18 7.25 12.2 1.38 2.96 2.05 2.26 4.79 5.65 21.7 4.4 12.9 1.24 6.16 1.48 6.7

7.05 1.28 24.75 1.1 29.9 72.2 277.2 15.1 3.5 3.71 12.36 21.9 10.1 14.5 7.02 3.35 13 17.28 8.5 7.4 10.1 66.45 0.63 1.47 50.7 183.7 32 6.45 0.37 7.16 1.14 4.57 1.57 0.14 128.1 0.87 2.23 52.5 65 1.32 4.75 12 8.1 6.04 7.06 11.86 1.27 2.69 2.01 2.18 4.79 5.42 21.4 4.06 12.4 1.21 5.83 1.45 6.53

7.14 1.3 25 1.1 30.05 72.5 279 15.32 3.53 3.71 12.4 22.55 10.16 14.5 7.26 3.5 13.2 17.8 8.73 7.57 10.18 66.5 0.63 1.48 51.9 186.8 32 6.48 0.375 7.35 1.15 4.57 1.6 0.141 128.1 0.87 2.23 55 65 1.34 4.91 12.38 8.32 6.16 7.07 12.2 1.3 2.74 2.03 2.24 4.79 5.65 21.65 4.31 12.9 1.23 5.99 1.48 6.56

10,275,400 1,460,000 1,395,700 37,667,000 547,400 18,610 163,600 1,208,900 1,213,000 8,000 5,300 279,100 101,700 1,600 1,990,000 23,703,000 2,900 1,926,900 284,800 1,506,700 524,400 77,520 134,000 3,914,000 45,790 403,870 3,200 135,300 12,790,000 47,800 778,000 5,000 664,000 13,540,000 1,312,530 2,258,000 3,000 1,580 140 2,293,000 127,843,300 83,400 97,700 173,900 2,269,000 126,000 1,565,000 19,092,000 482,000 174,000 100 11,400 43,700 20,531,000 744,600 379,000 11,700 1,167,000 604,700

-22,120 10,163,994 -51,550,873.50 -158,095 -775,167 81,403,300 -194,745 -90,121,321 -472,978.50 246,420 47,320 456,960 -1,699,356 -

73,417,675 1,877,610 34,829,315 42,023,610 16,447,700 1,349,374.50 45,690,312 18,463,606 4,254,410 29,730 65,574 6,236,610 1,030,000 23,200 14,440,364 82,256,960 37,750 34,059,308 2,421,961 11,381,387 5,308,062 5,160,690 85,060 5,780,720 2,372,990.50 75,402,486 103,160 879,358 4,813,200 348,154 889,850 22,850 1,063,330 1,917,120 169,772,106 1,971,650 6,690 86,450 9,207 3,055,850 751,195,166 1,029,484 801,961 1,066,231 16,101,589 1,507,984 2,063,470 53,558,820 979,360 381,190 479 62,760 946,690 86,551,730 9,488,634 463,050 70,211 1,707,030 3,970,038

13,309,537 -583,710 9,040,825 -1,835,510.00 -3,511,575 209,918 -3,790,684 2,298,108 286,790 879,895 173,720 -3,165,314 4,597,800 -3,255,146 521,250 2,882,649 -1,589,086.00 -53,911 -220,560 1,303,943 -22,309,339 -13,819 -323,000 -16,054 -35,640 -60,390 21,300.00 -21,825,294 -48,400 -529,930 9,264,538 332,138 -16,184 -41,119 -12,204,251 -1,174,840 2,030.00 12,512 -483,210 841,610 901,136 -31,280 152,582

HOLDING & FRIMS ABACORE CAPITAL 1.14 1.15 1.18 1.18 1.14 1.14 22,320,000 25,748,610 7.05 7.49 7.05 7.59 7.05 7.05 6,000 42,462 ASIABEST GROUP 770 780 766 782 752 770 280,030 215,141,355 AYALA CORP 42.5 42.75 42.6 43.2 42.05 42.75 1,108,800 47,390,650 ABOITIZ EQUITY 10.52 10.6 10.62 10.7 10.52 10.52 4,231,400 44,767,614 ALLIANCE GLOBAL AYALA LAND LOG 3 3.01 3.02 3.03 3 3.01 1,333,000 4,013,420 ANSCOR 7.3 7.4 7.2 7.6 7.2 7.4 88,700 652,435 0.8 0.81 0.81 0.81 0.8 0.81 1,544,000 1,236,590 ANGLO PHIL HLDG ATN HLDG A 0.93 0.94 0.96 0.96 0.93 0.93 5,449,000 5,107,740 0.91 0.96 0.96 0.96 0.91 0.91 270,000 246,500 ATN HLDG B 5.52 5.58 5.7 5.7 5.49 5.52 2,601,100 14,440,761 COSCO CAPITAL 5.39 5.4 5.45 5.48 5.27 5.39 7,617,600 40,775,668 DMCI HLDG 8.8 8.95 8.86 8.86 8.7 8.8 31,400 276,104 FILINVEST DEV FORUM PACIFIC 0.24 0.25 0.238 0.238 0.238 0.238 80,000 19,040 557.5 565 560 565 550 565 88,630 49,558,490 GT CAPITAL HOUSE OF INV 3.64 3.79 3.8 3.8 3.79 3.79 2,000 7,590 JG SUMMIT 65 65.9 65.3 66.15 65 65 828,540 54,158,482 1.63 1.64 1.7 1.7 1.61 1.63 21,282,000 34,829,660 LODESTAR 3.73 3.8 3.77 3.8 3.77 3.8 118,000 445,050 LOPEZ HLDG 13.8 13.9 13.82 13.9 13.64 13.9 1,125,200 15,542,280 LT GROUP 0.54 0.56 0.57 0.57 0.53 0.56 199,000 107,050 MABUHAY HLDG MJC INVESTMENTS 1.77 1.96 1.83 1.9 1.76 1.9 50,000 90,650 4.1 4.11 4.13 4.14 4.09 4.11 10,248,000 42,109,550 METRO PAC INV PACIFICA HLDG 3.88 3.91 3.91 4.07 3.8 3.88 105,000 405,930 3.45 3.46 2.87 3.65 2.87 3.45 34,064,000 112,654,600 PRIME MEDIA 2.75 2.8 2.75 2.8 2.62 2.8 27,000 74,270 REPUBLIC GLASS 1.29 1.33 1.3 1.33 1.29 1.33 201,000 262,780 SOLID GROUP 312 314 314 314 314 314 80 25,120 SYNERGY GRID 1,040 1,041 1,030 1,043 1,024 1,041 307,150 319,056,675 SM INVESTMENTS 124.8 125 125.7 125.7 124.5 125 175,000 21,871,297 SAN MIGUEL CORP SOC RESOURCES 0.78 0.79 0.82 0.82 0.78 0.79 150,000 118,300 2.32 2.38 2.32 2.32 2.32 2.32 3,000 6,960 SEAFRONT RES 138.1 141 141.5 142 137.2 141 13,820 1,940,619 TOP FRONTIER WELLEX INDUS 0.246 0.255 0.243 0.26 0.243 0.255 320,000 79,800 0.239 0.248 0.249 0.249 0.235 0.239 2,320,000 553,480 ZEUS HLDG

402,090.00 -4,475,360 2,218,175 -9,059,696 1,083,640 -2,400 -225,520 436,018 2,902,008 -35,172.00 -20,501,595 -3,800 -23,720,919.50 141,120 -2,266,938 -16,138,660 94,010 -79,328,245 -7,084,991 -1,764,482 -

PROPERTY ARTHALAND CORP 0.64 0.66 0.66 0.66 0.64 0.64 410,000 263,870 7.8 7.93 7.8 7.94 7.8 7.94 7,500 59,480 ANCHOR LAND 38.5 38.65 38.5 38.75 38.1 38.5 7,584,700 291,569,655 AYALA LAND 1.3 1.35 1.3 1.4 1.3 1.35 52,000 70,950 ARANETA PROP 33.95 34 34.1 34.4 33.95 33.95 1,030,800 35,057,425 AREIT RT BELLE CORP 1.61 1.62 1.63 1.63 1.61 1.62 124,000 200,870 0.91 0.93 0.92 0.94 0.91 0.93 831,000 761,410 A BROWN CITYLAND DEVT 0.77 0.78 0.78 0.79 0.77 0.77 902,000 698,240 CROWN EQUITIES 0.141 0.143 0.14 0.143 0.14 0.142 1,220,000 173,030 7.03 7.15 7.02 7.04 7.02 7.03 40,400 283,908 CEBU HLDG 5.55 5.6 5.45 5.78 5.36 5.55 2,322,800 12,970,278 CEB LANDMASTERS 0.405 0.41 0.41 0.41 0.405 0.405 1,300,000 527,100 CENTURY PROP 0.345 0.355 0.345 0.355 0.345 0.345 240,000 82,900 CYBER BAY DOUBLEDRAGON 15.18 15.2 15.34 15.34 15.04 15.2 883,900 13,421,538 DM WENCESLAO 6.86 6.9 6.95 6.98 6.87 6.9 85,800 595,629 0.31 0.315 0.3 0.31 0.295 0.31 1,720,000 525,850 EMPIRE EAST EVER GOTESCO 0.096 0.097 0.097 0.1 0.097 0.097 1,320,000 128,400 1.16 1.17 1.18 1.18 1.15 1.16 6,591,000 7,614,260 FILINVEST LAND 0.91 0.92 0.9 0.92 0.9 0.91 1,247,000 1,124,050 GLOBAL ESTATE 1.53 1.55 1.52 1.56 1.51 1.55 1,364,000 2,088,390 PHIL INFRADEV 3 3.3 3 3 3 3 1,000 3,000 KEPPEL PROP CITY AND LAND 0.83 0.86 0.9 0.9 0.81 0.83 1,136,000 964,560 MEGAWORLD 3.71 3.73 3.7 3.75 3.67 3.73 7,500,000 27,829,670 MRC ALLIED 0.48 0.485 0.5 0.51 0.48 0.48 54,511,000 26,592,275 PHIL ESTATES 0.45 0.455 0.475 0.475 0.44 0.455 27,520,000 12,550,100 PRIMEX CORP 1.53 1.54 1.55 1.6 1.51 1.54 840,000 1,321,720 19.5 19.52 19.74 19.74 19.34 19.52 3,492,000 68,147,664 ROBINSONS LAND 0.3 0.31 0.3 0.3 0.3 0.3 120,000 36,000 PHIL REALTY 1.43 1.44 1.42 1.45 1.42 1.43 50,000 71,890 ROCKWELL 2.72 2.76 2.72 2.76 2.72 2.76 59,000 161,480 SHANG PROP STA LUCIA LAND 2.21 2.3 2.32 2.32 2.2 2.3 627,000 1,416,860 SM PRIME HLDG 36.7 37 36.95 37 36.05 37 7,635,500 280,513,620 VISTAMALLS 3.92 4 3.95 4 3.92 4 21,000 82,830 1.74 1.76 1.75 1.82 1.72 1.74 1,325,000 2,303,890 SUNTRUST HOME 45 46.95 44.95 45 44.95 45 1,000 44,970 PTFC REDEV CORP 4.29 4.3 4.33 4.33 4.26 4.3 6,515,000 28,013,930 VISTA LAND

