PHL may venture into sukuk bonds By Tyrone Jasper C. Piad
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ITH a large funding needed for the country’s massive infrastructure drive, Moody’s Investors Service said the Philippines might potentially venture into sukuk issuance, especially after passing an Islamic finance and banking law. The Bangko Sentral ng Pilipinas (BSP) signed Circulars 1069 and 1070—which cover the establishment of Islamic banks and the approval of the Shariah Governance Framework—before 2019 ended to ensure compliance to banking requirements. Republic Act 11439 or “An Act Providing for the Regulation and
DESPITE a government order for people, especially the old ones, to stay home during the enhanced community quarantine, a woman is seen on Thursday on Edsa with her wheelchair. NONOY LACZA
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Organization of Islamic Banks” was signed into law in August last year, which BSP welcomed as this could boost Islamic financing and inclusive growth. “This potentially paves the way for the government’s first foray into the sukuk market against a backdrop of higher funding needs due to its aggressive infrastructure development program,” Moody’s said in a report on Thursday. Sukuk is an Islamic financial instrument that complies with Islamic religious law. Proceeds from the issuance of sukuk are allocated for asset acquisition, which each investor holds partial ownership. The ambitious Build, Build, Build program of the government
is aimed at improving the country’s infrastructure and connectivity while boosting the construction industry with higher spending and more job opportunities. The Philippines recently secured at least $3.3 billion in loans from the Asian Development Bank, half of which will be used to finance the program. BSP Governor Benjamin Diokno recently said that three conventional banks expressed interest in establishing Islamic banking units. While the Central Bank did not provide names, it noted that these were two local banks and one foreign bank. The potential market for Islamic financial instruments is seen Continued on A2
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‘RICE SUPPLY TO LAST BEYOND LOCKDOWN’ www.businessmirror.com.ph
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Friday, March 27, 2020 Vol. 15 No. 169
P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK
‘MOVEMENT OF FOOD, MEDICAL SUPPLIES MUST GO SMOOTHLY’
A FIRE volunteer in Pasig City sprays disinfectant on vehicles passing the area, 10 days after the government declared an enhanced community quarantine in Luzon to prevent the spread of Covid-19. NONIE REYES
By Elijah Felice Rosales
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AGRICULTURE Secretary William Dar and Trade and Industry Secretary Ramon Lopez check out on Thursday how vendors at the Farmers’ Market in Quezon City are following the standard retail prices. BERNARD TESTA
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By Jasper Emmanuel Y. Arcalas
HE country has enough rice for at least the next four months in light of reports that Vietnam may suspend rice shipments to ensure its stockpile amid the Covid-19 pandemic, the Department of Agriculture (DA) has assured the public.
Agriculture Secretary William D. Dar made the statement after foreign news outfits reported that Vietnam has temporarily suspend-
ed new rice export contracts until March 28 pending analysis of its staple inventory. “[For us] it is a concern. We are
PESO EXCHANGE RATES n US 51.0480
putting [it on our] radar screen,” Dar told reporters in an interview on the sidelines of his market watch activity in Metro Manila on Thursday. Citing latest figures from the Philippine Statistics Authority (PSA), Dar said the country’s rice inventory is expected to settle around 2.661 million metric tons (MMT) by end of the month, which is enough to last for 75 days. Dar added that nationwide rice stocks by end-June are projected to reach 2.3 MMT, equivalent to 67 days of consumption at a daily rate of 35,369 MT. “With harvest already coming in, along with the steady arrival of imported rice, we expect no short-
age of the staple during the duration of the enhanced community quarantine and beyond,” he said. The Philippines imported about 2.75 MMT of rice last year with 2 MMT coming from Vietnam, PSA data showed. The country annually imports about 8 percent to 10 percent of its local demand to plug the shortfall in its domestic output. The agriculture chief said, “Reconsidering early planting in most areas, including Regions 2 and 3, to boost production during the third quarter,” which is the country’s lean season or when harvest is minimal.
HE United Nations Conference on Trade and Development (Unctad) is asking governments to avoid implementing restrictions on movement of goods, as this hinders the shipment of food and medical supplies critically needed by many countries right now. In a statement on Thursday, Unctad Secretary-General Mukhisa Kituyi called on governments to keep maritime trade moving at a time the world is grappling with the coronavirus pandemic. As such, commercial ships should be allowed to dock on ports worldwide and to change their crews, he said. Unctad estimates reported that around 80 percent of global trade is transported by commercial ships, carrying food, energy and raw materials, as well as manufactured goods and parts. “This includes vital medical supplies, which are sorely needed at this time, and items that are necessary for the preservation of many jobs in manufacturing—without which modern society cannot function,” Kituyi said. “In this time of global crisis, it is more important than ever to keep supply chains open to allow maritime trade and cross-border transport to continue.” “This means keeping the world’s ports open for ship calls and the movement of ships’ crews with as few obstacles as possible,” he added. Further, Kituyi reminded governments to facilitate transit by land, as landlocked countries need access to food and medical goods by way of their neighbors’ ports. In facing the pandemic, he said cross-border movements of relief goods will increase dramatically, Continued on A2
Continued on A2
n JAPAN 0.4593 n UK 60.6705 n HK 6.5845 n CHINA 7.1803 n SINGAPORE 35.2785 n AUSTRALIA 30.3991 n EU 55.5606 n SAUDI ARABIA 13.5983
Source: BSP (March 26, 2020)
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A2 Friday, March 27, 2020
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PhilHealth says to pay for medical bills of confined Covid-19 patients By Samuel P. Medenilla
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OSPITALIZED patients infected by the novel coronavirus disease (Covid-19) will no longer have to worry about their medical bills, which will now be paid by the Philippine Health Insurance Corporation (PhilHealth). “To put it in simple terms, PhilHealth will pay for their medical expenses. Especially for our publichealth workers. We want them to have the confidence and peace of mind so they could do their jobs,” PhilHealth President and CEO Ricardo C. Morales said during a press briefing on Thursday. He made the commitment amid the rising number of people who are now affected by Covid-19, which will need medical attention. As of Thursday, the Department of Health (DOH) said there were already 707 confirmed Covid-19 cases in the country. It added there were already around 9,000 patients under investigation (PUIs) and persons under monitoring (PUMs) because of Covid-19.
A SETTING sun is seen on Thursday from C5 Road in Buting, Pasig City, with the Kalayaan Avenue and Rockwell skyline in Makati City providing a stark backdrop. The country entered its 10th day of a monthlong lockdown for Luzon island in a bid to contain Covid-19’s spread. On Thursday, the Department of Health listed a total 707 cases with seven deaths and two more recoveries. BERNARD TESTA
DUQUE: “The Marikina laboratory did not pass the standards on space and biosafety for the facility is located on the sixth floor.” AP/ AARON FAVILA
B
Only confined patients
MORALES said PhilHealth will shoulder all the medical bills not only of Covid-positive patients but as well as PUIs and PUMs as long as they are confined in a medical facility. “PhilHealth could only shoulder [the expenses] of those who are confined since their medicine and procedures will be prescribed [by
medical experts],” Morales said. Morales said they will also pay for the testing of Covid-19 patients as long as it is prescribed by a medical professional. However, he explained they will not be able to do so for those under home quarantine since PhilHealth will have no record of the medicine they took and the medi-
cal process they underwent.
Fund release
MORALES said PhilHealth has already released P1.6 billion of its P30-billion budget for Covid-related treatments for this week alone. He said this covers 5,000 hospitals, clinics and other medical facilities.
Morales urged medical facilities that provided services to Covid-19 patients but have yet to be compensated for it to immediately report it to PhilHealth so they could address it. “We want to ensure the liquidity of our health facilities so they will be prepared to respond to the Covid-19 pandemic,” Morales said.
PHL may venture ‘RICE SUPPLY TO LAST into sukuk bonds BEYOND LOCKDOWN’ Continued from A1
Continued from A1
to be dominated by Muslims, who comprise 10 percent of the country’s population. Moody’s added that the BSP’s initiatives toward Islamic banking and financing could “widen access to financial services to the country’s Muslim minority population.”
Modest growth
GLOBALLY, Moody’s is seeing a “modest” growth in terms of longterm sovereign sukuk issuance this year due to higher financing requirements. “Greater borrowing needs reflect the impact of the recent plunge in oil prices, amid the global economic downturn resulting
Movement...
from the coronavirus outbreak,” Moody’s said. Sukuk issuance might rise to $75 billion in 2020 from $71 billion last year, Moody’s Senior Vice President Christian de Guzman said. “We expect that wider fiscal deficits, larger scheduled repayments and a deepening of domestic Islamic financial markets will lead to higher sukuk issuance over the coming years,” he added. Bulk of the sukuk issuance this year is expected to come from Saudi Arabia, Qatar, Malaysia, Indonesia and Turkey. However, Moody’s said that long-term sukuk issuance might slump to $70 billion in 2021 because of lower financing needs following the expected surge this year.
Dar reiterated that they have already proposed a P32-billion food security enhancement program to the government’s Economic Development Cluster (EDC) to ensure sufficiency of local food supply even beyond the month-long enhanced community quarantine (ECQ). Under its proposed Alpas Covid 19 program, or Ahon Lahat, Pagkaing Sapat Kontra sa Covid-19, the DA will roll out interventions to improve local farm output, which includes an P8.5-billion rice resiliency project to boost staple output in areas not supported by the Rice Competitiveness Enhancement Fund (RCEF).
Importation continues
DAR disclosed that rice importation has not been halted despite the ongoing harvest and added that they are closely monitoring arrivals to analyze the country's supply sufficiency level. He said the country has other sources for imported rice, like Myanmar, Thailand, India and Pakistan, should Vietnam push through with banning its exports to ensure its domestic supply of the staple amid the Covid-19 pandemic.
Vietnam’s suspension
Continued from A1
so it’s just practical to keep borders open for trade. “Restrictions on trade and cross-border transport may interrupt needed aid and technical support. It could disrupt businesses and have negative social and economic effects on affected countries,” Kituyi said. “Governments should therefore continue to facilitate movement not only of relief goods, but goods in general, to minimize the negative impact of the Covid-19 outbreak,” he added. In the Philippines, the Department of Trade and Industry (DTI) has issued a memorandum allowing the unhampered movement of cargo trucks across Luzon in spite of the island-wide community
DOH: PROPOSED MARIKINA COVID-19 TEST CENTER MUST BE A STAND-ALONE
quarantine in place. However, various businesses have lamented having their deliveries disrupted or delayed in the many checkpoints set up in both metro and rural areas. Exporters, for instance, decried the implementing officers on the ground have different interpretations of the order. Many of the land, air and sea travel to and from the Philippines are suspended until April 13, as the government tries to arrest the rising number of coronavirus cases in the country. Classes and work in nonessential sectors are called off, as people are ordered to stay home as part of efforts to slow down the infection rate.
VIETNAM has temporarily suspended signing new export contracts until March 28 after Prime Minister Nguyen Phuc ordered the ministries of trade and agriculture to assess the country’s domestic rice supplies and exports, according to foreign news reports. The development was confirmed to the BusinessMirror by a rice trader who has supply deals with Vietnamese exporters. The rice importer said the Vietnam government has already circulated a document to all exporters that shipments would be temporarily halted pending the March 28 analysis of the country’s staple supply. “We are closely watching how this develops. But we are not worried since it is a natural reaction from a government to protect their food security during these times,” the importer said via phone call. The rice importer said he does not see the ban pushing through beyond March 28, since Vietnam would be unable to consume all the stocks that would be reverted to domestic supplies. Besides, banning the exports would incur huge losses for traders and exporters since the volumes have been contracted and positioned to be export-bound, the importer added. “We have to remember that majority of exporters in Vietnam are half-owned by state-
AFP personnel help in repacking rice to be distributed to local government units at a Department of Social and Welfare Development warehouse in Pasay City. NONIE REYES owned trading companies. They have to do this to show the public that they are doing their best to protect local demand in case the Covid situation will escalate,” the importer said. “If they have to stop exports, I don’t think Vietnam can consume whole the production. For 2020, their production curve is based on the demand both locally and internationally. So if they have to drop the exports segment, they will have problems in oversupply and prices will go down,” the importer added. The government had earlier approved the importation of over 1.4 MMT of rice after it issued over 1,800 sanitary and phytosanitary import clearances (SPS-ICs) to about 145 grain retailers, traders, importers and farmers’ organizations. Latest Bureau of Plant Industry (BPI) data showed that as of February 29, it has issued 1,877 SPS-ICs to eligible rice importers, covering the importation of 1.472 MMT.
Too early to tell THE United States Department of Agriculture (USDA) projected that Vietnam’s rice production this year would increase by 1.91 percent to 28.3 MMT from 27.767 MMT last year. Of its total output, about 7 MMT would be exported while the remaining volume will be sold in Vietnam’s domestic market, USDA’s monthly forecast report showed. However, Monetary Board member V.
Bruce J. Tolentino told the BusinessMirror that it is too early to assess the impact of Vietnam’s plan to ban its rice exports since nothing yet has been officially announced by its government. Tolentino, a former Deputy DirectorGeneral of the International Research Institute, said Vietnam “will not take a decision to cease imports easily” since it “would mean that Vietnamese exporters will suffer greatly.” “At this time it is too early to say. The news reports on Vietnam are conflicting and there does not seem to be an official decision by the government,” he said. “Bottom line, the Philippines has good stock levels held by [National Food Authority], households and commercial entities. It is now about the dry season harvest, and there is a good crop expected. No typhoons,” he added. The country’s rice inventory as of February 1 grew 10.9 percent to 2.375 million metric tons from 2.141 MMT recorded in the same period of last year, the Philippine Statistics Authority (PSA) said. However, the volume was 11.2 percent lower than the 2.675 MMT recorded in January, according to PSA’s latest monthly rice and corns stocks inventory report. PSA data showed that rice stocks held by households reached 1.045 MMT, while those kept in commercial and NFA warehouses reached 841,150 MT and 488,680 MT, respectively.
ECAUSE it violated safety protocols, the Marikina Covid-19 Testing Center— on which many had pinned hopes for a faster way to test people and curb infections—has been disapproved by the Department of Health (DOH). In a letter received by the local government of Marikina dated March 24, the DOH recommended that the proposed Covid-19 testing facility be located in a separate location/facility outside the City Health Office so that crossinfection is minimized and less foot traffic will be observed for the protection of staff and Marikina residents. Saddened by the agency’s decision, Marikina Mayor Marcelino Teodoro assailed the DOH, saying the disapproval is a denial of the Filipino people’s right to access an important test. He said those in the marginalized sectors were especially impacted by such denial. “They only have one observation and recommendation: move the location,” Teodoro said, as he expressed confusion why there is a need to look for another area noting that the entire sixth floor of the City Health Office building will have an exclusive elevator for the testing center. He, however, said the city government will comply.
Alternate site
HOWEVER, in a virtual press conference, Health Secretary Francisco Duque III said Marikina can use the Amang Rodriguez Memorial Medical Center (ARMMC). “The Marikina laboratory did not pass the standards on space and biosafety for the facility is located on the sixth floor,” Duque said. Duque added, “That is why we proposed to them to use the laboratory in Amang Rodriguez Memorial Medical Center or set up a laboratory in another location.” Such facility, he added, can be “modular or [just a] prefab infrastructure. They will be assisted by RITM [Research Institute for Tropical Medicine] in the process of setting up a facility following guidelines for biosafety.” Teodoro refuted this, saying the DOH had also disapproved the ARMMC, which is the DOHretained Level 3 hospital as an alternative testing facility, which is microbiological service of the hospital, after the Marikina team also assessed such facility for its feasibility for the proposed project. The RITM, which is the only approved testing facility for Covid-19 in the country, also houses its administrative offices as well as its medical facilities, thus making it a co-shared facility. The mayor also urged the DOH, given the condition of the health crisis in the country, to set different protocols for the establishment of Covid-19 centers.
Claudeth Mocon-Ciriaco
www.businessmirror.com.ph
The Nation BusinessMirror
Editor: Vittorio V. Vitug • Friday, March 27, 2020 A3
FDA okays 12 virus test kits for commercial use By Claudeth Mocon-Ciriaco Correspondent
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HE Food and Drug Administration (FDA) on Thursday announced that it has approved 12 Covid-19 test kits for commercial use as the agency maximizes all measures to combat the effects of the disease. FDA Director General Eric
Domingo said that the kits are Real Time Polymerase Chain Reaction (RT-PCR) based, which is the current recommended testing kit for Covid-19. “ The FDA continuously reviews all applications on Covid-19 test kits, and expedites processes. We are streamlining procedures to efficiently facilitate Covid-19 associated health
commodities,” Domingo said. Although the FDA understand the urgency of the situation, Domingo stressed, they will not compromise the quality and safety of the kits without scientific evidence and proper documentary basis. He also noted that as stated in Department Order Circular 20200143, “there is currently no evidence
to support the use of point-of-care tests [lateral flow rapid tests] in the diagnosis of Covid-19.” Currently, the FDA does not require clearance of foreign donated Covid-19 health products prior to Customs release. In fact, the DOH already received around 108,000 donated test kits from Korea, China and Singapore. The FDA added that there are
no reports that the DOH donated, or registered commercial products, have difficulty with Bureau of Customs (BOC). “Test kits for commercial use that did not go through FDA approval are probably brought into the country by importers without proper permits, and therefore not released by the BOC,” the FDA official said. He reminded businessmen not to
import those products before they are certified by FDA. Domingo explained “an application for product certification of a diagnostic kit is not equal to an approval to sell or distribute.” “Rest assured that we are continuously evaluating these products. Products of good quality with clear indications for use shall be approved,” he concluded.
From Manila to southern provinces: Cops Lawmaker urges DOH stop mass ‘exodus’ on foot at checkpoints chief to tap medical By Rene Acosta @reneacostaBM
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RANKING official of the Philippine National Police (PNP) has ordered policemen manning checkpoints in Luzon to strictly enforce the island-wide enhanced community quarantine (ECG). The call was made by PNP deputy chief for operations and Joint Task Force CV Shield Lt. Gen. Guillermo Eleazar following reports that about 300 people have been stopped at a checkpoint by authorities at the boundary of Quezon and Camarines Sur. Those who were stopped at the checkpoints reportedly form part of huge number of people who have left Metro Manila by foot and were moving toward their home provinces in the Bicol region and, even as far as Visayas and Mindanao by foot, given
the absence of public transportation. Some have dubbed the movement of the crowd moving back to the provinces as somewhat reminiscent of the Biblical story of the “exodus.” “Those who will walk up to Bicol, or Quezon, ensure that they will not pass through [your checkpoints] because they will not be allowed to [get to their destinations],” said Eleazar, who was in Cavite checking policemen and the checkpoints. “In case, they will get through you, get through Laguna, Quezon, they will be stopped in Bicol,” he said. “Pity those who will be stopped there, so from here, you should stop them already.” Eleazar called on those who still plan to leave their homes and return to their provinces to just stay inside their houses as mandated by the government under the enhanced community quarantine. “If t hey pass t hrough t he
checkpoints, they would still be subjected to a quarantine once they will reach their destination,” he said. Eleazar admonished policemen, especially those who are detailed at checkpoints to remain safe by observing the protocols issued by the PNP leadership, including ensuring that they undergo decontamination at the end of their duty. “A lways remember that we should not be infected by this [Covid-19] because if it happens, it would be a big problem, we would be paralyzed,” he said. Meanwhi le, the Phi lippine Army has received thermal scanners, eye protectors, face masks and gloves from the Philippine National Oil Co. Exploration Corp. through its president and chief executive officer, retired Lt. Gen. Rozzano D. Briguez. “We are grateful for the Army
frontliner’s sacrifice in serving the Filipino people amid the threat of an unseen enemy. May these equipment protect you as you carry out your mission in helping our government fight the virus,” said Briguez during the turn over. Army spokesman Col. Ramon Zagala said the Army frontliners being exposed to the possible source of the virus can use the equipment to prevent them from contracting the virus and carrying out their service to people. “Your donation is timely and life-saving. The items will greatly protect our personnel, especially those who are deployed at the quarantine assistance stations all over the country. These will enable them to better assess the people suspected of Covid-19 infection,” Zagala also quoted Army Vice Commander Maj. Gen. Reynaldo M. Aquino as saying during the handover ceremony.
Davao mayor bares attempts by govt agencies, hospitals to circumvent quarantine protocols By Manuel T. Cayon
@awimailbox Mindanao Bureau Chief
D
AVAO CITY—City Mayor and Presidential daughter Sara Duterte-Carpio has revealed that certain officials of national government agencies and private hospitals have requested her to bend the protocols of the regional lockdown to allow the entry of their favored officers, or personnel, or treatment of a favored patient exhibiting symptoms of Covid-19 infection. The mayor did not provide any further details but revealed that one office even sent an emissary to request her to let in some of their people into the region. “These agencies said if these would be granted, would be fine, and if not, then it would also be alright with them,” she said. “It’s illogical. Imagine these people from government themselves asking us to bend our protocols risking the millions of residents of this region,” she said. Duterte-Carpio said she was aghast at a private hospital who was said to have admitted three, or four, patients with Covid-19. “I was told by my informant that it was even one favored patient,” she said. “Just think of it, letting in an infected patient and risking all the rest of the hospital staff,” she remarked. T he mayor said she has t wo infor mants inside the hospita l and one said the hospita l has “removed ” the patient but the other infor mant said the patient was stil l inside. Duter te Car pio said she has not ta lked yet w ith the hospita l management but she confer red w ith the Department of Health here if such act would a llow gover nment to desig nate it as a Cov id-19 hospita l. “The DOH said it is likely. Let’s
just wait,” she said. Once designated as a Covid-19 hospital, it would not accept other patients anymore,” she warned. “As we are moving to the more serious phase of this battle to control the virus, we have also to deal with government offices and private institutions that, for reasons that are beyond me, try to defy the very same controls that we have made to protect the city and the entire Davao region,” she said in a letter on Thursday. Duterte-Carpio said the City Mayor’s Office was guided “every step of the way by the Department of Health epidemiologists and the private sector infectious disease specialists” when it operationalized the emergency operation center. “We have crafted rules, guidelines, and orders supposedly to protect the general public welfare and despite this, some government offices seem not to care about the effort that the entire city and the region have been doing to help the nation,” she added. “These offices seem to care more for batches of 2, 4, 7, even 30 individuals against the 4.8 million population of Filipinos in the region. This is an unfortunate case of a government working against others in government,” the mayor said. “I would like to respectfully request our national government agencies to stop asking me to defy rules that have been put in place to help you fight Covid-19 and protect the people of this region,” DuterteCarpio said. She said “everyone is a possible virus carrier and we need for almost all individuals to stop moving and we simply cannot do this if we are asked to defy rules. Please allow me to do what our doctors and even the World Health Organization recommend for the country to do,” the mayor said.
