BusinessMirror May 05, 2020

BSP to take prudent pause in easing rates

A

FTER bouts of aggressive easing measures to keep the economy afloat amid the pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said they may have to “wait and see” before pulling the trigger on another rate cut.

In a statement released Tuesday, Diokno told reporters that while inflation is expected to trend lower in the coming months, that does not necessarily mean they will cut their main policy rates further.

“Clearly, the more benign inflation provides the Monetary Board greater room for easing. However, since monetary policy works with a lag, it would be prudent on the part of the Monetary Board to see how the aggressive policy measures it has adopted have been absorbed by the financial system,” Diokno told reporters.

A POLICEMAN in an armored personnel carrier enforces a hard lockdown on Happyland, a slum area populated by former Smokey Mountain residents when it was closed in 1995. The district is reported to have the second-highest case of Covid-19 in Manila, next to Sampaloc. At least 200 have been arrested for violating the lockdown. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

In response to the economic disruption caused by the pandemic, the BSP’s recent move was to trigger an off-cycle rate cut to the tune of 50 basis points in mid-April.

Prior to the most recent off-cycle rate cut, Diokno had already cut the BSP’s main policy rate by 50 basis points in March.

Three days later, the governor announced that the BSP is buying P300 billion worth of government securities from the Bureau of the Treasury (BTr) to finance the government’s Covid-19 rescue package.

The BSP also continued to flush the ailing economy with liquidity through a 200-basis-point cut in banks’ reserve requirement (RR) ratio the following week.

It has also pledged to remit its P20-billion dividends ahead of time to the national government to help fund efforts against

the virus.

“Notwithstanding, the BSP will continue to monitor market conditions to any emerging risks to the outlook for both inflation and economic growth, thus, ensure its resolve to deploy necessary policy responses and measures, if warranted,” the governor said.

The country’s inflation currently sits at 2.7 percent in the first three months of 2020. Diokno’s most recent assessment rendered a forecast of 2.2 percent on average for the entire 2020, which means inflation will likely hover around 2.0 percent on average for the next nine months of the year.

March’s inflation rate is at 2.5 percent. The Philippine Statistics Authority is expected to announce the country’s April inflation rate on Wednesday, May 5.

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

GOVT EYEING P20-B TAKE www.businessmirror.com.ph

n

Tuesday, May 5, 2020 Vol. 15 No. 208

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

FROM ADDITIONAL OIL TAX

MRT personnel are seen doing maintenance checks along the North Avenue-Quezon Avenue line in Quezon City. At right, a PNR train with new coaches is parked in Caloocan City. Once the ECQ is lifted, public transportation systems will be allowed, but with strict limitations. BERNARD TESTA

By Samuel Medenilla & Bernadette D. Nicolas

T

HE government is now banking on low global oil prices to generate additional revenue for its novel coronavirus disease (Covid-19) measures by implementing additional taxes for imported crude and refined petroleum products.

Initial estimates put the possible bonanza from such for the government at P20 billion for six months, according to the Department of Finance.

On Saturday, President Duterte signed Executive Order (EO) 113 implementing the recommendation of the National Economic and Development Authority (Neda) for the temporary imposition of a 10-percent ad valorem tax on imported crude and refined petroleum products.

It will remain enforceable until Republic Act 11469 or the Bayanihan to Heal As One Act ceases to take effect or upon its reversion, whichever is earlier.

“The modified rates of import duty under Section 1 hereof shall immediately revert to zero as international oil prices increase, based on trigger prices indexed to oil prices in the world market, upon certification by the Department of

Energy (DOE) that a trigger price has been reached, and the Department of Finance (DOF) has been notified of the same,” Duterte’s two-paged EO 113 said.

“The Bureau of Customs (BOC) shall then issue the corresponding Customs Memorandum Order to effect the said reversion,” it added.

P20-B revenue projection

FINANCE Undersecretary and Chief Economist Gil Beltran said in a text message to the BusinessMirror that the P20-billion revenue projection by the DOF was “based on low-end negative 1 percent growth and $35 per barrel price for Dubai crude.”

For this year, Beltran said the Cabinet-level Development Budget Coordination Committee (DBCC) is projecting a negative 1 percent to zero growth in 2020, as of April.

Prior to the Covid-19 pandemic, the DBCC is targeting a

PESO EXCHANGE RATES n US 50.4440

6.5-percent to 7.5-percent GDP growth for this year.

Last month, prices of Brent Crude, the international benchmark for oil prices, plunged to a historic low of about $20 per barrel brought about by the lower oil demand because of the business and travel disruptions caused by the Covid-19 pandemic.

The additional 10-percent ad valorem tax will be on top of the existing Most Favored Nation (MFN) and preferential import duties of the said items.

It will apply to all petroleum oils and oils obtained from bituminous minerals other than crude; preparations not elsewhere specified or included, containing by weight 70 percent or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; and waste oils; petroleum gases and other gaseous hydrocarbons.

The additional tax, once implemented, will apply to all covered products “which entered and [were] withdrawn from warehouses in the Philippines for consumption.”

EO 113 will take effect after being published in the Official Gazette or in a newspaper of general circulation.

Duterte said the Department of Budget and Management (DBM) will study and propose where the proceeds for the additional tax will be used for the government Covidrelated response, including social amelioration program and other similar programs.

PCCI ASKS CONGRESS TO PASS P500-B ECONOMIC STIMULUS BILL

By Elijah Felice Rosales & Jovee Marie N. Dela Cruz

T

HE country’s largest business group on Monday appealed to lawmakers to immediately pass the stimulus bill in Congress amounting to nearly P500 billion in order to encourage the private sector to resume activity and boost confidence of both investors

and consumers.

In a statement, the Philippine Chamber of Commerce and Industry (PCCI) threw its support for the passage of the Philippine Economic Stimulus Act (PESA), a multibillion-peso measure filed by economists-turnedlawmakers in the House of Representatives. The group said the bill addresses See “Stimulus,” A2

HARSH realities become more stark in the face of the pandemic, as businesses are ordered closed and people told to stay indoors and keep a safe distance from each other. But in the slum areas of Manila, the world’s most densely populated city with 42,857 people per square kilometer, that is easier said than done. NONIE REYES

n JAPAN 0.4722 n UK 62.9945 n HK 6.5067 n CHINA 7.1284 n SINGAPORE 35.6243 n AUSTRALIA 32.2993 n EU 55.3572 n SAUDI ARABIA 13.4374

Source: BSP (May 4, 2020)

News BusinessMirror

A2 Tuesday, May 5, 2020

www.businessmirror.com.ph

Duterte halts PhilHealth premium hike for OFWs after huge outcry

P

By Samuel P. Medenilla

RESIDENT Duterte on Monday ordered the Philippine Health Insurance Corporation (PhilHealth) to defer the implementation of its scheduled premium hike for overseas Filipino workers (OFW) amid intense public outcry against the policy.

dio interview.

“Don’t worry about the premium payment...we will talk about that later,” he added.

In black and white

BLAS F. Ople Policy Center’s Susan Ople welcomed the development, but said the decision to defer the premium hike should be in writing.

“The declaration of a moratorium was announced only through media interviews. This should be done through the appropriate memorandum circular and should clearly state that PhilHealth will not collect on any missed contributions of OFWs with a 1.5-percent compounded monthly interest once the virus has been contained,” Ople said.

She urged the Senate and the House of Representatives to issue a joint resolution on the suspension of the premium hike to “ease the anxiety” of OFWs. Nagkaisa Chairman and Federation of Free Workers (FFW) President Sonny Matula also lauded Duterte’s decision to make premium payments for OFWs voluntary.

However, he noted that the Universal Health Care Law should be amended to ensure the premium hike will no longer cause “restlessness” among OFWs.

mented already because that is a directive from Malacañang. However, so we could make the necessary guidelines for this, we have to wait for the formal communication so we know exactly what Malacañang wants,” Domingo told the BusinessMirror in a phone interview.

Morales said they would prefer that some OFWs continue to pay their premium even on a voluntary capacity especially now that they are dealing with the novel coronavirus disease (Covid-19) crisis.

“A large portion of our fund will be deducted because of the Covid-19 so we are not pushing for a [strict] moratorium because there might be others who would like to pay,” Morales aid.

Currently, he said PhilHealth has a net worth of P200 billion.

Of which, he said, P30 billion was already released as advance payments for medical facilities for their respective Covid responses.

which called for the abolition of the 3-percent premium payment.

As of Monday afternoon, the online petition had registered over 400,000 signatories.

OFW families benefited

MORALES, however, clarified that for this year the premium hike this year was only 0.25 percent since the existing premium rate for OFWs and other self-employed members was already at 2.75 percent in 2019.

“The increase is from 2.75 percent last year to 3 percent this year,” Morales said.

He also addressed the wrong impression that OFWs will have little use for their PhilHealth membership, especially since it will cover their dependents.

“Last year, we only collected from OFW members a little over a billion premium, but in return, our OFWs and their dependents here in the Philippines received P1.7 billion of healthcare benefits from PhilHealth,” Morales said.

“As a matter of fact, 70 percent of the benefit payments are being claimed by OFW dependents here in the Philippines and only 30 percent are being claimed abroad,” he added.

The former general of the Armed Forces of the Philippines said this is why they are targeting to register the estimated remaining 6.4 million OFWs to become PhilHealth members. Currently only 3.6 million OFWs are registered with PhilHealth.

In an online press briefing, Presidential Spokesperson Harry Roque said Duterte directed PhilHealth to temporarily postpone its new premium rate for the duration of the novel coronavirus disease (Covid-19) pandemic.

“While we have a crisis, the President decided to postpone the imposition [of the premium hike], which would have added a burden for OFWs especially at this time when so many of them were repatriated and have lost their jobs,” Roque said.

He said the President also ordered all premium payments for OFWs to be made voluntary for now.

Likewise, he said Health Secretary Francisco Duque III has ordered the suspension of Section 10.2.C of the Implementing Rules and Regulation (IRR) of the Universal Healthcare Law, which requires OFWs to pay their PhilHealth premium contributions before they are issued their overseas employment certificate (OEC).

An OEC is a documentary re-

quirement issued by the Philippine Overseas Employment Administration (POEA) to Filipinos before they could work abroad.

Roque said the POEA will not be requiring PhilHealth membership for the release of the OEC. Health Secretary Duque, who is the chairman of the PhilHealth board, said in a tweet. “I call for the suspension of Section 10.2.C of the IRR [implementing rules and regulations] of the UHC [Universal Health Care] law in light of Covid-19 and its economic impact on OFWs.”

Duque added, “Meanwhile, we will reach out again to our stakeholders on this.”

For his part, PhilHealth President and CEO Ricardo Morales said that they are looking for ways to address the concern of OFWs. “We have imposed a moratorium on collections as stated in the Bayanihan law. Don’t worry, PhilHealth will take care of your [medical] needs especially those [OFWs] who are here now in the Philippines,” Morales said in a ra-

PHL hits record high recoveries from Covid-19 at 101 in one day

Senate adopts teleconferencing rule for emergencies like Covid-19

T

HE number of recovered Covid-19 patients in a day hit a new record high at 101 while the total number of cases in the country stood at 9,485, an official of the Department of Health (DOH) said on Monday.

Health Undersecretary Maria Rosario Vergeire said that the average hospital length of stay for recovered patients is at 18 days.

As of 4 p.m. of May 4, 2020, the DOH also reported 262 new cases (PH9224PH9485) of Covid-19, with an additional 122 cases from National Capital Region, Region 7 with additional 88 cases and 52 additional cases from different regions.

The DOH said there are a total of 1,315 recoveries in the country, while 16 new deaths were recorded, bringing the total number of deaths to 623.

Meanwhile, the Covid-19 Situationer Report as of May 3, 2020, said most of the confirmed cases are male with 5,017 or 54 percent and within the 40-59 age group.

Eight cases with unspecified age were included in the total.

A total of 342, or 56 percent of deaths, had known comorbidities or preexisting conditions that make a patient more vulnerable to the worst effects of the disease. The top two comorbidities are hypertension (219 deaths, 64 percent) and diabetes (168 deaths, 49 percent).

Claudeth Mocon-Ciriaco

Covid-19 impact

IN a phone interview, PhilHealth spokesperson Shirley Domingo said they are still awaiting guidelines from Malacañang so they could craft their own for the premium hike suspension.

“That is as good as being imple-

Mounting pressure

PHILHEALTH drew the ire of migrant advocates as well as other concerned groups after it issued Philhealth Circular No. 2020-0014 on April 2, which required OFWs, who earn between P10,000 and P60,000, to pay premiums worth 3 percent of their monthly salaries.

This represented a .25 percent-hike in their payments.

Those who will incur missed payments will be made to pay monthly compounded interest for the amount they owe.

The circular was heavily criticized on social media and led to an online petition at Change.org.,

A

DAPTING to the unprecedented challenge posed by the Covid-induced lockdown, senators unanimously approved on Monday Resolution 372 allowing them to convene sessions and conduct committee hearings through “teleconference” in times of emergency.

Presiding at the session which marked the chamber’s reopening from a two-month break that roughly coincided with the lockdown, Senate President Vicente Sotto III, however, made it clear that “it [teleconferencing] is just for emergency.”

Fifteen senators were present at the Senate building to vote on the rule amendment allowing teleconferencing; they were later joined by seven others in a virtual session.

Senate Minority Leader Frank Drilon acknowledged the decision of the majority even as he asked the leadership to clarify “when do we determine when to resort to

IN this March 23, 2020, file photo, Senate President Vicente Sotto III (right) talks during a break in a Senate special session to tackle a bill that would authorize President Duterte to appropriate a budget for measures addressing the new coronavirus situation in the country.

LOUIE SAURO MILLANG/ SENATE PRIB VIA AP

teleconferencing in emergency and assuming that, how long?”

Majority Leader Miguel Zubiri replied that the rules will specify “when we are allowed to proceed.”

Drilon, however, pressed his point asking: “when there is no emergency, can we still go on?”

In response, Sotto assured them that “it is just for emergency,”

With Claudeth Mocon-Ciriaco

adding that it cannot be allowed “if there is no emergency.”

Zubiri added, “it has to be a national emergency.”

Drilon then put on record that the Senate convening plenary session via teleconference is “not a new normal and would be resorted to only in emergency; if none, teleconference is not allowed.”

The minority leader reminded his peers that the rule stands that “unless a senator is present in the session hall, he cannot vote, unless the majority decides that there is an emergency. If there is no emergency, the rule remains that presence is required to vote.”

Majority Leader Zubiri affirmed that “this [option] is an exemption; it has to be a national emergency determined by the majority.”

Asked by Drilon how long the teleconference privilege will be allowed, Zubiri replied: “until the Covid contamination is prevalent.”

Butch Fernandez

‘GDP growth may shrink further, by 4.4% from Covid-19 impact’ Continued from A8

Support THE economists, including former Socioeconomic Planning Secretaries Dante B. Canlas and Ernesto M. Pernia, all threw their support behind the proposed Economic Stimulus bill of 2020.

Canlas, however, pointed out that any government intervention should be informed by the lessons brought up by the implementation of the Bayanihan We Heal As One Act. For one, Canlas said delays must be avoided in identifying eligible beneficiaries. This stems from the late extension of the Social Amelioration Program and even the benefits for workers from the Social Security System.

He added that the government should also act on the public clam-

or to include the middle class in the Covid-19-related programs of the government. This has to begin with the proper definition of who is part of this income segment.

Data, data, data

CURRENTLY, the Philippine Statistics Authority (PSA) does not have an official estimate of how many middle-class households there are in the country.

Nonetheless, there are data available but these need to be mined and analyzed. For one, the Family Income and Expenditure Survey (FIES) collects data from all households, including the middle class.

Philippine Institute and Development Studies (PIDS) Senior Research Fellow Jose Ramon Albert said based on a 2018 study, the middle-income class earns between P31,560 and P78,900 per

month. This is estimated to cover 3.6 million households based on the 2015 FIES data.

Canlas also recommended that a temporary unemployment insurance be included in the bill to help workers who could be laid off by firms. This can be done in coordination with the Department of Labor and Employment (DOLE).

“It can be considered for the long run if our valuation shows that it is benefitting workers who are laid off because being laid off is, really, a genuine risk,” Canlas said.

The former chief of the National Economic and Development Authority (Neda) also said he believed post-Covid-19 Philippines will mean a larger role for PhilHealth, particularly in light of the Universal Healthcare law.

Canlas said given the need for health financing moving forward,

PhilHealth benefits should be expanded. This expansion would mean including health needs such as rehabilitation or therapies after Covid-19.

National ID not issue

MEANWHILE, Pernia said even if the National ID or PhilSys were put in place, it would not improve the government’s Social Amelioration Program (SAP).

Pernia said in the webinar that the National ID does not contain any income information that would help the government implement the SAP.

He said the issues surrounding the SAP merely pertained to distribution and not identification of beneficiaries.

Further, Pernia also shared his skepticism concerning the Balik Probinsiya law being proposed by

Sen. Christopher Lawrence Go. As a probinsiyano, Pernia said this would not work given that those who will be offered this assistance can simply get the money and use it to go home, only to return to Metro Manila shortly after.

Pernia also said more PPPs can be accommodated to ease the burden on the government of additional loans needed for health and social needs after the pandemic.

If government will go into PPPs, Pernia said the arrangement should not be disadvantageous even to the company that will take on a project.

He added that the government should also think about allowing the extension of subsidies or zero interest loans to big businesses who have also been affected by Covid-19. These include airlines, shipping and public-transport firms.

Stimulus…

Continued from A1

its roadmap to recovery, under which several sectors that require state aid in the Covid-19 lockdown aftermath were identified.

These sectors are: construction; agriculture, fisheries and their supply chain; micro, small and medium enterprises; and land transportation.

Farming, fisheries

MEANWHILE, the PCCI asked legislators to tweak the PESA bill and increase allocation for farming and fisheries.

Doing so will secure sufficient funding for loans, guarantees and grants to cover for the agriculture sector’s need for inputs, including seeds, fertilizers, crop protectants, feeds, irrigation and machinery, research and development, as well as access to markets.

PCCI President Benedicto V. Yujuico said that “food producers have lost a significant amount of income because of barriers to logistics posted by the enhanced community quarantine,” which is implemented for close to two months now in many areas of Luzon.

“Highly perishable produce have found it difficult to move their way into markets such that they have to be thrown away,” Yujuico added. “The downstream industries such as food processing, retailing and restaurants are similarly impacted having to operate only partially, if at all.”

Aside from the initial P6 billion for agriculture and fisheries, the PCCI proposed that funding be set aside, too, for farm producers and related enterprises commensurate with the country’s need to achieve food sufficiency and security and countryside development.

It lamented that the agriculture sector has been neglected for too long and only in the time of crisis did the government understand its importance in feeding the population and reviving the economy. As such, the PCCI said that loans and grants should be made available to farmers and fishermen, as well as to downstream players like processors and packagers.

Likewise, the group demanded that the interest-free loans to be provided to MSMEs should be flexible enough to make application for the program easier.

The PCCI also called for the creation of an ecosystem that supports startups and innovation. It said the implementation of lockdown intensified the use of digital services—essentials, such as food, can be ordered via mobile apps and they will be delivered at your doorstep—showing the benefits of promoting a culture of innovation.

Last, the group asked for the rollout of subsidy for public transport stakeholders—who incurred at least two months of income losses due to the public transport ban imposed for the duration of the lockdown—to ensure they have the means to ply the roads again and service those who will return to work.

The PCCI said it appreciates the efforts of lawmakers who crafted the PESA bill. It is hoping as well that the Senate is now drafting its counterpart measure and is making moves to hasten its legislation.

Working draft

HOUSE Ways and Means Committee Chairman Joey Sarte Salceda of Albay, also co-chairman of the House economic cluster, said the PESA is now estimated at P485 billion.

The working draft of the P485billion PESA will include:

• P20 billion for test kits

• P130 billion for loans with Land Bank of the Philippines, Development Bank of the Philippines, Small Business Corp., and Philippine Guarantee Corp.

• P25 billion for capitalization for National Development Corp.

• P150 billion for individual subsidies under the Department of Labor and Employment • P160 billion for sectoral assistance of Department of Trade and Industry, Department of Tourism, Board of Investments, Department of Transportation.

According to Salceda, the proposed PESA will also include an enhanced Build, Build, Build program worth P650 billion in three years starting 2021. He said this enhanced BBB is expected to create 1.5 billion jobs.

Earlier, Salceda said economic point persons for the House of Representatives and the Senate and the country’s economic managers are now discussing ideas “extensively” and he sees broad consensus on how the country’s Covid-19 economic recovery plan should look.

The Nation BusinessMirror

www.businessmirror.com.ph

PNP deploys fresh batch of cops for ECQ duty in Metro

By Rene Acosta @reneacostaBM

T

HE Phi lippine Nationa l Police-National Headquarters (PNP-NHQ ) has deployed 294 policemen to the National Capital Region Police Office (NCRPO) to augment and replace its personnel deployed for the enhanced community quarantine (ECQ) in Metro Manila.

The policemen, who are members of the National Standby Support Force (NSSF) from the NHQ, were turned over to the Regional Mobile Force Battalion under Col. Raul Tacaca.

The NSSF policemen will augment the region-wide deployment of District Mobile Force Battalion, who has been working in the frontlines for 48 straight days since the implementation of the ECQ and its extension.

“These 294 strong members of the NSSF from the NHQ will aid our deployment of personnel from the District Mobile Force Battalion to different QCPs [quarantine control points] region-wide,” said NCRPO chief Major Gen. Debold Sinas.

“Our men have been deployed for 48 days straight already. We need to replace them and give them some rest. Hence, as always, we plead cooperation from the people of the Metro to please stay at home to make our common sacrifices worthwhile,” he added.

Mea nwhi le, Sinas a lso received 250 members of the PNP Special Action who would be deployed as additional work force in Tondo following the declaration of a hard lockdown in the district imposed by the Manila City government. “ We great ly appreciate the generosit y of SA F in sending us aug mentation in this batt le against the unseen. Ver ily, they w il l be of great aid in the i mplement at ion of t he h a rd lockdow n in Tondo, Manila,” Sinas said.

SC lays down strict guidelines on virtual conduct of court hearings and processes

T

By Joel R. San Juan

T

@jrsanjuan1573

HE Supreme Court has laid down strict guidelines for the implementation of the pilot test of hearings of criminal cases involving persons deprived of liberty (PDLs), or prison inmates, through videoconferencing, which was launched as part of measures to stop further spread of Covid-19.

In his Circular 93-2020, Court Administrator Jose Midas Marquez reminded all concerned litigants, judges and court personnel that videoconference proceedings and other processes related to its conduct are considered confidential.

Marquez said any unauthorized

sharing of details about the conduct of videoconferencing may be considered as contempt of court and will be dealt with accordingly.

“The notification e-mail shall, likewise, remind the parties to the videoconferencing hearings, including those assisting the PDLs at the jail, or police precinct, where

the accused is detained, that all the details and information to gain access to such proceedings shall be treated with strict confidentiality,” the circular read.

The circular also prevents unauthorized recording of proceedings during videoconferencing, noting that only the judge is allowed to do so.

However, the court stenographer is mandated to transcribe stenographic notes to be attached to the records of the case.

“No one else is allowed to record the proceedings. Any unauthorized recording of the proceedings by any of the parties may be considered as contempt of court,” Marquez warned.

Based on the circular, videoconferencing hearing will include all stages of trial of newly filed and pending criminal cases, including arraignment, pre-trial, bail hearings, trial proper and promulgation of judgment, as well as incidents related to the case provided they pertain to

urgent matters in criminal cases involving PDLs who are detained in the Bureau of Jail Management and Penology (BJMP), provincial jails, custodial centers, as well as those in police precincts, or lock up jails awaiting their commitment to proper jail facilities.

V ideoconferenc i ng c a n no longer be availed of by an accused who is already out on bail, or recognizance.

The circular also gives the courts the authority to schedule videoconferencing hearings and notify the parties through their respective email addresses.

It also gives judges the discretion to determine other court personnel who may join the videoconferencing hearing.

“If during the videoconferencing hearing, the judge issues, or promulgates an order, or decision, a copy thereof shall immediately be furnished the parties. The service of such order, or decision, to the parties may be done electronically through e-mail, but proof of receipt thereof

should be properly recorded,” the circular stated.

The judges are also required to submit to the Office of the Court Administrator a weekly report on the videoconferencing hearings that they have conducted.

The videoconferencing has long been practiced and adopted during court trial of cases in technologically advanced countries like the United States to address delays in court proceedings.

T he me t ho d i s d e s c r i b e d as “the holding of a conference among people at remote locations by means of transmitted audio and video signals.”

Through these conferences, “individuals meet one another in a realtime virtual manner as if they were in the same room without the hassle and expense of traveling.”

Earlier, Chief Justice Diosdado Peralta said the adoption of present technology into our rules and court proceedings will prepare the judiciary in the event of a similar health crisis in the future.

Group to Duterte admin: Defy, protest Combined police, military team kills 2 China fishing ‘ban’ in disputed waters ASG bandits linked to kidnapping, drugs

By Jonathan L. Mayuga @jonlmayuga

T

HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) is urging the Duterte administration to protest and defy China’s “fishing ban” as a fish conservation measure in the West Philippine Sea (South China Sea).

In a news statement denouncing and rejecting the Chinese fishing ban in the disputed territory from May 1 to August 16, Pamalakaya National Chairman Fernando Hicap said China has no right and moral ascendancy to declare a fishing ban in the area considering the damage of its overfishing it has already caused.

During the said fishing ban, Beijing threated to “arrest illegal fishers from Vietnam and the Philippines.”

Govt seeks to enroll 1.2-million ARBs in farmers’ registry system HE Department of Agrarian Reform (DAR) and Department of Agriculture (DA) are working together to enroll some 1.2 million agrarian reform beneficiaries (ARBs) to the Registry System for Basic Sector in Agriculture (RSBSA).

An electronic compilation of basic information of farmers, fishermen and agri-fishery workers, and target-beneficiary programs and services of the government, the registry will serve as a basic requirement in availing of agrifishery related government services of the DA, its bureaus and agencies, and corporations.

In a news statement, DAR Undersecretary for Support Services Office Atty. Emily O. Padilla said “the two national agencies have agreed to strengthen their collaboration for the massive enrollment of the ARBs to the DA’s database system on basic information of farmers and farm parcels through identification, application, enrollment, and field validation.”

Enrolling farmers, including the ARBs, into the RSBSA, would enable them to avail themselves of government assistance, such as those being offered by the Philippine Crop Insurance Assistance (PCIA) and the Rice Competitiveness Enhancement Fund (RCEF).

Padilla lauded the DA for tak-

Editor: Vittorio V. Vitug • Tuesday, May 5, 2020 A3

ing the initiative of conferring with and requesting the Philippine Crop Insurance Corporation (PCIC) to consider the officially submitted list of ARBs in its insurance coverage while the system upgrading for the RSBSA is being completed.