-90,633,195 -25,582,470 -10,230 1,540 -263,401 -4,594,842 15,000 -1,740,130 67,050 22,750 335,500 536,650 495,850 10,710 -50,094,202 -17,200 92,480 63,060 -42,422,535 -1,083,580 21,810,630

SERVICES ABS CBN 12.18 12.2 12.4 12.4 12.1 12.18 69,200 840,094 7.33 7.35 7.25 7.35 7.12 7.35 518,100 3,765,121 GMA NETWORK 0.46 0.48 0.48 0.48 0.48 0.48 30,000 14,400 MANILA BULLETIN 10.5 11 11 11 10.5 10.5 1,500 16,000 MLA BRDCASTING 1,990 1,992 1,987 2,002 1,985 1,992 58,935 117,358,235 GLOBE TELECOM PLDT 1,298 1,299 1,310 1,328 1,299 1,299 150,915 197,332,660 APOLLO GLOBAL 0.25 0.255 0.255 0.265 0.25 0.255 508,100,000 130,454,400 CONVERGE 17.16 17.18 17.68 17.7 17.14 17.16 4,620,100 79,942,314 DFNN INC 4.11 4.12 4.35 4.35 4.02 4.11 2,415,000 9,946,250 15.24 15.26 15.5 15.74 15 15.24 17,256,800 264,681,988 DITO CME HLDG 1.68 1.75 1.68 1.78 1.65 1.75 182,000 304,520 IMPERIAL 0.174 0.175 0.195 0.196 0.166 0.174 50,910,000 9,348,270 ISLAND INFO 2.07 2.15 2.09 2.15 2.07 2.07 81,000 169,290 JACKSTONES NOW CORP 3.27 3.29 3.51 3.55 3.25 3.27 10,636,000 35,745,290 TRANSPACIFIC BR 0.5 0.51 0.51 0.52 0.495 0.5 33,754,000 17,048,600 PHILWEB 2.75 2.77 2.74 2.79 2.71 2.75 217,000 597,460 8.81 9 9 9 8.8 9 14,800 130,871 2GO GROUP 15 15.5 15.5 15.5 15.5 15.5 1,000 15,500 ASIAN TERMINALS 3.95 3.97 4.01 4.01 3.94 3.98 747,000 2,961,330 CHELSEA 45 45.05 45 45 44.55 45 229,900 10,328,050 CEBU AIR 124.9 125 120.7 125.4 120.5 124.9 2,513,470 312,278,966 INTL CONTAINER LBC EXPRESS 17 17.1 16.42 17.1 16.42 17.1 22,500 383,992 1.16 1.18 1.25 1.26 1.14 1.18 2,616,000 3,079,280 LORENZO SHIPPNG MACROASIA 5.81 5.82 5.97 5.98 5.81 5.82 1,107,800 6,476,810 METROALLIANCE A 2.94 2.95 3.18 3.18 2.92 2.94 6,863,000 20,628,820 2.82 3.21 2.57 3.26 2.57 3.21 28,000 80,090 METROALLIANCE B 6.5 6.6 6.5 6.7 6.45 6.6 52,700 347,279 PAL HLDG 1.34 1.38 1.33 1.38 1.33 1.38 381,000 507,790 HARBOR STAR 1.45 1.5 1.45 1.45 1.45 1.45 8,000 11,600 ACESITE HOTEL 0.093 - 0.068 0.093 0.068 0.093 1,941,710,000 161,210,820 BOULEVARD HLDG DISCOVERY WORLD 5.58 5.6 5.54 5.75 5.52 5.6 999,800 5,653,786 WATERFRONT 0.55 0.56 0.57 0.58 0.54 0.55 7,958,000 4,452,470 IPEOPLE 8.07 8.61 8.1 8.1 8.1 8.1 4,900 39,690 STI HLDG 0.385 0.39 0.395 0.395 0.39 0.39 1,370,000 534,350 4.41 4.62 4.43 4.62 4.4 4.42 72,000 322,090 BERJAYA 7.85 7.87 7.97 7.97 7.81 7.85 1,579,800 12,401,112 BLOOMBERRY 2.11 2.13 2.2 2.2 2.13 2.13 15,000 32,650 PACIFIC ONLINE 1.86 1.88 1.9 1.93 1.86 1.88 465,000 869,310 LEISURE AND RES MANILA JOCKEY 2.13 2.2 2.12 2.2 2.11 2.2 57,000 121,170 2.52 2.57 2.58 2.59 2.5 2.52 1,925,000 4,885,970 PH RESORTS GRP PREMIUM LEISURE 0.45 0.455 0.455 0.455 0.45 0.455 4,340,000 1,968,350 PHIL RACING 6.24 6.3 6.3 6.3 6.3 6.3 512,300 3,227,490 8.3 8.32 8.35 8.35 8.29 8.32 358,700 2,982,155 ALLHOME 1.32 1.33 1.36 1.36 1.32 1.33 1,453,000 1,935,340 METRO RETAIL 37.5 37.6 38 38 37 37.6 1,550,600 58,218,090 PUREGOLD 53.25 54 54.55 54.95 53.25 53.25 1,089,520 58,414,101.50 ROBINSONS RTL PHIL SEVEN CORP 98.15 98.55 98.65 98.65 98.5 98.55 2,160 212,908 SSI GROUP 1.35 1.36 1.38 1.38 1.34 1.36 1,209,000 1,634,870 WILCON DEPOT 17.68 17.7 17.96 17.96 17.7 17.7 1,138,500 20,325,740 APC GROUP 0.42 0.43 0.435 0.435 0.425 0.425 2,650,000 1,145,450 7.25 7.45 7.55 7.55 7.23 7.45 119,100 869,871 EASYCALL 2.24 2.37 2.28 2.28 2.28 2.28 4,000 9,120 PAXYS 2.87 2.88 2.95 2.98 2.87 2.88 68,844,000 200,472,060 PRMIERE HORIZON 4.49 4.5 4.49 4.49 4.49 4.49 2,000 8,980 SBS PHIL CORP

-65,771,635 -92,699,630 2,419,700 -23,726,414 -846,840 -11,512,684 248,470 -1,187,650 2,816,380 1,334,675 160,913,195 -12,230 -505,397.00 -2,019,860.00 11,220 86,000.00 24,300 6,337,227 -25,300.00 -586,950 905,618 -500,500 -21,488,805 -21,892,354 -158,675.50 54,160 -7,184,018 2,099,320 -

MINING & OIL ATOK 8.07 8.08 7.7 8.25 7.57 8.07 2,231,800 17,849,579 -264,984 1.51 1.52 1.54 1.54 1.51 1.51 1,586,000 2,415,400 -86,180 APEX MINING 6.52 6.53 6.84 6.84 6.52 6.52 1,036,100 6,867,373 77,477 ATLAS MINING 2.7 2.98 2.74 3 2.7 2.98 13,000 36,280 BENGUET A BENGUET B 2.72 3 3 3.07 2.72 2.72 10,000 27,850 0.315 0.335 0.335 0.335 0.31 0.335 130,000 42,150 COAL ASIA HLDG 2.8 2.88 2.7 2.88 2.7 2.88 172,000 484,760 470,360 CENTURY PEAK DIZON MINES 11.8 12.16 12.3 12.42 11.5 12.18 113,500 1,332,300 2.51 2.53 2.6 2.6 2.41 2.51 18,577,000 46,562,870 1,993,370.00 FERRONICKEL 0.435 0.445 0.465 0.47 0.425 0.445 8,800,000 3,902,450 GEOGRACE 0.148 0.15 0.15 0.15 0.148 0.15 9,930,000 1,477,070 LEPANTO A 0.149 0.15 0.152 0.152 0.15 0.15 4,300,000 647,640 75,000 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.0099 0.0099 86,600,000 890,440 0.01 0.011 0.01 0.01 0.01 0.01 5,900,000 59,000 MANILA MINING B 1.35 1.36 1.38 1.43 1.33 1.36 11,315,000 15,501,230 1,125,560.00 MARCVENTURES NIHAO 2.3 2.38 2.48 2.48 2.25 2.39 553,000 1,282,420 -43,360 5.15 5.16 5.1 5.26 5.02 5.15 19,186,800 98,488,977 17,682,332 NICKEL ASIA 0.45 0.48 0.45 0.48 0.45 0.48 500,000 234,300 OMICO CORP 1.03 1.04 1.03 1.06 1.03 1.06 5,283,000 5,485,860 20,740 ORNTL PENINSULA 5 5.07 5.1 5.15 4.97 5 2,189,300 10,996,846 -102,209 PX MINING SEMIRARA MINING 12.88 12.9 12.88 12.9 12.8 12.88 1,463,800 18,803,612 438,128 UNITED PARAGON 0.0095 0.0098 0.0095 0.0098 0.0093 0.0098 98,000,000 932,900 26.7 26.8 23.9 26.95 23.6 26.8 1,508,100 39,442,935 -1,573,845 ACE ENEXOR ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 288,400,000 3,506,600 0.013 0.014 0.013 0.013 0.013 0.013 1,200,000 15,600 ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.013 108,000,000 1,408,100 50,700 PHILODRILL 9.78 9.79 9.9 9.9 9.6 9.78 594,000 5,790,187 635,473 PXP ENERGY PREFFERED HOUSE PREF B 100.2 101 100.1 101 100.1 101 10,610 1,070,980 100.4 100.9 100.9 100.9 100.4 100.4 7,970 801,968 HOUSE PREF A 511 520 517 517 517 517 20 10,340 AC PREF B2R 102 103.2 103.2 103.2 103.2 103.2 130 13,416 CPG PREF A 101.5 102 102 102 101.5 101.5 400 40,775 DD PREF GTCAP PREF A 1,010 1,020 1,020 1,020 1,020 1,020 20 20,400 1,029 1,035 1,029 1,029 1,029 1,029 5 5,145 GTCAP PREF B 100.5 101 101 101 101 101 120 12,120 2,020 MWIDE PREF PNX PREF 3B 102.9 103.5 105 105 103.5 103.5 8,700 911,060 1,004 1,007 1,007 1,009 1,004 1,004 955 960,090 PNX PREF 4 1,011 1,035 1,038 1,038 1,038 1,038 10 10,380 PCOR PREF 2B 1,091 1,100 1,091 1,091 1,081 1,091 6,000 6,536,000 2,176,545 PCOR PREF 3A 1.61 2 2 2 2 2 8,000 16,000 SFI PREF SMC PREF 2C 78.7 78.75 78.8 78.8 78.7 78.7 14,950 1,177,255 76.3 78 77.75 78 77.75 78 13,400 1,044,500 SMC PREF 2E 78 79.5 79 79.5 79 79.5 15,570 1,236,915 975,465 SMC PREF 2F SMC PREF 2G 76.2 76.8 76.1 76.85 76.1 76.8 14,200 1,080,777.50 958,860.00 76.85 78.95 78.9 78.9 78.9 78.9 12,230 964,947 SMC PREF 2H 77.8 78.95 78.5 78.5 77.8 77.8 13,450 1,051,560 SMC PREF 2I 76.25 77 76.5 76.5 76.5 76.5 6,500 497,250 SMC PREF 2J 76.2 76.8 76.2 76.3 76.2 76.2 2,000 152,477 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.86 11.9 11.9 11.9 11.86 11.86 17,900 212,714 -59,320 7.04 7.05 6.97 7.05 6.8 7.04 455,000 3,167,264 -861,860 GMA HLDG PDR WARRANTS LR WARRANT 1.92 1.95 2.12 2.27 1.9 1.92 8,468,000 17,651,120 -81,610.00 SMALL & MEDIUM ENTERPRISES ALTUS PROP 22.7 23 24.5 24.55 22.6 22.7 677,700 15,699,415 314,615 2.78 2.8 2.83 2.87 2.77 2.79 892,000 2,502,170 13,550 ITALPINAS 5.8 6 5.9 5.9 5.8 5.8 45,100 262,190 52,200 KEPWEALTH 2.69 2.75 2.72 2.72 2.68 2.69 53,000 143,220 MAKATI FINANCE 6.11 6.12 6.47 6.48 6.1 6.12 32,221,700 201,290,213 6,865,304 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 104 104.5 104 104.5 104 104 9,220 960,031 205,992