Duterte-Carpio came out of her 14-day self-isolation on Thursday following her attendance in a Senate hearing with a person who was later confirmed to be Covid-19 positive, which forced one senator to go on home quarantine. She said she also met Sen. Aquilino Pimentel III who figured in a controversial hospital consultation despite being already classified as a person under monitoring. Duterte-Carpio warned she would ensure a serious implementation of the protocols of the quarantine and the curfew at night. “I know that we don’t have to come to a point that we have to be physical,” she said. Memes about her slapping several persons flooded the social media, in an apparent reference to a 2012 incident during a demolition in Agdao where she punched a court sheriff for allegedly meddling in the demotion operation. On her first day after isolation, she was informed about the ready status of new containment units for possibly infected persons with mild symptoms. These were the two motels volunteered by their owners, the La Vida Inn in Maa, and the 240-room Queensland in Matina. Also ready was the Alternative Learning System center beside the People’s Park. She would be inspecting the Malagos drug rehabilitation center and the Boy Scouts of the Philippines building beside this rehabilitation center. The appliance center, Emcor, was still remodeling the container vans that would be used as quarantine quarters also for persons under investigation. Duterte-Carpio repeated her appeal to cockpit afficionados who went to the Matina Galleria from March 6 to 13 to go into self-quarantine. “You don’t have to seek con-
sultation at the hospitals, just go into home quarantine for 14 days, but if you already feel the symptoms are getting worse, you can contact the Covid-19 operation centers,” Duterte-Carpio said. She also said that pawnshops and automotive shops may be allowed to remain open. “People need the money now,” and for as long as the pawnshops conduct regular sanitation. “We may also allow these automotive shops because, in the case of cargo trucks, these have been overworked to transport goods and other essential items,” DuterteCarpio said. On the case of the businessprocess outsourcing companies, she said the city has inspected on March 25 some 77 companies, of which 55 has “transitioned successfully to work from home” and 14 declared to close their operation during the quarantine period. Five companies were closed during inspection, of which, four were already tagged for closure. Three were already closed at the time of the inspection. She said the guidelines of operation of the BPOs were referred to government physicians who advised that it was acceptable only if the city government would ensure that inspection would be strict and done on a regular basis. Duterte-Carpio also reiterated her directive to the barangay captains to stop issuing quarantine pass to residents “because we are not on an enhanced community quarantine, which allows only the movement of people working on food, drugs and other health-related functions.” She was dismayed however, that some barangays continued to insist on a l low ing only people w ith the pass to go out, which has caused confusion and complaints.
students in fight vs virus By Jovee Marie N. Dela Cruz @joveemarie
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ITING a 1959 law, a vice chairman of the House Committee on Public Information on Thursday urged the Department of Health to allow limited practice to qualified medical students to augment exhausted and limited health personnel on the frontlines in the fight against Covid-19. In a news statement, Kabayan Party-list Rep. Ron Salo told Health Secretary Francisco Duque III that Republic Act 2382, or the Medical Act of 1959, empower the health secretary to allow limited practice of qualified medical students amid the continuing rise of Covid-19 patients, with already 38 fatalities, and with the already exhausted limited health personnel. He said in order to augment our health personnel who are at the forefront in our fight against Covid-19, it is necessary for the secretary of health to exercise the power vested in him under the Medical Act of 1959, which gives him the prerogative to allow qualified medical students of limited practice in times of epidemic, or national emergency. Section 12, par. (d) of said law provides that “medical students who have completed the first four years of medical course, graduates of medicine and registered nurses may be given limited and special authorization by the secretary of health to render medical services during epidemics, or national emergencies, whenever the services of duly registered physicians are not available. Such authorization shall automatically cease when the epidemic, or national emergency, is terminated
by the secretary of health.”Salo said these medical students have already acquired the requisite knowledge, skills, and training from their four years of medical school, except that they are not yet admitted into the profession. To date, Salo said several private hospitals within Metro Manila such as St. Luke’s Quezon City, St. Luke’s Global City, Makati Medical Center, Cardinal Santos Medical Center, and the Medical City have already started to refuse admission of Covid-19 patients since they are already at full capacity. Added to this is the fact that some of their health personnel including doctors are also undergoing quarantine for exposure to Covid-19 patients. “I request the good secretary to act urgently on this matter as we race against time to contain this pandemic that has already claimed many lives, including medical doctors,” he said. Once authorized, the lawmaker said these medical students should be entitled to receive Covid-19 special risk allowance and the compensation provided under the Bayanihan to Heal as One Act recently passed by Congress. The Bayanihan to Heal as One Act ensures that all public health workers are protected by providing them with “Covid-19 special risk allowance,” in addition to their hazard pay. The law also directs the PhilHealth to shoulder all medical expenses of public and private health workers in case of exposure to Covid-19. It provides P100,000 compensation to public and private health workers who may contact severe Covid 19 and P1 million shall be given to health workers, who may die while fighting the Covid-19.
Group to IATF: Provide regular updates on Covid-19 response
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HE Action for Economic Reforms (AER) has called on other members of the Inter-Agency Task Force (IATF) to provide “more regular and comprehensive updates” amid the current Covid-19 pandemic. “Part of effective implementation is regularly updating the Filipino people on measures and guidelines being implemented while the country is under the enhanced community quarantine. We hope that the other members of the IATF also join the Department of Health in consistently briefing the public, and keeping Filipinos well-informed,” AER President Jessica Reyes-Cantos said in a news statement. Cantos specifically suggested that the Department of Agriculture (DA), the Department of the Interior and Local Government (DILG), and the Department of Social Welfare and Development (DSWD) be among the agencies to provide regular public briefings in all media platforms, given the importance of social amelioration measures and a continuous food production during this ongoing pandemic. “During this time of emergency,
the national government needs to give a complete picture of what is going on, how it intends to keep things in check, and ensure that people’s most basic needs are met. Apart from sending memos that must have full clarity of what to do, concerned authorities must also hold regular briefings to local government units and to the public to ensure that directive and guidelines are properly understood and promptly implemented,” she explained. Cantos cited issues on the ground with regard to the delay of farmers and fisherfolks’ inter-barangay or inter-municipality movement despite clear guidelines from DA stating that healthy and strong people in the agriculture sector must be allowed to continue tending the fields, or going out to the sea. She emphasized the need for more effective dissemination of these guidelines to the checkpoint personnel implementing the measures. “Our healthy farmers and fisherfolk must be allowed to continue working, not only because this is their only source of livelihood, but also because we must not hamper the food supply chain,” she added.
Economy BusinessMirror
A4 Friday, March 27, 2020 • Editor: Vittorio V. Vitug
Govt allots addl P2B to aid workers amid Covid-19 work, biz disruption
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By Samuel P. Medenilla
@sam_medenilla
HE government has allocated another P2 billion for its labor assistance programs to fend off possible mass displacements of workers from business disruptions that may have been caused by novel coronavirus disease (Covid-19) quarantines.
The Department of Labor and Employment (DOLE) said it will get the amount by April with the full implementation of Republic Act (RA) 11469 or the Bayanihan to Heal as One Law. D OL E ’s C o v id -19 A dj u s t ment Measures Program (CAMP) and Tulong Panghanapbuhay Sa Ating Displaced/Disadvantaged Workers Program (TUPAD), were among the programs cited in the law, which will be given more fund-
ing to help minimize the impact of Covid-19 to workers. This was in anticipation of the surge in the number of target beneficiaries for the program in the coming weeks.
Above targets
INITIALLY, DOLE was given a P1.5-billion budget so it could have 250,000 beneficiaries for CAMP and 18,000 beneficiaries for TUPAD. Currently, Labor Assistant Sec-
Go to Cabinet: Ensure faster implementation of ‘Bayanihan’ Act to fight coronavirus 2019 threat
S
EN. Christopher Lawrence “Bong” Go appealed to the Executive department on Wednesday to hasten the implementation of Republic Act 11469, or the “Bayanihan to Heal As One Act,” which authorizes the President to exercise powers necessary in addressing the coronavirus disease 2019 (Covid-19) situation in the country. “I’m calling po on the Executive. Nakikiusap po ako sa kanila bilang kasamahan ko noon. Huwag nating pahirapan pa. Bilisan na po natin dahil kailangang kailangan na nila [mga Pilipino] ng tulong, lalong lalo na po ang 18 million families na pinilit nating manatili sa kanilang pamamahay,” said Go, who served as the Special Assistant to the President before becoming a senator, on DZMM’s “Failon Ngayon.” He further explained, “Merong bubuuhin na technical working group ang Executive, Inter-Agency Task Force, composed of DSWD [Department of Social Welfare and Development] bilang chair, DTI [Department of Trade and Industry], DOLE [Department of Labor and Employment], DA [Department of Agriculture], PLLO [Presidential Legislative Liaison Office], Department of Finance, DBM [Department of Budget and Management] bilang miyembro.” “This will operationalize the social assistance programs ng gobyerno. This will start itong social asssistance ng gobyerno at maglalabas ng joint memorandum circular ang mga ahensyang ito na magtatalaga ng mga guidelines ng programs, so dapat po itong madaliin at di na po makakaantay ang ating mga kababayan.” Go also urged economic managers and concerned agencies to study if a 30-day grace period for payment of loans and waiving of fees can be considered if necessary, in line with the provisions of the law. “Kailangan po ’yun, ‘yung palugit, ika nga sa Tagalog. Bigyan muna natin sila [mga Pilipino] ng palugit. Mahihirapan po silang magbayad sa ngayon dahil walang trabaho, walang negosyo. Hindi po umiikot ’yung negosyo sa panahong ito,” Go said. RA 11469 authorizes President Duterte to exercise powers that are necessary in addressing the Covid-19 situation in the country. One of the temporary emergency measures that the President may adopt is to direct financial institutions to implement a grace period of at least 30 days for the payment of all loans without incurring interests, penalties, fees and other charges. The President may direct all public and private banks, quasi-banks, financing companies, lending companies, and other financial institutions, including the Government Service Insurance System, Social Security System and Pag-IBIG Fund. The covered loans include salary, personal, housing, and motor vehicle loans, as well as credit-card payments, falling due within the period of the enhanced community quarantine. Interests, penalties, fees or other charges will be waived, and persons with multiple loans shall also be given the minimum 30-day grace period for every loan. Go stressed that the authority granted to the President during this state of emergency is for a limited period only and is subject to restrictions as stated in the law and in the Constitution. “Hindi po ito maaabuso. Gagamitin lang po ito sa limited time...at kung kailangan po ay maaaring palawigin pa ito ng Kongreso. Pwede rin po itong bawiin ng Kongreso kung sakaling hindi na po kailangan.”
retary Officer in Charge Dominique R. Tutay told the BusinessMirror in a text message that they already got CAMP applications from 161,769 workers, who are employed by 4,076 establishments nationwide. Of the said CAMP applications, 43,000 are now being processed by the DOLE-National Capital Region. “We’ve processed a total of P5,504,250.00 financial support and each of the CAMP beneficiaries received their P5,000 assistance through a money remittance scheme,” DOLE-National Capital Region Regional Director Sarah Buena S. Mirasol said in a news statement.
attributed to Covid-19. Under the CAMP, DOLE will provide a one time P5,000 cash aid to affected employers, which could be used to pay for their unpaid days for the duration of Covid-19 related quarantine. Me a nwh i le, T U PA D i s a n emergenc y employ ment pro gram, which caters to workers, who are engaged in a “no work, no pay scheme,” or those belonging to the informal sector of the economy. Its beneficiaries will be tapped by the government to disinfect homes around their area in exchange for a minimum wage.
More applications
THE government is now also bracing for the impact of Covid-19 to overseas Filipino workers (OFW) as more countries start to implement their own quarantine and travel restrictions to stop the spread of the pandemic illness. It has allocated P1.5 billion to provide $200 cash aid for each Covidaffected OFW. Around 70,000 OFWs are expected to benefit from the said assistance.
THE number of CAMP and TUPAD applicants is still expected to increase after DOLE already registered 260,000 workers, which are now engaged under flexible work arrangements (FWA) and temporary closure of establishment and will therefore qualify for CAMP and TUPAD as of Thursday. As of date, DOLE said there is still no permanent displacement
OFW benefits
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Consumers granted 30-day grace period to settle electricity bills with power cooperatives By Lenie Lectura
@llectura
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IGHTY-THREE out of 121 electric cooperatives (ECs) in the country have allowed a 30-day extension for electricity consumers to settle their power bills, the National Electrification Administration (NEA) said on Thursday. NEA Administrator Edgardo Masongsong said the 30-day payment extension would help those affected by the enhanced community quarantine due to the coronavirus 2019 (Covid-19) pandemic. The 83 ECs are mostly from Luzon and Visayas. Other ECs only announced a waiver of surcharges for late payments and suspension of disconnection activities. “My appeal to the electric cooperatives is to comply with the advisories of both the Department of Energy [DOE] and the NEA since they also get reprieve from paying their obligations to their power suppliers,” Masongsong stressed, adding that the figures were based on the agency’s March 25 monitoring, a week after the DOE called for “solidarity” by de-
ferring payments of obligations and dues among all stakeholders in the power sector. Customers who prefer to settle their bills on time may still do so via electronic payment. Masongsong, meanwhile, also welcomed the steps already taken by the management of ECs to protect their employees, especially the line workers and other crews, who need to work on the field to ensure that power distribution services will not be disrupted. These include the adoption of work-from-home arrangements, shortened work hours, or establishment of skeletal staff for people who work in the offices, as well as the production of improvised face masks, face shields and other personal protective equipment for those who work on the field. Masongsong reiterated his directive to all ECs to ensure continuous electricity services to consumers in their respective franchise areas, particularly to critical loads such as hospitals and medical facilities, government offices and other basic utility service providers.
Asian govts, including Philippines, should increase social protection for poor–ADB By Cai U. Ordinario
@caiordinario
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HE Asian Development Bank (ADB) on Thursday said the global disruption caused by the novel coronavirus (Covid-19) could serve as a wake-up call to Asian governments to increase, or expand, social amelioration programs for the poor. In an Asian Development Blog titled We need better social protection to safeguard the poor from Covid-19, ADB Social Sector Economist Amir Jilani said the poor and other vulnerable groups are usually the hardest hit when crises such as Covid-19 strike. Jilani said that while Asia and the Pacific has already seen a significant decline in poverty incidence, the region remains home to 264 million people living in extreme poverty in 2015 and 1.1 billion people living on less than $3.20 a day. “In the face of the Covid-19 crisis, governments will need to radically expand social protection to cushion the shocks and combat both existing and new poverty,” Jilani said. Efforts to “radically expand social protection” includes strengthening social assistance; providing social insurance; and upgrading labor market
policies and programs. Jilani said governments can temporarily expand their cash assistance programs by adding more people to be covered by the assistance, or increasing the benefit amount during the crisis. Governments should also strengthen digital payments of the cash assistance and relax the eligibility criteria, or conditions of existing programs that have cash delivery mechanisms in place. Jilani added that governments can also introduce new unconditional cash transfers to be distributed to targeted individuals during the crisis. “In expanding social assistance, governments should find effective ways to reach informal settlers and urban migrant workers, since these groups face unique challenges in terms of livelihoods and access to government services,” Jilani said. In terms of providing social insurance, Jilani said, governments can expand unemployment insurance by increasing benefits and/or relaxing eligibility requirements. The government may also shoulder the cost of paid sick leave of employees to prevent them from losing their jobs if they get sick. He added that given the crisis at
No additional charges in port operations, PPA chief assures By Lorenz S. Marasigan
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@lorenzmarasigan
HE cost of operations at Philippine ports should to be kept at the minimum, said the Philippine Ports Authority (PPA), which recently prohibited the imposition, or collection, of additional charges and fees in the delivery of port services. Jay Daniel Santiago, the port regulator’s chief, said his group has not granted any increase in port fee, including hazard fees, in its port tariff matrix, even as the government enforced a lockdown on the whole island of Luzon. Reportedly, Lucena-based Quezon Harbor Pilots Association Inc. is collecting P60,000 in hazard charges for every vessel that it assists in the ports in Quezon, claiming that they are frontline workers, who are entitled to hazard pay. Santiago clarified, however, that groups may charge additional fess only if allowed by the port authority. He added that the hazard pay should not be “shouldered by those affected” by the deadly coronavirus disease (Covid-19). “We understand that lives are at stake when we continue to carry out our duties during these tough times. But they should remember that those from whom they are asking a hefty fee are also victims of this global crisis. I urge all our stakeholders to unite and continue serving our country even on the frontline. Our sacrifices are what our countrymen need now more than ever,” he said. Santiago has since directed all port managers to monitor the strict compliance of the notice.
hand, it may be necessary for the government to expand health insurance coverage and/or waive fees to protect the poor and vulnerable groups from out of pocket expenses. Further, in terms of upgrading labor policies and programs, Jilani said governments need to think of ways to support workers in the short and medium term. This support must include programs to help them obtain training and facilitate their employment after the crisis. Jilani said it is possible that the crisis may lead to temporary and even permanent layoffs. The government must, therefore, institute interventions not only during but after the crisis. “We also know well from the region’s past experiences that shocks hit poor and vulnerable groups the hardest and that these groups often take the longest to recover. To protect them effectively, governments can expand social protection, and especially social assistance, to provide vital support and strengthen resilience,” Jilani said. Based on the National Economic and Development Authority (Neda) estimates, the economy could slow to a growth of 4.3 percent to a contraction of 0.6 percent. The estimate was made
based on the initial days of the lockdown. Given the simultaneous adverse effects on the supply and the demand side of the economy, they expect a cumulative loss of P428.7 billion to P1.36 trillion in gross value added using current prices. This is equivalent to 2.1 to 6.6 percent of nominal gross domestic product (GDP) in 2020. The bulk of the impact is due to the Luzon-enhanced community quarantine worth P298 billion to P1.09 trillion, or 1.5-5.3 percent of GDP, and affects 61,000 to a million Filipinos. This is followed by losses in the transport and tourism sector worth P77.5 billion to P156.9 billion, or 0.4-0.8 percent, of GDP and affecting 33,800 to 56,600 Filipinos in the sector. The list includes consumption losses worth P45.1 billion to P93.6 billion or 0.2-0.5 percent of GDP and affects 16,500 to 62,500 Filipinos in the sector. Exports and remittances will also be affected with losses reaching P4.9 billion to P9.8 billion or 0.02-0.05 percent of GDP and P3.9 billion to P8.5 billion or 0.02-0.04 percent of GDP, respectively. In terms of exports, Neda estimates around 3,000 to 6,700 Filipinos will be affected while in remittances, 1,700 to 4,500 Filipinos.
Lawmaker calls on Duterte to cut ‘unnecessary’ expenses
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ITH the signing of the Bayanihan to Heal As One Act, the chairman of the House Committee on Public Accounts on Thursday urged President Duterte to cut travel, seminar and other non-essential expenses of the bureaucracy by imposing mandatory savings of at least 20 percent. Rep. Mike Defensor of Anakalusugan said the President can impose savings under the Bayanihan to Heal As One law, which authorizes the Chief Executive to “reallocate and reprogram” funds in the P4.1-trillion 2020 national budget and use the money for combatting Covid-19. AccordingtoDefensor,tensofbillionsthatcould be generated through forced savings would be in addition to the P275 billion the administration’s economic team has promised to raise from nonbudget sources like dividends from state corporations for the war against the coronavirus disease. “The tens of billions we can save by reducing unnecessary expenses can be used to fight the coronavirus disease or Covid-19,” Defensor said. He said allocations for unnecessary spending, the government “can forego at this time of public health emergency, or even in normal
times” are part of the P1.6-trillion appropriation for maintenance and other operating expenses (MOOE) in the budget. He added that among the non-essential MOOE items that could be cut and their corresponding appropriations are travel, P19.4 billion; training and scholarship, P32.9 billion; supplies and materials, P108.3 billion; and representation, or dining out and entertainment by officials and their guests, P5.2 billion. Others that could be reduced are communication, P10.7 billion; hiring of consultants, P29 billion; advertising, P3 billion; subscription, P4.1 billion; and donations, P41.8 billion; printing and publication, P1.9 billion; and membership dues and contributions to organizations, P2.4 billion, Defensor, who is on home quarantine due to possible exposure to the coronavirus, said, “These are programmed and budgeted expenses we clearly can scrimp on or do away with while we are battling this pandemic. We can use the money to buy badly needed personal protective equipment items for our frontline health workers, or as subsidy to the poor who are forced to stay home,” he said. Jovee Marie N. Dela Cruz
Motoring BusinessMirror
Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame
Editor: Tet Andolong
This February 15, 2018 photo shows a Ford logo on display at the Pittsburgh Auto Show in Pittsburgh. Ford Motor Co. is one of many auto companies facing what Moody’s calls an unprecedented “credit shock,” with the coronavirus outbreak also posing a major threat to peers. AP/Gene J. Puskar
Ford becomes largest fallen angel after S&P’s cut to junk
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ord Motor Co. was cut to junk by S&P Global Ratings as the coronavirus pandemic delivers a shock to the global auto industry and renders the carmaker the largest fallen angel to date. S&P downgraded Ford’s credit rating one notch to BB+ and may cut it further, according to a statement. The move follows Moody’s Investors Service, which dropped its rating for the second time in six months earlier Wednesday. The automaker’s two high-yield ratings will remove its $35.8 billion of debt from the Bloomberg Barclays investment-grade index at the end of the month. Ford is one of many auto companies facing what Moody’s calls an unprecedented “credit shock,” with the coronavirus outbreak also posing a major threat to peers including General Motors Co. and Volkswagen AG. But Ford is particularly at risk because of the problems it’s had executing an $11 billion restructuring that’s yet to improve performance. What Bloomberg Intelligence Says “S&P’s downgrade of Ford to high yield will make the automaker the largest issuer in the Bloomberg Barclays index, ahead of current biggest Charter and Kraft Heinz combined. With about $27 billion of debt maturities by the end of 2021 and little access to the unsecured markets at this time, bondholders may need to consider structural subordination,” said Joel Levington, BI credit analyst With Ford’s factories shut around the globe—including all its North American plants—and
no decision as to when they’ll resume production, the company is under immense financial pressure, according to S&P. “The stress of having all of a company’s plants shut down differs from that of a conventional recessionary downturn,” the credit rater said, noting that the shutdowns mean Ford isn’t generating the revenue it needs to cover its costs. “The rate of cash burn, even for a few months, could be faster than that which transpires during a typical recession.” Moody’s estimated in its downgrade of Ford that the company could burn through $8 billion in the coming 12 months due to the coronavirus-related downturn in demand, putting a significant dent in the $37.7 billion the company compiled by drawing down its credit lines last week. Moody’s praised Ford for taking the “constructive” step of also suspending its dividend. The cost to protect Ford’s debt against default for five years has soared this month more than fourfold, though it’s come down this week. Its bonds due 2025 trade around 78 cents on the dollar. “Ford is managing through the coronavirus crisis in a way that safeguards our business, our workforce, our customers and our dealers,” the company said in an e-mailed statement. “We plan to emerge from this crisis as a stronger company.” Ford shares fell as much as 7.1 percent after the close of regular trading and were down 0.9 percent as of 6:15 p.m. in New York. The stock has dropped 42 percent this year. Bloomberg News
Friday, March 27, 2020 A5
Helping hanD, cooperation & obedience S
PEAKING of true patriots dedicated to the Filipino people, several other civic-minded compatriots and companies have taken the example of San Miguel Corp. (SMC) in aligning themselves to the unified effort to conquer Covid-19 now ravaging our beloved country almost rapaciously. I raise a glass to George Blaylock, a motoring fixture for the longest time. Through his famous Diamond Motors, George has dispatched five shuttle vehicles, the coaster-type, that can accommodate per trip at least 15 frontliners from the medical profession in strategic Metro Manila hospitals. “It is our own humble way of helping in this concerted fight against the virus,” said George, whose family is the controlling owner of Diamond Motors, a byword in the autoworld which is celebrating its golden anniversary this year. I’ve known George all these years and, like RSA, he and his family are famous for their charitable acts in times of emergencies. George calls it his own “small
way” of pitching in some help. I digress big time. In uncertain times such as what we’re experiencing now, there is no such thing as a little thing or a big deal. Every little thing has become a big deal. Against the virus, the face mask could be worth a life saved. More of your kind, George! In the same vein, Seaoil announced a P5 gasoline price cut in its numerous stations from across the country. For diesel, it’s three bucks per liter. Those eligible to these benefits are our so-called frontliners using their own vehicles, to include medical professionals and technicians, hospital and clinic staff, uniformed personnel of the AFP, PNP and Coast Guards, and LGU officials, health workers and quarantine enforcers.