This as the DAR regional directors have already been instructed to pursue vigorously the RSBSA registration in their respective areas, taking into consideration the precautionary measures being undertaken against the contagious coronavirus 2019, or Covid-19, Padilla said.

During her meetings with DA officials, Padilla learned that the primary reason for the delay in the enrollment of some 1.2 million ARBs is the field validation, which is considered a tedious process resulting to lower ARB outreach.

“It turned out that the list of ARBs that the DAR submitted to the DA is not automatically included but is still subject for field validation,” Padilla said.

She added that the RSBSA registration forms that were manually filled out by the ARBs are still being encoded.

Furthermore, the clients’ copies of the filled out RSBSA forms do not indicate if the enrollees are covered by the Comprehensive Agrarian Reform Program, she said.

Jonathan L. Mayuga

The three-and-a-half-month fishing ban covers the Paracel Islands and Scarborough Shoal—parts of the South China Sea that Vietnam and Philippines also claim.

Hicap insisted on the ruling of the international tribunal based in The Hague which favors the country’s claim over the Scarborough Shoal and other parts of the Spratly Islands being occupied by China.

“The audacity of China to accuse Filipinos and Vietnamese fishermen as ‘illegal fishers,’ when they are actually the ones engaged in massive illegal, unregulated and unreported fishing in our seas,” Hicap lamented.

According to Hicap, the Duterte administration should not waste time and wait until Filipino fishermen are apprehended by Chinese maritime enforcers.

“It should publicly condemn and protest this another Chinese bullying straight away. We have international and local fisheries laws with us that can be enforced to counter China’s aggression,” Hicap said.

Hicap said Section 3 of the Republic Act 8550, otherwise known as the Fisheries Code of 1998, clearly states that the disputed territory is within the exclusive economic zone (EEZ) and extended continental shelf and falls within the mandate of the Department of Agriculture, the Bureau of Fisheries and Aquatic Resources (BFAR) and other law-enforcement agencies.

“The DA and BFAR have long neglected their duty in enforcing the fisheries law that would protect our marine resources and the livelihood of our fisherfolk in the West Philippine Sea,” added Hicap.

T

WO Abu Sayyaf Group (ASG) bandits involved in kidnapping were killed by a combined team of policemen and soldiers during a lawenforcement operation in Tawi-Tawi on Sunday, the military reported.

Armed Forces Western Mindanao Command spokesman Maj. Arvin Encinas identified the slain suspects as Jul Haber, alias Black Shabu, and Kamsel Ampang, who are also both reportedly involved in the illegaldrugs trade.

The duo were killed during a 10-minute battle with the Marine Battalion Landing Team-6 and members of the Tandubas Municipal Police Station and Provincial Mobile Force Company, both in Tawi-Tawi.

Encinas said the bodies of the two, who were members of the ASG in Sulu, were recovered from the site of the encounter in Barangay Taruk,

Tandubas, Tawi-Tawi.

The operating team also recovered an M-16 rifle with scope; 123 rounds of 5.56mm live ammunition; six short alloy magazines of M-16 rifle; three long magazines of M16 rifle; a rifle grenade; a suspender; five plastic sachets made of straw; a plastic sachet of shabu and other drug paraphernalia.

“Jul Haber is an ASG/KFRG [kidnap for ransom member] who arrived at Sitio Gigipan, Barangay Dungon, Panglima Sugala, Tawi-Tawi last May 2017,” said Col. Arturo Rojas, commander of the Joint Task Force Tawi-Tawi.

“He was also engaged in illegaldrugs trade in the area of Tandubas together with Odin Masihul, alias Bab, who was neutralized in a buy-bust operation in Sitio Pahapatan, Barangay Baldatal Islam, Sapa-Sapa, Tawi-Tawi on November 20, 2019,” Rojas added.

Rene Acosta

Amid rise in Covid-19 cases, Albay, Zamboanga City placed under ECQ

By Samuel P. Medenilla @sam_medenilla

T

HE entire province of Albay and Zamboanga City were officially placed under enhanced community quarantine (ECQ) over the weekend upon the request of local government officials.

In a memorandum, Executive Secretary Salvador C. Medialdea said President Duterte has approved on Saturday the recommendation of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to place both areas under ECQ.

“A n e n h a nce d com mu n it y quarantine is hereby implemented in the entire geographic area encompassed by the boundaries of Albay province and Zamboanga City effective 12 midnight tonight until 11:59 p.m. of 15 May 2020,” Medialdea said in the one-page issuance released to the media on Monday.

Presidential spokesman Harry Roque earlier said local officials of Albay and Zamboanga City LGUs made the appeal to the IATF due to considerable number of novel coronavirus disease (Covid-19) cases within their jurisdiction.

Both areas will now join the National Capital Region (NCR), Regions 3 (except the province of Aurora) and 4A, the provinces of Pangasinan, Benguet, Iloilo, Cebu, and the cities of Bacolod, and Davao, which were also placed under ECQ up to May, 15, 2020.

As of Monday, Roque said the IATF has yet to decide if it will impose localized ECQ beyond May 15, 2020.

He issued the clarification amid reports the Department of the Interior and Local Government (DILG) is considering placing some parts of NCR like Quezon City and Manila

under ECQ beyond May 15.

Roque said the IATF will only decide on another possible ECQ extension for some areas once it gets the necessary “scientific and economic” data to justify it.

“We will ensure that all those who would get sick [of Covid-19] will be given the necessary medical attention because up to now there is still no vaccine and medicine for Covid-19,” Roque said.

As of Monday, the Department of Health (DOH) reported there were already 9,485 confirmed Covid-19 cases in the country. Of which, 623 died and another 1,315 recovered.

5M poor families seen to benefit from Palace’s expanded SAP list

A

N additional 5 million batch of poor families affected by the novel coronavirus disease (Covid-19) crisis may soon get cash aid from the government.

In an online news briefing, Presidential spokesman Harry Roque said the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF) made the recommendation upon the request of President Duterte to expand the coverage of the Social Amelioration Program (SAP).

Under the SAP, 18 million poor families will be given a

monthly cash aid initially, for two months under a P200billion budget.

“Now it is not only 18 million families, who will get the first tranche of the Social Amelioration Program.

With the additional 5 million, there will now be 23 million [beneficiaries] in line with the promise of the President to give more [cash aid] to those who need it,” Roque said.

Roque added the additional 5 million beneficiaries will include those who were initially not included in the list of SAP beneficiaries of

the Department of Social Welfare and Development (DSWD) and local government units (LGUs).

“DSWD already has the guidelines and we also have an appeals procedure. So the DSWD will look at the families which were rejected the first time from the 18 million [beneficiaries of the first tranche of SAP],” Roque said.

Despite the additional beneficiaries for the first tranche of SAP, Roque said the government will no longer need additional budget to give them cash aid.

This after Malacañang said

it is proposing that the second tranche of the SAP will now only cover areas, which remain under enhanced community quarantine (ECQ).

Thus, less than 18 million beneficiaries are expected to benefit from the said phase of SAP, which is expected to be distributed this month.

Currently, areas, which remain under ECQ up to May 15, 2020, are the National Capital Region Regions 3 (except the province of Aurora) and 4A, the provinces of Pangasinan, Benguet, Iloilo, Cebu, Albay and the cities of Bacolod, Davao and Zamboanga City. Samuel P. Medenilla

A4 Tuesday, May 5, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Natl economy losing P18 billion daily since lockdown–lawmaker

A

By Jovee Marie N. Dela Cruz

@joveemarie

N economist-lawmaker on Monday revealed that the country loses around P18 billion for each day of lockdown, especially amid coronavirus fears that would hinder an effective reopening of the national economy.

With this, Marikina Rep. Stella Luz Quimbo, co-chairman of House Defeat Covid-19 Committee economic cluster, stressed the need for the passage of an economic stimulus plan to effectively restart the opening of the economy.

According to Quimbo, there are two main obstacles in reopening the economy—first, the liquidity concerns of firms, especially those that did not have revenues during the lockdown yet continued to pay overhead costs, including payroll and interest expenses and the second, obstacle is that so-called fear factor especially among workers, because the country has no mass testing.

“Because of that fear factor, we cannot have an effective reopening of the economy. And this is very costly. For each day of lockdown, we lose about P18 billion in output,” she said during a webinar with University of the Philippines’s School of Economics, Ateneo de Manila and Philippine Economic Society. “[Of the P18 billion] P12.5 billion [are] in unearned wages—meaning value of output of daily wage and piece rate earners—and payroll costs shouldered by nonessential businesses during lockdown plus about P5.5 billion in unearned corporate income,” added Quimbo in a separate text message with the BusinessMirror.

Moreover, the lady solon, citing the recent National Economic and Development Authority survey with close to 40,000 respondents, said 48.3 percent have been laid off from work, or had no salary during the implementation of the enhanced community quarantine (ECQ).

“So the most dispensable capital, unfortunately, is human capital. As we speak, people are losing their jobs,” she said.

Quimbo added a Gallup International survey also indicates that 34 percent have

lost their jobs.

“Next, if the fear factor remains, then we will see continued absenteeism in the work place and market place,” she said.

Ideally, Quimbo said the economic stimulus is in place as soon as the Philippines reopen its economy, “so the bill is for purposes of restarting after we reopen.”

“The increases in government spending being proposed are direct kinds of spending, such as wage subsidies, and budget augmentation for government financial institutions.

Tax cuts are certainly helpful but the effects of these are not as immediate as the direct government spending that is needed to restart the economy. So, these tax cuts can come as a separate bill,” she added.

Quimbo also called for the planning of structural reforms to increase economic resilience.

“We should not forget about the longerterm tasks that are also important, especially those that increase the resilience of the economy to shocks,” she said.

She added that “this long-term tasks would include building the capacity of the health sector to allow us to better respond to future pandemics, as well as effectively implementing the Universal Health Care Act.” “These would also include an enhanced BBB [Build, Build, Build program] because infrastructure has one of the highest multipliers. Structural reforms that will boost the productivity of the agricultural sector should also be included. This is the only way that we can begin to industrialize. Social protection programs such as unemployment insurance should also be part of the plan to boost economic resilience,” she said.

“Some of our short-run interventions also have long-run gains. For example, providing interest-free loans to small businesses in the informal sector is one way of getting them registered and formalizing

It’s time to ‘hustle’ as factories pull out of China, senator says

S

EN. Imee Marcos on Tuesday said new jobs can be generated in the country’s post-quarantine economy if the government moves quickly to attract manufacturers planning to relocate from China to other Asian countries.

Marcos, who chairs the Senate committee on economic affairs, cited the emerging trend of factory relocations from China, as Japan, the United States, and the European Union are planning to transfer production of their crucial imports from the mainland due to supply shortages amid the Covid-19 pandemic.

Even Chinese manufacturers are planning to relocate to neighboring countries to evade high tariffs imposed by the United States on China-made goods produced for large American companies like Apple, Google, and Microsoft, Marcos said in news statement issued on Monday. “ The Philippines has a competent work force and a command of English that removes language barriers felt in other Asian countries, but our econom ic m a nagers must st udy more closely and quick ly the incentives offered by Vietnam, Thailand, Malaysia, and Indonesia, which are ahead in the race to attract foreign investors,” Marcos said.

Marcos is pushing to amend the Foreign Investment Act via Senate Bill 1024 to set up an Investments Promotion Council and

add “long-delayed incentives” for foreign investors.

Among the Marcos bill’s incentives are to raise foreign ownership limits, lower the USD2.5-million capital requirement to set up operations, simplify requirements for all national-level permits, and criminalize wrongdoing related to their procurement. “ T he emerg ing economic trend a nd oppor t unit y a mid Covid-19 also call for a second look at the Citira [Corporate Income Tax and Incentives Reform Act],” Marcos said, citing that the proposed 10-year period to scale down corporate income tax from 30 percent to 20 percent may “miss the boat.”

Indonesia is cutting its corporate income tax from 25 percent to 20 percent by next year, Marcos said.

The government must also take a cue, Marcos added, from other Asian countries like India, a competitor in lower-value manufacturing and business-process outsourcing (BPO), which has already cut corporate taxes to as low as 15 percent for the 2019 and 2020 financial year and has been actively negotiating with potential Japanese investors and foreign chambers of industry.

“The resulting Citira bill must keep manufacturing companies and BPOs from leaving our export zones, while being able to take advantage of the impending exodus of factories from China,” Marcos said.

them, which will help widen the tax base in the future,” she added.

The lawmaker also said the country needs to reopen the economy in a gradual, cautious and informed way.

“This means we first need to do a risk assessment of LGUs, particularly provinces, on the basis of risk of virus spread and risk of havinganoverburdenedhealth-caresystem.Then for each risk scenario, there should be specific work-related policies adopted,” she said.

In high-risk provinces, Quimbo said, the government can allow only selected work places that are Covid-19 free in selected sectors, while in medium-risk provinces, authorities can allow all work in selected sectors and then in zero to low-risk areas, officials can also allow all work.

“But there are two important conditions. One is that this reopening should be done in phases and the second condition is that we need a disease surveillance protocol that will be strictly adopted by all LGUs and firms,” she said.

Quimbo said the most important thing needed to remove the fear factor is testing, which, she said, “is the basis for our proposal of appropriating P25 billion for testing kits under [proposed Philippine Economic Stimulus Act].”

P485-billion PESA

HOUSE Committee Ways and Means Chairman Joey Sarte Salceda of Albay, also cochairman of the economic cluster, said the Philippine Economic Stimulus Act (PESA) is now estimated to cost at least P485 billion.

The working draft of the P485 billionPESA will include:

P20 billion for test kits

P130 billion for loans with Land Bank of the Philippines, Development Bank of the Philippines, Small Business Corp. and Philippine Guarantee Corp.

P25-billion capitalization for National Development Corp.

P150 billion for individual subsidies under Department of Labor and Employment

P160 billion for sectoral assistance of Department of Trade and Industry, Department of Tourism, Board of Investments and Department of Transportation.

According to Salceda, the proposed PESA will also include an enhanced BBB program worth P650 billion in three years starting 2021. He said this enhanced BBB is expected to create 1.5 billion jobs.

www.businessmirror.com.ph

DOT asks Congress for ₧71.62B for tourism recovery program

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T

HE DEPARTMENT of Tourism (DOT) is asking the House of Representatives some P71.62 billion to fund the tourism response and recovery programs until the end of the year.

In a letter to Rep. Sharon Garin (AAMBISOWA), chairman of the House Committee on Economic Affairs dated May 1, 2020, a copy of which was obtained by the BusinessMirror, Tourism Secretary Bernadette Romulo Puyat said of the amount requested, P60.07 billion “will be allotted for working capital loans [WCL], which may be used for maintenance and operating expenses, as well as to cover fixed costs such as rentals, utilities and wages.”

She added the loans will be coursed through the Land Bank of the Philippines, or the Development Bank of the Philippines, as the DOT does not have credit facilities. The allocation will cover some 12,000 accredited primary tourism enterprises (PTEs) and over 2,400 secondary enterprises, provided that the latter will seek accreditation from the DOT. “The requirement [for the accreditation of secondary enterprises] will not only facilitate the monitoring of tourism enterprises, but will also ensure that their facilities and services meet health and safety standards,” the DOT chief stressed. As per Romulo’s letter, the numbers above refer to accredited enterprises as of March 2020.

As per Republic Act 9353 (Tourism Act of 2009), PTEs refer to travel and tour services; land-, sea- and air-transport services exclusively for tourist use; accommodation establishments; convention and exhibition organizers; tourism estate-management services; and others that the secretary may identify in consultation with relevant sectors. Secondary enterprises include restaurants, spas and the like.

The DOT submitted the letter to Garin as her committee is currently discussing the P1.3-trillion Philippine Economic Stimulus Act to help the business sector get back on its feet post-coronavirus disease (Covid-19). Of the amount, the consolidated PESA bill is allotting P43 billion to the tourism sector.

The agency is currently working on a Tourism Response and Recovery Program, which is scheduled to be completed “hopefully, by the second week of May,” according to DOT Undersecretary for Legal Affairs Edwin Enrile.

Earlier, the DOT had to turn over some P14 billion in funds from the Tourism Infrastructure

and Enterprise Zone Authority to the Department of Finance for government’s anti-Covid efforts. With outbound travel still uncertain, Tieza will likely not be able to beef up its coffers from travel taxes.

Despite this, Enrile said the DOT no longer requested funds for tourism infrastructure. He explained, “Tieza still has ongoing projects for 2020. The PESA will be implemented for the rest of 2020. Congress said the funds needed for 2021 may be included in the GAA [General Appropriations Act] for next year.”

The DOT has estimated tourist arrivals to have dropped by 40 percent to 1.32 million in the first quarter of the year, owing to Covid-19. The United Nations World Tourism Organization projected international tourist arrivals declining between 20 and 30 percent in 2020, with losses estimated at $300 billion to $450 billion.

As per DOT’s letter to Garin, of the total WCL required, the largest chunk will be allocated to the accommodation sector, at some P41 billion; followed by secondary enterprises P12.08 billion; transport operators P6.13 billion; travel/tour agencies P1.32 billion; and other PTEs at P465 million.

For the rest of the funds requested by DOT, P10 billion will be allocated to the Tourism Resiliency Fund, which may be used as a credit facility for accredited PTEs and STEs “to upgrade, rehabilitate, and modernize current facilities to be compliant with DOH [Department of Health] and DOT health and safety standards. It shall also cover other relevant programs necessary to mitigate the economic effects of Covid-19 on the tourism industry, such as but not limited too additional Wage Subsidy Program, for adversely affected DOTaccredited tourism enterprises.”

The DOT also plans to implement a Market and Product Development Program, which are international promotions for opportunity markets and the development of new regional tourism products (P500 million); a Marketing Promotions Program for the international and domestic markets, such as the development of marketing materials and collaterals (P500 million); Capacity Building for Industry Stakeholders, which consists of training for “new normal” alternative livelihood programs, and matching of grants for micro and small enterprises (P500 million); and an Institutional Support Program, which will cover the installation of information technology to improve DOT tourism services, the development of a tourist tracking system for emergency response, and establishment of a spatial database to improve planning capacity.

Good news–and their consequences!

By Henry J. Schumacher

A

S I have mentioned in previous columns, I hate bad news and am unwilling to focus on them. I am reading about 8 newspapers in the morning, local and international, hunting for good news.

Of course, we all want to get rid of the virus that has killed many people around the world and is destroying many businesses and economies.

Look at the good news I have collected during the last few days: Moderna Inc., one of the leaders among US companies developing experimental vaccines against the coronavirus, entered a pact with Lonza Group AG aimed at manufacturing 1 billion doses a year. The companies announced a global agreement under which the Swiss chemical and pharmaceutical company will ramp up output of the proposed vaccine, which is based on a novel technology that relies on genetic material called mRNA. They expect the first batches to be produced in the US in July. If Moderna and Lonza reach their target of 1 billion doses a year, that would be enough for more than one-eighth of the world’s population.

This agreement is one of several partnerships being struck between drugmakers as they rush to bring protection against Covid-19 to the market. On Thursday, AstraZeneca Plc. announced an agreement to make an experimental coronavirus vaccine developed by the University of Oxford, eyeing production capacity for 100 million doses by the end of the year.

A partnership between Sanofi and GlaxoSmithKline announced last month brought together a pair of pharmaceutical giants with manufacturing might. Sanofi will test its experimental coronavirus vaccine with Glaxo supplying so-called adjuvants, additional ingredients that improve efficacy and make it easier to produce shots in larger quantities.

Pfizer aims to make 10 million to 20 million doses of a coronavirus vaccine it is developing with Germany’s BioNtech by the end of 2020 for emergency use should it pass tests, the US drugmaker’s head of vaccines said last Thursday.

Japanese biotech company Takara Bio plans to mass produce novel coronavirus vaccinations as early as this year. If Japan’s health ministry approves a production and sales license this fall, the company would be ready to supply vaccines to 200,000 people this year.

Gilead Sciences Inc.’s antiviral

drug remdesivir was cleared by US regulators for emergency use in Covid-19 patients, becoming the first medication backed by early clinical data to be made available to fight the novel coronavirus. Gilead is donating 1.5 million doses of remdesivir, its entire current supply, as it continues to seek full US Food and Drug Administration (FDA) approval and clearance from regulators around the world. That would cover 140,000 patients based on a 10-day treatment cycle. Gilead didn’t comment on what it plans to charge for the medication once the 1.5 million doses have been exhausted. The company is building a consortium of chemical and pharmaceutical companies to help produce it worldwide.

There are many other good stories regarding vaccines reaching test stage. Why did I choose these? Three important issues are being brought up: With billions of treatments needed quickly after the products get the needed official approvals, how will you get them rapidly produced and orderly and fairly distributed; and The winning companies will be caught between making a profit and treating the world: and then there is a big third issue: The Philippines will want to be among the early countries to get the vaccine, or the medicine. Who will negotiate and buy it? The Department of Health? Who will see to it that the local FDA approves the vaccine, or the medicine, without

delay? Who will be involved in the logistics of distributing 100 million doses and oversee that everybody gets it? How will the pricing be arranged, from arrival in the country to the patient application?

In my view, the Philippines will have to deal with this already now.

An interagency team with the involvement of the private sector (pharmaceutical industry, logistics experts, retailers) has to be formed to deal with these issues and see to it that the whole process is efficient. Bear in mind that refrigerated and frozen vaccines must maintain their optimal temperature values to preserve their potency throughout the national distribution process.

While a vaccine is a crucial part of the exit strategy, the world lacks a global system for managing distribution in a crisis. It’s important a vaccine is available equitably and equally everywhere. That’s the reason why such an interagency team is needed here so that the whole process is transparent, fair and done with integrity. The detailed plan must be in place long before the first shipment arrives.

You want one more good news?

The US FDA has cleared for emergency use an antibody test from diagnostics giant Roche Holding AG, the company said Sunday, a move that could add significant capacity to efforts to determine the wider spread of Covid-19.

Let me have your feedback; email me at Schumacher@eitsc.com

www.businessmirror.com.ph • Editor: Angel R. Calso

The World

Oil drops with optimism over demand waning in face of glut

O

il snapped a three-day gain as optimism over a nascent recovery in demand was replaced by worries about the supply glut, while the continued exodus of exchange-traded funds also weighed on sentiment.

Futures in New York fell 3 percent to around $19 a barrel after their first weekly gain in a month that was driven by early signs of improving consumption and the start of production curbs.

That positive tone was undercut, however, by a Bloomberg survey showing Opec production surged by the most in almost 30 years in April as countries kept pumping even after reaching a price-war truce.

Fears of a re-run of prices plunging below zero also deterred investors. The manager of a $500 million oil exchange-traded fund in Hong Kong said its broker refused to let it increase holdings of crude futures. S&P Global Inc., which is behind the most closely followed commodity index, said it will roll West Texas Intermediate futures for July into August, while the United States Oil Fund LP said it will halve holdings in the July contract.

While there are signs the plunge in oil consumption might have bottomed out in some markets, traders believe it’s likely to take more than a year and perhaps longer for demand to return to pre-coronavirus levels. The massive glut built up over March and April will also keep prices depressed even as fuel use picks up. Meanwhile, rising tension between the US and China over the virus threatens to hamper the global economic recovery.

“The coronavirus re-opening watch will remain center stage, and the latest weekly US stockpiles and demand numbers will also be key

in shaping market sentiment,” said Vandana Hari, founder of Vanda Insights. The US raising tension with China over the virus is also weighing on the market, she said.

WTI for June delivery declined 3.4 percent to $19.10 a barrel on the New York Mercantile Exchange as of 12:02 p.m. in Singapore. It rallied almost 17 percent over the five previous sessions, the first weekly gain in a month.

Brent for July settlement fell 0.2 percent to $26.40 a barrel on London’s ICE Futures Europe exchange after advancing 23 percent last week. The price of Dated Brent, a reference for t wo-thirds of the world’s physical crude, was $19.36 on Friday, according to traders monitoring prices from S&P Global Platts.

Algerian Energy Minister Mohamed Arkab, who holds Opec’s rotating presidency, called on members of the cartel to implement more than 100 percent of their agreed cuts under the deal that took effect from May 1. There’s evidence production is also falling in countries that are not party to the Opec+ deal. In the US, the world’s largest producer, the oil rig count fell for a seventh straight week.

President Donald Trump said he has little doubt that China misled the world about the scale and risk of the virus and then sought to cover it up as the disease became a global pandemic. That came after Secretary of State Michael Pompeo said “enormous evidence” shows the Covid-19 outbreak began in a laboratory in Wuhan, China, without providing any proof for his claims. Bloomberg News

As lockdowns ease, some countries report new Covid-19 infection peaks

R

OME—While millions of people took advantage of easing coronavirus lockdowns to enjoy the outdoors, some of the world’s most populous countries reported worrisome new peaks in infections on Sunday, including India, which saw its biggest single-day jump yet.

Second in population only to China, India reported more than 2,600 new infections. In Russia, new cases exceeded 10,000 for the first time. The confirmed total death toll in Britain climbed near that of Italy, the epicenter of Europe’s outbreak, even though the UK population is younger than Italy’s and Britain had more time to prepare. The United States continues to see tens of thousands of new infections each day, with more than 1,400 additional deaths reported on Saturday. Health experts have warned of a potential second wave of infections unless testing is expanded dramatically once the lockdowns are relaxed. But pressure to reopen keeps building after the weekslong shutdown of businesses plunged the global economy into its deepest slump since the 1930s and wiped out millions of jobs.

At a virtual town hall on Sunday night, President Donald Trump acknowledged some Americans are worried about getting sick while others are concerned about losing jobs.

Though the administration’s handling of the pandemic, particularly the ability to conduct widespread testing, has come under criticism, the president defended the response and said the nation was ready to begin reopening.

“We have to get it back open safely but as quickly as possible,” Trump said.

China, which reported only two new cases, saw a surge in visitors to tourist spots newly reopened ahead of a five-day holiday that runs through Tuesday.

Nearly 1.7 million people visited Beijing parks on the first two days of the holiday, and Shanghai’s main tourist spots welcomed more than 1 million visitors, according to Chinese media. Many spots limited daily visitors to 30 percent of capacity.

On the eve of Italy’s first steps toward easing restrictions, the Health Ministry reported 174 deaths in the 24-hour period ending Sunday evening—the lowest day-to-day number since the national lockdown began on March 10.

Parks and public gardens were set to reopen on Monday. In Britain, Prime Minister Boris Johnson is under pressure to reveal how the country will lift its lockdown. The restrictions are due to last through Thursday, but with hundreds of deaths still being reported daily, it’s unclear how the country can safely loosen the restrictions.

The 55-year-old Johnson, who spent three nights in intensive care while being treated for Covid-19, told The Sun newspaper that he knew his doctors were preparing for the worst.

“It was a tough old moment, I won’t deny it,’’ he said. “They had a strategy to deal with a ‘death of Stalin’-type scenario’’ if he succumbed to the virus.