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Banking&Finance BusinessMirror

Perspectives Uncertainty creates planning complexity

‘T

his too shall pass.” This sentiment seems particularly apt when talking about the disruptions the world has faced over the past year. Much like during other epoch-defining events (like the Second World War), the future of the world remains shrouded in a veil of deep fog. Planning for the future has never been more challenging. What we do know, however, is that the current disruption will pass; the fog will lift. What we do not know is the extent or permanency of the disruption’s impact. How will the way people travel and vacation change? Will they continue to avoid social interactions in favor of digital experiences? How must infrastructure adapt in order to support potential new ways of living and working? When building assets with lifecycles that span decades, this level of short to mid-term uncertainty and reduced forward visibility can be particularly challenging. Being able to understand user trends is important for making the right infrastructure investment decisions, but those trends are now in flux. And being able to distinguish the permanent changes from the transitory is not easy. We may all agree that we should `build back better’, but what exactly does that mean? And what investments will allow us to achieve that goal? In an effort to answer these questions, infrastructure planners have been considering a bewildering range of different scenarios on their long term planning (Transport for London, for example, agreed to a wide-ranging review of their future financial position and financial structures in return for nearly USD2.2 billion of subsidy from the UK Government in May 2020). Scenarios under consideration have ranged from the potential for a continued shift in the value proposition of cities (see Trend 2: Cities rethink their value proposition, for more on this) through to what might be required to support a remarkably strong rebound. The problem is that one scenario may suggest a reduction in mass transit investment while another will point to a return to previous demand trajectories requiring significant capacity enhancements. And both seem just as plausible. What do you do? The temptation may be to wait until more certainty can be found. But that will only exacerbate the infrastructure deficit and leave countries and jurisdictions with suboptimal infrastructure to support society and drive economic growth. Wait-

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

@joveemarie

HE House Committee on Banks and Financial Intermediaries has endorsed for plenary approval a measure giving the staterun Philippine Deposit Insurance Corp. (PDIC) the power to increase the maximum deposit insurance coverage (MDIC), which has stood at only up to P500,000 per depositor per bank. House Bill (HB) 8818 seeks to strengthen the regulatory framework of the PDIC and to “promote and safeguard the interests of the depositing public by providing insurance coverage on all insured deposits and helping maintain a sound and stable banking system.” The bill grants the PDIC the power to increase the MDIC to an amount indexed to inflation or other economic indicators, subject to review and/ or adjustment every three years. Through a series of acts of Congress, Makati City Rep. Luis N. Campos Jr., one of the authors of the bill, said the MDIC, which stood at P40,000 in 1984, has been increased three times to P100,000 in 1992; P250,000 in 2004; and, P500,000 in 2009. Banks pay for the compulsory insurance premiums to guarantee the MDIC, Campos explained. “The committee’s proposal, as contained in substitute HB 8818, is even better because the PDIC will now be allowed not just to initially raise the MDIC, but also periodically

Heed notices against fraud, group reminds consumers By Tyrone Jasper C. Piad @Tyronepiad

EVERAL business groups urged the public to be more vigilant when transacting online, reminding them to pay attention to notices and warnings by financial institutions about digital fraud. In a statement over the weekend, a number of business organizations told consumers anew to never share online credentials and one-time passwords, in addition to avoiding clicking on bogus websites. The consumers, at the same time, were also reminded that the financial institutions will never ask for such information as well. “We strongly urge the public to heed these notices and warnings not only for their sake but also to preserve the stability and trust in our financial system, which are so essential for our journey towards economic recovery and normalcy,” the joint statement read. The business groups were also pushing for an information drive

that can help the public secure their digital identity and information. “With proper education and assistance from both the public and private sectors, the public at large can strengthen their defenses against these cyber criminals,” they said. “It is also paramount that law enforcement agencies act swiftly in identifying, apprehending, and bringing these culprits to justice,” the statement noted. The groups urged the public and private sectors to work together in fighting cybercrimes in the financial system. The joint statement was released at a time when online financial transactions are on the rise amid the accelerated shift to digital platforms as a response to the lockdown measures

during this pandemic. With more digital usage, heightened activity by cyber criminals were observed as well, the business groups noted. The group said cybercrime incidents could involve an amount of up to $6 trillion this year and could further increase to $10.5 trillion annually by 2025, citing an unregistered company allegedly headquartered in Northport, New York, that calls itself “Cybersecurity Ventures.” According to the Philippine National Police Anti-Cyber Crime Group, there were 869 online scams recorded from March to September last year, which is 37 percent higher than the 633 incidents registered during the same period in 2019. Among the online scams are phishing, smishing and vishing, which target bank clients, credit card holders, online shopping and other users of digital financial services. The statement was signed by American Chamber of Commerce of The Philippines, Inc., Bankers Association of The Philippines, British Chamber of Commerce Philippines, Canadian Chamber of Commerce of The Philippines, Cebu Business Club, Cebu Leads Foundation. Chamber of Thrift Banks, CIBI Foundation, Inc., Credit Card Association of the Philippines, Financial Executives Institute of the Philippines, Fintech Alliance

PH, Fintech Philippines Association, Guild of Real Estate Entrepreneurs and Professionals, Inc. and Intellectual Property Association of the Philippine. Other signatories include Investment House Association of the Philippines, Makati Business Club, Management Association of the Philippines, Philippine Bar Association, Inc., Philippine Center for Entrepreneurship, Philippine Chamber of Commerce and Industry, Philippine Life Insurance Association, Procurement and Supply Institute of Asia, Rural Bankers Association of the Philippines, Shareholders’ Association of the Philippines and Tax Management Association of the Philippines. According to the Bangko Sentral ng Pilipinas (BSP), phishing incidents were the top cybersecurity concern for banks and financial institutions last year. The online scams, however, did not stop the consumers from completing transactions online, the Central Bank said. It noted that around 4 million digital accounts were opened through banks and non-bank electronic money issuers from March 17 to April 30 last year. Accounts opened per day averaged to 113,300 on April 16 to 30 last year, which showed a 39-percent increase from the previous month, it added.

3 million members stopped paying SSS contribution By Bernadette D. Nicolas @BNicolasBM

HE Social Security System (SSS) said an estimated 3 million members stopped paying contributions last year after temporarily or permanently losing their jobs when businesses closed after lockdown measures led to the tanking of the economy. The SSS added that “informal or voluntary members may try to prioritize spending for their immediate needs, such as food and shelter, as the ongoing Covid-19 pandemic has caused a lot of uncertainties.” Despite this, SSS President and CEO Aurora C. Ignacio urged members to continue paying their monthly contributions so as not to lose their benefits and privileges with the state fund which will help them in future contingencies. “We do not want these members to lose the privilege of availing other benefits from the SSS as a result of

Hike in maximum deposit insurance coverage sought By Jovee Marie N. dela Cruz

Monday, March 8, 2021

thereafter,” Campos said. “We are confident that once empowered, the PDIC will promptly enlarge and restore the MDIC’s full value of protection, considering the erosion of the peso’s purchasing power over the years,” he added. Under HB 8818, the state-run deposit insurer will become an attached agency of the Bangko Sentral ng Pilipinas (BSP). The bill also seeks to give the PDIC the power to issue rules and establish separate insurance funds and insurance arrangements or structures, taking into consideration the peculiar characteristics of Islamic banking and other deposit products as defined by the BSP. The bill also designates the PDIC as statutory receiver of BSP-supervised non-bank institutions with deposits or products covered by deposit insurance. The measure seeks to restrict the power to conduct bank examination to cases where there is a finding of fraud or unsafe or unsound banking related to deposit taking or a failure of corrective action, such action by PDIC is deemed appropriate and necessary by the BSP. It also clarifies the applicability of Repubic Act 7656 (Dividend Law) by defining what constitutes income from other sources. It also removes from the PDIC the power to issue cease-and-desist orders pertaining to depositrelated unsafe and unsound banking, which power shall be vested with the BSP.

this situation. We have to convince them to come back, this time as voluntary paying members,” Ignacio was quoted in a statement over the weekend. “We understand that times are difficult right now but continuing your membership with SSS is one of the most practical decisions that you can make for yourself and your family,” she added. “Consider your SSS contributions as savings for today and an investment for your future.” According to Ignacio, regularlypaying members are entitled to social security benefits provided they meet specific qualifying conditions set for each benefit eligibility. She said it is also essential that the member is updated in paying his contributions to apply for such benefits or loans. The state-run pension-fund manager administers two programs, namely the Social Security program, which covers sickness, maternity, disability, unemployment, retirement, funeral and death and the

employees compensation program for work-related injuries such as sickness, disability, death and funeral. For those who were involuntarily separated from employment, the SSS said they may resume payment of their monthly contributions as voluntary members by paying any amount they can afford to continue. Starting January, employed members are mandated under Republic Act 11199 (Social Security Act of 2018) to contribute 13 percent of the monthly salary credit, a 1-percentage point increase from the previous years’ 12 percent. With a monthly salary credit between P3,000 to P25,000, this amount will be shared between the employee and employer at 4.5 percent and 8.5 percent, respectively. For land-based overseas Filipino workers, the minimum monthly salary credit (MSC) is pegged at P8,250 for a monthly contribution of P1,040, although they may opt to pay a higher contribution amount to increase