Seaoil said its service crews are equipped with proper safety gear, hygiene kits and protocols to ensure their health and safety while on duty, providing customers with their fuel, lube and other requirements without hassle. To avail themselves of the discounts, the driver of the vehicle must present an ID that verifies his profession. Ambulances, military and police vehicles used for Covid mobilization efforts qualify for discounts without a frontliner on board. “Seaoil is committed to helping our frontliners #ConquerCovid-19. We have utilized our resources to help our employees and the community. Keeping our stations open where possible is one way to ensure our frontliners get to where they are needed,” said CEO Glenn Yu of Seaoil. Seaoil will also provide free fuel assistance to partner hospitals nationwide, logistics groups including GrabBayanihan, Ube Express and the free shuttle service of Kaya Natin!, among others. Seaoil, the leading independent fuel company in the country, has allocated P10 million in free fuel and discounts to support the frontliners from hospitals, LGUs and transport groups. The company welcomes queries through cares@Seaoil.com.ph. A snappy salute to Seaoil! In pursuit of its humanitarian actions amid the Covid-19 scare, SMC’s SMC Tollways has assigned priority lanes at the South Luzon Expressway (Slex) to e n su re ef f ic ie nt de l iver y of basic goods and emergency hea lt h ser v ices to a nd f rom Metro Manila and neighboring provinces in the South. SMC spokesman Jon Hernandez said SMC President and COO Ramon S. Ang opened the priority lanes at Slex to ensure the unimpeded flow of delivery trucks that carry basic goods to various areas, raw materials to production
facilities, as well as vehicles that bring medical personnel, equipment and supplies. “We are doing this to guarantee that essential deliveries reach their destination as smoothly and quickly as possible,” Ang said. “These same lanes can also be used by emergency health vehicles to quickly get to places in need of medical attention.” For faster processing of vehicles, Ang said companies are advised to prepare the government-required cargo documents and for delivery personnel to follow checkpoint procedures. PNP’s inspection teams are located before the Susana Heights exit (southbound) and along the Alabang-Filinvest Interchange before Slex Alabang northbound exit. These inspection teams, like in other areas in the country, were established to prevent the spread of the Covid-19 virus. Earlier, SMC Tollways also announced safety measures to protect both motorists and tollway employees. These include the availability of alcohol dispensers at all toll plazas and SMC Tollways facilities, the wearing of face masks and surgical gloves by tellers and traffic personnel, and the sanitation of toll booths and patrol vehicles before and after each shift. To prevent contamination and hasten traffic flow, SMC Tollways is encouraging the use of RFID facility to reduce the chance of contamination and hasten traffic flow going in and out of Metro Manila. The bayanihan spirit lives on! Cheers!
PEE STOP These are uncertain times, so that cooperation from everyone is required to the hilt as unity could spell between victory and defeat. Stay home. Obey authorities. Heed the counsel of persons with overflowing knowledge of Covid-19. For once, let’s stop acting like smartass.
Bentley suspends production at its U.K. factory
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ITING the “accelerated rate” of coronavirus infection in the UK, as well as the expected disruption in its supply chain, Bentley Motors has suspended for four weeks, beginning March 20, vehicle production at its factory and headquarters in Crewe, England. Core business functions will continue throughout the shutdown, with some employees still reporting at the Crewe facility, following social distancing policies, or working remotely. Meetings will be held via video calls and all major events have been postponed or canceled. Other measures include a
ban on business trips. Production at the factory will restart on April 20. Bentley Motors Chairman and CEO Adrian Hallmark said the disruption will “inevitably have an impact on deliveries,” but assured the company is minimizing its effects. “ The well-being of our colleagues is our No. 1 priority, and although this was a difficult decision to take, and doesn’t change our strategic direction, it was necessary to protect them as best we can during these unprecedented times,” Hallmark said. Bentley Motors
closed 2019 with a 5-percent increase in vehicle deliveries, representing sales of 11,006 cars last year. In an earlier statement, Hallmark said “2019 was an extraordinary year for Bentley,” citing as factors the company’s introduction of numerous models and “strong demand in all regions.” Bentley Motors’ biggest market in 2019 were the Americas. A March 17 disclosure issued by the VW Group, in which Bentley Motors belongs, showed Bentley Motors generated sales revenue of €2.1 billion in 2019, a 35.1percent increase over the previous year’s result.
A6
Friday, March 27, 2020 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
Help Fr. Dennis now Down the hill is an upper middle-class village of attorneys, doctors, corporate executives, business owners and a retired general. Down the road from there is a middle-class neighborhood of lifetime overseas workers, like engineers and ship captains. Just beyond their gates near the Barangay Hall are the families of seamen and those with a son or daughter working in call centers and banks. They own backyard talyers, jeepneys, “Internet cafés,” and stalls at the talipapa. Beyond the view of all these are the landless paying rent in “compounds” of small hollow block houses. These areas are inhabited by the jeepney drivers, security guards, messengers, and the taho vender that walks through the gated communities every morning and returns in the evening with balut. The parish priest, Father Dennis, is one of the “good guys.” Like others in the Congregation of the Mission, Fr. Dennis has a passion and a compassion for helping those in need. The last few weeks, he has spent much time commuting between the gated villages and the compounds. At the compounds he has been hearing the same stories with increasing frequency and intensity. The people have a very small stockpile of food, and replenishing their food supply is becoming much more difficult as each nonworking day passes. “Father, we have only a little rice and we have no money to buy more.” The food packs from the city and some private groups are welcome, but it is not the same as having your own food in your own kitchen. These are the “working urban poor” that are used to struggling but are also used to the dignity of as much self-sufficiency as possible. They are regulars at the Barangay Health Center, but their children go to school every day. They might not be able to donate money but are available at the church when the trucks needed to be loaded with goods for the victims of the Taal Volcano eruption. With their words of concern still in his ears, Fr. Dennis returns to the gated communities for donations. His wealthier parishioners may attend the English language Mass while these needy parishioners worship in Filipino. But they also generously open their wallets to help. But after a few days, Father Dennis encounters problems beyond money. Cash in hand and the church’s L-300 in the parking lot, the large supermarket will not let him buy 10 cases of sardines. While the carts in the “Prestige Card Checkout Lane” may each hold a large sack of rice, he is forbidden to buy the 10 sacks he needs just for this week. The bank executive who arranged the loan for a small mall operator convinces their supermarket tenant to let Fr. Dennis buy in quantity. But it must be done at closing time, so no one thinks the good priest is hoarding food. To the government we say this: You have your emergency powers. You have your task force, your military, and the legislature that is backing your efforts. While you need to give all the necessary support to the “frontliners,” do not let these “backliners” fall through the cracks any longer. Father Dennis—and others like him—is willing to do much of the heavy lifting. Just remove the anchors that are now tied around his legs. He will be glad to tell you what it is like at Covid Ground Zero. Since 2005
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Better Days
W
hen fighting the good fight, even the best can be cut down. In this war we wage against the Covid-19 virus, our public and private health workers are holding the line. And sadly, we have experienced tragedies. At least five of our frontline doctors have fallen, giving their very lives to keep on treating people even though they knew they could probably be infected. We salute them, and recognize their heroic acts, thinking of others before themselves. But we who can must still defend and support those who continue to risk their lives for their fellow citizens. Many other health-care workers have fallen ill or are in quarantine, and many of our hospitals—Makati Medical Center, The Medical City, and both St. Luke’s Hospitals—are now at their respective limits. And yet, if they can, they will still render aid, will still find a way to make sure a possible Covid patient receives proper treatment. This is the reason why some of the provisions of the Bayanihan to Heal as One Act (RA 11469), which was recently signed into law by the President, will make sure that our health-care workers will be taken care of, and given just compensation for their incredible efforts to keep Covid-19 from making even more
of our fellow Filipinos ill. First, all public health workers will receive a “Covid-19” special risk allowance. This will be in addition to the hazard pay granted under the Magna Carta of Public Health Workers, also known as Republic Act 7305. Second, since it is recognized that public and private health-care workers will be in the disease’s line of fire, there is also a directive to the Philippine Health Insurance Corp. to shoulder all medical expenses in case of exposure to Covid-19 or any work-related injury or disease, especially for those in the frontline. Third, under the measure, among the special authorities granted to the President is to fast track the procurement of such items as personal protective equipment
(PPE) like gloves, gowns, masks, goggles, and face shields; medical supplies; laboratory apparatus, and others that are critical to the frontliners’ work. Fourth, public and private health-care workers who contract the severe form of the Covid-19 infection in the line of duty will be compensated with P100,000. A compensation of P1 million will be given to the family of healthcare workers who have succumbed to the virus. This provision will be retroactively applied from February 1, 2020. Finally, temporary Human Resources for Health—volunteers— will be engaged. This will include medical and allied medical personnel who will be added to the current health-care work force, performing duties such as maintaining and operating temporary medical facilities. Personally, I welcome the fact that our health-care workers will be granted special risk allowances aside from their hazard pay. However, I urge that the Department of Health (DOH) should also give consideration for volunteers, that they should also be given the hazard pay and special risk allowances. With Administrative Order 26 and the Bayanihan to Heal as One Act providing financial aid to health-care workers, we should also consider that volunteers will be exposed to the same dangers as our initial frontliners. In other words, volunteers are frontliners, and should be
compensated as such. We have a very long road ahead of us, and even with the other provisions in the Bayanihan Act that will provide funding for immediate health-care services to Covid-19 patients, as well as assistance and basic necessities for those seriously affected by the enhanced community quarantine, we will still need the unified efforts of frontliners, government, and the people to stem the tide of this disease. To the men and women in health care, we thank you for going well beyond the call of duty. I also call on the whole nation to support those who hold the line, for in unity, the Filipino will find the strength to survive. E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.
Senator Sonny Angara has been in public service for 15 years—9 years as Representative of the Lone District of Aurora, and 6 as Senator. As of March 26, he tested positive for the Covid-19 virus. He has been experiencing some symptoms like mild fever, cough, and general weakness. He’s currently in selfquarantine and hasn’t been in contact with the public since March 16. While he hopes to recover soon, he asks for all to continue to support all efforts to fight the spread of the virus, especially those of the frontliners in the emergency rooms and on the streets. He prays that with hope, sacrifice, and unity of effort, we shall overcome.
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Supporting our frontliners against Covid-19
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03272020
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he parish has a population of about 50,000 and is widely diverse. The church property borders a large gated community of homes in the P10million to P40-million range.
Rev. Fr. Antonio Cecilio T. Pascual
SERVANT LEADER
B
rothers and sisters, let’s do our part in this war against the Covid-19, now that the government placed the entire Luzon in enhanced community quarantine. The goal of this step is to avoid the spread of the dreaded disease, which can be acquired by socializing with those already infected. Under this enhanced quarantine are strict prohibitions from leaving your home if you are not a member of the medical community, or not working in the frontlines. Only the police and military, as well as workers in groceries, pharmacies and banks are allowed to go out. Public transport companies, schools, and most public and private offices have also implemented suspensions. The implementation of the enhanced community quarantine presented great challenges to local government units. Local officials were tasked to implement orders like ensuring that the people must stay home to stop the virus from spreading. All local government units were also trusted to provide transportation for health personnel. Many workers were thankful
and happy with the actions of the local governments in preventing the spread of the disease, like establishing sanitation tents, having their own disinfectant drones, and molecular laboratories for free tests. Local officials in 700 cities and municipalities in Luzon and Metro Manila prepared their own solutions. No matter how much resources they have in the localities, they need to
take care of their assigned areas. This after President Duterte reminded mayors to follow the directives of the Inter-Agency Task Force for the Management of Emerging Diseases, and if they abuse their power, they may be sued. Even though this wasn’t directed at any one in particular, the President’s warning allegedly stemmed from the approval of one mayor in Metro Manila to allow tricycles to deliver health workers and those who are sick to hospitals. This predicament of our officials amid the challenges we face caused by Covid-19 can be gleaned in the book of Proverbs 27:23, “Be sure you know the condition of your flocks, give careful attention to your herds.” Do our leaders truly know the condition of the people they govern? Do they clearly see all of our needs? Who really truly understand our situation—the leaders locked up in their offices or the leaders who move along with their people? It’s not helping any when the national and local governments clash. However, in our current situation, it is appropriate to meditate on the principles of subsidiarity from the social teaching of the Church. In this principle, all those in power are en-
couraged to help the subunits of government by supporting them. This is based on recognizing their abilities to address their needs. Therefore, the belief that the local governments must solely rely on the instructions of the national government in times of crisis is bent. Instead, they must work hand-in-hand in addressing the needs of the people they promised to serve. Brothers and sisters, with the weight that our nation is bearing right now, there is hopefully no room for dirty politics. True service means timely addressing the needs of the people, which is of greater importance. We hope that all local officials will do their jobs, with the support of national leaders. In the midst of darkness, every unit of government, in tandem with professionals, and individuals must work together and show solidarity in order to stop this pandemic. In the end, unity is the key answer to any kind of challenge.
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Opinion BusinessMirror
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#StayAtHome #Bayanihan: Understanding the profile of displaced workers due to ECQ Marjorie S. Muyrong
EAGLE WATCH
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he rationale behind the imposition of the enhanced community quarantine to Luzon island is that it is a substitute to other measures requiring stronger institutions or more sophisticated technologies that we currently lack. It entails suspension of business activities and, therefore, stopping work of millions of workers in the entire island. During the first week of the ECQ, many daily-wage earners were faced with the prospects of no income due to the lack of complementary safety nets for the program. As the government rolled out its initial financing support, the first set of cash assistance programs came from the Department of Labor and Employment (DOLE) last week for its CAMP or Covid Adjustment Measures Program focusing on 250,000 affected workers with a budget of P1.3 billion. This week, the President signed Republic Act (RA) 11469 or the “Bayanihan to Heal as One Act,” which addresses this further by providing a two-month emergency subsidy of P5,000 to P8,000 a month to some 18 million lowincome households. We estimate this to cost P117 billion per month. There remains a question though of who will be requiring income support and if the budget will be enough. The succeeding calculations below show a way to understand profile of workers requiring income subsidies. The estimates come from the 2018 Labor Force Survey, which includes information on the primary occupation and sector where a worker is employed. However, the lack of data cannot allow us to estimate who among the displaced workers due to ECQ are currently subsidized by their employers. Our estimates show that around 4 million out of the 5 million employed persons in NCR must be unable to work due to the restrictions on business activities set by ECQ as well as the directive to ensure that allowed operations maintain only a skeletal work force. Another 10.9 million are also not allowed to go to work from the Luzon provinces. While a lockdown has not been imposed in the entirety of Visayas and Mindanao, if the same ECQ guidelines are imposed upon the rest of the country, it is estimated that there will be 4.3 million workers from Visayas and another 4.3 million workers from Mindanao who will not be allowed to go to work. Employed Skeletal employees Displaced Employees % Displaced due to ECQ (000 persons) (000 persons) due to ECQ to total employed (000 persons) Philippines
41,157
17,675
23,482
57.05
NCR
5,171
1,186
3,985
77.07
Luzon (excl. NCR)
18,249
7,349
10,900
59.73
Visayas
8,091
3,761
4,330
53.52
Mindanao
9,646
5,380
4,266
44.23
Source of basic data: 2018 Labor Force Survey
Based on estimated monthly income among these workers and regionallevel percentage of food expenditures, a total of P67 billion for NCR and the rest of Luzon—P20 billion for NCR and P47 billion for Luzon provinces— would be required (either from government or the private employers) to assist affected households with their food expenditures in a month. In the instance that the ECQ is imposed upon the entire country, Visayas would require P16.4 billion and Mindanao would require P17.6 billion or a total of P101 billion per month. Average Monthly per Total Earnings among Percent Food Displaced Worker Displaced Expenditure (Php) (billion Php) (%)
Counting the possibilities of isolation Tito Genova Valiente
annotations
I
am at my table near the window of this hotel. With 11 other occupants, we are either on self-quarantine or forced to stay put given the enforced loss of mobility.
Each day, the city announces the closure of exits and entrances to our place. Overnight, the geography of one’s life are fitted with gates and doors. Today’s lesson: Diseases are divine laws. They can shut down roads, limit all kinds of transportation. We do not have the same goal in this enclosure of a hotel. A couple— a Filipina married to a Swiss (overheard)—is waiting for their flight out. If only for the fact that the young wife plans to visit this country again in three years is massive hope. Musicians in a raucous bistro are still here. The music has stopped for them. More than that, the money for playing that music has ceased to come. There is another couple. The man holds on to his flight back to Dubai. How he can make the journey from this city to the nearest international airport is a matter of faith now. There are no trips at this moment, only journeys—the long, long movement that enables one to count towns and kilometer signs. A man, the rowdiest and funniest of this group of pilgrims lost in their own makeshift shrine of unwanted fate, is going back to Czech Republic (overheard). On the first day, he approached me and asked if we knew each other. I said no. The bluntness in my remark (I assume) had stopped him from connecting—or reconnecting—with me even if we were the only two souls left in the café. Souls. That is what we are. The isolation has purified us to an element that appears to float above our respective body. When I wake up each morning, I put my palm against my forehead and check if I am warm. I search for fever at the same time I look for my eyeglasses. Then, I gently
Philippines
238.22
42.36
100.91
13,200
55.62
38.12
20.06
Luzon (excl. NCR)
9,700
110.61
42.42
49.92
Visayas
8,600
37.68
43.43
16.36
Mindanao
8700
37.30
47.11
17.57
Source of basic data: 2018 Labor Force Survey
Furthermore, the income profile between skeletal employees and displaced workers reveal to us how different workers must be coping with the suspension of work during the past two weeks. In NCR, it is estimated that the average basic pay per day among workers displaced due to ECQ is P590. This translates to a monthly income of around P13,200 considering an average of 22.5 days worked in a month. In Luzon, average basic pay per day is around P450 (P9,700 per month) with the displaced workers estimated to work for an average of 22 days a month. For the case of skeletal employees in NCR, however, the average basic pay among the skeletal work force is estimated to be P670 per day or P15,800 a month. On the other hand, the average basic pay of workers from Luzon provinces is at around P360 or P7,900 a month. Given these calculations, the emergency subsidy as provided by RA 11469 seems reasonable to help affected households augment their budget. However, with an estimate of 14.9 million workers displaced due to ECQ in Luzon alone, there remains questions on the process of selection and disbursement of this emergency subsidy. It is important to distinguish those who are part of the skeletal force and, therefore, continues to get full salary and those that are displaced. Thus, the priority of the funding assistance must go to the displaced workers. To the extent that there will be savings as based on our estimates, only about P101 billion is needed versus the P117 billion that the law may provide, it should be given as an incentive or hazard pay for the skeletal force. With the government’s call for bayanihan with the passage of RA 11469, these estimates should not be taken as another critique to the current provisions already set into law. Rather, in the spirit of bayanihan, these estimates call unto the government officials to ensure that no one gets left behind. Marjorie Muyrong is a PhD Sociology student at La Trobe University. She is currently on-leave from Ateneo de Manila University as an instructor of the Economics Department. E-mail mmuyrong@ateneo.edu
rub my neck and cough a bit. I check for soreness even as I inspect my mobile phones whether they have been fully charged. Charged for the day, I shower. I dress up as if there is an office or a meeting or a forum waiting for me. There is only the table, a lone table with two heavy chairs. A week ago, the manager of the hotel instructed the staff to remove the other tables and chairs. A virus has redesigned this café; an affliction has created more spaces. I write every day. I recall the deadlines and beat them. It is always good to beat anything that has something to do with death. My work, if you can call this work, goes on for the whole day. After one hour of quick and late breakfast, I go back to my room. The towel is fresh, and the bed made up. My room is clean, I tell myself not in a whisper, not in silence, but in full loud voice. Alone, I need to talk. I take a nap. Or watch the TV. Grim news about the virus I allow for five or 10 minutes. Then I close my eyes, not to sleep, but to further quiet myself. The silence around me is not cliché—it is never deafening. I listen. I could hear footsteps in other rooms. I smile when giggles creep into the slats of my door. Windowless, my room enables me to hear howling wind, from where I do not know. At 3 or 4 in the afternoon, I am back at my table. Sometimes, I step out and talk to the guards. During daytime, you could count
I go back to the table and write some more. A column is finished. The Internet announces death of doctors and health workers. They are called frontliners. This virus has created layers of individuals —some are necessarily at front, some at the back. The rest could not care less. They move around. Arrogance and ignorance are virtues with the virus.
the cars passing by. I guess the guard counts them. When two vehicles are close by, their roar combined is the sweetest sign of vitality in this lonesome town. The trail of smoke from machines have been rare lately. Rarity makes things precious, I note my own thought. One afternoon, the wind was brisk, then it slowed down. Birds flew from electric cable to the other. Birds sing. They do sing. I could follow the rhythm but their melody is complex. I cannot hum them. I should have their fine beaks. It helps that they have wings and the rush of air against their body must be the source of all that singular music. The sky is always blue in my city. But, alone, I see that their blueness shifts every second. A glance at the sky can bring a swift streak of cloud—the blue is then dissipated. Strong wind must be driving the hues to nurture deeper, deeper grays within the center. But where is the center of the sky? Search for them,
A7
I tell myself. You have all the time in the world to look for that center. I go back to the table and write some more. A column is finished. The Internet announces death of doctors and health workers. They are called frontliners. This virus has created layers of individuals—some are necessarily at front, some at the back. The rest could not care less. They move around. A rrogance and ignorance are virtues with the virus. The day is almost done. To know that is a prayer. The world has survived once more. I search for poetry. Words help us regain the Paradise. Knowledge may not be in the Garden but it is good to know we came from that primeval sin, as the old Prophets wrote. Sin or impurity is a beautiful place to start. It is like climbing. One needs to begin from the bottom, the dark origin, the magical ambiguity of growth. Then, the metaphor comes alive. We need metaphors—those images that make even the most terrible of storms comprehensible, those lines that almost always lead to life and love. The beginning and the end. The end and the beginning. The circle of life and circle of death are redundant. There is only one circle and we are all within it, holding each other’s hand (perhaps), or listening to each other’s breathing (maybe) or saving each other’s soul (this is certain).
E-mail: titovaliente@yahoo.com
The frantic move to discover a vaccine for Covid-19
Estimated Cash Assistance Required either from Govt or Employers (billion Php)
NCR
Friday, March 27, 2020
Manny F. Dooc
TELLTALES
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he mad scramble to produce the vaccine or antibiotics to stop Covid-19 reminds me of the discovery of the penicillin, which were among the pioneer medications against a wide range of bacterial infections caused, among others, by staphylococci and streptococci. Its discovery on September 28, 1928 by Alexander Fleming is considered as one of the greatest achievements in modern science, but it happened by accident. Fleming accidentally left open a window in his lab where he kept a Petri dish containing a sample of staphylococci. The sample was contaminated by a number of molds from the open window. Upon closer examination, Fleming found out that one of the molds was killing the bacteria around it. Later, he was able to determine that this particular mold, now called Penicillium chrysogenum, grew on food like bread left out too long. He and his team cultured it and eventually created the first antibiotic. The US War Production Board ordered its mass production in 1943, and the drug was distributed to the Allied Forces fighting during the Second World War. Penicillin alone significantly reduced the number of casualties and saved hundreds of thousands of lives during the war. For his great contribution to medical science, Fleming was the cowinner of the 1945 Nobel Prize in Medicine. There is a frantic race among the leading countries to discover the antidote against Covid-19. For lack of a
vaccine, health authorities are even temporarily considering anti-malarial drugs to contain the spread of the virus. The world is getting desperate, and who wouldn’t be with the number of deaths exponentially rising. Covid-19 is fast becoming a scourge. We should act fast and come up with the vaccine before it decimates our population and create irreparable social and economic upheaval. nnn
The Vatican City announced last weekend that Pope Francis will deliver a special “Urbi et Orbi” (to the city and the world) blessing. Urbi et Orbi is normally given only twice annually, during Christmas and Easter, by the Pope. This underscores the critical situation brought about by a virus, which is currently devastating the world, including Italy, the seat of Catholicism. On Saturday, Italy posted 797 deaths from Covid-19, the highest number of deaths recorded in
a single day, making the country the new epicenter of the virus. In the country, even President Duterte has invoked divine intervention when he also declared the fourth week of March as the National Week of Prayer. Earlier, House Speaker Alan Peter Cayetano, who asked for a collective pray over by the entire Congress when he assumed the speakership, had urged President Duterte to declare March 22 a “National Day of Prayer” to allow all Filipinos to unite in prayer as a means to combat Covid-19. Cayetano said that this pandemic “has also hampered us in gathering in churches, mosques, temples, and other places of worship. However, we firmly believe that this difficulty does not diminish the strength of our faith.” By nature, Filipinos are deeply religious and have deep abiding faith in God. We pray to God to give Him thanks for all our blessings and we pray to Him when we need His intervention for all our needs. nnn
Let me share with you the first parts of a beautiful poem titled “Humility” forwarded to me by Ms. Nina Aguas, executive chairman and chief executive officer of Insular Life. ‘You made the whole world stop spinning for awhile, You silenced the noise that we all have created You made us bend our knees again and ask for a miracle. You closed Your churches so we will realized How dark our world without You in it.” “You humbled the proud and powerful.
