BusinessMirror March 15, 2021

Docs fret, solons pitch stimulus, labor rejects curfew as Covid spikes

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A policeman guards Barangay 351 in Santa Cruz, Manila, which underwent a special 4-day lockdown that ended on Sunday. This, as the Metro Manila Council is set to enforce a uniform curfew of 10 p.m.-5 a.m. in the National Capital Region starting Monday, March 15. The National Task Force Against Covid-19 said a Modified Enhanced Community Quarantine (MECQ) is still possible should hospitals and temporary treatment facilities become fully occupied. ROY DOMINGO

S Cov id-19 i n fec t ions breached 5,000 new daily cases at the weekend, medical doctors warned the nation was edging toward a July 2020 scenario of hospital beds in short supply.

This, as labor groups assailed government’s easy recourse to “militaristic” solutions to the health crisis like reimposed curfews and stricted lockdowns, while lawmakers pushed for fresh economic stimuli has businesses and workers reel anew from the clampdowns.

The Philippine College of Physicians (PCP) said in a statement on Sunday: “One year has passed since the first death due to Covid-19 was

reported in the Philippines. Since then, we have endured multiple levels of lockdowns, grieved sudden deaths, and suffered financially but we persisted.” The group stressed that cases in the community are rising again with infection rates approaching those of July 2020 when the number of new cases was peaking.

“More healthcare workers are getting sick, hospital beds are again becoming less available . . . . should we gear up for another lockdown?

The frontliners who haven’t fully recovered from exhaustion might struggle again to face another battle,” they added.

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PHL ‘20 DEBT PAYMENTS HIT A RECORD P962.47B

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By Bernadette D. Nicolas

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Monday, March 15, 2021 Vol. 16 No. 155

P25.00 nationwide | 2 sections 18 pages |

Manila, Tokyo push through with FTA review

@BNicolasBM

EBT payments by the national government reached a new record high last year as it needed to keep up with more financial obligations for its response to the Covid-19 pandemic.

By Tyrone Jasper C. Piad

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The government shelled out a whopping P962.47 billion in 2020 to repay its debts, 14.25 percent above P842.45 billion in 2019.

This was the biggest full-year debt payment made by the government since the Bureau of the Treasury (BTr) started collecting data in 1986.

However, this is lower than the government’s programmed fullyear debt service for 2020 at P1.005 trillion.

Original BTr data as of end-October last year showed debt payments amounted to P1.16 trillion but this declined to P888.69 billion as of end-November after the Bureau of the Treasury revised the data to reflect the repayment of its P300billion short-term borrowing from the Bangko Sentral ng Pilipinas.

Nonetheless, amortization also outpaced interest payments last year.

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‘SPENDING PRIORITIES NEED TWEAKING AMID RISING COVID CASES’

By Cai U. Ordinario

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@caiordinario

ITH 5,000 new Covid-19 cases reported over the weekend, local economists recommended that the government tweak its spending priorities to better respond to the health crisis.

Economists stressed the need to “make every penny count” especially at this time when Covid-19 cases are rising and a new stimulus may be needed to help Filipinos weather the crisis.

The Department of Health (DOH) reported on Saturday that new Covid-19 cases reached 5,000.

This is the highest since August

2020 when the country recorded a total of 5,277 new cases.

“I think the current administration can try to be austere in sectors otherthanhealth.Thecountryneeds to pool enough resources to address our long-delayed medical response to the pandemic,” University of Asia and the Pacific School of Economics Dean Cid L. Terosa told BusinessMirror. “Cost effectiveness and benefit incidence matter more now.”

Former University of the Philippines School of Economics Dean Ramon Clarete agreed and told the BusinessMirror that making every peso count should always be the national government priority.

See “Spending” A4

PESO exchange rates n US 48.5190

A popular place for those seeking bargain prices of different goods is Baclaran, seen here in photo taken on Sunday (March 14, 2021). In contrast to previous days when bargain seekers were seen swarming stalls, the Sunday crowd was thin, allowing for physical distancing, among other health protocols. The thin crowd signalled rising fears among the public as the feared 5,000-new cases level was reported on Saturday. The OCTA Research group said the daily new cases of Covid-19 in the Philippines may climb to 7,000 by the end of March. NONIE REYES

@Tyronepiad

GLOBAL economic slump is not stopping the Philippines a nd Japan from putting their free-trade agreement (FTA), which entered into force over a decade ago, under a microscope this year to enhance economic ties.

Manila and Tokyo have begun the general review of the PhilippinesJapan Economic Partnership Agreement (Pjepa) terms in fulfillment of the trading deal’s mandate, the Department of Trade and Industry (DTI) confirmed. Article 161 of Pjepa states that the FTA should undergo general review by both parties in 2011 and every five years thereafter, making 2021 a year for evaluation.

“Yes, it (Pjepa general review) will push through despite pandemic,” DTI Secretary Ramon Lopez told the BusinessMirror. He said that virtual meetings and consultation have started already but declined to provide additional details.

The trade deal was last reviewed in May 2016 during the 5th Pjepa Joint Committee Meeting in Manila. The parties tackled the following scope: trade in goods, rules of origin, trades in services, investments, government procurement and intellectual property.

At the time, the Philippines was also seeking more favorable terms for local farm products and other items, including bananas, pineapples, yakitori chicken and tuna, among others.

Asked what amendments DTI was pushing for this time around, the Trade official was mum. “Won’t preempt first,” Lopez said.

n japan 0.4472 n UK 67.8975 n HK 6.2537 n CHINA 7.4708 n singapore 36.2244 n australia 37.7817 n EU 58.1646 n SAUDI arabia 12.9377

Continued on A10

Source: BSP (March 12, 2021)

News

BusinessMirror

A2 Monday, March 15, 2021

Partial, unofficial Palawan poll: More people vs split

By Samuel P. Medenilla

On Sunday, the PBOC of Palawan reconvened and was able to process the Certificates of Canvass (COC) of

two of the 23 municipalities, which were covered by the plebiscite last Saturday.

Based on the initial canvassing results, those in favor the ratification of Republic Act (RA) 11259 or the Act Dividing the Province of Palawan into three provinces is at 18,799 and is currently outnumbered by those who opposed it at 28,903.

The processed COCs included that from the municipality of Narra, where 6,983 people voted for the ratification, while 16,861 voted against.

For the municipality of Brooke’s Point, the result was less lopsided with 11,816 voting “yes” for RA 11259’s ratification, and 12,042

Continued on A1

P440.4 billion while foreign amortization inched up by 3.3 percent to P141.65 billion.

Domestic amortization reflected actual principal repayments to local creditors including those serviced by the Bond Sinking Fund and Central Bank Board of Liquidators.

Meanwhile, foreign amortization included prepayments made due to bond exchange transactions.

Bulk or 73 percent of total interest payments made by the government last year was used to settle domestic obligations at P279 billion. The remaining P101.36 billion was spent for interest payments for foreign obligations.

For December alone, the government spent a total of P73.78 billion for debt service, almost double compared to P37.19 billion in the same

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@sam_medenilla

OST of the residents of Palawan are against splitting their province into three separate entities, the partial and unofficial count of the Provincial Board of Canvassers (PBOC) indicated.

voted “no” in the plebiscite.

In her Twitter account, Comelec Commissioner Rowena Guanzon said based from the field reports she got in Palawan as 3:40 pm on Sunday, only the votes of 244,029 people were counted.

Of the partial and unofficial figure, 96,012 voted “yes” for the ratification and 148,017 voted “no.”

To note, Comelec said 490,369 voters were eligible to participate in the Palawan plebiscite.

The PBOC opted to adjourn at 2:37 pm on Sunday as it waits for additional COCs from the 21 other municipalities.

month in 2019.

Government’s interest payments in December last year also slid by 13 percent to P25.3 billion from P29.12 billion in the same period in the previous year.

However, amortization payment for the same month rose six-fold to P48.44 billion from only P8 billion in December 2019.

Since the government needed to borrow more to fund its fight against Covid-19, the national government’s outstanding debt by end of 2020 already hit P9.795 trillion, the highest so far on an annual basis since 1986. The government also posted a 14-year-high debt-to-GDP ratio of 54.5 percent last year.

This came a year after the country achieved its historic low debtto-GDP ratio of 39.6 percent as it ended 2019 with P7.73 trillion in outstanding debt.

PHL ‘20 DEBT PAYMENTS HIT A RECORD P962.47B

Amortization payments as of end-December spiked by 20.9 percent year-on-year to P582.05 billion from P481.58 billion in 2019.

On the other hand, interest payments rose by 5.4 percent to P380.4 billion compared to P360.87 billion in the previous year.

Domestic amortization jumped by 27.85 percent year-on-year to

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QC TOLD: GIVE BIKERS TIME TO FOLLOW HELMET RULE

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OMMU T ER g roup T he Passenger Forum (TPF) is asking the local government of Quezon City to consider the situation of bicycle riders as it implements an ordinance that requires bike commuters to wear helmets.

Primo Morillo, the group’s convenor, said the local government should provide leeway for bike riders and properly inform them of Quezon City Ordinance No. 2942, requiring the use of helmets for all bicycle riders and penalizing violators.

Bikers caught by law enforcement authorities are fined P1,000 for the first offense, P3,000 for the second offense, and P5,000 for the third offense.

“We ask Mayor Joy Belmonte and the QC Council to consider the first phase of the implementation of Ordinance 2942 as an information drive. Instead of immediately imposing fines against our poor bikers, it is better to educate them by giving them a primer on the said ordinance,” Morillo said.

He said the group has received reports that enforcers have already apprehended a number of bikers.

“We understand that this may

be a well-meaning ordinance for the safety of bikers. However, it is already public knowledge that the capacity of our public transportation is very limited and the use of bikes is one of the adaptive mechanisms of the public. We ask for consideration especially now when no one can afford not to go to work in these trying times brought about by Covid-19. In fact, due to the situation of mass transportation in Metro Manila, bike commuting is helpful in ensuring physical distancing,” Morillo said.

Aside from this, TPF has also received reports that some enforcers apprehend bike commuters for wearing slippers.

“We have checked Ordinance 2942 and nothing is mentioned about slippers. It seems that even the enforcers of this law need to be educated about it. Unless they consider it as an opportunity to harass and extort bicycle riders,” Morillo said.

He said the group hopes to sit with government officials for an open dialogue.

“We think the biking community is also interested in having a dialogue about this ordinance,” Morillo said. Lorenz S. Marasigan

Manila, Tokyo push through with FTA review Continued from A10

But the Trade official believes the figure should be higher. “I think that’s wrong computation,” Lopez said, adding that the figures will be rechecked.

In computing the utilization rate, Lopez said that the eligible exports should be used as the denominator.

“Please note, with Pjepa, our exports to Japan grew and we [went into] surplus and more balanced in bilateral trade,” the Trade secretary added.

Last year, the Philippines registered a trade surplus of $1.74 billion

with Japan, higher than the P94.96 million notched in 2019, based on PSA data.

The Philippines’s outbound shipments to Japan amounted to $9.9 billion last year, which is 7 percent lower than P10.67 billion in 2019. Imports from Japan to the Philippines, meanwhile, plunged by nearly 23 percent to $8.15 billion in 2020 from $10.58 billion yearon-year.

Total trade between countries reached $18.05 billion last year, indicating a 15-percent decline from $21.25 billion in 2019.

Docs fret, solons pitch stimulus, labor rejects curfew as Covid spikes Continued from A1

The group appealed to the public to do their part by staying at home.

“Continue adherence to the minimum health standards even while at home. Wash your hands. Wear your mask and face shield. Keep distance from others,” the group said.

“How do we deal with the current surge? We cannot endure another lockdown because of its dire socio-economic impact,” they added, noting that only a fraction of the priority groups have been vaccinated.

Covid cases The Department of Health (DOH) on Sunday logged 4,899 additional cases, bringing the total number of infections in the country to 621,498.

There were 13,371 recoveries and 63 deaths that were reported.

Of the total number of cases, 7.7 percent (48,157) are active, 90.2 percent (560,512) have recovered, and 2.06 percent (12,829) have died.

Curfew not solution On Sunday, Defend Jobs Philippines (DJP) said the reimposed unified curfew in the National Capital Region (NCR) from 10 pm to 5 am starting on Monday, lasting for two weeks, will hamper the movement of workers.

“We are dismayed to see that the present government is still dwelling on militarist lockdown and curfew solutions for almost a year now,” DJP spokesperson Christian Lloyd Magsoy said in a statement.

In anticipation of possible “violation of the labor rights” by those manning checkpoints to impose the curfew, DJP reactivated its hotline for workers: hotline number 02-85712645 and social media accounts on Facebook (Defend Jobs Philippines) and Twitter (@defend-

jobsPH).

Instead of the curfews, DJP urged the government to use “scientific and medical-based approach to resolve the national public health emergency, including massive Covid-19 testing, contact tracing and vaccination.”

House leaders

As the fresh spike in Covid-19 cases will undoubtedly slow down the recovery of consumer and business confidence, economist-lawmakers asked Cabinet members to be more open to the proposal providing Filipinos additional relief under the proposed Bayanihan 3.

The call was made by Albay Rep. Joey Sarte Salceda and Marikina Rep. Stella Luz Quimbo.

“I urge the Cabinet to be more open to additional relief in this difficult period. I understand the need for fiscal prudence in economic relief. I urge economic managers to give us a number they can afford and we can work with, instead of rejecting our proposals altogether,” Salceda said.

“Lower consumer and business confidence will also slow down recovery.

The quarter-on-quarter rise in unemployment from 3.8 million by the end 2020, to 4 million in January 2021 signifies that economic relief is still needed,” added the lawmaker.

Salceda said the Congress has done its job and extended relief to private hospitals, through VAT exemptions in PPEs but“they [Cabinet members] must also help our countrymen.”

With the CREATE Act, he said the Congress is also reducing the income tax of private nonprofit hospitals from 10 percent to 1 percent until 2023.

Salceda said the government must also accelerate its vaccination efforts as

“this will not be over until we achieve her immunity with enough vaccinations.”

Citing information from Department of Budget and Management, Quimbo, for her part, said lawmakers are pushing for the Bayanihan 3 as the budget for Covid-19 responses in the 2021 national budget is too small to avert this magnitude of a damage.

“But it is unfortunate that Neda [National Economic and Development Authority], our national economic planner, did not support the Bayanihan 3 proposal,” said Quimbo.

“Our proposal provides P108 billion for ayuda to every Filipino, P52 billion to help subsidize wages of workers in small businesses, and another P30 billion for assistance to the unemployed,” she added. Quimbo noted the Bayanihan 3 proposal was not included in the Legislative-Executive Development Advisory Council (Ledac) priority list and the validity of the P165.5-billion Bayanihan 2 has been extended.

“Covid-19 responses in the 2021 national budget amount to less than P300 billion. This amount is less than 2 percent of GDP. This is very small relative to what our Asean neighbors’ Covid response (Singapore is at 18 percent, Thailand 12 percent, Indonesia 5 percent). Our total economic loss in 2020 amounted to P3.2 trillion,” she added.

“Too many Filipinos have lost jobs and livelihood, many are hungry. Our farmers and hog raisers need help, otherwise food inflation will continue to increase. This was not expected when the 2021 GAB was deliberated in Congress. The economic assumptions on which the 2021 GAA are based were too optimistic, as it turns out, based on the January 28 report of the PSA,” Quimbo said. Claudeth Mocon-Ciriaco, Jovee Marie N.

Dela Cruz, Samuel P. Medenilla

The Nation BusinessMirror

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Amid rising cases, DENR eyes tourist entry in protected area

By Jonathan L. Mayuga @jonlmayuga

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MID the rising number of Covid-19 cases, the Department of Environment and Natural Resources (DENR) in Region 2 plans to resume tourism activities in the Palaui Island Protected Landscape and Seascape (PIPLS), a popular tourist destination in Santa Ana, Cagayan Valley.

The members of the PIPLS Protected Area Management Board (PAMB) held last March 12 a special meeting to discuss safety measures and health protocols, among others, as part of the plan to re-open the area to tourists. The officials said these are consistent with Malacañang’s plan to reopen the economy.

The announcement, however, came as the Department of Health (DOH) reported an increasing number of confirmed Covid-19 cases in various parts of the country.

At least 5,000 new Covid-19 cases was recorded by the Department of Health last March 13, bringing to 616,611 the total number, with 56,679 the number of active cases, 547,166 recovered, and 12,766 deaths.

During the same period, Cagayan

Valley recorded a total of 10,239 cases, with 1,460 active cases, 8,617 recovered cases and 162 deaths.

DENR Region 2 Executive Director and PAMB Chairman Gwendolyn C. Bambalan said minimum health and safety protocols should be strictly enforced to ensure the health of tourists and local residents.

Ecotourism activities in the PIPLS have been suspended since the declaration of a public health emergency in March last year.

In a statement, Bambalan assured that the re-opening of the PIPLS to tourists means following strictly recommended guidelines.

“As much as we want the tourism industry to recover and to help local residents bounce back against the effect of the Covid-19 pandemic, we will not start the operation without all the necessary preparation,” Bambalan said.

The Cagayan Valley’s top DENR official said she has requested the ecotourism committee of the PAMB chaired by the Department of Tourism to meet and polish the guidelines.

The PAMB chairperson told the public, resort owners and boat operators that the island is still closed for tourism activities until the PAMB passes a resolution for reopening.

Editor: Vittorio V. Vitug • Monday, March 15, 2021 A3

DENR to get fresh ₧1.56-B fund for Manila Bay rehab

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By Jovee Marie N. Dela Cruz

@joveemarie

HE Department of Environment and Natural Resources (DENR) is getting another P1.56 billion in fresh funding this year for the rehabilitation of Manila Bay, Rep. Michael T. Defensor of Anakalusugan said in a statement issued last Sunday.

Defensor said the allocation for this year is higher than the 2020 budget for an “Operational Plan for the Manila Bay Coastal Management Strategy.”

The lawmaker said the operational plan is pursuant to the Supreme Court’s 13-year-old continuing mandamus directing the DENR and 12 other agencies to clean up the waters of Manila Bay. The amount is 16-percent greater

than the P1.35 billion budget that the DENR obtained last year for the development, updating and implementation of its operational plan, according to Defensor.

“If we look closely at the 2008 mandamus, the high court’s specific instruction is for the agencies to restore Manila Bay’s waters to Class B, or suitable and safe for public swimming, skin-diving and other forms of contact recreation,” he said.

Earlier, Deputy Speaker Jose “Lito” L. Atienza said the yearly allocation for Manila Bay will just go down the drain due to the failure of Manila Water Co. Inc. and Maynilad Water Services Inc. to capture and decontaminate the national capital’s wastewater.

In 2019, the Supreme Court upheld a 2009 DENR order penalizing Manila Water and Maynilad, along with the Manila Waterworks and Sewerage System, with a combined P1.84-billion fine for their failure to put up sewage lines, violating Section 8 of the Clean Water Act. Until they fully comply with the Clean Water Act, the Supreme Court said Manila Water, Maynilad and the MWSS will have to continue to pay a P322,102 daily fine that escalates by 10 percent in two years, plus legal interest of six percent per annum.

Defensor, who served as DENR head for less than 18 months between 2004 to 2006, said that based on the DENR’s old water classification table, the fecal coliform level of

Class B coastal waters “should not exceed 200 most probable number (MPN) per 100 milliliters (ml).”

Environment Secretary Roy A. Cimatu has said that water samples taken last month from 21 monitoring stations around Manila Bay showed an average fecal coliform level of 4.87 million MPN/100ml, down markedly from the 7.16 million MPN/100 ml detected in 2020.

Cimatu also said the fecal coliform level in the waters near the so-called beach nourishment project had dropped from 2.2 million MPN/100ml to 523,000 MPN/100 ml, based on the average count from three stations.

An aquatic environment’s high fecal coliform level indicates severe contamination with human toilet waste.

It points to the heavy presence of bacteria or viruses that may cause diseases such as typhoid fever, hepatitis, gastroenteritis and dysentery in people who come into contact with the waters.

Groups urge government to update PHL’s air quality standard

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NVIRONMENTAL groups have called on the government to address the country’s outdated air quality standard and the lack of capacity to monitor PM2.5 especially in provinces with coal plants.

PM2.5 refers to particles that have diameters less than 2.5 micrometers. These particles remain suspended in the air longer, hence, making them more hazardous to human health.

Environment groups Greenpeace Philippines and the Center for Research on Energy and Clean Air (CREA) believe that the first step to protecting Filipinos from air pollution is by enhancing the capacity to

monitor and measure PM2.5.

In a statement, the groups said the “outdated air quality standard” in the Philippines cast doubt on the government’s capacity to protect Filipinos from the worsening air pollution. They said this is exacerbated by the country’s dependence on coal, which was “responsible for over a thousand premature deaths in 2019.”

As the government focuses on economic recovery efforts from the pandemic, programs to control air pollution must not be sidetracked, the groups said in statements.

These programs include raising stringent standards to control emissions from coal power plants,

adding more air quality monitoring stations, investing in low-carbon transport, and transitioning to renewable energy sources.

“The threat of air pollution to human health—and the external costs associated with long-term exposure to it—increases with growing dependence on fossil fuels. In addressing this problem, robust monitoring capacity across the country is vital for not only understanding the scale of the health threat to Filipinos, but also ensuring that the right standards and solutions are pursued to control air pollution as quickly as possible,” CREA Analyst Isabella Suarez said.

Greenpeace Philippines Cam-

Phrase insertion to give lawmakers power to tweak Charter provisions Right now, there can be no debate on this as the restrictions are mandated by the law of the land; it is a dead end, so to speak.

Ako Bicol Rep. Alfredo A. Garbin Jr.

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HE chairman of the House Committee on Constitutional Amendments said the proposals to insert the phrase “unless otherwise provided by law” in the Constitution would empower Congress to assess and evaluate prevailing economic factors before opening up certain sectors of the economy.

Panel Chairman Ako Bicol Rep. Alfredo A. Garbin Jr. said that the way the Constitution’s economic provisions are phrased at present provides no leeway in matters like foreign equity restrictions.

“Right now, there can be no debate on this as the restrictions are mandated by the law of the land; it is a dead end, so to speak,” Garbin said.

“With RBH 2 [Resolution of Both Houses 2], we will insert a door, but we will not automatically open it for foreign investors; we will simply allow them to knock—and it is up to us in Congress to let them in if we believe this is to our benefit,” he added.

Garbin said the “beauty” of the proposed amendments is that “Congress may reduce, remove or even restore the economic restriction as may be called by the prevailing circumstances.”

The Constitution’s current restric-

BM

tions preclude discussions of this nature but under the proposed amendments in RBH 2, Garbin explained that details with regard to opening the economy “would still be subject to constitutional procedure for legislation, which requires consultations, extensive deliberations and voting and the subsequent action of Congress.”

Earlier, Speaker Lord Allan Jay Q. Velasco has said deliberations on constitutional amendments to the economic provisions would last until May. Velasco said doing so would give all members of Congress the opportunity to debate on the proposal put forward under RBH 2, which he introduced.

Velasco said the RBH 2 seeks to give Congress the flexibility to amend the restrictive economic provisions of the 1987 Constitution to help the Philippine economy recover from Covid-19 pandemic.

The resolution seeks to amend certain economic provisions of the 33-year-old Charter particularly Articles XII (National Economy and Patrimony), XIV (Education, Science, Technology, Arts, Culture and Sports) and XVI (General Provisions).

Jovee Marie N. Dela Cruz

paigner Khevin Yu said the government must first address the outdated air quality standards and the lack of capacity to monitor PM2.5, especially in provinces with coal plants, to ensure that measures to protect Filipinos from health risks are in place.

The Clean Air Act requires the Department of Environment and Natural Resources—Environmental Management Bureau (DENR-EMB) to conduct a review of standards for stationary sources every two years and revise for further improvement. However, the National Emission Standards for Source-Specific Air Pollutants have not been updated since they

were set in 1999.

At present, the Philippines only has a fleet of 55 governmentowned PM2.5 monitoring stations. Twenty-two are stationed in Metro Manila, while some are not strategically located in areas with high PM2.5 concentrations, such as major highways and coal plants. Bataan, which houses major megawatt-coal plants, has a lone PM2.5 monitor for the whole province, according to Greenpeace and CREA. “Now more than ever, the government needs to ensure stringent air pollution mitigation because the surge of air pollution that may arise from the reopening of our

economy increases our vulnerability to Covid-19,” Yu said.

“The number of deaths due to coal-induced air pollution will only rise if the government continues to force us to breathe blindly. We need policy developments to uphold our right to clean air by first providing needed information on air quality to the public,” he added.

The groups believe that improving country-wide air quality monitoring will enable local governments to take measures to mitigate the impacts of air pollution originating from coal plants and heavily polluting facilities.

Jonathan L. Mayuga

News

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A4 Monday, March 15, 2021

For 3rd time, Covid woes force SC to nix ATA oral arguments

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HE Supreme Court has cancelled the continuation of oral arguments on the 37 petitions seeking to declare unconstitutional the Anti-Terrorism Act, scheduled on Tuesday, to give way to a more thorough disinfection of its compound amid the rising number of Covid-19 cases in the country.

The oral argument was cancelled as the SC extended until March 16 the work suspension in all its main offices.

In a memorandum released at the weekend, Chief Justice Diosdado Peralta said “more time is needed to complete and accomplish a more thorough disinfection of the Supreme Court officers in order to prevent the spread of Covid-19 and its new variant.”

Last week, the SC announced a four-day work suspension from March 11 to March 14, to give way for a massive disinfection and sanitation of its offices.

The disinfection and sanitation would include different buildings and offices inside the SC compound.

“After consultation with the other Justices and Chiefs of offices, a continuation of the disinfection, cleaning, and sanitation of the different buildings and offices of the Supreme Court is hereby ordered to be undertaken to minimize the possible spread of the infection,” the memorandum read.

CJ Peralta has given the chairperson or head of the committee discretion to proceed with previously scheduled meetings.

“Court sessions shall proceed v ia v ideoconferencing but the Oral Arguments

scheduled on Tuesday, March 16, 2021 … is suspended,” the memorandum stated.

Meanwhile, on-duty personnel of the Medical and Dental Services (skeleton force), Security and Maintenance Division, Office of the Administrative-Services were allowed to report for work on March 15 to 16.

From March 17 to 19, the SC said all officers are required to maintain a skeleton force of 50 percent in order to maintain distancing of six feet.

It would be the third time that the Court cancelled the oral argument on the ATA. The first was on February 23, 2021 after some magistrates also decided to go on quarantine and the second time was on March 8, also for the same reason.

In a related development, the Bureau of Immigration also said that it is closing the operations of its main office in Intramuros, Manila for thorough sanitation and disinfections against Covid-19.

It advised clients with confirmed online appointment to re-book for when its operation resumes.

“The Bureau encourages all officials and employees to stay home during the said period,” the BI said in its advisory.