Bank plans to continue pursuing digital initiatives

HE Philippine Savings Bank (PSBank) announced plans to further its digital initiatives this year after recording upticks in online transactions. “We will continue to pursue our digital transformation roadmap by delivering on what is relevant and simple for the customer,” PSBank President Jose Vicente L. Alde said in a recent disclosure. Last year, the thrift banking arm of the Metrobank Group noted that digital enrolments and utilization soared by 56 percent and 143 percent, respectively. PSBank, in a bid to promote digital payment adoption, also waived fees for interbank transfers via InstaPay and PESONet. Booking of time deposits via mobile and national standard compliant QR (quick response) code use for fund transfers were made available by the bank for its clients by mid-2020. “For the safety and convenience of loan customers, settlement of PSBank loans via InstaPay was also made available in the last quarter of the year,” the bank added. “We strengthened our digital platforms and made them reliable as the demand for digital banking services exponentially rose,” Alde said. The listed bank saw its net income plunge by 63.43 percent to P1.108 billion last year from P3.03 billion in 2019 as it took a conservative stance on credit provisioning. Loan loss buffer was increased by more than three times to P6.4 billion last year. Operating income before provisions increased by 31 percent to P7.45 billion while gross revenues climbed by 13 percent to P16.57 billion for the period. Net interest income grew by 21 percent to P13.75 billion last year, thanks to robust growth in low cost current and savings account (CASA) depotis and the decline in interest of term deposits. For the period, CASA deposits improved by 16 percent to P67.25 billion from P58.18 billion year-on-year. As of end-December 2020, total assets stood at P219.41 billion; as of end-2019, this stood at P224.91 billion. Tyrone Jasper C. Piad

their benefits. For non-working spouses, contribution will be based on the working spouse’s latest posted MSC, but in no case shall it be lower than P3,000. Self-employed members, however, must pay the full 13 percent contribution, based on their monthly earnings declared at the time of registration. Bills seeking to authorize the President to defer the scheduled increases in SSS contributions in times of national emergency have already been approved separately by the Senate and Lower House on third and final reading last month. But Ignacio has earlier warned that the temporary suspension of the members’ contribution increase this year will imperil the sustained benefit payments to members, rather than strengthen the SSS fund. She has disclosed that the SSS stands to lose over P41 billion if the scheduled increase in contribution rate for this year is suspended.

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WHEN YOUR EMPLOYEE DISCLOSES

A MENTAL HEALTH CONDITION

By Amy Gallo

HEN one of your direct reports has the courage to talk to you about a mental health condition, how you respond is critical. You want that employee to know you appreciate his sharing while also reassuring him that his job is not at risk.

Thank them for telling you

START off by acknowledging the effort it took for the employee to tell you. But don’t make it a big deal. Your goal should be to normalize the topic as much as possible. Greenwood says that even if this is the first time you’re having a conversation like this, they happen all

the time. “Your reaction shouldn’t convey, ‘This is a big serious issue,’ because that could increase their shame or fear about their future,” she says. Goldberg also cautions against being overly emotional. “You don’t want the employee to have to deal with your reaction,” she explains.

Listen

GIVE your employee the space to speak freely and tell you what he needs in terms of accommodations. Pay attention to your nonverbal cues. “If you’re acting skittish or uncomfortable, it’s discouraging for your employee because it sends a message that you don’t want to talk about it,” says Greenwood. Hold back from asking a ton of questions, especially ones that require that the person disclose more information than you need. Let your employee lead the way in how much he wants to tell you.

Offer support—but don’t overpromise

IT can be tempting to tell your employee that you’ll do whatever it takes to support him, but you want to tread carefully. Maybe your employee is just sharing the information to keep you in the loop, says Goldberg, and doesn't need you to make any adjustments. Don’t make assumptions. If the person asks for time off or changes to the work schedule, be careful not to overpromise. Feel free to take some

At the same time, you need to figure out what impact, if any, this will have on your team and its members' workload. What do you say right away? What questions do you ask? How do you decide what accommodations, if any, to make? It’s important to keep in mind that the employee likely had to overcome a lot of fear to talk with you about this topic. “The person has done something difficult and risky by raising this issue. In most cases, a tremendous amount of thought has gone into the decision,” says Kelly Greenwood, founder and CEO of Mind Share Partners, a nonprofit that focuses on changing the culture of workplace mental health. “The disclosure decision is complex,” says Susan Goldberg, core doctoral faculty member at Fielding Graduate University, and it depends on the individual’s personal situation, the particular employer and societal issues. How you handle such interactions is critical. The good news is that these can be productive conversations, as long as you follow a few pieces of advice:

time to process the information. Greenwood suggests you say something like, “Thank you so much for sharing. Let me take some time to digest and get back to you on X day.”

Don’t make it about you

IT’S possible that you or someone you’re close with has been through a similar experience to the one your employee has shared with you, but you shouldn't focus the conversation on you. Keep in mind that people are different in terms of how their condition shows up, says

Greenwood. That said, sometimes sharing a personal story can help to normalize the topic. If you have the kind of relationship with the employee where you share personal stories, just be sure that what you share is hopeful.

Maintain confidentiality

REASSURE the employee that you will make every effort to honor confidentiality but that you may need to speak with human resources. If the person is uncomfortable with that, says Greenwood,

it might be helpful to explain the reason for this, such as wanting to ensure that the employee gets legal protections and access to all the company’s resources and possible accommodations. Still, keep the information to yourself as much as possible. “It’s tempting to talk to others about it for your own emotional support—or to explain why you’re moving work around—but it’s not OK unless the employee expressly gives you permission to disclose,” says Greenwood. In some cases, the employee may give you

permission or even ask you to let others know. If they do, make sure that you are clear in any communication that the person has asked you to tell others. After the disclosure, you will want to consider ways in which you can help your employee take care of his mental health. Greenwood says it’s important for managers to know the difference between “accommodations,” which are formal exceptions to existing policies for a specific employee after a disclosure, and “adaptations,” which are proactive adjustments that can be made for everyone and are within the company’s policies, such as flexible hours. If you need to make accommodations for an employee, it’s critical to involve HR. Talk with the employee about how they would prefer you address any concerns that may be raised by other workers about potential changes to the schedule and workload shifts that may affect the team's operations. We’d all like to work for managers whom we feel comfortable talking to when we need help. Unfortunately, that’s not always the case. But you can make it more likely that people will come to you by being a role model. Greenwood emphasizes the importance of leaders and managers talking openly about their issues. “You don’t necessarily have to talk about your own mental health condition if you have one, but it could be about your child having a hard time sleeping, or concerns you have about burning out. You want to show that managers are fallible and human,” she says. Being vulnerable in this way gives people a small opening so they in turn feel more comfortable sharing. And, if you hold a powerful position in your organization, sharing your personal experience can go a long way toward demonstrating that it’s possible to succeed at the highest levels even if you have a mental health condition. Amy Gallo is a contributing editor at Harvard Business Review.

Making the hybrid workplace fair

By Mark Mortensen & Martine Haas

HE pandemic has upended much about the way we work. What comes next is neither the death of the office nor a return to the way things were. Instead, our new reality will be a hybrid: Some employees will be in the same physical space, while others will work remotely. Hybrid working arrangements promise organizations the benefits of remote working (increased flexibility, a reduced carbon footprint, labor-cost optimization and increased employee satisfaction) along with the critical strengths of traditional, co-located work (smoother coordination, informal networking, stronger cultural socialization, greater creativity and face-to-face collaboration). But such arrangements will inevitably create power differentials within teams that can damage relationships, impede effective collaboration and ultimately reduce performance. Hybrid work arrangements mean that employees will have different access to resources and different levels of visibility — both key sources of power and influence. Employees in the office have ready

and quick access to technology and infrastructure to support their work. They tend to have faster and easier access to information, and that information tends to be more current, which provides them with an edge when it comes to facing the rapid changes of today’s work environment. Being in the office also provides workers with access to the emotional support provided by peers. In contrast, employees who work remotely often find that their weaker technological setup and infrastructure (slow connections, inability to access certain resources from home, a less sophisticated home office setup) makes it more difficult to demonstrate competence. Not being present for informal interactions leaves remote workers feeling out of the loop. Being remote may also lead employees to feel more isolated and lacking in the relationships and connections that provide social support. A person's visibility, or the ability to be seen by those in power, is also shaped by an employee’s location. Working in the same space as their boss increases the likelihood that employees’ efforts and actions will be recognized. Employees who are seen in the hallways are likely to come to mind when it’s time to

staff an important new project, and their actions on that project are likely to be recognized, resulting in credit for a job well done. Even if the boss is working remotely, when an employee is based in the office, it increases the likelihood that person's actions will be seen by others and reported to the boss. When working remotely, no one sees the late nights or early mornings employees are working to deliver on their obligations. Credit for a collective output is likely to be unevenly attributed most to those who are there in the office and more visible. Managers are also confronted with challenges in hybrid settings. While employees need to ensure that they’re visible to their managers and can access the resources they need for their work, managers need to make sure that they stay informed about what their employees are doing and facilitate their access to those resources. Managers who are colocated with their employees tend to have more information about what and how those employees are doing, while managers who work remotely and are far from their employees may feel like they’re operating in the dark. In short, hybrid work models are

a real threat to fairness. Here are four ways managers can address manage the structurally inevitable differences in power that arise in a hybrid environment: n Track and communicate: Create an accurate map of your team’s “hybrid configuration”: who is working where, and when. Once you’ve mapped this out, you need to have a conversation with the individual employees to bring to the surface the challenges they face and discuss what you can do to overcome them. Always bear in mind that your employees’ resource access depends on their location, and their visibility depends on their location relative to you. n Design: While some degree of power imbalance is structurally inevitable in a hybrid team, when necessary and possible managers should intervene to redistribute power by shifting access to resources and visibility levels. Policies and procedures should also be revisited regularly to ensure they don’t provide an unfair advantage based on the power imbalance—such as when key performance indicators don’t align with resource accessibility or evaluations don’t account for differences in visibility levels.

n Educate: Many issues don't arise solely from hybrid work arrangements; the real problem is the lack of awareness of the power imbalances it creates. To effectively manage in hybrid environments, managers must promote awareness of the issues in question and educate employees and themselves on how to avoid bias. Particularly important is establishing a culture of psychological safety and trust. n Monitor: With this understanding in mind, it’s important that managers keep an eye out for key intervention moments. Through our discussions with executives, we’ve identified a number of key opportunities to address the potential challenges of hybrid work as far as power dynamics are concerned:

1. Performance reviews and evaluations

MANAGERS must remain acutely aware of how hybrid work arrangements create an imbalance in relations to employees’ access to resources and visibility levels. Performance evaluations present an opportunity for managers and employees to review and discuss imbalances and how to address them going forward.

2. Team launches

HYBRID teams start with team members who are not on the same footing. Team launches are an opportunity for managers and team members to recognize, acknowledge and discuss power differences and to decide how collectively to manage them.