The economy is crashing, businesses are closing. We were very proud, we thought that everything we have, Everything we possess is the result of our hard work. We have forgotten that it was always Your grace and mercy That made us who we are.” “We’re like running in circles looking for some cure to this disease But in fact it takes humility to ask for your wisdom.” “We’ve been living our lives like we will be here on earth forever, Like there’s no heaven. Maybe these trials are Your mercy in disguise. Maybe this virus is actually Your way of purifying us, Cleansing our soul, bringing us back to YOU.” nnn
Now that social gatherings are banned, movie houses, bars and restaurants, and malls are closed and business and sports events are canceled, let’s focus on God. Social distancing gives us all the opportunities to reflect, meditate and crossexamine ourselves, and truly determine the purpose of our Christian existence. That’s why we go through annual retreat to do personal introspection and take stock of our life. Isolation and distance allow us that luxury. Most of all, let’s find Him for without Him we are nothing. Thanks, Nina. nnn
This one came from my good friend, Justice Noel: “Lockdown and quarantine do not intimidate me. I have become so used to them since I got married.” Welcome to the club!
A8 Friday, March 27, 2020
BSP to advance ₧20B in dividends to NG to help fund Covid-19 package
T
HE Bangko Sentral ng Pilipinas (BSP) on Thursday pledged to remit its dividends ahead of time to the national government in order to help finance the government’s coronavirus 2019 (Covid-19) rescue program.
In a statement, BSP Governor Benjamin Diokno said they will be remitting P20 billion worth of advance dividend to the national government effective immediately. The advance dividends constitute 87 percent of the estimated total dividends based on the BSP’s unaudited financial statements for the year 2020. This will be coursed through direct credit to the Treasurer of the Philippines-Treasury Single Account, which is maintained with the BSP. “We are one government. We are one Filipino nation. And we, at the BSP, shall support all efforts to fight this once-in-a-lifetime pandemic and keep the economy afloat. The BSP has and is ready to employ the necessary tools in its arsenal to address the impact of Covid-19 while staying true
to its mandate,” Diokno said. Under its newly amended charter, the BSP is no longer mandated to remit its dividends to the NG. Section 2 of Republic Act 7653, as amended by RA 11211, provides that any and all declared dividends of the BSP in favor of the NG shall be released and disbursed immediately for the payment of the BSP’s increase in capitalization. “Nevertheless, considering this extraordinary time, the Monetary Board has approved to defer the application of the BSP’s dividends for 2019 to the BSP’s capital and remit P20 billion advance/partial dividends to support the NG’s programs during this enhanced community quarantine due to Covid-19,” the BSP said. BSP’s most recent move is part of the Central Bank’s series of ef-
A traffic enforcer at a checkpoint in Pasig City apprehends two men riding in tandem on a motorcycle, an offense slapped with a fine of P500 because it violates social distancing under the enhanced community quarantine to prevent the spread of Covid-19. ROY DOMINGO
forts to support the government and provide additional stimulus to the economy amid the course of the enhanced community quarantine due to the Covid-19 pandemic.
To date, the BSP has arranged for the purchase of government securities from the Bureau of the Treasury (BTr) under a repurchase agreement in the amount of P300
billion, cut the reserve requirement ratio cut by 200 basis points and policy rate by 50 basis points, enabled continued access to banking institutions.
After ECQ, a spike in pregnancies? By Cai U. Ordinario @caiordinario
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HE Commission on Population and Development (Popcom) worries over a possible spike in unwanted pregnancies after the coronavirus 2019 (Covid-19) crisis in the Philippines. Popcom Executive Director Juan Antonio Perez III told BusinessMirror on Thursday this is one of the unintended consequences after natural disasters. Perez noted this happened after Supertyphoon Yolanda when the Popcom noted a spike in teenage pregnancies after the November 2014 super typhoon.“In a worst-case scenario where services are not available, I would presume about 50,000 [unwanted pregnancies] if 50 percent of the population is under ECQ [enhanced community quarantine],” Perez told BusinessMirror via SMS on Thursday. Given these considerations, Popcom reminded Filipino couples to always practice responsible parenthood and family planning even during the Covid-19 ECQ. The Popcom said the ECQ poses challenges to couples to prevent unplanned pregnancies, primarily because of interrupted access to family planning supplies and services. Perez said Popcom will continue to advocate for the provision of basic family planning services in local communities as part of the essential services needed by couples and individuals to prevent the longer impact of unintended pregnancies. “We are uncertain as to when the health emergency caused by Covid-19 will abate. As such, we do not want to add on to the current situation with another possible crisis caused by unplanned pregnancies, as they could bear added weight to our already strained medical institutions,” he said.
Virus hits a 3rd senator; DOH raps Koko; House leaders in quarantine
T
HE novel coronavirus disease (Covid-19) may have failed to stop Monday’s special session by Congress to pass a P275-billion response package, but it continues to hound lawmakers. On Thursday, a third senator disclosed he tested positive, just a day after the House appropriations panel chief made a similar revelation. Sen. Juan Edgardo Angara admitted he, too, was found “positive for Covid-19” following two other senators-—Majority Leader Miguel Zubiri and Aquilino Pimentel III—who earlier went on self-imposed quarantine after being hit by the dreaded virus. “I regret to announce that today, March 26, I received my test result and it is positive for Covid 19. I have been feeling some symptoms like mild fever, cough, headaches and general weakness,” Angara said, even as he hastened to assure that “I have not been in contact with the public” since taking the test last March 16.” In an statement sent to Senate reporters, Angara added: “I ask for your prayers that together we are able to pull through this tremendous challenge.” Angara appealed: “Let us continue to support all efforts to fight the further spread of the virus. Let us support our frontliners on the street, in the emergency rooms as they are key to the effort. With hope, sacrifice, and unity of effort, we shall overcome.” Senators Sherwin Gatchalian and Nancy Binay were among the first to disclose they were going on self-quarantine after a resource person testifying at the Senate in early March had tested positive for Covid-19. Both subsequently tested negative. When the Senate held its special session on Monday, Senators Risa Hontiveros and Kiko Pangilinan failed to attend, saying they were still completing their 14-day quarantine.
Duque, MMC versus Pimentel
On Wednesday, however, Sen. Koko Pimentel drew flak for stepping
inside Makati Medical Center (MMC) to accompany his wife before her caesarian delivery, in violation of his home quarantine. Pimentel claimed he learned of his test results—that he was positive for the virus—only at about 9 p.m. Tuesday, when he got a call. Pimentel claimed he immediately alerted his wife’s doctor and left the premises. The MMC issued a scathing statement denouncing his “reckless” behavior that, the hospital said, endangered other patients and medical workers, forcing the already undermanned hospital to require more of them to undergo quarantine after being exposed to the senator. On Thursday, Health Secretary Francisco T. Duque III lambasted Pimentel for breaching quarantine protocol as he also categorically denied calling MMC to accommodate the senator’s pregnant wife. “We [at DOH], agree that there was a quarantine protocol breach for he is a person under monitoring [PUM],” said Duque at a virtual press conference of the Department of Health (DOH). Duque said that they will support whatever action the “lead agencies” will take on Pimentel’s case. “The Department of Health forcefully reiterates that all PUIs [person under investigation] and PUMs must stay at home. The public safety relies on everyone’s discipline in abiding by our quarantine protocols to protect the public , especially our health workers and frontline from undue exposure,” Duque said. He reiterated that the DOH is not giving VIP treatment for Covid-19 testing and that their laboratories are implementing first-in and first-out policy in processing the specimens. As to the alleged intervention for MMC to accept the wife of Pimentel, Duque vehemently denied doing anything to coerce the hospital to “act contrary to its policies.”
Meanwhile, MMC Medical Director Saturnino Javier also denied that the health official called them up to accommodate Pimentel’s wife, Kathryna.
House quarantine
The secretary-general of the House of Representatives on Thursday said all congressmen and staff who attended the special session will undergo self-quarantine after Committee on Appropriations Chairman and ACT-CIS Party-list Rep. Eric Yap tested positive for Covid-19. Yap was one of the 21 lawmakers and staff who attended the special session last Monday. Other lawmakers at the special session were Speaker Alan Peter Cayetano, Majority Leader Martin Romualdez, Deputy Speaker Raneo Abu, Deputy Speaker Luis Raymund Villafuerte, Deputy Speaker Robbie Puno and Deputy Speaker Dong Gonzales, Minority Leader Bienvenido Abante, and Reps. Sharky Palma, Precious Castelo, Mikey Arroyo, France Castro, Janette Garin, Bong Suntay, Jon Jalosjos, Manny Lopez, Tonypet Albano, Jonathan Sy-Alvarado, Bambol Tolentino, Gerald Abaya, and Mike Defensor. “We disinfect after every use, before closing any room/building. Following protocols, they will be on self-quarantine,” House Secretary General Jose Luis Montales said. Meanwhile, Romualdez said, “while I had no close contact with our esteemed colleague, House Committee on Appropriations Chairman and ACT-CIS Party-list Rep. Eric Yap, during last Monday’s special session, the most responsible thing for me to do at this moment is to undergo self-quarantine. He stressed, “I have not developed any symptom of the coronavirus disease-19 [Covid-19]. I’m in the pink of health and well enough to continue performing my duties as House Majority Leader and will activate my work-from-home system,” he said. Butch Fernandez, Claudeth Mocon-Ciriaco, Jovee Marie N. Dela Cruz
Companies BusinessMirror
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Stock market posts large gain on bargain hunting
S
By VG Cabuag
@villygc
hare prices rose on its third straight trading session on Thursday, with the main index recording its biggest jump since 2007, when the global financial crisis began, as markets started to calm down on the government’s stimulus package. The benchmark Philippine Stock Exchanged index gained 373.82 points, or an increase of 7.4 percent, to close at 5,401.58 points. It was the second largest increase of the main index in terms of percentage, following the 9.8-percent increase recorded on August 21, 2007. “The rally was still due to bar-
gain hunting backed by the government’s efforts to mitigate the pandemic's economic impact. Now the government is eyeing up to $2 billion in loans to fund its deficit spending which in turn will give boost to the economy amid the challenging times,” said Japhet Louis O. Tantiangco, senior re-
search analyst at Philstocks Financials Inc. Christopher Mangun, research head of AAA Securities Inc., said investors that got out in January because of the Taal Volcano eruption may be getting back into the market as prices stabilize and start to correct. The peso’s stability has also provided some relief to investors as most in Asia are getting weaker because of the strong US dollar, he said. “Investors in the PSE were more optimistic than its Asian peers as our main index is currently up more than 13 percent for the week. This could be because our market was much weaker than the rest even before the Covid-19 [coronavirus disease 2019] pandemic begun,” said Mangun. Foreign investors were still dumping local shares and were net sellers at P680.11 million. Total value of
trade reached P7.66 billion. Gainers led losers 151 to 48 and 26 shares were unchanged. All other sub-indices, as in the previous trading sessions, managed to post gains with the Property index having the most, increasing by over 9 percent or 248.95 points to close at 2,916.21 points, the broader All Shares index rose 185.69 to 3,250.82, the Financials index was up 96.33 to 1,255.13, the Industrial index climbed 246.10 to 6,245.73 and the Holding Firms index added 288.13 to 5,255.89. SM Prime Holdings Inc. was the day’s top traded and it gained P4, or about 14 percent, to close at P31 per share, parent firm SM Investments Corp. rose P45 to P845, Ayala Land Inc. climbed P1.60 to P32.30, BDO Unibank Inc. advanced P15.70 to P115.70 and Ayala Corp. was up P22 to P482.
Friday, March 27, 2020
B1
SMC to include rice in relief package
C
onglomerate San Miguel Corp. on Thursday said it is including rice in its donation as its initiative to help communities affected by the lockdown in Luzon due to the coronavirus disease 2019 (Covid-19) pandemic reaches 126,000 families. “One week after the community quarantine was first implemented—followed by the Luzon-wide enhanced community quarantine—we have been able to deliver food to some 126,000 families through various channels,” said SMC President and COO Ramon S. Ang. “We will also be adding rice to our food donations. We have been able to source 560,000 kilos of rice. We plan to give 10 kilos per family and through this, we hope to be able to continue to help the most vulnerable among us—people who are out of work and families struggling to eat,” Ang added. The company so far has provided some 1.1 million pieces of canned goods, 695,000 sachets of coffee, 288,000 packs of biscuits, 21,630 servings of its nutribun and 24,338 servings of pandesal. It has also donated spreads, dairy milk drinks, and water.
Ang said that the company is committed to continue providing food donations, and assured the public that San Miguel Foods has the capacity to produce enough food for the country for the next six months. The company’s food donations are being coursed through various channels, including local government units, charitable groups, and church organizations. It has also made direct donations to hospitals and various communities at over Luzon. “What we want is for food to be one less worry of vulnerable families, health workers, and frontliners against Covid-19,” he said. The company has also utilized its manufacturing facilities to produce 70 percent ethyl alcohol to address the shortage of hand sanitizers and disinfectants, and is also donating 13,000 units of its own Protect Plus Gold powdered disinfectant for the sanitation of hospitals and government and public facilities. The whole of Luzon has been placed on enhanced community quarantine to prevent the spread of Covid-19 which has infected 707 and killed 45 people, according to the latest data from the Department of Health (DOH).
By Roderick L. Abad
powered enterprise integration across the region to support the digital transformation of public and private sector organizations. “Joining Capgemini means we will be able to offer clients our deep MuleSoft expertise coupled with end-to-end digital transformation services at scale, increasing our ability to answer the needs of global enterprises,” said Steve Wilson, CEO of WhiteSky Labs. “ The addition of W hiteSky Labs’ specialist and award-winning expertise to our Australia and Asia operation will not only help to meet the digital transformation needs of our clients across the region, enabling them to unlock data across legacy systems, cloud apps and devices, but it will also bolster our expertise in this space that are very much in demand across the globe,” said Fernando Alvarez, chief strategy and development officer at Capgemini and member of the Group Executive Committee. MuleSoft provides the world’s leading platform for building application networks across any cloud and on-premise. Its latest study shows that three out of four Australian organizations expect a negative revenue impact if they don’t complete their shift to digitization in the next 12 months. “Partners like Capgemini are critical in helping organizations develop API strategies and connect the almost 900 organizations within the average enterprise. By leveraging an API-led approach to connectivity, businesses can build a composable enterprise where digital capabilities can be composed instead of built from scratch, dramatically increasing the speed of innovation and ability for IT to deliver connected customer experiences,” said Rob Thorne, senior vice president of Asia Pacific and Japan at MuleSoft. Capgemini is a multicultural company of almost 220,000 team members in more than 40 countries. The Group reported 2019 global revenues of 14.1 billion euros. Its acquisition deal with WhiteSky Labs is due to close, subject to usual conditions, in the coming weeks.
Korean firms ABS-CBN online streaming donate face service records higher views Capgemini to buy WhiteSky Labs masks to frontliners By Lorenz S. Marasigan @lorenzmarasigan
T
he online streaming service of ABS-CBN Corp. has seen a dramatic surge in usage last week, after it made over 1,000 movies available for free for its users. Such an increase warranted the reduction of its bitrate to prevent network congestion. The movie library of iWant, a mobile app that features Filipino content mainly produced by ABS-CBN, saw usage balloon by 300 percent last week, with its original content recording a 45-percent increase in the number of views. With content consumption grow-
M
ORE than 700,000 face masks donated from South Korea were recently distributed to frontline workers who take charge of the people infected by the coronavirus disease 2019 (Covid-19) as the entire nation fights against this dreaded pandemic. These protective gear were given by two South Korean companies, KP Trading and C-SO Funding, to the Philippine National Police, Armed Forces of the Philippines, Metro Manila Development Authority, Department of Health, and Research Institute for Tropical Medicine. This was made possible through an international public-private collaboration project that was spearheaded by the Senate represented by Senator Emmanuel D. Pacquiao. “It’s at times like this that we realize there are no borders; we are all humans fighting a common enemy, as such, we must support each other to achieve a united victory,” said Diana Ji Hye Kwon, representative of KP Trading and C-So Funding. “In the world health crisis that we are in, we need to work together to fight Covid-19,” added Pacquiao. HMR Trading Haus, the local partner retailer of both South Korean firms, imported and handled the donated items. The Department of Social Welfare and Development assisted Pacquiao during the distribution of the face masks to healthcare professionals who tirelessly work amid the Luzonwide enhanced community quarantine period. Roderick L. Abad
ing, as Filipinos find ways to pass time during community quarantines, iWant has decided to cut its streaming bitrate by 33 percent to help decongest telco networks. “In support of the National Telecommunications Commission’s call to help ensure the stability of the internet services in the country, we will manage the amount of data traffic on our streaming service to reduce our load on internet resources starting March 27 until further notice,” the company said in a statement. It noted that even as it reduced its streaming bitrate viewers can still “enjoy quality streaming service” with minimal impact.
Aside from movies, iWant also features television shows, documentaries, live events, and restored movie classics. The service is available for both Android and iOS. ABS-CBN Corp. is primarily involved in content creation and production for television, online, and over-the-top platforms, cable, satellite, cinema, live events, and radio for domestic and international markets. It also operates various platforms including domestic television, radio networks, worldwide OTT, and online platforms. It also has interests in cable, satellite, and broadband systems in the Philippines, as well as in music and music publishing.