Skeleta l workforce arrangement, according to the BI, will continue in offices such as the Medical and Dental Section, Administrative Proper, General Services Section, Property Section (logistics), Civil Security Unit, BI National Operations Center (BINOC), Management Information Systems Division and other offices rendering general and critical support services. Joel R. San Juan

www.businessmirror.com.ph

‘Lawyers may bear arms, band together amid rash of killings’

By Joel R. San Juan

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@jrsanjuan1573

USTICE Secretary Menardo Guevarra has urged lawyers to band together and come up with measures to protect themselves amid the rash of threats, attacks and killings of those representing clients in drug cases and alleged communist terroristic activities.

Guevarra made the call as he admitted that the spate of killings involving lawyers has become alarming despite government efforts to address the problem.

The justice chief also expressed belief that the recent spate of violence committed against lawyers is work-related.

“Lawyers should take precautions.

They know their situation so they should be more aware of the danger or the risk they are facing … So it is incumbent upon them to take the necessary precautions,” Guevarra said in a radio interview.

The DOJ chief suggested that lawyers strengthen their fraternal ties with groups of lawyers such as the Integrated Bar of the Philippines (IBP) and collaborate with law enforcement agencies for their protection.

Guevarra also noted that lawyers are allowed to carry firearms and that the government would be willing to assist them in processing their permits.

“There is no prohibition on carry-

ing firearms and our lawyers know that. Part of their job is to get exposed to dangers and they are not prohibited from carrying firearms.

What we can do to help is to expedite the issuance of license to possess firearms and even permits to carry,” Guevarra said.

He also advised lawyers to immediately report to authorities any harassment or threat to their security and life.

On the part of the government, Guevarra noted that the Department of Justice (DOJ) has completed its inventory of cases on lawyers who have been killed since President Duterte assumed office in 2016.

Guevarra said the inventory covers cases under investigation by the NBI (National Bureau of Investigation), under preliminary investigation by the prosecution service and undergoing trial in courts.

He, however, lamented that there were cases which have remained under police investigation for a long

period already because the investigators are facing a blank wall.

“Some of these cases are wellplanned, the assassination was well-planned that’s why our police investigators are having a hard time cracking the case,” Guevarra said.

Guevarra said the DOJ will focus on cases that have already been filed before the prosecutor’s office or before a court.

The Free Legal Assistance Group (FLAG) said last Monday a total of 61 lawyers, including prosecutors and magistrates, have been killed under the Duterte administration.

Last January, 53-year-old lawyer Winston Intong from Malaybalay, Bukidnon was shot dead by two men onboard a motorcycle. In 2011, Intong was reportedly arrested along with three other persons, during a buy bust operation inside his office in Valencia City.

The lawyer was allegedly caught selling shabu to an undercover agent of the Philippine Drug Enforcement Agency (PDEA) but was later acquitted of the illegal drugs charges.

Law yer A ngelo K arlo Guillen was the latest victim of an attack against those in the legal profession.

Last March 3, Guillen was stabbed with a screwdriver in the head, neck, shoulders and upper back before the assailants fled onboard motorcycles.

Guillen is the National Union of Peoples’ Lawyers’ (NUPL) Assistant Vice President for Visayas and a fellow legal counsel for the ATA representing the petitioners in the 11th petition filed by the Bagong Alyan-

sang Makabayan (Bayan).

The DOJ is expected to release soon the results of its inventory.

Activists’ killings

Meanwhile, an official of the Catholic Bishops Conference of the Philippines (CBCP) called on authorities to finally release an update on its investigation on the brutal killing of 9 activists last week.

In a Sunday mass homily, CBCPEpiscopal Commission on the Laity (ECL) Chairman Bishop Broderick Pabillo expressed concern over the slow pace of the government probe on the separate anti-insurgency operations of the police in South Luzon on March 7, which resulted in the fatalities.

“One week has already passed [after the incident], but where is the investigation?” the prelate said.

Authorities are looking into the claims of the police that they were forced to shoot the victims, after they supposedly resisted the search warrants against them.

Pabillo said he doubts the credibility of police claims especially since there were incidents, when its personnel would plant evidence to wrongfully convict suspects.

Last Friday, the Department of Justice (DOJ) said it will be endorsing the probe of the said incidents, which resulted in the so-called Blood Sunday following the death of 9 activists, to the interagency committee, which is tasked to look into grave human rights violations.

With a report by Samuel P. Medenilla

PHL bars 11 Chinese visitors on false claims

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LEVEN Chinese from Guangzhou, a regional center in southern China, were denied entry at the premier airport for misrepresenting the purpose of their travel to the country.

The 11 passengers were intercepted at Naia Terminal 1 after they arrived on a China Southern Airlines flight from Guangzhou, said Immigration Commissioner Jaime Morente.

He said the Chinese, who were in possession of entry exemption docu-

Spending. . .

Continued from A1

Prioritize spending

Clarete said relying on borrowings is not enough to meet all the government’s needs, especially in this crisis. This now requires the Duterte administration to prioritize its spending.

“If spending is necessary it should be made, otherwise the economy and society lose the net benefit of spending (on) what is necessary. Since net benefit is positive, said spending does not add fluff in prices,” Clarete said.

“The question is, who can lend us the money for all the necessary spending that we can’t afford given what we have? This then calls for prioritizing all the necessary expenditures to fit what we can afford with our present and borrowed resources,” he added.

Prioritizing resources, in the view of Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III, could mean reducing spending for funding to the police and military as well as to intelligence and counterinsurgency.

These funds, Sta. Ana told the BusinessMirror, should then be channeled to the country’s health and social protection needs.

“Spending for people’s relief and health should have been sustained,” Sta. Ana said.

“Fiscal policy has to be bold and aggressive. The people need relief, vaccination and health care; the economy needs stimulus.”

Borrowings

Former Dean of the University of the Philippines School of Labor and Industrial Relations Rene E. Ofreneo agreed and said the national government should avoid spending on “wasteful projects, borrowing just to keep the Central Bank happy with its reserves.”

Ofreneo said stimulus spending can be done

ments and temporary visitor visas, were barred from coming into Manila following secondary inspection by members of the Travel Control and Enforcement Unit (TCEU).

According to the documents the passengers presented, they were supposedly invited to the country by two telecommunications companies to attend conferences.

“Their testimonies during the interview, however, were highly inconsistent with the supposed purpose of their trip,” Morente said.

All passengers could not present proof or documents to support their claim that they were invited to a business conference.

“They claimed to be employed as engineers in China, but when asked about their profession as well as their alleged conference, they could not provide details,” Morente added.

The 11 Chinese were immediatelty issued “exclusion orders” and booked on the first available flight back to Guangzhou, and subsequently placed in the immigration

blacklist.

Morente reiterates his warning to aliens that they will be denied entry if they misrepresent or lie about the true purpose in coming to the country.

He said possession of a valid visa and entry exemption is not a guarantee that an alien will be allowed entry.

“The passenger will still be subject to strict immigration scrutiny upon arrival in a Philippine port of entry,” Morente said. Recto L. Mercene

to finance efforts to rebuild-renew-retrofit communities of the poor. This includes urban poor, rural poor, periurban poor, coastal poor, and upland poor.

He added that the national government should also spend on community labor through cash-for-work programs as well as investing in local resources by not importing materials to undertake the Build, Build, Build projects.

These, he said, will enable the country to meet its health preparedness, community cohesion, and disaster readiness needs.

“Stimulus (can be extended) by providing more funds for people’s amelioration, job creation and health spending. Just like what the US and other countries are now doing,” Ofreneo said.

“Of course, this will lead to more debt. But that’s precisely the point of Keynesianstyle spending, that is, spend on items that will reinvigorate the economy and make it grow,” he added.

De La Salle University economist Maria Ella Oplas told BusinessMirror that given the country’s circumstances, borrowings are necessary, especially when securing and distributing vaccines.

On Friday, the government secured $1.2 billion worth of loans from three multilateral banks, World Bank, Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) to finance the country’s vaccine needs.

Oplas added that the country still had a low debt-to-GDP ratio compared to the international threshold. This should be enough to assure the public that the country’s debts remain manageable at this time.

Nonetheless, Oplas said, borrowings and all government spending should be maximized by ensuring that these go to projects that are effective and done transparently.

“Considering that the elections are around the corner, one can’t help but think about the possibility of the public coffers being used or diverted to private gains,” Oplas said.

“So, I would go for a more clearer, transparent, evidence-based, strategic measure to address the health crisis before even considering borrowing again,” she added.

Meanwhile, Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang agreed and told the B usiness M irror that the government has ample fiscal space.

Ang said efforts to address the health crisis can be financed through the unused Bayanihan 2 funds. However, the challenge is the lack of absorptive capacity.

“Their challenge is basically absorptive capacity,”Ang said. “In order to address this, there is a need to ensure that their targets are met.”

Unionbank Chief Economist Ruben Carlo Asuncion supported the release of a Bayanihan 3, calling it a “timely fiscal stimulus” that can be done given that the 2021 budget is still intact.

Asuncion believes the government has enough fiscal space for the measure. What is important now is to program these funds for projects that would have the potential to address the current wave of cases, he added.

Ofreneo said the proposal of Marikina Rep. Stella Luz A. Quimbo is the closest to his concept of stimulus spending.

He said under the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (Arise), assistance will be provided to micro, small, and medium enterprises (MSMEs).

While this has been included in Bayanihan 1 and 2, the achievements of this program were not ideal.

“So far, the Arise proposal (unacted) of Rep. Quimbo comes closest to our concept of ideal stimulus spending. It wants to target assistance to the MSMEs,” Ofreneo said.

“For bureaucratic and other reasons, it’s rare for MSMEs to take advantage of loan and wage assistance. And even in the area of social amelioration assistance, there are a lot of exclusions as well as scandals,” he added.

The Arise bill was approved last year to protect and assist up to 15.7 million workers, create 3 million short-term jobs, and 1.5 million infrastructure jobs over three years, and help up to 5.57 million micro, small, and medium enterprises, both formal and nonformal.

For this year alone, the spending plan includes assistance to various sectors such as MSMEs (P10 billion); tourism (P58 billion); industry and services (P44 billion); transportation (P70 billion); agri-fisheries (P66 billion); and funding for the National Emergency Investment Vehicle (P25 billion) to “minimize permanent damage to the economy.”

Bayanihan 3

For economists like Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco, given this fiscal space, it’s now time to reconsider the Bayanihan 3 which will help mitigate the economic scarring or “hysteresis” that could happen.

Hysteresis happens when the skills of workers—unemployed over a long period of time due to a recession—deteriorate, making them unemployable.

Chikiamco also explained that hunger causes malnutrition. If Filipinos become malnourished, this would have a long-term effect on the “productive potential” of workers and their families.

“At the same time, the government should be more competent in procuring vaccines and implementing a vaccination program in order to prevent future spikes of infection. It is very slow and incompetent in rolling out a good vaccination program,” Chikiamco added.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, March 15, 2021 A5

Rice inventory fell to 5-month low in February

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country’s total rice inventory as of February 1 touched a 5-month low after it declined by 6 percent to 2.193 million metric tons (MMT), from the previous year’s 2.332 MMT, the Philippine Statistics Authority (PSA) said.

In its monthly rice and corn stocks inventory report, the PSA said the February 1 volume was also 7.7 percent lower than the previous month’s 2.375 MMT. Historical PSA data showed that this is the lowest nationwide rice inventory since September 2020, when it reached 1.823 MMT. The PSA data showed that bulk of rice inventory during the period or about 1.181 MMT were held by households while 708,940 metric

tons (MT) were stored in commercial warehouses. PSA data also showed that rice inventory held by NFA warehouses was estimated at 302,480 MT. PSA data showed that rice inventory in households and NFA warehouses declined by 8.38 percent and 14.19 percent, respectively. Rice inventory in commercial warehouses grew by 2.75 percent from its January level of 689.960 MT. On an annual basis, household rice inventoryroseby13percentfrom1.045

Farm-gate price of broiler rises by 10% after 2-week skid–Ubra

T

HE average farm-gate price of broilers has halted a two-week skid after it rose by more than 10 percent and breached the P120-perkilogram price level anew.

Latest United Broiler Raisers Association (Ubra) data showed that as of March 12, the average farm-gate prices of broilers across three different sizes were above P120 per kg.

The average price of off-sized broiler rose by 11.31 percent to P121.33 per kg, from P109 per kg, while regular-sized broiler averaged P121.67 per kg, 11.11 percent higher than the previous week’s P109.5 per kg, based on Ubra data.

Ubra data also indicated that the average farm-gate price of primesized broilers went up by 12.33 percent to P121.81 per kg, from P108.44 per kg recorded on March 5.

The average price of day-old chicks remained at P48 apiece.

“Apparently, the loading last month was conservative. Probably a reaction to the price ceiling,” Ubra President Elias Jose Inciong told the BusinessMirror when asked why farm-gate prices rose after a two-week decline.

“In this case, it was expected that there will be some withdrawal from production because of the price ceiling given the cost of inputs.”

At the prevailing farm-gate prices, the suggested retail price for chicken meat would reach P185 per kg to P186 per kg, sans the price cap.

The government has decided, however, to continue implementing the price cap on pork and chicken meat in Metro Manila until April 8. Chicken meat sold in Metro Manila markets should not exceed P160 per kg, as per the price cap.

Latest Department of Agriculture (DA) price monitoring report as of March 12 showed that the price of dressed chicken in Metro Manila ranges from P160 per kg to P200 per kg.

The DA has earlier formed a technical working group (TWG) to address the concerns of the broiler industry. Its tasks include the collation and analysis of data on supply and demand of chicken meat.

Agriculture Secretary William D. Dar issued Special Order (SO) 197 dated March 3 which authorized the creation of the TWG for broiler concerns.

Under the SO, the TWG would be chaired by Bureau of Animal Industry Assistant Director for Production and Research Officer in Charge Rene C. Santiago.

The members of the TWG are Dr. Roland Fajardo, Dr. Jonathan Sabiniano, Alvin Dirain and Mark Villatema.

Dar has instructed the TWG to collate and analyze data related to the broiler sector, including broiler meat supply and demand and the cost of producing poultry.

The TWG is also tasked to develop plans and programs to operationalize the DA broiler sector road map and is responsible for the “coordination and consultation with concerned stakeholders in addressing concerns of the broiler sector.”

The TWG will also “spearhead the development of policy recommendations for the sector in collaboration with relevant DA offices and agencies,” according to the SO. The broiler industry is reeling from the decline in demand for chicken meat from the hotel, restaurant and institutional (HRI) segment, which accounts for about 30 percent of total demand, due to movement restrictions imposed by the government to control the spread of Covid-19.

The loss of the HRI segment has resulted in a supply glut and pulled down farm-gate prices last year, forcing some broiler raisers and even breeders to reduce output or to stop broiler production.

Currently, the industry is seeing record-high prices of day-old chicks, which have reached P50 apiece due to the lack of breeder supply.

Jasper Emmanuel Y. Arcalas

American farmers could soon be growing derecho-proof corn plants

F

ARMERS across the United States could soon be growing corn plants that are able to withstand winds as strong as those brought by the powerful derecho that hit Iowa last year.

Bayer AG is developing shorter-stature plants that can resist winds without falling over, said Bob Reiter, head of research and development at the German chemical giant’s crop science division. The first new variety, introduced in Mexico in September, is expected to be launched in the US in about 2023.

Tall plants have long been a sign of big corn harvests, but Bayer says its short version won’t affect yield potential. While bigger corn stalks fell over in Iowa when the derecho hit last year—making it impossible to harvest with a combine—the company’s smaller varieties planted in a test field in the state remained standing. Bloomberg News

THIS BusinessMirror file photo shows different varieties of rice being sold at a local market in Manila.

MMT while commercial rice stocks declined by 15.71 percent from 841,150 MT, based on the latest PSA data.

PSA data also indicated that NFA rice inventory declined by 38 percent from 488,680 MT recorded in February 2020.

In the same report, the PSA said the country’s nationwide corn inventory rose by 18.38 percent to 774,830 MT, from 654,530 MT recorded last year.

However, the volume was 15.23 percent lower than last month’s 914,070 MT. PSA data indicated that bulk of the corn inventory as of February 1, or about 550,540 MT, were stored in commercial warehouses while the remaining 224,290 were in households.

“This month’s corn stocks in all sectors were higher compared with their respective levels in the previous year. Stocks in the households and commercial warehouses increased by 46.5 percent and 9.8 percent respectively,” the PSA said.

A6

The World BusinessMirror

Monday, March 15, 2021

Myanmar civilian leader vows ‘revolution’ to overthrow junta

Protesters attend a candlelight night rally in Yangon, Myanmar on Saturday, March 13, 2021. Security forces in Myanmar on Saturday again met protests against last month’s military takeover with lethal force, killing at least seven people by shooting live ammunition at demonstrators. AP Photo

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ANDALAY, Myanmar—The civilian leader of Myanmar's government in hiding vowed to continue supporting a "revolution" to oust the military that seized power in last month's coup, as security forces again met protesters with lethal forces, killing at least seven.

Mahn Win Khaing Than, who was named the acting vice president by Myanmar's ousted lawmakers and is a member of deposed leader Aung San Suu Kyi's party, addressed the public on Saturday for the first time since the Feb. 1 military takeover.

"This is the darkest moment of the nation and the moment that the dawn is close," he said in a video posted on the shadow government's website and social media.

"In order to form a federal democracy, which all ethnic brothers who have been suffering various

kinds of oppressions from the dictatorship for decades really desired, this revolution is the chance for us to put our efforts together," he said.

He added: "We will never give up to an unjust military but we will carve our future together with our united power. Our mission must be accomplished."

At the end of the message he flashed a three-finger salute that has become a symbol of resistance to the military rule.

Earlier Saturday, security forces opened fire at demonstrators, killing four in Mandalay, the sec-

ond biggest city, two in Pyay in south-central Myanmar, and one in Twante, a suburb of Yangon, Myanmar's largest city. Details of all seven deaths were posted on multiple social media accounts, some accompanied by photos of the victims.

The actual death toll is likely to be higher, as police apparently seized some bodies, and some of the victims suffered serious gunshot wounds that doctors and nurses working at makeshift clinics will be hard-pressed to treat. Many hospitals are occupied by security forces, and as a result are boycotted by medical personnel and shunned by protesters.

The independent UN human rights expert for Myanmar, Tom Andrews, said last week that credible reports indicated at least 70 people had died so far, and cited growing evidence of crimes against humanity by the military.

Other unofficial but carefully compiled tallies put the number of deaths since the coup at around 90.

Saturday's killings did not faze demonstrators in Yangon who crowded a downtown commercial

area past the official 8 p.m. curfew to hold a mass candlelight vigil and sing about their cause. The mostly young protesters rallied at an intersection where they usually gather for daytime protests.

After-dark rallies was also held in Mandalay and elsewhere.

Reports on social media also said three people were shot dead Friday night in Yangon, where residents for the past week have been defying the curfew to come out onto the streets.

The nighttime protests may reflect a more aggressive approach to self-defense that has been advocated by some protesters. Police had been aggressively patrolling residential neighborhoods at night, firing into the air and setting off stun grenades as part of intimidation. They have also been carrying out targeted raids, taking people from their homes with minimal resistance. In at least two known cases, the detainees died in custody within hours of being hauled away.

Another possible indication of heightened resistance emerged Saturday with photos posted online of a railway bridge said to have been damaged by an explosive charge.

The bridge was described as connecting the rail line from Mandalay to Myitkyina, the capital of the northern state of Kachin. The photos show damage to part of a concrete support.

No one took responsibility for the action, which could be seen as support for the nationwide strike of state railway workers, part of the civil disobedience movement against the coup.

At the same time, it could also disrupt military reinforcements in Kachin, where ethnic guerrillas have been fighting the central government.

The prospect of sabotage has been openly discussed by some protesters, who warn they could blow up a pipeline supplying natural gas to China, seen as the junta's main supporter.

In Washington on Friday, the Biden administration announced it is offering temporary legal residency to people from Myanmar, citing the coup and deadly force against civilians. AP

Protests intensify in Lebanon as currency continues to slide

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EIRU T—L ebanon’s curre nc y plu m mete d to a new record low on Saturday, continuing its crash amid a worsening economic crisis that has triggered near-daily protests throughout the tiny Mediterranean country.

Among the Saturday afternoon protests was a small one near parliament, where riot police fired tear gas to disperse scores of young men throwing stones at security forces. The protesters also tried to break through a metal gate leading

to the legislature.

Lebanon's worst economic crisis in decades began in October 2019 and worsened with the spread of coronavirus and a massive explosion in Beirut in August. The blast of nearly 3,000 tons of ammonium nitrate, a highly explosive material used in fertilizers, killed 211 and wounded more than 6,000.

In addition to Beirut, there were also protests in other cities such as Tripoli, Sidon and Tyre, as well as road closures in different parts of Lebanon.

The Lebanese currency hit a new record low on Saturday, reaching about 12,500 pounds to the US dollar on the black market. The official rate remains at about 1,500 pounds against the greenback.

Commodities and consumer goods are mostly imports and prices have thus soared.

Lebanon's economic and financial crisis has become worse in recent weeks as political bickering between rival groups has delayed the formation of a new Cabinet.

The World Bank said in Decem-

ber that Lebanon's gross domestic product shrank at least 19.2% in 2020 alone.

In March last year, Lebanon defaulted for the first time ever on a payment on its massive debt amid ongoing popular unrest. Lebanon's debt reached $90 billion or 170% of GDP, making it one of the highest in the world.

The crash has raised concerns over the country's stability as crime has risen and tens of thousands of people lost their jobs over the past year. AP

Armenian opposition supporters surround government buildings

Y

EREVAN, Armenia—Hundreds of opposition supporters surrounded government buildings in Armenia's capital on Saturday to push for the resignation of the country's prime minister.

Prime Minister Nikol Pashinyan has faced demands to step down since Armenia suffered a humiliating defeat last year in an armed conflict with Azerbaijan over Nagorno-Karabakh, a territory within Azerbaijan that Armenia-backed separatists controlled for more than 25 years.

Demonstrators shouting "Nikol you traitor!" and "Nikol go away!"

surrounded the Foreign Ministry's headquarters where Pashinyan had a meeting on Saturday. Later in the day, they ringed the residence of the country's mostly ceremonial president, Armen Sarkissian, when Pashinyan went there for talks on ending the political crisis.

Some of the demonstrators engaged in brief scuffles with police.

Pashinyan has defended a November peace deal that ended the six weeks of fighting over Nagorno-Karabakh as the only way to prevent Azerbaijan from overrunning the entire region.

Tensions spiked last month when the military's General Staff

demanded Pashinyan's resignation. The prime minister responded by firing the country's highest military officer, who appealed his dismissal in court.

Pashinyan has offered to hold an early parliamentary election later this year but staunchly rejected the opposition's demand for him to step down before the vote.

The 45-year-old former journalist has retained significant public backing despite the defeat in Nagorno-Karabakh, with thousands rallying in his support to counter the opposition-led pressure for his resignation.

President Sarkissian sought to

play mediator by offering to host a meeting between Pashinyan and his political foes, but he had to call it off after the opposition said it would only accept a meeting to discuss the prime minister's resignation.

More than 6,000 people were killed in the fighting over Nagorno-Karabakh, which lies within Azerbaijan but was under the control of ethnic Armenian forces backed by Armenia since a separatist war there ended in 1994.

The Russia-brokered peace deal let Azerbaijan reclaim control over large parts of Nagorno-Karabakh and surrounding areas. AP

Editor: Angel R. Calso

UK says China not complying with Hong Kong handover treaty

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he UK government said China is in a “state of ongoing non-compliance” with the key treaty that paved the way for Hong Kong’s return to Chinese control, following a Beijing-led crackdown on dissent in the city.

Saturday’s statement from Foreign Secretary Dominic Raab came days after Chinese lawmakers approved an overhaul of the city’s election system that threatens to stack the legislature with pro-Beijing loyalists.

That move was the culmination of a series of measures to curb challenges to Chinese rule, including passage of a national security law that led to the arrest of dozens of democracy activists and prompted many to flee the city.

The election overhaul “is part of a pattern designed to harass and stifle all voices critical of China’s policies and is the third breach of the Joint Declaration in less than nine months,” Raab said. The UK decision was a “demonstration of the growing gulf between Beijing’s promises and its actions.”

The statement gave no indication of what the UK government would do if China doesn’t return to compliance with the Joint Declaration.

“The UK will continue to stand up for the people of Hong Kong,”

Raab said. “China must act in accordance with its legal obligations and respect fundamental rights and freedoms in Hong Kong.”

Hong Kong was a British colony for more than 150 years until its return to China in 1997 after the two countries signed the Joint Declaration. The agreement gave control back to China in return for the city maintaining a “high degree” of autonomy. Yet under President Xi Jinping, China has moved to tighten its grip on the city; the crackdown accelerated after massive pro-democracy demonstrations broke out in 2019.

After passage of the national security law, the UK responded by offering a path to British citizenship for eligible Hong Kong residents.

Xi is seeking to have only “patriots” on Hong Kong’s legislative council. The overhaul will give Beijing virtual veto power in the selection of the city’s leaders.

China says the national security law was necessary to punish acts of secession, subversion of state power, terrorist activities or collusion with foreign entities. Dozens of opposition figures—including media tycoon Jimmy Lai and former student leader Joshua Wong— have been jailed using the law.

Bloomberg News

Police detain all participants in Russian opposition forum

Police officers stand in front of a hotel where participants of a forum of independent members of municipal councils gathered in Moscow, Russia on Saturday, March 13, 2021. Russian police on Saturday detained about 150 participants of a forum of independent members of municipal councils, an action that comes amid the authorities' multi-pronged crackdown on dissent. Police showed up at the gathering in Moscow shortly after it opened, saying that all those present will be detained for taking part in an event organized by an "undesirable" organization. AP Photo/Victor Berezkin

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OSCOW—Police in Moscow detained about 200 people participating in a forum of independent members of municipal councils on Saturday, an action that came amid a multi-pronged crackdown on dissent by Russian authorities.

Police showed up at the gathering shortly after it opened at a Moscow hotel, saying all those present would be detained for taking part in an event organized by an "undesirable" organization. A police officer leading the raid said the detained individuals would be taken to police precincts and charged with administrative violations.

Moscow police said in a statement that they moved to stop the meeting because it violated coronavirus restrictions since many participants failed to wear masks. They said about 200 participants were detained, some of them allegedly members of an unspecified "undesirable" organization.

OVD-Info, an independent group monitoring arrests and political repression, posted a list of more than 180 people who were detained.

They included Ilya Yashin, an opposition politician who leads one of Moscow's municipal districts; former Yekaterinburg mayor Yevgeny Roizman; and Moscow municipal council member Yulia Galyamina.

Police started releasing the detainees after handing them court summons for participating in the activities of an "undesirable" organization, which is an offense punishable by a fine.

It was unclear how many remained in police custody on Saturday night.

"Their goal was to scare people away from engaging in politics," Andrei Pivovarov, a politician who helped organize the forum, said in a video recorded while he was in a police van.

