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Wednesday, May 12, 2021 Vol. 16 No. 210

P25.00 nationwide | 2 sections 20 pages | 7 days a week

ECONOMY SHRINKS IN Q1; EXPERTS TAG COVID FEAR n

PHL HIKES MAV FOR PORK IMPORTS TO 254,210 MT; CALAMITY DECLARATION ISSUED ON ASF IMPACT

By Samuel P. Medenilla @sam_medenilla

P

RESIDENT Duterte has issued a new executive order (EO) which raised the minimum access volume (MAV) for pork imports to plug the supply shortfall created by African swine fever (ASF).

Duterte issued EO 133 through Executive Secretary Salvador Medialdea on Monday.

The EO increased the MAV for pork this year

to 254,210 MT from the current 54,210 MT. Relatedly, Duterte issued Proclamation 1143, placing the country under a state of calamity due to the effects of the ASF. The issuance of EO 133 came a month after the President signed EO 128 which reduced the tariff rates on pork imports until April 7, 2022.

“The MAV of pork meat for the MAV Year 2021 of 54,210 MT is hereby increased See “Hikes,” A2

A worker of Sanyo Denki Philippines Inc. at the Subic Freeport assembles ventilator cooling fans, one of Subic’s top exports. The exports generated

by Subic-based manufacturers and port users surged by 48 percent while imports grew at 29 percent in the first quarter of 2021, despite lessthan-ideal business conditions caused by the Covid-19 pandemic, as reflected in the Philippine economy’s first-quarter GDP performance.

Related story on Subic’s bucking the trend is in Companies, page B1. HENRY EMPEñO

By Cai U. Ordinario

F

@caiordinario

EAR of Covid-19 still prevented consumers from spending in the first quarter, local economists said following the release of the latest GDP data on Tuesday.

PESO exchange rates

The Philippine Statistics Authority (PSA) reported that GDP contracted 4.2 percent in the first quarter of the year, marking the economy’s fifth consecutive quarter of decline.

According to economists, economic recovery will only ensue if “bold spending” will be done on vaccination, testing and contact tracing. The Philippine economy is a consumption-driven one.

“The first quarter data confirm our fears. Reopening the economy through decree or through will is ineffective. Reopening the economy without putting in place the minimum necessary measures to contain Covid aggravates the situation. Reopening by itself will not change people’s fear of the virus.

Hence they will not spend and invest more,” Action for Economic See “Economy,” A2

n US 47.8250 n japan 0.4394 n UK 67.5480 n HK 6.1587 n CHINA 7.4545 n singapore 36.0807 n australia 37.4470 n EU 58.0309 n SAUDI arabia 12.7526

Source: BSP (11 May 2021)

A2

BusinessMirror

Wednesday, May 12, 2021

Q1 palay yield up 8.6% despite smaller area

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE country’s palay production this year is off to a good start as first quarter harvest grew by 8.57 percent to 4.626 million metric tons (MMT), the highest volume produced on record for January-toMarch period.

The production volume surpassed the previous first quarter palay harvest record of 4.622 MMT in 2018, despite a 3.52-percent contraction in area harvested compared to three years ago.

Philippine Statistics Authority (PSA) data analyzed by the BusinessMirror showed that total palay harvest area in the first quarter reached 1.148 million hectares, which was 42,000 hectares smaller than the 1.19 million hectares recorded in 2018.

However, palay harvest area during the three-month period was 4.55 percent bigger than the 1.098 million hectares recorded in the first quarter of last year, based on PSA data.

PSA data showed that three-fourths of the first quarter harvest came from

irrigated palay production, which reached 3.469 MMT, while the remaining volume of 1.157 MMT was rainfed palay output.

Irrigated palay production during the reference period was 6.18 percent higher than the 3.267 MMT recorded last year while rainfed palay output rose by 16.51 percent from 993,716.19 MT, PSA data showed.

PSA data also showed irrigated palay production in the first quarter was 3.12 percent lower while rainfed palay output was 11.14 percent higher compared to 2018 figures.

On an annual basis, palay production in all regions of the country expanded, led by Western Visayas that recorded the highest output for the quarter at 196,570 MT, which was 4.25 percent of the total volume, PSA data showed.

‘Productivity effect’

Economist Pablito M. Vi l legas attr ibuted t he increase in out put despite contraction in hectarage to t he so -ca l led productiv it y ef fect or increase in y ield caused by the

ser ies of inter ventions prov ided by the Depar tment of A g r icu lture (DA) to r ice far mers.

“It shows that the interventions of the government worked: the free fertilizer, distribution of hybrid seeds, inbred seeds, the programs under Rice Competitiveness Enhancement Fund, and the P5,000 subsidy to farmers,” Villegas told the BusinessMirror.

“The government is on the right track in its rice programs. This probably is the result of the combined effects of all those interventions especially for the rainfed farmers as the interventions allowed them to produce more,” Villegas said.

Villegas added that the La Niña phenomenon last year also contributed to the higher first quarter harvest, allowing farmers in rainfed areas to plant more.

Monetary Board member V. Bruce J. Tolentino earlier told the BusinessMirror that the agriculture sector’s performance in the first quarter is “better than before and more resilient despite the pandemic” given the improvements seen in the rice sector.

“Rice production is up. Rice consumer prices are lower and more stable.

Farm prices are stable. And farmers are receiving the assistance provided by RCEF [Rice Competitiveness Enhancement Fund], resulting in improved

Economy. . .

Continued from A1

Reforms Coordinator Filomeno Sta. Ana III told the B u s i n e s s M i r ro r .

Sta. Ana said the binding constraint to growth remains the inability to contain the transmission of the virus. Only when Covid-19 transmission is contained will the economy recover.

He added that recover y is not going to be as simple as opening the economy to spur greater activity. “The close-open debate is of secondary concern.”

The government, he stressed must spend to speed up vaccination; intensify testing; and execute a systematic and well-coordinated contact tracing through the interoperability of contact-tracing apps and having contact tracers at the barangay level.

It must also put in place technical measures to address the main form of virus transmission, and continue efforts to strengthen health-care capacity.

“But what is the government doing? It doesn’t want to spend boldly to finance the essential tasks above. It prematurely opens the economy, which backfires because it eventually leads to higher transmission or another surge.

Worse, decisive leadership is absent as different agencies, government units and branches are contradicting one another,” Sta. Ana said.

Weak household consumption

De La Salle University economist Maria Ella Oplas told this newspaper that the fear factor created by the pandemic has kept domestic demand muted. This accounts for the weakness in household spending.

PSA data showed Household Final Consumption Expenditure (HFCE) contracted 4.8 percent in the first quarter, worse than the 0.2-percent growth posted in the same period last year.

However, PSA data showed HFCE improved from a contraction of 15.3 percent in the second quarter last year; 9.2 percent in the third quarter; and 7.3 percent in the last quarter of 2020.

“The ECQ might have lasted for only two weeks but we are still under MECQ and those are to be blamed for the slow growth that we are

Hikes. . .

Continued from A1

productivity. That’s the better part,” Tolentino said.

“These improvements have resulted in a more resilient agriculture sector,” he added.

Federation of Free Farmers National Manager Raul Q. Montemayor was skeptical, though. He noted that the first-quarter increase in palay harvest was a marginal improvement compared to 2018 when the rice sector did not have an abundance of interventions available today, such as RCEF. Still, Montemayor recognized that the increased yield could be the reason behind the higher output.

“It seems we just recovered to our usual production levels. It is not really impressive. We are just back to first base, especially if you consider the increase in population in relation to rice production increase,” he told the BusinessMirror.

“Compared to 2018, the DA has a lot of budgets for the rice sector today but the benefits from it did not reflect much on the results,” he added.

For this year, the Department of Agriculture (DA) aims to produce a new record-high volume of palay at 20.4 MMT, or 1 MMT higher than last year’s 19.4 MMT record. If the DA’s goal materializes, then the country would achieve 95-percent rice self-sufficiency level, the department said.

experiencing right now,” Oplas said.

“In the second round [of Covid-19 cases], people really got so scared compared to last year [because based on the] news, the new variants were stronger. So people voluntarily did not go out,” she added in Filipino.

The impact of Covid-19 on the first quarter performance, Ateneo de Manila University John Gokongwei School of Management Dean Luis Dumlao said, was greater compared to the impact of the disasters that hit the country last year.

Taal Volcano’s Januar y eruption and the imposition of the ECQ in March 2020 caused t h e e co n o my to co nt ra c t by 0 . 7 p e rce nt.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said the ECQ last year closed around 70 percent of the economy.

Ateneo Center for Research and Development (ACERD) Director Alvin P. Ang for his part said other factors that caused the contraction included the absence of many economic activities.

Ang noted that travel remained difficult, causing the transportation and accommodation sectors to register double-digit contractions in the first quarter.

Based on PSA data, transpor tation and storage contracted 18.8 percent while accommodation and food ser vice activities contracted 20.6 percent.

“The economy contracted because a lot of activities present in 1Q20 are still muted today.

Travel was still open till March 15 last year but you don’t see it now—transport and accommodation are still down,” Ang said.

Inflation, hunger

Food and non-alcoholic beverage spending among Filipino households grew 2.2 percent in the first quarter, per PSA data. However, this marked an 11-year low.

Sta. Ana said this could lead to hunger and pover ty. The recent Social Weather Stations (SWS) survey had shown that one in five Filipinos experienced hunger in the last quarter of 2020 and half of the population rated themselves poor, he noted.

“Provide subsidies to public-utility vehicles for their sustained operations. Give relief [ ayuda ] to the poor, the hungry and the unemployed,” Sta. Ana said.

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BSP EXPECTED TO KEEP RATES ON RECORD LOWS

By Bianca Cuaresma @BcuaresmaBM

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HE Bangko Sentral ng Pilipinas (BSP) is expected to retain monetary policy settings on record lows to support the economy, after the Philippine Statistics Authority (PSA) announced another economic contraction in the first quarter of the year.

Local and international economists said Central Bank Governor Benjamin Diokno will likely follow through his initial guidance of keeping the BSP main interest rates on record lows up until signs of recovery in the Central Bank’s meeting this week.

The BSP has announced that it has moved its scheduled monetary policy meeting from Thursday, May 13 to Wednesday, May 12 to give way to the celebration of Eid-al Fitr.

The PSA announced that the local economy contracted by 4.2 percent in the first three months of the year.

“The economy remains stuck in low gear with first quarter GDP [gross domestic product] stalling by 4.2 percent as all sectors outside government posted declines. High unemployment and depressed consumer confidence weighed on overall activity with mainstay household consumption in the red again.

With the outlook dimming with the full impact of the renewed community quarantine to be felt in the second quarter, focus shifts to BSP’s policy meeting,” ING Bank economist Nicholas Mapa said.

“With the economic recovery floundering, we expect the Central Bank to retain its accommodative stance with [the] BSP Governor indicating that stimulus would remain for as long as the economy needed it. Any expectations for a reversal in policy stance appear unjustified for now as the economy is clearly in need of more stimulus and not less,” Mapa added.

Rizal Commercial Banking Corporation (RCBC) economist Michael Ricafort also said that the BSP’s accommodative stance is a “pillar for economic recovery” and is likely to be maintained.

“Accommodative monetary policy measures that further keep borrowing costs relatively lower and spur greater demand for loans, investments, employment,

However, Ang said, the slowdown in food and non-alcoholic beverage consumption may have been caused by the high prices.

Dumlao added the impact of African swine fever and supply chain disruptions in vegetables.

Meat and vegetable prices averaged 20 percent and 15 percent, respectively.

Ang also cited an increase in health expenses—4.8 percent in the first quarter, the highest since the first quarter of 2020 when it was at 8.4 percent.