Mitsubishi Corp., Chubu acquire Dutch energy supply company
T
OKYO—Mitsubishi Corp. (MC) and Chubu Electric Power Co. Inc. (Chubu) announced on Wednesday that they have completed their acquisition of Dutch energy company, Eneco. In November 2019, Mitsubishi Corp. and Chubu Electric Power Co., Inc. (Chubu) were selected as the preferred buyers in a bid for Eneco. Both Mitsubishi and Chubu have since been completing the acquisition procedures. The two Japanese firms officially acquired all shares of Eneco through their joint venture in the Netherlands, special purpose company Diamond Chubu Europe B.V. The total value of this acquisition is 4.1 billion euros (500 billion yen). Eneco is an integrated energy company that is actively engaged in renewable power generation projects. It also offers innovative solutions that make it easier for customers to make the switch to more sustainable and smarter energy consumption in the retail area. By taking advantage of Eneco’s technological strengths and knowhow in renewable energies, MC is aiming to accelerate its own renewable developments in Europe and around the world. MC is seizing this acquisition as an opportunity to help reduce greenhouse emissions and realize its vision of simultaneously generating economic, societal and environmental value through
Photo taken from the web site of Eneco
its businesses. By combining its accumulated expertise in the energy sector with Eneco’s unique strengths, Chubu is aiming for mutually beneficial business-model evolution, through which it can create synergies in its energy operations, both in Japan and around the world. The growth of renewable energies, which has led to a rise in small-scale decentralized energy resources, the ongoing development of storage batteries and digital technologies, are changing the face of power generation. MC and Chubu said they are “excited” about leveraging that growth to help improve quality of life, pro-
ceed with low-carbon societies, and find solutions to some of the world’s most serious problems. Headquartered in Tokyo, MC is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Its current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. JCN Newswire
@rodrik_28 Contributor
G
LOBAL consulting, technology services and digital transformation provider Capgemini has just executed an agreement to acquire WhiteSky Labs, one of the largest independent MuleSoft full-service consultancies in the world, with operations across Australia and Asia. Without divulging the amount of acquisition, though, Capgemini told the BusinessMirror on Thursday that it is a “significant” deal since it will help bolster the company’s capability in Asia Pacific as WhiteSky has a strong presence in Australia, New Zealand and the Philippines. Having two big names in the digital transformation industry joining forces will allow it to expand its footprint and further strengthen its leading position in the region, the firm added. The deal will help Capgemini accelerate its fast growth in Singapore, the Philippines and across Southeast Asia by offering clients unequaled depth and breadth of services for end-to-end integration solutions, according to Gaurav Modi, managing director of Capgemini in Southeast Asia, Hong Kong and Taiwan. “I am delighted to welcome this team of skilled MuleSoft professionals who bring with them over 20 years of experience focused on delivering digital transformations at scale, and which will make us the market leader in this space,” he said. Founded in 2009, Whitesky Labs allows companies to bridge the gap between strategy and information technology by embedding effective organizational processes, structures and methods. Client projects span multiple sectors and include full-stack consulting services on the MuleSoft Anypoint Platform, managed support services, license management and training services. By merging with the Group, the more than 150 W hiteSky Labs team will help Capgemini to achieve the potential of application programming interface (API)
B2
Companies BusinessMirror
Friday, March 27, 2020
PSE STOCK QUOTATIONS
March 26, 2020
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs
BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
115 60.35 20.8 7.6 36.05 7.93 16.02 19.86 38.5 17 108 52.4 0.6 15.2 0.265 0.66 158 1300 0.99
115.7 60.5 20.95 7.7 36.1 10.78 17.88 19.98 44.85 18 108.3 52.7 0.64 15.8 0.28 0.67 172 1390 1.15
101.8 56.5 21.05 7.35 36.55 7.81 17.02 19.46 38.95 16.98 111 53.95 0.87 15.9 0.26 0.67 179 1390 0.99
115.7 61.9 21.05 7.79 37.3 7.81 17.02 20.05 40 17 117.7 53.95 0.87 15.9 0.28 0.67 179 1390 1.15
101.4 56.5 20 7.35 36.05 7.81 17 19.42 36 16.5 107 52.4 0.54 15.2 0.26 0.67 155.1 1390 0.99
115.7 60.5 20.95 7.6 36.1 7.81 17 19.98 38.5 17 108 52.7 0.6 15.2 0.27 0.67 172 1390 1.15
4770410 3488980 52300 151600 12644500 100 1400 141300 1900 21200 1231260 14520 139000 8800 170000 3000 810 25 2000
515572562 103798718 210488793.5 -154924.5 1072400 -352445 1156475 10429 462,969,130( 224,440,595.0004) 781 23808 2805867 -466933 70660 360298 135978372 -26975047 765017.5 -630255.5 89720 134460 45350 2010 131264 13080 34750 2140 -
INDUSTRIAL
AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED PRYCE CORP GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG
1.94 0.9 28.35 0.158 16.82 47.05 216.2 9.16 2.26 2.74 9.8 18.7 8.1 6.27 2.11 12.8 3.22 4.71 7.21 49.1 0.5 1.22 30.05 102.2 28.05 4.85 1.3 5.03 1.38 4.12 1.36 0.1 98.85 0.86 2.11 47.2 1.04 7.1 5.5 6.42 8.95 0.67 0.6 1.84 2.01 3.95 0.79 4.27 0.96 0.83 6.85
1.95 1.1 30 0.17 16.9 50.95 218.2 9.3 2.27 2.95 10 19.5 8.28 6.58 2.12 12.88 3.4 4.79 7.22 49.4 0.51 1.23 31 103 41.95 4.98 1.35 5.04 1.43 4.6 1.38 0.116 99 0.87 2.5 59 1.05 7.39 5.6 6.55 9.38 0.72 0.61 1.88 2.04 4.19 0.8 4.28 1.02 0.84 6.94
1.72 0.9 26.5 0.156 16.2 47 216.6 9.35 2.15 2.95 9.5 18.56 8.3 6.31 2.05 11.3 3.3 4.6 7 49.65 0.48 1.16 28.5 100 41.95 4.85 1.35 5.05 1.4 4.5 1.38 0.1 99 0.81 2.11 59.9 1.02 7.09 5.5 6.57 9 0.67 0.57 1.84 1.91 3.9 0.7 3.99 0.96 0.78 6.26
1.99 0.9 30 0.17 16.98 47.5 224.8 9.58 2.28 2.95 10 19.58 8.3 6.69 2.15 12.8 3.7 4.85 7.22 53 0.5 1.24 31 104.5 41.95 5.1 1.4 5.09 1.45 4.69 1.38 0.11 100.5 0.94 2.11 59.9 1.07 7.45 6.03 6.82 9.38 0.73 0.61 1.88 2.1 4.1 0.81 4.33 1.05 0.85 7.2
1.72 0.9 25.95 0.156 16.18 46.65 212.6 9.16 2.13 2.95 9.01 18.4 8.1 6.31 2.05 11.28 3.22 4.6 6.97 47.5 0.48 1.16 28.5 99 41.95 4.79 1.26 5 1.27 4.28 1.38 0.1 98.1 0.79 2.11 59.9 1 7.09 5.5 6.33 8.95 0.67 0.57 1.84 1.91 3.9 0.7 3.99 0.91 0.77 6.1
1.94 0.9 30 0.17 16.9 47.05 216.2 9.16 2.26 2.95 10 18.7 8.1 6.6 2.11 12.8 3.4 4.79 7.22 49.1 0.5 1.22 30.05 102.2 41.95 4.85 1.4 5.03 1.43 4.5 1.38 0.11 99 0.87 2.11 59.9 1.05 7.1 5.5 6.42 9.38 0.72 0.6 1.84 2.01 4.1 0.79 4.27 1.02 0.83 6.94
9121000 14000 2772300 1150000 1684600 41400 513830 5408900 3097000 3000 357500 376300 215300 106500 831000 676500 131000 3248000 142800 252700 140000 16990000 8300 3227240 1100 1317000 368000 663000 1907000 88000 10000 900000 4540130 14772000 21000 10 7541000 318400 870200 1113100 11800 73000 816000 13000 3825000 4000 1908000 276000 1026000 1621000 6875500
17286190 12600 78127985 179810 27938128 1954345 112142644 50849798 6772400 8850 3486252 7,020,066( 1767940 701789 1758450 8446342 442980 15304740 1018058 12578655 69500 20510560 250605 329083270.5 46145 6466310 468560 3341070 2596240 379230 13800 97400 450739209.5 12408140 44310 599 7870330 2297919 4,822,162( 7273695 106090 50110 481050 24200 7699770 16000 1471840 1165150 1007330 1321110 46861647
HOLDING & FRIMS
ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG
0.51 6.01 482 30.85 6.64 1.61 5.95 0.51 0.55 0.6 4.8 3.55 8.2 419 3.6 51.2 0.42 2.88 6.8 0.41 2.7 2.75 0.74 0.83 140 825 88.5 0.63 150 0.163 0.124
0.52 6.28 484 31.1 6.66 1.69 5.98 0.52 0.56 0.63 5.1 3.57 9 426 3.7 53.75 0.455 3 6.88 0.5 2.71 2.99 0.76 0.84 150 845 88.8 0.67 152 0.179 0.14
0.495 5.9 467 30.45 6.6 1.53 6.29 0.5 0.51 0.6 4.99 3.49 7.76 448 3.6 51 0.4 2.83 6.58 0.5 2.53 2.75 0.74 0.81 140 800 88.5 0.66 152.1 0.179 0.12
0.52 6.5 485.8 33.45 6.8 1.7 6.3 0.52 0.57 0.6 5.1 3.59 9.86 448 3.6 54 0.45 3 7.1 0.5 2.73 2.75 0.83 0.83 153 845 90 0.67 152.1 0.179 0.14
0.49 5.5 461 29.7 6.5 1.51 5.8 0.5 0.51 0.55 4.8 3.49 7.76 410.2 3.6 49.55 0.4 2.78 6.4 0.5 2.5 2.75 0.74 0.8 140 761 88.5 0.65 151.8 0.179 0.12
0.52 6.28 482 30.85 6.64 1.69 5.98 0.51 0.56 0.6 4.8 3.55 9 419 3.6 53.75 0.42 3 6.88 0.5 2.71 2.75 0.75 0.83 150 845 88.8 0.67 152 0.179 0.14
8770000 89700 975990 1738700 5325700 742000 40700 372000 680000 568000 402000 9377000 8900 213670 100000 1940800 50000 337000 1040300 10000 63682000 8000 67000 140000 690 780850 628670 49000 430 360000 780000
-1440800 2336270 3154854 -848605 -19461142 -985666 -28320 -1048650 4,623,166.0001) -57602 -464027 101320 5156576 156250 -6392590 571997 -1459730 368730 3000 -118382149 -4849250 88460 -2176610 114750 -112240 2200 -217040917 1760 1154250 -1668028 4,637,602.0001) -2493059 7800 22320 -59080 26880 -493577
4513950 539874 467900326 53874070 35489768 1179890 253993 191020 375700 315800 1973370 33313480 74078 90544350 360000 101380385 21450 964160 7026905 5000 169292700 22000 50320 115380 97730 636822200 56196422 32350 65334 64440 99630
134600 -69110774 25803515 655985 275000 -611140 -1746690 -43120192 -360000 -11229960 -459020 483427 10477300 -196609175 6448832.5 -4572 -
PROPERTY ARTHALAND CORP 0.56 0.57 0.54 0.58 0.51 0.58 610000 331090 32.3 32.95 31.25 33.2 30.8 32.3 17143400 553662170 AYALA LAND 1.15 1.25 1.1 1.15 1.02 1.15 248000 260860 ARANETA PROP 1.31 1.32 1.31 1.31 1.29 1.31 867000 1132240 BELLE CORP 0.55 0.56 0.51 0.57 0.51 0.55 4408000 2414350 A BROWN 0.78 0.79 0.74 0.79 0.74 0.79 65000 49100 CITYLAND DEVT 0.119 0.139 0.114 0.118 0.114 0.118 20000 2320 CROWN EQUITIES 5.02 6.1 6.08 6.1 6.08 6.1 85600 522100 CEBU HLDG CEB LANDMASTERS 3.96 3.99 3.99 3.99 3.85 3.99 195000 763190 CENTURY PROP 0.37 0.375 0.36 0.37 0.36 0.37 1340000 491500 0.23 0.28 0.23 0.23 0.23 0.23 10000 2300 CYBER BAY 16.3 16.36 16.34 16.68 16.2 16.3 338500 5542446 DOUBLEDRAGON DM WENCESLAO 6.9 7.1 7 7.3 7 7.1 71500 517310 EMPIRE EAST 0.29 0.3 0.25 0.32 0.24 0.3 520000 158750 FILINVEST LAND 0.9 0.91 0.87 0.92 0.86 0.91 17947000 16021190 0.73 0.74 0.71 0.73 0.71 0.73 400000 286000 GLOBAL ESTATE 12.96 12.98 13 13.2 12.9 12.9 329000 4269400 8990 HLDG 0.68 0.69 0.67 0.69 0.66 0.69 1173000 794980 PHIL INFRADEV 2.32 2.33 2.22 2.36 2.19 2.32 71974000 166977240 MEGAWORLD 0.139 0.14 0.13 0.139 0.129 0.139 6540000 884010 MRC ALLIED 0.305 0.38 0.31 0.31 0.31 0.31 20000 6200 PHIL ESTATES 14.4 14.56 13 15 13 14.4 3804200 52184230 ROBINSONS LAND 0.231 0.248 0.245 0.249 0.245 0.249 330000 80890 PHIL REALTY ROCKWELL 1.52 1.57 1.58 1.58 1.45 1.57 345000 504820 2.75 2.9 2.9 2.9 2.9 2.9 2000 5800 SHANG PROP STA LUCIA LAND 2.15 2.2 2.2 2.2 1.96 2.15 1137000 2241870 30.8 31 28.25 31 27.35 31 22578300 665785685 SM PRIME HLDG VISTAMALLS 3.3 3.38 3.35 3.46 3.25 3.37 189000 634450 1.17 1.18 1.2 1.33 1.15 1.18 2596000 3162190 SUNTRUST HOME 3.36 3.46 3.46 3.75 3.36 3.36 4454000 15722460 VISTA LAND
2550 86775100 994060 7400 17630 -19750 -1848740 -35950 2400 -1907130 680 45650530 -1081050 2900 -69597735 -8669090
SERVICES ABS CBN 16.02 16.14 16.1 16.5 15.9 16.02 267900 4337298 5 5.1 5 5.19 4.9 5 335400 1668495 GMA NETWORK 0.35 0.36 0.335 0.36 0.335 0.36 240000 85700 MANILA BULLETIN 11.8 13.6 13.72 13.8 11 12 13600 157114 MLA BRDCASTING 1930 1941 1840 1980 1840 1930 123430 235862070 -4024535 GLOBE TELECOM 1050 1066 985 1080 983.5 1066 360050 375402115 121836665 PLDT 0.038 0.039 0.034 0.039 0.034 0.039 1700000 63500 APOLLO GLOBAL 3 3.96 3 3 3 3 10000 30000 30000 DFNN INC ISLAND INFO 0.07 0.072 0.073 0.073 0.07 0.073 250000 17610 -2190 ISM COMM 1.43 1.44 1.34 1.45 1.32 1.44 40247000 55673520 1677240 NOW CORP 1.35 1.36 1.35 1.38 1.31 1.35 3490000 4698350 -67520.0002 TRANSPACIFIC BR 0.157 0.159 0.154 0.157 0.153 0.157 2290000 355120 1.6 1.63 1.45 1.68 1.4 1.6 3854000 6075030 -1568760 PHILWEB 2GO GROUP 5.95 6 6.1 6.5 6 6 87100 526507 -119714 CHELSEA 2.67 2.68 2.16 2.67 2.16 2.67 2631000 6378660 -1222350 41 41.8 38.8 41.8 38.8 41 774800 31,606,040( 17,207,214.9996) CEBU AIR 74.1 74.7 70.2 75.5 70 74.1 1682270 123390811.5 1284346 INTL CONTAINER 11 11.64 11.78 11.78 11.64 11.64 2400 28070 LBC EXPRESS 4.67 4.68 4.79 4.91 4.6 4.68 1935000 9155880 -4389140 MACROASIA 1.62 1.64 1.42 1.62 1.35 1.62 5184000 8008170 METROALLIANCE A 1.56 1.61 1.5 1.65 1.5 1.56 169000 259950 METROALLIANCE B 6.3 6.78 6.8 6.8 6.25 6.3 52800 338865 40999.9998 PAL HLDG 0.72 0.73 0.76 0.76 0.71 0.73 391000 287820 HARBOR STAR ACESITE HOTEL 1.05 1.25 1.25 1.28 1.25 1.25 10000 12740 0.026 0.028 0.026 0.029 0.026 0.027 10600000 290500 BOULEVARD HLDG 1.21 1.95 1.94 1.94 1.8 1.8 8000 14820 DISCOVERY WORLD 0.39 0.4 0.4 0.4 0.375 0.4 90000 35000 WATERFRONT 0.405 0.41 0.4 0.415 0.4 0.41 2420000 977950 -447500 STI HLDG BERJAYA 2.07 2.2 2.1 2.33 2.07 2.3 51000 108840 5.3 5.55 5.09 5.65 5.09 5.3 16120000 85462440 12705770 BLOOMBERRY 1.43 1.59 1.6 1.6 1.5 1.6 35000 53450 PACIFIC ONLINE 1.3 1.37 1.38 1.38 1.3 1.37 323000 433680 LEISURE AND RES 3.4 3.95 3.96 3.96 3.96 3.96 5000 19800 PH RESORTS GRP 0.305 0.315 0.29 0.32 0.285 0.305 7410000 2242350 29000 PREMIUM LEISURE 4.58 4.63 4.79 4.79 4.55 4.58 1189000 5477050 -423210 ALLHOME 1.36 1.37 1.31 1.37 1.28 1.36 2937000 3905500 344000 METRO RETAIL 34.2 34.45 32.5 35.15 32.5 34.2 3304600 112991985 13320850 PUREGOLD ROBINSONS RTL 52.2 53 51.45 53.2 51.45 52.2 1672590 87135510 -10949566 PHIL SEVEN CORP 125 127 131 131 125 131 30670 3951617 281439 SSI GROUP 1.22 1.23 1.12 1.24 1.12 1.22 1969000 2332760 -42190 WILCON DEPOT 12.6 12.86 12.7 13.2 12.6 12.6 3180800 40652222 -9088314 APC GROUP 0.25 0.255 0.26 0.27 0.25 0.255 7110000 1826400 -1096350 EASYCALL 5.1 5.49 5.25 5.7 5.02 5.05 11100 58812 320.2 340 301.4 399.8 301.4 340 2060 669974 GOLDEN BRIA 0.205 0.209 0.191 0.21 0.19 0.209 2030000 405980 PRMIERE HORIZON 5.21 5.9 6 6 5.8 5.91 16800 99103 SBS PHIL CORP MINING & OIL
ATOK 10 10.7 10.5 10.7 10.5 10.7 14700 156420 0.74 0.75 0.74 0.76 0.72 0.74 1111000 823850 APEX MINING 0.001 0.0011 0.001 0.0011 0.001 0.0011 35000000 35500 ABRA MINING 1.05 1.2 1.05 1.05 1.05 1.05 7000 7350 BENGUET A 0.211 0.25 0.25 0.25 0.25 0.25 50000 12500 COAL ASIA HLDG 2.5 2.53 2.48 2.53 2.47 2.53 169000 426070 37350 CENTURY PEAK 6.3 6.5 6 6.68 6 6.5 10900 69113 DIZON MINES FERRONICKEL 0.59 0.6 0.57 0.61 0.57 0.6 3717000 2197700 -566590 GEOGRACE 0.183 0.193 0.179 0.195 0.179 0.183 110000 20240 0.066 0.07 0.066 0.068 0.063 0.064 650000 41960 LEPANTO A 0.069 0.073 0.067 0.073 0.067 0.073 50000 3570 LEPANTO B 0.51 0.52 0.52 0.55 0.52 0.52 345000 182650 MARCVENTURES 0.86 0.9 0.85 0.9 0.84 0.86 31000 27550 NIHAO 1.63 1.64 1.55 1.79 1.53 1.63 5630000 9137390 -3660760 NICKEL ASIA 0.37 0.39 0.35 0.39 0.35 0.39 60000 22200 OMICO CORP 0.455 0.48 0.53 0.53 0.46 0.46 110000 51900 ORNTL PENINSULA 2.04 2.06 2.07 2.07 2.03 2.03 67000 137560 -24620 PX MINING 10.78 10.8 10.76 11.18 10.5 10.8 2845700 30878578 -11441670 SEMIRARA MINING 5.28 5.3 5.2 5.48 5 5.28 118300 626918 -22258 ACE ENEXOR 0.0082 0.009 0.0094 0.0094 0.0082 0.0082 6000000 52800 ORNTL PETROL A 4.08 4.09 3.85 4.2 3.8 4.09 898000 3585290 -72010 PXP ENERGY PREFFERED HOUSE PREF A 92.3 93 94 94.5 92.2 93 4350 404857 499 506 500 500 499 499 3000 1499910 AC PREF B1 98.5 100.2 99 99 99 99 1940 192060 ALCO PREF B 492 495 496 496 495 495 650 321760 9900 AC PREF B2R 97.9 98 97.9 97.9 97.8 97.9 40790 3990262 DD PREF 960 1000 970 970 970 970 200 194000 GTCAP PREF A 968 989 960 970 960 970 260 251190 GTCAP PREF B MWIDE PREF 99 99.8 99.8 99.8 98.2 98.2 1440 143098 98.8 99 99 99 99 99 1260 124740 PNX PREF 3A 102 105 105 107 105 105 2910 307150 PNX PREF 3B 996 999 995 999 995 999 250 249150 PNX PREF 4 1001 1010 1002 1002 1001 1001 300 300520 PCOR PREF 3A 1005 1010 1007 1010 1005 1005 2235 2250700 PCOR PREF 3B 75.6 76 76.4 76.4 75.5 75.5 3010 227264 SMC PREF 2C 74.1 75 74.05 74.05 74.05 74.05 1001000 74124050 SMC PREF 2E 74.5 74.9 74.9 74.9 74.45 74.9 2024700 150745990 SMC PREF 2F 74.2 75.1 74.2 74.5 74.2 74.2 37210 2762736 SMC PREF 2G 74.3 74.9 74.9 74.9 74.5 74.5 11000 823500 SMC PREF 2H 74.3 74.9 74.9 74.9 74.9 74.9 50 3745 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14 14.46 14.52 14.52 14 14 194700 2761480 -2693330 4.9 5 5 5 5 5 71400 357000 -0 GMA HLDG PDR WARRANTS LR WARRANT 0.7 0.79 0.76 0.77 0.7 0.77 65000 49900 SMALL & MEDIUM ENTERPRISES ITALPINAS 2 2.04 1.88 2.08 1.86 2 502000 1002300 -8120 6.15 6.16 5.9 6.18 5.63 6.15 147400 873411 -427750 KEPWEALTH 0.51 0.52 0.49 0.54 0.49 0.52 1510000 773800 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 81.5 81.6 79 82.5 78.6 81.5 28790 2322632.5 -35674
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SEC to accredit skeletal work force of capital markets
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By VG Cabuag
@villygc
he Securities and Exchange Commission (SEC) on Thursday said it started accrediting employees who will comprise the skeleton staff of capital market institutions and participants during the lockdown in Luzon with the enforcement of enhanced community quarantine (ECQ) by the government. The SEC has already received applications from at least 491 employees of capital market institutions and participants. In a notice dated March 22, the SEC issued the guidelines for the issuance of accreditation IDs or the equivalent certifications for capital market participants,
as required under Section A.2 of Resolution 13, Series of 2020, of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF). The IATF on March 17 allowed the Philippine Stock Exchange (PSE) and the Philippine Dealing System Group to resume their
operations effective March 18. T he f i xed- i ncome t rad i ng platform and the spot foreign exchange market under the PDS Group reopened on March 18, while the stock market resumed its operations on March 19. “Capital market participants are forewarned that the certification issued by the SEC shall be used only for capital market-related work. Any abuse in the use of this certification shall be dealt with accordingly, including the revocation of the certification,” the SEC said. To request for accreditation IDs or certifications, a capital market participant must submit a letter request addressed to SEC Chairman Emilio B. Aquino through e-mail (msrd_covid19@ sec.gov.ph). The request must be accompanied by a certified list of employees who shall comprise the skeleton staff, with further representation that they have been
provided certificates of employment or engagement specifying their home and office addresses. The requesting company must also issue a certification that it has adopted the pertinent policy, procedures and measures on social distancing, and made the necessary arrangements for the transportation of its employees, among others. T he cer t i f ic at ion sh a l l be signed by the president and/or any authorized responsible officer. An accredited employees must always bring his or her SEC-issued certification; company ID, certificate of employment, and a copy of IATF Resolution No. 13, Series of 2020, for presentation to law enforcement agencies. The government placed the entire Luzon under ECQ to prevent the spread of the coronavirus disease 2019, which has infected more than 600 in the island, according to data from the Department of Health (DOH).
Hospitals get aid from Manila Water A
mid the coronavirus disease 2019 (Covid-19) pandemic, the Manila Water Foundation deployed drinking water and water dispensers to 6 Quezon City public hospitals for medical frontliners on March 25. A total of 280 units of 5-gallon bottled water with water dispensers were deployed to Quirino Medical Memorial Center (QMMC), Quezon City General Hospital (QCGH), Veterans Memorial Medical Center (VMMC), Lung Center of the Philippines (LCP), Philippine Heart Center (PHC), and East Avenue Medical Center (EAMC) to help their doctors, nurses and staff stay hydrated during this time of national health emergency. Eleazar Tio, Training Specialist at QMMC, expressed his gratitude for the water dispensers and water bottle units. “We need to take water every now and then. Having an available water dispenser [would be beneficial to us]. Thank you for your continued support,” he said. He also shared that their frontline health-care workers currently need personal protective equipment, such as masks and disposable gowns, as well as access to transportation, food
and beverages. Manila Water Foundation Executive Director Reginald Andal stressed that helping frontliners is an expression of gratitude for their service. “The situation of Covid-19 as it unfolds day by day is challenging at all levels,” he said. “We are comforted that our health-care frontliners are doing their best to take care of all of us, but they are putting their own lives at risk in the process. The least we can do is to provide their vital needs such as water. This is our expression of gratitude for their selfless service, dedication and courage for public health." The frontline health care workforce has been the hardest-hit during the Covid-19 pandemic with the shortage of manpower, lack of access to PPE, and the rising number of Covid-19 patients. Last March 20, Manila Water Foundation initially deployed 20 units of bottled water to Philippine Heart Center (PHC), bringing the total to 1,500 gallons of drinking water for medical frontliners. The relief efforts are under Manila Water Foundation’s Agapay Tubig program, a disaster response program that aims to provide water relief to disaster-stricken areas.
AirAsia weighs options for long-haul subsidiary
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alaysia’s AirAsia Group Bhd. is weighing options for its long-haul unit AirAsia X Bhd. including introducing a financial investor to help shore up the unit’s finances, according to people familiar with the matter. The budget carrier is also studying alternatives including getting support from Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, or integrating AirAsia X into the group, the people said. Shuttering AirAsia X could also be one of the options, said the people, who asked not to be identified as the discussions are private. AirAsia, founded by entrepreneur Tony Fernandes, has been in talks with investment banks about strategic options for the long-haul unit, which reported a net loss of about 490 million ringgit ($113 million) in 2019, the people said. The discussions began even before the coronavirus pandemic disrupted global travel, one of the people said. Bond issuance to boost the unit’s financing has also been considered, the person said. Deliberations are at an early stage, and the company hasn’t made any final decisions about its
course of action, the people said. Representatives for AirAsia and Khazanah declined to comment. AirAsia’s long-haul arm suffered a setback in November when the United States Federal Aviation Administration banned Malaysian carriers from adding new US routes. The airline keeps its flights to Honolulu via Osaka, making it the only Malaysian carrier that flies to the US.