3. Onboarding

HOW can managers bring people into the organization when not everyone can physically come to the office? How can they put their new remote hires on a comparable footing to those who are brought into a face-to-face office environment? The effect of hybrid work models on group dynamics needs to be incorporated into onboarding sessions and discussions. For companies to reap the many benefits of hybrid working, managers must be aware of the power dynamics at play. It’s critical that they develop an understanding of them and take steps to level the playing field for their teams. Mark Mortensen is an associate professor of organizational behaviour at INSEAD. Martine Haas is the Lauder chair professor of management at the Wharton School.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, March 8, 2021

Rocky Gathercole: A radical career Fontanilla discloses. “I will miss our everyday phone calls at night. I will miss seeing how he created things. I will miss insulting that bitch! [Laughs]. I’ll miss his advice most especially!” The Miss Universe Organization’s head of fashion, Albert Andrada, tapped Gathercole to create our rep Rabiya Mateo’s national costume. Fontanilla says that he saw the daily progression of the piece. “It can still be finished. It’s like nothing that we have ever seen in a national costume design,” he professes. “As a designer, nobody can question his talent. Undeniably in a league of his own. He had no formal fashion design training like me. We were educated by real experiences in creating dresses. Trial and error, so to speak,” Fontanilla adds. Cajucom concurs. “What I admire most in Rocky is tenacity. You take a look at his creations and you are astounded by the large amount of patience entailed to achieve such high level of precision in design and execution, and the unending supply of very wellcurated components and materials to come up with such superb visions meant to stun and entertain.” n

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N a very Rocky Gathercole way, his worldly exit is similar to his otherworldly designs—pasabog! Explosive news of his sudden passing on March 3 sent shock waves throughout a fashion scene still reeling from tremendous losses in 2020, both in lives and livelihood. Filipino designers Rholand Roxas, Ito Curata, Arnold Galang, Lord Maturan and Jeffrey Rogador, and foreign designers Kenzo, Kansai Yamamoto and Pierre Cardin all bid us farewell last year. Gathercole, 54, died at his home/atelier in Quezon City, most likely from heart failure. He is survived by his mother and his son, Andre Matthew. Hours before his passing, Gathercole posted a teaser photo of an acid-green dress meant for Lady Gaga. Through his Hollywood connection, the For the Stars Fashion House, the avant-garde designer has dressed—repeatedly—the most number of international celebrities of any Filipino designer. The illustrious list include Jennifer Lopez, Toni Braxton, Britney Spears, Mel B, Paris Hilton, Ashanti, Cardi B, Megan Thee Stallion, Thalia, Mya, Bebe Rexha, Gwen Stefani, Katy Perry, Nicki Minaj, Lele Pons, Laganja Estranja, Blac Chyna, Gigi Gorgeous, Valentina, Carrie Underwood, Jason Derulo and Tyra Banks. Locally, he fawned over Lani Misalucha, Maricel Soriano and his biggest idol—Sharon Cuneta. Gathercole’s radical, hard-edged, futuristic aesthetic was heavily influenced by Thierry Mugler. He also idolized a kindred predecessor, Steve de Leon. But he was most vocal about his admiration for Tony Cajucom, who unknowingly sparked his interest in clothing design. “Of course I was flattered by Rocky’s admiration for my past work. He said he was 11 years old when he watched the Regal Films launching movie of Alma Moreno and was excited by the scene where Alma was wearing a pearl-encrusted bikini and cape,” Cajucom recalls. “We were no fan of Alma and raket lang our involvement as Regal Films paid on time. It was ironic that this film that we were not so proud of inspired Rocky in a way that he said, ‘Kinabahan ako at na-excite sa visuals ng pearl costume.’ That humbled me in a way, and felt gratitude that an insignificant effort on my part helped draw out the potential in a person.” During my initial attempts to interview Gathercole, I would implore the help of Fanny Serrano. Gathercole considered Tita Fanny his industry “mother.” When I asked the makeup mogul/ fashion designer for his thoughts, he was still processing his grief. Instead, he shared a photo of his and Gathercole’s first meeting. “I felt agad his love for me even if it was the first time we saw each other...at super happy s’ya na sa Dubai pa n’ya ako na-meet, na super fanatic ko daw s’ya...at hindi na sya humiwalay sa akin the whole day at sinamahan n’ya akong mamili ng mga tela sa parang Divisoria nila sa Dubai...at s’ya ang nakikipag-away sa mga tinderong Arabo sa pag-hingi n’ya ng discount sa mga presyo nila sa akin,” Tita Fanny reminisces. Gathercole, who was a stowaway at 14, was busy preparing for shows abroad. Rising designer Richie Bondoc, one of his “anaks,” tells me: “Last Monday [March 1], almost three hours kami mag-kausap. Sabi n’ya sa akin umpisahan ko na collection ko for Los Angeles and Phoenix Fashion Weeks. Nami-miss na n’ya daw mag show sa America. I remember last time namin nag-

Dolce&Gabbana seeks over $600-M damages from 2 U.S. bloggers

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show sa America, para ko s’yang stage mother na lagi nakaalalay, nagtsi-check ng collection ko. But hindi n’ya pinapakialaman ang mga designs ko. Gusto n’ya ako mismo maka-discover ng talent ko at matuto kung ano pa dapat ko i-improve, basta nasa tabi ko lang daw s’ya. He was so proud of me lalo na after my show sa Phoenix Fashion Week. Magiging mas magaling ako dahil babaunin ko lahat ng itinuro n’ya sa akin. As a fashion designer, he is my Rock na hindi magigiba.” Another of his protegees, now London-based designer Jugger Onate, testifies: “You will always be one of the Filipino fashion designers who have truly inspired me, and have not been shy in giving or leading young designers like me to work harder and dream bigger. Your multitude of guidance and pieces of advice will linger on. You will be missed but will never be forgotten as you left an indelible mark in my heart and in the opportunities you gave me that I am truly enjoying till now. You will always be loved. You are at peace now.” Outspoken and feisty, Gathercole found a “soul

sister” in another fashion designer, Albert Gonzales Fontanilla. They both started working in the Middle East in the early 1990s but only became closer when they returned to the country in the 2010s. “Rocky was a very ‘complicated’ person. His projected personality was most often than not misinterpreted. You had to know him personally to understand the enigma that he was. And it was so difficult to be that ‘close’ to him. People may take his being ‘accommodating/patronizing’ as a welcome sign but his ‘walls’ were not that easy to penetrate. Maybe because of his life experiences, trusting people was almost not in his vocabulary. He doubted a lot, sometimes even himself,” shares Fontanilla, who’s the only designer with exclusive access to Gathercole’s workshop. Since his aneurysm episode before his Bantay-Bata anniversary show for ABS-CBN in 2017, Gathercole’s health had always been erratic. “He takes a number of meds every day. Heart problems are his main concern. He accepted the fact that he’s a ‘ticking time bomb,’”

New face tint has skin-friendly ingredients and sunscreen AS a morena, finding affordable and shade-appropriate face bases from Filipino brands is always a challenge. Through the years and after many face bases, my face has alternately been too white, ashy, uncomfortably sticky or too dark to the point of being murky. But I haven’t given up. Some of the face bases I have tried have come so close to being good except for the shades and undertones. But I will honestly try anything once, so when I was sent the new Active Skin Tint and Weightless Loose Powder from Filipino brand Issy & Co.’s Skin On The Go collection, I didn’t hesitate to try the first one right away. Skin minimalism is the inspiration behind the two new face bases, which contain skin-loving ingredients. They were finally launched last week after two years in development. I’ve heard so many good things about Issy & Co. from beauty editors. A friend said the brand’s formulas are mostly hits. Active Skin Tint is packed with actives that are favorites of skin-care enthusiasts. It has Niacinamide or vitamin B3 that has anti-inflammatory properties,

helping to reduce pore appearance, improve skin texture and control sebum production. Glycerin, a humectant, is another ingredient. This works by drawing water from the air or from the lower layers of the skin into the surface to achieve hydration. Another ingredient is Squalene, an emollient that helps make skin smoother. Active Skin Tint has Broad Spectrum UVB/UVA SPF 35 sunscreen and is vegan, cruelty-free, glutenfree, preservative-safe and dermatologist-tested. The oil-free skin tint dries to a powdery and satin

finish. The coverage is very light but you can build it up to medium. “Skinimalism goes back to an appreciation of what’s natural—skin texture, visible pores, and imperfections—because these are all a part of you! And so we came up with products to celebrate that,” said Joel Andrade, Issy & Co. creative director. Active Skin Tint comes in six adaptable shades – Vanillé, Fawn, Beech, Hazel, Sienna and Brûlée. I initially thought my shade was Beech but it turns out Hazel was the perfect match. I gave a friend a sample of Sienna and she liked it after trying it twice. She is now considering buying a tube. So what do I think of it? I like it because of the ingredients. Also, I appreciate that they did the colors well. Hazel is really a medium and warm-toned shade. No sign of being gray and/or ashy. I have yet to try the Weightless Loose Powder. I’m going to try that this week. The skin tint is priced at P499 (the brand tested it and said it would last three months with 180 to 190 pumps) and the powder sells for P349. They’re available at Issy & Co.’s Lazada store.

MILAN—The Milan fashion house Dolce&Gabbana has filed a defamation suit in an Italian court seeking over $600 million in damages from two US fashion bloggers who reposted antiAsian comments attributed to one of the designers that led to a boycott by Asian consumers. The suit was filed in Milan civil court in 2019 but only became public this week when the bloggers posted about it on their Instagram account, Diet Prada. Their feed is widely followed in the fashion world for its cutting commentary on unoriginality in designs and on social issues. “This whole case is a way of trying to silence Diet Prada, and to silence Tony [Liu] and Lindsay [Schuyler] personally,’’ said Susan Scafidi, director of the Fashion Law Institute at Fordham Law School, which is coordinating the bloggers’ defense. Lawyers for Dolce&Gabbana reached by the AP declined to comment on the case. The case dates back to November 2018, when Dolce&Gabbana faced a boycott in Asia after outrage over what were seen as culturally insensitive videos promoting a major runway show in Shanghai and subsequent posts of insulting comments in a private Instagram chat. The show was canceled in the backlash, which included retailers pulling Dolce&Gabbana merchandise and Asian VIPs disavowing the brand. Designers Domenico Dolce and Stefano Gabbana initially said that Gabbana’s account had been hacked. The two later appeared in a video apologizing to the Chinese people. “A public apology and a quiet lawsuit really cancel each other out in my mind,’’ Scafidi told The Associated Press on Saturday. Italian defense attorneys filed a brief this week in Milan civil court, arguing that Italy is not the correct venue for the case, given that the blog is produced in the United States and the alleged damages occurred in Asia. The fashion house is seeking damages totaling more than half a billion euros, Scafidi said. She said the fashion house is seeking €450 million spent to restore brand image since 2018 and damages of €3 million for the company and 1 million for Gabbana, to whom the remarks were attributed. The suit also seeks more than €8.6 million for the cancellation of the Shanghai show, another €8.6 million for staff expenditures and €89.6 million for lost Asian sales from November 2018 to March 2019. Since going public, Diet Prada, which has over 2.5 million Instagram followers, has raised more than $38,000 for its defense. In a statement, Liu and Schuyler both said they would not allow their platform, which has also been vocal about the #MeToo movement, Black Lives Matter and recent attacks on Asians in the United States, to be silenced by lawsuits. “Diet Prada will continue to be a platform to elevate these crucial issues,” Liu said. Schuyler called on “public figures and brands to respond to public opinion and media critiques with progressive action, not lawsuits.” AP