Pivovarov has played a leading role in Open

Russia, a group funded by self-exiled Russian tycoon Mikhail Khodorkovsky. Khodorkovsky moved to London after spending 10 years in prison in Russia on charges widely seen as political revenge for challenging President Vladimir Putin's rule.

A 2015 law introduced criminal punishment for membership in "undesirable" organizations. The government has used the law to ban about 30 groups, including Open Russia.

An earlier law obliged non-governmental organizations that receive foreign funding and engage in activities loosely described as political to register as "foreign agents."

The laws have been widely criticized as part of the Kremlin's efforts to stifle dissent, but Russian authorities have described them as a fit response to alleged Western efforts to undermine the country.

The police crackdown on Saturday's forum follows the arrest and imprisonment of Russian opposition leader, Alexei Navalny.

Russian President Vladimir Putin's most determined political foe was arrested on Jan. 17 upon returning from Germany, where he spent five months recovering from a nerve-agent poisoning that he blames on the Kremlin. Russian authorities have rejected the accusation.

Last month, Navalny was sentenced to 2 1/2 years in prison for violating the terms of his probation while convalescing in Germany — charges he dismissed as a Kremlin vendetta.

His arrest and imprisonment triggered a wave of protests across Russia, to which the authorities responded with a massive crackdown.

The government has intensified its crackdown on the opposition ahead of parliamentary elections set for September as the popularity of the main Kremlin-backed party, United Russia, has dwindled. AP

The World BusinessMirror

www.businessmirror.com.ph

Conflict grows between US, allies over vaccine supply

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ASHINGTON—President Joe Biden's administration is stockpiling tens of millions of doses of a Covid-19 vaccine whose authorization in the US remains uncertain, frustrating US allies who say those doses should be used now to save lives overseas.

The standoff is part of a growing global debate over who should have access to hundreds of millions of doses of vaccine that pharmaceutical companies are churning out in the US. Besides generating ill will, Biden's insistence on an excess supply for America is potentially creating new openings for geopolitical rivals Russia and China.

A two-dose vaccine from AstraZeneca has received emergency clearance from the European Union and World Health Organization but not from the US. Now America's partners are prodding Biden to release his supply, noting that the administration has lined up enough doses of three alreadyauthorized vaccines to cover every American adult by the end of May and the entire US population by the end of July.

AstraZeneca says that the USproduced vaccines are "owned" by the US government and that sending them overseas would require White House approval.

"We understand other governments may have reached out to the US government about donation of AstraZeneca doses, and we've asked the US government to give thoughtful consideration to these requests," Gonzalo Viña, a spokesman for AstraZeneca, said in a statement.

Even though the 27-nation European Union is eager to relaunch a more fruitful trans-Atlantic relationship after the bruising Trump presidency, the vaccine issue is proving to be a thorny topic, with some in Europe seeing it as a continuation of former President Donald Trump's "America First" focus.

EU member states' ambassadors discussed the challenge this week.

The German government said on Friday it was in contact with US officials about vaccine supplies but stressed that the European Commission has the lead when it

comes to procuring shots for member states.

Biden and European Commission President Ursula von der Leyen have directed representatives to discuss supply chains in the vaccine production.

"Hopefully, we will be in a position on both sides of the Atlantic to ensure that sufficient quantities of vaccine doses are distributed out in line with the schedule so as to complete the vaccination campaigns," EU commission chief spokesman Eric Mamer said.

Well over 10 million doses of AstraZeneca's vaccine are stockpiled in the US for use here.

"We want to be oversupplied and overprepared," White House press secretary Jen Psaki said Friday, so Americans can still be swiftly vaccinated in the event of unforeseen issues with the existing production timeline.

"We have not provided doses from the US government to anyone," she said.

Asked about the stockpiled vaccine, White House Covid-19 coordinator Jeff Zients said, "We have a small inventory of AstraZeneca so, if approved, we can get that inventory out to the American people as quickly as possible." He said the US was following the same procedure it used for the already-authorized vaccines.

Drug manufacturers that received federal assistance in developing or expanding vaccine manufacturing were required to sell their first doses to the US. In the case of AstraZeneca, whose vaccine was initially expected to be the first to receive federal emergency authorization, the government ordered 300 million doses—enough for 150 million Americans—before issues with the vaccine's clinical trial held up clearance.

The company said this month it believes it will have roughly 30

President Joe Biden passes a note to Secretary of State Antony Blinken, during a virtual meeting with Indian Prime Minister Narendra Modi, Australian Prime Minister Scott Morrison and Japanese Prime Minister Yoshihide Suga, from the State Dining Room of the White House on Friday, March 12, 2021, in Washington. AP Photo/Alex Brandon

million doses available to the US government by the end of March, and an additional 20 million by the end of April.

As foreign regulators have moved ahead with the shot, the US has not dropped its contractual claim on the initial doses produced in America.

That policy has also come under criticism from US neighbors Canada and Mexico, which have been forced to seek vaccine manufactured on a different continent, rather than across the border.

Meanwhile, the Biden administration has purchased enough doses of Moderna, Pfizer and Johnson & Johnson to inoculate 150 million more people than the US population by the end of the year.

The US has also ordered 110 million doses of vaccine from Novavax, which is expected to file for emergency authorization as soon as next month.

AstraZeneca's 30,000-person US trial didn't complete enrollment until January. The company hasn't given any hints of when initial results might be ready beyond an executive telling Congress last month he expected it would be "soon."

The European Union, amid its own stumbling vaccine rollout, appears increasingly resigned to the Biden administration retaining control of the US doses.

The EU is at odds with AstraZeneca, too, because the company is delivering far fewer doses to the bloc than it had promised. Of the initial order for 80 million in the first quarter this year, the company will be struggling to deliver half.

Despite shortages at home and often being accused of vaccine protectionism itself, the 27-nation bloc has allowed the export of well over 34 million doses of Covid-19 vaccines in past weeks, including 953,723 to the United States.

Meanwhile, Russia and China have used their domestically produced vaccines for strategic leverage.

China has pledged roughly half a billion doses to more than 45 countries, according to a countryby-country tally by The Associated Press. Four of China's many vaccine makers are claiming they will be able to produce at least 2.6 billion doses this year.

Russia has sent millions of doses of its Sputnik V vaccine to countries around the world, even as it vaccinates its own population.

Analysts say a goal of this vaccine diplomacy is to bolster Russia's image as a scientific, technological and benevolent power, especially as other countries encounter shortages of Covid-19 vaccines because richer nations are scooping up the Western-made versions.

Israel, which has vaccinated more than half of its population with Pfizer vaccines produced in Europe, has also attempted to use vaccine diplomacy to reward allies.

Biden did move to have the US contribute financially to the United Nations—and World Health Organization-backed COVAX alliance, which will help share vaccine with more than 90 lower and middle-income nations, but the US has yet to commit to sharing any doses. AP

Latin America neighbors shun Brazil as Covid superspreader

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or the rest of Latin America, Brazil has always been a nation apart—a huge Portuguese-speaking powerhouse and trendsetter with sexy beaches and bewitching music. These days, it’s something else entirely: a Covid-spreading threat fast becoming a kind of regional leper colony.

Leading the world in daily deaths and the source of a worrying Amazonian variant that’s more contagious and possibly deadlier, Brazil is a cause of deep anxiety for world health officials and its neighbors, who are barring their gates.

Peru has closed flights to and from the country, Uruguay is sending extra doses of vaccines to its border towns and Chile now sends anyone arriving from Brazil to special quarantine hotels. Colombia has not only banned flights in and out of Brazil but also to its own city of Leticia on the border, stranding hundreds of tourists since the end of January.

“It feels like a jail without bars,” said Gladys Cuellar, who with her husband Antonio owns Gava’s Amazonas, a fast food restaurant in Leticia.

A town of 50,000, Leticia had a death toll last year almost three times higher than the national average. It lives off tourism and most of its food and supplies come

from Brazil and Peru.

“It’s a difficult decision to make,” said Julian Fernandez, director of epidemiology at Colombia’s health ministry, of the closure. While it’s virtually impossible to stop the Brazilian strain from spreading into the more populous interior of Colombia, “we are trying to reduce the volume and speed at which it enters, to give us time to advance vaccinations.”

With 50 million inhabitants, Colombia has only administered some 600,000 doses.

It’s paying special attention to its Amazon belt next to Brazil, offering shots to everyone over 18 in urban areas. In the rest of the country, other than health workers, only people over 80 are getting their first jab.

Global health officials have been expressing deep alarm over the risk posed to the region by Brazil while 17 countries have banned entries from it.

Argentina today canceled a ceremony to mark the 30th anniversary of the Mercosur trade bloc that the Brazilian President Jair Bolsonaro was scheduled to attend, citing the deepening health crisis in the region. The ceremony will now be held online.

The first week of March marked the worst days of the pandemic yet in Brazil, with more than 420,000 new cases and 10,000 deaths.

Home to less than 3% of the world’s population, it accounts for about 10% of Covid cases and deaths.

Vaccinations are moving slowly. While some governors and mayors have imposed curfews and on rare occasions strict lockdowns, interstate travel remains fluid and international airports open. Even in places with tighter restrictions, enforcement is rare.

President Bolsonaro has long insisted that the virus is given too much attention, that masks and distancing are for “sissies,” and life must go on.

“We’re very much concerned about Brazil,” said Dr. Tedros Adhanom Ghebreyesus, head of the World Health Organization. “And about Brazil’s neighbors—almost the whole of Latin America. That means if Brazil is not serious then it will continue to affect all the neighborhood there and beyond. So this is not just about Brazil.”

Uruguay, which closed its international borders early in the pandemic, increased patrols along its 620-mile dryland border with Brazil last year. It sent extra doses from its first shipment of 192,000 Coronavac shots to those cities. The absence of a hard border separating its biggest frontier town Rivera from Brazilian sister city, Santana do

Livramento, has driven new cases there to the country’s highest in the past week due to the flow of residents and day shoppers.

“Today our main problem without a doubt is what is happening in Brazil,” Rivera Province deputy governor Jose Mazzoni said by telephone.

Venezuelan President Nicolas Maduro said this month that 10 cases of the Brazilian strain have been detected and “we have to cut transmission channels.”

Argentina is limiting flights from several countries, including Brazil.

And while Chile hasn’t gone as far as Peru and Colombia, it is requiring all passengers who’ve been in Brazil in the last 14 days to go to a “residencia sanitaria” where they will have a Covid test. If positive, the person stays. If negative, they have to do 10 days of quarantine at home.

In coming days, Colombia will carry out a “humanitarian flight” that will fly tourists stranded in Leticia back to Bogota.

Meanwhile Gladys—the restaurant owner in Leticia—is looking forward to getting vaccinated.

“We’re like Colombia’s lab mice,” she said. “We’ve been isolated and now we’ll get to see how things go with the Brazil strain.” Bloomberg News

Monday, March 15, 2021 A7

AstraZeneca’s EU vaccine disaster deepens on clots and nationalism

A

straZeneca Plc’s European vaccine nightmare is worsening, with a number of countries halting shots over safety fears as further delivery delays prompt governments around the world to hoard doses they’ve already got. At least 10 countries including Italy and Norway reacted after Austria, and later Denmark, raised concerns over the possible side effects from two batches. While Europe’s medicines regulator said there was no indication of issues, it led to a spate of suspensions stretching as far as Thailand.

The health scare emerged against a backdrop of further supply woes. The drugmaker’s efforts to make up for the European Union shortfall by sourcing shots elsewhere have hit a wall as governments around the world protect their own supplies. The US rebuffed pressure to share doses and is holding on to its Astra stockpile, even though the shot isn’t yet authorized for use there.

The drama keeps Astra at the center of a political storm in Europe, weeks after manufacturing issues first put the two sides into conflict. Meanwhile, the EU is falling further behind the UK and the US in vaccinations, creating a political crisis for the bloc’s leaders.

In addition to low yields producing less vaccine than planned, one plant in the Netherlands is still awaiting regulatory approval to deploy doses. The site, owned by the manufacturer Halix, is making the vaccine drug substance for Astra and forms part of both the EU and U.K. supply chains.

An Astra spokesman said the approval timing is in line with original plans and hasn’t had any impact on EU deliveries. Halix didn’t respond to a request for comment outside of normal business hours.

But the various issues mean Astra will only be able to deliver about 100 million doses to the EU in the first half of the year, it said Friday, about a third of the number originally planned.

Thirty million doses are due to be delivered by the end of this quarter, with the rest coming in the next three months.

Italy has already responded with direct action, making use of a new EU measure to stop Astra from shipping some doses to Australia.

Prime Minister Mario Draghi hinted on Friday that he’ll do that again if he has to.

“The European Union has taken clear commitments with pharmaceutical companies and we expect they will be respected,” Draghi said.

“We have taken some strong decisions against companies which have delayed the deliveries and we will continue to do so.”

The latest developments will do little to encourage take up of the Astra vaccine in the EU, which had already encountered issues in recent weeks in light of the varying efficacy rates, potential loss of protection against new virus variants, and questions on its effectiveness in older adults. Until recently, a number of countries had restricted use of the shot to those aged under 65.

In a March 7 YouGov survey, perceptions in EU countries of the safety of the shot from Astra and the University of Oxford were lower

AstraZeneca is currently at the center of a political storm in Europe. Bloomberg photo

compared with vaccines from Pfizer Inc. and partner BioNTech SE, and Moderna Inc. By contrast, Britons viewed Astra’s as the safest of the three.

The suspensions may further embed negative views, despite the guidance from the European Medicines Agency.

The number of incidents reported—about 30 from a group of around five million—is no greater than what would have occurred naturally in that size of population, according to regulators and scientists.

“Genuine problems with a batch are very rare and almost always relate to contamination by bacteria or physical” particles like glass detected by the manufacturer, said Stephen Evans, a professor at the London School of Hygiene & Tropical Medicine. “Pausing the use in this case is not evidence-based.”

Astra said an analysis of safety data of more than 10 million records had shown no evidence of an increased risk of pulmonary embolism or deep vein thrombosis in any age group, gender, batch or country.

The Astra vaccine has become an emblem for growing pandemic nationalism as countries race to inoculate populations as quickly as possible. The US has already ordered nearly enough vaccines from the three manufacturers with authorization from the Food and Drug Administration to immunize its adult population twice over.

“We’re going to start off making sure Americans are taken care of, first, but we’re then going to try to help the rest of the world,” President Joe Biden said on Wednesday.

Meanwhile, back in Europe, the EU spent much of the past week in yet another war of words with the U.K. after it accused Britain of blocking vaccine exports. The EU itself has exported millions of doses, though it also has controls it can use to ensure drug companies honor contracts.

“I think there’s an incredible irony with the European Union complaining about other countries being protectionist,” said Mark EcclestonTurner, a law and infectious disease specialist at Keele University in England. “At the start of this pandemic they were referring to this vaccine as a public good, and then sought to buy up as many doses as they can and put export controls” in place. Bloomberg News

Norway reports 3 blood clot cases after AstraZeneca shot

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orway, among the countries that have suspended the use of AstraZeneca Plc’s Covid-19 vaccine, said three people who received its shot are being treated for severe blood clots and cerebral hemorrhages but that it’s too soon to say if there was a connection.

The people, who were all “of younger age,” had a reduced number of platelets in their blood, the Norwegian Medicines Agency said in a statement on Saturday.

Health authorities in Norway are telling people under the age of 50 who’ve received the AstraZeneca shot in the last 14 days to see a doctor if they feel ill or detect skin hemorrhages more than three days after vaccination.

Norway on Thursday followed countries including Denmark in pausing use of the vaccine over concerns about blood clots, after a person in Austria died and others fell ill after being inoculated.

“We can’t say if there is a connection with the vaccine, but we will investigate thoroughly,” Sigurd Hortemo, a doctor at the Norwegian Medicines Agency, said at a press conference from Oslo.

Fiona Cookson, AstraZeneca’s

director of global media relations, said safety data covering more than 17 million doses administered “has shown no evidence of an increased risk of pulmonary embolism, deep vein thrombosis or thrombocytopenia.”

The reported numbers of these types of events for people who’ve had the AstraZeneca shot “are not greater than the number that would have occurred naturally in the unvaccinated population,” Cookson added in an e-mailed statement.

A review of available safety data is ongoing, she said.

The European Medicines Agency said Wednesday in a statement referencing the Austrian cases said that it was investigating the concerns but had initially found no indication that the vaccine caused the clots. The European Commission has said it will follow EMA’s recommendation.

A group of experts from the World Health Organization is also assessing the reported blood clots and looking at two specific batches of the vaccine, WHO officials said Friday.

Unless a clear link is established, the WHO said there is no reason to stop injections. Bloomberg News

A8

Monday, March 15, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Covid-19: 14 months later

‘T

he world is faced with another SARS-like coronavirus that has the potential to spread rapidly around the globe. The virus has already started to mutate. That is not good news. It is up to our own health officials to protect the Philippines.” That was from our Editorial on January 24, 2020 titled China’s health problem is our problem.

Now we are sitting 14 months later and some 120 million global cases with approximately 2.7 million deaths. Events unfolded rapidly. China reported the first death from the virus that would come to be known as Covid-19 on January 11, 2020. The first verified case in the US came on January 21. China locked down Wuhan two days later. The World Health Organization issued a “Global Health Emergency” alert on January 30 and the US declared a “Public Health Emergency” the next day.

Here at home, the first case in the Philippines was identified on January 30, a 38-year-old Chinese woman. On February 1, a posthumous test result from a 44-year-old Chinese man turned out positive for the virus, making the Philippines the first country outside China to record a confirmed death from the disease.

Previously, the first suspected case involved a five-year-old Chinese boy in Cebu City, who arrived in the country on January 12.

The boy tested negative for Covid-19. After over a month without recording any cases, the Philippines confirmed its first local transmission on March 7.

Lockdowns were imposed throughout the country on March 15 with the enhanced community quarantine in Luzon. On March 20, international flights were halted for most travelers.

Preliminary count of weekly new cases has reached a historic high. From March 4 to March 10, the Department of Health logged 22,143 cases. To put that in perspective, during the week of August 6 to August 12, 2020, there were 21,796 cases logged with a four-week moving average of 19,944 positive tests. The current four-week moving average is 15,262 and rising.

As recently as February 12, the number of daily cases was 1,160—versus 5,000 now—and the seven-day moving average was 1,283. There are those that want the public to believe that the current increase in cases is “Only in the Philippines.” Unfortunately, that is false.

“Germany declares a Covid ‘third wave’ has begun.” “Malaysia is waging a fierce battle against a third wave of Covid-19 cases.” “Indonesia kicks off second wave of Covid-19.” “South Korea: ban on private gatherings in a bid to stamp out the possibility of a fourth wave.” “Covid-19 numbers showing signs of rising as Japan weighs exit from state of emergency.” “Argentina: government officials worried by ‘sustained’ Covid-19 increase in region.”

Globally on February 13, 2021 there were 387,841 cases reported with a seven-day moving average of 361,449 on February 19th. As of March 13, the daily cases reported increased to 441,819 and the seven-day moving average number is at 422,512. The world has experienced an increase of 14 percent in the number of daily cases in one month. The global seven-day moving average is up 17 percent.

In May 2020, the tagline from the movie Jaws—“You’ll never go in the water again”—was the way we were living every day. As we “celebrate” the anniversary of the first lockdown, the tagline from Jaws 2 might be appropriate: “Just when you thought it was safe to go back in the water....”

Four million Filipinos are jobless Atty. Jose Ferdinand M. Rojas II

RISING SUN

I

N many areas in the country, we have seen businesses and establishments close down because of the pandemic. Restaurants, cafés, offices, shops, and stores—previously bustling commercial areas have now become quiet or deserted districts. It’s a sad sight to behold mainly because we know that behind every closed establishment are people who have lost their jobs.

According to the Philippine Statistics Authority, about 4 million Filipinos were unemployed in January this year. This figure is definitely higher than the 2.4 million unemployed Filipinos in January last year. About 6.6 million Filipinos were underemployed in January this year; this number pertains to people who have jobs but are in need of additional income to be able to meet their needs.

Aside from businesses closing

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team has influenced the easing of restrictions in the hope of reviving the economy. It is not a secret, however, that even those regions that have opened up are still struggling to enliven their labor sector. And as we face new strains of the virus and rising cases of Covid-19 infection (the highest since September 2020!), the administration seems bent on continuing to relax restrictions even further. Is it wise to keep doing that even if it is not an assurance that it will affect employment, and the economy, positively?

There are economic experts who have observed that the re-opening of

Remembering a year of Covid-19 Thomas M. Orbos

Since 2005

BusinessMirror A broader look at today’s business

down and losing money, the world’s economic problems greatly affected investments in the country as well.

In 2020, foreign direct investments decreased by 24.6 percent compared to the previous year’s figure. Needless to say, this has a serious effect on the number of jobs available for Filipinos. Aside from businesses closing down, foreign investors are also holding back.

The administration’s economic

The problem of unemployment is connected to poverty, problems with access to education, physical health and mental well-being, peace and order, and many other aspects of our lives. It is crucial for the administration to find a lasting—not a temporary one—solution at the soonest possible time.

STREET TALK

I

first wrote about Covid-19 on January 26, 2020, approximately two months before the WHO declaration of a global pandemic and our government’s imposition of a national lockdown. It has been more than a year since. I am reprinting my article to remember that initial fear of uncertainty and remind ourselves to be vigilant given the current rise of infections and with vaccination still a dream away for most of us. With your indulgence, here’s what I wrote on January 26, 2020:

Confronting the novel coronavirus Currently threatening the entire global community is a mutated pathogen—the novel coronavirus or the 2019-nCov, which traces its origin from the seafood market of Wuhan, in the People’s Republic of China. In just a matter of weeks after the discovery of the virus, government administrators of Wuhan have declared a lockdown preventing all its 11 million residents to leave the city in a move to quell the spread of the disease. Beijing and Hong Kong have already declared a state of emergency separately, cancelling all lunar new year celebrations. The virus has no known cure for now and as of this writing has claimed 41 victims and infected more than 1,400 in more than 10 countries to include the United States, France and our neighboring Asian countries, Singapore, Korea and Japan. Scientist from all over are now dreading

that this will be worse than the SARs epidemic in 2004.

To date, there remains to be no verified case in the Philippines but we should not be too overconfident.

The exponential human to human spread of the virus is an offshoot, unfortunately, of the ease of modern travel. In 2018, a total of 4.3 billion passengers or more than half of the world’s population travelled to various destinations or an increase of 6.4 percent over the previous year. There are no borders to speak of. Technology and the presence of modern airports in secondary and tertiary cities globally have brought down travel costs and have increased air traffic to almost anywhere to the detriment of appropriate air monitoring of countries. A case in point is the chartered flight from Wuhan with 300 passengers that landed in Boracay despite the travel ban imposed by our government.

I am reprinting my article to remember that initial fear of uncertainty and remind ourselves to be vigilant given the current rise of infections and with vaccination still a dream away for most of us.

How does one cope with such a situation? Admittedly, this is new territory for everyone and governments worldwide seem one step late in curtailing the spread of the disease. The World Health Organization has yet to make an announcement while news of the pathogen in various parts of the world continue to escalate. The Chinese government initially branded the ones who made the first pronouncements of the existence of the pathogen as alarmists, and announced that they had it under control. However, despite the succeeding lockdowns of several of its cities, confusion and despair among its citizens prevail as most information is kept from the public. Governments, such as those of the United States, Japan, Singapore, Australia and Korea, are dealing with this individually. Thermal monitoring in airports worldwide has become stricter, but that will not be enough.

The Philippine government should not wait for its first victim in order to act vigilantly against this global threat. Thankfully, the Department of Health has initiated preparations, but we need to do more. It will be prudent to begin planning the creation of a presidential inter-agency task force to oversee preparations as an offshoot of this global epidemic. An inventory of our medicine stock, food and fuel

establishments and easing of travel restrictions do not necessarily lead to more employment and better business. They further suggest that the government look into other possible reasons for the problem, like the fact that businesses have implemented cost-cutting strategies, and so on.

Most likely, it will take a long time for the economy to recover because, indeed, so many people lost their jobs, too many businesses lost money and closed shop, and a huge number of our population have fallen into poverty. While some jobs have been restored (269,000 in the National Capital Region), we do know that our problems are not going to go away when we re-open the commercial establishments.

The problem of unemployment is connected to poverty, problems with access to education, physical health and mental well-being, peace and order, and many other aspects of our lives. It is crucial for the administration to find a lasting—not a temporary one—solution at the soonest possible time.

supply is not at all an unnecessary exercise at this time as importation of food, medicine and even fuel will be affected. And correspondingly monitoring of hoarding and price surges may need to be embarked on by the Trade department. Stricter monitoring at all our port of entries will also be needed, and therefore our immigration personnel may need to be augmented, possibly by members of the armed forces. Private medical institutions and practitioners may be made on call to assist the Department of Health. The Foreign Affairs department may need a contingency plan with its foreign desks on how to fly our fellow Filipinos out of the most affected areas. The sooner the better. As of this writing, the US government is sending a chartered flight to bring their diplomats and citizens out of Wuhan. It may not be long before they may do the same with other cities in China. We may have less resources than the US but it will not hurt to be as prepared.

Lastly, the government communications arm may need to step up its efforts to the public on this. A more informed public is the first line of defense in such a situation.

The need for the proper state of preparedness of the whole citizenry cannot be underestimated. In the end, we hope and pray for the best; we do not wish for the worst but we need to be prepared.

Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He can be reached via e-mail: thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Bonanza for local governments

Little women Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Third of a series

W

hat is the financial impact of the Supreme Court decision on the Mandanas, et al. case increasing the Internal Revenue Allotment of the local government units? For the first year of implementation in Fiscal Year 2022, the Department of Interior and Local Government estimates that LGUs will get an additional IRA of P234.39 billion, or an increase of 27.61 percent.

The IRA estimate for 2022 has the LGUs sharing P838.44 billion.

With more funds of the national government being allocated and used by the LGUs, the national government will conversely have less disposable cash starting FY 2022. Inasmuch as the government is expected to continue incurring substantial costs and challenges in responding to the Covid-19 pandemic, the Duterte administration will be hard pressed in dealing with this looming financial burden.

It appears that the administration had definite plans already on addressing this major challenge— leave the problem for the next incoming administration to resolve.

This decision on the NTA apparently was reached during a Cabinet meeting in September 2019. A Philippine News Agency account of that Cabinet meeting disclosed that “due to the various commitments of the President to the people, such as the implementation of programs designed to combat criminality and corruption, as well as activities of the national government to promote human development and poverty reduction, to name a few, it was agreed that the adjustment of the IRA may not be feasibly effected during this administration.

Otherwise, there will be an unmanageable fiscal deficit, while securing loans will be more expensive to the nation as the citizenry will be paying for higher rates.”

It is to be noted that this policy direction of the Duterte administration was made even before the onset of the Covid-19 pandemic.