“As food is essential, it slowed down possibly due to higher food prices. There was also a reallocation for health expenditures which were not observed in the last three quarters,” Ang said.

Outlook

Oplas said consumption will stay weak while consumers fear the virus. This will also keep GDP performance in the second quarter muted.

To date, Chua noted, a total of 2.4 million vaccine doses have been administered to A1 to A4 priority groups as of May 9.

“The first round of vaccination is for senior citizens and people with comorbidity. These are people who are really not going out to spend.

So, unless we see intensive vaccination, I don’t think that there will be improvements at all,” Oplas said.

However, Ang said given base effects, there could be some improvement in second quarter data. He noted that quarantine restrictions are not that tight this year. Relaxed restrictions coupled with improved Covid-19 management will give the economy a much-needed boost, Ang added.

Chua said the economic team has recalibrated its approach to the pandemic by managing risks this year rather than imposing blanket quarantines as in 2020.

“Our aversion to risk for the most part of 2020 has placed the country in a long period of quarantine. This came at a huge cost to the economy and the people. In 2020, GDP contracted by 9.6 percent, the lowest since 1947. Millions lost their jobs and income. This cannot go on in 2021,” Chua said.

“This time around, we also have much more latitude. Unlike last year’s ECQ, the government is taking a more calibrated approach to the present quarantines by addressing the highest sources

to 254,210 MT, provided that any unavailable balance at the end of 2021 shall not be carried over to 2022,” EO 133 read.

EO 133 is set to take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation.

Compromise

In March, the President asked Congress to approve his recommendation to raise the MAV for pork by 350,000 MT to 404,210 MT. Congress, however, did not act on his proposal and some lawmakers had even urged the President to reconsider his decision to cut tariffs and raise the MAV for pork.

“This [EO 133] is par t of the compromise of the Executive Depar tment with the Senate on the issue of MAV,”

Pre s i d e nt i a l s p o ke s m a n H a r r y R o q u e said in an online briefing.

Some senators said the “excessive pork MAV” this year could flood the local market with imported pork, which will further worsen the plight of local hog raisers, who are still reeling from the effects of ASF. ASF killed or led to the culling of 3 million hogs, which reduced the available supply of pork and put in pressure on inflation.

Last week, the Department of Agriculture said tariff rates for pork imports as prescribed

by EO 128 will also be increased by 5 percentage points, both for in-quota and out-quota volume for the entirety of its duration or until April 7, 2022.

With the compromise, the in-quota tariff rate for pork imports until July 7 would be 10 percent while out-quota would be 20 percent

and other business/economic activities, as monetary easing measures will do more of the heavy lifting for the economy amid limited government funds for any additional stimulus measures,” Ricafort said.

Meanwhile, Moody’s Analytics associate economist Eric Chiang said that with the dim outlook in local GDP, the BSP is likely to keep this stance unchanged for the entire year.

“The Central Bank, which will announce rates Wednesday, has kept the benchmark rate at a record low of 2 percent since November and is expected to keep monetary policy loose all year. Inflation has remained above the 2- to 4-percent target for four months now, although price pressures appear to be stabilizing as the authorities move to implement supply-side remedies to help lower the cost of food items,” Chiang said.

“The growth outlook for the Philippines remains relatively downbeat with the authorities recently tightening partial lockdown measures again in April as Covid-19 infections spiked. Recent lockdowns are expected to shave off momentum from the economic recovery and weigh on the services sector the most, with personal services not allowed to operate due to social distancing regulations,” the associate economist added.

The BSP has been maintaining its record-low overnight reverse repurchase rate at 2 percent for three consecutive meetings since December 2020. This is despite the acceleration in the country’s inflation, which the BSP projects to overshoot the ceiling of government targets for this year.

In 2020, the BSP rate cuts totaled 200 basis points for the year to bring the rates to an all-time low. The BSP also so far infused over P2 trillion in liquidity into the financial system, equivalent to 11 percent of the country’s GDP. It has also cut the reserve requirement for universal and commercial banks.

Despite this, bank lending contraction still accelerated in March.

The May monetary policy meeting will be the third monetary policy meeting of the BSP for the year. Should they decide to keep rates unchanged, this will be the fourth consecutive meeting that they have retained record low rates for the country. of risks. Most sectors of the economy, including public transport, are allowed to operate in the present ECQ and MECQ period subject to health protocols,” he explained.

Catch up

While the Development Budget Coordination Committee (DBCC) has yet to meet and discuss adjustments to growth targets this year, Chua said efforts are under way to catch up for the rest of the year.

Three policy actions guide these efforts—the safe reopening of the economy; full implementation of the recovery package; and the acceleration of the vaccination program.

Chua said the government is using the present ECQ and MECQ period to improve health system capacity and work with the private sector to improve automated contact tracing.

The Neda chief said this will allow the government to bring down the gap between virus detection and isolation to 5.5 days from 7 days, potentially reducing cases “by around 51 percent, according to epidemiological models.”

“Once the present spike is over, we can implement quarantine relaxations in a phased approach to boost our recovery this year. For instance, we can move the NCR towards MGCQ, allow families and children to participate in the economy, and restart face-to-face schooling,” he said.

On the recovery package, Chua said Bayanihan 2, the 2020 GAA, the 2021 GAA, and the CREATE law will give government the capacity to fight the pandemic.

He said the government also optimized fiscal savings by giving 22.9 million individuals in the NCR Plus area P22.9 billion in supplemental social amelioration program during the recent ECQ period.

Meanwhile, Chua said government expects to cover more individuals as 2 million doses of the AstraZeneca vaccine arrived on May 8 and 193,050 doses of the Pfizer vaccine arrived on Monday night.

According to the National Task Force against Covid-19, some 27.7 million doses from various sources are due by July 2021.

All these, Chua said, will help achieve the goal of inoculating 100 percent of adults, or some 70 million Filipinos, by the end of 2021. for out-quota from the initial lowered rates of 5 percent and 15 percent, respectively.

State of calamity

To start the rehabilitation of the local hog industry and keep the prices of pork in check, Duterte also issued Proclamation 1143, which placed the country under a state of calamity due to the effects of ASF. Following the said declaration, Duterte said local government units (LGU) will be able to access their Quick Response Fund to help them contain ASF in their jurisdiction.

He instructed the concerned government agencies and the Armed Forces of the Philippines to help in the ASF-related initiatives of LGUs. Proclamation 1143 will remain in effect for one year starting on May 10, when Duterte signed the said issuance.

The Nation BusinessMirror

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Coast Guard installs sea buoys to mark Benham Rise domain

By Rene Acosta @reneacostaBM

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AYS after holding its maritime exercises in the West Philippine Sea (WPS), the Philippine Coast Guard will install three of the 10 state-of-the-art lighted ocean buoys at the Philippine Rise, or Benham Rise.

The scheduled installation of the buoys today will mark the Philippine Rise as forming part of the country’s 200-nautical mile exclusive economic zone (EEZ), according to the Coast Guard.

The planting of the buoys deemed is very symbolic as the government is currently contending with the presence of Chinese vessels in parts of the Kalayaan Island Group and WPS. The Coast Guard said the 30-foot long buoys arrived in Cebu from Valencia, Spain on May 7 and were since carefully assembled by the PCG Maritime Safety Services Command (MSSC) and M-NAV Solutions Inc. The Uni-Orient Pearl Ventures Inc. Shipyard where the buoys were delivered also assisted during the assembly process.

On Monday, Coast Guard Commandant Admiral George Ursabia Jr. inspected the buoys, which are equipped with modern navigation aids, specialized mooring systems and a remote monitoring system.

The buoys’ monitoring system uses satellite technology to transmit data to the PCG national headquarters in Port Area, Manila.

Ursabia said the presence of buoys in the Philippine Rise will effectively “communicate that said vicinity waters is considered a special protected zone. Hence, mining and oil exploration are strictly prohibited to preserve its rich natural resources.”

The Philippine Rise is located 250 kilometers east of the northern coastline of Aurora and it was supposed to have been the site of the second leg of the Coast Guard’s maritime training exercises.

An earlier statement from the office of Coast Guard spokesman Commodore Armand Balilo said that instead of the Philippine Rise, the second part of the exercise would just be held at the Scarborough Shoal.

It was near the shoal where two Coast Guard vessels, which were participating in the first leg of the exercise and were also conducting maritime patrol, were shadowed and blocked by the Chinese Coast Guard.

At the Ayungin Shoal, Philippine Coast Guard vessels, which have also joined the exercise and were conducting patrol also challenged and drove away Chinese ships.

Editor: Vittorio V. Vitug • Wednesday, May 12, 2021 A3

DOH logs 1st two cases of Indian Covid-19 variant in Philippines

By Claudeth Mocon-Ciriaco Correspondent

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WO returning overseas Filipinos (ROFs) were found positive for B.1.617.2 variant, a lineage of B.1.617 which was first detected in India in October last year, the Department of Health (DOH) reported on Tuesday.

In the 46 samples sequenced last May 8, 2021, Health Undersecretary Maria Rosario Vergeire said that B.1.617.2 was detected in the two ROFs who came from Oman and the other from the United Arab Emirates.

“Sila ay walang [They don’t have] travel history to India or did not come from India, nor passed through India. They were part of the sequencing because they were part of the batch that we sequenced for the returning overseas Filipino

workers,” Vergeire said in a special online news briefing.

Vergeire, who also chairs the Technical Working Group (TWG) on Covid-19 Variants, was joined by members of Dr. Anna Ong-Lim of the DOH Technical Advisory Group (TAG); Dr. Marissa Alejandria of the DOH TAG; Dr. Edsel Maurice Salvana of the DOH TAG; Dr. Celia Carlos of the Research Institute for Tropical Medicine; Dr. Eva Maria Cutiongco-dela Paz of the University of the Philippines National Institutes of Health; Dr. Cynthia Saloma of the University of the Philippines—Philippine Genome Center; and Dr. John Wong of health research institution Epimetrics Inc. during the briefing.

Dr. Alethea De Guzman, Epidemiology Bureau Director of the DOH, said that the first case is a 37-yearold male, a sea-based OFW, who is

currently staying in Region 12.

Flight details: Country of Origin: Oman Date of arrival in the Philippines: April 10, 2021 Specimen date: April 15, 2021

Quarantine details: Isolated in a hotel in National Capital Region Date Recovered: April 26, 2021 Underwent additional home quarantine in Region 12 until May 10 Repeat RT-PCR done on May 3 tested negative Currently asymptomatic The second case is also a sea-based OFW, 58, male, currently staying in Region 5.

Flight details: Country of origin: United Arab Emirates Date arrived in the Philippines: April 19, 2021 Specimen date: April 24, 2021

Quarantine details: Isolated in a Temporary Treatment Monitoring Facility in Clark Date recovered: May 6, 2021 Currently asymptomatic De Guzman said that since these ROFs were immediately quarantined upon arrival, they have not detected close contacts, but contact tracing is already being conducted.

Close monitoring

VERGEIRE stressed that with biosurveillance, variants of interest and concern among incoming international travelers were detected that further support the need for strong border control and quarantine/isolation completion by travelers.

“We also continue to monitor these variants’ presence and spread locally and responded through enhanced implementation of our Prevent-Detect-Isolate-Treatment-

EMBRACING THE NEW NORMAL Holding on to profitability and excellence

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LIW Broadcasting Corp. (ABC) celebrates its 30th year with a stronger commitment to excellent public service amid the continuing challenges of a raging pandemic.