❶ NICKI MINAJ, photographed by @sanchezzalba (Albert Sanchez and Pedro Zalba, 2020)

❷

ROCKY GATHERCOLE, photographed by Ahleks Fusilero (2017)

B6 Monday, March 8, 2021

The Unilever Topic Competition: Sustainable Livelihoods in a Post-Pandemic Environment

Philippine’s beauty product line takes global center stage via HSN

ILIPINO beauty product Pili Ani debuted on the American Home Shopping Network (HSN), marking a milestone first for the Philippines. The Pili Ani brand uses Bicol region’s prized tree, the pili, in its beauty products, harvesting and creating two very special oils sustainably sourced from the Pili tree: Pili and Elemi Oils. The Philippine pioneer for sustainable beauty traces its roots deeply ingrained in local organic farming. Mother and daughter tandemfounder Rosalina Tan and Mary Jane Tan-Ong shared the company’s HSN experience in a virtual roundtable with local media including BusinessMirror. Ong went live on the largest home shopping network in the US on February 24, 2021, at 10 PM (Philippine Standard Time) to talk about the products main ingredients. “I feel that through HSN we were able to effectively share with viewers the wonders of two amazing oils—Pili and Elemi—sourced from one tree, the pili tree which is endemic in Bicol region. There is no other source quite like it,” Pili ani visionary Ong said. The Filipino product was launched in 2018 at the Las Vegas Cosmoprof Show to positive feedbacks and went into talks with buyers from HSN, Nordstrom, Credo, Saks Fifth. The global market began to take notice of Pili Ani’s potent, all-natural skincare formulations. They were featured on Good Morning America, Pop Sugar, and the HuffPost. Pili Ani was also spotted during New York Fashion Week, establishing its place as a cult beauty favorite among those in the know. But it took three years

ROSALINA Tan, Founder & Mary Jane Tan Ong, CEO of Pili Ani and the coronavirus pandemic to finally launch Pili Ani on HSN. Ong added that success on HSN will mean more opportunities for the farmers and artisans working behind the Pili Ani products. “This brand and milestone are not just for the company and the farmers. It is also something that we hope the country can be proud of,” Ong shared. For years now, Elemi oils extracted from the Pili tree have been used by luxury beauty giants for their lifting creams. When Pili Ani launched, this unique ingredient became more readily available and accessible to a larger consumer base. Here is the link on Pili Ani's episode on HSN: https://drive.google.com/file/d/1 jNBLMqKUxMnUJ9CKmU4U9We4mZ8O FYDf/view?usp=sharing Pili Ani means “The Chosen Harvest.” A company built for the community,

Pili Ani considers itself a small Filipino skincare brand that just wants to make a difference: to uplift and build local farmer communities in Bicol. Touted as the ‘stress-loving tree,’ the magnificent Pili Tree bears even more fruit after every typhoon. All that she bears is what gives life to the province and its multitude of farmers and their families who rely on her generosity to make a life for themselves. That’s why the pili is also referred to as the Chosen Tree. Mrs. Tan has long been a pioneer of organic farming in the Philippines. She has also always been an advocate for ethical and sustainable practices in the agriculture industry and has made it her mission to educate the local farming community. She originally started buying Pili oil to support local farmers, then came across its benefits while experimenting with creating her own beauty products.

New normal marketing solutions from Digitalinnov

DIGITALINNOV CEO Milo Sandig

HE challenges brought by the pandemic only strengthened the resolve of Digitalinnov Inc., a young but dynamically thriving company that provides top-of-the-line digital marketing solutions. Embracing the reality that a business should quickly adapt to the changes that had come with the lockdowns and layoffs, it has kept its good streak as it continuously exemplifies the essence of success in the new normal. With its customer-centric approach to building businesses and brands, Digitalinnov has led in the way of delivering effective digital marketing tailored to the needs and targets of its high-profile clients. “We are positioning Digitalinnov as a one-stop shop for any of our clients’ digital needs, like in graphic design content, website development, and UI design,” said Digitalinnov CEO Milo Sandig who put up the tech-powered company in 2017. Being true to the marriage of two keywords that formed its name,

Digitalinnov has taken the art of marketing beyond traditional approach and expertly digs into the interests of a client’s audience in strategizing solutions. It has in its arsenal a strong team of SEO professionals, social media experts, skilled content writers, talented graphic designers, and topnotch digital marketing strategists. Given the situation the business community is in relatively a year after the declaration of a pandemic, the company is among the players in the tech industry that legitimately arose from it. With an open mind and world-class approach to solving modern corporate problems, it naturally managed to shine when numerous companies searched for reputable groups to supply their digital needs and dealt with the transition, in the words of Sandig, “from being a brick-and-mortar shop to having a strong digital presence.” Some of the services being provided by Digitalinnov includes YouTube

optimization, digital branding, social media marketing, and penetration testing. Its clientele boasts a who’s who of big brands in the market such as BMW, Nissan, Honda, RCBC, Isuzu, Fujifilm, Philippine Sports Commission, Mapua University, among others. Sandig noted, “There’s a crazy influx of clients and inquiries as everyone really sees that having a good digital footprint is a necessity for their businesses to survive this pandemic.” The fact that Digitalinnov offers an array of services addressing a client’s digital needs makes them a sought-after marketing engine that treats the work at hand in a simple and enjoyable way. Sandig himself is a figure ripe to lead a group to instill proper innovations in the marketing field. For one he’s blessed to have toured around the world, especially in the socalled first world countries. Back in 2015 he had experienced freelancing for multinational advertising firms, and then completed a post-graduate degree in digital marketing from Oxford University three years later. Last year, he finished a significant online course in digital strategies from Yale University. It’s a plus that Sandig takes pride in the potential of the Filipino in the realms of digitalization. He explained, “The Philippines has a great potential when it comes to digital. Data sources have hailed us for being among the highest users of social media in the world. When I went to tech giants in the Silicon Valley, you’d be proud that Filipinos are doing well. It’s our kababayans who are running the show when you look at tech firms in Singapore, Hong Kong, in Europe, and in the US. We have the right people to position our country as a tech powerhouse in the world. All it takes is a strong eco-system within companies that works hand in hand.” Digitalinnov’s key to success lies in its strong push in targeting a client’s right audience for investment returns. Thanks to a mindset that values success and joy by determining one’s purpose.

N its sixth year of collaboration between Enactus Philippines and Unilever, the Unilever Topic Competition (UTC) on Sustainable Livelihoods was designed to recognize and reward Enactus Philippines teams who create and deliver programs that are aligned with the Unilever Sustainable Living Plan (USLP), which is the company’s guiding principle in aiming to grow the business while increasing positive social impact. This competition encourages teams to work on new or existing Enactus projects in a way that creates holistic solutions to improving people’s livelihoods. This year, Unilever Philippines is taking this competition a notch higher by challenging the participating teams to ensure that the livelihood programs are relevant to our post-COVID-19 environment. This is in line with Unilever’s thrust of providing livelihood in the most vulnerable communities. The participating teams should focus on following aspects: 1) consideration on the health and wellbeing, hygiene and safety, and food security of the community 2) importance of in-home use and consumption of resources, and 3) utilization of digital technology in executing and advocating for their programs.

“We remain committed to rebuilding livelihoods and communities during these times – we count Enactus Philippines as a trusted partner and platform for young minds to contribute their winning ideas. Together with the participants and Enactus, we can continue the journey to make sustainable living commonplace to all Filipinos,” shares Ed Sunico, Vice President for Communications - Southeast Asia, Unilever. UTC is exclusive for all Enactus teams with programs that address the COVID-19 pandemic and projects that improve health, well-being, and the lives of people post COVID-19 pandemic. The projects may be new or underway/continuing, but must have outcomes completed from January-March 2021. All entries will be jointly reviewed by Enactus Philippines and Unilever Philippines. Five (5) teams will be shortlisted and will advance to the Final Round of Competition, which will be announced on March 12, 2021. Enactus Philippines Chairman Jose P. Leviste, Jr. believes that the UTC is both timely and relevant and would provide Enactus teams an opportunity to help address the COVID-19 pandemic in their respective communities through the power of entrepreneurship and innovation.

JRS EXPRESS partnership with Isuzu Philippines. JRS Express Philippines, the country’s pioneering and dependable courier continues to celebrate its partnership with Isuzu Philippines in providing its customers express delivery and logistic services nationwide. Present during the signing of MOA are (from left to right): JRS Executive: Jose Jaime P. Claparols, Marketing Consultant; Jose Alejandro P. Claparols, Business Development Officer. Antonio M. Claparols, President & CEO. Isuzu Philippines Officers: Hajime Koso, President; Alex Paguio, Chief Operating Officer; Eric Wambangco, Branch Manager.

PPO stages virtual pocket performances in March

HE Philippine Philharmonic Orchestra stages its next series of online concerts billed as The PPO Spotlight: Virtual Pocket Performances to be streamed on March 5 and March 19, 2021 at 8pm, Friday through the Cultural Center of the Philippines’ Website. Program for the March 5 concert, which focuses on Movie Themes, features the following pieces such as “What A Wonderful World” by Bob Thiele and George David Weiss to be played by Edgardo Silangcruz (Flute), “Pie Jesu” by Andrew Lloyd Webber to be performed by Ma. Angelica Uson (Violin)

and Glober Calambro (Trumpet); “Bella Ciao – Italian Protest Song” to be rendered by Hernan Manalastas (Clarinet), Edwin Matias (Trumpet), Ramon Alcantara (French Horn) and Arnel Jacinto (Contrabass); “Moon River” by Henry Mancini and Johnny Mercer to be interpreted by Ayesa Cruz (Violin) and Madeline Jane Banta (Harp). The PPO Online Pocket Performance Series, which runs from February to July 2021, is a program of the Philippine Philharmonic Orchestra that can be viewed from the PPO FB page and the CCP YouTube as platforms.

GBP, GT Foundation donate school buildings

UNVEILING the commemorative plaque marking the inauguration of the GTFI-CEDC building at North City Central School are (from left) Hon. Amuerfino Perales, Head of the Committee on Education of Toledo; Toledo City Mayor Marjorie “Joie” Perales; Engr. Leah Diaz, GBP First Vice President–Cebu Operations; and Dr. Michaelangelo Sauro, DepEd Toledo Asst. Schools Division Superintendent.