On a positive side, as carried in League of Provinces of the Philippines web site, Marinduque Governor Presbitero Velasco had suggestions on how to alleviate the financial challenge. Such options such as direct downloads of National Government funds whose services have already been devolved to LGUs;

Marinduque Governor Presbitero Velasco had suggestions on how to alleviate the financial challenge. Such options such as direct downloads of National Government funds whose services have already been devolved to LGUs; deferred payment scheme either through bond flotation or monetization were suggested in lieu of an outright payment of the IRAs to the LGUs. deferred payment scheme either through bond flotation or monetization were suggested in lieu of an outright payment of the IRAs to the LGUs. Gov. Velasco emphasized that both national and local governments share the common objective to ensure compliance with the Constitutional provision and Supreme Court decision guaranteeing the just share of LGUs in all national taxes without necessarily disrupting the fiscal and deficit targets of the country and thereby maintain macroeconomic stability.

It is quite clear that there will be a lot of interplay between the LGUs and the NG as the time of reckoning of the IRA saga approaches the year 2022.

To be continued.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

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

China eases visa rules for foreigners who get Chinese vaccines

By Yueqi Yang Bloomberg Opinion

T

he China-made vaccine is becoming the ticket to enter the mainland.

China said it will ease visa application requirements for foreigners seeking to enter the mainland from Hong Kong if they have been inoculated with Covid-19 vaccines made in China.

The new rule will take effect on Monday to resume “people-to-people exchanges between China and other countries in an orderly manner,” according to a government announcement.

Foreigners visiting the mainland for work will face less paperwork in visa applications if they are able to show they have received vaccines produced in China. With the vaccine certificates, these travelers will also be able to skip the requirement for a Covid-19 test or fill out a travel declaration form.

The rule also expands the scope

of applicants eligible for a visa due to humanitarian needs, such as taking care of family or attending funerals, if they have received Chinese vaccines. Other applicants should still follow the earlier visa procedure, according to the statement.

The change comes as China has been promoting its homegrown shots globally amid competition from western vaccines. It recently entered a deal with the International Olympic Committee to provide shots made in China for athletes attending the Tokyo Olympics in July and Winter Olympics in Beijing next year.

Most countries in the West have not yet approved vaccines developed

by Chinese pharmaceutical companies, which have been reticent in sharing details of their vaccine trials crucial for building public trust around the world. China is having more success introducing its vaccines in Africa and Latin America, where countries including Zimbabwe and Equatorial Guinea have received vaccine aid from Beijing.

A 3-part series in celebration of the International Women’s Month.

‘W

oman, I can hardly express, my mixed emotions and my thoughtlessness, After all, I’m forever in your debt....”

And so goes Verse 1 of the chart-topper song “Woman” written and sung by John Lennon of the English rock band The Beatles. Initially meant for his wife Yoko Ono, this melodious composition came about because John Lennon saw “what women do for us.”

He gave the song an almost universal appeal, telling the musicians during the recording sessions that “it’s for your mother, or your sister, anyone of the female race.” Tributes to women have far exceeded anyone’s reminiscence, and took an assortment of forms: from music to poetry, to books, art, films, street names and huge structures, all created in their honor.

Sheerah is a woman who appeared only once in the fabric of the entire Bible, more particularly in 1 Chronicles 7:24. In a citation of seemingly confusing genealogy, birthing and begetting, her name remains in obscurity. Nothing else was mentioned about her except that Sheerah built three cities, as verse 24 states: “His daughter was Sheerah, who built both Lower and Upper Beth-Horon, as well as Uzzen-Sheerah.” Stretching my imagination, I can only visualize that Sheerah was either very wealthy or had a powerful physique or both. During those times, building a city was one herculean task as backhoes, loaders and bulldozers plus computer-aided design (CAD) program were yet to be invented. But Sheerah managed to pull it through, sans the help of these modern technologies. I can imagine Sheerah falling several times on mud and dirt, digging soil using bare hands, going through canals and trenches, sizing up walls, fortifying every element of what she envisioned to become a city. After completing one city, she proceeded to build two more, and even named one “Uzzen Sheera” which may mean “listen to Sheerah.”

The Upper and Lower Horons were built in strategic hillside locations, about 15 kilometers northwest of where Jerusalem would eventually be built. And as per Biblical accounts in the book of Joshua, Sheerah’s cities

outlived her, staying strong and protected even centuries after her death.

For Bible readers, Sheerah may seem to be a little known woman, but to the people of her time, she had to be renowned and influential!

In the Philippine setting, Teresita Sy-Coson of SM Investments Corp. is far from being an unknown figure. Eldest among the six children of business tycoon Henry Sy Sr., she serves in the Board of SMIC, one of our country’s largest publicly-traded holding companies with interests in Retail, Banking, Property and Portfolio Investments, “Tessie” or TSC for most within the SM Group, concurrently serves as the Chairman of BDO Unibank Inc. (BDO) and is also a part of the three-member Philippine delegation to the Asean Business Advisory Council, an organization formed in 2003 by the Asean leaders to provide private sector feedback and guidance to enhance Asean’s efforts toward economic integration.

If Sheerah was the city-builder back then, TSC could very well be named the city builder of our time.

As she and her siblings built city-like malls, she can be credited for spurring the “malling culture” in the Philippines. Teresita Sy-Coson assisted in building not just one department store, but several city-like malls all over the country. Similar to the Biblical woman Sheerah who must have studied every inch of stone and wood

Monday, March 15, 2021

Men and women alike have so much to learn from “little women,” Sheerah in particular.

Notwithstanding her small role in the book of Chronicles, she was mentioned for a purpose.

Sheerah had a vision not only for herself but also for her community. She was born for a purpose, just like the rest of us. utilized in constructing the city, TSC likely scrutinized her contractors and suppliers, read business books, attended trade fairs, and observed a lot—a trait taught by her father.

Employing a hands-on principle, the then unknown Banco de Oro became the more eminent BDO under her stewardship. Sheerah did not stop at building one city, as TSC did not stop putting up another BDO branch, another mall, or another integrated real property development.

Both Sheerah and TSC are visionary first, women second. Ambition served as their compass; attention to detail functioned as their linchpin. If Sheerah was accorded with a name for one city, indicative of her distinction and influence in her community, Teresita Sy-Coson was conferred with the prestigious Management Man of the Year honor in 2016, she being the first ever woman awardee in the private sector. Equally motivated, Sheerah and TSC just kept on moving toward their vision of building a city after another. Imagine the former, during one of her break periods in city construction, already charting up maps for the next town to be built, or plotting the new location of a water cistern, or thinking of stronger materials to reinforce massive stone walls. By the same token, TSC must have had mental calisthenics before transforming BDO from a retail and savings bank to a universal bank. Both Sheerah and TSC came up with responsive strategies when the “market” craved for more. TSC once said, “I don’t dream that much. I just keep on rolling.” Such could have echoed Sheerah’s tireless posture in city-building. In the same way, we can learn from Sheerah or from TSC what it feels like moving forward as if never resting on any laurel.

Men and women alike have so much to learn from “little women,”

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Sheerah in particular. Notwithstanding her small role in the book of Chronicles, she was mentioned for a purpose. Sheerah had a vision not only for herself but also for her community. She was born for a purpose, just like the rest of us. As the Bible chronicled it, Sheerah accomplished her God-given tasks, unwavering in her solid foundation of irrefutable values of diligence, hard work, and perseverance. Like her, TSC has a purpose. Being a child of an industrious businessman, she was born to grow and lead a family empire whose values are firmly grounded on humility, discipline and firm resolve.

Whatever these “little women” built has withstood and will stand the test of time.

We are all born with a purpose that we can either discover or completely miss. Whatever we try to build in life, it should rest on a solid foundation that can only be found in and with God’s peace. There is great joy in discovering His purpose for us and accomplishing the same through His wisdom. Whatever we build in this process can only result to things that will surely outlive us. Matthew 7: 24-27 of the Bible sustains this testimony, thus: “Anyone who listens to my teaching and follows it is wise, like a person who builds a house on solid rock. Though the rain comes in torrents and the floodwaters rise and the winds beat against that house, it won’t collapse because it is built on bedrock. But anyone who hears my teaching and doesn’t obey it is foolish, like a person who builds a house on sand. When the rains and floods come and the winds beat against that house, it will collapse with a mighty crash.”

After one whole year of community quarantine, let’s ask ourselves, “What is God’s purpose in my life?

What should I be building?”

Next week: Part 2 of Little women.

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.

Creating a green recovery pathway for the Philippines

By Dr. Selva Ramachandran & Khalid Hassan

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ore than a year has passed since Covid-19 hit, causing job losses and increasing poverty levels. Sadly, this has impacted people unevenly, particularly women, youth, the poor, and informal sector workers.

A recent United Nations Development Programme (UNDP) survey showed many households (27 percent) earning below P10,000 lost all income during lockdowns.

Estimates from International Labor Organization (ILO) further revealed that 10.9 million workers in the Philippines have had their livelihoods disrupted—equivalent to 25 percent of total employment in the country. Women and youth are particularly impacted, especially those studying, training, job-hunting, or working part-time.

As the pandemic continues, socioeconomic recovery remains uncertain. The World Economic Outlook (2020) projections showed a glimmer of hope for the Philippines, but slowly striding on the path to recovery in 2021 and beyond. Sustainable recovery requires building back better in new ways. To do so, we need to work collaboratively.

Expanding digitalization is one approach. The ILO’s Future of Work in the Philippines Report recommended promoting competitive, innovative industries, and advancing productive employment, but noted that it must be accompanied by upskilling or reskilling workforces— particularly those in technologysupporting sectors, or those most impacted by Covid-19 or changes to traditional work—as well as in-

vesting in the digital and green economies.

Jump-starting a green recovery with more decent jobs, and healthy and resilient societies is crucial to building back better and greener.

Although modest compared to some countries, the Philippines is considered well on its way toward effective recovery, thanks to the significant actions taken by the government.

Notably, the government is at the cusp of submitting its Nationally Determined Contribution, which aims for an ambitious target of 75 percent reduction of greenhouse gas emissions. But to do so, investment in green technology and energy is essential, while enabling a green recovery strategy.

This approach—putting emphasis on recovery that benefits all and progresses towards a greener economy—is not just good for our health and the environment; it is good for economic growth. UNDP’s 2020 Human Development Report shows a $2-$10 return for every $1 invested in nature- and climate-aligned Covid-19 stimulus packages. For the Philippines, this means Covid-19 economic recovery projects should also contribute to overall improvement of the environment and natural resources while reviving affected livelihoods, jobs, and industries.

The Bangko Sentral ng Pilipinas

While the pandemic has caused one of the greatest disruptions of all time, the recovery effort offers a unique opportunity to change the course of development in the Philippines toward a human-centered, greener future, and leave a legacy for the next generations of Filipinos and the world.

(BSP) sets a positive example. Recent reports cited that BSP has invested close to $200 million on green bonds in 2020—bonds that invest in green, sustainable and renewable investments—making the Philippines the 3rd largest green bond issuer in Asean with over $2 billion.

Mobilizing similar smarter, better investment is crucial to recovery success, which requires incentives to attract domestic and foreign capital.

For instance, the proposed amendments for Foreign Investment Act could incorporate incentives to redirect foreign investment to green recovery opportunities—like renewable energy and electric vehicle production and usage.

But, this can be accelerated with a “Whole-of-Government” approach.

Fast-tracked government efforts to promote green jobs, prepare the human resources needed, and monitor and support these mechanisms are necessary. Together with the proposed Philippine Action Plan for Sustainable Consumption and Production, they will set a momentum for greener recovery while propelling the country toward its climate targets.

Timely action by the government should be matched with investments by others, including the private sec-

tor. The government creates an enabling environment and provides the required leadership. However, businesses and enterprises, development partners, business and labor organizations, and civil society play crucial roles to align efforts with the national green recovery agenda, the Paris Agreement, and the Sustainable Development Goals.

Furthermore, ensuring a green recovery requires the need to introduce support to unlock the potential of micro, small and medium enterprises in the Philippines—those most impacted by Covid-19—and increase their participation in green and inclusive recovery. MSMEs are the backbone of the Philippine economy.

UNDP and ILO remain committed to supporting the enterprises, employers, workers, and the government to helping MSMEs bounce back.

We plan to do this through innovative financing, as well as providing business development and forecasting tools that will enable planning and transition to sustainable and more resilient economic opportunities. We welcome open and effective social dialogue on how we can best bring this to life.

While the pandemic has caused one of the greatest disruptions of all time, the recovery effort offers a unique opportunity to change the course of development in the Philippines toward a human-centered, greener future, and leave a legacy for the next generations of Filipinos and the world.

Dr. Selva Ramachandran is the UNDP Philippines Resident Representative and Khalid Hassan is the ILO Philippines Country Director

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PNP, PDEA chiefs’ Covid resets Senate probe H

By Butch Fernandez

@butchfBM

OURS after announcing his committee will open a Senate inquiry Monday on the February 26 shootout between Quezon City police and agents of the Philippine Drug Enforcement Agency, Senator Ronald “Bato” dela Rosa was forced to declare a postponement, as chiefs of both the National Police and PDEA tested positive for Covid-19 and are in quarantine.

Dela Rosa, chairman of the Public Order and Dangerous Drugs committee, had announced on Saturday the conduct of the muchawaited hearing set for Monday, March 15.

Past noon of Sunday, however, dela Rosa said they were taking extra precautions because several other resource persons on both the PNP and PDEA sides were in quarantine. In fact, a “close contact” of PNP chief Debold Sinas, one Lt. Col. Extremadura, “died yesterday after testing positive together with the CPNP,” Sen. dela Rosa said in a media alert.

Dela Rosa, himself a former PNP chief before being elected

senator, dashed earlier expectations—as aired by Senate President Vicente Sotto III—that Sinas and Villanueva could participate virtually from their isolation facilities.

In his urgent media advisory, Dela Rosa, however, stated that “committee hearings of this kind can be more frustrating if done virtually. Hoping for your kind understanding—Bato.”

On Sunday, news reports said PDEA chief Gen. Wilkins Villanueva had received notice that he was infected with Covid after getting a swab test, a requirement for what would have been his Monday personal appearance at the Senate, which has been conducting hybrid sessions and hearings in the pandemic. Some senators and resource persons are physically at the Senate building in Covid hot zone Pasay City; and others participate virtually.

Speaking to radio DWIZ on Saturday, Senate President Sotto said PNP chief Gen. Sinas, who was reported positive for Covid a few days ago, can very well participate virtually in the Dela Rosa panel hearing. By the same token, he is expected to seek the virtual participation of Villanueva, who has staunchly defended the PDEA operatives in the QC mall shootout, saying they were on a legitimate operation and that the cops involved had not followed rules of engagement.

Asked for comment by DWIZ on the spate of killings involving policemen, Sotto said, partly in Filipino, “anyway, we are holding a hearing on that in the next few days, Monday or Tuesday if I’m not mistaken. Now, those trying to avoid facing the Senate inquiry should not stay away.

If you cannot attend, virtual [participation] is allowed.

There’s no excuse.”

Reminded that “General Sinas is on quarantine,” Sotto told DWIZ: “but we have virtual.”

Sotto admitted he was “disappointed” in Sinas because, as PNP chief, he apparently did not follow health protocols on a visit to Oriental Mindoro, a few days before testing positive.

Sinas had been excoriated on social media several months ago, after footage showed him being “serenaded” by subordinates on his birthday, when he was still chief of the National Capital Region Police Office (NCRPO) and was chief enforcer of the strict rules on social distancing. He described the event as the traditional “mañanita” for superior officers in the police, adding he did not encourage it and was surprised by his men.

Referring to Sinas’s latest controversy, Senate President Sotto said, “yes, I hope they [officials] don’t do that,” meaning, flout protocols. He recalled how, when he was guest of the Philippine Military Academy (PMA) last month, Baguio City Mayor Benjamin Magalong “brought me to triage. All of us were tested. We filled up forms—I and all of those in my group. Well, there was just one with me then.”

Asked if he thought there is a breakdown in the PNP leadership because of what is happening, Sotto told DWIZ: “I don’t know, I don’t want to be judgmental when it comes to that. I’m just saying, you can’t impose rules on other people, but exempt others. That cannot be.”

On the report of a provincial official that Sinas skipped screening, Sotto agreed, “there’s a violation there. When mayors, senators, and the Senate President, when they go to a place, have to go through triage or protocol, and everyone follows that, what right does the PNP chief have to ignore protocol?”

Manila, Tokyo push through with FTA review Continued from A1

However, the agriculture sector has been pushing to lower the tariff imposed on the Philippines’s banana exports to Japan. Currently, Philippine bananas are imposed with an 18-percent tariff during the winter season and a lower 8 percent during summer. The country’s banana exports to Japan reached 1.345 million metric tons last year, according to the Philippine Statistics Authority (PSA), making it the top export market for the local produce.

Meanwhile, former tariff commissioner George Manzano suggested that the DTI look into the trade and investment record between countries following the enforcement of Pjepa. This can potentially weigh on decisions Manila and Tokyo will make with regards to their FTA during the general review.

“A review of the actual performance is good start for the overall review process,” Manzano told this newspaper.

Pjepa, the country’s first bilateral FTA, was signed by then President Gloria Macapagal-Arroyo and Japan’s former Prime Minister Junichiro Koizumi in 2006. The deal was ratified by the Senate in October 2008 and entered into force by December of same year.

Low utilization rate

Lopez, meanwhile, refuted a recent Philippine Institute for Development Studies (PIDS) study claiming that the country’s utilization of Pjepa was “alarmingly low” at only 16.6 percent.

The state think tank explained that low FTA utilization is usually caused by lack of information, administrative costs, delays in procedures and availability of incentive scheme offering. With this, PIDS urged the government to ensure that local traders, especially the micro, small and medium-sized importers, are aware of all information regarding Pjepa.

Continued on A2

www.businessmirror.com.ph

Companies BusinessMirror

Monday, March 15, 2021

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Policy tweaks to hasten RE adoption in PHL–Meralco

By Lenie Lectura

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@llectura

he Manila Electric Co. (Meralco) underscored the regulators’ role in breaking the barriers that would lead to a successful shift to renewable energy adoption.

During the recent Asia Pacific Energy Week event, Meralco head of networks Ronnie Aperocho noted the increasing adoption of distributed renewable energy (RE) sources, including solar panels and battery energy storage system (BESS).

Aperocho said these variable renewable energy (VRE) sources have proliferated in a “very aggressive manner” and there is so much potential still untapped from these VREs. Meralco’s power generation arm, Meralco PowerGen Corp., is already integrating wind and solar farms into its portfolio.

While Meralco’s franchise area serves only around 9 percent of Luzon, it absorbs almost 70 percent of the peak demand requirement of the biggest island in the country and consumes close to 50 percent of the entire energy output of the country.

“The highly congested and con-

tiguous area that we serve, constraints the builds of significant capacities of solar and wind VREs embedded into our system because of the inherent huge landmass footprint that they require,” Aperocho said.

To accommodate all these innovations and disruptive technologies, Meralco urged the Department of Energy and the Energy Regulatory Commission to craft relevant policies that would pave the way to the seamless integration of these VREs in its system.

“One of these initiatives, is the inclusion of embedded generators as providers of ancillary services, particularly, Frequency Regulation, in the on-going discussion and formulation of the Reserve Market,” he said.

Aperocho said the regulatory environment has to evolve and adapt to emerging practices especially with

the introduction of new technologies. “The rate or speed in which we would be able to implement changes and adapt to evolving technologies will highly depend on how responsive our regulators in appreciating these developments.”

Microgrid technologies and solar home systems are the best ways to energize island communities and remote areas. These, said Aperocho, require capital investments that need ERC approval.

“It is therefore imperative for regulators to closely collaborate with all power stakeholders in order to be guided on what projects to pursue and prioritize,” he said.

Meralco has capital-intensive projects that are still awaiting ERC approval. These projects are meant to address growing demand for sustainable electrification, modernize distribution assets and improve network performance.

Aperocho said that while regulators and policymakers embrace these disruptions in the power industry, Meralco said it expects policymakers to continue addressing these challenges through appropriate regulations that will tackle investment recovery, subsidy mechanisms, rate structure, among others.

“There are execution challenges on the technical and financial aspects but if we will all work together,

Makati subway firm starts buying land

By VG Cabuag @villygc

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isted subway proponent Philippine Infradev Holdings Inc. said lot acquisition for the main station of Makati’s underground train system is now in full swing after the signing of a joint venture agreement between its unit and Richer Today Inc. (RTI).

Station 5, located near Makati City Hall, is the main construction site where tunnel boring machines will be assembled and lowered, the company said.

In its disclosure, Philippine Infradev, a company led by businessman Antonio L. Tiu, said its whollyowned subsidiary Makati City Subway Inc. formed an unincorporated joint venture with Richer Today for the financing, design, construction, development, marketing and sale of some 5.5 hectares of lots in and around Station 5 of the Makati City Subway Project.

Richer Today is a holding firm

primarily engaged in property acquisitions, fund transfers, remittance services, foreign exchange transactions and other allied activities. It is majority owned by real estate and gaming entrepreneur Kevin Kristopher K. Wong and has investments and interests in property development, leasing of office and commercial spaces, food and beverages and other related businesses.

Under the term sheet, Richer Today obligated itself to release at least P775 million within 120 days from signing, with at least P234 million to be released within 10 business days from execution of the agreement.

The firm will also be primarily and exclusively responsible for the marketing and sale of the gross sellable areas of the project, subject to the applicable laws and requirements.

Makati City Subway has already paid P780 million for land acquisition in preparation for the arrival of the tunnel boring machines, which are currently being assembled in

China.

“RTI shall commence the actual construction of the project after two years from the execution of the term sheet, unless during the 2-year period, the construction of a specific development in the project site, which shall not have any material adverse engineering effect on the construction and/or existing structures of the subway, is otherwise allowed under the PPP Joint Venture Agreement dated 30 July 2019 for the Makati City Subway Project,” the company’s disclosure read.

The Tiu-led firm will guarantee that the Makati City Subway Project is completed within 7 years from the execution of the term sheet or within such time as provided in the PPP joint venture agreement.

The engineers from China State Engineering—the engineering, procurement and construction contractor engaged by the company—are already in the Philippines to finalize the construction plan for Station 5.

Pinoy entrepreneur recognized by WEF

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aul Rivera, co-founder and Chief Executive Officer (CEO) of Kalibrr, a technology company headquartered in the Philippines, has been selected to join the World Economic Forum’s (WEF) Young Global Leaders Class of 2021.

The forum brings together extraordinary individuals from different communities and industries around the world for a 5-year personalized leadership program.

Rivera leads Kalibrr, a career platform for over 4 million young professionals across the Philippines and Southeast Asia. Kalibrr has enabled hundreds of thousands of Filipinos to get hired through its platform since its founding in 2012.

Before Kalibrr, Paul was the co-founder and president of innovative outsourcing company, Open Access BPO, which has over 1,500 employees in the Philippines, Taiwan and China.

Rivera is also an active investor in local technology startups all of whom are double-bottom line businesses, such as Remedy, Maria Health, and MyKuya. He graduated from the University of California, Berkeley, and began his early career in Silicon Valley at Google before returning to the Philippines to become an entrepreneur For Rivera, being recognized is “a win not just for myself and for Kalibrr, but also for the Philip-

Rivera pines.” Only a few Filipinos have been named Young Global Leaders in recent years, including politician Bam Aquino, Benedict Carandang of financial technology firm First Circle Growth Finance, Henry Motte-Muñoz of education technology platform Edukasyon.ph, and Cherrie Atilano of social enterprise AGREA Agricultural.

Every year, the World Economic Forum names its new Young Global Leaders. A selection committee evaluates thousands of publicly nominated candidates before narrowing it down to 100-150 members. Each member is chosen for exemplifying hope, empathy, authenticity, and the drive to develop solutions that can change the world for the better. Together, Young Global Leaders are

committed to making a global difference, especially in these critical times.

“Over the past year, the world has dealt firsthand with the impacts of the Covid-19 pandemic… While many leaders call on the need to ‘fix’ what is broken, the more urgent need is to take immediate action. Young leaders around the world are leading by example and paving the way for action on these issues,” said the World Economic Forum in its March 10 announcement.

The Young Global Leaders community has more than 1,400 members and alumni, including civil servants, business innovators, technology developers, journalists, and activists. Among the forum’s notable alumni are Google founders Sergey Brin and Larry Page, Alibaba founder Jack Ma, Facebook founder Mark Zuckerberg, French President Emmanuel Macron, and New Zealand Prime Minister Jacinda Ardern.

The mission of the forum is to create a dynamic global community of exceptional people with the vision, courage, and influence to drive positive change in the world. Representing 120 nationalities, Young Global Leaders like Rivera are united in the belief that today’s urgent problems provide an opportunity to forge a better future across sectors, generations, and borders.

we can create an ecosystem that could drive the execution much easier and cheaper. To do all these, however, we need very strong support from our regulators and, of course, from the government,” he added.

Meralco has adopted grid-edge technologies such as micro-grid solutions, BESS, electric vehicle charging stations and solar rooftop installations. It is already implementing the Advance Distribution Management System (ADMS). It is also pursuing Advance Network Automation and Advance Metering Infrastructure and would soon implement the Distributed Energy Resource Management Systems.

“With a very clear government policy and very strong value propositions especially for a country that is badly affected by destructive typhoons every year, and for a country that is endowed with a lot of sun and wind resources that could replicate the conventional fossil-based power plants, I think that we are all going towards that direction of having a power grid that is reliable, secure, environmentally sustainable, and a grid that incorporates many customerfacing technologies,” said Aperocho.

MVP Group vaccinates 13,000 health workers

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ore than 13,000 medical workers of large hospitals under Metro Pacific Hospitals Holdings Inc. were inoculated using the Sinovac and AstraZeneca vaccines that arrived in the country and around 10,000 more will be vaccinated in the coming days.

In a statement, the company said health workers from Makati Medical Center, Asian Hospital and Cardinal Santos Medical Center were inoculated since the vaccines arrived in the country.

“There remain several formidable problems for our country to solve, whether it’s ensuring the health and well-being of our people, or sustaining the economy during such a turbulent period,” Manuel V. Pangilinan, chairman of the hospital group, said in a statement.

“But the first step to solving many of them is the same: the successful rollout of safe and effective vaccines. We are the largest private hospital group in the Philippines, and it’s important for us to help the country’s vaccination drive as much as we can. And that begins with getting our hospital

workers inoculated.”

Augusto Palisoc Jr., president and CEO of the hospital group, said the company is still perfecting some of its inoculation procedures and is making sure it can source enough vaccines for its hospitals in all areas of the Philippines.

“We’ve been prioritizing the safety of our hospitals ever since the pandemic began. But we’re glad to see thousands of our employees, doctors, and outsourced personnel receive added protection from the virus. We’re also looking forward to our patients regaining the confidence to come to our hospitals again, given that they’ll be interacting with frontliners who are mostly vaccinated,” Palisoc said.