More than a year since the world shifted to the New Normal, Aliw Broadcasting continues to thrive in delivering only the latest and most relevant news and information, as well as soothing music and entertainment. This is made possible through the 11 radio stations that it operates around the country with its flagship radio stations DWIZ 882 AM and 97.9 Home Radio FM. Ever since Aliw Broadcasting was founded in 1991 by the late Ambassador Antonio L. Cabangon Chua, it has continued to deliver quality news, public service, intelligent commentaries, and entertainment to the Filipino people.

When Ambassador Cabangon passed away in 2016, his son, current Chairman and President D. Edgard A. Cabangon, continued the legacy of his father and lived up with dedication to public service and vision to be an instrument to enlighten and inspire people towards progress and excellence.

In 1994, DWIZ officially switched from 25,000 watt to its current 50,000 watt transmitter facility—reaching a wider audience with its crisp and clear broadcast to disseminate factual news and entertainment nationwide.

It further extended its reach with its viewers and listeners through multiple channels such as its web site, Facebook and YouTube live streaming, and the DWIZ and Home Radio Apps, to provide timely updates and quality music to our fellow Filipinos, not just locally, but globally.

The use of these platforms allowed the generation of data analytics for DWIZ 882 and 97.9 Home Radio programs, which help the station to harness

data and use it to identify new opportunities for more efficient operations and higher profits.

The new platforms resulted in the growth of active viewers and listeners from both domestic front and overseas, especially from United State, Japan, Canada, UAE, Saudi Arabia, Hong Kong, Australia, Qatar and Taiwan.

Overcoming hurdles

THE path that the company took to reach this point was not easy. Certain variables, such as the country’s economy and the Covid-19 pandemic, took their toll.

Aliw Broadcasting, through the leadership and guidance of Chairman D. Edgard Cabangon, immediately adopted measures to adjust with work-related restrictions brought about by the pandemic. It applied a people-first mindset as it stretched its modern resilience planning—prioritizing the safety and well-being of its work force and giving support to meet their needs. Such employee support included providing services for transportation during the Luzon-wide total lockdown.

As a result of the efforts doubly exerted to sustain its profitability, ABC did not implement major retrenchment which most of the companies were forced to do. Instead, the company opted and was able to maximize the use of alternative means of communication, such as instant messaging, video conferencing, and social media, to implement workfrom-home scheme and activate remote working capabilities. These were utilized not just by its employees but also by its broadcasters and anchors to gradually embrace the “new normal.”

“I greatly appreciate the efforts of each and every member of the Aliw Broadcasting Family. We need your dedication and support now more than ever in the middle of the challenges brought by the

pandemic. During these trying times, we all have to sacrifice a little and learn to adopt to the changes around us,” Chairman Cabangon stressed.

He added that it is such a blessing that ABC reached 30 years and is poised to stay in the industry for a long time. “We should all be thankful that we continue to be a strong organization for 30 years now. That, alone, is a blessing,” he added.

Changes amid the challenges

WITH the limitations that the pandemic has brought, Aliw Broadcasting Corporation’s AM and FM Station in Manila—DWIZ 882 and 97.9 Home Radio, made some adjustments and changes with their programming schedule such as implementing shortened broadcast time and days.

As the government began to loosen restrictions, the company decided to allow skeleton work force in its offices. Health and safety protocols were strictly enforced in the workplace to protect all employees who needed to report for work.

Aside from the broadcast challenges that the company got to grips with, the Sales Department continued to be pro-active in their duties and continued to pitch proposals to several companies and advertising agencies via e-mail and online meetings to yield profit and to contribute to the economy as it gradually opened up.

Hopeful ahead

IN commemorating its 30th anniversary, Aliw Broadcasting Corporation commits to continue its broadcast in accordance with the high standards set by the late Ambassador Cabangon Chua. With Chairman D. Edgard Cabangon at the helm, Aliw Broadcasting Corporation has enough reasons to be hopeful despite the global public health crisis.

Bongbong tells PET: ‘The will of the electorate must be heard’

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ICE presidential candidate and former Senator Ferdinand “Bongbong” Marcos Jr. has pleaded to the Supreme Court, sitting as the Presidential Electoral Tribunal (PET), to continue looking into his election protest against Vice President Leni Robredo, particularly the election results in three provinces in Mindanao.

Marcos made the plea in his 96-page motion for reconsideration of the PET’s decision issued last February, which dismissed his entire election protest.

The former senator, through his lawyer George Erwin Garcia, also asked the Court to form a special committee to conduct hearings, receive evidence and access the evidence for his third cause of action, which seeks to annul the election results in Lanao del Sur, Maguindanao and Basilan.

Furthermore, the Marcos camp is also asking the Court to direct the Commission on Elections (Comelec) handwriting experts to conduct the technical examination of the voters’ signatures appearing on the Election Day Computerized Voter’s List (EDCVL) as against the voters’ signatures appear-

ing on the Voters Registration Records (VRRs) in the said three provinces.

“Because of protestant’s constitutional right to be heard, it is well-settled that between this constitutional right and the rigid and inflexible adherence by this Court to the wordings of the Rules of Court [on the non-existence of procedural rules], the conclusion should have been to give greater accord to the constitutional intent to give the parties all possible avenues to prove their case,” Marcos said.

It took the PET five years to finally resolve the election protest filed by Marcos in 2016.

In its ruling, the PET held that Marcos’s election protest appeared “bare, laden with generic and repetitious allegations, and lack information as to the time, place, and manner” of the alleged irregularities.

In his election protest case, Marcos identified three pilot provinces as Iloilo, Negros Occidental and Robredo’s home province, Camarines Sur. However, PET said Marcos failed to make out his case after the revision and appreciation of votes in

the 5,415 clustered precincts, which showed Marcos got 14,436,337, while the protestee Robredo received 14,157,771. This showed that Robredo even increased her lead over Marcos from 263,473 votes to 278,566 votes in these three provinces.

Despite this, PET granted the parties another opportunity to be heard on whether it should proceed with the case “in the interest of due process.”

In fact, the PET said, it could have dismissed the electoral protest under Rule 21 of their rules, but they decided to “painstakingly” hear every argument to afford due process to the parties.

Failing to prove his case through his designated pilot areas, PET said Marcos couldn’t insist on the annulment of the election results in the three provinces in Mindanao.

The PET said rules direct the immediate dismissal of the election protest without further consideration of the other provinces.

Nevertheless, the tribunal noted that for a full disposition of the election protest, it extensively scrutinized Marcos’s allegations and assessed evidence

he presented to support his claims under the third cause of action.

But the Tribunal eventually decided not to give it due course due to loopholes in the affidavits of witnesses and absence of ad hoc rules.

In his appeal, Marcos insisted that the existence or non-existence of procedural rules, “should never be an obstacle in ascertaining who the voters chose to be their leaders.”

“What is important is that the true will of the electorate be heard,” Marcos said.

Marcos argued that the PET erred in not considering the annulment of election results as an independent distinct and separate cause of action, which can proceed on its own despite the dismissal of his second cause of action for judicial revision and recounting of ballots.

“As we all know, the power of PET is plenary, the Third Cause of Action, like annulment should not be taken lightly, even if there are no rules. We are talking about the second highest position in the country and the will of the electorate must be heard,” Marcos argued. Joel R. San Juan

Recovery strategies,” she added.

For his part, Salvana said that there is still no evidence yet to prove that variants from India are “more or less infectious than the other variants.”

“There is some evidence that suggests na mas infectious sila pero ’yung [that they are more infectious but the] duration of infectiousness, there is no evidence that it lasts longer,” he said.

Meanwhile, Saloma asked the public not to celebrate early.

“If the cases in India is any indication, it is a lesson for everybody not to celebrate too early on successes,” she said noting that the cases detected have no travel history from India.

“That tells you that the spread has been going on in some countries where our overseas Filipinos are coming from,” she stressed.

A4 Wednesday, May 12, 2021 • Editor: Vittorio V. Vitug

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No cartels in cement industry, Cemap says

By Tyrone Jasper C. Piad @TyronePiad

T

HE Cement Manufacturers Association of the Philippines (Cemap) denies the existence of cartels in the cement industry amid concerns over local

products that are priced higher compared to imports.

“Wala po [None],” Cemap President Reinier Dizon said during a Senate committee hearing on Tuesday when asked to clarify about the cartels among local cement makers.

Sen. Cynthia A. Villar said the

local cement sector should “correct” the “impression” that there are cartels fixing the price of the cement at a higher price compared to imports, which are mostly from Vietnam. As a result, she explained that buyers are likely to purchase imported cement instead.

Price-fixing by cartels is an anticompetitive practice wherein competing businesses agree to control the prices, which usually result in higher rates for the consumers. It is punishable by administrative fine and imprisonment according to the Philippine Competition Act. “Are we pr iced so high? I don’t believe so.

Ba sed on the [inflation data] ...cement has always been comp e t it i v e ,” Dizon argued, noting that the consu mer price index for concrete and cement only showed a b o u t 2percent increase.

While Dizon said he cannot discuss the pricing policy of the cement manufacturers, he told t he com mittee to look at the whole picture when it comes to that aspect.

For example, the Cemap official explained that Vietnam has lower electricity costs, which allows it to sell their products at a lower price tag.

The cement manufacturing sector, he explained, is “energyintensive” that 70 percent of the production cost is accounted for by fuel and electricity.

In addition, Dizon shared that setting up a facility requires substantial funding. A cement factory with a 1 billion ton capacity will need investment amounting to P5 billion to P10 billion, he said.

Last year, the nine cement manufacturing firms in the Philippines struggled to cope with the impact of the lockdown protocols, Dizon said.

The cement sector had to shut down plants, especially in Luzon, for over two months last year during the onset of the pandemic as it was not tagged as an essential industry. But he explained that the cement plants were able to restore to 100 percent operations as the restrictions eased.

The demand for cement also declined by 10 percent last year, Dizon said.

He noted that cement demand has been growing annually of about 6 percent to 7 percent prior to the pandemic. The local players, he added, were even continually investing in additional capacity.

“Many cement companies, they are publicly listed, they announced declining profitability last year,” he lamented.

Adding fuel to the fire is the continuous importation of cement—90 percent is from Vietnam—in the Philippines, Dizon said.

He said that cement import from Vietnam did not decline last year, reaching about 5 million tons.

This was possible, he explained, because Vietnam was able to operate its cement manufacturing facilities last year as the local factories temporarily closed due to lockdown measures.

Dizon said Vietnam has capacity of 120 million tons but demand is only half of it, resulting in oversupply.

With this, the Cemap official called for the government and private sector to have “patronage” over locally produced cement, noting the domestic sector has enough capacity to supply the country’s demand. “Just to clarify, we’re not saying that the DPWH [Department of Public Works and Highways] or government projects...do not buy local,” he added.

Last month, the Department of Trade and Industry (DTI) announced its anti-dumping investigation on cement imports from Vietnam.

This, after Cemex Philippines, Holcim Philippines Inc. and Republic Cement Builders and Building Materials Inc. filed a complaint claiming that cements from Vietnam are imported at “dumped prices,” which hurts the local industry.

DTI noted that the period of investigation (POI) for dumping is from July 2019 to June 2020. The POI of injury is from 2017 to June 2020.

The Anti-Dumping Act of 1999, or the Republic Act 8752, is in place to protect the local industry from being materially injured by the dumping of articles imported into the country.

“An exporting company is said to be ‘dumping’ when exporters sell their product to an importer in the Philippines at a price lower than its normal value and is causing material injury to a domestic industry producing like product,” DTI said in its web site.

PHL joins Asean CIS Framework

By VG Cabuag

@Villygc

T

HE Philippines has been admitted to the Asean Collective Investment Schemes (CIS) Framework, which would allow qualified investment companies in the country and their fund managers to offer funds to retail investors in the other three member jurisdictions in the Southeast Asian bloc and vice versa.