Another potentially troubling sign emerged in Afghanistan’s capital of Kabul, where a third of 500 people tested randomly were positive.

In the US, New Jersey reopened state parks, though several had to turn people away after reaching a 50 percent limit in their parking lots. Margie Roebuck and her husband were among the first on the sand at Island Beach State Park.

“Forty-six days in the house was enough,” she said.

Speaking on “Fox News Sunday,” White House coronavirus coordinator Deborah Birx expressed concern about protests by armed and mostly maskless crowds demanding an end to stay-at-home orders and a full reboot of the economy. Trump has encouraged people to “liberate” their states.

“It’s devastatingly worrisome to me personally, because if they go home and infect their grandmother or their grandfather ... they will feel guilty for the rest of our lives,” she said. “So we need to protect each other at the same time we’re voicing our discontent.”

If restrictions are lifted too soon, the virus could come back in “small waves in various places around the country,” said Dr. Tom Inglesby, director of the Center for Health Security of the Johns Hopkins Bloomberg School of Public Health.

“Nothing has changed in the underlying dynamics of this virus,” he said on NBC’s “Meet the Press.” Meanwhile, the divide in the United States between those who want lockdowns to end and those who want to move more cautiously extended to Congress.

The Republican-majority Senate will reopen on Monday in Washington. The Democrat-controlled House of Representatives is staying shuttered.

Senate Majority Leader Mitch McConnell’s decision to convene 100 senators gives Trump, a Republican, the imagery he wants of America getting back to work, despite the risks.

Elsewhere, Russia’s latest tally of infections was nearly double the new cases reported a week ago.

More than half of Russia’s new cases were in Moscow, where concern is rising about whether the capital’s medical facilities will be overwhelmed. Indian air force helicopters showered flower petals on hospitals in several cities to thank doctors, nurses and police at the forefront of the battle against the pandemic.

The country’s confirmed cases neared 40,000 as the lockdown of its 1.3 billion people was extended two more weeks, but with some measures relaxed.

The official death toll reached 1,323.

And in Mexico City, where authorities expect infections to peak next week, workers will turn the Hernandez Rodriguez Formula 1 racecourse into a temporary hospital for Covid-19 patients. The paddocks and suites along the front straightaway will have eight hospital modules with 24 beds each.

The pits will be used as offices for consultations.

Governments have reported 3.5 million infections and more than 247,000 deaths, including more than 67,000 dead in the United States, according to a count by Johns Hopkins University.

Deliberately concealed outbreaks, low testing rates and the severe strain the disease has placed on health care systems mean the true scale of the pandemic is undoubtedly much greater. AP

BusinessMirror

Tuesday, May 5, 2020

A5

DHS says China hid virus’s severity to hoard supplies

W

ASHINGTON—US officials believe China covered up the extent of the coronavirus outbreak—and how contagious the disease is—to stock up on medical supplies needed to respond to it, intelligence documents show.

Chinese leaders “ intentionally concealed the severity” of the pandemic from the world in early January, according to a four-page Department of Homeland Security intelligence report dated May 1 and obtained by The Associated Press. The revelation comes as the Trump administration has intensified its criticism of China, with Secretary of State Mike Pompeo saying on Sunday that that country was responsible for the spread of disease and must be held accountable.

The sharper rhetoric coincides with administration critics saying the government’s response to the virus was slow and inadequate. President Donald J. Trump’s political opponents have accused him of lashing out at China, a geopolitical foe but critical US trade partner, in an attempt to deflect criticism at home.

Not classified but marked “for official use only,” the DHS analysis states that, while downplaying the severity of the coronavirus, China increased imports and decreased exports of medical supplies. It attempted to cover up doing so by “denying there were export restrictions and obfuscating and delaying provision of its trade data,” the analysis states.

The report also says China held off informing the World Health Organization that the coronavirus “was a contagion” for much of Januar y so it could order med ica l suppl ies f rom abroad—and that its imports of face masks and surgical gowns and gloves increased shar ply.

Those conclusions are based on the 95 percent probability that China’s changes in imports and export behavior were not within normal range, according to the report.

China informed the WHO of the outbreak on December 31. It contacted the US Centers for Disease Control on January 3 and publicly identified the pathogen as a novel coronavirus on January 8.

Chinese officials muffled doctors who warned about the virus early on and repeatedly downplayed the threat of the outbreak.

However, many of the Chinese government’s missteps appear to have been due to bureaucratic hurdles, tight controls on information, and officials hesitant to report bad news. There is no public evidence to suggest it was an intentional plot to buy up the world’s medical supplies.

In a tweet on Sunday, the president appeared to blame US intelligence officials for not making clearer sooner just how dangerous a potential coronavirus outbreak could be. Trump has been defensive over whether he failed to act after receiving early warnings from intelligence officials and others about the coronavirus and its potential impact.

“Intelligence has just reported to me that I was correct, and that they did NOT bring up the CoronaVirus subject matter until late into January, just prior to my banning China from the US,” Trump wrote without citing specifics. “Also, they only spoke of the Virus in a very non-threatening, or matter of fact, manner.”

In this April 29, file photo, Secretary of State Mike Pompeo speaks at a news conference at the State Department in Washington. Chinese leaders “intentionally concealed the severity” of the pandemic from the world in early January, according to a four-page Department of Homeland Security report dated May 1 and obtained by The Associated Press. The revelation comes as the Trump administration has intensified its criticism of China, with Pompeo saying on Sunday, May 3, that China has been responsible for the spread of disease in the past and must be held accountable for the outbreak of the current pandemic. AP/Andrew Harnik

Trump had previously speculated that China may have unleashed the coronavirus due to some kind of horrible “mistake.” His intelligence agencies say they are still examining a notion put forward by the president and aides that the pandemic may have resulted from an accident at a Chinese lab.

Speaking on Sunday on ABC’s “This Week,” Pompeo said he had no reason to believe that the virus was deliberately spread. But he added, “Remember, China has a history of infecting the world, and they have a history of running substandard laboratories.”

“These are not the first times that we’ve had a world exposed to viruses as a result of failures in a Chinese lab,” Pompeo said. “And so, while the intelligence community continues to do its work, they should continue to do that, and verify so that we are certain, I can tell you that there is a significant amount of evidence that this came from that laboratory in Wuhan.”

T he secretar y of state appeared to be referring to previous outbreaks of respiratory viruses, like SARS, which started in China. His remark may be seen as offensive in China. Still, Pompeo repeated the same assertion

hours later, via a tweet on Sunday afternoon.

Experts say the virus arose naturally in bats, and make it clear that they believe it wasn’t man-made. Many virologists say the chance that the outbreak was caused by a lab accident is very low, though scientists are still working to determine a point at which it may have jumped from animals to humans.

Beijing has repeatedly pushed back on US accusations that the outbreak was China’s fault, pointing to many missteps made by American officials in their own fight against the outbreak. China’s public announcement on January 20 that the virus was transmissible from person to person left the US nearly two months to prepare for the pandemic, during which the US government failed to bolster medical supplies and deployed flawed testing kits.

“The US government has ignored the facts, diverted public attention and engaged in buckpassing in an attempt to shirk its responsibility for incompetence in the fight against the epidemic,” Chinese Ministry of Foreign Affairs spokesman Geng Shuang said on Friday. AP

Unlike 2008 crisis, pandemic has no leader, no global plan

U

NIT E D N AT I O N S —Wh e n f i n a n c i a l markets collapsed and the world faced its last great crisis in 2008, major powers worked together to restore the global economy, but the Covid-19 pandemic has been striking for the opposite response: no leader, no united action to stop the spread of the new coronavirus, which has killed over 200,000 people.

The financial crisis gave birth to the leaders’ summit of the Group of 20, the world’s richest countries responsible for 80 percent of the global economy. But when UN Secretary-General Antonio Guterres proposed ahead of their summit in late March that G-20 leaders adopt a “wartime” plan and cooperate on the global response to suppress the virus, there was no response.

In an April 6 letter to the G-20 following the summit, former UN Secretary-General Ban Ki-moon and 164 other current and former presidents, prime ministers, scientists and global figures urged the group’s leaders to coordinate action “within the next few days” and agree on measures to address the deepening global health and economic crises from Covid-19. Again, no response.

A clearly frustrated Guterres told reporters on Thursday that instead of “solid leadership” to fight the pandemic, each country went ahead with a different strategy, increasing the risk that the virus would not disappear, but rather spread and then return.

“It is obvious that there is a lack of leadership,” he said. “It is obvious the international community is divided in a moment where it would be more

important than ever to be united.”

Guterres said what is key is leadership combined with power.

“We see remarkable examples of leadership, but they are usually not associated with power,” he said. “And where we see power, we sometimes do not see the necessary leadership. I hope this will be overcome sooner rather than later.”

But the 21st century has seen increasing fractures in global unity and cooperation.

In his state of the world speech last September, Guterres warned of the risk of the world dividing between the United States and China at a time of rising populism, increasing xenophobia, spreading terrorism, “exploding” inequality and a lingering climate crisis. He said there is severe erosion in multilateralism—the foundation on which the United Nations was founded 75 years ago after the devastation of World War II. The Covid-19 pandemic has put that warning into sharp focus, both in the world’s inability to come together in tackling the coronavirus and in the difference in health care, treatment and testing in G-20 nations compared with what exists in developing countries.

The failure has been playing out in the UN Security Council, the UN’s most powerful body, which has been impotent in addressing the pandemic—a crisis that Germany’s UN ambassador, Christoph Heusgen, calls “the biggest challenge that civilization has faced since the Second World War.” The council has been unable to adopt a resolution that would endorse the secretary-

general’s call for pandemic cease-fires in conflicts including Syria, Yemen, Libya and Afghanistan because of a dispute between the United States and China over including a reference to the World Health Organization.

After weeks of praising Chinese President Xi Jinping for his handling of the initial outbreak of the coronavirus, US President Donald Trump is now accusing China of not acting quickly to inform the world of what was happening. He has also suspended US funding to the WHO, accusing the UN health agency of parroting Beijing.

Security Council diplomats say China is insisting on a reference to the WHO in any resolution while the US wants no mention of the agency and instead wants the text to demand “transparency” about Covid-19.

When the council discussed the pandemic on April 9, Germany’s Heusgen criticized its “deafening silence” and reminded members that during the 2008 financial crisis the G-20 displayed “both the leadership and the power” to deal with it.

“Here we do not have it,” Heusgen said.

“We do not have leadership and power coming together.”

Estonian Ambassador Sven Jürgenson, the council president for May, told reporters on Friday, “I think it’s a shame that we have not been able to take the leadership.”

Since mid-March, Guterres has been speaking out, warning of the global threat posed by the pandemic, especially in the developing world. He launched a $2 billion appeal to help vulnerable

and conflict-torn countries on March 25, which has received about $1 billion.

David Beasley, head of the UN World Food Program, has warned of “a hunger pandemic” that could push 265 million people “to the brink of starvation by the end of 2020.”

UN humanitarian chief Mark Lowcock said most experts agree the pandemic may not peak in the poorest parts of the world for three to six months. He said $90 billion could provide income support, food and a health response for 700 million of the world’s poorest and most vulnerable people in 30 to 40 countries—a price tag just 1 percent of the $8 trillion stimulus package that the G-20 countries put in place for helping the global economy.

Rober t Malley, president and CEO of the International Crisis Group think tank, said at a recent briefing, “It’s clear that we’re facing a crisis of international leadership” and it’s unclear who can take over—the G-20 now led by Saudi Arabia, the Group of Seven major industrialized countries led by the United States, the United Nations or anyone else. That’s because the powers are all looking inward, and are less interested in being generous when their own citizens are facing crises, he said.

Malley said there shouldn’t be nostalgia for the past “when there was virtually a unilateral or Western or US domination” of global power which many countries resented.

“But,” he warned, “it’s one thing to have a different kind of leadership, it’s another thing to have no leadership at all.” AP

A6 Tuesday, May 5, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Domino effect

E

nvironmentalists welcomed the decision of Ayala Corp. to fully divest itself of coal investments by 2030, following the lead of Lopez-owned First Philippine Holdings (FPH) and its subsidiaries, which completely divested from coal back in 2016.

When FPH Chairman Federico Lopez announced at the 2016 stockholders meeting that the company “will not build, develop, or invest” in any coalfired power plant, he said “this was met by investors and energy media with disbelief and shock as if we were committing corporate suicide on national television in the highly competitive power industry.” But they kept on, he said, because they truly believed coal power is not only bad for the planet but also for business.

“I would be worried if I put my money in coal plants. I would be worried that these coal plants could actually be stranded investments. There are many companies around the world that are divesting from fossil fuels,” Lopez said.

There is a domino effect or chain reaction created by good decisions. Ayala Corp.’s shift toward decarbonization only shows the effects of positive actions started by the Lopez Group and other clean energy advocates since the signing of the landmark Paris climate agreement in 2015.

In the Philippines, resistance to coal power is gaining ground, with at least 12 provinces committing to ditch coal in favor of cheaper renewable-energy sources.

While coal remains the prime power generation source for electrification in the Philippines, coal-fired power plants have been declining all over the world, and momentum has been building for solar, wind and other RE projects.

The Power for People Coalition (P4P) hopes Ayala Corp.’s divestment from coal would encourage other local generation companies to follow suit. P4P Convenor Gerry Arances said the decision is a major victory in the movement against coal, since Ayala’s energy arm AC Energy is one of the country’s largest investors in coal. He said this shows that divesting from coal can be a sound business strategy that San Miguel, Meralco, and Aboitiz can follow.

“We should see if there will actually be an effect on the proportion of coal in the country’s energy mix. After all, Ayala can just sell its coal investments to other companies, which will clean its portfolio but not really reduce coal emissions in the country,” Arances said. “If Ayala Corp. can make good on its promise, and it does not transfer its coal assets to other companies but rather shuts them down completely, then this is a real, tangible improvement in our coal situation. Ayala Corp. would have then made a truly significant impact in improving our environment.”

One positive yet unforeseen result of the Covid-19 pandemic has been the significant drop in emissions, because industrial production, electricity demand (hence, coal consumption too) and traffic congestion have all been dramatically reduced.

This signifies a possible silver lining for climate change, as well as an opportune time for the power sector to renew its commitment toward a more sustainable path.

Since the beginning of the lockdown or enhanced community quarantine, we’ve seen a significant reduction in air pollution. The Institute of Environmental Science and Meteorology of the University of the Philippines Diliman reported that the level of pollutants in the air had dropped by as much as 180 percent after the imposition of the quarantine.

Photos of Metro Manila’s smog-free skyline with the backdrop of the Sierra Madre mountain range and the windmills of Pililla, Rizal started circulating on social media soon after quarantine was imposed. Even residents of Bataan reported they could see Metro Manila from their end as skies cleared up.

This is an unprecedented opportunity to see how our country could be like when concerted sustainable efforts to reduce carbon emissions are in place.

It shows us our environment is resilient and our ecosystem can bounce back faster than expected.

But this can only happen if the government, the private sector, as well as the Filipino people would all continue to contribute to a low-carbon society and remain committed to reduce greenhouse-gas emissions.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

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

Senior Editors

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

Online Editor

Ruben M. Cruz Jr.

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

Manny B. Villar

THE Entrepreneur

N

ow is the time for our health experts and authorities to pause. The Philippines has so far successfully managed to contain the spread of Covid-19 and built up more health facilities to accommodate more cases, if needed. The government, thus, may now take this opportunity to reopen the economy and restore the jobs of millions of workers.

The Philippines is relatively doing well in limiting the pandemic compared with other European countries and the United States, especially New York. Our own virus data, which is used as the basis in imposing quarantine and lockdown measures, are not worse than the other global epicenters of Covid-19.

Local health authorities can look at the experiences of Italy, Spain, the UK and the US. The mortality rate in the world is basically the same as ours (the Philippines has actually a lower rate) and our authorities should now look at the other side of the coin— the economy—after bolstering the capacity of our health facilities.

Our health authorities should find it comforting that our mortality rate is better than in other countries.

The Philippines as of Sunday had a death toll of 603 from nearly 9,000 cases, or a mortality rate of 6.7 percent, compared with Indonesia’s 7 percent. Italy had a worse mortality rate of 13.7 percent, while the UK has 5.2 percent. The US had 5.8 percent, while New York City had 8 percent.

To put it in perspective, coronavirus death data on deaths per million

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

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

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

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

www.businessmirror.com.ph

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

in the Philippines is not alarming.

Available and official data on the Internet shows the Philippines has 5.65 deaths per 1 million population (from the total population of 106.5 million).

The statistics compare much favorably with the US, which has 202.6 deaths per 1 million population from its total population of 327.17 million. European nations have more unfavorable rates. Spain and Italy, the two Covid-19 epicenters in that region, have 537.2 and 475.09 deaths per 1 million population, respectively. The United Kingdom and France have 423.09 and 369.16 deaths per 1 million, respectively.

In Asia, South Korea has 4.84 deaths, Japan has 3.75 and Malaysia has 3.27.

These are deaths, nonetheless, and each life is important. The data should not make us complacent in our fight against Covid-19, but it gives us solace that we are effectively containing the outbreak based on established statistics.

The mortality rates should go down further as more mass testings are conducted. We can now accom-

Surviving the lockdown

Eduardo A. Davad Nonilon G. Reyes

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

It’s time to pause

John Mangun

OUTSIDE THE BOX

I

T is said that if you can last five days quitting smoking or staying off Facebook, you are probably going to make it longer without too much of a problem. Psychologists and medical doctors say it takes two to three weeks to adjust to working on the night shift.

Marriage experts say you need two years after the wedding to figure it all out.

We in Metro Manila are about to find out what 60 days under a lockdown feels like and what the consequences might be. And the studies of similar experiences do not

paint a pretty picture. In fact, after 30 days, life gets dismal. After 45 days, eating “bat soup” seems like a reasonable alternative to being held in quarantine.

With some 2.6 billion people around the world in some kind of lockdown, we are conducting

modate more people in the hospitals for monitoring suspected Covid-19 cases.

A lot of things have happened since the government imposed the enhanced community quarantine on March 14 and extended it to May 15. Our hospitals are now more organized and reserve facilities have increased. In sum, our medical doctors and health-care workers are now managing the Covid-19 cases well.

A group within the Inter-Agency Task Force on Emerging Infectious Diseases, or IATF, should now take a hard look at the toll caused by the virus on the economy. Many workers no longer have the means to provide for the needs of their families after the long lockdown period. Many of them cannot rely forever on the generosity of their employers—many big and small companies are no longer earning and they are already on survival mode.

Authorities can look at the models of Hong Kong and Taiwan, which did not impose hard quarantine measures and allowed business operations, including their mass transportation, to continue. We as a nation must now re-open the economy and end the lockdown period on May 15 before reaching the point where our economic losses may be greater than what we are trying to preserve.

The government cannot allow the economy to deteriorate further for the simple reason that it also needs to generate revenues from private business operations to fund the bureaucracy, including state hospitals.

We must also remember that our small enterprises provide millions of jobs to Filipino workers. With the continued lockdown, our small entrepreneurs are in danger of being wiped out.

Solid fundamentals

arguably the largest psychological experiment ever made on the human race. But we are not completely in uncharted territory because there have been numerous studies on the topic.

The Lancet is a weekly peerreviewed general medical journal published in the United Kingdom since 1823. In late February, right before European countries mandated various forms of lockdowns, The Lancet published a review of 24 studies documenting the psychological impact of quarantine (the “restriction of movement of people who have potentially been exposed to a contagious disease”). After reading the review, I can say with firm conviction, “God help us all.”

Trying to get a handle on current conditions, a group headed by a health psychologist from the Vrije Universiteit Amsterdam made

a study as Belgium—with about 12 million population—shut down the entire nation. Note that research had already been conducted in China where it was found that about 28 percent of quarantined parents warranted a diagnosis of “traumarelated mental health disorder.”

The study in Belgium found initially that 32 percent of the population could be classified as highly resilient and only 15 percent indicated toxic levels of stress.

Fifty-six percent had “strong” or “some” resilience while 44 percent had at least some risk to “lockdown toxic stress.”

But things got nasty quickly.

Belgium locked down the same time we did on March 18th. After two weeks, the study was made again. The scientists concluded that the only thing that could save the See “Mangun,” A7

I sincerely believe that the administration of President Duterte has done a good job in containing Covid-19 so far. Our economic ministers also deserve credit for keeping our macroeconomic fundamentals intact amid the pandemic and despite the recession now gripping the global economy. I believe our solid fundamentals will carry us through this pandemic storm and lead the country to an economic recovery. And it is heartening to note that the international bond market has taken notice of the country’s economic progress pre-Covid-19.

The Philippines just last week raised $2.35 billion from the sale of 10-year and 25-year global bonds amid a strong demand. National Treasurer Rosalia de Leon said the transaction booked for the Philippines the lowest ever coupon for a 10- and 25-year benchmark issuance amid the global pandemic fear.

It made the Philippines, at least for the time being, in the words of Ms. De Leon, “a diamond in the sovereign issuance space for we were able to convert immense pressure into an opportunity to dazzle in brilliant shine.”

A low inflation rate, manageable debt ratio, and now an all-timehigh gross international reserves of $89 billion at the end of March are keeping the Philippine economy relatively respectable. These good macroeconomic fundamentals will ultimately serve as the country’s own quarantine pass to a sustainable recovery toward the end of the year.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Opinion BusinessMirror

www.businessmirror.com.ph

Is prescriptive period for tax refund claims extendible?

Let’s hope the lockdown will force our leaders to rethink our VFA position Manny F. Dooc

TELLTALES

Atty. Rodel C. Unciano

Tax Law for Business

O

ur tax laws provide instances where taxpayers are granted the right to apply for the refund of taxes. Among these are the unused input taxes related to zero-rated sales and erroneously or illegally paid taxes or penalties. As regards the refunds of unutilized input taxes incurred by taxpayers whose sales are zero-rated or effectively zero-rated, an application for refund has to be made within two years after the close of the taxable quarter when the sales were made.

Aside from these usual refundable unutilized input taxes related to zero-rated sales, erroneously or illegally collected taxes may also be the subject of a refund. This includes excess or unutilized creditable withholding taxes. Application for refund for erroneously or illegally collected taxes or penalties should also be made within two years from the date of payment of such tax or penalty. This two-year period applies to both the filing of the claim with the tax bureau and with the Court of Tax Appeals. The strict provision of the laws do not allow extensions, notwithstanding any supervening cause that may arise after the payment.

Note though that as a temporary emergency measure in response to the Covid-19 pandemic, the Department of Finance issued Revenue Regulations 7-2020, 10-2020 and 11-2020, authorizing the extension of the two-year prescriptive periods for filing claims for refund with the tax bureau. Following these regulations, erroneous payments made from March 17, 2018 to April 30, 2018 may now be filed until June 14, 2020, while erroneous payments made from May 1, 2018 to May 31, 2018 may now be filed until June 30, 2020. For the VAT refund claims covering the calendar quarters ending March 31, 2018, April 30, 2018 and May 31, 2018, the applications for the refund claims have been extended to May 30, 2020, June 14, 2020 and June 30, 2020, respectively, or 30 days from the lifting of the quarantine, whichever comes later.

In sum, the regulations extended the two-year prescriptive period for filing refund claims as defined in the laws. Can this be done, considering the strict nature of the two-year prescriptive period?

True, Section 4(Z) of Republic Act 11469 or the “Bayanihan to Heal As One Act,” upon which the regulations are anchored, authorizes the President to move statutory deadlines and timelines for the filing and submission of any document, the payment of taxes, fees and other charges required by law. However, the authority granted by law seems to exclude the power to extend the two-year statutory deadline for filing refund claims. The two-year prescriptive periods are clearly granted under the Tax Code, thus, extension of the deadlines requires amendment

Mangun. . .

Continued from A6

citizens of Belgium was increased use of recreational drugs. OK, maybe not, but the results were scary.

The “resilient” people dropped by more than half to 25 percent while the potentially “crazy like a bat” (my term, not theirs) nearly doubled.

“Perhaps unsurprisingly, people who are quarantined are likely to develop a wide range of symptoms of psychological stress and disorder, including low mood, insomnia, stress, anxiety, anger, irritability, emotional exhaustion, and depression stress symptoms.” That sounds like my average “Tuesday” these past two months.

T he next problem is what

of the Tax Code, or at the very least, the law authorizing the President to do so must clearly say so.

As the regulations seem to stand on a weak foundation, compliance therewith might give birth to a number of issues if the claims are not favorably acted upon by the Commissioner. Issue of late filing may potentially be questioned later in court. For VAT refund claims, while it is now settled that the judicial claim need not be filed within the two-year prescriptive period, and an appeal to the Tax Court may only be had after 30 days from an action or inaction is made on the refund claim, still the delayed filing of the administrative claim with the Commissioner might crop up as issue once the claim is elevated to the Tax Court. The concern with respect to erroneously or illegally collected taxes or penalties is more pronounced. The extension of the two-year period within which an administrative claim may be filed would mean that it is possible for such claim to be filed beyond the two-year period. Meantime, as there is no extension of the two-year period for the filing of an appeal with the Tax Court, filing of such appeal after the filing of the administrative claim may result in the filing of the judicial claim beyond the two-year period. Prudence dictates that, despite the extension of the period for filing the claim with the tax bureau, the same should still be filed within the two-year period so that the judicial claim could also be filed within the same period.

There is no question that the regulations intend to give relief to taxpayers. However, the same must be anchored on a solid ground to avoid any controversy that may arise on its compliance. Otherwise, the relief it seeks to provide may contain the seed of another controversy which a taxpayer may have to face later on.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

happens after the quarantine is lifted. Looking at similar situations, 35 percent of the “non-resilient” group had problems going back to work and if they did, productivity fell significantly. Comparisons in the many studies done are made to post-traumatic stress disorder.

In the review of all the research and studies made by The Lancet on March 14, 2020, boredom and isolation caused a major part of the distress. So, maybe in this case, your ‘Friends’ on Facebook might genuinely be your best friends through the lockdown. Stay safe.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Tuesday, May 5, 2020 A7

H

e’s not a decorated war hero whose exploits during the last world war are celebrated in a book or film. His service in the British army earned him the rank of a captain. Now he is the most renowned fundraiser around the globe, personally raising the equivalent of $40 million after he started during the Holy Week and ended on his 100th birthday anniversary on April 30. At the beginning of April, his birthday month, he vowed to raise funds by walking around his garden 100 times before his 100th birthday.

His modest goal was to raise 1,000-pound sterling for the benefit of the National Health Service (NHS), which is at the forefront of his country’s fight against the coronavirus pandemic. His daughter issued a press release for the local news to generate interest and publicity. It caught national attention and was quickly picked up by the global media. Captain Tom Moore became an instant celebrity. He appeared in national news and was even featured live on BBC Breakfast. He recorded a duet with a famous British balladeer, “You’ll Never Walk Alone,” which is now on its way to topping the charts.