The Pangilinan-led group Metro Pacific Investments Corp. and its logistics arm MetroPac Movers Inc. helped in the storage of the initial 487,000 vials of Oxford-AstraZeneca vaccines and the 600,000 doses of the CoronaVac vaccine from the Beijing-based biopharmaceutical company Sinovac. VG Cabuag

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Companies BusinessMirror

Monday, March 15, 2021

SteelAsia targeting to open Batangas factory in 2023

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By Tyrone Jasper C. Piad

@TyronePiad

fter Covid-19 derailed its construction, SteelAsia Manufacturing Corp. said it is targeting to open for operations the country’s first steel beams manufacturing plant in Lemery, Batangas in 2023.

The country’s largest steelmaker, in a statement over the weekend, said constructing the plant’s steelmaking and steel section rolling production lines were suspended in the past year due to lockdown measures amid the pandemic.

The company, to recall, broke ground in 2019.

It is set to have a capacity of 1.1 million tons per year. The plant will produce infrastructure and heavy construction products, such as H/I beam, sheet piles, heavy angles and channels.

SteelAsia’s facility is seen generating at least 1,500 direct jobs and thousands more from ancillary in-

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as investors were rattled by reports of rising Covid-19 cases which could lead to the implementation of more stringent quarantine measures in Metro Manila.

The benchmark Philippine Stock Exchange index (PSEi) fell 152.82 points to close at 6,728.55 points.

The main index was down only on Monday and Thursday, but it had little recovery during the rest of the week.

Trading value was erratic during the week, but still averaged high at P8.74 billion, with foreign investors taking in 29 percent of the trades. Foreign investors were net sellers at P12.53 billion.

All other subindices closed in the red, led by the broader All Shares index which lost 98.96 points to close at 4,059.58 points, the Financials index shed 67.34 to 1,410.28, the Industrial index fell 196.72 to 8,589.96, the Holding Firms index declined 110.64 to 6,948.59, the Property index dropped 99.57 to 3,380.24, the Services index was down 8.41 to 1,456.22 and the Mining and Oil index retreated 93.01 to 8,761.45.

For the week, losers edged gainers 196 to 46 and 13 shares were unchanged.

Top gainers were City and Land Developers Inc., Centro Escolar University, Synergy Grid and Development Phils. Inc., Del Monte Pacific Ltd., Benguet Corp. and Manulife Financial Corp.

Top losers were Da Vinci Capital Holdings Inc., DITO CME Holdings Corp., Metro Alliance Holdings and Equities Corp. B shares, F and J Prince Holdings Corp. B shares, Boulevard Holdings Inc. and Apollo Global Capital Inc.

This week

Share prices may continue its downward trajectory this week as Metro Manila cities start to implement stricter quarantine measures and unified curfew hours for two weeks.

These measures are expected to dampen economic activity.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the resurgence of Covid-19 cases is expected to cloud market sentiment due to the risks it poses to the economy.

“At the same time, the resurgence of cases is seen to weigh on consumer and business confidence which in turn would negatively affect the overall economy,” he said.

“Investors are also expected to monitor the US bond yields. A further rise in the said yields may lead to selling pressures for the local market. Investors are also expected to take cues from the upcoming corporate earnings reports [this] week.”

Meanwhile, 2TradeAsia said trading may remain volatile this week, as capital may shift to Cebu Pacific’s preferred share offer and DDMP Reit Inc.’s initial public offering that would siphoned off a combined P27.5 billion in capital from the market.

“Volatile sessions may persist, until the impact of reflation bites into sentiment,” it said, advising investors to range trade.

The PSEi’s support is seen at 6,600 points and resistance is seen at 6,900 points.

Stock picks

Broker Regina Capital Development Corp. gave a hold recommendation on the stock of Bank of the Philippine Islands as its share price has been trading sideways to down during the last few sessions.

“It seems poised to breakdown from its 100-day moving average of P81.25, especially since there is still strong leftover selling pressure from the indicators,” it said.

“There is a stronger four-month support level at P79.60 that will likely limit BPI’s breakdown in the coming days.”

BPI shares closed at P80.20 apiece on Friday.

Meanwhile, it advised to trade the range on the stock of Globe Telecom Inc. after its shares have been trading below its key short- and long-term moving averages since late last month.

“There is still some leftover bearishness that’s limiting the stock’s upward movement over the past few trading days. The stock will likely respect its months-long support level of P1,949.70 in the near-term.”

Globe shares closed last week at P1,960 apiece. VG Cabuag

dustries and businesses.

Germany-based sections equipment manufacturer SMS Group and France-based reheating furnace firm Fives crafted the design of the plant and supplied the needed equipment.

“The Lemery Works steel plant is of national significance as it will reduce our reliance on imports for important steel products needed for the government’s ambitious infrastructure program,” SteelAsia President Benjamin Yao said.

He noted that the new plant will be recycling steel scrap, which is sourced locally, to generate job opportunities in the country. This, as opposed to exporting steel scrap, which is the current practice.

“When you export and process our resources abroad, it is creating jobs in another country.”

SteelAsia currently has plants in Davao, Cebu, Misamis Oriental,

mutual funds

Batangas and Bulacan. It is also putting up facilities in Compostela Cebu, Tarlac and Quezon Province.

In October last year, the steel manufacturer’s subsidiary, Compostela Steel Inc., secured a P5.7billion long-term loan agreement with the Development Bank of the Philippines.

The loan proceeds are earmarked to partially finance Compostela Works Rolling Mill with its parent firm. The rest is being invested in the steel company’s capitalization.

The project is expected to generate up to 3,000 direct and indirect job opportunities.

The Cebu facility, the state-run bank said, could expand the firm’s capability to manufacture wire-rods, which is a steel product that can support downstream small-scale companies in the manufacturing, energy and construction sectors.

March 12, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 214.53 3.17% -9.01% -2.82% -5.58% ATRAM Alpha Opportunity Fund, Inc. -a 1.2515 20.73% -8.23% 1.63% -4.68% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9405 1.59% -13.25% -4.88% -6.14% Climbs Share Capital Equity Investment Fund Corp. -a 0.7508 4.29% -8.58% n.a. -6.61% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6668 -6.68% n.a. n.a. -10.09% First Metro Save and Learn Equity Fund,Inc. -a 4.664 5.09% -7.07% -2.15% -5.61% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6814 -2.1% -10.61% -6.95% -10.32% MBG Equity Investment Fund, Inc. -a 99.27 16.68% -5.38% n.a. -2.62% PAMI Equity Index Fund, Inc. -a 44.1171 5.84% -7.16% -1.46% -5.83% Philam Strategic Growth Fund, Inc. -a 461.37 4.22% -7.07% -2.09% -5.65% Philequity Alpha One Fund, Inc. -a,d,5 1.0372 14.18% n.a. n.a. -5.48% Philequity Dividend Yield Fund, Inc. -a 1.1102 4.18% -6.72% -1.07% -4.96% Philequity Fund, Inc. -a 32.9328 5.2% -6.59% -0.58% -5.28% Philequity MSCI Philippine Index Fund, Inc. -a 0.8563 2.58% n.a. n.a. -6.21% Philequity PSE Index Fund Inc. -a 4.5157 6.26% -6.63% -0.67% -5.75% Philippine Stock Index Fund Corp. -a 755.47 6.49% -6.52% -0.8% -5.76% Soldivo Strategic Growth Fund, Inc. -a 0.6801 0.76% -10.56% -4.59% -5.4% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4217 0.32% -8.61% -2.25% -5.58% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8641 6.18% -6.83% -0.92% -5.84% United Fund, Inc. -a 3.1599 3.49% -5.87% 0.13% -4.79% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 101.3767 6.49% -6.32% -0.09% -5.74% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2646 35.5% 4.1% 9.35% 5.13% Sun Life Prosperity World Voyager Fund, Inc. -a $1.68 36.46% 8.93% n.a.

0.43% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6355 11.1% -3.29% -0.93% -1.98% ATRAM Philippine Balanced Fund, Inc. -a 2.1857 9.28% -3.25% 0.04% -4.36% First Metro Save and Learn Balanced Fund Inc. -a 2.5171 4.88% -2.63% -1.21% -4.18% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1892 -3.22% n.a. n.a. -4.73% NCM Mutual Fund of the Phils., Inc. -a 1.9207 4.6% -0.64% 1.16% -2.2% PAMI Horizon Fund, Inc. -a 3.6074 4.72% -2.01% -0.02% -4.77% Philam Fund, Inc. -a 16.1887 4.98% -1.9% -0.04% -4.42% -2.81% Solidaritas Fund, Inc. -a 2.0251 4.93% 0.13% -3.29% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4403 1.02% -4.41% -1% -3.72% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9649 4.51% n.a. n.a. -5.64% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8843 3.73% n.a. n.a. -6.84% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8715 3.99% n.a. n.a.

-6.6% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8496 1.6% -5.33% -1.73% -4.29% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. - a $0.03769 -3.63% 2.3% 1.19% -3.66% PAMI Asia Balanced Fund, Inc. -b $1.1264 17.65% 1.75% 5.4% -2.07% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5223 24.52% 6.74% 8.55% 0.21% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1841 10.42% 3.32% n.a.

-1.5% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.16 2.67% 3.15% 2.59% -0.25% ATRAM Corporate Bond Fund, Inc. -a 1.9053 -0.53% 0.56% 0.18% 0.26% Cocolife Fixed Income Fund, Inc. -a 3.2151 2.13% 4.15% 4.58% 0.01% Ekklesia Mutual Fund Inc. -a 2.24 -0.44% 2.1% 1.73% -2.44% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4188 1.68% 3.08% 1.74% -1.4% Philam Bond Fund, Inc. -a 4.4373 -0.01% 1.81% -4.26% 3.67% Philam Managed Income Fund, Inc. -a, 6 1.3121 3.68% 4.15% 2.54% -0.69% Philequity Peso Bond Fund, Inc. -a 3.9409 3.24% 4.14% 2.67% -1.5% Soldivo Bond Fund, Inc. -a 1.015 3.01% 3.72% 1.76% -2.59% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1573 1.26% 4.33% 3.01% -1.52% Sun Life Prosperity GS Fund, Inc. -a 1.72 0.25% 3.56% 2.38% -1.99% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $481.39 1.95% 2.88% 2.48% -0.51% ALFM Euro Bond Fund, Inc. -a Є219.26 -0.54% 1.01% 1.21% 0.04% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1769 -3.04% 1.76% 1.25% -8.08% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 -0.77% 1.33% 1.04% -3.01% PAMI Global Bond Fund, Inc -b $1.0469 -2.99% -0.02% -0.66% -4.19% Philam Dollar Bond Fund, Inc. -a $2.4595 0.38% 4.19% 2.31% -3% Philequity Dollar Income Fund Inc. -a $0.0623906 2.66% 3.17% 2.21% 0.12% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0847 -4.24% 1.6% 0.95% -4.31% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.87 2.47% 3.26% 2.53% 0.05% First Metro Save and Learn Money Market Fund, Inc. -a 1.0491 1.54% n.a. n.a.

0.1% Sun Life Prosperity Money Market Fund, Inc. -a 1.2999 2.16% 2.92% 2.59% 0.25% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0547 1.34% 1.78% n.a.

0.22% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.181 n.a. n.a. n.a. 4.55% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 5.32% n.a. n.a.

1.02%

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

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

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

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

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 12, 2021

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

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

43.4 104 80.2 23.85 9.96 47.45 10.1 23.9 55.5 17.2 124.2 72.6 1.72 3.92 0.59 3.15 7.51 1.41 0.385 950 0.72 150.4 2,300 0.98

44.2 105.9 80.4 23.95 9.98 47.55 10.5 23.95 55.6 17.5 125 73.2 1.78 3.99 0.6 3.2 8.5 1.45 0.42 975 0.76 150.5 2,350 0.99

43.3 105.9 81 23.85 9.95 47.85 10.1 24.8 55 17.18 123.7 72.6 1.6 3.94 0.61 3.12 7.5 1.49 0.425 950 0.8 150.2 2,200 1

44.2 106.9 81.2 23.95 10 47.85 10.5 24.8 55.6 17.22 125.2 73.8 1.8 4 0.61 3.26 7.5 1.49 0.425 975 0.8 150.7 2,300 1

43.25 103.4 79.9 23.8 9.86 47.15 10.1 23.8 55 17.18 123 72.6 1.52 3.9 0.61 3.12 7.5 1.4 0.42 950 0.71 150.2 2,200 0.99

44.2 105.9 80.2 23.8 9.96 47.55 10.5 23.9 55.5 17.2 125 72.6 1.77 3.99 0.61 3.15 7.5 1.48 0.42 950 0.76 150.4 2,300 0.99

1,000 43,825 2,289,220 239,301,700 4,018,570 322,839,955.50 55,300 1,317,715 152,000 1,510,283 2,571,900 122,077,585 3,300 34,130 107,600 2,571,695 1,930 107,056 2,400 41,272 637,840 79,271,776 3,210 234,749 1,665,000 2,873,940 481,000 1,914,530 4,000 2,440 31,000 97,690 5,100 38,250 15,000 22,100 20,000 8,450 260 247,500 125,000 90,280 3,210 482,663 645 1,474,900 150,000 148,700

-13,260 -69,869,656 -186,931,640.50 -676,210 427,244 48,602,320 -1,242,285 94,294 -33,407,938 -43,784.50 -32,000 -463,820 -16,300.00 8,940 218,500 -135,463 1,287,900 -

INDUSTRIAL AC ENERGY 7.1 7.11 6.89 7.2 6.89 7.1 37,534,900 265,693,087 ALSONS CONS 1.25 1.26 1.23 1.29 1.23 1.25 1,169,000 1,471,290 ABOITIZ POWER 24.9 25 25.2 25.2 24.8 25 1,895,300 47,230,730 BASIC ENERGY 0.93 0.94 0.94 0.98 0.9 0.93 77,724,000 72,936,280 30 30.1 29.6 30 29.4 30 857,500 25,585,510 FIRST GEN 72.7 72.8 72.55 72.7 72.55 72.7 7,020 509,893.50 FIRST PHIL HLDG 271 271.2 273 275.8 270.8 271 238,440 64,964,182 MERALCO 14.54 14.56 14.62 14.9 14.56 14.56 1,117,600 16,386,452 MANILA WATER PETRON 3.37 3.38 3.36 3.4 3.36 3.37 503,000 1,697,480 PETROENERGY 3.71 3.79 3.7 3.7 3.7 3.7 7,000 25,900 PHX PETROLEUM 12.16 12.3 12.3 12.34 12.3 12.32 35,000 431,498 PILIPINAS SHELL 21.5 21.6 21.9 21.9 21.5 21.5 533,000 11,544,625 10.18 10.2 10.18 10.28 10.14 10.18 148,400 1,512,794 SPC POWER VIVANT 14.5 14.96 14.5 14.96 14.5 14.96 2,300 33,396 AGRINURTURE 7.38 7.39 7.3 7.58 7.25 7.39 5,449,700 39,761,849 3.25 3.3 3.3 3.33 3.21 3.3 450,000 1,470,290 AXELUM CNTRL AZUCARERA 12.82 13.12 12.82 12.82 12.82 12.82 100 1,282 CENTURY FOOD 17.14 17.54 17.2 17.54 17.12 17.54 1,310,600 22,863,782 DEL MONTE 9.48 9.57 9.95 10.3 9 9.48 995,200 9,659,738 DNL INDUS 7.5 7.6 7.6 7.75 7.4 7.6 1,822,300 13,770,444 10.28 10.3 10.2 10.3 10.08 10.3 264,100 2,706,538 EMPERADOR 64 64.1 64.6 64.6 64 64 153,310 9,823,830 SMC FOODANDBEV 0.61 0.63 0.62 0.64 0.61 0.61 2,027,000 1,246,100 ALLIANCE SELECT FRUITAS HLDG 1.42 1.46 1.44 1.48 1.41 1.46 14,257,000 20,505,790 GINEBRA 51 51.5 50 52.5 50 51.5 20,560 1,058,393 JOLLIBEE 181.9 182 181 183.5 181 181.9 475,030 86,530,404 LIBERTY FLOUR 30.6 31.75 30.8 31.7 30.6 30.65 2,600 80,985 MACAY HLDG 7.44 7.99 8 8.14 8 8 25,800 206,526 5.81 5.85 5.9 5.97 5.5 5.81 209,400 1,205,485 MAXS GROUP 0.32 0.33 0.32 0.335 0.31 0.325 12,770,000 4,149,450 MG HLDG 6.91 7 7 7.13 6.9 7 26,700 187,013 SHAKEYS PIZZA 1.1 1.11 1.12 1.13 1.09 1.1 960,000 1,061,840 ROXAS AND CO RFM CORP 4.51 4.77 4.77 4.78 4.77 4.77 30,000 143,350 ROXAS HLDG 1.45 1.49 1.5 1.5 1.44 1.49 240,000 351,020 SWIFT FOODS 0.136 0.137 0.134 0.14 0.131 0.136 12,490,000 1,672,150 UNIV ROBINA 126 126.6 128.2 128.2 125 126 688,190 86,751,327 VITARICH 0.83 0.84 0.84 0.84 0.82 0.84 955,000 796,060 2.2 2.24 2.19 2.2 2.19 2.2 22,000 48,330 VICTORIAS 52 52.4 52.6 52.6 52.4 52.4 440 23,085 CONCRETE A CONCRETE B 56.75 62.35 56.6 56.6 56.6 56.6 200 11,320 CEMEX HLDG 1.18 1.19 1.18 1.19 1.16 1.18 2,020,000 2,376,740 DAVINCI CAPITAL 3.5 3.51 3.8 3.87 3.47 3.5 22,340,000 81,713,370 EAGLE CEMENT 11.8 11.84 11.9 11.9 11.8 11.84 4,600 54,410 EEI CORP 7.9 8 7.8 7.9 7.74 7.9 101,500 793,844 5.32 5.4 5.41 5.41 5.25 5.4 853,900 4,558,545 HOLCIM 6.7 6.71 6.75 6.75 6.68 6.71 734,700 4,934,241 MEGAWIDE 12.2 12.26 12.24 12.24 12.18 12.24 118,900 1,452,030 PHINMA 1.19 1.2 1.21 1.23 1.16 1.2 905,000 1,075,480 TKC METALS VULCAN INDL 2.34 2.35 2.4 2.51 2.3 2.35 16,215,000 39,264,140 CROWN ASIA 2.03 2.09 2.1 2.12 2.03 2.06 676,000 1,384,700 EUROMED 1.99 2.04 1.95 2.1 1.95 1.99 81,000 161,350 MABUHAY VINYL 4.11 4.42 4.25 4.25 4.25 4.25 1,000 4,250 5.4 5.42 5.41 5.45 5.4 5.42 30,300 164,245 PRYCE CORP CONCEPCION 20.2 20.95 20.2 20.95 20.2 20.3 232,000 4,691,130 4.16 4.17 4 4.18 4 4.17 26,991,000 111,168,500 GREENERGY 10.46 10.5 10.44 10.76 10.28 10.46 1,087,400 11,412,586 INTEGRATED MICR IONICS 1.14 1.17 1.19 1.19 1.14 1.14 175,000 201,340 PANASONIC 5.6 5.9 5.6 5.93 5.6 5.9 10,700 60,366 SFA SEMICON 1.38 1.4 1.4 1.4 1.37 1.38 416,000 577,450 CIRTEK HLDG 5.91 5.92 5.97 6.05 5.9 5.92 894,300 5,346,242

-683,994 -29,436,300 43,520 -431,405 301,619 216,002 -1,891,458 -141,630 -3,132,435 -1,371,744 -6,660,942.00 -228,520 2,854,760 -14,004 -496,722.00 -5,080 25,640,647 6,671 -170,700 -21,713 119,500 52,660 -26,475,311 2,190 -1,065,540 3,631,020 529,427 -3,489,604 -306,417 -122,400 -369,500 -12,360 141,110 -46,400 14,772 699,615

HOLDING & FRIMS ABACORE CAPITAL 1.02 1.03 1.04 1.07 1 1.02 13,413,000 13,750,110 ASIABEST GROUP 6.86 7.16 7.19 7.19 6.81 7.17 4,100 28,842 AYALA CORP 771.5 775 770 775 756 775 213,140 164,130,610 ABOITIZ EQUITY 39.5 39.9 40.85 41.4 39.4 39.5 1,605,500 63,836,770 ALLIANCE GLOBAL 10.88 10.94 10.68 10.96 10.64 10.94 9,295,000 101,384,212 2.87 2.88 2.9 2.9 2.86 2.88 728,000 2,098,990 AYALA LAND LOG 6.6 6.74 7.18 7.18 6 6.6 336,900 2,186,248 ANSCOR ANGLO PHIL HLDG 0.72 0.73 0.71 0.76 0.71 0.72 2,920,000 2,118,940 ATN HLDG A 0.86 0.87 0.87 0.88 0.85 0.86 2,763,000 2,383,340 COSCO CAPITAL 5.4 5.41 5.5 5.5 5.37 5.4 3,757,100 20,308,523 DMCI HLDG 5.33 5.37 5.39 5.39 5.29 5.37 1,510,700 8,052,809 FILINVEST DEV 8.46 8.88 8.95 8.95 8.9 8.9 1,100 9,795 GT CAPITAL 538 540 543 549.5 538 538 44,210 23,867,990 3.57 3.6 3.61 3.61 3.6 3.6 260,000 936,040 HOUSE OF INV 62.95 63.4 62.75 63.5 62.75 63.4 486,110 30,745,356.50 JG SUMMIT 4.22 6.22 4.5 4.5 4.5 4.5 1,000 4,500 KEPPEL HLDG B LODESTAR 1.35 1.37 1.28 1.38 1.22 1.37 17,564,000 23,271,670 LOPEZ HLDG 3.68 3.7 3.7 3.71 3.7 3.7 237,000 876,980 LT GROUP 13.24 13.3 13.26 13.3 13.1 13.3 1,901,100 25,168,902 MABUHAY HLDG 0.52 0.53 0.52 0.53 0.52 0.52 112,000 58,250 METRO PAC INV 3.98 3.99 3.97 4.01 3.97 3.99 4,950,000 19,737,540 3.75 3.96 3.78 3.78 3.75 3.75 12,000 45,300 PACIFICA HLDG PRIME MEDIA 2.99 3 3.06 3.2 2.86 3 7,601,000 22,645,220 2.55 2.56 2.52 2.56 2.52 2.56 16,000 40,560 REPUBLIC GLASS SOLID GROUP 1.28 1.3 1.32 1.32 1.3 1.3 206,000 271,100 SYNERGY GRID 345.8 348 325 376 320.4 345.8 3,330 1,126,890 SM INVESTMENTS 1,030 1,034 1,031 1,040 1,030 1,034 129,340 133,753,770 SAN MIGUEL CORP 122.9 123 123 123.5 121.1 123 62,210 7,647,624 SOC RESOURCES 0.7 0.74 0.68 0.73 0.68 0.73 141,000 100,420 2.22 2.62 2.21 2.22 2.21 2.22 163,000 361,810 SEAFRONT RES TOP FRONTIER 136.1 141 141.7 141.7 141 141 80 11,287 WELLEX INDUS 0.235 0.25 0.255 0.255 0.235 0.235 400,000 97,600 ZEUS HLDG 0.222 0.224 0.209 0.224 0.209 0.224 780,000 169,540

-160,630 22,448,835 -19,346,510.00 10,036,092 -2,840 -27,409 -83,495 -894.9999 -9,033,980 -921,640 -5,490,364.50 14,800 -10,391,686 -1,947,930 1,839,400 -32,029,155 1,133,013 7,200 -

PROPERTY ARTHALAND CORP 0.63 0.64 0.65 0.65 0.63 0.63 238,000 150,640 ANCHOR LAND 7.55 7.94 7.94 7.94 7.52 7.53 300 2,299 AYALA LAND 36.7 37 36.85 37 36.6 37 8,230,600 302,769,860 ARANETA PROP 1.22 1.32 1.22 1.32 1.22 1.32 10,000 12,310 AREIT RT 32 32.1 32.05 32.4 31.7 32.1 1,043,900 33,449,760 1.52 1.58 1.51 1.56 1.51 1.52 51,000 77,800 BELLE CORP 0.89 0.9 0.89 0.9 0.89 0.9 1,088,000 975,890 A BROWN CITYLAND DEVT 0.77 0.79 0.79 0.79 0.78 0.79 149,000 116,900 CROWN EQUITIES 0.131 0.138 0.139 0.14 0.131 0.131 1,980,000 263,850 CEBU HLDG 6.84 7.01 7.01 7.01 7.01 7.01 7,800 54,678 CEB LANDMASTERS 5.3 5.31 5.3 5.4 5.3 5.31 597,500 3,196,361 CENTURY PROP 0.4 0.405 0.4 0.405 0.395 0.4 3,750,000 1,500,600 CYBER BAY 0.33 0.345 0.33 0.345 0.33 0.345 1,280,000 426,400 14.28 14.3 14.64 14.64 14.22 14.28 1,080,400 15,507,140 DOUBLEDRAGON 6.8 6.89 6.94 6.94 6.8 6.89 52,800 364,191 DM WENCESLAO EMPIRE EAST 0.295 0.3 0.285 0.3 0.285 0.295 370,000 108,550 FILINVEST LAND 1.18 1.19 1.18 1.2 1.16 1.18 12,740,000 15,093,420 GLOBAL ESTATE 0.88 0.89 0.89 0.89 0.88 0.88 644,000 567,780 8990 HLDG 7.13 7.3 7.13 7.3 7.13 7.3 10,300 74,901 PHIL INFRADEV 1.5 1.51 1.43 1.51 1.43 1.5 3,800,000 5,618,030 KEPPEL PROP 3.01 3.28 3.06 3.68 3.01 3.01 38,000 124,940 1.07 1.08 1.06 1.2 1.04 1.07 7,768,000 8,741,240 CITY AND LAND 3.54 3.55 3.61 3.65 3.54 3.54 7,463,000 26,601,910 MEGAWORLD 0.4 0.405 0.4 0.425 0.39 0.4 62,110,000 25,320,550 MRC ALLIED PHIL ESTATES 0.405 0.41 0.405 0.425 0.38 0.41 5,560,000 2,261,950 PRIMEX CORP 1.49 1.51 1.45 1.52 1.45 1.51 679,000 1,023,710 ROBINSONS LAND 18.4 18.48 18.7 18.82 18.3 18.48 1,848,200 34,168,172 PHIL REALTY 0.27 0.285 0.28 0.285 0.27 0.27 200,000 55,500 ROCKWELL 1.4 1.42 1.4 1.41 1.38 1.4 448,000 626,820 2.67 2.76 2.75 2.76 2.75 2.76 42,000 115,590 SHANG PROP 2.14 2.21 2.26 2.27 2.14 2.15 1,937,000 4,180,040 STA LUCIA LAND 36.4 36.45 36.5 36.8 36 36.4 3,421,300 124,461,610 SM PRIME HLDG VISTAMALLS 3.78 3.95 3.78 3.95 3.78 3.95 32,000 121,130 SUNTRUST HOME 1.58 1.6 1.58 1.62 1.57 1.6 499,000 793,460 VISTA LAND 4.21 4.23 4.2 4.23 4.17 4.21 1,647,000 6,919,560