A supplemental memorandum of understanding has been signed between the corporate regulators from the Philippines, Malaysia, Singapore and Thailand for the said initiative.

The Asean CIS Framework is an initiative under the regional capital markets integration plan endorsed by the Asean Finance Ministers in 2009 to facilitate cross-border product access and fund distribution for investors and issuers.

The framework enables fund managers operating in a member jurisdiction to offer a CIS constituted and authorized in that juris-

diction to retail investors in other member jurisdictions under a streamlined authorization process.

“We deeply appreciate the tireless efforts and dedication of Securities Commission Malaysia, the Monetary Authority of Singapore and Securities and Exchange Commission [SEC] Thailand in facilitating the admission of the Philippines into the Asean CIS Framework, especially the members of Asean CIS Working Group B who played important roles in achieving this significant milestone, thereby allowing us to participate and be able to showcase our collective investment schemes,” Philippines’ SEC Chairman Emilio B. Aquino said.

“The expansion of the Asean CIS initiative to the Philippines further strengthens connectivity in the Asean region. As the fourth signatory to the framework, we will also endeavor to work together with other signatories in encouraging other Asean countries in joining the Framework and in promoting cross-border offerings of Asean Funds,” he said.

Covid-proof 2022 polls, watchdogs urge govt continued from a12 “This estimate is based on international best practices, and the estimated additional cost the government needed to ensure the safe conduct of the Palawan Plebiscite in March,” the groups said.

To protect the people from contracting Covid-19 while performing their rights of suffrage, they advised that stricter measures be implemented from the beginning of the election period to voting day.

“The Philippines can learn from the best practices of countries that successfully held their elections amidst the pandemic such as Indonesia, Singapore, and the United States,” they stated.

Likewise, the groups appealed to shield the voters from politicking, especially from political aspirants who take advantage of the crisis.

“There is a need to curb the expected rise in vote buying due to the country’s economic conditions. It will also be critical not to politicize impending access to vaccines by making them fairly available to all based on identified needs and criteria. Responsive, prompt, and efficient distribution of financial aid will also help reduce politicizing social

development and, consequently, the elections,” they said.

Seeing the need to boost the confidence of Filipino voters to participate in the elections amid the pandemic, they said an extensive information and awareness campaign on safety should be implemented nationwide.

“It is critical to provide accessible and reliable information on the safety measures done to prepare for election day, and to form effective campaigns against disinformation and misinformation that may cause fear and concern among the voters,” they said.

Preparations for the 2022 elections, according to them, must be done in a multi-stakeholder approach.

The groups reiterated that transparency and cooperation can build the legitimacy of this democratic exercise.

“Election stakeholders such as civil society organizations, other government agencies, the youth, and other sectors could be effective partners in developing and implementing appropriate policy measures and regulations for the elections,” they said. Roderick L. Abad

News BusinessMirror

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Wednesday, May 12, 2021 A5

Arta flags 600+ pending drug applications in FDA

By Tyrone Jasper C. Piad @TyronePiad

T

HE Anti-Red Tape Authority (Arta) has directed the Food and Drug Administration (FDA) Center for Drug Regulation and Research (CDRR) to immediately address over 600 drug applications that have remained pending despite complete submission of requirements.

In a news statement issued on Tuesday, the anti-red tape watchdog said they have issued a show-cause

order to FDA-CDRR Director IV Jesusa Cirunay, which stemmed from 23 affidavits of several pharmaceutical companies alleging the delays on their applications.

Said applications were filed as far back as 2014 or so, Arta noted.

The order also instructs Cirunay to “explain why no administrative or criminal case should be filed” against her.

Arta Director General Jeremiah Belgica explained these applications are not complicated in nature as these are for automatic renewal.

These products, he said, have been previously consumed or only have low to no risk when used.

With this, Cirunay is given seven working days from receipt of the order to do an inventory of all pending permits, license, clearance or application.

She was also told to immediately release all said applications which have been pending beyond the prescribed processing time.

In addition, Arta ordered Cirunay to submit a compliance report with a list of all permits, license, clearance or application issued in accordance

Justices grill govt lawyers on ATA ’21 enforcement

By Joel R. San Juan @jrsanjuan1573

G

OV ER N M EN T l aw ye rs have allayed fears raised by several associate justices of the Supreme Court that the implementation of the Anti-Terrorism Act of 2021 will not result in violation of the basic human rights of the people guaranteed under the Constitution.

The assurance was made during Tuesday’s 7th oral argument on the 37 petitions seeking to declare the ATA as unconstitutional.

During interpellation, Associate Justices Henri Jean Paul Inting and Justice Amy Lazaro-Javier both questioned government lawyers on the apprehension of the petitioners that the ATA would lead to rampant violations of human rights and the Bill of Rights.

Justice Inting questioned Assistant Solicitor General Marissa dela Cruz Galandines whether the President, his Cabinet officials and leaders of law enforcement agencies have issued statements assuring full respect to human rights.

“I’m asking this question in order that the public will be assured that the ATA will be implemented in full respect with human rights and the Bill of Rights,” Justice Inting told Galandines.

In response, Galandines assured Justice Inting that the government has lined up several measures and programs for the efficient implementation of the law.

She also noted that Solicitor General Jose Calida even echoed the President’s previous statement where he assured those who do not have any involvement in any terrorism activities should not worry about the ATA. The assistant solicitor general also told the Court that the Antiterrorism Council (ATC) released last April 21 a report detailing various programs being undertaken by different departments of the govern-

ment in relation to ATA. “The ATC has taken the lead of developing and publishing a handbook for police and military personnel. There is also a continuous rollout of trainings and workshops for law enforcers,” Galandines said.

She added that the National Intelligence Coordinating Agency (NICA) has published on its web site a primer of frequently asked questions about the ATA. Furthermore, Galandines told the Court that the government has already started the implementation of the national action plan on preventing and countering violent extremism.

On the other hand, Justice Javier asked Assistant Solicitor General Raymund Rigodon for his response on the fears expressed by petitioners, some of them former members of the Court, of possible massive rights violations “in view of what petitioners refer to as a grant of excessive and uncheck of powers under the law.”

Rigodon branded the claim as “speculative” and told the Court that a possibility of abuse “is not a ground to invalidate the law.”

Javier also asked Rigodon on what the government has done so far to allay the fears of the public towards the ATA. Rigodon echoed Calida’s opening statement where the latter pointed out that the government is not the enemy in connection with the ATA’s implementation but the terrorists.

He added that the President has assured the people that they have nothing to fear as long as they are not part of any activity related to terrorism.

“Is that enough? Enough to allay the fears, the apprehensions, the suspicion and repugnance of the public toward ATA? Is lip-service enough?”

Justice Javier asked.

Justice Javier also raised the possibility that law enforcers would have

varying interpretation with regard to the implementation of the ATA as the very definition of terrorism under the law “relies on intent, which is a statement of mind.”

“The ATA tasks the law enforcement officers and military personnel to ascertain intent based on nature and context. But one law enforcer’s reading of nature and context may differ from one another,” Justice Javier pointed out.

“Without any definite criteria or guide on how to read nature and context, law enforcers may have different ideas as to what constitute terrorism. So what has the government done to ensure that the members of the police and the military will not have varying interpretations and understanding of the ATA,” she asked.

Justice Javier specifically asked Rigodon whether the government has conducted seminars, lectures and other initiatives to ensure that there would be no misunderstanding in the implementation of the ATA “at the expense of human lives.”

Rigodon told the Court that the ATC has released guidelines for police officers and military personnel with respect with the implementation of the ATA. Justice Javier, however, expressed doubts that the issuance of guidelines would be enough “considering that law enforcers are non-lawyers and the ATA is such a technical and legal thing.”

“How does the government assure the people and make sure that the understanding is one and the same so that we will avoid the ‘misimplementation’ of the ATA,” she asked.

The Court has yet to hear amici curiae legal opinions of former Chief Justice Reynato Puno and former SC Associate Justice and Solicitor General Francis Jardeleza on the issue.

Puno and Jardeleza have been designated by the Court as amici curiae (friends of the court) to give their expert opinion on the matter.

Megaworld unit backs Razon mega-vaxx facility

By Ma. Stella F. Arnaldo Special to the BusinessMirror @akosistellaBM

M

EGAWORLD unit, Westside City Resorts World Inc. (WCRWI), supports government’s vaccination efforts and said it is lending its property in the planned mega-vaccination facility in Parañaque City.

In a letter addressed to the BusinessMirror, WCRWI President and Chief Executive Officer Kingson U. Sian clarified, “The proposed mega vaccination center is planned to be built on the land that Nayong Pilipino Foundation [NPF] has earmarked for the development of its cultural park known as Project Sambayanihan. Said site is not the same as the land under lease to WCRWI which is an idle land situated opposite the vaccination center site and is across the water channel.”

He added, the company “fully supports Mr. Enrique K. Razon’s plan to build the mega vaccination center and has in fact allowed Mr. Razon’s ICTSI Foundation to use a portion

KINGSON U. SIAN

of [WCRWI’s] property as temporary construction staging area, as earlier requested.” Razon is chairman of listed global port operator ICTSI, whose foundation has proposed the establishment of the mega-vaxx center with drive-through service.

Sian underscored, “There is a significant difference between the contract of WCRWI and the contract of Landing International. The contract between NPF and WCRWI is an ordinary lease

contract covering a smaller piece of land across the water channel which NPF considers as an idle asset; whereas, the contract between NPF and Landing was on the bigger tract of land earmarked for the development of the NPF cultural and theme park.” Landing pertains to an earlier agreement that the previous NPF board had with a gaming firm, which was ordered canceled

by President Duterte for being disadvantageous to the government.

WCRWI’s forerunner is Resorts World Bayshore City Inc., which has a 25-year lease agreement with NPF for a 5.5-hectare property where an integrated casino resort and hotel will be constructed.

According to Commission on Audit reports from 2014 to 2019, RWBCI paid advance lease rentals to NPF amounting to P1-billion.

However, NPF failed to collect valueadded tax amounting to P120 million corresponding to 12 percent of the P1 billion advance rental, and thus, did not remit VAT to the Bureau of Internal Revenue as required by revenue regulations.

with the show-cause order.

Arta shall be filing formal charges against Cirunay before the Office of the Ombudsman should she fail to comply with the order. This is in line with the implementation of Republic Act 11032 or the Ease of Doing Business (EODB) and Efficient Gov-

ernment Service Delivery law, the anti-red tape agency said.

First-time offenders will be meted with a six-month suspension, Belgica noted, while two-time violators will be facing imprisonment.

“We have spoken to you so many times and now there is really a time

for everything and a time for reckoning,” he added.

Belgica also urged Health Secretary Francisco Duque III and FDA Director General Eric Domingo to remove, if necessary, the officials and personnel who fail to comply with the EODB law.

A6 Wednesday, May 12, 2021

BusinessMirror

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The World

Editor: Angel R. Calso

Wednesday, May 12, 2021

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EU to earmark $5.85 trillion for Covid recovery measures

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RUSSELS—The European Union’s top economy official said Monday that the recovery measures the EU and its 27 member-states have in the works to emerge from the pandemic total around $5.85 trillion.

EU Economy Commissioner Paolo Gentiloni told a European Parliament committee that if comparisons are made with US President Joe Biden’s pandemic stimulus relief package, the EU can confidently stand next to Washington when all efforts are counted together.

“Measures taken until now from member-states and the EU reach so far 4.8 trillion” euros, the Italian commissioner told legislators, sweeping aside criticism that authorities weren’t doing enough compared with Washington.