Unlimited pass
Months of pro-democracy protests in Hong Kong have hurt the group’s finances as there were less visitors to the former British colony, as well as the neighboring cities of Macau and Shenzhen. A lockdown in Malaysia, which has been extended to April 14 as coronavirus cases jumped, would add more uncertainties to AirAsia’s business. AirAsia recently sold a pass that allows passengers to take unlimited number of flights a year for 499 ringgit. The pass also lets customers pick long-haul routes, such as between Malaysia and Australia. Bloomberg News
mutual funds
March 26, 2020
NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 169.57 -35.7% -12.64% -9.88% -32.68% ATRAM Alpha Opportunity Fund, Inc. -a 0.8281 -48.49% -16.09% -11.73% -40.08% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.3063 -43.7% -17.06% -12.25% -37.3% Climbs Share Capital Equity Investment Fund Corp. -a 0.5775 -38.35% n.a. n.a. -35.63% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.5884 -31.93% n.a. n.a. -30.72% First Metro Save and Learn Equity Fund,Inc. -a 3.6717 -32.92% -10.47% -9.12% -31.09% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.5674 -34.93% -14.66% n.a. -33.53% MBG Equity Investment Fund, Inc. -a 63.92 -49.82% n.a. n.a. -38.14% PAMI Equity Index Fund, Inc. -a 33.2623 -35.74% -11.84% n.a. -35.14% Philam Strategic Growth Fund, Inc. -a 361.04 -33.36% -11.12% -8.98% -32.23% Philequity Alpha One Fund, Inc. -a,d,8 0.7536 n.a. n.a. n.a. -26.84% Philequity Dividend Yield Fund, Inc. -a 0.8694 -33.38% -10.83% -8.25% -32.44% Philequity Fund, Inc. -a 25.4333 -33.99% -10.21% -8.15% -32.89% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.6579 -36.37% n.a. n.a. -35.38% Philequity PSE Index Fund Inc. -a 3.3926 -35.24% -11.24% -8.15% -35.05% 565.64 -35.31% -11.28% -8.38% -35.14% Philippine Stock Index Fund Corp. -a Soldivo Strategic Growth Fund, Inc. -a 0.5338 -41.95% -14.39% -11.73% -37.3% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.7069 -36.97% -11.62% -9.01% -35.69% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.65 -35.36% -11.4% n.a. -35.05% United Fund, Inc. -a 2.4439 -33.72% -8.84% -7.13% -33.1% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 75.8198 -35.17% -10.78% -7.56% -35.17% ATRAM AsiaPlus Equity Fund, Inc. -b $0.8164 -18.71% -4.49% -4.17% -20.61% -1.27% n.a. -23.65% Sun Life Prosperity World Voyager Fund, Inc. -a $1.0527 -16.41% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4064 -17.92% -6.48% -6.34% -10.01% ATRAM Philippine Balanced Fund, Inc. -a 1.8342 -20.42% -6.98% -5.06% -15.9% First Metro Save and Learn Balanced Fund Inc. -a 2.1773 -17.39% -4.24% -5.89% -17.26% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1684 n.a. n.a. n.a. -26.3% NCM Mutual Fund of the Phils., Inc. -a 1.7048 -10.69% -2.45% -2.59% -13.16% PAMI Horizon Fund, Inc. -a 3.0568 -16.22% -5.34% -4.81% -19.33% Philam Fund, Inc. -a 13.7666 -16.57% -5.21% -4.74% -18.83% Solidaritas Fund, Inc. -a N.S. N.S. N.S. N.S. N.S. Sun Life of Canada Prosperity Balanced Fund, Inc. -a 2.9415 -23.26% -6.54% -5.53% -23.87% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.8171 -17.8% n.a. n.a. -19.55% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.7091 -28.6% n.a. n.a. -28.83% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.6887 -30.51% n.a. n.a. -30.66% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7045 -27.79% -8.63% -7.66% -27.73% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03693 2.61% 1.52% 0.97% -3.4% -3.42% PAMI Asia Balanced Fund, Inc. -a $0.8397 -15.28% -3.65% -19.1% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.1479 -13.67% -1.15% -1.01% -19.51% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $0.9601 -10.63% -1.77% n.a. -14.95% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a N.S. N.S. N.S. N.S. N.S. ATRAM Corporate Bond Fund, Inc. -a 1.9146 1.97% 0.53% -0.47% 0.66% Cocolife Fixed Income Fund, Inc. -a 3.1436 4.75% 5.08% 5.08% 0.88% Ekklesia Mutual Fund Inc. -a N.S. N.S. N.S. N.S. N.S. First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3553 4.46% 2.14% 1.2% -0.16% 8.76% 2.37% 1.57% -0.76% Philam Bond Fund, Inc. -a 4.3398 Philequity Peso Bond Fund, Inc. -a 3.7607 4.73% 2.62% 1.28% -0.73% Soldivo Bond Fund, Inc. -a 0.9567 4.56% 1.28% -0.01% -0.79% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0397 6.18% 3.76% 2.25% -1.18% Sun Life Prosperity GS Fund, Inc. -a 1.6898 6.36% 3.51% 1.9% -0.66% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a N.S. N.S. N.S. N.S. N.S. ALFM Euro Bond Fund, Inc. -a ЄN.S. N.S. N.S. N.S. N.S. ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0813 -6.94% -1.02% 0.02% -10.43% 0.4% 0.57% -2.33% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0252 0.4% PAMI Global Bond Fund, Inc -a $1.0364 -2.51% -0.95% -1.2% -5.37% Philam Dollar Bond Fund, Inc. -a $2.2928 1.95% 1.47% 1.42% -4.62% Philequity Dollar Income Fund Inc. -a $0.0593587 2.46% 1.43% 1.32% -1.58% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0505 2.84% 1.3% 1.46% -3.93% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.68 3.73% 2.96% 2.25% 0.72% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0334 2.75% n.a. n.a. 0.69% Philam Managed Income Fund, Inc. -a 1.2499 4.85% 2.88% 1.54% -0.54% 3.49% 2.97% 2.48% 0.7% Sun Life Prosperity Money Market Fund, Inc. -a 1.2735 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0394 1.72% n.a. n.a. 0.21% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.83 n.a. n.a. n.a. -16.16% 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 January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019. 5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."
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Banking&Finance BusinessMirror
Govt housing lender relaxes rules in amortization payment By Tyrone Jasper C. Piad @Tyronepiad
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he lead government agency mandated to undertake socialized housing for lowincome earners announced on the 11th day of the enhanced community quarantine in Luzon the easing of rules for loan payments. In a statement on Thursday, Social Housing Finance Corp. said that it was implementing a three-month moratorium on loan payment. SHFC said the moratorium took effect last March 16 and will end on June 16. Penalties on accounts whose due dates fall within the said period were also waived. SHFC said that customers do not need to apply for moratorium. The socialized housing finance
firm said their decision stems from government’s call “to exhaust all efforts to respond to the needs of Filipinos amid the threat of Covid-19 [coronavirus disease 2019] in the country.” The agency added its move is also in line with the advisory released by the Department of Human Settlements and Urban Development. Customers who still want to settle loan payment on time can do so in select branches of the Land Bank of the Philippines. The statement of accounts and abstract of collection could be digitally accessed through SHFC Portal to minimize exposure to virus, the finance company said. “We want to ease the financial burden of our stakeholders as we face this challenge,” SHFC President Ar-
nolfo Ricardo B. Cabling was quoted in the statement as saying. SHFC Senior Vice President for Operations Leo B. Deocampo, meanwhile, said that the moratorium could allow customers to prioritize their basic needs and security amid the pandemic. SHFC was established in 2004 with a mandate to undertake social housing programs for formal and informal sectors in low-income bracket. Apart from SHFC, banks earlier announced that they provided grace period for qualified borrowers amid the Luzon lock down. The government placed Luzon under a month-long enhanced community quarantine to contain Covid-19 that were found in over 600 persons and claimed the lives of 38 people, including doctors.
Finex raises Covid-19 relief funds
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he Financial Executives Institute of the Philippines (Finex) Inc. is raising funds to help combat the coronavirus disease 2019 (Covid-19) pandemic. In a recent statement, Finex Research and Development Foundation Inc. is soliciting and pooling donations from members and their companies to raise funds. Half of the donation will be allocated for the Philippine Disaster Relief Foundation that will acquire Covid-19 testing kits and personal protective equipment for medical frontliners. The remaining half will be given to the ABS-CBN Foundation Inc. to buy food and other basic necessities.
“Many of our countrymen, especially the daily wage earners and others who eke out a living on a day-today basis, are running out of food and resources to keep their families alive during this enhanced community quarantine period, which may even extend beyond its initial one month term,” Finex said. The organization said trustees of the Finex Foundation have already pledged an amount of P130,000. Finex said it expects more pledges from the trustees, members of its board of directors and the trustees of the Finex Academy Inc. It added that foundation trustees have agreed to match whatever amount
Finex members may donate for this project up to a maximum amount of P1 million. Earlier, Finex called on the government to release funds for emergency calamity amelioration, with focus on the most vulnerable sector of the country. The 52-year-old organization of financial executives also urged government-owned and -controlled corporations to pool resources for the proposed emergency calamity fund. The funds should be allocated to money and food for the poor, and small and medium enterprises, both of which were significantly affected by the ongoing Luzon lockdown, Finex added.
Tyrone Jasper C. Piad
CitySavings ‘loan rangers’ continue to service teachers amid quarantine
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espite closed borders among localities due to the enhanced community quarantine (ECQ) in various parts of the country, sales associates of City Savings Bank (a subsidiary of Aboitiz banking and financial services unit Union Bank of the Philippines) continue to process loans for customers who have urgent needs for financial services. The government has placed the country under a national state of calamity, with specific areas under ECQ measures as coronavirus disease 2019 (Covid-19) cases continue to rise. “Our lives have come to a standstill as we battle Covid-19 but I know that we at CitySavings have been working tirelessly to ensure that service to our customers remains unhampered,” CitySavings President and CEO Lorenzo T. Ocampo said. “Our sales associates now meet up with clients near checkpoint borders to process loans and they use our ‘Loan Ranger’ application.” CitySavings’ “Loan Ranger” application is the bank’s unique lending facility that allows sales associates to physically go to areas to process and approve a loan without the customer needing to visit a branch. To date, there are 188 loan rangers deployed in Luzon and 109 in Visayas and Mindanao. And since the ECQ was implemented, CitySavings, UnionBank’s thrift bank subsidiary, has been able to release 4,435 teachers’ salary loans. “The loan will help me a lot, particularly in this time of crisis where I need to buy food, my maintenance medicine,
A CitySavings ‘loan ranger’ meets a teacher from Polomolok, South Cotabato in need of urgent financial services near a government checkpoint at the boundary of General Santos City and Polomolok, South Cotabato. and important household necessities. I feel so relieved because of CitySavings’ service. It was excellent and beyond my expectation,”Concepcion Hechanova, a teacher at Polomolok Creek Integrated School said. Melanie Maranan, a teacher of Ilat Elementary School in San Pascual, Batangas, thanked CitySavings for being a “reliable partner” in this time of crisis. “They did not think twice to accommodate my loan application and met me personally despite the risks that the current situation brings. Their act of service is a testament of their love for us teachers. Thank you for your concern.” In 2019, CitySavings’ Loan Ranger was a finalist in the Bangko Sentral ng Pilipinas 16th Awards Ceremony, which
honors visionaries of change in the financial services industry for stepping up into the forefront of development. Meantime, CitySavings also found ways to continue delivering motorcycle loan services to clients. The bank announced earlier its extension of a 30-day loan payment moratorium for motorcycle loan borrowers in good standing. “Our motorcycle Loan Rangers have also become creative in sourcing and releasing motorcycles to clients. Branches watch out for each other by servicing both borrowers and depositors from other branches,” Ocampo said. “Our work goes on and I am proud to stand shoulder to shoulder with all of you,” Ocampo said.
Friday, March 27, 2020 B3
Govt to borrow locally via 35-day debt papers
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By Bernadette D. Nicolas
@BNicolasBM
he government plans to borrow a total of P190 billion for April alone from the domestic market as it makes the shift to lure investors through shorter-term debt papers amid the risk-off appetite due to the pandemic. The amount is also more than its borrowing program in April last year, data from the Bureau of the Treasury (BTr) showed. The BTr also said in a March 25 memorandum to all government securities eligible dealers that it is set to offer a total of P130 billion in Treasury bills (T-bills) and P60 billion in Treasury bonds (T-bonds) for the month. In addition to its usual offerings, the Treasury also announced that it will be offering 35-day T-bills. Of the P130-billion total T-bills offering for the month, P100 bil-
lion will be raised through the auction of 91-day, 182-day and 364-day IOUs while the remaining P30 billion will be composed of 35-day T-bills. National Treasurer Rosalia V. De Leon said Bangko Sentral ng Pilipinas’ suspension of its term-deposit facility auction prompted them to offer 35-day T-bills. “[The] 35-day T-bill provides outlet for investors while at the same time provides funds for our short term requirements,” De Leon told reporters in a mobile message. Doing away with longer tenors
for the meantime, the BTr also programmed to offer 1-year and 2-year T-bonds for April as De Leon said “appetite continues to be on shortterm tenors.” The auction for the usual T-bills is set to happen on a weekly basis while the auction for the 35-day Tbills as well as T-bonds is scheduled fortnightly. The BTr also opted not to release yet its full borrowing program for the second quarter as they continue to monitor developments. “[The] situation is still fluid; we will monitor developments and assess results of our auctions in April to determine if full issuance program for [the second quarter] can be released,” she said. In April last year, the Treasury programmed to borrow a total of P115 billion in a mix of 91-day, 182day, 364-day T-bills (P75 billion), 10-year and 20-year T-bonds (P40 billion). The government earlier set a P1.4 trillion borrowing plan for this year. About 75 percent of the borrowing will be sourced domestically while 25 percent will come from foreign sources.
Covid-19: Associations in Action Part Two
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n my column last week, I wrote about the speedy and decisive actions that associations here and around the world have done in the light of the coronavirus disease 2019 (Covid-19) outbreak. In all these good practices, the common underlying factors are: (a) direct involvement and hands-on action of the CEO; (b) focused messaging and provision of advisory services in mass communication channels; (c) moraleboosting campaigns to promote the industry; (d) engagement with government on policy support and funding assistance; (e) use of technology to do online events; and, (f) top-of-mind care and helpline for members. Twenty nine US patient-focused organizations, including the American Lung Association, American Diabetes Association and American Cancer Society, called on the US Senate leadership to pass a Covid-19 response bill enacted earlier by the House, while also pushing for additional measures in a forthcoming legislation. In the Philippines, 22 business organizations and associations wrote an open letter urging the government for the immediate passage of a special law to address Covid-19. On March 25, President Duterte signed into law the “Bayanihan to Heal as One Act” that grants him additional powers to implement measures to fight the coronavirus spread. The US Chamber of Commerce’s “ Understand ing t he Coronavirus” webinar, recorded in par t nership w it h t he
Association World Octavio Peralta Center for Disease Control and Prevention, discussed the impact of the virus on the private sector and what businesses should consider as they respond. Here, the Philippine Chamber of Commerce and Industry has issued an advisory on Covid-19 response guidelines. The American Medical Association has shared information with doctors via text-based recommendations and live video events, including a Facebook Live discussion that was held recently. The American Heart Association has a resource webpage, advising caution and preparation for people who have heart disease or who have survived a stroke, as they are among those facing a higher risk of complications from coronavirus. The Washington, DC-headquartered National Restaurant Association continues to engage with local, state, and federal officials to help employers and employees address this public health emergency through its coronavirus information and resources webpage. The US Travel Association’s “Emergency Preparedness and Response: Covid-19” toolkit provides guidance to travellers, a guide for communicating healthy travel practices, and other resources. The Columbus, Ohio-based Council of Development Finance Agencies’ new Covid-19 Resource
Center provides a collection of financing programs and resources to address disaster relief and recovery. The Brussels-based European Society of Association Executives has a dedicated webpage on coronavirus updates that provides measures currently put in place in many organizations in the Eurozone. In Asia, these are some of the associations that have Covid-19 advisory services for their members: the Asian Federation of Exhibition & Convention Associations, the Malaysian Association of Convention and Exhibition Organisers and Suppliers and the Singapore Association for Conventions & Exhibitions Organizers and Suppliers. While associations, which organize regular meetings, seminars, conferences and exhibitions, and whose revenue streams depend significantly on these events, are all struggling at this time, the general mood is one of positivity and optimism–that while the resilience of the association community is being tested now, it is in fact as strong as ever! The column contributor, Octavio “Bobby” Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center, which is expected to draw over 200 association professionals here and abroad. The two-day event is supported by Adfiap, the Tourism Promotions Board, and the PICC. E-mail inquiries@adfiap.org for more details on AS8.
Give ADB’s Asakawa financial leeway to address pandemic’s economic fallout
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inance Secretary and Asian Development Bank (ADB) Governor Carlos G. Dominguez III is pushing to empower ADB President Masatsugu Asakawa with more discretion in allocating the Bank’s budget as well as approving initiatives to address the “inevitable economic fallout” due to the pandemic. Dominguez urged his fellow governors to provide Asakawa with some leeway in handling the budget of the Manila-based multilateral lender as well as the authority to approve
crisis-related programs and projects “within reasonable limits.” “Now more than ever, we, the Board of Governors of the ADB, should do our part to support the ADB management in ensuring that its avowed functions are carried out with utmost efficiency and effectiveness. I therefore call on my fellow Governors to empower our trusted ADB President and the Bank’s Management to work alongside the governments of developing member-economies in dealing with the crisis in a highly responsive man-
ner,” Dominguez said in his emailed letter sent to the other 67 governors of the Bank. The country’s finance chief also pointed out the global health crisis spawned by Covid-19 compelled the government to rethink their priorities and “force a paradigm shift in the way they deal with global concerns.” “Extraordinary times call for extraordinary measures. A certain degree of discretion ought to be provided to the President on administrative matters, such as allocating the Bank’s budget and authority to
approve crisis-related programs and projects, within reasonable limits,” Dominguez added in the letter, a copy of which was also furnished to Asakawa. While societies adopt and adapt to radical steps needed to defeat the pandemic, he said ADB’s array of decisive measures carried out since early February under Asakawa proves that strong leadership translated into actions can “spell a difference in the lives of many.” “Amongst international financial institutions, the ADB is at the forefront of decisive measures to help
defeat Covid-19,” Dominguez said. On top of providing a $6.5-billion assistance package to its developing member-economies, along with grants and a private sector loan, the ADB has also kept the public regularly informed with its timely economic analysis of the impact of Covid-19, and continues to dialogue with international organizations and development partners on crafting global solutions to the virus-induced crisis, he added. “It is in these challenging times that we find the ADB board of di-
rectors and management working closely, with swiftness and fierce determination, and leading with clear guidance and direction,” he said. Moreover, he also expressed gratitude to Asakawa and the ADB board management and staff “for working tirelessly and responding swiftly to the needs of developing membereconomies struggling with containing the spread of the virus.” The ADB earlier extended a $3-million grant to the Philippines to help it fight the pandemic. Bernadette D. Nicolas
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Friday, March 27, 2020
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Lockdown! But how am I gonna eat? CHEF Sau del Rosario’s Beef Broccoli Casserole (contributed photo)
Today’s Horoscope By Eugenia Last
HAPPY BIRTHDAY: Take your time, consider the consequence of your actions and plan every move you want to make this year with precision, detail and foresight. Hold your cards close to your chest, and don’t reveal your plans until you know you have left nothing to chance. Impetuous behavior will lead to unnecessary mistakes. A strategy will count this year. Your lucky numbers are 7, 19, 23, 29, 35, 41, 47.
ARIES (March 21-April 19): Treat partnerships with care. Take measures to chill out and avoid letting frustration and anxiety lead to an argument. Do something you feel passionate about, or focus on a creative pursuit that will ease stress. Overreacting will lead to regret. ★★★
MA. STELLA F. ARNALDO
@akosistellaBM
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BEEF BROCCOLI CASSEROLE (six to eight persons) Ingredients: 1 kg beef tenderloin, cut into cube 1 kg broccoli florets 100 g garlic, minced 100 ml olive oil 1 tsp chili flakes Salt, pepper to taste 2 tbsps butter Procedure: 1. Blanch the broccoli in a hot salted water. Set aside. Half-cooked only. 2. Meanwhile, season beef with salt and pepper. 3. In a hot sautĂŠ pan over medium fire, place the garlic and cook for three minutes. Add the beef but do not stir, let all sides get brown. 4. Add broccoli and season with salt, pepper and chili flakes. 5. Cook for another two to three minutes and finish with 2 tbsps of butter. Meanwhile, Cebu’s very own Chef Myke “Tatungâ€? Sarthou (Talisay The Garden Cafe) suggests making soup as “it is the most nourishing and easy to do.â€? Here’s a quick recipe he has shared. CHICKEN SOUP (four persons) Ingredients: 1 whole chicken 6 slices ginger 1 onion, cubed 2 potatoes 1 carrot 1 head pechay or cabbage
CELEBRITIES BORN ON THIS DAY: Fergie, 45; Nathan Fillion, 49; Mariah Carey, 50; Pauley Perrette, 51.
SOMETHING LIKE LIFE
UTRITIOUS food is one of the best ways to help us beat this coronavirus (Covid-19) monster in our midst. So if you’re on a 14-day self-quarantine after having been exposed to a person under monitoring (PUM) or a person under investigation (PUI), or just stuck at home because of the enhanced community quarantine in Luzon, two of our cheffriends have gladly helped out in advising what food ingredients we must absolutely have in our refs. They are also sharing two very simple recipes we can follow to whip up flavorful and nutritious dishes for us and our families. Pampanga-based Chef Sau del Rosario (25 Seeds) says we need to fuel our bodies with a lot of food rich in vitamins to help achieve a strong immune system. So he suggests buying a lot of fruits (pomelo, lemon calamansi, mango and pineapple). For proteins, buy chickens, eggs, tofu and beef. He also recommends yogurt, coconut juice, electrolytes and water, and stocking up on broccoli, almonds, loose-leaf infused teas like moringga, green tea, turmeric, garlic, and ginger.
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TAURUS (April 20-May 20): Take your time. An impulsive move will set you back, but a well-thought-out plan executed with precision and detail will catapult you in a direction that will bring positive benefits. Work on honing your skills and advancing your position. ★★★
GEMINI (May 21-June 20): RDon’t get upset if someone makes an inconvenient last-minute change. Adjust and keep moving forward. Your ability to adapt will help you gain respect, as well as rewards for your patience and insight. Follow your heart, and refrain from overreacting. ★★★
CANCER (June 21-July 22): Don’t compromise your life. Recognize the difference between love and friendship. Find out what someone expects from you before you become too attached. You may not like change, but if something isn’t working, don’t linger over what needs doing. ★★★★
LEO (July 23-Aug. 22): A personal change will limit you. Keep the peace, and try not to initiate something that could backfire on you. Go back to the drawing board, and rethink your plans. What you come up with will lead to a better lifestyle. ★★★
1 tsp pepper Patis to taste Procedure: 1. Wash chicken pieces and put in a pot with water with ginger, carrots and onions. Cook over medium fire for 30 minutes. 2. Add potatoes, and season with some patis. 3. Before potatoes are fully cooked, add cabbage or pechay, and cook for a minute to two minutes. 4. Add pepper and serve. (You can also add other veggies of choice, says Chef Tatung.) These past few days, I, too, have been busy in the kitchen, cooking my own meals to avoid ordering. While I’d like to support our neighborhood restaurants, I also want to lessen the burden on the food preparation workers and the delivery guys, so as not to put their lives at risk by being constantly out there. Prior to the Metro Manila lockdown, aside from the fresh meats already mentioned by Chef Sau, I also stocked up on cans of corned beef, canned tuna in water, soy milk, instant soups, bottled sardines, spaghetti noodles, 2.5-kilo bag of brown rice, coconut sugar and the like. Just to explain, instant soups like Knorr’s line of cream of mushroom/corn/asparagus, etc., are the quickest way to get nutrition in your body. With one pack, you get at least five servings. Also, a pasta dish is one of the fastest to prepare; all one needs is to heat a can of tomatoes and mix in a tablespoon of butter, and half an onion. (For particulars, google “Marcella Hazan’s tomato sauce recipe.â€?) For variation, another easy pasta sauce is to mince garlic, and sautĂŠ in olive oil. Add some chili flakes, then sprinkle salt and pepper to taste. Just top on cooked spaghetti noodles. (You don’t have to completely drain the water from the boiled pasta, as the water helps flavor the sauce, as well.) I also had to buy cleaning items like wet wipes,
soap, disinfectant, dishwashing paste, and laundry detergent. Since I live alone, I didn’t have to buy 10 shopping cart-loads of consumer goods and supplies, like how a wanna-be socialite bragged on her Instagram account. My bill was just a little over P3,000 on goods just to tide me over the 30-day lockdown—I’m sure there will be a few left over I can pack in my regular calamity panic basket. While supermarkets are allowed to operate, I didn’t want to risk leaving the house anymore. (And I suppose we all wish we had enough funds to pay for a million-peso grocery tab. Unless that tab accounts for sharing these purchased items with those in need, and not just for stocking up our home pantries.) Of course, the bill on my maintenance medicine for some minor health issues is a different story altogether, and is almost three-fourths of my grocery bill. (Oh, the pitfalls of living in a country where pharmaceutical firms produce basic drugs at expensive ++ prices!) Mercifully, Healthy Options has already restocked their zinc tables after some people apparently purchased box loads of it as well. It still being Lent, I have no potato chips or any munchies at home. It was one thing I promised to give up for the period even before the lockdowns were announced. So watching Netflix and Amazon Prime movies or TV shows has been nerve-wracking. Good thing there’s a bottle of whisky nearby to calm me down. (They did say to stock up on alcohol, right?) Yes, this is going to be one looooong month. We need to keep ourselves properly nourished, as well as get enough sun and exercise. I’m sure there are other things we can do to keep ourselves occupied—reading books, cleaning the house, doing the laundry, or Marie Kondo-ing the crap out of your attic or garage. And if you can’t cook, well, this is probably the best time to expand your culinary repertoire beyond boiling an egg. Cooking is a life skill, as a celebrity chef once said. We’ll get through this, guys. â–
VIRGO (Aug. 23-Sept. 22): A personal revelation will help you recognize what you want and how best to initiate your plans. Don’t be afraid to invest in something that has potential. Invest in what you have to offer, and your options will grow. Romance is favored. ★★★★★
LIBRA (Sept. 23-Oct. 22): Don’t be lethargic when there is so much to do, see and learn. Satisfy your curiosity, and try something new. The possibilities are endless if you find something that motivates and inspires you. Hard work will pay off. ★★★★
SCORPIO (Oct. 23-Nov. 21): Leap forward, and leave the past behind. Revenge and regret are wastes of time. Free your mind and engage in the things that promote creativity, not something that makes you fearful. Positive thoughts will alter the way you live. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Opposition will pop up if you stretch the truth. If you want to get ahead or get along with others, you’ll have to be more attentive and willing to compromise. Keep the peace, and offer others a comfortable and stressfree environment. ★★★
CAPRICORN (Dec. 22-Jan. 19): Do what’s best for you. Spend time with someone who brings out the best in you and makes you laugh. A change at home or to the way you live will enhance your personal life and encourage peace of mind. ★★★★★
AQUARIUS (Jan. 20-Feb. 18): Pick up knowledge or skills that will help you get ahead. Refuse to let anyone make decisions for you or set you back financially. Put a plan in place, and don’t stop until you reach your destination. ★★
PISCES (Feb. 19-March 20): Make a to-do list, and get started. Revisit old ideas, and search for a way to fulfill your dreams. Fleshing out your plans with someone you look up to will bring a new dimension to your original method. ★★★★ BIRTHDAY BABY: You are outspoken, detailed and energetic. You are sentimental and dedicated.