-152,846,680 -8,350,465 -1,520 7,010 50,088 -23,800 -3,180,652 2,460,100 49,500 172,760.00 -12,516,180 -314,600 679,190 -12,925,646.00 -137,400 90,750 592,310 -48,590 -28,760 3,519,470

SERVICES ABS CBN 11.5 11.66 11.7 11.7 11.36 11.5 49,700 572,336 GMA NETWORK 7.1 7.15 7.16 7.19 6.97 7.15 696,900 4,930,991 MANILA BULLETIN 0.435 0.47 0.485 0.485 0.44 0.44 90,000 41,600 MLA BRDCASTING 10.24 10.8 10.26 10.26 10.26 10.26 1,300 13,338 GLOBE TELECOM 1,956 1,960 1,969 2,010 1,953 1,960 35,680 69,895,420 1,311 1,316 1,311 1,330 1,310 1,311 122,320 160,637,210 PLDT 0.203 0.204 0.208 0.218 0.2 0.203 1,353,570,000 280,747,700 APOLLO GLOBAL 17.18 17.2 17.5 17.5 17.06 17.18 2,185,500 37,562,796 CONVERGE DFNN INC 4.01 4.07 4.08 4.34 3.98 4.01 1,580,000 6,565,920 DITO CME HLDG 11.38 11.4 10.88 11.6 10.7 11.38 144,173,400 1,627,760,936 IMPERIAL 1.53 1.57 1.45 1.53 1.45 1.53 20,000 30,310 ISLAND INFO 0.154 0.155 0.156 0.16 0.15 0.154 23,660,000 3,623,780 NOW CORP 2.88 2.89 2.95 3 2.87 2.88 2,317,000 6,763,450 0.5 0.51 0.51 0.54 0.49 0.5 171,710,000 88,901,700 TRANSPACIFIC BR 2.8 2.84 2.87 2.9 2.8 2.84 540,000 1,547,030 PHILWEB 2GO GROUP 9.1 9.15 9.1 9.1 8.5 9.1 154,500 1,385,478 ASIAN TERMINALS 15 15.5 15.5 15.5 15.5 15.5 600 9,300 CHELSEA 3.51 3.53 3.59 3.69 3.51 3.51 1,750,000 6,294,890 CEBU AIR 46.5 46.55 47.6 47.6 46 46.5 348,200 16,181,765 INTL CONTAINER 125.7 127 127.9 127.9 124.4 127 1,215,660 153,993,302 LBC EXPRESS 17.14 17.16 17.14 17.14 16.8 17.14 16,400 279,230 1.06 1.11 1.06 1.12 1.06 1.11 313,000 333,660 LORENZO SHIPPNG MACROASIA 5.28 5.32 5.29 5.4 5.22 5.32 779,700 4,161,357 2.61 2.63 2.54 2.65 2.54 2.63 1,185,000 3,093,040 METROALLIANCE A METROALLIANCE B 2.88 3.19 2.51 2.51 2.51 2.51 22,000 55,220 PAL HLDG 6.2 6.33 6.15 6.49 6.15 6.33 35,300 223,345 HARBOR STAR 1.22 1.24 1.24 1.24 1.2 1.23 2,077,000 2,529,640 ACESITE HOTEL 1.45 1.49 1.46 1.5 1.46 1.5 9,000 13,180 BOULEVARD HLDG 0.073 0.074 0.076 0.076 0.072 0.074 227,060,000 16,813,700 5.06 5.1 5.1 5.3 5.08 5.1 226,800 1,159,867 DISCOVERY WORLD 0.5 0.51 0.51 0.51 0.495 0.51 4,981,000 2,504,175 WATERFRONT IPEOPLE 7.37 8.2 8.58 8.58 8.2 8.2 2,300 19,126 STI HLDG 0.38 0.385 0.38 0.385 0.38 0.385 230,000 87,650 BERJAYA 4.33 4.5 4.34 4.34 4.34 4.34 16,000 69,440 BLOOMBERRY 7.53 7.69 7.6 7.7 7.52 7.69 2,169,400 16,485,527 PACIFIC ONLINE 2.05 2.1 2.08 2.1 2.07 2.1 14,000 29,110 LEISURE AND RES 1.77 1.8 1.74 1.93 1.74 1.8 784,000 1,438,060 2.07 2.11 2.05 2.05 2.05 2.05 74,000 151,700 MANILA JOCKEY PH RESORTS GRP 2.29 2.33 2.27 2.35 2.21 2.33 4,278,000 9,744,140 0.425 0.43 0.42 0.435 0.42 0.425 1,860,000 792,750 PREMIUM LEISURE PHIL RACING 6.2 6.25 6.2 6.2 6.2 6.2 38,500 238,700 ALLHOME 8.2 8.25 8.25 8.27 8.23 8.25 851,800 7,027,467 METRO RETAIL 1.3 1.31 1.3 1.3 1.28 1.3 1,441,000 1,869,040 PUREGOLD 35.45 35.5 35.2 35.8 35.2 35.5 1,515,600 53,693,145 54.1 54.2 53.8 54.8 53.5 54.2 647,760 35,137,057.50 ROBINSONS RTL 97.1 97.15 97.1 97.55 97.1 97.15 80,260 7,828,132 PHIL SEVEN CORP 1.23 1.24 1.22 1.25 1.21 1.24 1,532,000 1,894,180 SSI GROUP 16.82 17 17 17 16.8 16.82 1,445,700 24,374,520 WILCON DEPOT APC GROUP 0.395 0.405 0.4 0.41 0.4 0.4 1,730,000 693,300 EASYCALL 7.15 7.24 6.76 7.24 6.76 7.24 63,000 451,794 GOLDEN MV 438 450 438 450 438 450 500 222,600 IPM HLDG 4.8 5.2 5 5 5 5 4,000 20,000 2.45 2.46 2.48 2.56 2.32 2.45 124,809,000 305,539,030 PRMIERE HORIZON 4.36 4.74 4.39 4.39 4.39 4.39 1,000 4,390 SBS PHIL CORP

-41,831,785 -20,610,020 -8,694,890 2,590,730 126,770 -29,971,380 274,000 -559,530 -482,000 -28,800 10,830 5,874,645 24,937,820 -328,325 -10,795 -121,960 -7,900.00 10,280 -3,800 82,397 -3,320 -7,950.00 129,000 6,929,236 -1,176,610 57,980 -1,223,259.50 -155,491.50 -421,870 -22,496,806 -3,380 -4,022,280 -

MINING & OIL ATOK 7.7 7.71 7.8 7.85 7.58 7.7 667,200 5,113,887 209,637 APEX MINING 1.49 1.5 1.46 1.5 1.46 1.5 624,000 929,470 1,490 ATLAS MINING 6.64 6.66 6.5 6.8 6.5 6.64 191,900 1,275,136 -21,703 2.74 2.96 2.72 2.72 2.72 2.72 5,000 13,600 BENGUET A BENGUET B 2.59 2.94 2.94 2.94 2.94 2.94 10,000 29,400 COAL ASIA HLDG 0.3 0.305 0.295 0.305 0.29 0.3 420,000 123,600 CENTURY PEAK 2.75 2.9 2.69 2.9 2.69 2.9 150,000 410,500 141,500 DIZON MINES 10.26 11.08 11.16 11.16 10.12 11.06 303,500 3,355,678 FERRONICKEL 2.41 2.42 2.52 2.57 2.39 2.41 7,204,000 17,739,980 -1,368,360 GEOGRACE 0.375 0.38 0.4 0.4 0.37 0.38 730,000 276,150 LEPANTO A 0.139 0.14 0.14 0.146 0.138 0.14 20,500,000 2,849,450 LEPANTO B 0.138 0.144 0.144 0.144 0.14 0.14 420,000 58,880 0.0099 0.011 0.011 0.011 0.0098 0.01 57,000,000 569,300 MANILA MINING A MANILA MINING B 0.01 0.011 0.0092 0.01 0.0092 0.01 13,100,000 129,870 MARCVENTURES 1.3 1.31 1.35 1.36 1.28 1.3 2,479,000 3,260,670 -1,101,310 NIHAO 2.23 2.32 2.35 2.35 2.22 2.32 294,000 680,900 NICKEL ASIA 5.43 5.44 5.64 5.69 5.3 5.44 9,972,400 54,908,431 9,447,072 OMICO CORP 0.42 0.445 0.405 0.42 0.405 0.42 190,000 79,650 ORNTL PENINSULA 0.92 0.94 0.94 0.95 0.91 0.94 1,283,000 1,195,890 12,880 PX MINING 4.8 4.86 4.89 4.89 4.8 4.8 513,000 2,473,430 -28,930 12.46 12.5 12.46 12.5 12.36 12.5 649,700 8,101,916 -3,627,994 SEMIRARA MINING 0.0086 0.0087 0.0088 0.0093 0.0086 0.0086 123,000,000 1,074,800 UNITED PARAGON ACE ENEXOR 24.95 25 23.75 25.2 23 25 935,700 22,855,410 -2,856,400 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 115,200,000 1,354,200 ORNTL PETROL B 0.011 0.012 0.012 0.013 0.012 0.012 129,200,000 1,554,700 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.012 288,900,000 3,380,200 -68,400 PXP ENERGY 8.9 8.92 8.9 8.9 8.72 8.9 251,800 2,216,347 -366,048

PREFFERED HOUSE PREF B 100.5 101 101 101 100.5 100.5 2,520 254,170 HOUSE PREF A 99.9 100 100 100 100 100 11,400 1,140,000 AC PREF B1 519 529 519 519 519 519 70 36,330 ALCO PREF B 101.2 102 101.2 101.2 101.2 101.2 340 34,408 AC PREF B2R 511 515 510.5 511 510.5 511 2,100 1,072,100 101.8 103 102 102 102 102 150 15,300 CPG PREF A DD PREF 101.4 101.7 101.5 101.5 101.4 101.5 2,020 205,029 FGEN PREF G 105.5 108.7 106.2 106.2 105 105 30,960 3,279,743 GLO PREF P 504 505 505 505 505 505 2,810 1,419,050 GTCAP PREF A 1,004 1,020 1,004 1,020 1,004 1,020 1,205 1,209,900 GTCAP PREF B 1,036 1,038 1,036 1,037 1,036 1,037 1,645 1,704,620 MWIDE PREF 100 100.5 100.3 100.5 100 100 20,730 2,077,010 PNX PREF 3B 104 107.9 104 108 104 108 19,150 2,065,010 1,004 1,005 1,004 1,005 1,004 1,005 1,030 1,034,640 PNX PREF 4 PCOR PREF 2B 1,014 1,020 1,014 1,014 1,014 1,014 20 20,280 PCOR PREF 3A 1,055 1,100 1,099 1,100 1,099 1,100 1,000 1,099,800 PCOR PREF 3B 1,124 1,130 1,130 1,130 1,130 1,130 5 5,650 SFI PREF 1.83 1.9 1.96 1.96 1.8 1.83 12,000 22,610 SMC PREF 2C 78.9 80 80.5 80.5 80 80 1,180 94,796.50 SMC PREF 2F 78 79.75 79 79.75 77.9 77.9 100,440 7,970,313 SMC PREF 2G 75.7 76.7 75.7 76.7 75.6 76.7 64,370 4,876,664 373,920 78 79 78 78 77.85 77.85 20,000 1,559,030 31,200 SMC PREF 2I 76.25 76.9 76.2 76.95 76.2 76.25 2,110 160,829.50 SMC PREF 2J SMC PREF 2K 76.2 77.15 76.2 77.1 76.2 76.2 2,100 161,370

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.3 12 11.3 11.3 11.3 11.3 600 6,780 -1,130 GMA HLDG PDR 6.86 6.97 6.97 6.97 6.86 6.86 56,300 386,373 -

WARRANTS LR WARRANT 2.05 2.06 1.58 2.3 1.58 2.05 39,441,000 81,173,300 -30,620

SMALL & MEDIUM ENTERPRISES ALTUS PROP 20.7 20.9 21.05 21.45 20.55 20.9 309,800 6,496,840 210,000 ITALPINAS 2.46 2.52 2.45 2.55 2.42 2.52 1,420,000 3,514,390 56,250 KEPWEALTH 5.51 5.64 5.5 5.51 5.5 5.51 30,200 166,383 MAKATI FINANCE 2.56 2.76 2.76 2.76 2.76 2.76 3,000 8,280 MERRYMART 5.18 5.19 5.27 5.39 4.9 5.19 28,001,800 144,909,942 -914,326

EXHANGE TRADE FUNDS

FIRST METRO ETF 101.6 101.7 102.2 102.6 101.2 101.6 24,970 2,539,568 -630,217

www.businessmirror.com.ph

Banking&Finance

UBX’s online platform loaned ₧1.5B to MSMEs

By Tyrone Jasper C. Piad @Tyronepiad

U

BX Philippines Corp. said it has extended over P1.5-billion worth of business loans through its online lending platform “SeekCap” since 2019.

UBX, the financial technology (fintech) arm of Union Bank of the Philippines, added the platform has over 38,000 micro, small and medium enterprises (MSMEs) registered on the digital channel.

“With [the platform], applying for a loan is entirely digital,” the company said. “Its capacity and capability to help lenders digitize and automate their lending processes shortens processing time and lowers lending costs.”

UBX said that eliminating submission of physical documents and personal appearance at the bank allowed for loans to be approved the same day of the application.

The digital lending technology of UBX allows its partner lenders to offer business loans of up to P20 million with interest rates as low as 2 percent. Entrepreneurs may apply for loans to finance their inventory,

equipment, payroll, marketing, receivables, and similar activities, the fintech player said.

UBX said it connected the platform to Lazada, FoodPanda, Sprout HR & Payroll Solutions, AlliancePOS, Taxumo and Moneygment.

Parent firm UnionBank saw its net earnings drop by 17 percent to P11.6 billion last year from P14 billion in 2019 due to significant increase in its credit loss reserves. Credit loss buffer grew by over four times to P8.7 billion last year.

Still, the listed bank registered all-time high revenues of P42.1 billion last year, thanks to 29-percent growth in net interest income supported by higher margins.

Total assets stood at P774.5 billion as of end-December 2020. Common equity tier 1 ratio and capital adequacy ratio were at 15 percent and 17 percent, respectively, in the same period.

This year, UnionBank Treasurer Jose Emmanuel U. Hilado earlier said the bank is “cautiously optimistic” with the developments in the economy, giving “strong focus on balance sheet management and credit underwriting.”

Peso may appreciate due to weak imports

By Bianca Cuaresma @BcuaresmaBM

W

EAK imports can push the local currency to further appreciate against the US Dollar, according to an ING Bank Manila paper.

The paper said while the weak imports in January may point to a weaker gross domestic product (GDP) of the Philippines, it will eventually push the peso stronger.

The Philippine Statistics Authority’s (PSA) recently reported that imports shrank 14.9 percent in January, with all sub-sectors posting declines during the month.

“Weak imports have translated to soft corporate demand for the US dollar, which has been one of the key factors behind the [peso’s] resilience over the past few months,” the paper read.

“With the trade deficit now hovering at roughly $2 billion a month (compared to $3.3 billion prior to Covid-19), expect soft corporate demand for the dollar to help support [the peso] in the near term.”

Last week, the peso’s performance was stronger for the second straight week against the greenback by 0.105 or 0.2 percent.

Rizal Commercial Banking Corp. (RCBC) Economist Michael L. Ricafort said the near-term

movement will likely be influenced by the following factors: the new Covid-19 cases locally and worldwide in view of the increased global Covid-19 vaccine rollouts; the detection of new coronavirus variant cases locally since January; and, the arrival and rollout of more Covid-19 vaccines.

Ricafort also said the Corporate Recovery and Tax Incentives for Enterprises bill could also be market moving for the peso once signed into law by President Duterte. Likewise, this could 1further progress on the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery nill, after approval by the House of Representatives at the final reading, he added.

As for imports’ effect on the local economy, the ING Bank Manila paper said the “ongoing slump in imports suggests that growth pains for the Philippines will be around for some time.” This is as the sustained drop in capital goods and raw materials suggests that potential output is falling as well.

“Heavy machinery for construction, commercial aircraft, and road vehicles have all fallen sharply, which will dent capital formation and cap any recovery effort for an economy still struggling with recession,” the paper said.

BusinessMirror

C

outlook. The Bank of Japan will unveil a policy review, possibly tweaking stimulus programs and even maybe reiterating its capacity to cut rates further.

Other monetary authorities are likely to be less sanguine. Central banks in Norway and Russia may signal shifts to a more hawkish stance, while officials Brazil and Turkey could deliver the Group of 20’s first rate hikes of 2021.

“Central banks went into the Covid crisis together. They will exit separately,” Tom Orlik, Bloomberg chief economist, said. “For the Fed and Bank of England, slightly higher yields can be tolerated as an early sign of recovery.

For Brazil, they contribute to a more challenging environment that’s likely to force a rate hike—despite a raging virus and risks to growth.”

Elsewhere, ECB President Christine Lagarde speaks to European Union lawmakers and and China gets its first set of hard data this year.

B3

SSS ’20 investment income dips; lockdown rules faulted

S

By Bernadette D. Nicolas

@BNicolasBM

tate-run Social Security System’s (SSS) investment income in 2020 slid by a fifth compared to the previous year’s level as lockdown measures’ impact on the economy shook the Philippine stock market.

SSS President and Chief Executive Officer Aurora C. Ignacio said the state-run pension fund’s investment portfolio provided “decent” earnings last year at P32.47 billion. The figure is 20.75-percent lower than the P40.97 billion the pension fund manager recorded in 2019.

“The nationwide community quarantine measures drastically affected the stock market since March 2020. Despite this, SSS investments continued to perform well and provided decent returns last year,” Ignacio said in a statement over the weekend.

The pension fund also boasted attaining 5.89 percent in its return on investments (ROI), outperforming national economic indicators, particularly the 9.50-percent contraction in the gross domestic product (GDP) and the 2.6-percent average inflation rate last year. It was also ahead of the 10-year Treasury Bond (T-bond) and

364-day Treasury Bill (T-bill) rates, which averaged 3.43 percent and 2.42 percent, respectively.

“SSS investment performance has consistently outperformed major investment benchmarks,” Ignacio was quoted in the statement as saying.

“Whatever the prevailing market conditions, we continued to perform well in our investment activities. As guided by our charter, we adhere to the principles of safety, good yield and liquidity.”

From 2011 to 2020, the SSS’s annual ROI averaged 8.07 percent, outperforming the 10-year annual averages of 4.72 percent for the GDP growth, 4.82 percent for the 10-year T-bond, 2.92 percent for the inflation rate and 2.63 percent for the 364-day T-bill.

The largest contributor to SSS’s investment income last year is still government securities at 42 percent, bringing in P13.71 billion. The fig-

ure, however, is slightly down from P13.84 billion in 2019, according to SSS Executive Vice President for Investments Sector Rizaldy T. Capulong.

Member loans came in second, accounting for 21 percent of the total investment income. Income from member loans also dropped to P6.71 billion in 2020 from P8.97 billion in 2019. It also posted a 6.82 percent ROI last year.

The combined income from government securities and member loans already comprise more than half of the total SSS investment earnings last year with P20.42 billion, Capulong said.

“Properties are also generating good returns for the funds of our members as it recorded the highest ROI last year among SSS investments at 9.17 percent. About 16 percent of the entire SSS investment income came from properties that contributed P5.08 billion, which remains a major component in our investment strategies,” Capulong stated.

The P589-billion SSS investment portfolio is broken down as follows: government securities (41.86 percent), member loans (19.09 percent), equities (16.73 percent), properties (10.06 percent), corporate notes and bonds (5.83 percent), bank deposits (2.80 percent), external funds (2.17 percent) and housing and development loans (1.46 percent).

Ignacio said they can only invest their reserve fund on types of in-

vestment prescribed under Republic Act 11199 or the Social Security Act of 2018.

The law specified the limitations on the investment reserve funds that can be allotted per type of investment of which 60 percent in private securities, 5 percent in housing, 30 percent in real estate-related investments, 25 percent in short and mediumterm member loans, 30 percent in government financial institutions and corporations, 15 percent in any particular industry, 15 percent in foreign-currency-denominated investments, 5 percent in private-sponsored infrastructure projects without guarantee, 5 percent in private and government-sponsored infrastructure projects with guarantee, and 5 percent in private and governmentsponsored infrastructure projects.

Preliminary data also showed member contributions to SSS dropped by 7.1 percent to P204.75 billion in 2020 from previous year’s collection of P220.38 billion. It was also 17 percent below 2020 target of SSS at P246.83 billion, the Department of Finance earlier said.

The drop was attributed to 1.5 million members being unable to pay their contributions because of job losses.

Unemployment insurance benefit claims last year also rose nearly 10-fold to P1.71 billion with 136,000 beneficiaries from only P178 million in 2019 availed by 15,000 claimants.

Perspectives RCBC taps debt market for sustainable-financing tack Breaking glass ceilings

R

IZAL Commercial Banking Corp.

(RCBC) is tapping the local debt market to raise funds for lending facility under its sustainable financing initiative.

The Yuchengco-led bank is currently offering 2.5-year and 5.25-year fixed-rate Asean (Association of Southeast Asian Nation) Sustainability Peso bonds with a minimum size of P3 billion and has an option to upsize. Public offering began on March 12 and will conclude by March 19.

The bonds, which were priced on March 11, have fixed interest rates of 3.2 percent per annum for the 2.5-year tenor and 4.18 percent per annum for the 5.25-year tenor.

RCBC tapped Standard Chartered Bank (SCB) as the sole lead arranger and bookrunner of the transaction while RCBC Capital Corp. is the financial advisor. Both SCB and RCBC are the selling agents.

Proceeds are also allocated to support the bank’s asset growth, to fund general corporate matters and to refinance maturing liabilities, in addition to financing eligible loans cited in its sustainable finance framework.

RCBC’s sustainable finance framework has been certified by Sustainalytics, an in-

dependent environmental, social and governance research and ratings provider.

The transaction is the sixth drawdown from the bank’s P100-billion bond and commercial paper program. Previously, RCBC launched P15-billion Asean Green Bond in February 2019, P8-billion Asean Sustainability Bonds in June 2019, P7.5-billion in November 2019, and P7.05-billion bonds in March 2020 and P16.6-billion bonds in July 2020.

Earlier, the listed bank said it was also aiming to issue a benchmark-sized foreign currency denominated senior note offering in 2021. It made its debut in the offshore bond market with a $300-million Reg S issuance in August last year.

RCBC booked P5.018 billion in net earnings last year, a 7-percent decline from P5.388 billion in 2019, as impairment losses jumped by 26.1 percent to P9.33 billion.

As of end-December 2020, total assets and capitalization stood at P770.8 billion and P101.5 billion, respectively. Capital adequacy ratio and common equity tier 1 are currently at 16.1 percent and 12.6 percent, respectively. Tyrone Jasper C. Piad

Global central banks confront enthusiasm of investors

ENTRAL bankers from Washington to Tokyo will this week confront the enthusiasm of investors betting on a return of inflation, delivering policy responses ranging from cautious tolerance to interestrate increases.

For many such officials, the 3-day frenzy of meetings starting on Wednesday is the first scheduled opportunity to act since a global rout in government debt markets took hold in February, fueled by speculation of a pickup in prices after the coronavirus crisis abates.

The US Federal Reserve’s decision will be the most significant among at least 11 monetary announcements due around the world. Chairman Jerome Powell is likely to affirm a loose stance that stops short of the heightened activism of the European Central Bank, which last week pledged to frontload bond purchases.

The Bank of England might take a view similar to the Fed’s as it focuses on growth risks still dominating the

Monday, March 15, 2021

US and Canada

THE Federal Open Market Committee, holding its second meeting of the year on March 16 and March 17, is almost certain to keep interest rates near zero and pledge to continue its asset purchases at the current pace. Wall Street economists’ focus will be on the central bank’s quarterly forecasts, including whether the panel includes an initial rate hike in the 2023 projections, in response to a pickup in the outlook for growth.

In terms of upcoming economic data, investors will be watching for the latest reading on retail sales, industrial production, housing starts and weekly jobless claims to gauge the strength of the recovery as more states drop restrictions on activity and vaccines are deployed more widely.

Asia

ECONOMIC activity data due Monday for the first two months of the year will show roaring growth in

China, with figures largely distorted by comparisons from a year ago when the economy was in lockdown. Complicating the picture further are the travel restrictions imposed ahead of the Lunar New Year break in February, which curbed consumption but allowed factories to resume production earlier than usual.

The BOJ is expected to unveil an array of tweaks to its policy framework while keeping its main settings on hold following a review of its measures on Friday. There will be plenty for markets to digest as the central bank looks to freshen up its control of rates and asset purchases while shoring up stimulus for the longer term.

Inflation data out the same day is likely to show prices are still falling almost eight years after the BOJ launched its massive stimulus program. Indonesia and Taiwan have interest rate decisions on Thursday.

Bloomberg News

W

HETHER in the home or in business, segregating roles on the basis of gender has a long history, going as far back as the Industrial Revolution. I would suggest that a very different and reformative revolution is underway today, and it demonstrates the powerful influence that women in family businesses are having.

There is recognition that society is changing, as is education and children’s upbringing, and GenX and Millennial women are stepping up in family businesses, including those in traditionally male-dominated industries. For example, young Millennial women like Canadian Fiber Optics Co-founder Jodi Bloomer are playing instrumental roles in setting this new direction.

“In this case, being a woman has had advantages because the men around me don’t need to try to intimidate me,” she told us, “I am not challenging to them. I acknowledge that they know more than me in their own special areas; that I am here to learn, and I need their expertise and input to make good decisions for our company. There is a mutual appreciation for what each of us does well.”

Gaining a fresh perspective on the future

BECAUSE of societal bias and cultural or family traditions in some areas of the world, women have often been consigned to the role of ‘chief emotional officer’ in their family firms. In this hidden ‘CEO’ role, they take care of the emotional needs of the family, keeping the family together and perpetuating the family’s values and traditions across the generations.

Men have traditionally been associated with traits such as independence, autonomy and achievement, while women have generally been classified as nurturing and caring.

However, traditional feminine characteristics such as loyalty, concern, sensitivity to the needs of others, problem-solving and conflict resolution represent a holistic and constructive leadership style for both women and men. In a family business, this leadership style can be an asset because it combines loyalty to the firm and the family with a sensitivity to individuals’ needs, as well as a collaborative decision-making approach that is based on instinct, intuition and evidence.