The EU has agreed to a common recovery fund package of 750 billion euros ($910 billion), plus a 1.1 trillion euro ($1.3 trillion) seven-year budget that will be strongly geared toward dealing with the unprecedented economic recession caused by Covid-19 that the bloc’s 450 million citizens will have to overcome. Many of those measures still need a final stamp of legislative approval.

During his first 100 days in office, Biden has secured passage of a sweeping $1.9 trillion pandemic package to bring relief to 330 million Americans.

There is also a proposed $2 trillionplus infrastructure plan and the recently unveiled $1.8 trillion proposed student-families-workers plan bringing the total to a potential $6 trillion.

“If we look at it in a certain way, we could say that the US reaction was stronger, faster than the European one,” Gentiloni said.

Take note, however, “that we are not a federal state. And so we have to consider both member-states and the EU level,” bringing the total to $4.8 trillion.

“So we are not used to mixing all the different interventions. But if we do this, we reach an amount which is not so different from the effort of the United States,” Gentiloni said.

Many major social affairs and economic policies are still run at a national level in the European Union, and stimulus measures for companies and the workforce also have a massive national input, which is rarely visible in EU statistics.

Still the 750-billion euro “Next Generation EU” package stands out because it allows the bloc for the first time to raise money on the markets by itself.

Much of the aid will be spent among the poorer and harder-hit member-states.

EU Vice President Valdis Dombrovskis said that if requests from memberstates proceeded as planned, the first disbursements to the member-states on prefinancing could already be made in July. He added that the second tranches of financing could already be made before the end of the year.

The EU has a strict set of benchmarks that member-states must reach if the money is to be paid out. In all, 37 percent must be spent on green projects, ranging from offshore wind parks to cycling tracks. And 20 percent must go to digital projects, including 5G networks and digitizing public administration.

Funds will only be released piecemeal once member-states have proven previous aid has been spent according to plan. AP

Treasury to start paying out $350B in state and local aid

T

he Treasury Department on Monday launched its $350 billion program to distribute aid to state and local governments, giving the US economy an added boost as President Joe Biden sought to assure the country that stronger growth is coming.

The aid is part of Biden’s larger $1.9 trillion coronavirus relief package that became law in March. Administration officials said payments could begin to go out in the coming days to eligible governments, allowing state, local, territorial and tribal officials to offset the economic damage from the coronavirus pandemic. The announcement came after the government reported Friday that just 266,000 jobs were added in April—a miss that the president felt obligated to address from the White House on Monday.

“We’re moving in the right direction,” Biden said. “Our economic plan is working. I never said—and no serious analyst ever suggested—that climbing out of the deep, deep hole our economy was in would be simple, easy, immediate or perfectly steady.”

Republican lawmakers have suggested that his relief package, with its extra unemployment benefits, has hurt hiring because people can earn more money by staying at home than working. But Biden emphasized that much of the money is still being disbursed and noted the new portal for state and local government aid.

“The money we’re going to be distributing now is going to make it possible for an awful lot of educators, first responders, sanitation workers to go back to work,” he said.

The president is pushing even more ambitious government spending, proposing a combined $4 trillion of investments in infrastructure, families and education to be funded by higher taxes on corporations and the wealthy.

Some of that funding would build on the child tax credits and state and local government money that were part of the relief package.

Guidance from the Treasury Department listed broad categories for spending the aid. State and local governments can use the money for public health expenses. They can also offset harm from the downturn to workers, small businesses and affected industries. Money can replace lost public sector revenues.

Essential workers can qualify for premium pay, and investments can be made

in water, sewer and broadband Internet.

But Treasury has also placed restrictions. Officials said the funds should not be used by state and local governments to cut taxes, pay down debt or bolster reserve funds.

The funding could provide a jolt of growth after the unemployment rate ticked up slightly to 6.1 percent in April, a sign of how difficult it can be to restart an economy despite an unprecedented degree of federal assistance.

Labor Department figures show that state and local governments are still down roughly 1.3 million jobs since the pandemic began more than a year ago.

The aid to state and local governments has largely been pushed by Democrats, who remember how these vital sectors of the economy weighed down the recovery from the 2008 financial crisis and caused relatively modest growth. Republican lawmakers generally opposed the aid because they said it would encourage wasteful spending and noted that state tax revenues had generally rebounded from the downturn.

“We all know that one of the things that held back the recovery the most after the Great Recession was the contraction of state and local government,” said Gene Sperling, who is overseeing aid distribution for the White House.

“This is responding to the lessons of the past in a powerful way.”

Local governments should expect to receive funds in two tranches, with half coming this month and the rest a year from now. States that saw their unemployment rates jump by 2 percentage points relative to February 2020 will get their money in a single payment, while the rest will receive their funding in two tranches.

Adam Levin, who researches state fiscal policy for The Pew Charitable Trusts, said the state and local government aid amounts to roughly $1,000 for every American. He said a major factor going forward will be how the cash infusion changes state and local finances for the long term, not just in the immediate aftermath of the pandemic.

“The key to ensuring these resources yield returns is not just about the amount of funding but how that money is spent,” Levin said. “State and local leaders should take a long-term perspective on these new funds and analyze what their budgets will look like after this federal relief expires in 2024.” AP

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The World BusinessMirror

Wednesday, May 12, 2021

China adds fewer babies, loses workers as its 1.4-B people age

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EIJING—The number of working-age people in China fell over the past decade as its aging population barely grew, a census showed Tuesday, adding to economic challenges for Chinese leaders who have ambitious strategic goals.

The total population rose to 1.411 billion people last year, up 72 million from 2010, according to the once-a-decade census. Weak growth fell closer to zero as fewer couples had children.

That adds to challenges for Chinese leaders who want to create a prosperous society and increase their global influence by developing technology industries and self-sustaining economic growth based on consumer spending.

The ruling Communist Party has enforced birth limits since 1980 to rest ra in popu l at ion growth but worries the work force is shrinking. It has eased birth limits, but couples are put off by high costs, cramped housing and job discrimination against mothers.

The population of potential workers aged 15 to 59 fell to 894 million last year, the National Bureau of Statistics reported. That would be down 5 percent from a 2011 peak of 925 million. The percentage of children in the population edged up compared with 2010, but the group aged 60 and older grew faster.

Changes in birth limits and other policies “promoted a rebound in the birth population,” the bureau director, Ning Jizhe, said at a news conference.

However, Ning said 12 million babies were born last year, which would be down 18 percent from 2019’s 14.6 million.

China, along with Thailand and some other developing Asian countries that are aging fast, faces what economists call the challenge of whether it can grow rich before it grows old. Some warn China faces a “demographic time bomb.”

The potential shortage of workers needed to generate economic

activity and tax revenue comes as President Xi Jinping’s government boosts spending on its military and efforts to create global competitors in electric cars and other technologies.

Reflecting the issue’s sensitivity, the statistics agency took the unusual step last month of announcing the population grew in 2020 but gave no total. That looked like an effort to calm companies and investors after The Financial Times reported the census might have found a surprise decline.

“We are more concerned about the fast decline in the proportion of the working age population compared to the total population,” said Lu Jiehua, a professor of population studies at Peking University.

The working-age population will fall from three-quarters of the total in 2011 to just above half by 2050, according to Lu. “If the population gets too old, it will be impossible to solve the problem through immigration,” said Lu. “It needs to be dealt with at an early stage.”

Couples who want a child face daunting challenges.

Many share crowded apartments with their parents. Child care is expensive and maternity leave short. Most single mothers are excluded from medical insurance and social welfare payments.

Some women worry giving birth could hurt their careers.

“When you have a kid, you take pregnancy leave, but will you still have this position after you take the leave?” said He Yiwei, who is returning from the United States after obtaining a master’s degree. “Relative to men, when it comes to work, women have to sacrifice more.”

Japan, Germany and some other rich countries face the same challenge of supporting aging populations with fewer workers.

But they can draw on investments in factories, technology and foreign assets. By contrast, China is a middle-income country with labor-intensive farming and manufacturing.

The decline in the working-age population “will place a cap on China’s potential economic growth,” said Yue Su of the Economist Intelligence Unit in a report. That is a “powerful incentive to introduce productivity-enhancing reforms.”

The International Monetary Fu nd is forec a st i ng C h i nese economic growth of 8.4 percent this year following a rebound from the coronavirus pandemic.

The Communist Party wants to double output per person from 2020 levels by 2035, which would require annual growth of about 4.7 percent.

The numbers reported Thursday reflect a gain of 11.8 million people, or 0.8 percent, over the official estimate for 2019, when the government says the population edged above 1.4 billion for the first time.

The working-age population fell to 63.3 percent of the total from 70.1 percent a decade ago.

The group up to age 14 expanded by 1.3 percentage points to 17.9 percent. Those 60 and older—a group of 264 million people who on their own would be the world’s fourth-biggest country—rose 5.4 percentage points to 18.7 percent of the population.

“Labor resources are still abundant,” said Ning of the statistics agency.

The party took its biggest step in 2015 when rules that limited many couples to having only one child were eased to allow two.

However, China’s birth rate, paralleling trends in South Korea, Thailand and other Asian economies, already was falling before the one-child rule. The average number of children per mother tumbled from above six in the 1960s to below three by 1980, according to the World Bank.

Demographers say official birth limits concealed what would have

been a further fall in the number of children per family.

The one-child limit, enforced with threats of fines or loss of jobs, led to abuses including forced abortions. A preference for sons led parents to kill baby girls, prompting warnings millions of men might be unable to find a wife, fueling social tension.

Thursday’s data showed China has 105.7 million men and boys for every 100 women and girls, or about 33 million more males.

The ruling party says the policy averted shortages of food and water by preventing as many as 400 million potential births. But demographers say if China followed Asian trends, the number of additional babies without controls might have been as low as a few million.

After limits were eased in 2015, many couples with one child had a second but total births fell because fewer had any at all.

Some researchers say China’s population already is shrinking.

Yi Fuxian, a senior scientist in obstetrics and gynecology at the University of Wisconsin-Madison, says the population started to fall in 2018. His book “Big Country With An Empty Nest” argued against the one-child limit.

“China’s economic, social, educational, tech, defense and foreign policies are built on the foundation of wrong numbers,” said Yi. Chinese regulators talk about raising the official retirement age of 55 to increase the pool of workers.

Female professionals welcome a chance to stay in satisfying careers. But others resent being forced to work more years. And keeping workers on the job, unable to help look after children, might discourage their daughters from having more.

The latest data put China closer to be overtaken by India as the most populous country, which is expected to happen by 2025.

India’s population last year was estimated by the UN Department of Economic and Social Affairs at 1.38 billion, or 1.5 percent behind China. The agency says India should grow by 0.9 percent annually through 2025. AP

100 days in power, Myanmar junta holds pretense of control

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ANGKOK—After Myanmar’s military seized power by ousting the elected government of Aung San Suu Kyi, they couldn’t even make the trains run on time: State railway workers were among the earliest organized opponents of the February takeover, and they went on strike.

Health workers who founded the civil disobedience movement against military rule stopped staffing government medical facilities.

Many civil servants were no-shows at work, along with employees of government and private banks.

Universities became hotbeds of resistance, and in recent weeks, education at the primary and secondary levels has begun to collapse as teachers, students and parents boycott state schools.

One hundred days after their takeover, Myanmar’s ruling generals maintain just the pretense of control. The illusion is sustained mainly by its partially successful efforts to shut down independent media and to keep the streets clear of large demonstrations by employing lethal force. More than 750 protesters and bystanders have been killed by security forces, according to detailed independent tallies.