‘gardeners’ BY ALLISON UTTARO The Universal Crossword/Edited by David Steinberg
ACROSS 1 Lawn mower part or target 6 Light bulb units 11 City street sight 14 Push away 15 Child’s response to a favorite story 16 Pirate’s sound 17 She scored the final goal in the 2019 Women’s World Cup 19 Astronaut Jemison 20 Oreo Thins have less of it than Oreos do 21 “___ been a while� 22 Org. for attorneys 23 A while ___ 25 Units of resistance 27 Lit review 28 Hyundai or Honda product 29 Under the Net author 32 Vote into office 34 Crystal ball user 35 Source of evidence for insurance claims 38 Silence 42 Casual greeting 44 Host
45 Anchor on CNN Newsroom 50 Right angle 51 Tax law whizzes, briefly 52 Exam with logic games: Abbr. 53 “As I ___ saying...� 54 Obtain 55 Recipe meas. 57 Chocolatier of children’s literature 60 “What ___ the odds?� 61 Voice of Elastigirl 65 Ending for “Bat� or “Spider-� 66 Grammarian’s concern 67 Link with 68 December hrs. in Dover 69 Submarine seeker 70 One may be bendy DOWN 1 Sound on a winter day 2 Zodiac sign with the shortest name 3 5’s are the best ones 4 ___ in the headlights look 5 Beauty magazine 6 Greet with a gesture 7 What birthday candles represent 8 Lucky charm 9 Lean
10 Classic console that anagrams to NESS 11 Sporty Chevy 12 Koran’s language 13 You may hold yours underwater 18 Love, in Lima 23 Passed with flying colors 24 Black-tie bash 26 Food additive letters 27 Outdated format for a 45-Down 29 Needing a shower, say 30 Aduba of Orange Is the New Black 31 Option on a library’s website 33 Pork or veal pieces 36 Satisfied sound 37 College dining hall option 39 Drink that’s often free 40 Former “FBI� actress Ward 41 Slippery fish 43 Timeline markings, for short 45 “Minecraft� or “Hearthstone� 46 Works with arias 47 Inventor’s goal 48 Attorney 49 Texter’s “Alternatively...� 55 Ergo
56 58 59 62 63 64
Just OK What squirrels seek Create a scarf, maybe JFK alternative Letter before theta Column’s counterpart
Solution to yesterday’s puzzle:
Show BusinessMirror
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Friday, March 27, 2020
B5
Heartwarming, hilarious and fantastic movies on GMA this Sunday
MENGGIE COBARRUBIAS (PHOTO FROM GINA COBARRUBIAS’S FACEBOOK PAGE)
IZA CALZADO (PHOTO FROM IZA CALZADO’S INSTAGRAM PAGE)
A WEEKEND full of romance, fun and magic awaits viewers on GMA with another set of entertaining movies on March 29. The schedule of screenings is available on www.gmanetwork.com/entertainment/ schedule. All set to make the public believe in fairytales anew is well-loved movie The Little Mermaid on Kapuso Movie Festival. Ariel, a mermaid princess, is dissatisfied with life under the sea and curious about the human world. Head-over-heels in love with a charming mortal, Ariel summons up her courage to come to an ill-advised arrangement with the ocean’s cunning and terrible sea-witch Ursula in hopes of winning his heart. GMA Blockbusters presents the campy comedy film Temptation Island, starring Marian Rivera-Dantes, Heart Evangelista, Lovi Poe, Solenn Heussaff-Bolzico, and Rufa Mae Quinto. It follows the story of four beauty pageant contestants sailing on a yacht as they vie for the coveted title of Miss Manila Sunshine. They ended up being stranded on a deserted island after an accident. Together with three attractive young men, a maid, and the gay pageant director, watch how the four ladies make their time worthwhile. Meanwhile, the hit action-fantasy movie Fantastic Man, headlined by Vic Sotto and Michael V., returns on Sunday Night Box Office. It tells the story of Fredo (Vic), a naive and gullible laboratory assistant to Professor Manalo (Michael V). Fredo is also the professor’s regular subject for his experiments which are often disastrous to any human being. By accident, he acquires superpowers that cause him to transform and become Fantastic Man to save his town in the hands of the enemy.
Coronavirus continues to impact local showbiz
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BY GERARD S. RAMOS Lifestyle & Entertainment Editor
HE global pandemic that is the coronavirus disease 2019 (Covid-19) continues to impact the entertainment industry everywhere, with film and TV productions grinding to a halt, and theaters from West End to pockets around these parts reduced to ghost towns. However, the virus is spreading despair that goes beyond economics. Gawad Urian awardee Menggie Cobarrubias, last seen on the just-concluded hit GMA prime-time series Beautiful Justice, is the latest member of the local entertainment community to have been downed reportedly by Covid-19-related complications from pneumonia. According to accounts, the actor had been tested for the coronavirus and was awaiting the results when he passed away at the Asian Hospital last Thursday, March 26. Last Wednesday evening, Cobarrubias posted on his Facebook page a simple message: “Goodbye.” His passing was confirmed by the actor’s wife,
Gina, in social media. “Goodbye, my love. Thank you for the 30 wonderful years. I love you. Dear God, please give me the strength to be able to face this very difficult moment of my life,” wrote Gina Cobarrubias in a Facebook post on Thursday morning. Menggie Cobarrubias won the Gawad Urian for Best Supporting Actor in 1979 for his performance in the Lino Brocka classic Jaguar. In 2014, he won the Best Actor prize at the QCinema International Film Festival for his role in the movie Mauban: Ang Resiko. Besides Cobarrubias, longtime Eat Bulaga host and actress Ruby Rodriguez has also been impacted by Covid-19, her sister, Dr. Salvacion “Sally” RodriguezGatchalian, president of the Philippine Pediatric Society, passing away in the morning of March 26. “As of 6 am, my sister Dr. Sally Gatchalian, who fought really hard, has joined our Lord God and Creator. We her family thank you all sincerely for praying with us. Stay safe and keep on praying,” Ruby posted in her Facebook page last Thursday. Meanwhile, there is still no update on the status
of actress Iza Calzado, who posted on Wednesday, March 25, this message on her Instagram account: “Hello, everyone. It’s been a while but I thought I’d update you all. I’m currently hospitalized for pneumonia and so, I was tested for Covid-19 and I’ve been waiting for the results for several days now. It’s been a challenging time for me but it cannot compare to the frontliners who have cared for me and to whom I am so grateful. My heart goes out to everyone in these trying times, especially those who risk their lives every day to care for their loved ones.” The photo that accompanied her Instagram post showed in the actress wearing an oxygen mask and a hospital gown. “I am hoping you all can join me in prayer for those who are currently sick and their loved ones, for every person struggling to cope in these tough times. And most especially, for the medical workers who are doing their best despite the hurdles. I count this time as an opportunity to be kind. To be a source of love and light. With the grace of God, I can fight this and we all fight this together,” Calzado concluded in her Instagram post. ■
LADY GAGA SAYS WRONG TIME FOR ‘CHROMATICA’
LADY GAGA has shelved her forthcoming album Chromatica for now, saying it’s not the right time amid a global fight with the coronavirus. Gaga said on her social-media pages on Tuesday that “after a lot of deliberation, I’ve made the incredibly tough decision to postpone the release of Chromatica. I will announce a new 2020 release date soon.” The album had been scheduled for release on April 10. Gaga already had a set of Las Vegas concert dates tied to the release canceled, and said on Tuesday that she had also planned a surprise set at the Coachella music festival, which was also previously postponed. “This is such a hectic and scary time for all of us,” Gaga said. “And while I believe art is one of the strongest things we have to provide joy and healing to each other during times like this, it just doesn’t feel right to me to release this album with all that is going on during this global pandemic.” AP
Appreciating the small things GAB FAB JET VALLE
@jetvalle
I THOUGHT I lived a boring life prior to the community lockdown. I worked, I played and I fixated on a lot of hot guys. That seemed to be my life. My schedule was far from insane, but I would often complain how complicated it was. I would lament about the traffic, being overworked, mindless meetings, useless chores, proclaiming with excathedra how I think this was such a boring life...far from the one I used to fantasize about where I was a supermodel traveling all over the world and just pouting to earn my coins. Now, with no-thanks to this community quarantine, I now really live a boring life. These days, a typical day would be waking up, eating breakfast, with everything now tasting better because I know
God has given me and my family this blessing of having food on the table. I would then proceed to do my work-from-home duties, have lunch, and work from home again. By early evening, I would be by the window naming the tall trees outside our house. I would talk to them and laugh with them like a small girl. Then I would pray, talk to myself, read, watch TV and pray again to thank God for keeping me and my family safe. The days seem long but I know I have to stay home because here, I am safe. It is also one way to help not spread the coronavirus. I really can’t wait for the country to flatten the curve, so to speak, so our lives would get back to normal again. Well, not exactly back to normal, as this experience has opened my mind and I would like to take whatever positive lessons I get from this to the next chapter of my life, such as appreciating the small things, helping people in need the best way I can and more. ■■■ AS people go through this challenging time brought about by a global health pandemic, up-and-coming star Vance Larena reminds people to have faith even when feeling lost through his debut song under Star Pop, titled “Tama.” “My first single is finally here! What used to be just a dream is now real,” shared Vance. “This song is
for every Filipino. My little share in the midst of what we’re all currently going through. Hope you’ll love it!” he added. The melancholic track, written and arranged by David Dimaguila and produced by Star Pop head Rox Santos, explores the value of trust, especially in the face of accusations of infidelity in romantic relationships. The underlying message of the song, though, is how a committed person should choose to have faith in his partner despite doubts, and to always believe in God’s plan rather than his own. Even though “Tama” is the first official record under his name, Vance is no stranger to music, having starred on the musical film Bakwit Boys and playing the lead role in the musical theater adaptation of Jose Rizal’s Noli Me Tangere, dubbed Kanser, both in 2018. He also played a lead role in several original Filipino musicals from the Philippine Stagers Foundation, including San Vicente, Enzo Santo, Troy Avenue, Ako Si Ninoy and Katips, as well as the role of Zelim in Dulaang UP’s Orosman at Zafira. Vance also garnered praise for his impressive performance in the critically acclaimed Netflix original Filipino film Dead Kids last year, and can also be seen on two of iWant’s original offerings, Story of My Life and Hush.
VANCE LARENA
B6 Friday, March 27, 2020
GCash: Leverage digital technology to reduce risk of viral transmission
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ILIPINOS are now scrambling to keep their home supplies at bay, as the deadly novel coronavirus (COVID-19) has spread in various parts of the country, and a community quarantine has been ordered in certain areas of the archipelago. With many people stockpiling their homes with food and other grocery items to prepare for more stringent quarantine measures, the exchange of paper money is faster than ever. Paper money, according to various studies, can harbor the viruses and bacteria that they contract with for several days. This may include the deadly novel virus that has forced the world into a pandemic. Aside from practicing personal hygiene, the World Health Organization (WHO) has already encouraged everyone to use contactless payment solutions to avoid viral transmission via banknotes and coins. Thus, GCash, the leading mobile wallet in the Philippines, is encouraging Filipinos to adopt a more digital lifestyle, especially at times like these, when crises strike everyone the hardest. “We at GCash believe that there is power in technology, and Filipinos could benefit from this, especially during emergencies,” GCash President Anthony Thomas said. Transferring funds to loved ones in the provinces. For instance, a man who works in quarantined Metro Manila may send money to his loved ones in Bicol via GCash.
He may send the money to their GCash wallets or transfer funds from his GCash account to their bank accounts via the Bank Transfer option in the GCash app. No queues at payment centers. By using the GCash Pay Bills service, anyone with a GCash account may settle their utility bills, credit card bills, cable and internet bills, insurance, real estate, and even government dues without going out of the comforts of their homes. Likewise, instead of going to stores, users may use their GCash wallets to shop online. Through its partnership with Lazada, which has the widest arrays of goods being sold, GCash users may opt to buy their grocery items or even daily necessities via their mobile phones. The items they purchased will then be delivered to their doorsteps, reducing their risk of contact to the virus. But if it is really necessary to go outside and buy daily necessities from the grocery store, GCash users may also use their mobile wallets to purchase goods via the revolutionary Scan-to-Pay (STP) via QR or STP via Barcode payment systems, which are accepted in over 70,000 merchants in the country. They may either use their available balance or tap into GCredit, a credit facility embedded in the GCash app, to transact with grocery stories like Puregold. GCash users with GSave savings accounts may also digitally cash out their money when emergencies arise. The
money, when cashed out from the GSave account, directly goes into the GCash wallet balance, and instead of physically cashing the money out of ATMs, they may opt to use their digital wallets to transact with various merchants across the Philippines. These are just some of the services that Filipinos may benefit from during the global pandemic. But while frictionless payments reduce the risks of spreading the virus, everyone should still keep in mind that proper hygiene, as directed by the Department of Health, should be thoroughly and strictly practiced.
HBA-Manila design office’s principal moves up as partner in HBA leadership group
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LOBAL hospitality design company Hirsch Bedner Associates’ (HBA) kicked off the new decade with the addition of four new partners to their leadership group, including HBA Manila Design Office Principal Normawn Agleron. Having spent over 20 years in the hospitality design industry—in Singapore, Shanghai, and Australia--, Agleron was recognized for his growth in design experience and for singlehandedly overseeing more than 40 designers in HBA Manila Design Office, taking it to where it is today. Under his leadership, the team has increased its presence in the local and regional hospitality design field in just a few years, creating impressive, inspiring, and memorable spaces including Marquis Events Place in BGC; La Piazza Italian restaurant, the Michelin-star Shanghainese fusion restaurant Yu Lei, The Grand Ballroom, and The Retreat Spa at Okada Manila; the Acqua Novotel Suites, the SunValley Casino and Hilton Hotel in Clark, and most recently, the newly-opened Casa Buenas at Resorts World Manila, to name a few. HBA Manila Design Office has not been limited to designing for the hospitality industry, although it comprises at least 80 per cent of their current work. The rest of what they have in their portfolio are a mix of commercial, corporate, and private residences. “Interestingly enough, it was the
Norman Agleron
other way around in our first two years of business,” Agleron reveals. HBA has been a consistent top choice among businesses, having been able to create brand-strengthening moods, scenes, and experiences for several top hotels, resorts, residential buildings, and business establishments, worldwide. The company has also been cited for two outstanding projects late last year for the Design industry’s premiere design awards program, Best Of Year (BOY) 2019 Awards--the Fairmont Maldives Resort Hotel and the Sifang Boutique Hotel.
Pilmico mobilizes 30-day food distribution for Covid-19 frontliners
Helps sustain livelihood of local bakers
At the Buru-un Checkpoint in Buru-Un, Iligan City, Lanao del Norte.
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ILMICO began its 30-day distribution of food to critical sectors such as hospitals and military checkpoints in Iligan and Tarlac cities to aid frontliners who are fighting the COVID-19 crisis The first batch of donations was turned over last March 21 by team members of Pilmico Foods Corporation, the food business unit of the Aboitiz Group. The team visited hospitals and checkpoints on two simultaneous distribution activities in Tarlac City and Iligan City. “Every day, as the uncertainty associated with the threat of COVID-19 grows, those of us in a position to help, have an obligation to do so... It is these moments when our mission to help advance the communities we operate in matters the most,” said Tristan Aboitiz, Pilmico President and CEO. Aboitiz also noted: “In an effort to provide a measure of relief to the communities around us who are affected by this crisis and the frontliners who secure our safety, over the coming days, Pilmico will continue distributing food and medical supplies such as N95 masks, surgical masks and 70% ethyl alcohol.” The bread donations are sourced from Pilmico partner bakeries under its Kutitap Feeding Program to help funnel income to local bakers amid the enhanced community quarantine. Kutitap is Pilmico’s feeding program that addresses malnutrition among students while providing an additional source of income for partner bakeries. Assistance in Tarlac City In coordination with the Tarlac Capitol - Incident Command Center and the Tarlac Provincial Police Office, Pilmico distributed an initial donation of 900 pieces of bread from Norlyn Bakery. The bread donations were allocated to Tarlac Provincial Hospital, and checkpoints in
Distribution at the Iligan Medical Center Hospital, one of the initial beneficiaries of Pilmico’s 30-day bread distribution in Iligan City.
Aranguren, Bamban, Brgy. Lourdes, Capas, Concepcion, Cristo Rey, Magalang-Concepcion Road, and Subic-Clark-Tarlac Expressway. “We feel honored that Pilmico chose our products for the frontliners who are now the new heroes facing COVID-19. We are also grateful to be part of the response because the bread production meant continuous work for our employees. Maraming salamat po (Thank you very much.),” said Normelinda Chavez of Norlyn’s Bakery. Food aid for Iligan City Pilmico also distributed 900 pieces of bread from four partner bakeries in Iligan City – C&G Bakery, Leyson Bakeshop, Shandy’s Bakeshop, and Mandy’s Bakeshop. The donations were distributed to Adventist Medical Center, Iligan Medical Center Hospital, Dr. Uy Hospital, and Mercy Community Hospital, as well as the military checkpoints in Buru-un, Ditucalan,
and Dalipuga. “It’s humbling to experience going to these locations and assisting our fellow Filipinos who are battling COVID-19 head-on. It made me realize that at times like this, reaching out and helping people who are greatly in need will always be worth it,” shared Gregory Canoy, Pilmico Corporate Social Responsibility Specialist who aided in the distribution. Since 2013, the Kutitap Feeding Program has been an instrument in addressing malnutrition among pupils from Kinder to Grade 2, while helping local bakery businesses to prosper with increased sales, productivity, and community awareness. This time around, the Kutitap partner bakers will provide food aid to the COVID-19 frontliners who are risking their own health and lives to help the nation combat the disease.
The Tarlac Provincial Anti-COVID-19 Task Force is housed at the Tarlac Capitol Incident Command Center. The center served as the main drop off point for all donations to the Tarlac Provincial Hospital.
Pilmico team members with Police Major Jim Tayag of Tarlac Provincial Police Department during the first day of the 30-day bread distribution initiative
www.businessmirror.com.ph • Editor: Angel R. Calso
The World
Singapore economy plunges in early sign of pain in Asia
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INGAPORE’S economy contracted the most in a decade in the first quarter, a bellwether for the rest of Asia as the fast-spreading coronavirus shuts down vast parts of the world. Gross domestic product fell an annualized 10.6 percent in the first quarter from the previous three months, with the government now expecting a sharp full-year contraction in the economy of 1 percent-4 percent. As the first Asian country to publish quarterly GDP data, Singapore foreshadows the pain the rest of the region can expect. Thailand is already projecting its biggest economic contrac tion since the Asian financial crisis more than two decades ago, and several countries are bracing for the worst outcome in years. Pu rc h a s i n g m a n a g e r s s u r ve y s a re showing severe contractions in global output at the beginning of the year, with many economists expecting secondquarter figures to be even worse. Singapore’s data “is like the canary in the mineshaft and warns of further economic pain to come for other Asian economies,” said Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp. in Singapore. “Global growth forecasts revisions downwards have been coming fast and furious.”