Huge crowds gathered daily outside his house to watch him walk up and down his garden aided by his walking frame. A guard of honor from the Yorkshire Regiment lined up on both sides of his path when he completed his 100th lap. On his 100th birthday, Captain Moore received more or less

160,000 cards greeting him on his centennial year on Earth. The local post office had worked around the clock to handle the deluge of cards coming from all over the world.

Captain Moore started the fundraising “for the sake of the nurses and the NHS we have, because they are doing such a magnificent job.”

His birthday was marked by a Royal Air Force fly-past over Belford and personal greetings from the Queen and PM Boris Johnson. He said that “reaching 100 is quite something.

Reaching 100 with such interest in me and huge generosity from the public is very overwhelming.”

Captain Moore will be one of the biggest stories in this age of pandemic. His wonderful effort has inspired millions of people all over the planet and demonstrated that a centenarian with a heart of gold can capture everyone’s imagination.

When interviewed live on BBC and

Just another way to die

By Rafael Reyes | CEO, FIGS, Inc.

W

hen Pope John Paul II celebrated mass in Heroes Square in Poland, his country of birth, in 1979 to encourage Poles suffering under communism, he didn’t mention systems of government, Soviet influence, or economic theories. He simply said, “Be not afraid.” By repeating this biblical phrase, he didn’t mean that there was no suffering to come. Indeed, before Poland was eventually freed from the Iron Curtain, many Poles, priests among them, would be tortured and killed by the then-communist security apparatus. What he meant was that by being fearful, you ensure you won’t get to your desired destination, not that you won’t have to pay a price. The Poles heeded the pontiff ’s call, chanting, “We want God!” for several minutes.

After seeing the 3 million Poles’ reaction, the KGB Warsaw station chief sent a message to Moscow that they had lost Poland as a reliable ally. It would take more than two decades, but that cable was indeed spot on.

Had we a pontiff today who had a more orthodox understanding of Catholic doctrine, we might have been counseled in the same way, instead of being told, “I don’t know if these are the revenge of nature, but they are certainly nature’s responses.” Had the US not been having a political divide that’s the worst since her Civil War, predisposing her left-leaning, globally powerful media to tout every danger, every personal tragedy, every deadly exception, every terrifying statistic about Covid-19, she might be having a more sober response than her government has presently. Had the Philippines not had a mindset of aping everything the US does, we might not be decimating our economy right now. All because of fear.

Politicians fear being wrong. Shutting down an economy because of a deadly disease can never be wrong: If the pandemic turns out to be nothing much, leaders can claim they successfully mitigated the spread of the virus.

If the pandemic turns out to be very bad indeed, then the pols can rightfully say they did everything that they could. A win either way.

How fearful should you be? Well, if you had believed the US government’s first estimates of over 2 million deaths this year in their country, then yes, I suppose you should be very scared. But after they downsized that estimate to 100,000-240,000, I would say not that much. When they rectified

their models yet again to 60,000+, I would say not at all (and maybe ask, “Are these models worth the computers they’re run on?”). The epicenter of their epidemic, New York City, never filled its hospital rooms, everyone who wanted a ventilator got one (despite being sent only an additional 400 by the federal government, over the cries of its mayor who breathlessly claimed he needed 30,000), and almost none used the hastily constructed hospital tents in Central Park, nor the US Navy hospital ship that was sent there (now sent away).

How much should you fear “mother” nature? Very much, and even more so if she has it in for homo sapiens particularly, as the pope implies, for, you know, being apostates by sipping from plastic straws, using plastic bags, failing to segregate garbage, reading books with bleached white pages, sleeping with airconditioners powered by fossil fuels, riding in vehicles that have internal combustion engines, eating things that have been raised using modern agricultural chemicals, and other such sins of “modern man.” After all, she’ll have her way in the end: you will die no matter what. In fact, if she were solely in-charge all the time—that is, sans the work of man—every day you managed to survive (maybe), you’d be baking in the hot sun or drenched in rain, scrounging about for enough food to hopefully see the day through, before total darkness sets in at nighttime. You would be lucky because you’re in the Asian tropics and don’t have to worry about freezing to death before the sun rises again, and not in Africa where you’re likely not at the top of the food chain.

Lest we forget amid our preoccupation with the Covid-19 pandemic, we are now on the halfway mark of the 180-day deadline of the VFA termination notice, which the Philippine government has served to the US on February 11, 2020. I’m sure that somebody up there is keeping tabs on this while we still have time to assess the full import of President Duterte’s decision to withdraw from the VFA. The VFA became effective on May 27, 1999 upon its ratification by the Philippine Senate and is set to expire on August 9, 2020, 180 days after the Philippine government has officially notified the US government of its intention to terminate the VFA. Before the VFA expires, the parties may still agree otherwise during the 180-day cooling off period.

Everybody concurs that a withdrawal from the bilateral agreement shall have grave implications for the US-Philippine alliance, which widely covers security, economic and cultural aspects. Our historic partnership borne out of colonial relationship and war struggle against a common enemy is historic, deep and wide-ranging. The VFA was ratified to allow US military presence in our country after the closure of the US military bases. There are still

opportunities to save the VFA, or for the two countries to come up with a new or better mechanism. During the 180-day cooling off period, the Philippines may cancel the notice to terminate or the parties may agree to renegotiate, review or amend the VFA. When the proposed scrapping of the VFA was taken up in the Senate in February, I recall Senator Koko Pimentel, the chairman of the Senate Committee on Foreign Affairs, saying that the VFA is now due for review.

The VFA is a deterrent to China’s aggression, which has become more blatant recently as recent reports would show. Without the protective umbrella of the US firepower, China’s expansionist ambition shall be unchallenged and its assertiveness and predatory moves will rule the West Philippine Sea. This will tilt the balance of power in our region in favor of China. A joint military patrol by the smaller claimant countries to check Chinese navy incursions will hardly be a match. Are we open to renegotiate for a better agreement that will effectively serve our interest or shall we let the VFA expire?

With his friend, President Donald J. Trump, on the other side of the bargaining table, President Duterte now has an opportunity to strike a new deal that will reflect his strong independent stance vis-à-vis a foreign power. Let’s hope that the lockdown will force our leaders to rethink our position on the VFA and give them the light to think soberly and prudently on a critical issue, which will define our nation in the future.

I don’t think anyone really knows yet how deadly Covid-19 will be, except that we know for sure it’s not as deadly as the “experts” presupposed at first.

Just like we know that the Nobel Prize was mistakenly awarded to an economist who used math to prove the major European powers could not possibly go to war because of financial interdependencies—just before the outbreak of World War I. Just like we know that The Population Bomb, written by a Stanford entomologist in 1968, was wrong about mass starvation coming in the 1970s due to overpopulation.

Just like we know Al Gore’s An Inconvenient Truth was wrong in predicting in 2006 that sea levels would rise by 40 inches by 2016 (the actual figure is 1.5-2.0 inches, maybe). Because the empirical evidence came in.

While we cannot yet be as certain about the consequences of Covid-19, a little common sense usually goes a long way. Yes, the statistics would have missed some cases because of lack of testing kits. But conversely, the statistics also pick up more than they should because Covid-19 is most often fatal when it has a “co-morbidity” (that is, another illness that accompanies it).

As a result, many deaths attributed to Covid-19 should equally be attributed to other diseases, a fact statistics don’t pick up. As of this writing, worldwide, there have been less than 250,000 deaths attributed to Covid-19. Compare this to: a quarter’s worth of deaths from workplace accidents & diseases: 575,000, from diarrhea: 400,000, from traffic accidents: 338,000, from tuberculosis: 312,000, from suicides: 200,000, from malaria: 101,000, from murders: 100,000, from drownings: 80,000. Where are the frantic media headlines and government-enforced measures to prevent all these deaths?

In the Philippines, there have been less than 700 Covid-19 deaths, compared to 3,200 from traffic-related accidents usually in a quarter-year. If we were to decide to clear our roads and sidewalks at the cost of decimating our economy, one would think it should be for the latter, rather than the former. And just to run the math, with a population of 106.7 million, as of this writing we’ve lost 0.0007 percent of our population in the last quarter from Covid-19, a population that is growing 1.4 percent a year.

Now again, as mentioned above, no one yet knows for sure what health consequences Covid-19 will have simply because the necessary data are still coming in. But its economic consequences are abundantly clear.

You don’t need to run econometric models. It’s not just the lockdown itself, but the longer-lasting effects of the widespread fearmongering in traditional and social media. Just see how many people around you will do much less of the following because of fear: eat out, visit bars, throw catered parties, window-shop for clothes & household items, take out-of-town vacations, watch sporting events, attend concerts, exercise in public gyms, even send their kids to pre-schools. And if you have a particularly hardy bunch around you, will they modify their behavior if their spouses, significant others, children, and friends are more risk-averse?

We’ll soon be getting a quick lesson on the Keynesian Paradox: On an individual level, if someone stops spending, the person is better off because he/she will have more savings.

But for the general economy, if most or all people did that, the consequences would be disastrous.

Is Covid-19 an additional way to die? For sure, but so were cars, airplanes, tobacco, alcohol, swimming pools, electricity, etc. when man started using these. And while I won’t cite statistics here, I’m pretty sure hydrolyzed oils used by fast-food restaurants, various sugars in processed foods, air pollution in urban areas, among many other realities in a highly populated world will be killing more people each year. Which is still preferable to the erstwhile world where you would have had to worry about small pox, bubonic plague, scarlet fever, typhus, typhoid, measles, rabies, cholera, dysentery, mumps, gangrene, leprosy, childbirth death, and infant mortality.

Covid-19 is indeed scarier than many causes of death for its unpredictability, but the biblical imperative to “be not afraid” applies today as it has through the ages. With due respect to those who have grieved, suffered, and died, especially in the line of duty, at the end of the day, it’s just another way to die. Fear will only lead us to more pain and suffering, not less.

asked about his monumental feat, he remarked: “Remember tomorrow is a good day, tomorrow you will maybe find everything will be much better than today.”

Truly, these are gems of words that we shall treasure from a remarkable centenarian who has given us hope in these darkest hours. nnn

A8 Tuesday, May 5, 2020

‘GDP growth may shrink further, by 4.4% from Covid-19 impact’ T

By Cai U. Ordinario

@caiordinario

HE decline in the country’s GDP growth this year will be deeper than initially estimated by the government, said Ateneo de Manila University’s School of Social Sciences dean, who projected that GDP will contract by as much as 4.4 percent due to the coronavirus 2019 (Covid-19) pandemic.

The uncertainty will continue to create market jitters even after the lockdown, allowing the economy to operate at 70 percent capacity on the back of weak consumption spending, according to Dean Fernando T. Aldaba.

In a webinar sponsored by the Philippine Economic Society, AdMU and the University of the Philippines School of Economics (UPSE) on Monday, Aldaba said GDP growth could post -2.7 percent to -4.4 percent this year, an optimistic scenario.

“The great lockdown, as we call it, [is] the worst recession since the Great Depression, far worse than the Global Financial Crisis,” Aldaba said. “[We] see it [GDP growth] contracting by a range of 2.7 to 4.4 percent. This can even be worse

without government intervention. The economic crisis that we face today is unique as we have to confront both supply and demand side issues of the macroeconomy,” he explained.

A ldaba ex plained that the Philippines is not alone in facing this crisis. He said in a short span of time, the International Monetary Fund (IMF) had to make major revisions in its economic forecast for global growth due to the pandemic.

He said the IMF had to cut its global growth forecast in January by as much as 3.3 percentage points to a contraction of 3 percent this year even before the first quarter ended.

With the weakness in the global economy, Ateneo Center for Eco-

INTERTROPICAL CONVERGENCE ZONE (ITCZ) AFFECTING VISAYAS AND MINDANAO EASTERLIES AFFECTING SOUTHERN LUZON as of 4:00 am - May 4, 2020

A POLICEMAN guards Capulong Street in Tondo, Manila, to make sure residents stay home as the city government of Manila places District 1 under a 48-hour hard lockdown to arrest the spread of the deadly coronavirus. ROY DOMINGO

nomic Research and Development (Acerd) Director Alvin P. Ang said it would not be a walk in the park for the Philippine economy.

For one, he said the government

would have to spend a total of P2 trillion to as much as P3 trillion until 2022 on “new normal” policies. This means investing at least P1 trillion this year and P500 billion annually in 2021 and 2022.

Ang said that even if the economy is poised for a V-shaped recovery —where a sharp decline in growth is immediately followed by a sharp recovery—the economy’s capacity would only be around 70 percent.

This situation, Ang told BusinessMirror on Monday, could extend, depending on the time it takes for a Covid-19 vaccine to be developed.

Many experts have already estimated that it would take 18 months for scientists to come up with a vaccine. Until then, a “new normal” is being pushed where everyone is required to wear face masks and work from home arrangements will be the norm.

“We really need to act in the long and medium run. The response to this crisis must be swift, innovative and inclusive,” Aldaba said.

Ang said new normal policies requires a revision of the Philippine Development Plan (PDP). The country’s medium-term economic

blueprint must include “massive resources” to be poured into testing, containment and improving health system capacities for local governments.

He added that efforts to provide subsidies or repurposed loans for companies and workers must be included as well as efforts to retrofit and repurpose businesses.

There should also be a change in the economic structure, Ang said, by refocusing on agriculture and utilizing the supply chain infrastructure outside of Metro Manila.

He also said efforts to support digital infrastructure would allow extensive and stable use for education, retail, and health, among others.

Ang added that existing privatesector networks for delivery of social protection programs such as money transfers and pawnshops should be considered.

Further, efforts to continue the government’s “Build, Build, Build” (BBB) while restarting the Public Private Partnerships (PPPs) should be done. This will allow the government to focus on health and social protection.

Continued on A2

With rates low, T-bills auction draws ₧24B

By Bernadette D. Nicolas

E

@BNicolasBM

NJOYING low rates, the Bureau of the Treasury (BTr) upsized the volume of Treasury Bills (T-bills) it awarded to P24 billion from the initial P20-billion offering.

On its first auction for the month, National Treasurer Rosalia V. de Leon told reporters on Monday they fully awarded all bids as rates were down on the back of “lower inflation expectation with low oil prices.”

The rates were lower than the previous auction and the secondary market rates.

“GS [government securities] the only game in town,” De Leon said noting investor sentiment toward the government securities was “influenced still by ample liquidity and cut in policy rates.”

She said the committee also decided to open the tap facility for additional P10-billion offering for 364-day T-bills.

The auction was nearly fivetimes oversubscribed as total tenders reached P99.6 billion, prompting the Treasury to double the accepted noncompetitive bids for the 91-day and 182-day securities to P4 billion each.

The 91-day T-bills capped at an average rate of 2.479 percent, dropping by 13.8 basis points from 2.617 percent. Tenders for this tenor reached P24.748 billion compared with the P5-billion initial offering.

The 182-day T-bills, meanwhile, fetched an average rate of 2.625 percent, falling by 20.6 basis points from the 2.831 percent in the previous auction. Bids amounted to P33.410 billion, way higher than the P5-billion initial offering.

The 364-day T-bills had an average rate of 2.945 percent, lower by 10.9 basis points compared with the past average rate 3.054 percent.

Strong demand for the security was evident during the auction as tenders reached P41.77 billion, way higher than the P10-billion initial offering.

For May, the Treasury is planning to borrow P170 billion as the country boosts its war chest against the Covid-19 pandemic. This is lower than the P190-billion borrowing program for April.

Private traders, firms corner bulk of Jan-April 700K MT rice imports

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE country has imported over 700,000 metric tons (MT) of rice from January to April, with private traders and corporations cornering bulk of the volume, latest Bureau of Plant Industry (BPI) data showed.

About 139 eligible rice importers, 86 of which, or including, 86 private traders imported a total of 728K MT rice during the fourmonth period, latest BPI data analyzed by the BusinessMirror showed.

The rice imports were sourced from Cambodia, India, Italy, Myanmar, Pakistan, Spain, Thailand and Vietnam, based on BPI data.

The 86 private traders and firms imported about 60 percent or 442,998.38 MT of the total volume, with Sodatrade Corp. leading the list with a total volume imported of 34,759.5 MT. T he rem a in ing volu me of 285,981 MT of rice was imported

by cooperatives and associations, mostly led by farmers, BPI data showed.

During the four-month period, Pink Ladies Multi-Purpose Cooperative topped the list of cooperatives and farmers associations with a total volume imported of 25,332.65 MT. BPI data showed that only a little over a quarter was imported by all eligible importers out of the 2.702 million MT (MMT) approved volume by the government. Due to this, around 1.973 MMT of rice are still expected to arrive this year, BPI data indicated.

Vietnam accounted for 86.76 percent or about 632,482.85 MT of the total imports from January to April, BPI data showed.

BPI data showed that rice imports continue to enter the country since the start of the year despite earlier cautionary advice that certain rice-exporting nations, like Vietnam, would be suspending shipments.

In fact, in April alone, 129,067.55 MT of rice entered the country, about 95 percent of which or 122,894.55 MT came from Vietnam, BPI data showed.

Furthermore, BPI data indicated that eligible importers continue to apply for sanitary and phytosanitary import clearance (SPS) to import rice. In May, BPI has already issued 25 SPS-IC to eligible importers who applied to import 24,133 MT of rice.

The Department of Agriculture (DA) has been urging the private sector to continuously apply for SPS-IC and bring in rice shipments to ensure that the country has sufficient stockpile during and beyond the enhanced community quarantine (ECQ) amid the Covid-19 pandemic.

In fact, the Philippines is pursuing an P8-billion 300,000 MT rice importation via governmentto-government (G2G) transaction to further augment domestic supply.

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, May 5, 2020

B1

Cemex Q1 income drops by nearly half

C

By VG Cabuag

@villygc

emex Holdings Philippines Inc. said its net income dropped by almost half in the first quarter of the year ending March to P89 million, from last year’s P168.6 million on lower sales.

The local unit of Mexican cement giant, Cemex SAB de CV, reported that net sales during the period fell

10 percent to P5.63 billion, from last year’s P6.23 billion, partly as a result of the lockdown in most key

Philippine cities.

The Philippine government had placed Luzon under enhanced community quarantine (ECQ) in midMarch to prevent the spread of coronavirus disease 2019 (Covid-19).

The company said domestic cement volumes declined by 4 percent in the quarter from the previous year, while prices dropped 6 percent.

The company said it saw an 8-percent increase in volumes during the first two months of the year, but this was offset by the effects of the ECQ in Luzon and other quarantine measures around the country during the second half of March.

“These are extraordinary times we live in. Around the world, governments, industries and people are taking measures to deal with the effects of the Covid-19 pandemic, and Cemex is not an exception," said Ignacio Mijares, company president and CEO. “Our focus during these challenging times is on three priori-

ties: first, to protect the health and safety of our employees and their families, customers, suppliers, and communities; second, to support our customers as much as possible in a responsible way; and third, to ensure the long-term business continuity of [the company],” Mijares added.

The company said it has P312 million in free cash flow after its maintenance capital expenditures.

Capex for the first quarter reached P1.5 billion as a result of the Solid Cement plant expansion.

“The comparable cost base in the first quarter of 2019 was affected

by the scheduled kiln maintenance of Solid Cement plant, higher sales from cement imports, and consumption of purchased clinker in cement production, as a result of the Naga landslide,” the company said.

As of end of March, the company’s total debt was at P13.48 billion, a decrease of some P6.6 billion from the fourth quarter, partly as a result of the stocks rights offer (SRO) it conducted earlier this year.

A portion of the proceeds raised from the SRO was used to pay respective debts owed by Solid Cement and APO Cement Corp. to Cemex Asia B.V.

MVP: ‘New normal’ may hike telcos’ capex ANI to sell rice, fruits

B

and the rest will go back to the offices, which would have to be retrofitted to effect physical distancing among the employees.

“Given that trend, the impact on the telco infrastructure is going to be quite serious. Clearly there would be more broadband usage from the home, even enterprise will be affected, a number of institutions will be relying on enterprise broadband," said Pangilinan during an online forum conducted by the Philippine Economic Society on Monday.

“We suspect that the pressure on the capital expenditure budget on the telcos will be raised, this year and may be next year as well and so forth as we expand both the wireless and the home broadband situation,” he added.

NGCP aid delivered to hospitals

More Asian banks seen avoiding coal projects

T

he National Grid Corp. of the Philippines (NGCP) recently chartered a flight to deliver various medical supplies and equipment meant for 300 hospitals and health units.

An NGCP-chartered Philippine Airlines flight from China carried 2 million face masks, 400,000 KN95 masks, 50,000 N95 masks, and 21,000 infrared thermometers.

The medial supplies and equipment were initially distributed to 43 hospitals.

The NGCP said around 300 hospitals and health units across the country will receive the medical supplies and equipment, which is part of the company’s P1-billion donation to the government’s coronavirus disease 2019 (Covid-19) relief and response efforts.

The medical equipment donation includes ventilators, respirators, 10,000 test kits, and over 6.6 million pieces of personal protective equipment (PPEs) for frontliners, such as hazmat suits, full face shields, gloves, shoe covers, disposable gowns, surgical caps, and goggles. Essential supplies such as alcohol and disinfecting solution are also included.

Also part of the P1-billion donation is the distribution of P500 million worth of grocery items to 1,028 cities and municipalities across the country.

As of April 29, 628 out of 1,028 local government units (LGUs), or 921,500 out of 1.25 million grocery packs have been distributed.

Other Covid-19 donations by NGCP include a P5-million donation to Project Ugnayan, which distributes supermarket gift certificates to over 1,500,000 economically displaced families in Metro Manila; earlier donations of medical supplies, PPEs, and meals to frontliners; and the Meals on Wheels program which distributes hot meals to communities affected by the extended enhanced community quarantine. Lenie Lectura

By Lenie Lectura @llectura

M

ore financial institutions in Asia are likely to end their support for coal power projects after Japan’s two largest institutional banks recently announced that they would stop financing new coal-fired power plants, the Institute for Energy Economics and Financial Analysis (IEEFA) said.

Japan Bank for International Cooperation and Sumitomo Mitsui Financial Group and Mizuho Financial Group have joined Singapore’s United Overseas Bank, DBS Bank, and Overseas Chinese Banking Corp. in halting the financing of new coal power projects.

South Korea, meanwhile, is targeting zero emissions by 2050 as it introduces an effective carbon tax and the phase out of domestic and overseas coal financing by public institutions.

China released a draft policy that focuses on building a low carbon, innovation-driven, safe and efficient domestic clean energy system.

Japanese trading houses, such

First Pacific has investments in Metro Pacific Investments Corp. and PLDT Inc., where Pangilinan sits as chairman.

He also said the government should enforce the National ID system, so that it will have an an efficient way of delivering financial aid to the poor, without the money going through the local government units.

“If the government is afraid of creating... the National ID system, then you should ask the telcos to register their prepaid subscribers.

In total, between Globe (Telecom) and ourselves (PLDT/Smart) we have about 130 million SIM subscribers. Practically everybody in the country has a cellphone and so if you register you can have a census of everybody,” he said.

Pangilinan also said that the group, which is present in most economic sectors in the country from transportation to utilities to power, is willing to sponsor the crafting of a national supply chain blueprint that will focus on food.

“Just focus on the food, the raw material going to the food and the logistics that bring the food to the market especially to the NCR [National Capital Region]. That’s a project that we would like to sponsor with both the UP (University of the Philippines) and Ateneo’s economics [department] to prepare that blueprint so in case something does happen, the government will be able to track the trucks that need to be encoded, like this Rapid Pass,” he said. VG Cabuag

usinessman Manuel V. Pangilinan said more investments in the country’s telecommunications infrastructure to cope with the so-called "New Normal,” as companies roll out strategies that will shield their employees from coronavirus disease 2019 (Covid-19).

Pangilinan, managing director and CEO of Hong Kong-based First Pacific Co. Ltd., said there would be change of attitude and behavior among the working class, driven mostly by fear of the quarantine implemented by the government as a means to control the spread of Covid-19.

He said when the quarantine is eventually lifted some of the people will continue to work from home, a portion will remain as frontliners

as Marubeni Corp., Mitsubishi, Mitsubishi Materials, Mitsui and ITOCHU, are also divesting away from coal.

Tim Buckley, in his report titled “Southeast and East Asia Catching Up in Global Race to Exit Coal - Historic Announcements Across Japan, Korea, China, and the Philippines Augur Well,” said a domino effect across other coal lending financiers in Asia is likely.

“Mizuho is the world’s largest private financier of coal developers which means other financial lenders keep a close eye on its activities,” said Buckley, IEEFA’s Director of Energy Finance Studies, Asia Pacific.

“Now that they’ve announced a coal exit which indicates to the market that coal is a very poor investment, we expect other lenders to also announce a policy shift away from coal,” he said.

This decision, added Buckley, will make it “more difficult that it already is” for coal developers to seek financing.

In the Philippines, the power unit of conglomerate Ayala Corp. said last week that it would “transition to a

low carbon portfolio and coal divestment by 2030.”

“Ayala Corp.’s recent divestment of two coal-fired power plants and its investment in wind, solar and geothermal is an important indicator for the region; corporations reading the energy transition correctly are also moving away from expensive coal,” Buckley noted.

The report also noted that global banks, insurers and asset managers from Europe, Africa, Australia and the United Kingdom have been announcing coal exclusion policies.

“Realigning policies towards low emission targets in the Paris Agreement is obviously becoming more urgent, particularly as governments nearly everywhere continue to lag,” said Buckley. “When the world’s biggest asset manager BlackRock announces a coal exit policy as they did in January 2020, decision-makers take note.” As coal becomes more unpopular, renewable energy is fast becoming the new choice. “Renewables including wind and solar are now the lowest cost source of energy in the world, and very low emitters. This obviously ticks boxes,” said Buckley.

SMC donates fuel for free ride program for frontliners

C

onglomerate San Miguel Corp. (SMC) has recently donated 85,000 liters of fuel worth P2.8 million to frontliners and workers reporting to hospitals throughout Metro Manila.

This brings to a total of 170,000 liters of fuel worth P5.8 million that SMC has donated for the government’s Libreng Sakay programs, which provide free transportation to thousands of medical frontliners and workers.

SMC’s latest donation, which happened last Labor Day, consists of 40,000 liters of fuel for the Metro Manila Development Authority’s (MMDA) free shuttle program and another P45,000 liters for the Department of Transportation’s (DoTr) parallel program.

The donation were provided by SMC subsidiaries SMC Infrastructure and Petron Corp.

“This is our simple way of honoring our brave and selfless medical workers on Labor Day. We

want to continue honoring them by helping provide them this convenient, safe, and free means of transportation when they go on duty. Yes, it is a small thing, especially considering the risk they take and the sacrifices they make every day,” said SMC President Ramon S. Ang. Apart from fuel, SMC Infrastructure also waives toll fees for medical frontliners at toll roads it operates, namely the Southern Tagalog Arterial Road, South Luzon Expressway, the Skyway System, Naia Expressway, and the TarlacPangasinan-La Union Expressway.