“The junta might like people to think that things are going back to normal because they are not killing as many people as they were before and there weren’t as many people on the streets as before, but...the feeling we are getting from talking to people on the ground is that definitely the resistance has not yet subsided,” said Thin Lei Win, a journalist now based in Rome who helped found the Myanmar Now online news service in 2015.

She says the main change is that dissent is no longer as visible as in the early days of the protests—before security forces began using live ammunition—when marches and rallies in major cities and towns could easily draw tens of thousands of people.

At the same time, said David Mathieson, an independent analyst who has been working on Myanmar issues for over 20 years, “Because of the very violent pacification of those protests, a lot of people are willing to become more violent.”

“We are already starting to see signs of that. And with the right training, the right leadership and the right resources, what Myanmar could experience is an incredibly nasty destructive, internal armed conflict in multiple locations in urban areas.”

Meanwhile, the junta also faces a growing military challenge in the always restive border regions where ethnic minority groups exercise political power and maintain guerrilla armies. Two of the more battle-hardened groups, the Kachin in the north and the Karen in the east, have declared their support for the protest movement and stepped up their fighting, despite the government military, known as the Tatmadaw, hitting back with greater firepower, including airstrikes.

Even a month ago, UN High Commissioner for Human Rights Michelle Bachelet was describing the situation as grim, saying Myanmar’s “economy, education and health infrastructure have been brought to the brink of collapse, leaving millions of Myanmar people without livelihood, basic services and, increasingly, food security.”

It was not surprising that The Economist magazine, in an April cover story, labeled Myanmar

Malaysia GDP contraction slows, but new virus curbs add pressure

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alaysia’s economic contraction slowed at the beginning of 2021, in between surges of Covid-19 cases and tighter restrictions to contain the disease.

Gross domestic product shrank 0.5 percent in the first quarter from a year earlier, Malaysia’s central bank said Tuesday, compared with the 0.9 percent contraction expected by analysts in a Bloomberg survey. Compared to the previous three months, the economy grew 2.7 percent on a seasonally adjusted basis, beating expectations for 0.6 percent growth.

“The economic recovery remains on track,” central bank Governor Nor Shamsiah Yunus said in a briefing.

“We have said that there will be speed bumps along the way, but we expect growth to remain within the 6 percent to 7.5 percent” forecast range for the full year.

The economic reading comes a day after Prime Minister Muhyiddin Yassin announced nationwide movement restrictions to stem the latest surge in

cases. Moving forward, the economy will continue to benefit from strong external demand and improving domestic conditions, Nor Shamsiah said.

Bank Negara Malaysia last week held its benchmark interest rate at a record-low 1.75 percent for a fifth straight meeting amid the fresh surge in cases. It said risks remain “tilted to the downside,”citing uncertainty over the course of the pandemic and potential challenges for the country’s vaccine rollout, with the economy returning to pre-Covid levels by the middle of the year.

Containment measures

“It’s kind of a two-speed economy,” said Mohd Afzanizam Abdul, chief economist for Bank Islam Malaysia Bhd. “The external sector is on course to lead the recovery, while domestically, key sectors such as services-oriented industries would be struggling to record a sustainable recovery.”

Malaysia’s stock index held declines after the GDP

data, down 0.6 percent at the midday break, while the ringgit was 0.3 percent weaker at 4.1155 to the dollar as of 12:36 p.m.

“The year-on-year contraction in Malaysia’s economy in 1Q was not nearly as deep as feared, thanks to the resilience of domestic demand. With Covid-19 mutations being much more infectious and herd immunity through vaccination still a long way off, it may be difficult for household spending to remain so buoyant through extended social distancing measures ahead,” said Tamara Mast Henderson, Bloomberg Asean economist.

Daily cases this month topped 4,000 for the first time since February, and the country is struggling with the pace of vaccinations. Less than 3 percent of Malaysia’s population had completed their vaccination series as of May 8, according to data compiled by Bloomberg. That tally trails neighbors Indonesia and Singapore, and puts Malaysia at risk of falling well short of its vaccination goals for the year.

Containment measures in January cost the economy 700 million ringgit ($170 million) a day, even with essential sectors still operating. Those measures were eased in February.

While all sectors of the economy will stay open under the latest measures, the new curbs could undo recent progress. The manufacturing Purchasing Managers Index hit a record high in April, a month after exports registered the strongest year-on-year growth in almost four years. Manufacturing sales rose at their fastest pace in nearly four years in March, and an index of industrial production gained the most in March since July 2013. Bloomberg News

People danced on the beach in Barcelona, Spain on May 9. Barcelona residents were euphoric as the clock stroke midnight, ending a six-month-long national state of emergency and consequently, the local curfew. Spain is relaxing overall measures to contain the coronavirus this weekend, allowing residents to travel across regions, but some regional chiefs are complaining that a patchwork of approaches will replace the six-month-long national state of emergency that ends at midnight on Saturday. AP/Emilio Morenatti

Spain: Expert warns Covid surge could follow parties

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ADRID—Spain’s top coronavirus expert on Monday delivered a stern warning to citizens who are acting as if the pandemic has ended now that the government has relaxed measures against the spread of the coronavirus amid an accelerating rollout of vaccines.

Scenes of revelers partying in mass over the past weekend, in many cases without social distancing or masks, have infuriated many, including health workers, and created a new political quarrel. The street

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celebrations followed the end of a state of emergency, a blanket national rule that allowed authorities to take strict measures against the virus such as travel bans, nighttime curfews and curbs on social gatherings.

Fernando Simón, who heads the Health Ministry’s emergency coordination center, said that he was unable to predict how the contagion rate would evolve after the euphoric scenes.

“Until two days ago I would had been able to say that the downward trend of the past few days would

“Asia’s next failed state” and opined it was heading in the direction of Afghanistan.

The UN’s Bachelet made a different comparison.

“There are clear echoes of Syria in 2011,” she said. “There too, we saw peaceful protests met with unnecessary and clearly disproportionate force. The State’s brutal, persistent repression of its own people led to some individuals taking up arms, followed by a downward and rapidly expanding spiral of violence all across the country.”

Junta chief Senior Gen. Min Aung Hlaing has shunned all efforts at mediation, from the United Nations as well as the Association of Southeast Asian Nations, of which Myanmar is a member.

Myanmar’s resistance movement, meanwhile, has organized widely and swiftly underground.

Within days of the junta takeover, elected parliamentarians who were denied their seats convened their own self-styled Parliament. Its members have formed a shadow National Unity Government with guidelines for an interim constitution, and last week, a People’s Defense Force as a precursor to a Federal Union Army. Many cities, towns and even neighborhoods had already formed local defense groups, which in theory will now become part of the People’s Defense Force.

Aside from being morale boosters, these actions serve a strategic purpose by endorsing a federal style of government, which has been sought for decades by the country’s ethnic minorities to give them autonomous powers in the border areas where they predominate.

Promoting federalism, in which the center shares power with the regions, aligns the interests of the anti-military pro-democracy movement with the goals of the ethnic minorities. In theory, this could add a real military component to a movement whose armaments are generally no deadlier than Molotov cocktails and air rifles—though homemade bombs have been added to its arsenals in recent weeks.

In practice, at least for the time being, the guerrilla armies of the Kachin in the north and the Karen in the east will fight as they always have, to protect their own territory. They can give military training to the thousands of activists that are claimed to have fled the cities to their zones, but are still overmatched by the government’s forces. But on their home ground they hold an advantage against what their populations consider an occupying army. That may be enough.

“The only thing that the military is really threatened by is when all of these disparate voices and communities around the country actually start working against it, not as a unified monolith, but all working against the military’s interests,” said the analyst, Mathieson. “And I think that’s the best that we can hope for moving forward, that the people recognize that all efforts have to go against the military. And if that means fighting up in the hills and doing peaceful protests and other forms of striking back against the military in the towns and the cities, then so be it.”

It’s hard to gauge if the army has a breaking point.

Mathieson said he’s seen no signs the junta was willing to negotiate or concede anything.

The Tatmadaw is “remarkably resilient. And they recognize that this is an almost existential threat to their survival.” AP continue. But right now, neither I nor anybody else in Spain knows what will happen,” Simón said Monday.

Simón took as a personal failure having failed to transmit the urgency of being cautious to people, but also to members of the media and politicians who had turned the end of the most sweeping restrictions into a celebration.

“We don’t know how many people will be admitted in ICUs,” the official added. “I hope that the impact will be limited, but nobody knows.”

Spain’s two-week rate of infection, a variable closely watched by epidemiologists, fell to 188 new cases per 100,000 residents on Monday from 198 on Friday. The variable closely watched by epidemiologists peaked at nearly 900 at the end of January and has since then been on the way down barring a mild uptick in mid-March.

The country has recorded more than 3.5 million confirmed coronavirus cases since the beginning of the pandemic and over 78,000 deaths.

Opposition parties have blamed Spain’s ruling center-left coalition for not extending the state of emergency or devising new legislation that would prevent the country’s 17 regional governments from having to get a court’s approval to impose measures that restrict basic freedoms.

But Prime Minister Pedro Sánchez on Monday repeated that he considered the current legal framework as sufficient to fight the pandemic.

Simón said that he expected that any new infections would hit harder people under 60, an age group in which only those with essential jobs have received coronavirus jabs.

The expert said that he believed the impact on older people could be lower.

Nearly one in three of Spain’s 47 million residents has received at least one coronavirus vaccine shot and 6 million people, most of them above 70, are fully vaccinated. AP

The World

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Wednesday, May 12, 2021

A9

UN council meets on Jerusalem violence, considers statement

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NITED NATIONS—The UN Security Council held emergenc y consultations on Monday on escalating violence in east Jerusalem and was considering a proposed statement calling on Israel to cease evictions and calling for “restraint” and respect for “the historic status quo at the holy sites.”

Ireland ’s UN ambassador, Geraldine Byrne Nason, who joined in calling for the emergency meeting, said that “the Security Council should urgently speak out, and we hope that it will be able to do so today.”

Council diplomats said all 15 members expressed concern at the clashes and rising violence but the United States, Israel’s closest ally, said a statement might not be useful at this time.

US State Department spokesman Ned Price, speaking to reporters in Washington, said the Biden administration wants to ensure that anything from the Security Council “be that statements or anything else—don’t escalate tensions. That’s our overriding priority.”

The US agreed to have council experts discuss the statement after all other members said the UN’s most powerful body must react, the council diplomats said, speaking on condition of anonymity because consultations were private. But the US was still wary late Monday afternoon, they said.

The draft statement would

express the Security Council’s “grave concern” at escalating tensions and violence in the West Bank, including east Jerusalem, and “serious concern” over the possible evictions of Palestinian families from the Sheikh Jarrah and Silwan neighborhoods in east Jerusalem, “many of whom have lived in their homes for generations.”

There have been weeks of mounting tensions and almost nightly clashes between Palestinians and Israeli troops in the Old City of Jerusalem during the Muslim holy month of Ramadan, already a time of heightened religious sensitivities.

Most recently, the tensions have been fueled by the planned eviction of dozens of Palestinians from the Sheikh Jarrah neighborhood of east Jerusalem where Israeli settlers have waged a lengthy legal battle to take over properties.

T he proposed st atement would call on Israel “to cease settlement activities, demolitions and evictions, including in east Jerusalem in line with its obligations under international humanitarian law” and refrain from unilateral steps “that exacerbate tensions and undermine the viability of the two-state solution.”

It would express deep worry about daily clashes, especially in and around Jerusalem’s holy sites, which have led to many injuries and would call for restraint and “refraining from provocative

actions and rhetoric.”

Calling for respect for the historic status of Jerusalem’s holy sites, the draft would also underscore “that Muslim worshippers at the holy sites must be allowed to worship in peace, free from violence, threats and provocations.”