The quarterly plunge in Singapore’s GDP was worse than the median forecast of an 8.2-percent decline in a Bloomberg survey of economists. Compared with a year earlier, GDP fell 2.2 percent in the first quarter, versus a median estimate of -1.4 percent. Other key details of the GDP report, based on annualized quarter-on-quarter data: n Manufacturing rose 4.2 percent, rebounding from a 5.9 percent contraction in the fourth quarter; n Construction plunged 22.9 percent due to supply-chain disruptions and delays in the return of foreign workers given travel restrictions; and n Services shrank 15.9 percent with airlines, hotels and restaurants hit by a drop in tourism. “A s the global Covid-19 situation is still evolving rapidly, there remains a significant degree of uncer tainty over the severity and duration of the g l o b a l o u t b re a k , a n d t h e t r a j e c t o r y of the global economic recover y once the outbreak has been contained,” the M i n i s t r y o f Tr a d e a n d I n d u s t r y s a i d in a statement. “ The balance of risks, however, is tilted to the downside.” The Singapore dollar was down 0.2 percent against the US currency as of 11:35 a.m. on Thursday. Bloomberg News
SECRETARY of State Mike Pompeo speaks during a news conference at the State Department on Wednesday, in Washington. Pompeo said the Group of Seven members were all aware of China’s “disinformation campaign” regarding the coronavirus outbreak, as the two countries dispute the origins of the disease. ANDREW CABALLERO-REYNOLDS/POOL PHOTO VIA AP
G-7 foreign ministers spar over virus amid pandemic
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ASHINGTON—Foreign ministers from the Group of 7 leading industrialized democracies sparred on Wednesday over whether to call out China as the source of the coronavirus pandemic. Meeting by videoconference because of the outbreak, the ministers agreed on the need for joint efforts to halt the spread of the novel coronavirus, which causes a disease being called Covid-19. But US and European diplomats said the ministers were unable to agree on Secretary of State Mike Pompeo’s call for the virus to be identified by name as the “Wuhan virus.” As a result, just a day after G-7 finance ministers and central bankers issued a joint communiqué referring to the Covid-19 virus, the foreign ministers opted against releasing a group statement. US officials pointed to Tuesday’s finance ministers’ statement to reject suggestions of G-7 disunity and said the foreign ministers had never intended to release their own communiqué. European officials said Pompeo had insisted on identifying the Covid-19 virus as the “Wuhan virus” even though the World Health Organization and others have cautioned against giving it a geographic name because of its global nature. In recent weeks, Pompeo has stepped up his use of “Wuhan virus,” accusing China of putting the world at risk by not revealing more details about the outbreak, which was first reported in the city of Wuhan. President Donald Trump had until very recently frequently referred to the novel coronavirus as the “China virus” or the “Chinese virus,” but since the beginning of this week has steered away from those terms as critics have said they foster discriminatory sentiments and behavior against Asians and Asian Americans. In a solo news conference after the meeting, Pompeo again referred to the
“Wuhan virus,” saying it was “the most pressing agenda item.” He said all the foreign ministers had “committed to fighting (it) with transparency, as is necessary all around the world.” He did not deny there had been disagreements over what to call the virus, but said all the ministers had acknowledged that China had not been forthcoming about its details early on and was now trying to shift the narrative about it. “Every one of the nations that was at that meeting this morning was deeply aware of the disinformation campaign that the Chinese Communist Party is engaged in to try and deflect from what has really taken place here,” Pompeo said. Other foreign ministers were not nearly as emphatic in their own comments about the meeting, with at least one leaving open the suggestion that China is not the only country trying to use the outbreak to advance political points. French Foreign Minister Yves Le Drian said in a statement that he had “underscored the need to combat any attempt to exploit the crisis for political purposes and expressed the view that the unity of all in order to effectively combat the pandemic must now take precedence over any other considerations.” Th e d i s a g re e m e n t o ve r t h e v i r u s terminology was first repor ted by the German publication Der Spiegel. German officials said they were more concerned about what would come from a virtual summit of the Group of 20 nations leaders that is supposed to be held on Thursday at the request of Saudi Arabia. US officials, meanwhile, downplayed the disagreement among the foreign ministers and pointed to the G-7 finance ministers’ statement from Tuesday that did not mention either “Wuhan” or “China” in relation to the virus and instead referred to it repeatedly as the Covid-19 virus. AP
BusinessMirror
Friday, March 27, 2020
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Covid-19 deaths top 1,000 in US, New York struggles
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EW YORK—New York authorities mobilized to head off a public health disaster on Wednesday, with the city’s emergence as the nation’s biggest coronavirus hot spot a warning flare—and perhaps a cautionary tale—for the rest of the country as US deaths from the pandemic topped 1,000.
A makeshift morgue was set up outside Bellevue Hospital, and the city’s police, their ranks dwindling as more fall ill, were told to patrol nearly empty streets to enforce social distancing. Public health officials hunted down beds and medical equipment and put out a call for more doctors and nurses for fear the number of sick will explode in a matter of weeks, overwhelming hospitals as has happened in Italy and Spain. Spanish lawmakers agreed to extend by two weeks a state of emergency that has allowed the government to maintain a national lockdown. In Washington, the Senate in a unanimous, late-night vote passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems that is the largest economic relief bill in US history. The House could pass it on Friday. Worldwide, the death toll climbed past 21,000, according to a running count kept by Johns Hopkins University. The number of dead in the US rose to 1,041 as of late Wednesday, with nearly 70,000 infections. New York State alone accounted for more than 30,000 cases and close to 300 deaths, most of them in New York City. Gov. Andrew Cuomo, again pleading for help in dealing with the onslaught, attributed the cluster to the city’s role as a gateway to international travelers and the sheer density of its population, with 8.6 million people sharing subways, elevators, apartment buildings and offices. “Our closeness makes us vulnerable,” he said. “But it’s true that your greatest weakness is also your greatest strength. And our closeness is what makes us who we are. That is what New York is.” Some public health experts also attributed the city’s burgeoning caseload in part to the state’s big push to test people. Troy Tassier, a Fordham University professor who studies economic epidemiology, suggested the increase shows New York would have fared better had it acted sooner to order social distancing. Nearly 7 million people in the San Francisco area were all but confined to their homes on March 17, and California put all 40 million of its residents under a near-lockdown three days later. The order to stay at home in New York State did not go into effect un-
til Sunday evening, March 22, and New York City’s 1.1 million-student school system was not closed until March 15, well after other districts had shut down. Dr. Mark Dworkin, an epidemiology professor at University of Illinois-Chicago, said he hadn’t followed New York’s situation closely enough to say whether he would have done it differently, but he noted that moving quickly is critical -- and sometimes difficult to do at early points, when the public doesn’t sense an imminent threat. “At first, I think there’s a certain amount of disbelief that goes on,” he said. “I think that contributes, to some extent, to the lack of putting the foot on the gas pedal on some of the control measures that we know we need to do.” After New York’s first positive test came back on March 1—in a health care worker who had traveled to Iran and secluded herself upon returning—Mayor Bill de Blasio and Cuomo initially cast the disease as a dangerous threat but one that the city’s muscular hospital system could handle. The risk to most New Yorkers, they said, was relatively low. But their message shifted, as it did with many other leaders, who found themselves acting on new information in an uncharted, fastchanging situation. Tassier said it wasn’t too late: “We can still make things better than they would be otherwise.” In a measure of how the virus is permeating life in ways big and small, the mayor said authorities would remove basketball hoops at 80 public courts where people were not respecting socialdistancing instr uctions not to shoot around with anyone outside their households, while leaving up roughly 1,700 others where there were no problems. Dr. Deborah Birx, the coordinator of the White House’s coronavirus task force, said at a briefing that the number of new cases in New York City has been relatively constant over the last three days. But she warned hospital cases will continue to increase because they reflect people who contracted the illness before full mitigation efforts kicked in, and urged city residents to follow White House recommendations. “To every American out there, where you are protecting yourself,
PATIENTS wear personal protective equipment while maintaining social distancing as they wait in line for a Covid-19 test at Elmhurst Hospital Center on Wednesday, March 25, 2020, in New York. Gov. Andrew Cuomo sounded his most dire warning yet about the coronavirus pandemic on Tuesday, saying the infection rate in New York is accelerating and the state could be as close as two weeks away from a crisis that sees 40,000 people in intensive care. Such a surge would overwhelm hospitals, which now have just 3,000 intensive care unit beds statewide. AP/JOHN MINCHILLO
you are protecting others,” Birx said. In other developments around the globe: n The legislation passed by the Senate is intended as relief for an economy spiraling into recession or worse and a nation facing a grim and mounting death toll. The package would give direct payments to most Americans, expand unemployment benefits and help small businesses make payroll. A controversial, heavily negotiated $500 billion program would guarantee subsidized loans to larger industries, including airlines. Hospitals would get significant help as well. Stocks rallied on Wall Street for the second day in a row. n Prince Charles, the 71-year-old heir to the British throne, tested positive for the virus but was showing only mild symptoms and was isolating himself at a royal estate in Scotland, his office said. n Spain’s death toll rose past 3,400, eclipsing China’s, after a oneday spike of 700 fatalities. It is now second only to Italy, with over 7,500 deaths. “We are collapsing. We need more workers,” said Lidia Perera, a nurse at Madrid’s 1,000-bed Hospital de la Paz. The Parliament’s vote will let the government extend strict stay-at-home rules and business closings until April 11. n China’s Hubei province, where the outbreak first emerged late last year, started lifting its lockdown. The 67 new cases reported Thursday were all recent arrivals from abroad, and once again there were no new cases reported in Wuhan, the capital of Hubei. n Russian President Vladimir Putin postponed a vote on proposed constitutional amendments that could enable him to extend his hold on power. The decision came as Russia reported its first deaths from the virus, two elderly patients who had underlying conditions. n The French Riviera city of Cannes opened the site of its worldfamous film festival to the homeless. n British Prime Minister Boris Johnson said more than 400,000 people responded within a day to the government’s call for volunteers to help the country’s most vulnerable people. They will deliver medicine,
drive people home from doctor’s appointments and make phone calls to check on patients. n The Pentagon halted for 60 days the movement of US troops and Defense Department civilians overseas, a measure expected to affect about 90,000 troops scheduled to deploy or return from abroad. A Marine became the first person stationed at the Pentagon to test positive for the virus. Around the US, other states braced for a version of New York’s nightmare, with fears over public events held in the weeks before the virus exploded. A month after Mardi Gras in and around New Orleans, Louisiana is seeing a ballooning number of cases and now has the thirdhighest rate per capita in the US, according to the governor. Sixtyfive have died, and the virus has been confirmed in three-quarters of the state’s 64 parishes. Small towns and rural areas are beginning to sound the alarm as well. In Georgia, a state that has seen cases grow to more than 1,200, an Albany hospital’s three intensive care units were already full, and doctors were working to discharge people as quickly as possible to make way for new patients. “We’re quickly approaching the point of maximum capacity. We need a relief valve,” said Steven Kitchen, chief medical officer at Phoebe Putney Memorial Hospital. Colorado Gov. Jared Polis issued a stay-at-home order through April 11, saying the “extreme measure” was necessary because restrictions so far haven’t done enough to reduce the virus’ spread. Ski resort operators are grappling with an economic “body blow” as they shut down at a time they normally would be welcoming hordes of spring break revelers. For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. AP
OIL RALLY FALTERS WITH DEMAND ANGST COUNTERING U.S. STIMULUS PROGRESS
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IL’s recovery rally faltered as mounting evidence of the demand devastation being wrought by the coronavirus outweighed progress on a US economic rescue package. Futures in New York fell around 2 percent to near $24 a barrel after rallying 9 percent over the previous three days. The US Senate approved a $2 trillion stimulus plan after days of intense negotiations, putting pressure on the House to pass the bill quickly and send it to President Donald Trump for his signature. As global virus cases approached half a million and India imposed the world’s biggest lockdown, Goldman Sachs Group Inc. warned that crude demand would fall by almost 19
million barrels a day next month. The collapse would lead to an “unprecedented shock” for the global refining system, with product storage saturation set to occur over the next several weeks, the bank said in a note. While the White House is pressing Saudi Arabia to dial back its plan to flood the oil market, any potential agreement with the US and Russia will be too little and too late, according to Goldman. Indian refineries are preparing to slash the amount of crude they process to as little as half their normal rates, according to estimates from one of the country’s biggest Middle Eastern suppliers. “We’re going to see WTI at the $20 level or even $15-$17 because everyone is so focused
on the impact of the virus and it’s at a critical level for the US,” said Edward Moya, senior market analyst at OANDA. “We’re going to continue to see demand coming down and we’re still going to have overall caution on the return of travel and trade.” West Texas Intermediate for May delivery dropped 1.6 percent to $24.11 a barrel on the New York Mercantile Exchange as of 1:06 p.m. in Singapore after closing up 2 percent on Wednesday. It’s plunged 46 percent so far in March. Brent for May settlement declined 0.6 percent to $27.22 a barrel on the ICE Futures Europe exchange after finishing 0.9 percent higher on Wednesday. The global benchmark
crude traded at a $3.11 premium to WTI. In the US, crude production remained near record highs last week, according to data from the Energy Information Administration. American oil inventories climbed for a ninth week to 455 million barrels, the longest rising streak since November 2018. Shale producers will probably try and fight to survive and generate cash, so supply may not ease that much, OANDA’s Moya said. Meanwhile, funding for President Donald Trump’s plan to fill up the nation’s emergency oil reserve to help struggling drillers cope with the price crash failed to make it into the latest stimulus legislation but could return in other forms. Bloomberg News
Sports BusinessMirror
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mirror_sports@yahoo.com.ph / Editor: Jun Lomibao
TOKYO OLYMPICS SPRING GAMES?
INTERNATIONAL Olympic Committee President Thomas Bach addresses an interview in Lausanne as officials light a lantern from the Olympic Flame at the end of a flame display ceremony in Iwaki, Japan, on Wednesday. AP
Paul Newberry
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The Associated Press
HE chill of winter has melted away. The summer humidity is still a couple of months off. Maybe, just maybe, the famed cherry blossoms are still around, bathing the capital in dazzling colors. Sounds like a pretty good time to have the Olympics, huh? Now that the Tokyo Games are officially on hold until 2021, the next big issue that must be decided is when to reschedule this mammoth, two-and-a-half-weeklong event. “That’s a loaded question,” American swimming star Ryan Murphy, who won three gold medals in Rio, said Wednesday. “There’s so many factors.” The International Olympic Committee (IOC) says the Games will be held no later than the summer of 2021, which could mean simply pushing it back to roughly the same spot on the calendar as this year. The opening ceremony had been set for July 24, but those plans were
officially scrapped Tuesday because of the worldwide virus pandemic. While the postponement was a jarring, unprecedented decision, that might wind up being the easiest call for the IOC. The suits in Lausanne face a much trickier issue in the next few weeks—nailing down exact dates for staging the Olympics so everyone can start adjusting their plans. Cornel Marculescu, who runs the powerful International Swimming Federation, overseeing international water sports, says the IOC is pondering two options: the normal window in the middle of summer and earlier spring dates, perhaps slotted right after the Masters golf tournament but before tennis’ French Open. That could mean, for instance, the opening ceremony on April 16, with the games running through May 2. The various sport federations are likely to favor a spring date because it would cause less disruption to the 2021 summer sports calendar, highlighted by the rescheduled European men’s soccer championship and world championships
for two of the biggest Olympic sports: track and swimming. If the Olympics are held earlier than usual, those events in Eugene, Oregon (track and field) and Fukuoka, Japan (swimming and other aquatic sports) could stay in their current slots. But the biggest appeal of a spring Olympics is the weather. Summers are hot in Tokyo, with temperatures climbing well into the 90 degrees Fahrenheit (32 and above Celsius) accompanied by stifling humidity. Worries about the heat pushed the IOC to order the marathons and race walks moved to the northern Japanese city of Sapporo, despite angry opposition from local organizers. There were also calls to shift open water swimming out of Tokyo Bay because of high water temperatures, though the IOC has insisted that no other sports would be moved. If the Olympics were held in spring, the marathon could move back to Tokyo and there wouldn’t be any worries about the humidity affecting any of the athletes competing in
Broadcasting companies set to feel effect impact
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BC is among the many television broadcasting companies set to be impacted by the postponement of the Tokyo 2020 Olympic Games until 2021. Both NBC and its parent company Comcast are heavily invested in the Olympics, with the former having held the American broadcasting rights to the Summer Olympic Games since 1988 and the rights to the Winter Olympic Games since 2002. As reported by CNN Business, Tuesday’s announcement that Tokyo 2020 will be delayed until next year impacts multiple parts of NBC, from the network’s advertising revenue business to the promotion of its new streaming service, Peacock. “This is significant to NBC because they’ve built their brand around it,” Jay Rosenstein, a former vice president of programming at CBS Sports, told CNN Business. “They’re the network of the
Olympics. The Peacock is intertwined with the Olympic rings.” Rosenstein added that the Olympics is more than just a two-week operation for NBC. “They have to prepare for it for years. Pausing and restarting it is a big challenge. It’s also an additional challenge because the Beijing Winter Games in 2022 would likely only be six months later now,” he said. Patrick Crakes, a media consultant and former Fox Sports executive, described the Olympics as a “top-five investment for Comcast.” “Every two years the whole company goes all in to present one of the world’s unifying premiere events,” Crakes told CNN Business. “It’s the equivalency of turning around an aircraft carrier to do this all again next year.” NBC Sports said that it fully understands the decision to postpone Tokyo 2020. Insidethegames
outdoor venues. And the cooler temperatures would make things more pleasant for the more than 1 million fans expected to attend. Still, the idea of staging the Olympics in the spring comes with plenty of drawbacks. “Think about all the sports you would be competing against at that time of year,” said Michael Phelps, who retired after 2016 Rio Games as the most decorated athlete in Olympic history. “You have these gung-ho Olympic fans who want to watch the game in the summer. What if ratings plummet because of a change they make?” A spring Olympics would compete for US television viewers against not only baseball, which would have just opened its season, but the NHL and NBA playoffs. Also, many major domestic soccer leagues around the world would be in the homestretch of their seasons. The sport that would be hurt the most by a spring Olympics is basketball. Most National Basketball Association players would not be able to compete (except, perhaps, those whose teams didn’t make the playoffs) and it would be a short turnaround from March Madness for many of the
COACH ARIC PASSES AWAY
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ric del Rosario, the coach who guided the University of Santo Tomas (UST) to four straight University Athletic Association of the Philippines (UAAP) titles in the del Rosario 1990s, passed away because of heart failure on Wednesday. He was 80. Del Rosario steered his alma mater UST to consecutive UAAP men’s basketball championships from 1993 to 1996. During UST’s first of the historic four-peat title, del Rosario honed Dennis Espino, who led the squad to a 14-0 sweep of the eliminations that led to that amazing Growling Tigers run. Espino would later become a dominant force in the Philippine Basketball Association (PBA).
He also coached the Pampanga Dragons to the inaugural title of the Metropolitan Basketball Association in 1998. He also called the shots for the national team that won the gold medal in the Singapore 2003 Southeast Asian Games. Several coaches immediately paid sympathy to del Rosario, including former national coach Chot Reyes, who teamed up with del Rosario as deputies to Tim Cone at Alaska in the PBA. “The coaching community has lost a great one,” Reyes said on Twitter. “Rest in peace Coach Aric del Rosario, one of the selfless person that I’ve ever worked with during my Talk ’N Text days. A mentor, a father and a roomate. Will forever miss our late night conversation,” said Coach Ariel Vanguardia, who worked with del Rosario as assistants for TNT in the early 2000s. Ramon Rafael Bonilla
Games delay leaves athletes uncertain on sponsorships
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SIDE from figuring out how to maintain their health and fitness for an additional year, athletes like Ryan Crouser suddenly faced another concern when the Olympics were postponed until 2021. They also have to make the money stretch that far. Crouser still hopes to defend his shot put gold medal at the Tokyo Games next year, but now needs to get clarity about his sponsorship funding going into 2021 since his contract—and that of many other athletes—only goes through 2020. “It’s a little bit tough because at the end of the day my contract, that’s my salary,” Crouser
told The Associated Press. “That’s where I make the majority of my money.” Right now, of course, it’s hard enough just to stay in shape amid a stay-at-home order because of the coronavirus pandemic. But the Oregon native, who is training in Arkansas, knows he has to use this time to his advantage in order to secure his future. “It will hopefully put me in a position where I could throw far and prove myself going into re-signing a contract,” said Crouser, who is sponsored by Nike. “Just to say I wasn’t really sitting on the couch this whole time.” The sponsorship executives in the Olympic world can’t afford to slouch around either as they
top men’s and women’s college players. When taking the athletes’ needs into consideration—which, of course, should be the primary goal though it rarely is—Phelps believes the Games should be rescheduled for the summer of 2021. “I think that’s best way to do it,” he said. “Then the athletes actually have a full year to go back to the drawing board, figure out what they have to do between now and the trials. If you try to do it sooner, you’re almost lost in limbo.” Rick Burton, a professor of sports management at Syracuse University, wonders if the Olympics could even be staged safely next spring. “It would be impressive to kind of shoehorn something as big as the Olympics into March or April and not have it throw off the global calendars of the 33 sport federations,” Burton said. “But it’s certainly a roll of the dice to believe that people may be able to attend sporting events a year from now, and that the athletes are going to be comfortable with one another in sports where there’s physical contact.” Tour de France champion Vincenzo Nibali, expected to be one of the favorites in Tokyo’s cycling road race, said he’ll be prepared for the rescheduled Olympics—no matter when that might be. “The postponement of a year does not change my aspirations,” said the Italian rider. “From now on, I can say that I will plan my preparation to arrive at the event in the best condition possible.” Kudos again to the IOC for making the prudent call to postpone the Games. Now comes the really difficult decision. “I’ll be ready for whatever date they name,” Murphy said. “I really just hope the games can move forward like we’ve always known it to be.”
navigate the ramifications of an unprecedented delay to the Games caused by the virus. Marketing plans for an Olympics that was meant to start in Tokyo on July 24 are now in flux. Promotional material and ads that have already been shot maybe have to be discarded and remade at great costs—potentially with different athletes. Then there is the delicate matter of renegotiating contracts—from all those individual endorsement deals to the top-tier Olympic sponsors who were only signed up through 2020. “These games are called the Olympic Games Tokyo 2020,”International Olympic Committee (IOC) President Thomas Bach said Wednesday, “therefore for
me it’s a logical consequence that the sponsors...keep their rights even if the games are organized in 2021.” For big conglomerates like General Electric and consumer goods firms Proctor and Gamble, it might seem like getting an additional year added to their association with the Olympics should be of great value. However, that could be offset by the costs of the virus wiping out so many planned sponsorship events and commercials that would soon have been appearing across the world. “I don’t think there’s a fair claim to say you should suddenly pay more,” said former IOC Marketing Director Michael Payne, who now advises Olympic sponsors. “I think whatever is
due to be paid in 2022 could be split 50-50 so half is in 2020 and the other half in 2021.” Securing funding as an athlete is more complex, and uncertain. Olympic hopefuls will be relying on the budgeted funding through 2020—from sponsors and domestic Olympic funding programs—and now need to finance the extended buildup to a games in 2021. The lawyers will be busy poring over contracts. “They’ll be rushing to check agreements on what’s covered and what’s not covered,” said Simon Leaf, a lawyer in the London commercial team at Mishcon de Reya. “Brands may have paid money and are not getting the return they expected. Likewise, athletes working with brands could be expecting to receive additional amounts this year but will not meet criteria for competing at the Olympics in the summer of 2020.” AP
Dayrit
CELSO DAYRIT: POSTPONEMENT OFFERS MANY POSITIVES
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HE postponement of the Tokyo Olympics offer positive opportunities bordering from more chances for athletes to qualify to the big sponsors getting added exposure—all of which could eventually negate the impact of the Covid-19 pandemic. According to Dr. Celso Dayrit, a former president of the Philippine Olympic Committee and one of the more eloquent advocate of Olympism in the world, moving Tokyo 2020 back should be good for the Olympic Movement and to all stakeholders including the International Olympic Committee (IOC), international federations (IFs) and national Olympic committees—plus the Japanese people, sponsors and, above all, the athletes. “As the 32nd Olympic cycle is extended by one year, immeasurable benefits could be derived,” Dayrit, the current president of the Fencing Confederation of Asia, said on Thursday. The IOC and the Tokyo 2020 organizing committee agreed to postpone the Games to 2021 because of the uncertainties wrought by the new coronavirus pandemic. “More aspiring individual athletes could be given a ‘second chance’ to qualify for the delayed Tokyo Games,” he said. “In team sports, where countries have already qualified, the composition of their teams could still be adjusted, giving more athletes the chance to make it to the Olympics.” Incumbent POC President Rep. Abraham “Bambol”Tolentino and Philippine Sports Commission Chairman William Ramirez praised the IOC and Tokyo 2020 for not pushing through with the July 24 to August 9 Games, with both stressing the safety and health of everyone is paramount. “While some individual athletes have already sealed their slots for Tokyo, some IFs may recommend new guidelines to qualify additional athletes who may prove deserving by next year,”Dayrit said. “The possibility of having a ‘bigger’Olympics in 2021 looms.” Dayrit said the “big” sponsors would benefit from the postponement because of the “extended period to exploit their marketing rights.” “More sponsors could even be attracted to come in now as they will benefit from having four Olympic Games (Winter and Youth Games in 2022 and two summer Games) in the next four years,” he said. The Japanese economy, Dayrit said, would greatly benefit with the postponement as evidenced by the rebound in the host’s stock market. “The fruits of their investments will simply be delayed, rather than lost altogether,” he said. “Both government and businesses in Japan welcome the postponement to redeem their investments next year, from an otherwise total loss due to the current pandemic this year.” “Hotels, airlines and other services naturally prefer rebooking than cancellation and refunds,” he explained. “And spectators may even choose to hold on to their tickets, rather than lose their rights to their reserved seats next year.” Dayrit stressed no one is to blame for pushing back the Tokyo Games, but stressed everyone must look at the opportunities that the Games next year could bring. “After all, our dreams will continue to live on,” he said.