Recently, SMC donated five sets of Reverse Transcription-Polymerase Chain Reaction (RTPCR) coronavirus disease 2019 testing machines and High-Throughput Automated Nucleic Acid Extraction machines, that effectively doubles government’s testing capacity, with an additional 11,000 tests per day.

It has also distributed over 54,000 sets of medical-grade personal protective equipment (PPEs) to over 100 hospitals and another 10,000 PPEs manufactured by local garments exporters, to the Philippine General Hospital.

It has also thus far donated over 1.1 million liters of disinfecting 70 percent ethyl alcohol to hospitals, LGUs, and other vital institutions, made at its reconfigured liquor facilities under Ginebra San Miguel Inc. Also, SMC is looking at utilizing 60 more Petron service stations where farmers can sell their produce under the Department of Agriculture’s “Kadiwa ni Ani at Kita” rolling market program.

To date 30 Petron stations have been utilized for the company’s efforts to bring food products closer to communities and provide people a safe, convenient, alternative way to buy essential goods during the quarantine. Lenie Lectura

via DA online platform

By Jasper Emmanuel Y. Arcalas @jearcalas

L

isted agriculture firm AgriNurture Inc. (ANI) on Monday said it will sell various farm products through the government’s online Kadiwa platform that seeks to provide consumers with more convenient service during the community quarantine.

Under the memorandum of agreement (MOA) signed by ANI with the Department of Agriculture (DA), the firm will sell various farm products, including vegetables, rice and fruits, at a suggested retail price.

ANI is one of the partners of DA in its eKadiwa online platform, which allows consumers to order agricultural products through the eKadiwa. da.gov.ph web site.

The web site was launched on Monday following the signing of MOA between the DA, ANI, Zagana Inc., Benjabi Ventures Corp. and Mober Inc. “ANI’s e-commerce portal, aniexpress.1ani. com.ph offers a wide range of healthy products including plant based substitutes. It also offers electronic payment options for convenience of buyers and logistic partners,” the firm said in a statement on Monday.

Citing the MOA, ANI said the cost of logistics or delivery of products shall be separate from the costs of goods, unless the partner firm waives it.

“As such, payment for the sale of agricultural products shall be done directly to the official program partner-participant online seller, or logistics or delivery service provider,” the MOA read.

In a statement during the MOA signing, Agriculture Secretary William D. Dar said the DA is now creating a stand-alone mobile application to allow consumers buy farm goods through their smartphones.

“Very soon, we will make eKadiwa more accessible through a stand-alone application which users can download and use on their mobile phones, tablets and other mobile devices, making eKadiwa a truly multi-platform digital public service,” said Dar. “Food supply chain will always be a part of “essential services,” with or without Covid-19 [coronavirus disease 2019]. With the launch of the eKadiwa, we further strengthen our market linkage program that we intensified through the Kadiwa ni Ani at Kita outlets and rolling stores amidst this global medical emergency,” Dar added.

QualiMed, KonsultaMD, BizBox roll out TeleCheQ

A QualiMed Health Network doctor talks to a patient through a video call to assess her needs.

After the online consultation, a prescription (as needed) or a doctor’s request for diagnostic procedure (as needed) is provided to the patient through e-mail or chat. CONTRIBUTED PHOTO

O

ver a month after the implementation of enhanced community quarantine (ECQ) in Metro Manila, QualiMed Health Network launched TeleCheQ, its telemedicine service being delivered in partnership with KonsultaMD (for technology interface) and BizBox (for electronic health records).

With TeleCheQ, patients can now avail of online doctor consultation from the safety of their homes.

There has been limited movement within communities since the ECQ in Luzon and in some major provinces was enforced due to coronavirus disease 2019 (Covid-19). Only those considered as essential services were allowed to operate in support of the government's mandate to “flatten the curve.” Meanwhile, the rest of the population are expected to stay home.

QualiMed Health Network—the health-care provider partnership between the Mercado medical group and Ayala Land Inc.—has since opened its 4 general hospitals to take in Covid-19 patients in need of care.

To maximize the network’s pool of medical professionals, a temporary closure of its 4 Luzon clinics and 1 surgery center was enforced. This move was taken to provide the hospitals with a medical team on standby in case more will be needed in the battle against Covid-19.

As the pandemic is expected to take a while to be fully resolved, QualiMed is taking strategic steps to focus its resources and find new ways to serve its

patients while scientists around the world are searching for a long-term cure.

“We recognize the urgency and criticality of treating our Covid-19 patients. It is a difficult call that we must heed as medical professionals. However, we can’t discount the plight of our non-Covid patients—their healthcare needs don’t stop just because they are required to stay home. During this period, their wellness matters most so continuity of care provision without exposing them to risks is a must,” said Dr. Jose Tecson III, Senior Vice President for Medical Affairs of QualiMed. In this light, QualiMed teamed up with KonsultaMD, a 24/7 telehealth provider owned by Globe Telecom’s 917 Ventures and Mexico’s Salud Interactiva, for free use of the latter’s video platform that allows TeleCheQ doctors to virtually meet with their patients.

“Being a telemedicine provider for five years now, we understand the importance of having quick, easy, and affordable access to licensed doctors whenever and wherever it is needed. In our current situation, this becomes more significant since we do not want to unnecessarily burden our hospitals and medical practitioners who are handling critical and urgent cases. We are, therefore, glad to share our technology with QualiMed so that together, we can help keep our countrymen safe and healthy,” said Maridol Ylanan, CEO of Global Telehealth, Inc. which operates KonsultaMD.

B2

Companies BusinessMirror

Tuesday, May 5, 2020

PSE STOCK QUOTATIONS

April 30, 2020

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

45.65 100 58.5 19.74 7.84 39.05 8.54 16.4 23.65 43.95 105.1 16.6 103.4 53.8 15.5 2.73 0.94 0.34 511 0.57 165.5

48.7 101 58.95 19.8 7.85 39.1 8.79 17.9 23.8 44 116 17.1 104.4 53.9 15.88 2.8 0.95 0.35 639 0.64 168.9

48.7 100.1 59 19.82 7.63 38.15 8.5 16.7 23.5 42.5 98 17 105.9 54.6 15.42 2.74 0.95 0.345 639 0.64 165

48.7 101 59.15 19.82 7.85 39.1 8.5 16.7 24 43.9 116.4 17.1 105.9 54.7 15.5 2.74 0.95 0.36 639 0.64 168.9

48.7 98.6 58.5 19.72 7.63 37.65 8.5 16.7 23.5 42.5 98 16.5 103.1 53.6 15.42 2.73 0.95 0.33 639 0.64 165

48.7 101 58.5 19.74 7.85 39.05 8.5 16.7 23.8 43.9 105.1 16.6 103.4 53.9 15.5 2.73 0.95 0.34 639 0.64 168.9

2000 2716910 2638530 87500 130300 7605700 10700 200 152900 14400 630 45200 306480 1900 3300 32000 4000 2030000 10 20000 1230

97400 271723034.5 155180668.5 1730350 1012808 291702180 90950 3340 3641100 621890 68596 758198 31830289 102510.5 51070 87480 3800 705100 6390 12800 207225

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 BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED MABUHAY VINYL CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

2.29 0.93 27.4 0.171 18.82 57.35 254.4 10.64 3.18 2.38 11.5 18.46 7.89 8.38 2.96 74 13 14.3 3.63 5.29 7.9 58.95 0.55 1.43 32 143.1 6.5 6.6 1.9 6.74 1.67 4.35 1.38 0.116 125.8 0.85 58.85 60 1.11 8.17 5.37 11.22 6.55 8.52 0.83 0.72 162.1 1.74 2.79 3.53 23.75 1.29 5.91 1.17 3.87 1.22 9

2.3 0.98 27.6 0.179 19 57.7 258 10.68 3.19 2.45 11.58 18.5 7.98 8.43 2.97 86 13.46 14.32 3.72 5.5 7.91 59 0.56 1.44 32.35 143.2 6.65 6.61 1.91 6.78 1.68 4.49 1.45 0.118 125.9 0.86 60 65.3 1.12 8.21 5.38 11.5 6.6 8.88 0.85 0.73 180 1.79 2.8 3.66 24 1.3 5.92 1.19 4.93 1.23 9.03

2.32 0.93 27.4 0.18 18.54 57.15 264.2 10.9 3.2 2.44 11.16 18.4 7.88 8.24 3.02 87 11 14.5 3.74 5.56 7.9 59.05 0.55 1.47 32.4 148 6.15 6.75 1.91 6.96 1.64 4.4 1.42 0.118 122.2 0.86 60 62.95 1.13 8.16 5.44 11.2 6.64 8.5 0.86 0.74 180 1.75 2.86 3.6 26.5 1.34 5.85 1.2 4.3 1.26 8.9

2.33 0.93 27.85 0.18 19 58 266 11.04 3.22 2.47 11.8 18.68 7.98 8.6 3.06 87 13.48 14.56 3.74 5.56 7.94 61 0.56 1.49 32.4 149 6.65 6.9 1.91 6.99 1.69 4.49 1.42 0.118 126 0.86 60 68.65 1.14 8.22 5.44 11.5 6.71 8.88 0.88 0.74 180 1.75 2.9 3.6 26.5 1.34 5.92 1.2 4.3 1.29 9.15

2.26 0.92 27.2 0.171 18.44 57.15 254.4 10.64 3.15 2.38 11.14 18.32 7.88 8.21 2.93 87 11 14.3 3.61 5.29 7.86 58.95 0.54 1.43 31.05 143 6.15 6.4 1.9 6.71 1.61 4.35 1.42 0.109 122.2 0.83 55 62.95 1.11 8.05 5.3 11.2 6.5 8.5 0.85 0.71 180 1.74 2.75 3.6 24 1.28 5.78 1.17 3.81 1.2 8.5

2.3 0.92 27.4 0.179 19 57.35 254.4 10.64 3.19 2.45 11.58 18.5 7.98 8.43 2.96 87 13 14.3 3.74 5.29 7.9 59 0.56 1.44 32.35 143.1 6.5 6.61 1.91 6.78 1.68 4.49 1.42 0.118 125.9 0.86 60 68.65 1.11 8.17 5.37 11.5 6.55 8.88 0.85 0.73 180 1.74 2.79 3.6 24 1.3 5.91 1.19 4.3 1.22 9

3975000 7000 1605400 50000 740300 2610 344280 5678500 1492000 27000 273700 781500 36600 399300 1706000 40 3300 303300 11000 2187200 1029700 190540 239000 11703000 3400 1930300 9400 1791800 128000 1059900 1377000 14000 17000 790000 1907400 8018000 310 190 7190000 425800 1097900 578300 2090800 6300 241000 653000 270 97000 1312000 13000 15100 2872000 164700 8153000 8000 1954000 3424900

97400 -66787594 -77297244.5 -245344 -166215 -17403940 -1875255 48215 -126120 -15145613 -74404.5 -

9115840 6450 44168515 8720 13,945,306( 149994.5 89554478 60886890 4753920 64730 3132340 14,464,076( 290241 3359895 5070540 3480 41894 4348414 40670 11,754,598( 8134725 11261932.5 131610 16939190 107835 278959709 60910 11983088 244220 7287932 2294750 61490 24140 91180 238123566 6850010 18450 12017.5 8071170 3469706 5899528 6572410 13793373 54774 205230 473030 48600 169690 3675740 46800 364005 3742750 964713 9699600 32930 2410240 30548473

123450 -2326865 1,245,090.0004) -54428.5 -44672460 -49651592 1959210 4,781,031.9999) 188720 -206700 3435692 -3610 9,611,040.9996) -7900000 1284300 -86400 9600 -54518287 -8610 -442180 17170 2561828 57000 -51167917 91790 3777 -448740 -1435219 -361265 -2141880 -2793479 161950 -358955 92540 -12260 167592.9999

HOLDING & FRIMS ABACORE CAPITAL 0.58 0.59 0.59 0.6 0.58 0.58 3232000 1892060 ASIABEST GROUP 7.7 7.8 7.8 7.98 7.63 7.7 26200 205503 AYALA CORP 582 582.5 582.5 586.5 580.5 582 342060 199386850 ABOITIZ EQUITY 41.5 41.95 41.5 43 41.5 41.5 1125100 47124850 ALLIANCE GLOBAL 6.4 6.46 6.36 6.5 6.28 6.46 5550300 35416203 AYALA LAND LOG 1.96 1.97 1.81 1.96 1.81 1.96 3448000 6542330 ANSCOR 5.97 6.1 6.09 6.1 5.97 6.1 2100 12730 0.53 0.55 0.54 0.54 0.54 0.54 1000 540 ANGLO PHIL HLDG ATN HLDG A 0.56 0.57 0.54 0.59 0.53 0.57 9738000 5486380 ATN HLDG B 0.56 0.6 0.55 0.61 0.55 0.56 116000 65530 COSCO CAPITAL 4.98 5.08 5 5.15 4.98 4.98 1742000 8770050 4.12 4.14 4.18 4.2 4.12 4.12 10548000 43669580 DMCI HLDG 8.59 8.6 8.6 8.6 8.26 8.6 10800 92512 FILINVEST DEV 453 453.8 464 469 447 453 173940 78917472 GT CAPITAL JG SUMMIT 50.85 50.9 51 51.8 50.8 50.9 3001690 153329129.5 JOLLIVILLE HLDG 4.51 6.24 6.24 6.24 6.24 6.24 1000 6240 LODESTAR 0.48 0.485 0.49 0.495 0.48 0.48 40000 19500 LOPEZ HLDG 2.61 2.62 2.67 2.68 2.62 2.62 4070000 10735930 LT GROUP 7.73 7.75 7.81 7.89 7.72 7.75 1309600 10149537 MABUHAY HLDG 0.49 0.54 0.475 0.54 0.475 0.54 220000 110250 METRO PAC INV 2.57 2.58 2.56 2.61 2.56 2.57 46462000 119755470 0.82 0.83 0.8 0.83 0.8 0.82 110000 88970 PRIME MEDIA SOLID GROUP 0.99 1.03 1.01 1.03 1 1.01 15000 15050 SYNERGY GRID 170 174.5 160.1 170 160 170 510 84460 845 845.5 843 846 834.5 845 242720 204843605 SM INVESTMENTS 97 97.5 97.9 97.9 97 97 305520 29715196.5 SAN MIGUEL CORP 0.63 0.65 0.63 0.65 0.63 0.65 26000 16560 SOC RESOURCES TOP FRONTIER 141 142 142 142 142 142 800 113600 WELLEX INDUS 0.176 0.188 0.189 0.189 0.188 0.188 60000 11290 ZEUS HLDG 0.159 0.162 0.145 0.163 0.14 0.162 9990000 1607180

-434660.0001 54600 -44059190 -8822800 -3018251 -61050 -923240 -17823780 10318 -41991488 -91371996.5 -5728370 2160445 -10200 -20393080 -5100 35196045 -19198838 -

PROPERTY ARTHALAND CORP 0.56 0.57 0.56 0.57 0.55 0.57 953000 529940 AYALA LAND 31.95 32 31.8 32.2 31.3 31.95 18012900 574228090 ARANETA PROP 1.05 1.07 1.04 1.05 1.04 1.05 268000 280820 BELLE CORP 1.37 1.44 1.35 1.44 1.35 1.37 194000 263940 A BROWN 0.57 0.58 0.58 0.59 0.56 0.58 1622000 916650 CITYLAND DEVT 0.74 0.77 0.73 0.77 0.73 0.77 3000 2270 CROWN EQUITIES 0.13 0.133 0.133 0.133 0.12 0.133 470000 58590 5.9 5.98 5.9 5.9 5.9 5.9 2000 11800 CEBU HLDG CEB LANDMASTERS 4.06 4.08 3.98 4.06 3.98 4.06 3216000 12929760 0.36 0.365 0.355 0.365 0.355 0.365 2240000 804550 CENTURY PROP 0.29 0.31 0.295 0.295 0.29 0.29 1460000 423450 CYBER BAY DOUBLEDRAGON 16.14 16.16 16.18 16.2 16.04 16.16 260100 4202432 6.9 6.98 6.96 6.99 6.9 6.9 127700 886179 DM WENCESLAO 0.95 0.96 0.96 0.97 0.94 0.95 7155000 6836350 FILINVEST LAND GLOBAL ESTATE 0.82 0.85 0.8 0.85 0.8 0.82 62000 50720 8990 HLDG 10.9 11.06 10.7 10.9 10.68 10.9 7700 82884 PHIL INFRADEV 0.86 0.87 0.84 0.87 0.84 0.87 462000 395290 CITY AND LAND 0.69 0.73 0.74 0.74 0.74 0.74 2000 1480 MEGAWORLD 2.58 2.59 2.63 2.66 2.58 2.58 20779000 54234960 MRC ALLIED 0.167 0.168 0.166 0.169 0.164 0.168 5910000 979400 PHIL ESTATES 0.31 0.325 0.325 0.325 0.3 0.31 230000 69800 1.49 1.51 1.51 1.51 1.49 1.51 9000 13510 PRIMEX CORP ROBINSONS LAND 15.04 15.1 15.5 15.82 15.02 15.04 4544900 68665726 1.51 1.52 1.5 1.54 1.5 1.52 109000 165080 ROCKWELL SHANG PROP 2.7 2.71 2.73 2.74 2.7 2.71 169000 457000 1.86 1.94 1.9 1.97 1.85 1.94 152000 292600 STA LUCIA LAND SM PRIME HLDG 30.7 31 31 31.05 30.05 31 13148900 404748825 4.02 4.04 3.95 4.1 3.95 4.04 124000 501350 VISTAMALLS SUNTRUST HOME 1.28 1.29 1.27 1.3 1.26 1.28 3756000 4810080 VISTA LAND 4.31 4.39 4.13 4.41 4.08 4.31 4178000 17951150

139522700 63000 -172820 -2957530 -7200 -1304868 -147597 717760 1072 -10440 -1915350 -16600 -26714356 -129510 -7529790 1851460

SERVICES ABS CBN 17.96 18 17.1 18.2 17.1 18 1087400 19273438 GMA NETWORK 4.83 4.87 4.8 4.89 4.78 4.87 240000 1153260 MLA BRDCASTING 8.12 10.22 10.22 10.22 10.22 10.22 2000 20440 GLOBE TELECOM 2196 2222 2250 2256 2196 2196 64440 142429590 PLDT 1288 1299 1269 1305 1263 1299 362915 467545715 APOLLO GLOBAL 0.041 0.043 0.043 0.044 0.041 0.043 31200000 1308500 DITO CME HLDG 2.2 2.21 2.24 2.27 2.18 2.2 44179000 98054670 0.081 0.083 0.083 0.083 0.083 0.083 70000 5810 ISLAND INFO NOW CORP 1.91 1.92 1.9 1.98 1.88 1.92 7696000 14850670 0.197 0.199 0.192 0.2 0.185 0.199 4030000 788010 TRANSPACIFIC BR 2.36 2.38 2.38 2.44 2.35 2.36 1937000 4604210 PHILWEB 10.56 10.66 10.7 12.2 10.5 10.6 1850500 20993480 2GO GROUP 3.34 3.35 3.35 3.35 3.3 3.34 549000 1830530 CHELSEA 48.3 48.35 50 50.05 47.35 48.35 406500 19754825 CEBU AIR INTL CONTAINER 89.55 89.6 88 92.8 87.55 89.6 3754000 336732318.5 LBC EXPRESS 13.5 13.7 13.7 13.7 13.6 13.6 4900 66780 MACROASIA 5.05 5.06 5.3 5.38 5.01 5.05 17353800 90050593 METROALLIANCE A 2.72 2.76 2.75 2.87 2.6 2.76 7268000 19862860 METROALLIANCE B 2.55 2.75 2.75 2.75 2.75 2.75 38000 104500 PAL HLDG 7.2 7.25 7.3 7.3 7.25 7.25 6100 44367 HARBOR STAR 0.89 0.9 0.89 0.91 0.88 0.89 364000 325160 1.13 1.19 1.13 1.13 1.13 1.13 1000 1130 ACESITE HOTEL BOULEVARD HLDG 0.027 0.029 0.029 0.029 0.028 0.029 12500000 354700 DISCOVERY WORLD 1.52 1.77 1.55 1.55 1.54 1.54 17000 26260 WATERFRONT 0.4 0.415 0.4 0.415 0.4 0.415 340000 137550 CENTRO ESCOLAR 6.13 6.48 6.25 6.26 6.25 6.26 2000 12510 7.03 8.38 7.8 8.39 7.8 8.39 62300 486117 IPEOPLE STI HLDG 0.345 0.35 0.345 0.35 0.34 0.345 5710000 1975500 BERJAYA 2.32 2.38 2.41 2.42 2.32 2.32 365000 851910 BLOOMBERRY 5.51 5.6 5.6 5.65 5.36 5.6 5239800 28717231 PACIFIC ONLINE 1.73 1.74 1.74 1.75 1.7 1.73 60000 103890 LEISURE AND RES 1.49 1.54 1.44 1.55 1.44 1.54 434000 651010 PH RESORTS GRP 2.81 2.89 2.94 2.94 2.81 2.91 7000 20130 PREMIUM LEISURE 0.31 0.315 0.31 0.32 0.31 0.315 4460000 1396950 ALLHOME 6.18 6.2 5.8 6.35 5.8 6.18 6339700 39515995 1.88 1.89 1.95 1.95 1.88 1.89 2612000 4961790 METRO RETAIL 46.25 46.3 46.85 46.85 45.8 46.3 4469100 206763050 PUREGOLD 67 67.05 65.55 69.5 65.55 67 709490 47573889 ROBINSONS RTL 123.5 127.9 125 125 123 123.5 53640 6626576 PHIL SEVEN CORP 1.34 1.35 1.36 1.39 1.33 1.35 15019000 20371120 SSI GROUP 14.58 14.7 14 14.7 14 14.7 2334700 33643662 WILCON DEPOT 0.315 0.32 0.31 0.34 0.31 0.32 2890000 937250 APC GROUP EASYCALL 7.9 8 8.13 8.64 7.8 7.91 302900 2472348 GOLDEN BRIA 312.4 338.2 339.8 339.8 312.4 312.4 320 106992 IPM HLDG 4.21 5 4.5 5 4.5 5 2200 10750 PRMIERE HORIZON 0.25 0.255 0.255 0.26 0.25 0.255 7490000 1920550 SBS PHIL CORP 5.5 5.83 5.14 5.14 5.14 5.14 100 514

-27729910 26574705 853410 -243220 -750 193250 -8430 -167000 -8261965 24333427.5 -16568410 900 6250 -98999.9999 93557 -5340 -10500 -1950186 -356010 -130943975 220840 -552317 -374780 6904960 -18744 -

MINING & OIL ATOK 10.1 10.3 10.9 10.9 10.3 10.88 1500 16040 APEX MINING 0.94 0.96 0.95 0.96 0.94 0.95 726000 689950 ABRA MINING 0.001 0.0011 0.0011 0.0011 0.001 0.001 21000000 22100 ATLAS MINING 1.85 1.9 1.9 1.9 1.9 1.9 2000 3800 BENGUET A 1.02 1.09 1.02 1.02 1.02 1.02 40000 40800 COAL ASIA HLDG 0.197 0.204 0.193 0.204 0.193 0.204 160000 31100 2.7 2.74 2.73 2.74 2.73 2.73 200000 546900 CENTURY PEAK DIZON MINES 6.71 6.88 6.72 7 6.72 6.87 1700 11620 FERRONICKEL 0.89 0.9 0.9 0.91 0.87 0.9 3210000 2865480 GEOGRACE 0.203 0.207 0.2 0.207 0.2 0.203 440000 89990 47150 0.081 0.082 0.082 0.083 0.081 0.081 9620000 781230 LEPANTO A LEPANTO B 0.083 0.09 0.085 0.09 0.083 0.084 6280000 529130 9400 0.57 0.59 0.58 0.59 0.56 0.59 62000 35910 MARCVENTURES NIHAO 0.91 0.96 0.96 0.96 0.91 0.91 154000 144460 NICKEL ASIA 1.7 1.73 1.72 1.74 1.67 1.7 8291000 14165400 -3193420 OMICO CORP 0.395 0.44 0.4 0.4 0.4 0.4 20000 8000 ORNTL PENINSULA 0.495 0.5 0.495 0.5 0.495 0.5 20000 9950 PX MINING 2.29 2.32 2.31 2.31 2.29 2.29 454000 1044310 -207030 SEMIRARA MINING 12.08 12.1 12.18 12.18 12.08 12.1 1365700 16570168 4534228 UNITED PARAGON 0.0042 0.0044 0.0042 0.0042 0.0041 0.0041 4000000 16500 6.79 6.94 6.95 6.99 6.79 6.94 25500 175381 ACE ENEXOR ORNTL PETROL A 0.0084 0.0086 0.0085 0.0085 0.0085 0.0085 8000000 68000 PHILODRILL 0.0083 0.0085 0.0084 0.0084 0.0084 0.0084 1000000 8400 PXP ENERGY 4.34 4.35 4.32 4.48 4.32 4.35 884000 3885800 -498280

PREFFERED AC PREF B1 496 500 500 500 500 500 30 15000 ALCO PREF B 99.1 101 100 100 99 99 7520 750530 AC PREF B2R 490 504 504 504 504 504 100 50400 CPG PREF A 99 99.5 99.5 99.5 99.5 99.5 1250 124375 DD PREF 99 100 99 99.95 99 99.95 510 50965 FPH PREF C 490 504 495 495 495 495 500 247500 970.5 980 981 981 970.5 970.5 26900 26383650 GTCAP PREF B MWIDE PREF 100 100.1 100 100.1 99.8 99.8 2940 293996 PNX PREF 3A 98.9 99.4 99.5 99.5 99.4 99.4 4890 486225 PNX PREF 3B 103.4 104.5 101 103.4 100.1 103.4 5000 501434 PNX PREF 4 997 1000 999 1000 998 998 1040 1038900 PCOR PREF 3A 1005 1012 1012 1012 1012 1012 110 111320 PCOR PREF 3B 1022 1039 1020 1020 1020 1020 100 102000 SMC PREF 2D 74.4 74.9 74.9 74.9 74.9 74.9 600000 44940000 SMC PREF 2E 75 75.1 75 75.1 75 75.1 2570 192907 75000 SMC PREF 2F 75.25 75.5 75.5 75.5 75.5 75.5 77380 5842190 SMC PREF 2G 75.2 75.3 75.3 75.35 75.25 75.25 17400 1310001 SMC PREF 2H 75 75.15 75.1 75.15 75.1 75.15 5000 375625 SMC PREF 2I 74.7 75 75 75 75 75 4900 367500 15000

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.7 16.36 15.58 16.5 15.58 15.7 1060800 16832122 -13580600 GMA HLDG PDR 4.64 4.89 4.83 4.83 4.83 4.83 13000 62790

WARRANTS LR WARRANT 0.78 0.79 0.78 0.82 0.78 0.8 99000 79900

SMALL & MEDIUM ENTERPRISES ITALPINAS 2.15 2.16 2.29 2.32 2.11 2.15 9703000 21132500 657280 KEPWEALTH 7.79 7.8 7.7 7.87 7.51 7.79 231200 1787747 76750 XURPAS 0.62 0.63 0.64 0.64 0.61 0.63 674000 418550

EXHANGE TRADE FUNDS

FIRST METRO ETF 86.6 87.2 86.25 88 86.25 86.6 17630 1534671.5 18220

www.businessmirror.com.ph

Jitters over US markets slump pull down PHL financial stocks

F

By Tyrone Jasper C. Piad

@TyronePiad

inancial stocks were among the poor performers in the counter on Monday as the local bourse welcomed the week with a bloodbath.