The council would also reiterate its support for a negotiated solution to the decades-old Israeli-Palestinian conflict where “two states, Israel and an independent, democratic, contiguous and sovereign Palestine live side by side in peace within secure and recognized borders.”

C h i n a’s U N A mba ss ador Zhang Jun, the current council president who proposed the statement under consideration along with Norway and Tunisia, called the clashes between Israelis and Palestinians “disturbing.”

“Israeli authorities should take necessar y measures to prevent violence, threats and provocations against Muslim worshippers,” Zhang said.

Norway’s UN ambassador, Mona Juul, said: “The situation on the ground is clearly explosive, not only in east Jerusalem but also in and around Gaza. This will have grave consequences and is the last this region needs.”

She told AP her key message to the council was that it is vital for the 15-member council to come “out with a clear statement, calling for de-escalation and confirming its support to the two-state solution.” AP

California expands drought emergency to 41 counties

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ACR A MEN TO, Ca l iforn i a — C a l i f o r n i a G o v.

Gavin Newsom on Monday expanded a drought emergency to a large swath of the nation’s most populous state while seeking more than $6 billion in multiyear water spending as one of the warmest, driest springs on record threatens another severe wildfire season across the American West.

The Democratic governor said he is acting amid “acute water supply shortages” in northern and central parts of California as he called again for voluntary conservation. Yet the state is in relatively better shape than it was when the last five-year drought ended in 2017, he said, as good habits have led to a 16 percent reduction in water usage.

His emergency declaration now includes 41 of 58 counties, covering 30 percent of California’s nearly 40 million people, and he said a further expansion is likely as conditions worsen.

The US Drought Monitor shows most of the state and the American West is in extensive drought just a few years after California emerged from the last punishing multiyear dry spell.

“We’re staring down at what could be disastrous summer and fall, with the potential of communities running out water, and fires,” said Democratic US Rep. Jim Costa, who accompanied Newsom to the announcement made before a Central Valley reservoir with a deep bathtub ring of dry earth surrounded by browning grass.

Like most of the state’s extensive interconnected system of reservoirs and canals, the San Luis Reservoir is at less than 60 percent of its seasonal average as scarce winter rain and snow turns to a dry summer that Newsom said is imperiled by climate change.

Officials fear an extraordinarily dry spring presages a wildfire season like last year, when flames burned a record 6,562 square miles (16,996

square kilometers).

“The hots are getting a lot hotter in this state, the dries are getting a lot drier,” Newsom said.

“We have a conveyance system, a water system, that was designed for a world that no longer exists.”

That requires the state to envision “a much more resilient, a much more vibrant, much more dynamic water delivery system,” he said, noting that the one largely constructed in the last mid-century to carry water from Northern California to the south, “helped us build the world’s largest middle class” by enabling the state’s population and agricultural growth.

The governor is asking state lawmakers to approve what he said is a record $5.1 billion over four years for water projects, plus another $1 billion to help an estimated million Californians who are behind on their water bills in part because of the economic hardship of the pandemic.

His proposed water spending includes $1.3 billion for drinking water and wastewater systems, prioritizing smaller and poorer communities.

Another $200 million would go to repair canals damaged when the ground beneath them sank as more groundwater was pulled from wells.

Other projects would address groundwater cleanup, water recycling, fish and wildlife habitat, flood preparedness, weather forecasting, and agricultural water use.

His expanded drought emergency declaration includes the counties in the Klamath River, Sacramento-San Joaquin Delta and Tulare Lake watersheds across much of the northern and central parts of the state.

The Sierra Nevada snowpack, which provides about a third of the state’s water, was at just 59 percent of average on April 1, when it is normally at its peak.

This year is unique because of extraordinarily warm temperatures in April and early May, Newsom said. That led to

quick melting of the Sierra Nevada snowpack in the waterways that feed the Sacramento River, which in turn supplies much of the state’s summer water supply.

The problem was worse because much of the snow seeped into the ground instead of flowing into rivers and reservoirs, he said.

The warmer temperatures also caused water users to draw more water more quickly than even in other drought years, he said, leaving reservoirs extremely low for farmers, fish and wildlife that depend on them.

That all reduced the state’s water supplies by as much as what would supply up to 1 million households for a year, he said.

Newsom urged residents to limit their use, whether by limiting outdoor watering, checking for leaks, or taking shorter showers and turning off the water when washing dishes or brushing teeth.

Senate Republicans blamed majority Democrats for not building more dams to increase water storage, with GOP leader Scott Wilk saying in a statement that the governor’s declaration “does nothing to remove regulatory roadblocks that hold up shovel-ready water projects.”

Newsom is spending the week previewing highlights of the revised budget he will present to state lawmakers Friday for the fiscal year that begins July 1.

Earlier Monday in the San Francisco Bay Area, Newsom proposed tax rebates of up to $1,100 for millions of lowerand midd le-income Californians, one leg of a pandemic recovery plan made possible by an eye-popping $76 billion budget surplus.

The barnstorming comes as Newsom faces a fall recall election driven in large part by frustration over his handling of the pandemic, though he noted that he also previewed his budget proposals in the past when he wasn’t facing a recall. AP

Opinion BusinessMirror

A10 Wednesday, May 12, 2021 • Editor: Angel R. Calso

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editorial

Strengthening PHL’s biosecurity measures

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he country’s livestock and poultry sectors are in dire straits, according to the latest farm production data for the January-to-March period, which was released by the Philippine Statistics Authority (PSA) on May 10. For livestock, the biggest loser in terms of volume was the hogs sector, as output contracted by more than a quarter. What’s alarming is that other protein sources, such as chicken and round scad or galunggong, also recorded output declines in the first quarter.

PSA data indicated that some 146,000 metric tons were shaved off from hog production in the first quarter alone (See, “Q1 farm output down 3.3% on livestock, poultry woes,” in the BusinessMirror, May 11, 2021). This is the first time since 2019, when African swine fever first reached our shores, that quarterly hog production fell below 500,000 MT. The quarterly hog output still managed to breach the 500,000-MT mark last year, mainly due to mobility restrictions that reduced the risk of transmitting ASF (See, “Lockdown slowed spread of fatal hog disease–BAI,” in the BusinessMirror, June 22, 2020).

The drastic decline in output and the shortfall in fresh pork resulted in price spikes. Data from the PSA showed that the average farm-gate price of livestock rose by 44.4 percent, led by hogs, which rose by nearly 52 percent. For poultry, the average farm-gate price was higher by nearly 20 percent, led by duck and chicken, which went up by 26.4 percent and 33.8 percent, respectively. Most fish species also recorded hikes in farm-gate prices during the period.

The increase in the prices of alternative protein sources, such as chicken and fish, would make it more difficult for people to “eat healthy” as they would resort to consuming cheaper instant noodles and canned goods to reduce expenses. The inability of families to access healthy food items would hurt the children of those in the Bottom 30 the most. Higher prices of raw materials would also put additional pressure on the restaurant industry, which has been struggling to stay afloat in the face of quarantine restrictions that have prevented them from accepting dine-in customers.

Both the government and stakeholders must take decisive measures if they want to eliminate ASF. Government must set aside resources to indemnify and assist hog raisers in repopulating their farms and coordinate with stakeholders in implementing biosecurity measures. The government cannot succeed if it does not have the cooperation of hog raisers and traders, particularly in preventing the transportation of sick pigs, which can spread ASF in other areas.

Aside from the declaration of a state of calamity, government must now give due attention to the production of other protein sources, such as chicken and fish, to ease the pressure on pork prices. Policy-makers must push for the inclusion of spending on biosecurity measures as well as the indemnification of hog raisers in the national budget for next year. Strengthening the country’s border controls and improving biosecurity will allow the country to not only eliminate ASF, but also give the Philippines a fighting chance to ward off devastating animal diseases from other countries.

Maternity benefit filing made easier Aurora C. Ignacio

All About Social Security

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illions all over the world celebrated Mother’s Day last Sunday. It is a day when families get together to honor the mothers in their lives. While we should be thankful for our mothers every day, Mother’s Day is the perfect opportunity to show our moms how much we love and appreciate them.

As a mother myself, raising my kids is one of my greatest joys and achievements in life—a 24/7 lifetime job. I remember those sleepless nights when they were still infants and very dependent on us their parents to cater to their every needs. It was wonderful to watch them during their growing-up years as they sought out and developed their own unique personalities and fulfilled their dreams. As they reached adult-

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F not for the pandemic, Bohol should have been sinking this month.

It is jokingly said Bohol is “sinking” in May because the population of the island during this month is multiplied twice, thrice, or even four times.

T. Anthony C. Cabangon Lourdes M. Fernandez

is open 24/7 at the convenience and safety of their homes and offices.

For this column, I would like to share the good news that effective May 31, 2021, the filing of Maternity Benefit Application and Maternity Benefit Reimbursement Application (MBRA) can now be done online through the My.SSS portal in the SSS web site. MBA covers all female self-employed, voluntary members, overseas Filipino workers and non-working spouse; as well as female members who are separated from employment and did not receive any advance payment of maternity benefit from their employers. On the

other hand, MBRA covers regular and household employers.

To be able to apply online, the member must have a registered My.SSS account in the SSS web site and disbursement account enrolled through the Disbursement Account Enrollment Module, which is also found in the My.SSS portal of the SSS web site.

Here’s the step-by-step guide: 1. All initial or new claims and the following cases for adjustment shall be filed online through the member’s or employer’s My.SSS: a. Member is qualified as Solo Parent; b. Correction of type of claim: a. From normal to caesarean delivery; b. From miscarriage to Ectopic Pregnancy with Operation; c. SS computation is higher than employer’s computation; d. Additional posted contributions will increase the amount of maternity benefit; See “Ignacio,” A11

The sinking of Bohol during the fiesta month of May

Since 2005

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hood and became independent, it was so heart-warming to see them succeed in their personal and professional lives.

Much like SSS in terms of catering to our member’s needs, transactions that were previously conducted manually and with face-to-face meetings, have now shifted to online transactions. Our ExpreSSS campaign is envisioned as fast, easy, and simpler means of transacting with SSS, which

To be able to apply online, the member must have a registered My.SSS account in the SSS web site and disbursement account enrolled through the Disbursement Account Enrollment Module, which is also found in the My.SSS portal of the SSS web site.

Known as a reverse exodus or “balikbarrios,” once the first of May strikes, people from abroad, from Manila, and even from nearby provinces begin flocking back to their small barrios in Bohol.

It was fiesta time 25 years ago, or in May 1996, when I first visited my family’s hometown in Matabao, Tubigon in Bohol.

Like in other Philippine provinces, a fiesta is a hallmark of Bohol.

The word fiesta is a Spanish term for festivity to honor their patron saints, a telltale sign that the celebration was heavily influenced by the Spaniards in this Catholic country.

Date of fiestas in Bohol vary from town to town, yet most of the feast days fall on the month of May, earning it the name the “Fiesta Month.”

Characterized by an abundance of food and merriment, not a single day will pass without a fiesta somewhere on the island.

Visitors can enjoy the monthlong revelry by hopping from town to town and to the barangays and participate in religious processions,

live brass bands, street dancing and fireworks.

It’s the time of the year when old folks seem to have mastered the art of putting out most of their earnings for the year.

“Nagpapasalamat kami sa Ginoo kay sa panahon sa pista nagkakita ang tanan mga kaigsoonan ug kaparetehan,” elders will say in the Visayan language, meaning that they are thankful to God that close family ties remain in the island of Bohol as each town still has its way of attracting people to go home to celebrate the fiesta season.