NDEPENDENT power producer Global Business Power Corporation (GBP), through subsidiaries Panay Energy Development Corporation (PEDC) and Cebu Energy Development Corporation (CEDC), has partnered with the GT Foundation, Inc. (GTFI) to donate school buildings in the City of Iloilo and Toledo City in Cebu. PEDC and GTFI constructed a two-classroom building at NJ Ingore Elementary School in Barangay Ingore, La Paz, Iloilo City. CEDC and GTFI, meanwhile, erected a similar twoclassroom building at North City Central School (NCCS) in Toledo City, Cebu. The donations were aimed to address increasing enrollment and improve learning conditions

of the said public elementary schools. Each donated classroom can accommodate up to 40 people and comes completely furnished with desks, student chairs, teacher’s tables, cabinets, electric fans and even a SMART TV – ready to welcome back the students of NJ Ingore and NCCS in the near future once face-toface classes resume. The buildings also have comfort rooms installed for convenience of the pupils and teachers. Due to the ongoing COVID-19 pandemic, the classrooms are currently being used by the assigned teachers as a work station to prepare modules and other materials for the students learning from home.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, March 8, 2021 B7

The coronavirus chronicles:

What’s in store in a brave new world

PR Matters By Millie F. Dizon

HE start of the new year with a vaccine has filled many of us with optimism. But we have learned from 2020 to expect surprises, as even the most carefully laid out plans can be overtaken by unexpected events. “Covid-19 created the perfect storm for widespread changes and innovation,” says Joel Comm in his Inc.com article 4 Predictions for a Post Pandemic World in 2021 and Beyond. “These changes will create a whole new world in 2021.” This means things will never be the same. “Even when vaccines become widely available, many people will still want to continue working, shopping, and learning online,” says Comm. “Businesses are going to see a shift in consumer behavior.” With that, “this brave new world will create a host of new opportunities and challenges.” Here are four things Comm predicts in this brave new world.

1. Fraudsters will capitalize on the shift to digital

Lately, we have been deluged by banks and other institutions with warnings about fraud with some tips on how to handle them. This is not

presents three female business owners growing their businesses on the platform. Analyn Sagales, Shiela Reyes-Lao, and Gina Aloush share what prompted them to open an online business:

n Brand & Business: Shopee recognizes three women entrepreneurs making a difference in e-commerce

MANILA, PHILIPPINES—Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, celebrates International Women’s Day by recognizing three female entrepreneurs who continue to challenge boundaries, pursue their dreams, and carve their paths to success. This year’s theme for International Women’s Day (IWD) is #ChooseToChallenge, and it mirrors Shopee’s belief that women sellers can carve their paths to success in ecommerce. Shopee supports sellers through initiatives such as E-TAAS ang Pilipinong MSMEs Integrated Digital Marketing Training Program in partnership with the United States Agency for International Development (USAID). Martin Yu, director at Shopee Philippine, said, “This International Women’s Day, we are proud to recognize women entrepreneurs who are pursuing their dreams and making a difference to our communities through their businesses. In line with our efforts to make ecommerce for everyone, we provide aspiring entrepreneurs with an environment to succeed with us. We are glad to see many women succeeding on Shopee and encourage aspiring female entrepreneurs to do the same. ” As more micro, small and medium entrepreneurs go digital, Shopee

Analyn Sagales of Jas Healthy Mixed Products

For Analyn Sagales, what started as a hobby turned into a business that helped her support her family. She first introduced her products to friends and colleagues at work. During the pandemic, her business increased in sales as more people turned to online platforms for their needs. Her story serves as an inspiration to others to do what makes them happy. “I can convert my passion for farming to promoting personal and family health through selling organic herb teas and soaps. It’s never too late to start something new, regardless of your age, gender, and status in life.”

Shiela Reyes-Lao of 130 Cacao Culture Farms

To help cacao farmers and provide jobs to the women in the community, Shiela Reyes-Lao established 130 Cacao Culture Farms back in 2016. Her interest in agriculture, combined with her love for chocolates, prompted her to bring her business to Shopee. Despite the many challenges, her determination led to success. “As a female entrepreneur, it’s a challenge to balance work and our personal lives, so I took it as my responsibility to create a workplace culture that is flexible and helps other women thrive. Through Shopee, I can expand my horizons and help others,” she said. “I also

to be taken lightly as fraud has become very real during the pandemic. In his article, Comm notes that “with so many businesses scrambling to bring their offerings online during the pandemic, it created a host of vulnerabilities for criminals to exploit.” He cites a Federal Trade Commission report that a Covidrelated scam that started in social media cost consumers $117million in the first six months of 2020. And with fraudsters getting more creative, “the volume of scams is expected to increase.” In its 2021 Future of Fraud forecast, Experian predicted that “this year’s scams will run the gamut from standard fraud to convincing deep fakes. They talk about “Frankenstein IDs,” a new method of bypassing facial recognition technology that allows scammers to piece together facial characteristics to create an entirely new identity. Truly scary! But in response, “the company has rolled-out a bevy of fraud-prevention solutions for businesses. Its tools saved clients $10 billion in fraud losses last year.”

2. Many will opt to stay remote

The pandemic “forced the larg-

believe in continuing education, so we provide our team members and the women in our community the opportunities they need to develop and learn new skills.”

Gina Aloush of Habbe Tailoring Shop

Gina Aloush transformed her passion for protecting the environment into a business on Shopee, going from a hobbyist to a full-time environmental entrepreneur and advocate. Sensing the chance to educate others about the environment through eco-friendly products, she opened Habbe Tailoring Shop on Shopee in 2019. Today, she sees steady traffic and sales on Shopee while continuing to upgrade her digital skills and bring her store to new heights. “I used to dream of having a business that not only gives me financial freedom but also the opportunity to make a difference. I want to use this business as a channel to help other people and our planet. I consider myself an advocate for the environment and want to sell products that will help conserve Mother Earth’s health and beauty.” With the help of Shopee’s robust ecosystem, continually improving in-app features, and convenient digital payment services such as ShopeePay, women sellers like Analyn, Shiela, and Gina can continue to reach a broader target audience and grow their online businesses this 2021.

International women’s day fair

On March 8, users can enjoy up to 90 percent off on skin-care items, makeup, women’s apparel, and maternity products. Shoppers can also look forward to shop vouchers

est mass exodus from offices and schools the world has ever seen,” says Comm. And with that, whole new lifestyles. Working from home arrangements became the norm for many companies and a way of life for many in the work force. And while many have already returned to the workplace, “companies such as Facebook, Google, and Zillow have announced that they are preparing for permanent remote work.” Much to many parents’ relief, virtual school won’t be permanent—not at least for young children. But even when the vaccine is available, Comm predicts that the “remote learning trend could continue into 2022 and beyond. According to a recent report more than 50 percent of college students now prefer online classes because of their flexibility. This could lead to a surge in students enrolling in hybrid or fully online programs.”

3. Businesses built on digital will thrive

While most businesses will admit that 2020 was a challenging year, there were those that nevertheless boomed in the new normal. All of

and amazing deals from brands such as Maybelline, L’Oreal Paris, Sanofi Aventis, and fashion brands like Zanzea and Vonda. To know more about the International Women’s Day Fair, visit https:// shopee.ph/m/international-womensday-fair. Download the Shopee app for free via the App Store or Google Play.

n Brand & Business: Reebok celebrates individuality in latest collection for International Women’s Day

INDIA—Reebok unveils its latest It’s A Man’s World campaign brought to life by MADWOMEN, an all-female creative collective. The campaign features two collections comprised of six iconic sneakers— Club C Double, Classic Leather Ripple, Instapump Fury, Kamikaze Low, Legacy 83 and Zig Kinetica II – to celebrate every individual style. “Each installation of the It’s A Man’s World campaign has been dedicated to celebrating female trailblazers,” said Caroline Machen, VP of Global Marketing. “We are thrilled to be continuing this legacy by working with MADWOMEN, an organization dedicated to changing the ways we think and redefining the perspective of women in the creative industries.” The first collection in this It’s A Man’s World campaign features all six silhouettes with a mixture of color and materials that represent how the different facets of her come together to create something beautiful. These bold, colorful elements pay tribute to her commitment to be her unique individual self, regardless of traditional labels. The second collection further

them were digital. Video games saw a huge surge, as did the online fitness industry. Fitness app Daily Burn saw a 268-percent year-over-year increase in membership; while Peloton’s stock soared more than 400 percent. Comm projects that “gaming, interactive fitness, streaming TV, and telehealth are just a few of the digital-based businesses that will thrive in 2021 and beyond.”

4. Remote work will create new hub cities

With so many people now working remotely, Comm sees companies relocating to midsize cities to take advantage of cost savings and financial initiatives. We are seeing an exodus from Silicon Valley. Oracle recently announced it is moving its headquarters to Austin, Texas; while costsavings attracted IBM and Apple to Raleigh, North Carolina. “Post pandemic, people will be eager to take advantage of big city amenities like nightlife and entertainment,” explains Comm, “but they also want to get more for their dollar.” That is why it is said that many financial service companies are re-

amplifies her individuality by featuring footwear appearing in a neutral toned color palette. The simplicity of the design offers a clean slate on which to emphasize her own uniqueness while the neutral tones create a platform to highlight the wearer’s presence and power, shining a light on her inner and outer beauty. The complete It’s A Man’s World campaign is accompanied by content featuring three individuals from MADWOMEN. All three contributors featured are based in Berlin and include Isi Ahmed (@ isiqu), a model and stylist; Aennikin (@aennikin), a makeup artist and photographer and Elli Drake (@ellidrake), a freelance fashion stylist who styled the It’s A Man’s World campaign shoot. The first collection will be globally available beginning March 8th and the second collection will be globally available beginning April 1st, both on Reebok.com starting at The It’s a Man’s World collection is available beginning 8th March at select Reebok stores and online at shop4reebok.com, Veg Nonveg and Superkicks India starting INR 6,599. For more information, please visit the brand’s Instagram profile.

n Insight: Investing in the next generation of female storytellers

LOS ANGELES, USA — As an Indian woman growing up in the US, I didn’t see anyone on screen that looked like me until Parminder Nagra joined ER in 2003. But when I started reading scripts as a young TV executive, I didn’t let that precedent get in my way: in my mind, the hero

locating to cities like Charlotte and Miami. Comm sees cities like Birmingham and Kansas City as well positioned to become the newest midsize hubs with nearby airports, large universities to draw new talent, and the low cost of living that make it attractive for companies to move operations there. All in all, Comm says that “no one can say for sure what 2021 will bring, but it’s likely to look different from 2019. Some pandemic trends are here to stay, and that’s not necessarily a bad thing. It could mean more opportunity for businesses and more freedom from workers.” PR Matters is a roundtable column by members of the local chapter of the United Kingdom based International Public Relations Association (Ipra), the world’s 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.

of the story was always a brown girl, with hopes and aspirations, strengths and talents just like her white counterparts. Years later I would finally make that dream a reality with Mindy Kaling in The Mindy Project—and in doing so, I suspect millions of Indian girls got to see someone like themselves on screen for the first time. Today, I’m proud to work at a company that has brought many female firsts to life in front of and behind the camera: the first Indigenous Mexican Academy Award actress nominee; the first Korean female stand-up special; the first Black woman to direct a superhero movie; and the first transgender woman to ink an overall deal with a studio. But we’re still only just getting started. It’s why I am more determined than ever to ensure that the next generation of female storytellers has more opportunities than the women who came before them. Last week we announced a new Netflix Fund for Creative Equity, which will invest $20 million a year for the next five years in building more inclusive pipelines behind the camera. Today, I am excited to announce that the first $5 million will go towards programs that help identify, train and provide work placements for up-andcoming women talent around the world. We will do so through partnerships with third parties and bespoke Netflix programs to support a range of initiatives— from workshops to train aspiring women writers and producers on how best to pitch their creative vision, to shadowing opportunities on productions which enable women to gain valuable first hand experience with a literal seat at the table.