Shares in financial sector declined by 2.07 percent, or 24.63 points, to settle at 1,164.04. This, as Philippine Stock Exchange index dipped by 2.26 percent, or 128.62 points, to land on 5,572.09 while the wider All Shares were down 1.73 percent, or 59.53 points, to conclude at 3,386.30.

Holding firms fell by 2.90 percent to 5,383.56; industrial skidded 2.34 percent to 7,299.77; mining and oil dropped 1.81 percent to 4,623.39; property slipped 1.64 percent to 2,873.97; and services decreased by

1.61 percent to 1,351.65.

“The financial sector ended on red territory today as the overall investor sentiment for the Philippine market was negative today,” said Timson Securities Inc. trader Darren Pangan.

Pangan explained that the local bourse took cues from markets in the United States.

“The local market tracked the decline of US markets last week as we remained closed last Friday due to the Labor Day holiday,” he said.

In Wall Street, Dow Jones, S&P 500

Index and Nasdaq Composite Index slid by 2.56 percent, 2.81 percent and 3.20 percent, respectively.

Metropolitan Bank & Trust Co. (Metrobank) shares were the most active among the financial stocks, registering turnover value of P248.52 million. This was followed

by BDO Unibank Inc. and Bank of the Philippine Islands (BPI) at P246.14 million and P198.35 million, respectively. Metrobank recorded the steepest decline as well, ending at P37.05 apiece after falling by 5.12 percent. Philippine National Bank came in second with 3.99-percent drop to P22.85 each.

Shares in BDO dipped by 2.08 percent to P98.90; BPI, 0.85 percent, P58; East West Banking Corp., 1.15 percent, P7.76; Rizal Commercial Banking Corp., 0.6 percent, P16.50; Security Bank Corp., 1.35 percent, P102; and Union Bank of the Philippines, 0.74 percent, P53.50.

China Banking Corp. shares,

meanwhile, were flat at P19.74 apiece.

“Possible catalysts to look out for the sector include the lifting of the enhanced community quarantine among our major cities, as well as management guidance reports for the coming quarters of the year 2020,” Pangan added.

Overall, Ayala Land Inc. was the most active with value of shares traded amounting to P408.55 million. Shares in Discovery World Corp. was the biggest winner with an 18.18-percent growth while Panasonic Manufacturing Philippines was the top loser with a 10.93-percent decline.

“We may see it [local bourse] bounce higher tomorrow [Tuesday] unless investors lose more optimism overnight,” said AAA Equities Head of Research Christopher Mangun, noting that last-minute buying trimmed the market losses on Monday.

AutoDeal allows car purchase via web site

By Lorenz S. Marasigan @lorenzmarasigan

A

utoDeal, an online marketplace for vehicles, has become the first digital platform to allow Filipinos to buy cars and pay for the reservation fees directly on its web site.

Christopher Franks, the cofounder of AutoDeal, said the new “Buy Online” feature simplifies and streamlines the process of purchasing a vehicle, as AutoDeal handles the nitty-gritty of the purchasing process. Through their smartphones, consumers may purchase a vehicle of their liking by reserving a unit and keying their details, including their dealership of choice. Customers will then be prompted to make their reservation payment through the web site’s preferred payment gateways including PayPal, PayPal Credit, MasterCard, and GCash.

Once the payment has been confirmed via text or e-mail, a partner sales representative will contact the buyers to discuss the options avail-

able to complete the payment, such as direct cash or auto loan.

Franks noted that while customers may still opt to visit the dealership if they wish, this new feature provides them with an easily accessible option. “Through this new innovation, we extend to our customers the ability to have a more seamless, faster, and more convenient car buying process. We believe that this new web site feature will not only offer a safer and a more fitting way for consumers to shop but will provide dealers with a more streamlined and cost-effective method to serve their clients,” he said.

He noted that this innovation is driven by the growing demands for more convenient options for buying cars.

“In 2019, we saw consumer activities that potentially mark the beginning of a paradigm shift in buying trends. On the business side, online penetration is growing, with brands investing more heavily in their online channel than ever before,” said Franks.

Pilmico extends bread donations until May 15

P

ILMICO Foods Corp. said it has extended its initial monthlong bread distribution until May 15 at the end of the enhanced community quarantine (ECQ) imposed in Metro Manila and other areas affected by the coronavirus disease 2019 (Covid-19).

This food donation drive aims to provide food to the country’s critical sectors such as hospitals and military checkpoints while empowering local bakers with a continued source of income during the pandemic.

“In times of crisis, when there are many things to worry about, it is important that the basic needs of people are provided for. Amidst the Covid-19 crisis, Pilmico has sought to address this need by bringing comfort through food,” said Tristan Aboitiz, president and CEO of Pilmico.

“With the 30-day bread donation initiative, we continue to provide some measure of relief to the communities around us that are affected by the current situation,” he added.

Pilmico’s bread distribution was launched last March 21, initially covering Tarlac and Iligan. It was then expanded to include food

pack distribution in other areas including Metro Manila, Bacolod and Cebu.

The Aboitiz food business unit, likewise, tied up with Gardenia for the provision of 10,000 loaves of bread in Taguig, Tarlac and Cagayan de Oro. To date, Pilmico and its partners have given away nearly 500,000 pieces of bread in various parts of the country, majority of which were coursed through Duterte’s Kitchen and different Philippine National Police units and officers in Metro Manila.

Because the bread are sourced from Pilmico’s partner bakeries, such initiative helps provide income for local bakers despite the ECQ. Those who are paid with cash earn additional daily sales of P4,500 to P6,000. Bakeries paid with flour equivalent to the total cost of bread acquired obtain an average of P11,500 or up to more than P20,000 additional daily sales.

“Despite the challenges and limitations brought by this crisis, Pilmico commits to deliver on its promise to advance business and communities by being a partner for growth for all of our stakeholders,” said Aboitiz. Roderick L. Abad

mutual funds

May 4, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 187.94 -29.19% -11.1% -7.68% -25.39% ATRAM Alpha Opportunity Fund, Inc. -a 0.9659 -40.76% -13.69% -8.67% -30.11% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.528 -39.21% -15.72% -10.36% -31.27% Climbs Share Capital Equity Investment Fund Corp. -a 0.6471 -31.25% n.a. n.a. -27.87% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.665 -24.54% n.a. n.a.

-21.7% First Metro Save and Learn Equity Fund,Inc. -a 4.0867 -26.39% -8.4% -6.81% -23.3% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.636 -28.35% -12.28% n.a.

-25.49% MBG Equity Investment Fund, Inc. -a 75.22 -40.33% n.a. n.a.

-27.2% PAMI Equity Index Fund, Inc. -a 37.6251 -28.68% -9.69% n.a. -26.63% Philam Strategic Growth Fund, Inc. -a 403.64 -26.45% -9.1% -6.63% -24.24% Philequity Alpha One Fund, Inc. -a,d,5 0.8555 n.a. n.a. n.a. -16.95% Philequity Dividend Yield Fund, Inc. -a 0.9645 -27.4% -9.02% -5.83% -25.05% Philequity Fund, Inc. -a 28.2298 -27.94% -8.46% -5.76% -25.51% Philequity MSCI Philippine Index Fund, Inc. -a 0.7462 -29.19% n.a. n.a. -26.71% Philequity PSE Index Fund Inc. -a 3.8313 -28.31% -9.11% -5.58% -26.65% Philippine Stock Index Fund Corp. -a 640.49 -28.19% -9.09% -5.76% -26.55% Soldivo Strategic Growth Fund, Inc. -a 0.584 -38.27% -13.15% -9.81% -31.41% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0053 -31.23% -9.96% -6.77% -28.6% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7353 -28.31% -9.24% n.a. -26.53% United Fund, Inc. -a 2.7271 -27.9% -7.13% -4.66% -25.35% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 85.8753 -28.04% -8.62% -4.94% -26.57% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9084 -12.11% -1.61% -3.61% -11.67% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2502 -4.03% 3.37% n.a.

-9.32% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4922 -13.93% -5.32% -4.94% -4.52% ATRAM Philippine Balanced Fund, Inc. -a 1.9633 -15.66% -5.55% -3.49% -9.99% First Metro Save and Learn Balanced Fund Inc. -a 2.3363 -12.07% -2.98% -4.36% -11.22% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1859 n.a. n.a. n.a.

-18.64% NCM Mutual Fund of the Phils., Inc. -a 1.7776 -7.88% -1.83% -1.6% -9.45% PAMI Horizon Fund, Inc. -a 3.3201 -10.09% -3.42% -3% -12.38% Philam Fund, Inc. -a 14.8434 -11.12% -3.62% -3.08% -12.48% Solidaritas Fund, Inc. -a 1.8434 -14.24% -4.63% -2.9% -13.28% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1451 -18.93% -5.39% -4.03% -18.6% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9 -10.79% n.a. n.a. -11.39% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7964 -20.84% n.a. n.a. -20.07% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7736 -23.02% n.a. n.a. -22.11% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7754 -21.3% -6.48% -5.54% -20.46% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03795 4.52% 2.31% 1.35% -0.73% PAMI Asia Balanced Fund, Inc. -b $0.9296 -6.25% -0.73% -2.29% -10.43% 2.41% 1.54% -7.89% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.6022 -3.77% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0624 -2.63% 0.99% n.a.

-5.88% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 362.37 4.11% 3.02% 2.43% 1.28% ATRAM Corporate Bond Fund, Inc. -a 1.9287 2.25% 0.91% -0.11% 1.4% Cocolife Fixed Income Fund, Inc. -a 3.1678 4.86% 5.15% 5.11% 1.65% Ekklesia Mutual Fund Inc. -a 2.2694 4.97% 2.79% 2.19% 2% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4164 7.09% 2.97% 1.75% 2.43% Philam Bond Fund, Inc. -a 4.4831 10.81% 3.59% 2.13% 2.52% Philam Managed Income Fund, Inc. -a,6 1.2764 6.51% 3.61% 1.95% 1.57% Philequity Peso Bond Fund, Inc. -a 3.8623 6.72% 3.61% 1.85% 1.96% Soldivo Bond Fund, Inc. -a 1.0173 10.55% 3.38% 1.47% 5.5% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1137 7.6% 4.49% 2.85% 1.23% Sun Life Prosperity GS Fund, Inc. -a 1.7225 7.4% 4.03% 2.47% 1.26% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $467.92 2.88% 2.24% 2.38% -0.06% ALFM Euro Bond Fund, Inc. -a Є213.81 -1.03% 0.45% 0.56% -2.69% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.185 1.42% 1.97% 1.8% -1.84% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 1.58% 1.06% 0.96% -0.39% PAMI Global Bond Fund, Inc -b $1.0479 -1.62% -0.71% -0.98% -4.32% Philam Dollar Bond Fund, Inc. -a $2.3845 5.01% 2.6% 2.17% -0.8% Philequity Dollar Income Fund Inc. -a $0.0595716 2.27% 1.47% 1.39% -1.23% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1564 5.98% 2.11% 2.13% -0.6% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.32 3.79% 3.08% 2.32% 1.22% First Metro Save and Learn Money Market Fund, Inc. -a 1.037 2.7% n.a. n.a.

1.04% Sun Life Prosperity Money Market Fund, Inc. -a 1.2775 3.34% 2.99% 2.52% 1.02% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0413 1.65% n.a. n.a.

0.4% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.9 n.a. n.a. n.a.

-9.09% 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."

www.businessmirror.com.ph

Banking&Finance

PHL to lose billions if POGOs operate as BPOs, solons warn

By Butch Fernandez @butchfBM

‘A

loaded dice.”

That was how Senator Frank M. Drilon described the Duterte administration’s move to reclassify Philippine Offshore Gaming Operators (POGOs) as businessprocess outsourcing (BPO) firms as doing so would see the national coffers “lose billions” of pesos in much-needed revenues from franchise taxes and license fees.

Drilon aired last Monday serious concerns that treating POGOs as BPOs will be “detrimental” to government’s efforts to collect franchise taxes owed to the government by at least 60 licensed on-line gaming operators in 2019.

The Senate Minority Leader cautioned that classifying POGOs “as part of our BPO industry is a dangerous argument.”

“It has far-reaching implications that will put the government at a grave disadvantage,” Drilon said.

He warns that “POGOs can use the statement as a defense against paying the 5-percent franchise tax being imposed by the government.

It will also put at risk the license fee being collected by the Pagcor [Philippine Amusement and Gaming Corp.].”

Drilon pointed out that under the law, the authority to operate and conduct games of chance is centralized in the Pagcor. He stressed that entities, including POGOs, can engage in the gambling business “only upon grant of a license or franchise from Pagcor.”

“To do that, they must pay the franchise tax,” the Senator added.

“If POGOs are considered BPOs, then there would be no need to pay the franchise tax and the license fee.”

“Hindi na nga nagbabayad ng buwis. Ngayon gusto pa yatang bigyan ng incentives tulad ng totoong BPOs.” [They haven’t been paying taxes; now they could be given incentives like those enjoyed by genuine BPOs?] He recalled that in the last hearing of the Senate Committee on Labor on the influx of POGO workers, the Bureau of Internal Revenue (BIR) confirmed that most of the 60 licensed POGOs owed the government around P50 billion in unpaid taxes in 2019, noting this is a significant portion of which pertains to the unpaid franchise tax.

Drilon reminded that the government had vowed to run after the tax evaders from the POGO industry. He noted that the BIR is “already having difficulty collecting taxes from POGOs as it is.”

“With the statement putting them on the same league as BPOs, even the collection of the franchise tax could be put in peril.”

Drilon also debunked Pagcor’s assertion that to allow POGOs to operate will generate revenues to finance the campaign against the coronavirus disease 2019 (Covid-19) pandemic.

“That’s a very deceptive assertion. It is the POGOs that owe the government billions of pesos in unpaid taxes. Bayaran muna nila yan,” Drilon said. [They should first pay what they owe government.]

“We wish the BIR success in running after delinquent POGOs,” the Senator said. “Thus, we hope that officials of the administration will refrain from issuing statements that could further undermine the efforts exerted by the agency in collecting unpaid taxes from POGOs.” At the same time, Senator Joel Villanueva, chairman of the Senate Labor committee, also raised four issues why he is against the reopening of POGOs, in a separate interview with CNN. “I don’t see any logic for why [we’re allowing this] considering the high risk we’ll be taking” with the move, Villanueva said, referring to government’s decision to grant state regulator Pagcor’s bid to reopen compliant POGOs. He echoed Drilon’s view saying that besides the “high” health risk given the still-spreading Covid-19, Villanueva said another issue “is the inability of a lot of these companies” to pay their tax obligations to the Philippine government. He recalled the BIR’s statement during a Senate hearing on P50 billion in unpaid taxes from POGOs. A third issue that bothers the senator is the number of illegal POGO workers, which he deems a reflection of their lack of respect for Philippine laws. He cited the DOLE’s apprehension of 6,878 illegal foreign workers in the sector last year. Yet, he noted, many of them “are working in Pagcoraccredited POGOs.” Finally, Villanueva said, the POGO operations comes with a rise in prostitution and criminal activities.

Lower interest rates on credit to help economy–lawmaker

D

eputy Speaker and Surigao del Sur Rep. Johnny T. Pimentel urged banks to cut their interest rates to help Filipino consumers cope with the “unprecedented economic pain” of Covid-19 pandemic.

Citing industry estimates, Pimentel said on Monday that the country’s 10 million credit cardholders made some P1.2 trillion in aggregate purchases using their cards in 2019.

“This is not just about pain-sharing.

We are actually counting on reduced interest rates to encourage cardholders to increase their spending, which is crucial now to create the extra demand for goods and services needed to revive domestic industries and prevent more job losses,” Pimentel said in a statement.

“Frankly, we find it somewhat excessive that card issuers up to now continue to charge borrowers monthly financing rates ranging from 3.0 to 3.5 percent,” he added.

However, Pimentel said temporary deferment payments on card loans are not enough.

“Lenders should lower their interest rates, especially since regulators have driven down policy rates by almost onethird,” he explained.

To strongly spur lending to and borrowing by various sectors amid the

crisis, the Bangko Sentral ng Pilipinas (BSP) cut its policy rate by 25 basis points on February 6, 50 basis points on March 19 and by another 50 basis points on Aprril 17, bringing the interest rate on its overnight reverse repurchase facility down to 2.75 percent per annum.

Pimentel said he would ask the BSP’s Financial Consumer Protection Department to publish on its website a “before-and-after” report on the interest rates charged by every bank for credit card, home, auto loans prior to and following the Monetary Board’s series of policy rate cuts.

Earlier, the state-run Credit Information Corp. (CIC) has also asked lenders to be more considerate amid the coronavirus pandemic, advising them not to tag missed or partial payments of loans as default or delinquent right away given the current situation.

The CIC said this was in accordance to the provisions of the “Bayanihan to Heal as One” Act, which requires implementation of 30-day grace period to all loans with principal and/or interest falling due during the enhanced community quarantine, now on its 50th day.

The credit registry noted that the delayed payment will not incur interest, penalty and other charges.

Jovee Marie N. Dela Cruz

BusinessMirror

Tuesday, May 5, 2020 B3

EXCLUSIVE

BOC tightens watch on goods sold via e-commerce platforms

T

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of Customs (BOC) is eyeing to tighten its watch on imported goods sold through electronic-commerce (e-Commerce) platforms in a bid to plug revenue leakages that may undercut government’s move to raise funds during the Covid-19 pandemic.

Customs Assistant Commissioner Vincent Philip C. Maronilla told the BusinessMirror the BOC wants to define what importations are abusing the De Minimis rule to evade payment of taxes or duties for commercial importations.

The De Minimis rule states that no duties and taxes and charges will be charged if the value of the imported goods does not exceed P10,000 (about $197.53 in current exchange rates).

“The Bureau is also preparing to place some focus on e-commerce, which we think will boom given the Covid-19 situation,” Maronilla,

who also acts as the BOC’s spokesman, said. “e-Commerce has been booming at a rapid pace in the last few years and this is an avenue that all customs authorities are looking into in terms of potential revenue,” he added.

While most transactions under eCommerce qualify for the De Minimis rule, Maronilla said they are seeing an increase in volume for positive duty items.

Thus, he said the BOC will be looking into its express cargo clearance facilities and the informal procedures for consolidated cargoes.

“Mostly they are being brought

How to know if it’s time to sell your stock investments

A

in through express facilities and pegged under the De minimis rule so, no duty; but if you really examine some of the items being brought in, they exceeded the threshold [and] should be dutiable,” Maronilla said.

The BOC, however, has yet to determine how much potential revenue the government agency could raise from applying such duties on these imports. Determining so is iffy as some Customs officials are mulling over lowering the value under the De Minimis rule.

Maronilla, however, told the BusinessMirror lowering the value covered by the De Minimis rule “is not the right solution” as they lean towards adopting internal procedures to monitor these items effectively.

The BusinessMirror learned from a reliable source that e-commerce companies evade the De Minimis rule by dividing lump-sum importations.

Under Customs Memorandum Order 28-2016, the De Minimis rule covers all importations for consumption entered through various modes, such as postal consignments, passenger baggage, consolidated shipments, express consignments and on-board couriers transported through air or sea. It also covers goods of commercial quantity and those regulated by

lot of stock marmarket and instead go for ket advice focus moderate and low-risk inon buying. They’re vestments. usually geared toward For example, if you Fitz Gerard Villafuerte want to invest for your which companies are good to buy today. But seldom newborn baby’s college personal finance education, then the stock do you hear or read tips on when you should sell market is a good choice to those shares. put your money in.

Normally, it’s only when the market goes But prepare to sell those shares once down do you ever hear people say that it’s your child reaches Grade 7, five years betime to sell. Unfortunately, those are offore he enters college. If it’s a bear market, ten meant for stock traders, not investors. then wait and sell your shares during the If you’re invested in the stock market, next market rally. then a different set of rules apply to you.

Afterwards, you can reinvest the money Because you’re in it for the long-term, in a moderate or low-risk investment. Doshort-term market volatility shouldn’t be ing so minimizes your exposure to market a reason to sell. volatility and provides more security to So what should be your reason to sell your your child’s educational fund. stock investments? Here are four: 4. You found a better investment.

1. You hit your target price.

Never fall in love with your investments.

Never invest without a financial goal; Be ready to sell when you find a better one. specifically, a number that you want to But, of course, don’t be hasty with your reach. decision. Do your research and analysis Let’s say you want to buy a house worth before doing so.

P3 million. Currently, you only have P1 milJollibee Food Corp. (JFC) has been and lion. So you decide to invest that amount in still is, my best-performing stock. I was the stock market. fortunate to buy its shares when it was still When the value of your portfolio reaches around P40. However, I have sold portions P3 million (or enough to buy that house of my JFC shares several times in the past that you want), then it’s time to sell. Yes, and used the money to start a business. it’s that simple.

The average growth of the stock market The reason why a lot of people don’t is somewhere around 12 percent per annum. know when they should sell their stock Of course, businesses can give you a rate of investments is because they don’t have a return much higher than that. That’s why financial goal in mind. Having one makes it’s an easy decision for me to sell shares selling decisions easier. when I need capital.

2. The company is fundamentally Interestingly though, once those busideclining. nesses start making profit, I funnel a porNokia was the market leader for mobile tion of those earnings back to the stock phones during the 90s and a fundamentally market—it’s a powerful cycle. sound company to buy at the New York Stock Exchange back then.

Investing is not the same as trading However, as the new millennium came, These advices are meant for stock market the company failed to remain competitive investors who are doing investing strategies as new brands took over the market. Peoon specific stocks, which are good as longple started shifting towards Blackberries, term investments. iPhones and Android phones. If you had Stock market traders will have different Nokia shares during that time, then that’s and other reasons for selling their shares. So definitely a sign to sell your stocks. if you’re one, then this post is not for you.

Analyze the company: Is it growing or But more importantly, if you don’t know shrinking? If its future looks bleak, then it the difference between a stock market inmay be time to sell those shares before the vestor and a stock market trader, then you price starts to rapidly drop. should take the time to learn more about it.

3. You’ll need the money within the next five years.

Fitz Villafuerte is registered financial planner of RFP Again, this is the reason why you should Philippines. To learn more about personal financial planning, have a financial goal before investing. If attend the 82nd RFP program this May 2020. To inquire, you plan to use the money within the next e-mail info@rfp.ph or text <name><e-mail> <RFP> at five years, then it’s better to avoid the stock 0917-9689774.

other government agencies.

Under the Sin Tax Law or Republic Act 10351, however, the importation of cigarettes and other tobacco products, wines and spirits are still subject to excise tax regardless of its value. The Cabinet-level Development Budget Coordination Committee (DBCC) recently slashed BOC’s collection target by 5.9 percent to P706.861 billion from the initial goal of P751.250 billion.

Multiple reliable sources told the BusinessMirror the reduction in the full-year BOC collection-target was applied on the back of DBCC’s projections of slower gross domestic product growth, decline in the prices of oil in the world market, lower import volume and the strength of the local tender against the greenback.

Citing the impact of the coronavirus disease 2019 (Covid-19) pandemic on supply chains, the BOC said actual collections for January to April 15 this year plunged P160.98 billion, which is P32.91-billion (17 percent) short of the P193.89-billion target for the period.

From the P164.4 billion collected by the bureau in the same period last year, BOC’s actual collections this year was down by 2.08 percent or P3.42 billion.

RCBC on solid footing vs Covid-19 challenges

By Tyrone Jasper C. Piad @Tyronepiad

R

izal Commercial Banking Corp. (RCBC) was on solid footing in the first quarter even before the full impact coronavirus disease 2019 (Covid-19) pandemic was felt on the economy as the Yuchengco-led bank registered double-digit growth in net earnings in the January-March period.

In a disclosure on Monday, the listed bank reported that its net income grew by 77 percent to P2.3 billion while gross revenues rose by 23 percent to P10 billion in the first three months.

RCBC’s topline figures were driven by its net interest income and non-interest earnings, which climbed by 19 percent and 29 percent, respectively.

Strong volume growth and sustained margins across customer segments, coupled with lower cost of funds, bolstered interest income from loans and receivables which grew by 12 percent, theIn a disclosure on Monday, monetary financial institution noted.

Higher trading and foreign exchange gains, meanwhile, lifted non-interest income, according to RCBC. The bank’s annualized return on equity and return on assets stood at 11.1 percent and 1.28 percent, respectively.

As of end-March, its total assets and capital stood at P715.3 billion and P84.7 billion, respectively. RCBC has capital adequacy ratio of 13.8 percent and common equity ratio 1 of 12.9 percent. “[Our] solid capital ratios represent [our] steadfast commitment to serve our customers and provide full banking operations and innovative solutions to its stakeholders amid unprecedented challenges,” the bank said, referring to the

Covid-19 pandemic.

Small and medium enterprises and consumer loan segments booked pre-Covid-19 growth of 26 percent 20 percent, respectively.

Credit card receivables advanced 42 percent while card base increased by 25 percent to 914,000 in the first quarter.

RCBC’s net nonperforming loan (NPL) ratio improved to 2.2 percent in the first quarter of 2020 compared to 2.6 percent in the same period last year.

Stil l, the Yuchengcoowned bank hiked its NPL coverage ratio to 76.2 percent in the first three months from 67.3 percent year-onyear to provide enough buffer for potential losses amid the pandemic. The bank did not disclose how much reserve was set aside for the period.

Amid the pandemic and restricted mobility, RCBC said it had been enhancing and strengthening digital capabilities to continue offering convenient banking services.

It has been encouraging clients to shift to digital channels as well, waiving online interbank transfer fees via InstaPay and PesoNet during the lockdown.

“RCBC’s digital solutions are designed to make banking as convenient and as efficient as possible as we acclimatize ourselves with this new normal,” President and CEO Eugene Acevedo said.

Last month, RCBC listed its P7.05-billion fixed rate bonds on the Philippine Dealing and Exchange Corp.

Proceeds of the offering were allocated to finance asset growth, maturing obligations and other general corporate matters.

Shares in RCBC slid by 10 centavos, or 0.60 percent, to close at P16.50 apiece amid the 2.26-percent decline for the main index on Monday.

B4

Art

BusinessMirror

Tuesday, May 5, 2020

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Adele, 32; Henry Cavill, 36; Danielle Fishel, 39; Tina Yothers, 47.