In fact, encouraging a diversity of views and approaches can have tremendous power in helping to move family businesses toward more interesting and prosperous futures. And women and men have an opportunity to strengthen their family businesses by embracing their differences rather than fighting against them; in benefitting from the talent, knowledge and skills that each can contribute.

While the glass ceiling may not yet be shattered, I believe that there is a new generation of women in family business who are blazing their own trail. They are too busy looking forward to look up at the ceiling, and they are likely to be the role models for many female and male family business leaders of the future.

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.

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Are Your Managers in Sync With Your Change Strategy?

A

By Joseph Fuller & Bill Theofilou

with the variations in mindset that our research has revealed among executives—you’ll need to adopt several new approaches to change:

few years ago, we noticed something curious: Successful business transformations were slower, fewer and rarer than we would have expected. Companies were moving toward cloud-based operations, but often without urgency. Few achieved any meaningful progress. more upper managers felt that way than did C-level executives (82percent versus 67 percent) they were also more likely to feel that the impact would be limited to the short term (72 percent versus 51 percent).

Upper managers were also considerably warier of initiating profit-improvement initiatives in both the short term (within three months) and longer term (after six months). The difference was particularly acute when it came to the short term: Forty-five percent of the upper managers we surveyed were comfortable moving forward, whereas 60 percent of the C-suite executives were.

To better understand the differences in mindset between upper and middle managers, we asked two key questions: 1. Did the executives we were surveying lean toward a businessfirst or people-first approach?

2. Did they show a strong commitment to—or relative disconnection from—the organization?

The answers we got allowed us to identify four distinct mindsets:

Business operators

Business operators represent the single largest segment of managers. They express significant confidence in the company’s

all employees “get it” or are prepared to “get on with it,” no matter how senior they are. Your reasons for any change program need to be understood throughout the ranks.

You’ll meet significant resistance, much of it surreptitious, if you focus on meeting corporate performance targets at the exclusion of other considerations.

WWW.FREEPIK.COM

Then the pandemic hit. The circumstances obliged companies to shift gears quickly, legitimizing remote work and making the health and welfare of employees their overarching priority. Companies began to talk of managing “three years of transformation in three months.”

A year in, it’s clear that the pandemic has indeed had a massive impact on how business is done. There now seems to be no going back. But as companies seek to transform themselves for the post-Covid-19 world, they still confront significant challenges.

We know this because we recently surveyed executives in the United States—at companies with at least $1 billion in revenue—about their attitudes toward post-Covid transformation. Surprisingly we discovered that C-suite executives and upper management (managing directors, senior vice presidents, plant managers) often don’t agree on the effects of the pandemic and how to respond to them. In fact, middle management was more consistently aligned with the Csuite’s views than upper management was, despite being farther apart on the organization chart.

Not surprisingly, most executives told us the pandemic was having a negative impact on their companies. Significantly, while

n Rethink manager and employee mindsets. Don’t assume

leadership and appreciate the growing concern for people during difficult times. At the same time, this group sees the need to make tough decisions to stabilize the business as a priority. Upper and middle management appear with almost identical frequency in this area (42 percent versus 43 percent).

People champions

Managers in this group have often worked at their companies for a long time and have shown a strong focus on employees’ personal needs during the pandemic.

They view themselves as playing the role of liaison between the Csuite and the rest of the company.

They consider many decisions taken by the C-suite to be tradeoffs made between the interests of the company and employees.

Change opponents

This group has “seen it all before,” likely in the 2001 or 2008 recessions. They doubt whether senior leadership will do anything differently this time around to make change more successful—to

“make it stick.” Change-resistant managers anticipate that their Csuite leadership will largely revert to the behaviors its members demonstrated before the pandemic.

Almost 1 in 5 upper managers are change resistant, as are 14 percent of middle managers. Relying on this group to relay messages from senior leadership to lower levels of the organization would seem a risky approach.

The disaffected

As the name indicates, this is not a happy group. Since the onset of the pandemic, they’ve grown less confident in their senior leadership, and they see little evidence that anything concrete has come of the heightened concern that their leaders have spoken of feeling for their employees. They are reluctant to serve as a bridge between leadership and the rank and file, and are unlikely to help improve morale or trust. The numbers of the disaffected are similar for both upper and middle management: 13 percent and 12 percent.

The results of our research

ought to be sobering for C-suite executives. Although a plurality of subordinates are committed business operators who will work to implement the C-suite’s strategy to the best of their ability, they are nonetheless in the minority. Almost a third of the people closest to the C-suite are either resistant to change or disaffected. More than a quarter of upper managers and 30 percent of middle managers react to Csuite transformation initiatives by considering their effects on colleagues rather than the company as a whole.

What CEOs and their teams have to recognize is that the executives working under them cannot be relied upon to fall into line and embrace calls for change based on new and urgent priorities—especially those focused on achieving profit improvement through cost cuts.

Let’s put it this way: Your next transformation will fail if it is merely some better version of what you did in the past. Instead—given the changes unleashed by Covid-19, combined

n Include all levels of senior management. Your management team is not a homogeneous group, poised to spring into action at the direction of the C-suite. You’ll increase your prospects of success if you can visibly engage different levels of management in the creation of your change program. To do that, you’ll need to understand the various managerial mindsets present across management levels and consider how the program will affect employees.

Customize how the program is positioned and communicated

The traditional top-down approach, with the C-suite relying on other levels of management to articulate and support its goals faithfully, is no longer effective. Any change program must be tailored to reflect the presence of groups of managers in your company that place emphasis on different goals. The process of communicating a program’s intent and progress must reflect that.

Joseph Fuller is a professor of management practice and a co-chair of the Project on Managing the Future of Work at Harvard Business School. Bill Theofilou is a senior managing director at Accenture Strategy.

Intimate partner violence is a workplace issue

By Beth A. Livingston, Louise Delavier and Ynaée Benaben

‘H

ow can I help? What can I do?” asked a visitor to En Avant Toute(s), the nonprofit in Paris two of us work for.

The organization's mission is to promote gender equality and to end violence against women and LGBTQ people. The visitor suspected that a co-worker was the victim of intimate partner violence but wasn’t sure what to do to help. Intimate partner violence is harm perpetrated by a current or former partner or spouse, and it can take a number of forms, including physical, verbal, emotional, economic and sexual abuse. It can affect anyone—regardless of race, ethnicity, class status or social group.

Although intimate partner violence is often perceived as a private occurrence, it also affects the workplace. It can result in absenteeism for victims of violence, and organizations have to contend with situations where the violence spills over into the work realm (via stalking behaviors, for instance).

The role companies can play in understanding and preventing intimate partner violence—including identifying its targets and empowering employees to help each

other—was the subject of a 2020 research project conducted by En Avant Toute(s) and Yves Saint Laurent Beauty, with data analysis provided by Dr. Livingston.

En Avant Toute(s) offers an online chat function through which visitors can anonymously ask professionals with social services or psychology backgrounds questions about the health of their own relationships, or of the relationships of people they know. Visitors are also directed to support services when needed. As part of this work, En Avant Toute(s) analyzed 1,355 text-based conversations with 975 people (93.3 percent women).

Most of the people who contacted the nonprofit detailed some instance of violence, including verbal abuse, physical abuse and psychological abuse. In total, of the witnesses to intimate partner violence who wrote in the chat, 10 percent were work colleagues and 54 percent were friends of the victim.

Our analysis of the chat logs revealed three common themes:

1. Work is often the only space where victims are free to seek help

In many cases, intimate partner violence relies on the victim's isolation from friends and family; co-workers

are among the few outside contacts a target of abuse might have.

2. Work is a medium through which abuse may manifest itself

Abusers often know that a job can be an outlet for targets of abuse and might try to disrupt the victim's ability to work.

3. It may be difficult to avoid an abuser who is part of your professional network

When an abuser and a victim work in the same field, the victim suffers twice: both from the abuse and from the anxiety of knowing that she may encounter her abuser in the course of regular work activities. Companies are often unprepared to handle such situations.

Unfortunately, intimate partner violence is more common than you might think: The World Health Organization estimates that 30% of women in a relationship worldwide have been victims of intimate partner violence.

Many of these women have jobs, interact with their co-workers and receive feedback from managers—all while navigating an abusive home life.

Our research suggests that workplaces can affect the well-being of their employees who are targets of intimate partner violence—and that

of the co-workers and managers who care about them. Here are four strategies to adopt:

n Empower employees to support each other — formally and informally: It is critical for co-workers

to know what to do when they become aware of intimate partner violence, at any stage. For each person who reached out to En Avant Toute(s) for help, we imagine there are thousands more who did not. To address this gap, we recommend a few approaches.

First, leaders should encourage co-workers to help one another in nonmandatory ways, for example by covering for someone if that person has to miss work or by helping a coworker with difficult tasks. Research shows that such behaviors can create supportive work climates.

Readily available training and resources can also empower employees to take appropriate action if a colleague is a victim of intimate partner violence and managers to recognize abuse signs among employees.

Companies could also integrate learning from bystander intervention work into such training. Although existing work on bystander intervention is focused mostly on sexual assault, recent research has also emphasized the role that co-workers can play in

countering workplace bullying, for example by interrupting instances of harassment, providing support to victims and directing the perpetrator's attention away from the target of abuse.

n Make talking to a manager a safe thing to do: Creating

psychological safety—defined as a team environment that supports interpersonal risk taking and encourages employees to speak up—in the workplace is crucial to addressing instances of abuse: If you feel there is less of a chance that you will be retaliated against or judged for your personal situation, you are more likely to ask for help.

n Watch for changes in your employees and check your assumptions: Be vigilant for changes

in your employees’ performance— and do not always attribute these to incompetence or poor fit. Managers can also ask the team for feedback in ways that signal that they are not making assumptions about performance when external forces may be responsible. For instance, they might ask team members if they are aware of any mitigating circumstances that might have affected a co-worker’s performance.

n Moodelhealthyrelationships:

Organizations can play an important role in modeling what healthy relationships should look like. At work, this could mean providing assistance to workers on difficult tasks and career development programs, helping employees cope with stress and giving them the tools to establish respectful relationships with their colleagues.

If your employees have learned via their intimate relationships that connections should be transactional and not reciprocal, demonstrating support and reciprocity at work can show them that there are healthier ways to relate.

While we’ve learned a lot about work and intimate partner violence through our initial research, we recognize that there’s much more work to be done. We will continue to research how companies can prepare their employees and support them when confronted with instances of such violence, and how can we use our findings to create a better, safer workplace.

Beth A. Livingston is an assistant professor in management and organizations at the University of Iowa Tippie College of Business. Louise Delavier and Ynaée Benaben are program managers at En Avant Toute(s).

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Editor: Gerard S. Ramos

• Monday, March 15, 2021

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Ben Farrales: Fashion and beyond

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HAT makes Ben Farrales great?” I asked fashion designers of all ages in 2002 as the “Dean of Filipino Designers” was celebrating his 50th year in the business. The consensus among his confreres was summed up by his BFF Nolie Hans’ assessment: “His greatest contribution is his dedication to the industry. He aims to professionalize every designer in the making. As a friend, he is straightforward. He challenges you to aspire and become a Ben Farrales later on.”

The beloved Mang Ben, both feared and revered, passed on March 6 after defiantly battling a long illness. He was 88.

“Haute couture is a feel for and confidence in your craft. You have to be sure of what you’re doing to gain the full trust of your clients,” who are usually highsociety women “who exude a good sense of fashion, who have good taste, and who understand their lifestyle,” Mang Ben said in his self-published 2002 book, Ben Farrales: Fifty Years In My Fashion, by Abe Florendo.

Mang Ben started as an apprentice in 1952 at the dress shop called Aurelia’s, where he was assigned to buy zippers and buttons among other tasks—menial ones but which proved meaningful when he struck out on his own in 1954.

It was also in 1954 when the society powerhouse, Conching Sunico, noticed his burgeoning potential and invited him and another upstart, Jose “Pitoy” Moreno, to participate in her fund-raising gala, “Romance,” at The Manila Hotel.

Mang Ben joked that “Romance” was his and Pitoy’s “coming-out party,” holding their own against established names Ramon Valera and Salvacion Lim. Together with another newbie, Aureo Alonzo, the legendary triumvirate eventually became the pillars of Philippine fashion. And with other design wunderkinds, they formed the Philippine Couture Association in 1958, with Mang Ben as its first president.

A devotee of the Infant Jesus, he was the founding chairman of the Congregacion del Santisimo Nombre del Niño Jesus in 1978. This was also the time when three boys—brothers Cesar and Feliciano, and Salvador came under his name and guardianship.

Never with parental instincts, they called him Ninong.

“I was transformed profoundly, especially in my ways with children, and my devotion to the Child Jesus could not but grow with time,” he wrote in 2001 in his other book, also by Florendo: Santo Niño: The Holy Child Devotion in the Philippines.

In 1979, Mang Ben and the Congregacion started the Flores de Mayo spectacle. The annual parade is a rite of passage for designers, with awards and distinctions at stake.

“I first joined the Flores de Mayo in 1992, under the wing of my then-mentor and boss Leonard Co. When l came into my own, I was invited again in 2000. I was more excited then because l was an independent, and to be among seasoned designers was such an honor,” says Jontie Martinez, who has won multiple times

from his participation. “Mang Ben was always a strong presence, silent but all-seeing, but we could all sense his warmth and genuine happiness. He is a great loss to the fashion industry, but of course a welcome addition to the Great Atelier in the Sky.” As the youngest of 10 children (thus, Benjamin), he was doted on especially by his elder Aida, who married the Muslim politician Salipada Pendatun.

They sent for the young Ben to live with them in Cotabato. In two years, he was exposed to the exuberance of Muslim culture and clothing. This experience found expression in 1984, when Mang Ben unveiled a “career-defining solo collection” called “Maranaw.”

It was also shown at the Kennedy Center in New York, the first and only time a Filipino designer was showcased there. In his fashion tome, Mang Ben pondered on the Muslim look: “It’s incredibly elegant. And it’s very appropriate for us—not a very pretentious way of dressing up. But in whatever ways I adapt it, update it, modernize it, I always see to it that

the Muslim look and feel is intact. I do not want to tamper with that.”

An unforgettable fashion moment was Mang Ben’s 50th anniversary gala in 2002. A multi-generation of supermodels sashayed down the runway in Mang Ben’s vintage marvels and recreated designs.

His frequent collaborator was the gregarious jewelry designer Gerry Sunga. “It was several months of brainstorming at his atelier. My design discipline is, I have to see and feel his collections. And he lovingly considered my suggestions. He wanted his jewelries to be massive, decadent, diverse and opulent,” Sunga recounts. “He was so thrilled after the show. When he was giving me a check, I said, ‘No, it’s my gift to you.’

He was so rattled that he gave all his bouquets to me!

Para akong nanalo sa beauty contest!”

Joey Espino Jr. was codirector of the gala with Ogee Atos: “Mang Ben explained to me that he really wanted a solid, memorable and meaningful show for his 50th anniversary. A show that gave people a clear view of what and who he was as a Filipino fashion designer.

One who was pioneering in inspiring Filipinos to wear clothes that will reflect our culture and identity with elegance and panache. He considered his clothes good for the modern woman of his generation, carrying his signature of understated elegance and sexiness but classic and timeless in approach.”

With his brother, the producer/director Audie, Joey is very grateful for Mang Ben’s unfailing encouragement and guidance. “Mang Ben was one of the major reasons why Philippine Fashion Week lasted 25 years. He told me to be patient and to look beyond. I poured my heart to him, and he always made me look for the sun behind the clouds. He asked me to never give up! And I carry his valuable traits not only in my career but more so in my life. He is a true mentor and a true best friend!”

Mang Ben’s tremendous impact also extends to his muses. Aurora Pijuan was an early muse before she became Miss International in 1970. Tina Maristela is the Galatea to his Pygmalion. A longtime favorite is Cheng Bernardez Lucas.

“Mang Ben was like a father to me and my sister Nitz whom he discovered, so he was responsible for us becoming models. He personally talked to our dad to allow Nitz to model as she had just graduated from high school at the time. So he would always get us for pictorials, shows and trips, and we couldn’t say no,” Cheng shared. “Mang Ben was a big force in my life and whenever other designers asked me to model for them and I refused, they’d ask why I do it for Mang Ben. I would tell them I only strut the runway at this age for my dear Mang Ben.” The last time the general public saw a Farrales collection was at the Philippine Fashion Week Spring/ Summer 2014 presentations, in a show that brought everyone to tears. It was directed by Ogee Atos, who endearingly calls Mang Ben his “Black Mother.”

“Mang Ben taught me a lot of things in fashion production, and he shared many travel memories with me. Our mutual respect for each other is what I cherish most. Doing his shows resulted in other clients following suit,” Atos said at the time. Still grieving, Mader Ogee posted recently: “Journey on. I know the angels are waiting for you to make heaven a beautiful happy place. I love you and thank you for the so many blessings and lessons in life!”

What gave Mang Ben greater purpose was in giving back. In 2009, the venerable desiogner gathered about 200 designers, hair and makeup artists, directors and models for an edition of Fashion for a Cause, a Red Cross fundraiser for Supertyphoon Ondoy survivors.

It was just one of many civic duties that only he had the will and wherewithal to organize.

“To be asked to join Fashion for a Cause is a gauge of one’s acceptance by one’s peers. It was a major gathering of fashion’s leading luminaries helping victims stricken by calamities,” said director Raymond Villanueva. Fellow director Jackie Aquino, stating a general sentiment, added: “Mang Ben deserves to be given an industry or national award. He had the biggest heart.”

In 2015, Mang Ben was awarded the Gawad CCP Para sa Sining Disenyong Pangmoda. His San Beda alma mater gave him an outstanding alumni award in 1998 and during the school’s centenary in 2001, he was deemed one of the 100 Best Bedans.

Fellow Bedan, fashion director Cata Figueroa Jr. has nominated Mang Ben for National Artist for Fashion. The submission reads in part: “[Farrales] can be considered a national treasure. He revolutionized the world of fashion with his uniquely beautiful and classy creations, contributing much in the recognition of Filipino ingenuity here and abroad. Ben Farrales is not only a Bedan gem. He is a Filipino pride.” n

Skin-care line with seaweed endorsed by ‘Love Alarm’ actor

ONE of the best things about my job is that I get to know about beauty launches and collaborations ahead of everybody else. Of course, I can’t tell anyone about it until the embargo is lifted but it’s still very exciting for a beauty geek like myself.

Anyway, I received the news that Korean actor Song Kang was the Philippine ambassador for skin-care line Deoproce ahead of time. Why is this exciting? Song Kang was, at the time, fresh off the success of the Netflix thriller Sweet Home. It was also weeks before the release of season 2 of Love Alarm.

The 26-year-old actor also has the most beautiful skin, which makes him the perfect endorser for a skin-care line.

With the Song Kang ambassadorship, Deoproce Philippines announced the new Natural Green Caviar

Line. Green caviar, or sea grapes, is what is known to us in the Philippines as lato.

Green caviar looks like fish roe but is actually a seaweed. This algae is rich in vitamins A and C; minerals, such as magnesium and phosphorus; omega fatty acids and proteins and amino acids.

As an ingredient in skin-care products, green caviar is said to help boost collagen production, retain moisture, even out skin tone and improve elasticity.

It also has polysaccharides, like Fucoidan, which is popular for its powerful antioxidant and antiinflammatory benefits.

The Deoproce Green Caviar line, which is available at Watsons, SM Beauty, Nixy.ph and Amorfia.online, includes the following: cleansing water (P690, 150 ml), facial cleanser (P590, 170 ml), toner (P790, 150 ml), vitamin C ampoule (P1,490, 30 ml), water cream moisturizer (P1,490, 100 ml) and skin-perfecting tint with SPF 30+ (P790, 50 ml).

I have already used the vitamin C ampoule for two weeks and the skin-perfecting tint three times and I love both.

The vitamin C ampoule has a nice texture. I use it at night after cleansing and this cream I use for barrier protection, and I’ve woken up to soft and wellmoisturized skin.

I’ve had skin barrier issues lately, probably because of some skin-care actives in the products that I’ve

been using and the weather. This ampoule is one of the products I’ve been using. It’s gentle, which I determined after not feeling any sting. This may be a basic way of determining a product’s gentleness, but if works for me.

I used the skin tint thrice in the past 10 days for Zoom calls. It nicely evened out my skin so I didn’t need to use anything else except lipstick and brow product. Gone are the days when I’d make an effort with foundation, concealer and other face bases for Zoom calls. These days, give me anything that can

make me look decent in minutes.

In case you’re wondering what Song Kang’s favorite product is from the line, he has been quoted as saying, “I’m in love with the face cleanser!”

I regret not opening and using all the Deoproce Green Caviar products at the same time because apparently, the bottles and tubes are numbered so you know how to use the products in order.

As I said earlier, I think the vitamin C ampoule works in helping with skin barrier issues, so I think the whole line will work for the same purpose.

Center: Ben Farrales with Lorena Pangan in “All About Weddings: Haute Couture Bride” (2002), photographed

by Robert ViNas. Clockwise: Melanie Marquez, Cheng Bernardez Lucas at “Alta Moda” (2015), photographed by Bong Regala; Gem Padilla, Marina Benipayo, Tweetie de Leon, Annette Coronel, Lucia Santiago and Abbygale Arenas, photographed by Jerry Pereja at the 50th anniversary gala (2002).

B6 Monday, March 15, 2021

Licensed professionals get civil service eligibility

PH’s best-selling sedan gets new sporty variant with new Toyota Vios GR-S

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EADING mobility company Toyota Motor Philippines (TMP) has further bolstered its Toyota Vios lineup with the introduction of a new variant backed by its Toyota Gazoo Racing brand, the Vios GR-S. The Vios GR-S, the motorsportsinspired reinvention of Toyota’s locallymanufactured passenger car, infuses upgraded design and new features to the country’s most-preferred sedan.

TMP President Atsuhiro Okamoto introduced the Vios GR-S as “the country’s most trusted model, injected with GR spirit.”

“There are over 340,000 Vios owners out there who use these reliable, tried and tested vehicles in their daily lives.

Our goal with the Vios GR-S is to transform your reliable everyday car, to a Vios that gives a more pleasurable drive, whether on track or on the road… the Vios GR-S will bring next level thill in your everyday drive.” Okamoto added.

GR-S, which stands for Gazoo Racing Sport, is a guarantee that a car was developed guided by Toyota Gazoo Racing which specializes in developing Toyota’s lineup of products built with racing DNA. Through the introduction of the Vios GR-S, the first GR-S model in its lineup, TMP intends to make sportier options

available for racing fans and motorsports enthusiasts who want to express this passion through their daily drivers.

The new Vios GR-S is Vios with a new look that’s ready for the racetrack with its striking exterior - marked with the prestigious GR emblem and featuring a sporty front bumper and grille, aerokit, and spoiler. Driver and passenger experience is also made to feel raceready with the leather with red stitching on the wheel, shift lever and knob material, and suede/synthetic leather with red stitching seats. The 10-speed CVT transmission variant comes with 7 SRS airbags and clearance sonars for a safer drive, as well as easy smartphone apps access with the Apple Carplay and Android Auto compatibility.

The New Vios GR-S will be available in all of TMP’s dealerships across the country starting March 15, 2021. An online public launch will also be held on March 13, 2021 (Saturday), 6PM on Toyota’s official Facebook page and YouTube channel.

Following the introduction of the Vios GR-S, XE variant and higher now come with Apple Carplay and Android Auto Compatibility and accessible Bluetooth switches on the steering wheel. G, XLE, and E variants also get a redesign on the seat patterns, while the

XE variant gets additional 2 speakers, and XLE and E grades get the new alloy wheel design.

Promising to bring in more joy and thrill to motorsports fans in the Philippines this year, TMP is looking forward to promote TOYOTA GAZOO Racing products, services and experiences in the country. Toyota’s premier one-make-race, the TOYOTA GAZOO Racing Vios Cup, is set to bring back Vios racers to the racetrack by July this year, provided it is deemed safe by authorities to hold events of such nature. TMP will once again be letting skilled e-racers battle in the virtual track as it launches the second season of the GR GT Cup. With Toyota’s extensive history in motorsports and inspired by the passion of its people and leaders like Toyota Motor Corporation President Akio Toyoda himself, TMP aspires to make motorsports bigger and more widely known in the country.

For more information on the New Vios GR-S, visit TMP’s official website at www.toyota.com.ph and follow the official social media pages at ToyotaMotorPhilippines and ToyotaGazooRacingPH (Facebook and Instagram), @ToyotaMotorPH (Twitter), and Toyota PH (Viber and Telegram).

LCS goes online under Ban Kee management

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AN Kee Trading Inc., one of the leading distributors for children’s toys in the Philippines, began handling operations for LEGO Certified Stores (LCS) in the country at the beginning of the year and recently launched the official online store amidst greater push for digitalization.

“Launching the LCS website brings us closer to our goal of connecting the brand and the value it brings to more Filipinos, following its commitment to enable more children and adults alike to have a fun bonding experience and learn through play,” said Eric Bautista, CEO of Ban Kee Trading, Inc. “Through this initiative, we hope to share the joy of building with more

people as we strive to establish LEGO as the leading toy brand in the Philippines.”

“The LEGO brick is as relevant as ever, following more than 60 years of empowering children and adults through creative, fun and challenging building moments,” said Cesar Ridruejo, General Manager at The LEGO Group in Southeast Asia. “With Ban Kee being the sole LCS operator in the Philippines, it is a testament of our trust and confidence in them to share the LEGO System in Play with more Filipinos. Our initial partnership brought us successes and a steady foothold in the market, so we are looking forward to achieving new heights with Ban Kee driving LCS locally.”

The new LEGO Creator Expert Porsche 911 will be released on March 20, priced at PHP 7,999.75.

Ban Kee offers a variety of toy selection by different brands such as Intex, LeapFrog, Gundam, and Beyblade among others. Adding the LEGO brand to its line-up bolsters its capacity to deliver more products to Filipinos with varying interests.

To further encourage consumers to patronize LCS branches and its online counterpart, LEGO is partnering with leading loyalty program provider ZAP to establish its own membership program.

Starting March 1, members can earn points for every PHP 100 spent and enjoy other benefits depending on their tier: Silver, Gold, or Platinum. More information can be found on the official LEGO Certified Store Facebook page.

“Digitalizing the customer experience is a chance for us to enhance our services. Aside from carrying the complete catalogue as with the LCS branches, we’re also working on the website’s exclusive offers and sales page that will make creative play even more accessible for all,” Bautista adds.

Visit www.bankeebricks.ph to order and browse the complete LEGO inventory, including the new LEGO Creator Expert Porsche 911 that will be released on March 15.

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ASSERS of bar and licensure board examinations are automatically considered civil service eligibles, the Civil Service Commission (CSC) said.

Republic Act No. 1080, as amended, declares that “the bar examinations and the examinations given by the various boards of examiners of the Government are declared as civil service examinations”.

Thus, pursuant to the said law, passers of the bar examination conducted by the Supreme Court (SC) and licensure board examinations conducted by the Professional Regulation Commission (PRC) are automatically considered as civil service eligibles.