ATHLETE Sports OF THE YEAR

ICT 3 a success

BusinessMirror

| Monday, March 8, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

VEN during the most challenging time in Philippine sports history, young golfer Yuka Saso still found a way to stand up and deliver. The 19-year-old Saso was a bundle of hope and inspiration for the more than 100 million Filipinos at a time when local sports took a severe beating as the Covid-19 outbreak cast its huge shadow not only in the country but globally, as well. The Filipina who hails from San Ildefonso, Bulacan, hardly missed a beat after turning pro in 2020 following a remarkable amateur career highlighted by a double gold medal in the Jakarta 2018 Asian Games. Two straight titles in the rich Japan Ladies Professional Golf Association (LPGA) and a strong 13th-place finish in the US Open in her first crack at a major LPGA

YUKA SASO stands tall in pandemic year.

championship capped Saso’s rookie season that gave Philippine sports the kick it needed in these trying times. As bearer of good tidings and optimism in perhaps the most difficult period for Filipino athletes since World War II, Saso will be hailed as the 2020 Athlete of the Year award by the Philippine Sportswriters Association (PSA) come its traditional Awards Night on March 27 at the TV5 Media Center. Saso leads a compact list of awardees to be honored by the country’s oldest media organization led by its President Tito Talao of the Manila Bulletin during the virtual event presented by San Miguel Corp. and the Philippine Sports Commission. Long-time partner Cignal TV will again cover the awards presentation also supported by 1-Pacman Partylist and Rain or Shine. This will be Saso’s second Athlete of the Year honor in the last three years, but first time as an individual awardee as she previously shared the accolade with fellow golfers Bianca Pagdanganan and Lois Kaye Go, along with weightlifter Hidilyn Diaz during the 2018 edition of the annual event following their gold medal romp in Jakarta. The Filipino-Japanese golfer was quick to make heads turn when she decided to turn pro last year. She scored back-to-back triumphs in the Japan LPGA by topping the NEC Karuizawa Championship and the Nitori Ladies Golf Tournament. Before the year ended,

RIDERS pedal past the iconic Saint Augustine Church in Paoay during the recent Ilocos Cycling Tour (ICT) 3 Intayon.

Saso showed she could compete alongside the best in the world following a 13th-place finish in the US Women’s Open won by South Korea’s Kim A-Lim. Entering 2021, the Filipina ranked 45th in the world and amassed a total of P50 million in earnings during her rookie season. Besides the Athlete of the Year, the PSA will also hand out regular awards such as the Executive of the Year, President’s Award, National Sports Association of the Year and the Lifetime Achievement Award. Major honorees in various sports as well as citations and recognitions are also included in the honor roll.

Constantino makes pro debut at Aoki

armie Constantino hopes to come up big right in her first crack at a pro championship as she joined the chase in the International Container Terminal Services Inc. (ICTSI) Eagle Ridge Challenge which gets going Tuesday at the Aoki course in General Trias, Cavite. The diminutive Constantino, a former junior and national match play champion, actually nailed a pro crown as an amateur when she dominated an international pro field in the ICTSI Mt. Malarayat Classic of the Ladies Philippine Golf Tour (LPGT) in 2016.

She went on to win the RVF Cup and the Philippine Amateur Open Match Play in 2018, among the seven titles she won in the national level before signing up with the University of Georgia Athletics in 2018 and 2019. Constantino made quite an impact as a Bulldog sophomore as she reset the record in the UGA’s Women’s Open with 66-65 rounds for 131 at the Achasta Golf Club, erasing the previous mark of 12-under 132

ORE than 800 riders of all ages took part in the Ilocos Cycling Tour (ICT) 3 Intayon, the third leg of a series of cycling events aimed at reviving local tourism and help small and medium enterprises that were affected by the Covid-19 pandemic in Ilocos Norte. Organized by the province of Ilocos Norte headed by Gov. Matthew Joseph Marcos Manotoc, the ICT 3 participants represented a cross section of the province’s residents who took part in three categories covering distances of 50, 100 and 150 kilometers. The ICT is the most anticipated event in Ilocos Norte amid the pandemic that registration for ICT 3 Intayon took only one-anda-half hours to close. The first leg last October drew 357 participants and the second leg last December almost doubled with 669 riders. With the success of the first leg, organized cycling clubs and local government units staged their own races staged under health protocols formulated by the Tasks Force Salun-at and the Provincial Sports Office. Batac City, Medical Society of Ilocos Norte, Philippine Red Cross and the Integrated Bar of the Philippines ensured health protocols were observed during the three legs. The third leg held last February 27 was the culminating activity of the 203rd Foundation Anniversary of Ilocos Norte. post by Ashlan Ramsey in Brooklyn in 2015. But she opted to cut short her collegiate stint and move to the next level, enlisting for this week’s P400,000 Pilipinas Golf Tournaments Inc.-organized championship featuring two of the country’s leading players, Princess Superal and Pauline del Rosario. Superal and del Rosario split top honors in LPGT’s return at Riviera last year with the former dominating the Riviera Challenge and the latter foiling the 2014 US Girls’ Junior champion’s sweep bid in the Riviera Championship.

Ayonayon returns to MPBL in Subic bubble

By Josef Ramos

IKE AYONAYON returns to the Maharlika Pilipinas Basketball League (MPBL) to settle his unfinished business with the San Juan Knights. Ayonayon and the Knights will face the Makati Skyscrapers in Game 3 of their pandemic-shuttered Lakan Cup Northern Division best-of-three finals series which resumes on Wednesday in a bubble setup at the Subic Bay Freeport Zone gymnasium. Ayonayon is already under contract with NLEX and played in the Philippine Basketball Association Philippine Cup at the Clark bubble. The Road Warriors management allowed the prized find from intramurals and Cainta leagues to complete his commitment with the Knights. “It’s a knockout game so we need to adjust quickly. We don’t want to be overconfident but it’s doable,” Ayonayon told BusinessMirror on Sunday. The Knights of head coach Randy Alcantara

are already in the Subic bubble, along with Davao City Tigers and Basilan Steels, who will play Game 3 of their own Southern Division finals series also on Wednesday. The 28-year-old Ayonayon was NLEX’s third overall pick in the 2019 Rookie Draft. He averaged 5.3 points, 2.45 rebounds and 2.36 assists in 11 games for NLEX in Clark. “Our championship experience will be our biggest advantage here in the bubble,” said the 6-foot swingman. “There are so many players who lost their jobs and we’re very lucky and blessed that we are still playing and earning.” The Inter-Agency Task Force for the Management of Emerging Infectious Diseases and and the Department of Health allowed the MPBL to resume its season after complying with safety and health protocols. The Subic bubble could end on March 20 if the national finals go the distance. The league was halted March 12 last year because of the pandemic.

So, citizenship blues Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew I LOOK at this whole episode of many being upset with Super Grandmaster Wesley So’s accepting American citizenship with bemusement and incredulity. Why aren’t these defenders of Filipino pride upset with the millions of Filipinos who have gone overseas and acquired foreign passports and citizenship? Because Wesley is a sports star? After Manny Pacquiao, we have very few? Sure, he left because of the mess that Philippine sports is in. But for whatever reason, it is his right. Just as it is the right of others to seek their fortunes elsewhere. People howl in protest but really, what do you do to make things better so no one leaves? People move around from country to country in search of themselves or a better life. It is just the natural order of things and it has been since the dawn of man. Heck, Ferdinand Magellan, a Portuguese explorer, sailed under the Spanish flag. Christopher Columbus, an Italian, likewise discovered the New World behind Spanish royal patronage. Filipinos generally are so taken in with anyone having an ounce of Filipino blood that we are quick to pronounce them as Filipino and nothing else. But isn’t our race so mixed with Malay, Chinese, Indian, European and American stock? If so, by that logic alone, we also qualify as Malay, Chinese, Indian, European and American? And all that inter-racial mixing has certainly improved our gene pool. Seriously. A traveler disses the country in a review and the legions of keyboard warriors go on the offensive as if we have been dealt a mortal blow. Having lived in two other countries, they really couldn’t care less whether you like their culture or not. They have more things to be worried about and you can always leave if you wish. I certainly don’t read and hear of when other foreign nationals seeking citizenship elsewhere and their native countrymen raising their voices in protest. I have gotten into many a serious discussion with all these compatriots pronouncing, “ang galing ng Pilipino” in anything that we do as if we aren’t entitled to do such. A Filipino musician performed abroad and he

recounted to me that “wasak yung audience niya sa isang bansa sa Europe.” Sure they were impressed but that doesn’t mean by any stretch of the imagination that one is a global star. It is entirely possible that he is a novelty since no one thinks that blues and R&B— music forms as American as apple pie—would be of interest to an Asian. More recently, a friend had a fellow Filipino design an album cover and while it is awesome, it came along with the now familiar “ang galing ng…” when obviously, it borrowed influence from many other album art work by a multitude of bands that have come before. I think it should be others lavishing praise and not the other way around. I don’t hear other than politicians’ rhetoric about “making America or other some other country great again.” Yes, magaling ang Pinoy, but so are other countries. Didn’t this whole vaccine thing tell you where we are in the totem pole in the scheme of things that someone has to resort to threats to be taken seriously? I am proud to be a Filipino and make no bones about it. I am just of the sort to keep it real and not blow one’s horn or get upset about others looking for greener pastures. I can think of the time when Hakeem Olajuwon—who played for the Nigerian youth national team—moved to the US for a non-basketball reason. The Dream did say that there was some criticism which he parried with a statement in 1996, “I’ve been here over 10 years. My home is in Houston and a lot of my family is in the United States. It was just a natural. I’m still a Nigerian and I’m proud of it. But I am a US citizen.” Wesley has verbally intimated the same. The common denominator is both Nigeria and the Philippines being Third World countries. Singapore, Japan and Korea have shown that Asian countries can be first world countries. Surely, the Philippines can achieve the same. Getting there is another matter. At this point, I think we should just be happy for him and take serious and concrete steps to improve what we have in the national sports scene and in our country for the brain drain not to continue. Time to get real, people. It’s time for action on a real level and not on the keyboard.