Happy Birthday: How you pitch in and help will make a difference that will influence your reputation and ability to advance. Reach out and do whatever it takes to support and encourage those who share your beliefs and values. Don’t let uncertainty stand between you and being a part of the solution. You’ll gain acclaim for your actions. Personal gain is within reach. Your lucky numbers are 7, 16, 22, 27, 31, 35, 43.

a

ARIES (March 21-April 19): Speak openly, share your feelings and be demonstrative about what you want to do. Good intentions, coupled with high energy, discipline and devotion, will help you achieve what you set out to do. Romance is on the rise.

HHH

❶ ❶ Ang Muli

Kong Pagtukoy sa Aking Hangganan, Nick Navarro, 48”x72,” acrylic and calcium carbonate on canvas

b

❷

Nick Navarro rouses feelings over memories you never had

❷ Ang Pagiging

Puro ay Mula sa Hindi Pagiging Puro, Nick Navarro, 36”x24,” acrylic and calcium carbonate on canvas

N

OTHING is what it seems through the eyes and on the works of Nick Navarro.

The young artist is drawn by insipid spaces such as barely lit alleys and abandoned construction projects, in which most people pay nothing more than a cursory, disinterested glance. But instead of dismissing these scenes as mundane, Navarro dusts off these forgotten corners with his paintbrush and preferred muted tones, presenting them as something more than what they are.

His take on an unmade bedroom, for instance, is more than just a direct interpretation of pillows, mattress and scattered personal items. Rather, under Navarro’s detailed depiction and somber lighting, the setting becomes a pictured memory, wherein the viewer is compelled to look back on deep, personal moments that were never there, nor

were ever his or her own.

Such is the feat Navarro pulls off in a piece, titled Ang Araw Kung Kailan Hindi Kana Napapatulog ng Iyong Hele, which is among seven oil-on-canvas paintings featured in the artist’s ongoing debut solo exhibition mounted online by Ysobel Art Gallery.

The show, titled Tahan, is showcased on the gallery’s social-media channels until May 13.

“Nick Navarro is a young artist who is very creative, talented and skillful for his young age,” said Patrice Tiongco, who cofounded the Bonifacio Global City-based Ysobel Art Gallery in 2011 with his husband Mark.

Navarro graduated with Latin honors from University of the Philippines Diliman College of Fine Arts, Major in Painting. He has a penchant to look at where most eyes turn away from, and dig into ignored narratives.

In Tahan, Navarro retreats into a territory familiar to all, especially during this time of community quarantine: the home. Exploring the domestic realm has also been a sustaining theme in Navarro’s young art career thus far, who, in his Instagram bio, highlights the words “hiraeth” and “kenopsia.”

“Hiraeth” is a Welsh word for homesickness or nostalgia. Meanwhile, “kenopsia,” according to The Dictionary of Obscure Sorrows, refers to “the eerie, forlorn atmosphere of a place that’s usually bustling with people but is now abandoned and quiet.”

Both qualities are palpable in Navarro’s works

for Tahan that have equally poetic titles. In Ang Muli Kong Pagtukoy sa Aking Hangganan, the artist conveys a heavy sense of melancholy in a work rich in metaphors, featuring a dining room flipped upside down. The same goes with Hindi Kita Nakita sa Ilang Daang Beses na Palitan ng Sulyap, where a mirror disintegrates in light pages.

Adding to the layered and personal connection of a viewer to Navarro’s relatable compositions is a textured feel to his works, as if to complete a nostalgic image with the time-worn quality of an old photograph.

Navarro’s aesthetic and technique reflects the program of Ysobel Art Gallery, which, according to Tiongco, “is slanted on authenticity, artistic positions and values of each represented artist, which is its humble contribution in the advancement of art production and a more progressive cultural mind set.” “[The gallery] stands for a degree of tradition but also of innovation and openness in art across artistic generations and the ever-expanding premises of visual art,” she said.

Tiongco added that as with Navarro’s Tahan, scheduled exhibitions will still be pursued online so they can continue to showcase the works of their artists.

“The format is very different from the norm but we appreciate how positive the people reacted to our online shows,” she said. “They are very welcoming with the new idea and has been supportive from the start.” n

Building an online portfolio has become one of the most vital steps to modern artists today. Twitter not only provides these artists a platform to showcase their artwork, but it also exposes them to a variety of art.

“It’s an online gallery, a social platform, and an inspiration hub,” illustrator Eunice Cruzabra (@eunpyon) said, claiming that Twitter has helped her immensely in different aspects of being an artist.

“My art is deeply intertwined with pop culture, and Twitter is a boiling point filled with a variety of art, food, fashion and points of view. Scrolling through my feed has given me inspiration in more ways than

c

GEMINI (May 21-June 20): Work hard, play hard and be proud of what you achieve. Personal gain is within reach if you step up and take over. Offer suggestions, but don’t take on someone’s responsibilities. A makeover or updating your image will lift your spirits. HHHHH

d

CANCER (June 21-July 22): Try something new or unfamiliar. The experience you gain will help you make changes that will improve your life. Don’t let your emotions stand between you and what you deserve. Being forward-thinking will be required. Physical activity will lead to better health.

HHH

e

LEO (July 23-Aug. 22): The opposition you face or the changes others are making will leave you questioning whether you are doing the right thing. Take a moment to consider the consequences and how your decisions will affect others. Personal gain is apparent. HHHH

f

VIRGO (Aug. 23-Sept. 22): Learn from experience. Information is power, and talking to an expert will point you in the right direction. Branch out, and you’ll discover you have more to offer than you realize. Take physical action, and do the best job possible. HHH

g

LIBRA (Sept. 23-Oct. 22): Making recommendations and physically taking over and doing the work yourself are not the same.

How much you accomplish and the rewards and results you receive will be directly linked to what’s tangible.

HHH

h

SCORPIO (Oct. 23-Nov. 21): You’ll face issues you should have addressed in the past. Don’t linger over something that is standing in the way of your progress. Make the necessary changes, and keep moving forward. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Adventure, excitement and participation will encourage new beginnings. Don’t let anyone interfere in your personal life or stop you from doing things you enjoy. You are in charge of your happiness, so follow your heart, and proceed with confidence. HHHH

j

Art lives on: Local artist thrives on Twitter Twitter has long established its presence in the Philippines, so much so that you can find different communities within the platform.

We know that fandoms and entertainment fans flock to Twitter, but there is one group that has also been growing and thriving— the local art community.

Just like any art form, local artists use Twitter as a platform to express their ideas and connect with their audience. A local artist shares their personal experiences on how the platform became their hub for creativity and connections.

Here are some ways on how they use Twitter.

TAURUS (April 20-May 20): Observation will help you make a better decision. Don’t trust someone to contribute while under pressure.

Look for alternatives, and consider doing your own thing. An option that will help you change your direction is favored. HHH

I can count.”

Hashtags enable people to create engagement—this is no different when used by artists. But more than the engagement and organization hashtags bring, it also represents movement online.

Eunice (@eunpyon) shares that using different hashtags has widened her audience: “Hashtags like #VisibleWomen and #ArtistsofSEA have helped me reach people that I never imagined would see my art.” Besides being an outlet for creative ideas, Twitter is also the perfect place to meet and connect with fellow artists.

For Eunice (@eunpyon), Twitter became

a way for her to meet some of her favorite artists. “Most of my connections in the art world started from a simple DM.” From hashtags and threads to retweets and DMs, Twitter has become a platform for both local artists and art enthusiasts to connect with each other and make a unique space for everyone to share their musings.

Art is an expression, and what better way to express yourself is by sharing it to a community that is built on encouragement and the love for art.

Unleash your talents and know #WhatsHappening on the local art scene by going on Twitter.

CAPRICORN (Dec. 22-Jan. 19): The changes you make at home should be well-thought-out and executed personally. Don’t leave sensitive matters in someone else’s hands. Don’t let emotions infiltrate your professional action. HH

k

AQUARIUS (Jan. 20-Feb. 18): Use your skills to put your ideas in motion. A change at home will be good for the soul and encourage you to plan for the future. Turn a talent you have into a lucrative sideline. Romance is encouraged. HHHHH

l

PISCES (Feb. 19-March 20): Make an effort to use your skills uniquely. Keep up with the times, and adjust to whatever is trending. A responsible attitude, coupled with a desire to make your life better, will bring about positive change. HHH Birthday Baby: You are stubborn, proactive and reliable.

You are competitive and commanding.

‘food fit for a king’ by zhouqin burnikel The Universal Crossword/Edited by David Steinberg

ACROSS 1 Appliance brand 6 City east of Phoenix 10 Sound of thunder 14 ___ buddies (close pals) 15 Snapchat and WeChat 16 Maggie Simpson’s sister 17 Hockey player’s favorite entree?

19 Rotten to the core 20 “That feels amazing!”

21 Climbs the corporate ladder 22 Vision that isn’t real 23 Hit the ball hard 25 Free from bias 26 Hockey player’s favorite dessert?

32 Penne or ziti 35 Like a good meringue 36 Bad-mouth 37 Composer’s numbered piece 38 Rib eye alternative 39 Jeremy’s dad in Zits 40 Spray graffiti on, say 41 Feed store grains 42 Major artery 43 Hockey player’s favorite snack item?

7 Golfers may break them 4 48 Medicinal measurements 51 Visibly frightened 53 Coral reef formation 56 Sedona automaker 58 A soul patch is above it 59 Hockey player’s favorite appetizer?

61 Frozen prince 62 Reason to pinch your nose 63 Hint of color 64 All wound up 65 Bread with a pocket 66 Urged (on) DOWN 1 “Dancing Queen” singers 2 Back tooth 3 Largest beer producer in Japan 4 Noverbal approval 5 “___ the Beautiful” 6 Bathroom floor covers 7 Olympic fencing event 8 Places to get pampered 9 Inquire 10 Priest, e.g.

11 Tool for tracking weather in real time

12 Where Tet and Spring Festival are celebrated 13 Place to find a lifeline 18 You may bookmark one 22 Reservoir creator 24 Nectarine parts 25 Dunaway of Bonnie and Clyde 27 Conspiring group 28 Hilarious people 29 ___ & Young 30 Bagpiper’s wear, perhaps 31 This, in Taxco 32 Ceremonial grandeur 33 On ___ with (comparable to) 34 “You got it!”

38 A pig’s foot has four of them 39 Pans in a Chinese kitchen 42 Devoted follower 44 Minuscule 45 Buddhism sect that originated in China 46 Not doing anything 49 ___ out a living 50 Burn lightly 51 Post-marathon woe

2 Fish prized for its roe 5 53 Bavarian automaker 54 Moderate horse gait 55 Vegetable with a slimy texture 57 Like fine Scotch 59 One-up 60 Faux locks

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, May 5, 2020

B5

Holland Taylor and David Corenswet in a scene from Hollywood, which is now streaming on Netflix.

Anderson Cooper is a father; gives infant son a special name NEW YORK—Anderson Cooper is a father, a milestone the CNN anchor says for a while he didn’t believe would ever happen. Cooper announced the birth of his son, Wyatt, Thursday evening on his show and in a lengthy Instagram post. His son was born on April 27 via a surrogate, the newsman said, and is named after his father who died when Cooper was 10.

“On Monday, I became a father. I’ve never actually said that before out loud, and it still kind of astonishes me,” Cooper said on his show AC360.

The anchor said he felt it was important, amid stories about those who are suffering and dying during the coronavirus pandemic, to “hold on to moments of joy.”

The segment included several photos of the newborn.

“As a gay kid, I never thought it would be possible to have a child, and I’m grateful for all those who have paved the way, and for the doctors and nurses, and everyone involved in my son’s birth,” Cooper wrote on Instagram. “Most of all, I am grateful to a remarkable surrogate who carried Wyatt, and watched over him lovingly, and tenderly, and gave birth to him.” Cooper, 52, said he regretted that his parents and brother were not alive to meet his son. Cooper’s mother, Gloria Vanderbilt died in July at 95.

The Instagram post included a photo of Cooper feeding his son a bottle. The baby’s middle name, Morgan, is also a family name. It was a name his parents considered for Cooper, according to a list he recently found. AP

Heartwarming Globe digital film shares message of hope, connection amid isolation

WITH the enhanced community quarantine extended to May 15 in Metro Manila and major parts of Luzon, people will still have to stay home as the whole country continues its fight against the Covid-19 pandemic. Life in isolation and physical distancing has changed everything in the way we live and connect.

In the midst of challenging times however, there is hope—with increased recovery rate, increased capacity of health units to accommodate patients, and as the country begins its Covid-19 mass testing.

Through these, Globe remains committed to standing with the Filipinos in this fight and shares its message of hope through a video, titled “Dyan Ka Muna. At Dito Ako. Magkalayo. Kasi Close Tayo” (youtu.be/AZNnrEKbyJ4), that shows support and faith that we will all overcome this crisis. The story talks about the “pain” that Filipinos are experiencing. Social and physical distancing, while a solution to help flatten the curve, continue to keep families and loved ones apart—together. The video attests to how Filipinos continue to show support to one another and become part of the communities they belong to.

Human connections prevail as friends and families bond, show love and concern, trade stories, workout, dance, laugh and cry together albeit on virtual grounds.

Ernest Cu, Globe president and CEO, assures customers, “While we go through this crisis together, Globe will do what it can to provide uninterrupted connectivity especially during these times.”

Since the start of the ECQ, Globe has been supporting its customers with various solutions, from free access to Covid-19 hotlines and government web sites, free WiFi in hospitals, groceries and quarantine facilities, telemedicine services through KonsultaMD, mental health support through HOPELINE, humanitarian aid through Globe Rewards, and up to 60-days credit extension for its postpaid mobile and broadband customers.

Globe continues to respond to Covid-19 with initiatives for its customers to stay connected, informed and #SafeAtHome. More information is available at www. globe.com.ph/SafeAtHome.

Ryan Murphy’s ‘Hollywood’ miniseries on Netflix is a woke ’40s fantasy

L

By Lynn Elber The Associated Press

OS ANGELES—Ryan Murphy has a cleareyed fascination with the 20th-century Hollywood dream machine, so adroit at making stars and breaking the hearts of those who didn’t fit the mold. Among the casualties: Anna May Wong and Hattie McDaniel, gifted actresses of color consigned to play stereotypes, and closeted matinee idol Rock Hudson.

Their stories are part of Hollywood, Murphy’s seven-episode Netflix limited series, but the producer of American Horror Story, 9-1-1 and Pose refused to leave it at that. In his optimistic version of what could have been, a hidebound industry is challenged by bold actors, writers and others who fight to be in the picture.

The series tempers real-life tragedies, including sexual exploitation of men and women, with its fantasy of a late 1940s woke Hollywood. A deeply nostalgic veneer of tinseltown lore and name-checked Los Angeles landmarks—such as century-old industry hangout Musso & Frank Grill—prove the myth’s allure, even for realists like Murphy.

The project “became sort of a love letter to Hollywood and a celebration of the best Hollywood could be,” he said. “And I think its themes are so modern. Every year we have a conversation around awards time about representation, about why are more people not included, why is everything so straight and white? This has been going on for years and years and years.”

The issue is deeply personal for the writer-

producer, whose series have given LGBTQ creators and characters a place at the table and expanded depictions of people of color. The clout he wields contrasts sharply with his experience when, as a young gay man, the Indiana native pursued his screenwriting dreams.

“My first day in Hollywood was in 1998, so I was right of the tail end of, ‘You can’t be gay and be out of the closet. You can’t have a black woman in a romantic part,’” Murphy said. “I remember personally having that fear of, ‘Oh, I can’t be myself because then I’ll never work.’”

That oppressive cloud never lifted for Hudson, who’s portrayed by Jake Picking in Hollywood as a victim of a rapacious agent and hard-line expectations.

Locked into idealized versions of romance opposite Doris Day and other leading ladies, he agreed to a faux marriage to fend off rumors that, at the time, would have ended his career.

“Until the day he died, he lived in fear he was going to be outed and vilified for being gay. So while he did have a certain amount of [career] success, he was torn apart inside,” Murphy said.

Bias also hit people of color hard. McDaniel became the first black actress to win an Oscar, for her 1939 Gone with the Wind role as Mammy—a role that typified the subservient characters she routinely had to play. Wong was denied the chance to play a rare lead Asian character in 1937’s The Good Earth when it went instead to white star Luise Rainer, along with a Best Actress Oscar.

Murphy said he’s realized that “what I was really drawn to was the story of lost potential. Nothing in

the world is sadder than that, to me.”

The fictional characters of Hollywood seek a happier ending. Among them: a studio boss’ slighted wife, played by Patti LuPone; an Asian American screenwriter (Darren Criss, also a series producer); a gay African American writer (Jeremy Pope) and a black actress with star power (Laura Harrier). The fictional characters rub shoulders with real-life figures including Hudson, Wong (Michelle Krusiec) and McDaniel (Queen Latifah). Jim Parsons, Dylan McDermott and David Corenswet also costar.

Murphy also employs his knowledge of what he calls “buried history,” including a bustling LA service station that hired attractive young men to provide gas, and then some, for eager customers. Careful research went into the series’ recreations of real events, period costumes and settings, Murphy said.

“The man is a huge fan of Hollywood, so it’s not surprising to me that this series was a passion project,” said Janet Mock, an executive producer, writer and director for the series who also works on Pose with Murphy. “He has a bold vision, and a part of that vision was to create a revisionist history of sorts that forces us to face our past while also thinking about how that has affected our present.”

There’s still work to be done to foster inclusiveness, said both Mock and Pope, a Broadway performer (Ain’t Too Proud to Beg) making his TV debut as screenwriter Archie.

“We have taken some steps and things have changed. We have evolved as an industry,” Pope said.

But Murphy’s alternative Hollywood, “whether it’s set in the 1940s or in 2020, it begins to form how you think, and what’s possible.” n

VLF 2020 GOES ON VIRTUAL STAGE IN THE TIME OF COVID THE Virgin Labfest braves a new front and adjusts to new realities as the playwrights, directors and actors take a further leap of faith to bring the annual festival of untried, untested and unstaged works on a virtual stage. In response to the Covid-19 crisis, the theater festival will have its lockdown edition, slated on June 10 to 28.

Dubbed “VLF 2020 KAPIT: Lab in the Time of Covid [A Virtual Labfest Lockdown Edition],” the 16th edition will feature nine new works, three revisited works, and six staged readings.

The nine main performances are: Doggy by Dustin Celestino, directed by Roobak Valle; Pilot Episode

by Floyd Scott Tiogangco, directed by Giancarlo Abrahan; Dapithapon by Jay Crisostomo IV, directed

by Sigmund Roy Pecho; Papaano Turuan ang Babae Humawak ng Baril by Daryl Pasion, directed by Erika Estacio; BlackPink by Tyron Casumpang, directed

by Jethro Tenorio; Multiverse by Juliene Mendoza, directed by Fitz Edward Bitana; Titser Kit by Jobert Grey Landeza, directed by Adrienne Vergara; Mayang Bubot sa Tag-araw by Mark Norma Boquiren, directed

by Mark Mirando; and Gin Bilog by Luisito Nario, directed by James Harvey Estrada.

There will be a VLF Playwright’s Fair, one of the components of the theater festival. A collaboration of the CCP Intertextual Division, the VLF Team and The Writers’ Bloc’s Rody Vera, the fair features Filipino writers. There will be online discussion

THE cast of Gin Bilog, one of the featured plays in the Virgin Labfest 2020 lockdown edition during an online rehearsal.

and digital marketing platform for the expertise, services, publications and other products of writers of theatrical productions.

The VLF Playwrights Fair is free and open to public. It will be held online every 7 pm during the VLF 2020. Check the Facebook page of VLF 2020 for the complete lineup of speakers and activities.

“The Virgin Labfest is here, and it remains strong

and able to adjust to new realities. The festival has a firm fan base which has filled the CCP theaters year in and year out. Let’s continue to tell our stories on the virtual stage,” said festival director JK Anicoche.

Established in 2005, the Virgin Labfest is copresented by the Cultural Center of the Philippines, its resident theater company Tanghalang Pilipino and the playwrights’ group Writer’s Bloc Inc.

B6 Tuesday, May 5, 2020

HelloMoney accepted in AUB PayMate QR Merchants

Cardiology fellow donates plasma for COVID-19 patients

A

SIA United Bank (AUB), the pioneer in enabling merchant acceptance of QR transactions for WeChat and AliPay in the Philippines using AUB PayMate, now includes its very own e-wallet - HelloMoney in its roster of accepted QR brands together with GCash, UnionPay, and GrabPay. According to AUB First Vice President and Head of Acquiring Business Mags Surtida, “This is what we have been waiting for – for our merchants to accept QR payments from our very own HelloMoney e-wallet users. This is such a milestone as we are the first bank to have our own e-wallet making QR transactions in our own AUB PayMate accredited merchants. With the HelloMoney & AUB PayMate tandem, we can offer greater value to our customers.”

HelloMoney is a prepaid account that provides Filipinos with an easy and convenient way of banking that is always within their reach through their mobile devices. It allows users to open their own prepaid account or e-wallet through a simple account opening process using the HelloMoney mobile app, which can be downloaded for free in both the Google

Store and the Apple App Store. HelloMoney users are also given the option to avail of a HelloMoney ATM card which they can link to their account which enables them to withdraw funds from over 20,000 ATMs nationwide.

With the use of HelloMoney, account holders can perform different transactions which includes peer-to-peer fund transfer, fund transfer to any bank account via Instapay, pay bills, buy prepaid mobile load, and send money via PeraPadala to any accredited cash-out partners. Most importantly, HelloMoney mobile app users can make payments using QR codes.

“Our goal is for HelloMoney to be known as a domestic QR brand which will allow customers to make financial transactions through its Scan-to-Pay feature and will help boost digital transactions in the country.

AUB’s HelloMoney is part of the pilot launch of the BSP’s person-to-person QR Ph code and will also support the standardized QR Ph code which will be launched this year,” said AUB’s head of Operations and Information Technology, Executive Vice President Wilfredo Rodriguez, Jr..

Finance companies support grace period for loans

W S

T. Luke’s Medical Center (SLMC) has begun conducting transfusion therapy in a bid to treat coronavirus diseases 2019 (COVID-19) patients who exhibit severe symptoms of the disease.

Among the convalescent plasma donors is a Cardiology Fellow of the hospital, Dr. Jennifer Rodriguez.

Convalescent plasma infusion is used to reduce the viral load of severe COVID-19 patients by passively giving them antibodies that developed in the blood plasma of the COVID-19 survivor.

Dr. Rodriguez contracted the disease mid-March after being exposed to a colleague who was found to be covid positive after doing rounds. Like many doctors with families to return to, Dr. Rodriguez was first and foremost worried about having exposed her loved-ones to the virus. She quickly confined herself to SLMC in order to begin treatment.

The confinement lasted for 10 days, from March 25 - April 4. On her confinement, Dr. Rodriguez said, “I felt sad, of course, that I wouldn’t be able to see my family, but I felt relieved that I would be

given treatment to recover.”

Once Dr. Rodriguez recovered from the virus and had two consecutive negative COVID-19 results, she was asked by her department head if she was willing to donate plasma for SLMC’s convalescent plasma program. The program was meant to treat the critical COVID-19 patients with transfusion therapy. Her immediate answer was yes.

“Donating plasma isn’t a bad experience, after all. It would take only an hour for the machine to extract the plasma. It’s not painful either. During the procedure I did not feel anything uncomfortable,” said Dr. Rodriguez. “If it could possibly help those who need, I’m very willing to donate.”

Convalescent plasma has shown enough promise against COVID-19 that many hospitals have adapted it as a possible treatment for the disease. Currently, it is still considered experimental but the method of transfusion therapy dates back to the 1890s.

Meanwhile, SLMC has partnered with Security

Bank for its convalescent plasma program.

According to the hospital, patients who could not afford the treatment will be covered by the financial support donated by the bank.

“Security Bank has been a strong and supportive financial services partner of St. Luke's Medical Centers (SLMC). We are grateful to have them as an exclusive partner for this project. With their support we will be able to extend the Convalescent Plasma treatment to indigent COVID-19 patients,” said Dr. Benjamin S.A. Campomanes, Chief Medical Officer of SLMC. “We value our deep partnership with SLMC. They are doing amazing work during this crisis. This promising treatment which utilizes plasma transfusion, can help boost the immunity of critically ill patients, reduce the progression of the sickness, diminish the needs for ICU treatment and ultimately save lives,” said Sanjiv Vohra, President and CEO of Security Bank.

SLMC encourages COVID-19 survivors to donate plasma in order to treat some of the more dire cases in the hospital and increase recovery rate.

From farm to table: Australian Table Grapes are back in the Philippines with unique varieties on offer this season

N

ATURALLY grown and ripened under the Australian sunshine with a sweet burst of flavour and juicy pulp, the new season of fresh Australian Table Grapes are now available for Filipinos to enjoy today.

From April, the 2020 season varieties will be available at different stores and partners like Rustans Supermarket, Shopwise, Marketplace by Rustans, Robinsons Supermarket, S&R, SM, and even thru e-Commerce partners like Baytownsproduce, Crate2plate and Dizon Farms, which includes Tam’s Gold and Crimson Seedless as well as Sweet Sapphire (a long finger shaped black grape), Autumn Crisp (a very sweet and crispy grape) and Cotton Candy (a sweet, aromatic green grape). These varieties are known for their extra sweet taste making them a delicious snack the whole family can enjoy.

Amid the COVID-19 pandemic, Australian Table Grape farmers and food safety inspectors reassured all fruit is grown using the highest food safety

standards and most advanced growing techniques, ensuring all produce leaving the farm is of the highest quality and safe for consumption.

Each variety of grape is extremely versatile in its taste – they can be deliciously enjoyed on their own and best enjoyed whole - as well as able to be added to a range of dishes. Considered nature’s candy, Australian Table Grapes are a versatile snack or sweet and crisp addition to any recipe, making them the ideal fresh fruit for all.

Furthermore, the nutritional value that Table Grapes hold make them fantastic for maintaining a healthy diet for people of all ages.

Red Globe table grapes have a low Glycemic Index (GI) value and 5g of guthealthy fibre in every serving. Meanwhile, the Thompson Seedless variety is packed with vitamin C which is perfect for giving your immune system a boost.

The horticulture industry in Australia prides itself on the idyllic growing conditions Australia is famous for - warm,

dry summers, and deep, rich soils provide the perfect environment for Australian growers to produce world class table grapes.

Every grape grown by Australian Table Grape farmers is from an established second or third generation family-owned farm located in pristine rural Australia.

The techniques, knowledge and passion for growing and carefully selecting the grapes has been perfected over many years and passed down through the generations of families. Using this expertise, these farmers are proud to work hard producing more than 240,000 tons of the best quality fruit from their farms and exporting 60% of their top quality produce around the world.

As Australia is the closest southern hemisphere supplier to the Philippines, Australian Table Grapes found in store are guaranteed to be the freshest in the market.

The whitish bloom on the skin of each grape is another key indicator of freshness, proving they’re delivered directly from the farm to your table.