Since 2014, this now includes marine deck and engine officers licensed by the Maritime Industry Authority (MARINA), as the examination, licensing, and certification system for said positions was transferred from the PRC to MARINA by virtue of Republic Act No. 10635.

Likewise, passing the Shari’a Bar Examinations shall also be considered as eligibility.

Passers of the said examinations no longer have to file an application for the grant of civil service eligibility with the CSC. Licensed professionals may also work in the government, even not in the practice of their profession.

For the Bar/Board Eligibility resulting from passing an examination requiring completion of a bachelor’s degree, such eligibility shall be considered appropriate for appointment to positions for which the examination was given, as well as to other first and second level positions in government that are not covered by special laws nor require other special eligibilities or licenses.

On the other hand, for the Bar/Board Eligibility resulting from passing an examination requiring less than four years of college studies, such eligibility shall be

considered appropriate for appointment to positions for which the examination was given, as well as to other first level positions in government that are not covered by special laws nor require other special eligibilities or licenses.

Per the CSC’s 2017 Omnibus Rules on Appointments and Other Human Resource Actions, as amended, holders of Bar/Board Eligibility shall be exempt from the master’s degree requirement for division chief and executive/managerial positions in the second level, the duties and responsibilities of which involve practice of profession or belong to the same occupational group or functionally related positions as those regulated by bar or board laws.

Licensed professionals need not go to the CSC to obtain a copy of civil service eligibility. A valid professional license or copy of the Certificate of Registration/ Competency or Report of Rating, as applicable, that was issued by SC, PRC, or MARINA may be used as proof of eligibility.

However, the CSC stressed that eligibility is just one of the qualifications for appointment. Appointees to career service positions must meet the education, training, experience, eligibility, and competency requirements prescribed in the Qualification Standards.

Richmonde Hotel Ortigas celebrates 22 years

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INCE current quarantine restrictions in the metro still prevent us from gathering to commemorate special occasions, Richmonde Hotel Ortigas is throwing an amazing sale instead to thank its loyal patrons for 22 blissful years as it celebrates it anniversary on March 15th.

Room vouchers that can be redeemed as soon as leisure travel is allowed in the hotel until June 30, 2022 will be available for advance purchase at the discounted rate of PhP 2,200 nett from March 15 to 31, 2021.

Vouchers are good for accommodations for up to two persons in a Superior Room with Wi-Fi access and use of the Health Club’s gym and heated indoor pool. Truly, planning your well-deserved staycation now and taking

advantage of this fantastic price drop just makes a lot of sense. There is also free booking cancellation and modification a day before your check-in date so last- minute changes to your schedule shouldn’t be a problem.

To purchase, simply call Richmonde’s Room Reservations at (632) 8638 7777 or 0917 859 7915 or send an email to stay@ richmondeortigas.com to order your room vouchers. Terms and conditions apply.

Richmonde Hotel Ortigas is located at 21 San Miguel Avenue, Ortigas Center, Pasig City and is a member of the Megaworld Hotels group. For the freshest updates on hotel promotions, like www.facebook.com/ RichmondeHotelOrtigas and follow us on Instagram at @RichmondeHotelOrtigas.

Taste the new Goldilocks favorite: Lasagna ala Cubana

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REAT yourself to an all-time favorite with a twist! Goldilocks, the country's number one bakeshop, highlights their delicious Lasagna ala Cubana with Garlic Bread.

This delectable dish is made of layers of al dente lasagna with ground beef, chopped carrots and raisins cooked Ala Cubanian savory tomatosauce enhanced further by a rich, creamy Bechamel sauce topped and with a generous amount of cheese. It is served on fried slices of Banana Saba, topped with a fried sunnyside-up egg. A slice of toasted Garlic Focaccia bread is served on the side. It’s a surprisingly delicious twist to an all-time pasta favorite.

Grab this delicious dish at Goldilocks FoodShops nationwide. For more information, follow @GoldilocksPH on

Facebook, Twitter, and Instagram, or visit the official Goldilocks website at www. goldilocks.com.ph

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, March 15, 2021 B7

Songs as communication tool

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PR Matters

By Kane Errol Choa

Sustainability: Globe initiates program helping people get rid of e-Waste safely

MANILA, PHILIPPINES—Have old mobile phones, excess cables, chargers, broken television sets, DVD players, and other non-working electronic devices to dispose of without adding up to the piles of garbage in the landfills? Globe helps people let go of these safely!

As Globe continues to provide reliable voice and data connection, it also makes sure to do its part in creating a safe environment for people to live in.

It aims to lessen the harm brought by improper disposal of materials, particularly electronic waste (e-waste).

More than 100 bins under the Globe E-waste Zero program are now placed in different collection points nationwide such as Globe Stores and malls, which the public can easily access. These bins

ARCH signals the start of summer in the Philippines. One of the things that viewers anticipate is the annual ABS-CBN summer ID that is so catchy that it plays on their heads repeatedly after listening to it.

Some of the recent ABS-CBN summer IDs include “Summer is Love” (2019), “Just Love ArawAraw” (2018), “Ikaw ang Sunshine Ko, Isang Pamilya Tayo” (2017), “Ipanalo ang Pamilyang Pilipino” (2016), “Shine Pilipinas” (2015), “Pinasmile” (2014), among others.

There was also such huge anticipation for ABS-CBN’s Christmas ID last December that it recorded 2.5 million views on Facebook and 1.3 million views on YouTube, or a total of 3.8 million views less than 24 hours after the launch of “Ikaw ang Liwanag at Ligaya.”

The music video showcased the triumph of the Filipinos’ human spirit during the pandemic. The inspiring stories, positive messages, and powerful imagery touched many people and made “Ikaw ang Liwanag at Ligaya a trending topic on Twitter and YouTube.

For ABS-CBN creative communications head Robert Labayen, the deluge of positive comments on social media went beyond expectations.

“We got a million views overnight. It used to take us days to get to that number. And the posi-

can accommodate mobile phones, IT accessories such as mouse, earphones, and speakers; Internet and WiFi modems and routers; cable wires, batteries, circuit boards, CDs /DVDs and other small electronic devices. Bigger items such as computer sets, IT servers and electronic network equipment (antennas, transmitters, etc.), and home appliances (washing machine, oven, refrigerator, etc.) may be requested for pick up.

E-waste is made up of different materials that are toxic and hazardous, making the process of recycling risky for those who are not trained properly and who do not have the necessary facilities to do it. According to the UN Environment Programme, it is estimated that more than 50 million metric tons of e-waste are produced globally per year and its continued importation and increased local generation is a cause for concern. Roughly 80 percent of this e-waste ends up in landfills, pollute the environment and make informal communities susceptible to the hazards of e-waste.

According to a recent study made

by UNIDO and EcoWaste Coalition, only 28 out of the 135 registered Treatment, Storage, and Disposal (TSD) facilities in the Philippines process e-waste.

tive comments were overwhelming.

Many said they have been waiting for a message and a song such as what we have,” he recalled.

Labayen is behind the Kapamilya Christmas IDs every year. Hearing the songs played in public places here and abroad or sang by people, even foreigners, make all the hard work fulfilling for the multi-awarded advertising creative.

“It makes me cry. Sometimes secretly, sometimes openly,” he said.

In writing the songs, Labayen would think of the reassuring message that Filipinos want to hear.

“We write our songs from their point of view. We always honor God, family, and the Filipino character.

We don’t talk about ABS-CBN,” said Labayen, who co-wrote last year’s Christmas ID with Love Rose de Leon.

When it comes to music, Labayen’s team, led by Johnny de los Santos, chooses the melodies that are not what he described as baduy but appealing to the majority. He added that ABS-CBN COO of broadcast Cory Vidanes always wants the songs to be easy to follow. “ T he universally-appealing theme is hope. No matter how bad the times are, hope will always get us through. We like making songs that anyone can own. Songs that people would sing in their own parties and programs,” shared Labayen.

While the informal sector benefits from these discarded items, their methods of dismantling and recycling e-wastes are unconventional and against approved government standards.

In response to this, Globe’s e-waste program not only promotes proper disposal but also educates people about the potential harm of e-waste to the environment and the overall benefits of e-waste recycling. Proper e-waste recycling conserves natural resources.

Instead of extracting raw materials, valuable materials from old electronics can be turned into new glass, plastic chairs, filament for 3D printing, and reuse the extracted alloys. E-waste recycling avoids unnecessary dumps in landfills. It provides proper handling and management of toxic chemical substances and helps avoid possible leakage, especially towards water streams.

It also prevents possible health hazards to informal communities living near dumpsites and whose main source of income is the manual processing of these disposed of devices.

In 2020 alone, the program managed to collect and responsibly dispose of over 250,000 kg of e-waste, bringing the total collection to more than 1.4

People use songs to communicate for different reasons and purposes. A song can be used as an anthem to unite people. It can bring out emotions and inspire or mobilize people. It can also be used merely as a mnemonic device for brand recall.

In advertising, music is an important element in TV or radio spots. A good one can latch on people and go viral on social media. In contrast, a bad one can elicit criticisms, spawn memes and cause damage to reputation.

One good example is the One Ginebra Nation ad last year, which was honored as one of the three best TV advertisements in the first Kantar Creative Effective Awards.

Ginebra San Miguel’s colorful and festive TV ad had a catchy song and strong visuals to showcase the Filipinos’ deep sense of community, unity, and togetherness.

“We used real-life stories to get the message across and show that you do not necessarily need to be extraordinary to be heroes in these modern times,” said Ginebra San Miguel brand manager Paolo Tupaz.

“As a truly Filipino brand, Ginebra San Miguel seeks to bring out the values of this Filipino spirit that is unique and unwavering.”

According to Tupaz, most reactions to their ad centered on the timeliness of the message that Filipinos can fight the pandemic

million kg since 2014. These e-wastes are delivered to Globe’s partner Treatment, Storage, and Disposal (TSD) facilities, namely Total Environment Solutions—Asset Material Management Philippines (TES-AMM) in Pasig City, and Maritrans Recycler, Inc. in Cebu.

E-wastes are segregated to recover plastic materials, electronic components, and precious metals but the final recycling process is done in TES-AMM’s facility in Singapore.

“We are thankful to have partners and contributors, composed of more than 66 corporations, private organizations, NGOs, local government partners and schools nationwide that share Globe’s commitment of building a better and safer world for future generations. We encourage more individuals and organizations to join us in this advocacy. Let us all work together in keeping our planet safe from the harm posed by improper e-waste disposal,” Crisanto added.

Visit any of the participating Globe stores nationwide or request for free door-to-door pickup of bulky e-waste items. For the list of drop off areas and bulk hauling requests, check out E-waste Zero on Globe’s sustainability web site.

as a nation.

“It is not every day that a liquor brand puts forth these key values of pagkakaisa, pag-asa, and pagbangon,” he added. “We wanted to create that spark in the heart. Songs or music are a good vehicle to create such spark.”

Studies show that music evokes memories and emotions. It becomes stronger when associated with narratives or stories and makes an effective tool in communicating messages.

“Songs are basically emotional.

Feelings connect humans,” Labayen said. “In the late 90s, creative directors avoided using jingles because we thought it was ‘too easy.’ Now I can say that songs are a great way to create memorability. I believe the commercials you remember from your childhood all have catchy tunes. As my former boss, Ramon Jimenez, said, ‘the ear is also partial to good sound.’”

Tupaz added that Filipinos are always looking for different things or ways to find inspiration and added motivation.

“Music, if done well, cuts through the clutter of a very busy or crowded TV and even radio media. In this age of digital, a good soundtrack can be the deciding factor for consumers to consider listening to it for an extended period and more so, watch the advertisement altogether,” he added.

Travel: DOT supports Rizal tourism circuit on food, faith, art, adventure and nature

RIZAL, PHILIPPINES—The Department of Tourism (DOT) banks on the Green Corridor Initiative (GCI) in Rizal as one of its key strategies to hasten tourism recovery in the new normal.

This, after Tourism Secretary Bernadette Romulo-Puyat on Wednesday (March 10) visited Rizal to help address the needs of the local executives and industry stakeholders. Puyat also expressed support for the proposed tourism circuit called Rizal Faith, Food, Art, Adventure and Nature (FFAAN) Experience under the GCI. “The GCI is a domestic tourism program for tourism recovery in the new normal, designed to encourage more travelers to visit the multi-faceted province of Rizal, a place that abounds with nature, adventure, arts and culture, and, of course, food,” Puyat added.

Among the activities and sites experienced by the tourism chief include pottery demonstration at the Crescent Moon Cafe and Studio Pottery in Antipolo; tour in the ancestral home of National Artist for Visual Arts Carlos “Botong” Francisco in Angono; a portrait session with the local artists of Nemiranda Art Gallery in

What advice can they give to writers who want to compose songs to communicate their messages?

According to Tupaz, it is essential to be true to the brand by knowing what to say and tell the story.

“Know the brand. Be authentic.

Aim for the listeners to be inspired and motivated by it. Make sure that the instruments are well layered so that one can decipher the beat, melody, and tone. If not done well, it can be mistaken as just noise,” he said.

For his part, Labayen said, “They can write songs just to express their feelings and care not about other people liking it. That’s good.

If they want their song to be popular, write about feelings that others can relate to.”

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 communications professionals around the world. Kane Errol Choa is the Vice President of Integrated Corporate Communications of ABSCBN Corp.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail. com.

Angono; the Balaw–Balaw Restaurant and Art Gallery in Angono; St. Clement Parish Church in Angono, and Blanco Family Museum in Angono.

Like the other circuits under GCI, the FFAAN Experience in Rizal can be tailor-made to fit one’s preference, as long as the activities and attractions are in Antipolo, where pilgrimage sites can be found; in Angono or the “Art Capital of the Philippines; in Taytay or the “Woodworks and Garments Capital,” and in Cainta, where native rice cakes such as bibingka and kalamay are top favorites.

Puyat has earlier visited some establishments in Rizal, including the Burrow Cafe at Antipolo Beehouse, Pinto Art Museum in Antipolo, and the ArtSector Gallery and Cafe in Binangonan.

“It was just a small but eye-opening sampling of what Rizal really has to offer,” she said.

Rizal is the top contributor of the 2020 overnight tourism arrivals, sharing 395,364 or 36 percent of the total number of the region’s total tourism arrivals.

The province is also the top contributor of the 2020 same day tourism arrivals, sharing 7,200,454 or 60 percent of the total number of the region’s total tourism arrivals.

Sports

CHAMP AT WORK

Tour de France champion Tadej Pogacar of Slovenia wins the fourth stage of the Tirreno Adriatico in Terni, Italy, on Saturday. Pogačar grabs the overall lead, 35 seconds above Wout Van Aert and Sergio Higuita. AP

BusinessMirror

B8

| Monday, March 15, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

One year later

ABAP TOP NSA ANEW

MUNZON, AS EXPECTED, DRAFTED NO. 1

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ERRAFIRMA injected energy and firepower into its roster by making Joshua Munzon as the No. 1 pick in Sunday’s Philippine Basketball Association (PBA) Rookie Draft for the 46th season that was conducted online.

And as if Munzon wasn’t enough, Dyip head coach Johnedel Cardel picked 6-foot-2 Jordan Heading first in the Gilas special draft and 6-foot-10 James Laput at No. 8 in the first round of the regular draft.

“I just want to come in and contribute and be a good example both on and off the court [for Terrafirma],” Munzon said. “I am ready to come in and get to work.”

NorthPort bagged Jamie Malonzo at No. 2 and Troy Rike at No. 11 in regular draft to add to former Ateneo mobile forward William Navarro which Head Coach Pido Jarencio chose at No. 2 in the Gilas special draft.

NLEX Head Coach Joseller “Yeng” Guiao tapped San Beda ace Calvin Oftana in the regular draft No. 3 and Dave Murrel at No. 8 in the second round. Earlier, Guiao took 6-foot-7 Tzaddy Rangel as its third overall pick in the special draft.

Comebacking TNT Tropang Giga Head Coach Chot Reyes made explosive guard Mikey Williams as the fourth overall pick and 6-foot2 Michael Simmonds, also a guard, as the No. 11 choice in the regular draft.

Reyes chose combo guard Jaydee Tungcab as its fourth overall pick in the special draft.

Rain or Shine picked Santi Santillan at fifth, Alaska got big man Ben Adamos of University of Perpetual Help at sixth, Phoenix chose Larry Muyang at seventh and Meralco selected University of the East’s Alvin Pasaol at ninth in regular draft.

Magnolia got Adamson University’s Jerrick Ahanmisi at 10th and defending Philippine Cup champion Barangay Ginebra San Miguel tapped Ken Holmqvist at No. 11. Josef Ramos Joshua Munzon is bringing his explosive act to the Philippine Basketball Association.

THE Association of Boxing Alliances in the Philippines headed by Ricky Vargas is consistent in qualifying athletes to the Olympics.

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HE Association of Boxing Alliances in the Philippines (Abap) sent two Filipino boxers to the Tokyo Olympics just in nick of time when the global Covid-19 pandemic

lockdown was imposed exactly a year ago today.

Middleweight Felix Eumir Marcial and flyweight Irish Magno booked berths to the Olympics via the Asia and Oceania Boxing Qualification Tournament in Amman, Jordan, with Marcial bagging the gold medal in the 75-kg division.

The Abap, headed by President Ricky Vargas, is keeping its fingers crossed as the federation is hoping to send two more boxers to Tokyo.

The International Olympic Committtee Boxing Task Force (BTF) canceled the qualifiers in Paris in May and will instead go to the world rankings to fill up the remaining slots in

the Olympics that were postponed for July 23 to August 8 this year.

Carlo Paalam (flyweight) and world women’s champion Nesthy Petecio (bantamweight) are perched high in the continental rankings, giving them strong chances for the Olympics.

For consistently qualifying Filipino athletes in the Olympics, Abap will be named National Sports Association of the Year in the San Miguel Corp.-Philippine Sportswriters Association virtual Awards Night on March 27 at the TV5 Media Center.

This marks the second straight year the boxing federation is being bestowed the special award in the event co-presented by

the Philippine Sports Commission and Cignal TV, with 1-Pacman Partylist and Rain or Shine as major backers.

Pro golfer Yuka Saso headlines the 2020 honor roll of the country’s oldest media organization headed by Manila Bulletin sports editor Tito Talao as the Athlete of the Year.

Abap qualified two boxers in the 2016 Rio De Janeiro Olympics—Rogen Ladon (light flyweight) and Charly Suarez (lightweight)— although none of them got past the round-of-16.

This time, the federation hopes to surpass those numbers should Petecio and Paalam make it to Tokyo.

The 25-year-old Marcial looms as boxing’s biggest hope for the country’s first-ever Olympic gold medal following his impressive triumph during the Asia-Oceania qualifiers last year.

Now fighting as a pro, the native of Lunzuran, Zamboanga City, eked out a close 3-2 decision against Abilkhan Amankul of Kazakhstan to win gold and make it to the Olympics.

The 29-year-old Magno missed the semifinals of the same tournament in Jordan, but clinched a berth in Tokyo after winning her box off against Sumaiya Qosimova of Taijikistan, 5-0, to become the first Filipina boxer to reach the Olympics.

Reyes and co. ‘lectured,’ not arrested in San Pedro

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By Josef Ramos

OOL legend Efren “Bata” Reyes is now in the comforts of his home in Angeles City in Pampanga a day after he and several others were “lectured” by authorities about observing strict health protocols.

Reyes was invited to play in an exhibition match against an unidentified opponent in San Pedro, Laguna, on Thursday but because of a big crowd that gathered around the sports icon, health protocols especially social distancing was breached, prompting barangay officials and police to stop the event.

Reports said Reyes was arrested but

Billiards and Snookers Congress of the Philippines (BSCP) Secretary-General Robert Mananquil clarified to BusinessMirror on Sunday that the 66-year-old Reyes was neither apprehended nor charged.

“Bata [Reyes] and the spectators were brought to the barangay hall in San Vicente in San Pedro and were all lectured on proper health protocols and social distancing,” Mananquil said.

“I just spoke with him [Reyes] after he woke up earlier this morning and he’s fine at his home in Pampanga,” Mananquil sad. “He told me that he was just invited to play pool and there was a clearance from the barangay

to play. But the crowd just grew big.”

“He wasn’t arrested by the police and nobody was arrested,” he stressed.

Videos of the game circulated in social media in the past few days.

“Billiards is a non-contact sport and players are following all protocols. Bata [Reyes] is often invited to play in different places,” he added.

Reyes didn’t return calls or replied to text messages.

IT’s not surprising to expect a big crowd everytime Efren “Bata” Reyes plays.

Ancajas, Magsayo fights in US in April

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ERWIN ANCAJAS defends his International Boxing Federation (IBF) super flyweight title against mandatory challenger Jonathan Javier Rodriguez of Mexico on April 10 at the Mohegan Sun Arena in Uncasville, Connecticut.

Sean Gibbons, president of Manny Pacquiao’s MP Promotions, made the announcement on Sunday adding it will be Ancajas’s first fight for Premier Boxing Champions (PBC) of Al Haymon.

The fight—Ancajas’s (32-1-2 win-loss-

draw record with 22 knockouts) ninth title defense—was postponed when Top Rank was still handling the event.

“This fight will be Tom Brown or TGB Promotions, same as Manny [Pacquiao] under the PBC, and yes, with Al Haymon,” Gibbons told BusinessMirror on Sunday.

Gibbons, however, clarified that ties with Top Rank remain.

“We can still fight with Top Rank if we want,” he said. “His contract expired a couple of years ago.”

Undefeated Mark “Magnifico” Magsayo

Valientes join new pro league

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AMBOANGA Valientes MLV hopes to duplicate its success in Australia with an allhomegrown team in the National Basketball League (NBL)-Pilipinas.

The Valientes clinched four straight titles in the Champions League Basketball

(CLB) 3x3 and they want to bag a local jewel in 5x5, as well.

To achieve their goal, the Valientes recruited Zamboanga stars Rudy Lingganay and Gino Jumao-as to spearhead the squad which they believe would be competitive in the fledgling pro league.

(21-0 record with 14 knockouts) will also be fighting in the promotion’s undercard.

Magsayo will be fighting for the second time in the US against Houston native Pablo Cruz (21-3 record with six knockouts) in a nontitle featherweight bout.

His US debut last October 3 in Los Angeles was a controversial split decision victory over American Rigoberto Hermosillo.

Ancajas, 29, has been training at the Wild Card gym under trainer and manager Joven Jimenez and sparring partner Jonas Sultan.

Big Boss Cement of Gilbert Cruz is supporting

his campaign.

The Panabo City native last fought in December 7 last year in Puebla, Mexico, under Top Rank, defeating Chilean challenger Miguel Gonzalez via sixth-round technical knockout.

Rodriguez (22-1 record with 16 knockouts) last fought in December 4 also last year, knocking out fellow Mexican Julius Yedras in their hometown.

The Ancajas-Rodriguez bout was first set for November 2, 2019, but the Mexican had issues with his passport. It was rescheduled for April 11, 2020, but was also dropped because of the pandemic.

“This fight is already two years in the making,” Gibbons said. Josef Ramos

Lingganay and Jumao-as are former University of the East Red Warriors and Maharlika Pilipinas Basketball League players.

According to Lingganay, who also had a stint in the Philippine Basketball Association, it will be an honor to represent his hometown in the NBL. Jumao-as, on the other hand, spurned offers from other teams to play for Zamboanga Valientes MLV, co-owned by businesswoman/philantrophist Cory Navarro

and Mike Venezuela.

Fulfilling a longtime dream of the Navarro family, the Valientes will be parading an all-Zamboangueno roster bolstered by RR De Leon, RJ Argamino, Das Easa, Jon Rebollos, Med Salim and Jolo Belorio, all MPBL veterans.

Completing the team are local leagues standouts Jef Bernardo, David Sebastian, Alex Mohamad and Mark Tano.

Joseph Romarate, also a Zamboangueno, will coach the team.

TODAY, March 15, 2021, is the first year anniversary of the lockdown due to the Covid-19 virus that still has the world on an edge.

Is it any better today? Well, I guess so since countries have re-opened industries or means of livelihood that were shut down a year ago. There are several vaccines out there that provide some relief but not totally as there are questions that surround them. I think people generally are trying to cope in the best way they can although not everything that is done is right. And certainly, whatever this government is doing isn’t enough.

The surge of infections and the lack of enforcement of safety protocols says a lot.

What is sure is this virus isn’t beaten and the uncertainty will go on until it is fully eradicated. When that happens is anyone’s guess.

When the lockdown started, it was frightening. I’m not saying it isn’t because every time I go out there I am afraid of contracting the virus. Given my poor health, I know I’d be really affected.

Back to a year ago, there was hoarding of face masks and alcohol and people were buying food like there was literally no tomorrow.

Alcohol is now readily available but I sincerely doubt the effectivity of what is manufactured. It doesn’t sting like it normally does. I think it is diluted as not as effective as they say.

I lost my day job mid-last year and while it hurt financially, on one hand, I am relieved not to be stressed out by what I feel was a bad situation and an environment that just wasn’t conducive to doing great work. Rather than mope, I went into Plan B which is to go back into teaching—online though— and ramp up my writing as well as doing communications work for a new client.

I have had four batches of my online journalism and writing classes (with over 70 students signing up), and am in my second semester of teaching for a college. I do four podcasts a week and am paid for three of them. Plus, I have been invited to teach in an international school for next year.

For the most part, I have rebounded well and have generally coped better.

However, in the past week or so— and almost a week before the one-year anniversary of the lockdown—I finally hit the wall. I got stressed out and didn’t feel like working at all. I felt burned out and distressed. My dog getting sick and being confined didn’t help one bit.

I don’t think it was due to being at home.

I think that in the past couple of years, I have done a lot of work from home. I guess Ondoy and a fire that hit my home does that to you.

You tend to stay home more. And I guess, it’s also due to age.

Yet, in this time, I have seen a lot of family, friends, classmates, work colleagues, acquaintances, and people I idolize succumb to the virus, natural causes, and depression.

I have taken it well, but it has eaten me up inside. That’s because of all the death and malaise brought about by the pandemic.

Sports which I usually sink myself into...

I have mostly avoided. Instead, I have turned more to music and watching films and series that are light, funny or informative.

Like many, I have found time to not only catch up on hobbies but reconnect with family and friends.

Fret not though. I think after that week of being in a deep funk, I have recovered now and am all right. I feel like I found my second wind.

On the other hand, this surge of infections, questions about the vaccine, political turmoil and serious questions about our leadership, as well as surging prices of basic necessities has me worried.

One year later, I am just happy to be alive and finding myself productive. I am thankful for the many blessings and have really done my best to give it back through my teaching and in my regular food runs for the poor and homeless.

I have done this ever since I began working but redoubled that in this pandemic with food runs for the poor at least twice a week).

All I ask if for the strength, wisdom and passion to get me through every single day because it is a grind more than ever.