ITH the “Bayanihan to Heal as One Act” now in place to help ease the financial burden of Filipinos amidst the Covid-19 crisis, a coalition of finance and lending companies has echoed its support in giving cash-strapped borrowers ample time for repayment.

“We know full well that this ongoing pandemic is not just a global health crisis; it is also a global economic crisis,” said Atty. Jude Romano, president of the Philippine Finance Association (PFA). “With the lockdown still in place in many areas, many businesses remain shut down, and jobs are put on hold, or worse, lost. And for those who have existing loans with financial institutions, it means having to make a choice between getting your next meal or paying your next installment.”

“During these difficult times, consumers should not have to make their decision. And we are one with the government in supporting the “Bayanihan to Heal as One Act” that can hopefully make things a little easier for our countrymen during this crisis,” Romano added.

Among its provisions, the “Bayanihan to Heal as One Act” gives borrowers a 30-day grace period for payments for loans without any late payments or penalties, covering the duration of the Luzon-wide enhanced community quarantine. The grace period has been effectively extended following President Duterte’s extension of the ECQ until May 15.

Mr. Romano noted that several members of the PFA had already extended payment holidays to their clients even prior to the passage of the Bayanihan Law, to mitigate the impact of the ECQ. “The financing companies can be a viable partner in helping the government extend financial assistance to the poor, to MSMEs (micro, small and medium enterprises) and companies reliant on banks,” Romano noted, adding that PFA members have extended consumer loans amounting to P62.4 billion to 3.9 million borrowers belonging to the poor sector who are unbanked and underserved.

Meanwhile, other PFA members have provided P105 billion in loans to more than 220,000 MSMEs. Many of these lenders source their funds from banks to extend loans to their borrowers. “This is just a drop in the bucket as there are more than 700 financing companies registered with the SEC,” Romano explained.

But while financing companies are ready to assist the government in helping these sectors, Romano noted that the industry has likewise taken a hit due to the Covid-19 crisis. “For one thing, financing companies are heavily reliant on banks for their funds to loan to their clients. They will need to allocate the cash they have to pay their loans, which in turn might lead to a decrease in new loan extensions. Government should consider to support liquidity for financing companies so they can keep on extending loans to unbanked clients. Decrease in lending activities of regulated financing companies may even result in the proliferation of payday and informal “5-6” lenders.

“Financing companies are ready to partner with the government. They have the experience, the infrastructure, the risk management expertise and highly trained people on the ground. They are here for the long haul. But they badly need assistance from the government,” Romano said.

Assistance needed According to the PFA, for the financing industry to be able to continue supporting various sectors amidst the crisis, a 5-year Financial Facility Special Window from BSP may be given to financing companies in good standing, to be amortized in 5 years, with a moratorium of 6 months on principal payment.

The PFA added that since the industry is committed to supporting MSMEs and workers who were on a “no work, no pay” basis, it can also benefit from specific low cost/low interest loans to financing companies, with at least 3 to 6 months grace period prior to start of payment of monthly principal amortization and interest. These loans can then be used by the industry to fund loans for sectors most impacted by the crisis.

The PFA is also urging creditor banks to allow a 6-month moratorium on principal payment on existing loan tenors of financing companies.

Romano said that the PFA is looking forward to a dialogue with government and other stakeholders so that their recommendations may be discussed. “At the end of the day, the government as well as our industry share the same goal in helping our countrymen most impacted by the crisis.

And together we can make it happen, in true ‘Bayanihan’ spirit.”

World Vision acknowledges corporate partners and individual sponsors for over PHP60M funding for COVID-19 emergency response

A

MIDST the current health crisis, World Vision in the Philippines has allotted the total amount of P60,254,512.70 from different funding sources and donations including corporate partners and individual child sponsors to fund its ongoing COVID-19 Emergency Response.

“World Vision is so grateful for the support of all our generous donors in the battle against COVID-19. Like in our past initiatives, your donations are definitely a big help to the Filipino children and their families, and even to the frontliners that we are assisting during these difficult times,” said Rommel V. Fuerte, World Vision National Director.

One month on in its health emergency response, World Vision has served and assisted over 1.4 million people nationwide.

Proceeds directly went to World Vision’s implementation of COVID-19 response including the distribution of 13 triage tents to the hospitals and the provision of basic Personal Protective Equipment (PPEs) to the frontliners.

Among the corporate companies which supported World Vision included Accenture, Aidea Inc., BHP Shared Services Philippines, Inc., Chek Hup, Colgate Palmolive, ComCo Southeast Asia, DTCC, Ellite Ads

Corporation, Emerson Electric (Asia) Ltd., Frankie & Friends, GCash, Giftaway, Gifted PH, Grab Philippines, ING Foundation, Inc., Investagrams, Lazada, Lexus Manila, Inc., Ligo, Medtronic Philippines, Inc., Merck Inc., Microsourcing, Mirth & Yift, Mondelez, PayMaya, PCCW Solutions, Inc., Pilipinas Shell Foundation, Inc., Ramon Aboitiz Foundation Inc., S.C. Johnson & Son, Inc., Seaoil Philippines, Inc., Security Bank, Shopee, Storm Technologies, Inc., ticket2me, Unilever, and Zalora.

To help and learn more about World Vision’s initiative against COVID-19, please visit https://www. worldvision.org.ph/coronavirus-health-crisis/.

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

Sports BusinessMirror

Tuesday, May 5, 2020

B7

$100K PER GAME? BE A BASEBALL STAR FORMER Montreal Canadiens enforcer Georges Laraque faces his biggest challenge of trying to breathe clearly as he fights the virus from a hospital in Montreal.

NO TOUGH GUYS AGAINST Covid-19

A

COUPLE of weeks ago, former Montreal Canadiens tough guy Georges Laraque was running five or six days a week as he trained for a marathon.

Now, the former National Hockey League’s (NHL) enforcer’s biggest challenge is trying to breathe clearly as he fights Covid-19 from a hospital in Montreal.

“Now I can’t even get up without losing my breath. It’s insane,” he said.

In a series of videos from his hospital bed, the 43-year-old said he began feeling symptoms a week ago Sunday when he was helping to deliver groceries to vulnerable people in his community.

Over the next days, his condition deteriorated.

“I have pneumonia in both my lungs, they’re affected by the Covid because I have asthma, I have to have oxygen blowing through my nose,” said Laraque, who wore a hospital gown and could be seen coughing at times during the videos.

“The nights are the worst,” he said. “At night, I have fevers a couple times a night. I have to get up and take pills.”

Laraque thanked the staff at Charles-Le Moyne hospital who have been taking care of him, and told people not to feel sorry for him because, “I’m not the only one fighting this.”

Laraque played parts of 12 seasons in the NHL from 1997 to 2010, including eight with Edmonton. He capped his career with two seasons in Montreal.

The NHL could face another hurdle if the league decides to continue the 2019-20 season in the near future—getting non-Canadian resident

players across the border to join their teams.

Prime Minister Justin Trudeau said Sunday that players would—at a minimum—need to follow quarantine protocols if they were to arrive in Canada while the border remains closed due to the pandemic.

“I think it’s a question we’ll have to look into,” Trudeau said. “Certainly at a strict minimum, anyone who arrives from another country will have to follow all the rules of quarantine in an extremely strict manner, but we’re not there yet in our discussions with the NHL.” “We recognize that it’s a possibility, but it depends on an enormous amount of things, and I don’t want to speculate on this until there’s more discussion,” he said.

The Associated Press reported earlier this week that

Mike Trout and Gerrit Cole head a starry quartet that would take in more than $200,000 per game. AP

By Ronald Blum The Associated Press

Edmonton and Toronto were being looked at as possible “hockey pod” cities that could host the remainder of the NHL season during the summer months. Games would be played in airconditioned arenas without fans. AP

N

EW YORK—Mike Trout and Gerrit Cole aren’t the only major leaguers with a big financial incentive to get back on the field.

While they head a starry quartet that would take in more than $200,000 per game, 65 players would earn at least $100,000 each time their team wins or loses if the pandemic-delayed major league season get under way, according to an analysis of their contracts by The Associated Press.

Most rookies and those making the minimum would get nearly $3,500 each. Every game added to the big league schedule earns players about $24 million in aggregate.

Clubs would benefit, too, with huge revenue streams flowing from regional sports networks and national broadcast contracts. A contentious negotiation is likely if Major League Baseball (MLB) asks the players’ association to accept salary cuts to compensate for competing in empty ballparks.

“I would need to be fully informed about revenue and things like that before I would decide if I think it’s fair for us to do that,” Washington first baseman Ryan Zimmerman said. “I know the owners make a lot of money....

We’re in such a unique situation. People want to play. People want to get back on the field.”

“If there ever was a time where two sides that have obviously argued in the past could get along and get things done, now would be the time,” he added. “That being said, I’m not going to sit here and say the players would be willing to do that. I don’t even know if I would be willing to do that.”

Zimmerman, 35 and closer to the end of his career than the beginning, has a $2 million salary and would get $12,346 per game.

Trout, the 28-year-old Los Angeles Angels star who has won three American League (AL) Most Valuable Player (MVP) awards, has a $36 million salary. He is tied for the major league high with Cole, the 29-year-old right-hander who left Houston as a free agent to sign with the New York Yankees. That works out to $222,222 for each game of the 162-game season.

Colorado third baseman Nolan Arenado is third at $216,049 per game, followed by Houston right-hander Justin Verlander at $203,704. Next is left-hander David Price, acquired by the Los Angeles Dodgers from Boston in February, at $197,531.

Lower down the salary scale, 392 of the approximately 900 players on active rosters and injured lists earn at least $10,000 a game, including 300 at $20,000 or more, 259 at $25,000 or more, 161 at $50,000 or higher

and 100 at $75,000 or above.

Opening day was scheduled for March 26, but has been delayed indefinitely due to the new coronavirus pandemic. Baseball Commissioner Rob Manfred is confident the 2020 season will start at some point, and MLB and the union have discussed possibilities that include playing in empty ballparks and neutral sites.

As part of a March deal between MLB and the union, players gained a key objective in bargaining: If no games are played, each player would get the same amount of service time this year as he earned in 2019. As part of the deal, teams are advancing $170 million in salary but players give up claims to any more if the season is scrapped. That leaves each player to earn a maximum $260,000, $60,000, $30,000 or $16,500, depending on his contract, if there is a missed season.

Players agreed to prorate their salaries based on actual games played.

Signing bonuses are guaranteed, so the amount of money a player stands to earn this year is calculated by taking his 2020 salary, dividing by 162 (the original total of games scheduled) and multiplying by total of games remaining as of the revised opening day. If the season is later interrupted due to the contagion, the numerator becomes the total of games of a player’s team.

Union leaders and some players contend that agreement covers terms of any reduced season, fans or not, and management points to a provision that it is only for games at regular ballparks with fans. The agreement calls for “good-faith” talks over neutral sites and games without fans, and Manfred says 40 percent of revenue comes from tickets and gate-related revenue such as parking and concessions.

“Amongst Pirates players, I haven’t heard a single thing that suggests they aren’t really motivated to play,” Pittsburgh General Manager Ben Cherington said. “When you have groups that are that motivated to find solutions, it probably heightens my optimism, because when groups are that motivated, you tend to find solutions.”

Twenty-eight players were at the $563,500 minimum when rosters were frozen on March 28, which comes to $3,478 a game. There were 369 at $600,000 or less, which is $3,704 a game.

The Los Angeles Dodgers have five players at $100,000 or more, the most in the majors. Just five teams have no players at $100,000: Arizona, Miami, Milwaukee, Pittsburgh and Tampa Bay. Dodgers pitcher Ross Stripling reached one of the most fortuitous deals of the winter. Eligible for arbitration for the first time, he agreed to a $2.1 million contract with an unusual twist for a one-year deal: $1.5 million was put into a signing bonus. Just $600,000 is at risk as salary.

A stockbroker in his spare time, Stripling has a better understanding of economics than most.

“It was kind of a unique way to bridge a gap, if you will, that we had. We were happy with the deal when we did it,” said his agent, Matt Laird of Excel. “We didn’t have any idea. Shoot, who did at that point in time?”

NZ ‘Nomads’ in Australia to play rugby BACK IN HARNESS US Olympic Team archer Brady Ellison walks back from a target as he practices on his range at his farm in Miami,

Arizona. Not too long ago, the three-time Olympic medalist feels searing discomfort through his right arm whenever he releases an arrow.

Doctors couldn’t solve it. He couldn’t shoot through it. He nearly quit and went to work at a local copper mine. Now gold is back in the picture. AP

College athletes learn to cook, buy groceries

N

EVADA offensive lineman Nate Brown is doing his best to eat right, like many football players and other college athletes scattered around the country without access to training facilities amid the coronavirus pandemic.

The 6-foot-4, 300-pound rising senior has stumbled a few times in college sports’ version of Weight Watchers, with no in-person classes or spring practices.

“Maybe I would get Taco Bell because I do like Taco Bell,” Brown said. “Or maybe I’ll have ice cream later at night.... The meals that are maybe not super nutritious, I’ve been trying to keep that to one a day.”

Athletes have been displaced from facilities with well-stocked training tables and easy access to healthy snacks and protein shakes. Some are home with family members, while others are largely on their own in off-campus residences.

To help them, schools have provided care packages, grocery tips, recipes and even cooking demonstrations on social media. And nutritionists or dietitians at schools—there

are 96 with at least one on staff, according to the College and Professional Sports Dietitians Association, with roughly two-thirds in the Power Five conferences—have consulted with athletes from afar.

The challenge is keeping athletes—already engaged in makeshift workout regimens—on track when it comes to adding strength or avoiding unwanted pounds, even as it remains unclear when they can return to campuses or whether they’ll play this fall as the country tries to reopen.

“For some of them, it’s really good that they’re home, because they do have someone that’s still making home-cooked meals for them,” said Rachel Lukowski, Iowa State’s director of sports nutrition for football. “And some don’t have that, so it’s a matter of, ‘OK, here’s how we can help you out here’ or ‘What can we do?’”

Nebraska has offered curbside-pickup meals for athletes near campus and Memphis sent 225 care packages containing items such as snacks and protective masks to its athletes in mid-April.

Lukowski said Iowa State’s care packages

included protein powder along with bottles allowing athletes to mix their own shakes without a blender, as well as grocery lists with tips for shopping for healthy foods on a budget and what to stash in the pantry. The school also posted cooking tips and recipes such as chicken dishes, egg muffins and pancakes, among others.

Oregon State sports dietitian Toni Langhans has tried similar steps with the school’s “Quarantine Kitchen Series” on Instagram. She wants athletes to feel comfortable in the kitchen by making dishes such as overnight oatmeal, stuffed peppers, black bean burgers or homemade hummus instead of ordering daily takeout meals.

“It’s such a big important skill to work on that really affects the athlete’s overall relationship with food, and what they’re going to eat when they come back also,” Langhans said.

“So that’s what we’re trying to push for in doing these demos and trying to give people recipes— something that’s easy to look at and say, ‘OK yeah, I think I can do that.’... Sometimes quality food can take three minutes.” AP

PLAYERS from the New Zealand Warriors arrive at the airport in Tamworth, Australia, on Sunday. AP

T

HEY’RE being dubbed the New Zealand “Nomads,” and with good reason.

The New Zealand Warriors of the National Rugby League arrived at a small regional airport in New South Wales state on Sunday after being given permission to enter Australia despite a general ban on incoming travelers due to the coronavirus pandemic.

During a 14-day isolation period during which they’ll be able to train at Tamworth in the northwestern part of the state, they’ll likely move down to the Central Coast north

of Sydney and play most of their matches in that area once the planned resumption of the season on May 28.

They’ll be without their families, for now, and will likely not be able to return to New Zealand until the NRL season ends. That’s nearly six months from now, in October.

Warriors Chief Executive Cameron George hopes families can follow in coming months, if current restrictions are relaxed. He said an in-house “well-being” officer will remain with the team during the season, while the club

will ensure their families have support back in New Zealand.

The club also has the option to apply for a replacement if any player needs to return home prematurely.

“The squad we’re taking across is the intended squad that we play with for the duration of the season,” George told Australian Associated Press. “But if things change for personal reasons for individuals, on a case-bycase basis we can make application to the NRL, particularly on compassionate grounds.”

Two NRL rounds were played before the season was suspended on March 23 due to the pandemic. Australian media reported Saturday that the NRL plans a 20-round season in a revised schedule with the grand final championship to be played on October 25.

The match venues have not been determined, although they are all expected to be played in New South Wales.

On Friday, the Queensland government said borders would be open for the state’s three NRL teams to play in New South Wales.

Currently there are restrictions on travel between the two states.

It means North Queensland, Brisbane and the Gold Coast will not need to enter isolation camps in Sydney and can remain at home with their families before the season resumes.

Australian states have been easing restriction due to the pandemic, with the national Covid-19 death toll a relatively low 95 midway through Sunday and with new cases declining. AP

Sports BusinessMirror

B8 Tuesday, May 5, 2020

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

PEOPLE exercise on a seafront promenade in Barcelona, Spain, over the weekend as Spaniards have filled the streets of the country to do exercise for the first time after seven weeks of confinement in their homes to fight the coronavirus pandemic. In Minsk, Belarus, fans wearing face masks watch the Women’s Major League soccer match between ABFF Women’s Under-19 team and Dynamo-BGUFK. Belarus is one of the few countries where professional soccer is still being played in front of spectators, and the only one in Europe. AP

OLYMPIANS GO ONLINE TO HELP YOUNG ATHLETES C

By Jay Cohen

The Associated Press

HICAGO—When Jesse Smith looks out at his Zoom audience, he knows exactly what the crowd is going through.

The captain of the US men’s water polo team is adjusting his training, too. He also misses playing alongside his friends.

One way Smith is dealing with the coronavirus pandemic is through virtual speaking engagements with water polo clubs and teams all over the country, passing along what he has learned during a couple decades in the water.

The 37-year-old Smith is one of several Olympic athletes who have been using digital avenues to help their sport during the shutdown.

While Zoom sessions are a frequent choice, some athletes are offering training tips on Instagram and Olympic federations are pitching in with newsletters and other Web-based help.

“We’re all as athletes affected the same way,” Smith said. “Even though I’m a four-time Olympian, a silver-medal [winner], training for my fifth Olympics, the captain of my team, the same thing is going on in my head as a 16-year-old that got their [season] canceled, and I think that I have more tools available, so I’m trying to share that.”

Beach volleyball star Kerri Walsh Jennings

has been doing online talks with young volleyball players, including one with the team at her alma mater of Archbishop Mitty High School in California. US wrestlers Mallory Velte, Pat Smith and Yianni Diakomihalis detailed their at-home workouts in a post on the federation web site.

Casey Patterson and April Ross were among a group of beach volleyball players who shared workout tips during Facebook live sessions on the AVP page.

The federations also are reaching out.

USA Water Polo has been sending out a weekly newsletter called “At Home with USA Water Polo” featuring interviews with coaches and athletes.

US Rowing has been holding webinars for its members. USA Volleyball has a page on its web site with Covid-19-related resources.

“A lot of people look to [us] in the athlete world, in our communities, for us to kind of be a voice. Like, how are we going to respond? What actions are we taking?” said US softball pitcher Monica Abbott, who has been doing speaking engagements with young softball players and holding pitching-inspired workout sessions.

The effort by Olympic athletes and federations comes amid concern about the future of college sports. Some Olympic sports could be

By Tim Reynolds

T

The Associated Press

HERE were obvious perks to being teammates with Michael Jordan. Plenty of his Chicago teammates own multiple championship rings, they appear in some of the mostreplayed National Basketball Association (NBA) highlight clips of all time and they’ve got a lifetime of stories to tell about one of the best to ever take the court.

BJ Armstrong also learned to move quickly—off the court, that is.

Whether it was during his rookie season when his stall in the Bulls locker room was adjacent to Jordan’s locker, or at a dinner with the six-time NBA champion and Kobe Bryant about a quarter-century later, Armstrong often found himself with a front-row seat to witness the true cost of fame for arguably the world’s most recognizable athlete.

“I remember as a young player I had this dream of playing in the NBA,” Armstrong, the longtime NBA guard and three-time NBA champion with the Bulls who is now a California-based sports agent, told The Associated Press. “And I vividly remember when I got to Chicago thinking, ‘You better be careful what you wish for, because you just might get it.’

Michael was the first person to show me what it meant to be a star...but you cannot be that star and not accept all the things that came with it.”

The strain of Jordan’s practically unprecedented level of stardom was one of the dominant themes in the latest installments of the ESPN and Netflix documentary The Last Dance, a 10-part series that showed episodes five and six on Sunday night.

want to share my experiences with people and maybe give advice to people who are thinking about playing in college or continuing the sport and just want to grow as players and as people.”

The online conversations usually touch on a variety of topics. There are the usual practical tips for playing the sport at a high level, but there also are elements of sports psychology— especially with young players away from their teams and searching for motivation.

Walsh Jennings, a three-time Gold medalist, said the calls have become a highlight of her day.

“We’re all feeling the same frustrations and longings,” she said. “It’s pretty special to be able to speak to the fact that we’re not alone in this and that it is up to each of us to make the best of what we have to work with—to focus on that which we can control.”

BEACH volleyball star Kerri Walsh Jennings has been doing online talks with young volleyball players. AP

on the chopping block for athletic departments looking to save money after losing revenue due to the Covid-19 shutdown.

“I wouldn’t say that that’s something I’m focusing on, but it’s definitely something that’s in my mind and helps me plan for these,” US water polo center Matt Farmer said, “because I’m taking an optimistic view of what’s going to happen in college water polo, because it means so

much to so many people.”

Farmer, a 24-year-old Chicago native who played on three NCAA championship teams at UCLA, is focusing his outreach efforts on the Midwest. California is the home of American water polo, but Farmer is hoping he can help some young players follow in his footsteps.

“I kind of blazed a trail from Chicago to international water polo,” Farmer said, “and I

Around Jordan, teammates see price of fame

THE Bulls’ (from left) Ron Harper, Dennis Rodman, Scottie Pippen, Michael Jordan and Coach Phil Jackson are joined on stage by Chicago Mayor Richard Daley (second from right) during a city-wide rally in Chicago to celebrate the Bulls’ sixth championship in June 1998. AP Every story about Jordan always seemed to become a big story, and Jordan felt some things were overblown such as his infamous stances on not wanting to endorse political candidates publicly or going with his father to Atlantic City for a quick gambling trip during the 1993 Eastern Conference finals.

“We understood his pressures, he understood what we needed and that was just a special group of people who got

together,” said Armstrong, who was a Jordan teammate for the 1991, 1992 and 1993 championships. “I don’t wish stardom on anyone. When I hear people say, ‘this guy’s a star,’ I always say, ‘good luck.’ What it takes to be a star at that level is beyond.

Always having security around, dealing with tickets, he always had to be turned on. There’s no preparation for that.

“I always say, to this day, that the Air Jordan guy was great and

God bless him. But I’ll always just remember Michael, the guy.”

Knowing that there would always be an enormous media horde at Jordan’s locker, Armstrong found himself getting dressed and out of the way quickly because otherwise his shoes would get stomped on and his space would be invaded.

If he forgot how that exercise went, he got a reminder in 2014.

Jordan was in Los Angeles and dinner with Armstrong was arranged. Armstrong got to the restaurant and found a third seat at the table, asked Jordan if a guest was coming and was told that Bryant would be joining them for the meal.

Armstrong and Bryant knew each other—they shared an agent, Arn Tellem, at one time. Bryant arrived and before long, he and Jordan were dissecting every nuance of each other’s game. In the end, they decided that Jordan would have a slight edge because his hands were bigger than Bryant’s.

“They were playing a virtual game of 1-on-1 at dinner,” Armstrong said. “I just sat there and listened to them talk about the love they had for the game. They were so sophisticated— they were talking about footwork, how they conditioned themselves, how they would box out. The detail that they had, the respect that they had for the game.... I wish I could have seen them play in their prime.”

Word got out over the course of the evening that Jordan and Bryant were in the restaurant. Eventually, one got out through a back door, another through a side door, and Armstrong was left to fight off a crowd.

“It was chaos,” Armstrong said. “And they were in basketball heaven.”

The seventh and eighth episodes of the documentary will air May 10, with the final two episodes on May 17.

Duplantis, Lavillenie split gold in backyard pole-vaulting duel

F

RENCH pole vaulter Renaud Lavillenie hardly treated this like a garden-variety competition.

It was for backyard bragging rights. So he raised his intensity.

Lavillenie and Mondo Duplantis of Sweden shared the gold medal Sunday during a men’s pole vault competition held in their own yards.

Advertised as the “Ultimate Garden Clash,” it was a rare sporting event contested during the coronavirus pandemic.

Duplantis, a world record-holder, and Lavillenie, the 2012 Olympic champion, each cleared a height of 16 feet (4.9 meters) 36 times over a span of 30 minutes that was broadcast

by World Athletics on its social-media channels.

Both had one miss. Sam Kendricks of the United States got the bronze by clearing the bar 26 times in a competition featuring three of the event’s biggest names.

It just might have been a preview of the Tokyo Games, which have been postponed to 2021. Lavillenie certainly took his concentration to another level.

“It’s crazy, but even doing this in my garden, I get the same feeling I’d get at a major championships,” Lavillenie said. “It was very exciting and I’m very happy to be a part of it.”

They tried to figure out a tiebreaker before electing to share the gold. The 20-year-old Duplantis initially pushed for a three-minute playoffs format that was on the table, while the 33-year-old Lavillenie nixed the plan. He was exhausted.

Lavillenie did vault over his 36th successful bar just ahead of Duplantis. The event was split into two 15-minute sessions with a short halftime.

“I will give you a rematch, Mondo,” he playfully said at the end.

The backyard idea was brought forth by Lavillenie, and the trio collaborated on the unique competition format because adjusting the bar wasn’t practical without officials in place.

Duplantis competed from his base in Lafayette, Louisiana, with his setup next to a garden wall. Kendricks was at his farm in Oxford, Mississippi, with his landing mat nestled between trees and near a fence where a horse occasionally was caught on the video feed.

Then there was Lavillenie, who took part from Clermont-Ferrand, France. The family’s trampoline was pushed to the side and there was a swingset in the background.

Don’t expect this to be a new pole-vaulting format, though. This was only for show.

“I want to jump high,” said Duplantis, the American-born vaulter who represents Sweden and broke Lavillenie’s world record in February. “I want to jump a little higher.”

Still, it made for entertaining theater.

“The general sense of this competition was just supposed to be fun,” said Kendricks, the two-time world champion. “A way to eat up time on a Sunday and give a chance for everybody to watch.”

Among those watching was World Athletics President Sebastian Coe, who gave the competition high marks.

“This is a brilliant initiative, great fun and really innovative,” Coe said in a statement. “My thanks go to them, their families and the World Athletics team for bringing live athletics back during lockdown. I hope we can bring a few more events like this to bring to all athletics fans out there.”

It’s already a hit among those in the track and field community. AP