There are some who say that the bigger number of balikbarrios is considered as an indication that more are becoming well-off. The larger the arrival means that more have been able to save money for their vacation.

Joining the procession in honor of the barrio’s patron saint is to fulfill their promise of thanking him for bringing them back to where they really came from.

For three consecutive nights, the plaza is usually converted into an entertainment area primarily aimed to

It is jokingly said Bohol is “sinking” in May because the population of the island during this month is multiplied twice, thrice, or even four times.

raise funds for development projects.

In 1996, I witnessed one evening where middle-aged women hold plastic cups for the ap dance, a ballroom dancing event wherein the woman who accumulates the largest amount of money in her cup from those eager to dance will be declared the “queen of the night.”

Fiesta proper is a whole day of house-hopping for eating, drinking, and dancing the ap in each residence as rice cakes, kinilaw na pusit and fish, ube and many local delicacies are laid on the table.

Every home becomes an “open house” for everyone, as there is no need for an invitation. One can just grab his plate and join the guests.

A day after the celebration, the balikbarrios normally proceed to explore the more exciting side of Bohol.

The Gorecho clan is blessed to hail from a province known for its famous icons—Chocolate Hills, the amusing tarsiers, the amazing beaches of Panglao Island, the sumptuous lunch along Loboc River, and the dolphins of Balicasag, Pamalican and Cabilao islands.

The province prides itself of its beach resorts, a brochure even stressed that “all of them are gorgeous.” It has 151 kilometers of coastline skimmed by lovely coves and clean white sand beaches.

With an aggregate land area of 4,117.3 square kilometers, the ter-

rain of Bohol is rolling and hilly as the island’s interior is generally flat although it is dotted by 1,268 mounds of the same shape—popularly known as the Chocolate Hills—throughout the towns of Carmen, Batuan and Sagbayan.

My surname is “GORECHO,” a clan that originated from Barrio Matabao in Tubigon, Bohol. However, I was not born nor raised in the province.

A surname that is not found in the Claveria Decree (Catalogo Alfabetico de Apellidos) when “Indios” were forced to change their surnames during the Spanish era as a means of population control, or a zoning scheme to determine your place of origin. It is perhaps a Spanish surname from the rebel tribe moors of Galicia, Spain.

I am currently doing an extensive research on the Gorecho family tree.

At present, I already traced eight generations that originated from the matrimonial bondage of Isidro Gorecho and Tomasa Cristobal.

It’s interesting to note that surnames seem to re-appear in other lines signifying intermarriage between not-so-distant relatives, a typical occurrence in the provincial set-up.

The pandemic may have muted the pageantry, but Boholanos are hoping that the island will sink again next year.

Kule is the monicker of Philippine Collegian, the official student publication of UP Diliman.

Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.

Opinion BusinessMirror

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Why the Colonial Pipeline hack matters

Cusi’s vision for our electricity market

S to why there are still some quarters that want to impede the road to independence of the Philippine Electricity Market Corp. (PEMC) puzzles me.

The PEMC Board, however, did not approve my proposal. That’s why I’m so glad that during Cusi’s tenure, he pursued the transformation of PEMC into a truly private and independent body.

Now, the PEMC Board fully supports Cusi’s position that PEMC should be independent and free from government interference.

During the early years of the WESM, the DOE secretary sat as automatic chairman of PEMC. Also, the heads of DOE-attached agencies, i.e., National Electrification Administration (NEA), National Transmission Corp. (TransCo), and the Power Sector Assets and Liabilities Management (PSALM) sat in the PEMC Board. This assured the government of complete control of the WESM. It is ironic because these bodies, including DOE, are not even corporate members of PEMC. After that June 2018 election, the DOE relinquished the chairmanship of PEMC that allowed WESM stakeholders (especially generators, distributors including electric cooperatives) to elect the members of the PEMC Board.

And in turn for the PEMC board to elect its chair. Then in October 2020, Cusi issued a circular removing the heads of NEA, PSALM, and TransCo from sitting as advisers in

the PEMC Board.

This year, PEMC will be electing its set of directors anew amid continuous challenges from those who want to hinder its independence, or at the least keep it regulated as a government-owned and -controlled corporation (GOCC).

In the previous administration, PEMC was classified as a GOCC. As an independent director in PEMC, I had proposed that a declaratory relief suit be filed in the courts to clarify once and for all the EPIRA provisions that mandate the WESM operator to be private and independent. PEMC then was the interim market operator.

I had based this on a comprehensive legal opinion of retired Supreme Court Justice Jose Vitug, who concluded that “PEMC is a private corporation and it does not qualify as a GOCC.” It must be stressed that there is no government equity in PEMC. On this score alone, it should not be classified as a GOCC. If it were,

By Frank Bajak And Cathy Bussewitz | Associated Press

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EW YORK—A cyberattack on a critical US pipeline is sending ripple effects across the economy, highlighting cybersecurity vulnerabilities in the nation’s aging energy infrastructure. The Colonial Pipeline, which delivers about 45 percent of the fuel used along the Eastern Seaboard, shut down Friday after a ransomware attack by gang of criminal hackers that calls itself DarkSide. Depending on how long the shutdown lasts, the incident could impact millions of consumers.

What happened to the Colonial Pipeline?

Colonial Pipeline, the owner, halted all pipeline operations over the weekend, forcing what the company called a precautionary shutdown.

US officials said Monday that the “ransomware” malware used in the attack didn’t spread to the critical systems that control the pipeline’s operation. But the mere fact that it could have done so alarmed outside security experts.

Will there be gasoline shortages?

It depends on how long the shutdown lasts. Colonial said it’s likely to restore service on the majority of its pipeline by Friday.

There’s no imminent shortfall, and thus no need to panic buy gasoline, said Richard Joswick, head of global oil analytics at S&P Global Platts. If the pipeline is restored by Friday, there won’t be much of an issue. “If it does drag on for two weeks, it’s a problem,” Joswick added. “You’d wind up with price spikes and probably some service stations getting low on supply. And panic buying just makes it worse.”

So what’s happening with gasoline prices?

The average gasoline price jumped six cents to $2.96 over the past week, and it’s expected to continue climbing because of the pipeline closure, according to AAA. Mississippi, Tennessee and the East Coast from Georgia to Delaware are the most likely to experience limited fuel availability and higher prices, and if the national average rises by three more cents, these would be the highest prices since November 2014, according to AAA.

What’s ransomware again?

Ransomware scrambles data that can only be decoded with a software key after the victim pays off the criminal perpetrators. An epidemic of ransomware attacks has gotten so bad that Biden administration officials recently deemed them a national security threat. Hospitals, schools, police departments and state and local governments are regularly hit. Ransomware attacks are difficult to stop in part because they’re usually launched by criminal syndicates that enjoy safe harbor abroad, mostly in former Soviet states.

Who is behind the attack and what motivates them?

The hackers are Russian speakers from DarkSide, one of dozens of ransomware gangs that specialize in double extortion, in which the criminals steal an organization’s data before encrypting it. They then threaten to dump that data online if the victim doesn’t pay up, creating a second disincentive to trying to recover without paying.

Ransomware gangs say they are motivated only by profit.

Why wasn’t Colonial able to prevent or contain the attack?

Neither Colonial nor federal officials have explained how the attackers breached the company’s network and went undetected. Cybersecurity experts believe that Colonial may not have employed state-of-the-art defenses, in which software agents actively monitor networks for anomalies and are programmed to detect known threats such as DarkSide’s infiltration tools.

What does Colonial need to restore its network and how long will that take?

That depends on how extensively Colonial was infected, whether it paid the ransom and, if it did, when it got the software decryption key.

The decryption process could take several days at least, experts say. Colonial has not responded to questions on these issues, although it said only its IT network was affected.

Do pipelines face a greater risk of ransomware attacks?

They’re not necessarily at greater risk, but they do pose unique challenges. The Colonial Pipeline structure is a vast piece of critical infrastructure that provides fuel supply to states along the East Coast. Such a large network is bound to have different control systems along its path where it connects with distributors or customers.

“Every single time you connect something, you run the risk that you’re going to infect something,” said Kevin Book, managing director at Clearview Energy Partners. That variability can also make it harder for hackers to know where to find vulnerabilities, he said.

Over time, as pipelines expand, companies can end up with a mix of technology — some parts built within the company and others brought in from outside, said Peter McNally, global sector lead at Third Bridge.

Many large energy companies have been under pressure from investors to limit reinvestment in such assets, which can be decades old, he added.

That can be a problem when dealing with modern criminals.

The Federal Energy Regulatory Commission has established and enforced mandatory cybersecurity standards for the bulk electric system, but there are no comparable standards for the nearly 3 million miles of natural gas, oil and hazardous liquid pipelines that traverse the United States. “Simply encouraging pipelines to voluntarily adopt best practices is an inadequate response to the ever-increasing number and sophistication of malevolent cyber actors,” said Richard Glick, chairman of the Federal Energy Regulatory Commission, and Democratic Commissioner Allison Clements, in a joint statement. They called for the US to establish mandatory pipeline security standards.

What can be done to halt ransomware attacks?

Previous attempts to put ransomware operators out of business by attacking their online infrastructure have amounted to Internet whacka-mole. The US Cyber Command, Microsoft and cross-Atlantic police efforts with European partners have only been able to put a temporary dent in the problem.

Last month, a public-private task force including Microsoft, Amazon the FBI and the Secret Service gave the White House an 81-page urgent action plan that said considerable progress could be possible in a year if a concerted effort is mounted with US allies, who are also under withering attack.

Some experts advocate banning ransom payments. The FBI discourages payment, but the task force said a ban would be a mistake as long as many potential targets remain “woefully unprepared,” apt to go bankrupt if they can’t pay. Neuberger said Monday that sometimes companies have no real choice but to pay a ransom.

The task force said ransomware actors need to be named and shamed and the governments that harbor them punished. It calls for mandatory disclosure of ransom payments and the creation of a federal “response fund” to provide financial assistance to victims in hopes that, in many cases, it will prevent them from paying ransom.

Bajak reported from Boston. AP Writer Matthew Daly contributed from Washington.

Wednesday, May 12, 2021 A11

Dr. Jesus Lim Arranza

MAKE SENSE

A

Energy Secretary Alfonso Cusi has made a series of actions to make sure the operation and governance of the Wholesale Electricity Spot Market (WESM) will be eventually left in the hands of the private sector, as what the Electric Power Industry Reform Act (EPIRA) clearly envisions.

Yes, the predecessors of Cusi since the enactment of the landmark law in 2001 also wanted to see the EPIRA spirit and intention to have an independent electricity market operator come to fruition.

But it was really in this administration when concrete actions were taken toward achieving this goal.

We saw how Cusi zealously oversaw the election of nominees to the board of directors of PEMC in June 2018 where the private sector can take over the reins of governing the WESM. This, I should say, was the first serious and genuine election conducted by PEMC.

five government regulators would insist on having oversight functions over PEMC. These are: 1) Civil Service Commission, 2) Department of Budget and Management, 3) Commission on Audit, 4) the Governance Commission on GOCCs, and 5) Government Procurement Policy Board. Surely, this would translate to direct government interference in the operation and governance of PEMC that is inconsistent with the intent and spirit of EPIRA. In other countries, no government representatives sit in the body that operates and governs the electricity market. This is totally left to the private sector to promote and enhance meaningful competition as well as ensure a level playing field. This scenario also assures the wholesale electricity market is isolated from politics.

The PEMC Board, however, did not approve my proposal.

That’s why I’m so glad that during Cusi’s tenure, he pursued the transformation of PEMC into a truly private and independent body. Now, the PEMC Board fully supports Cusi’s position that PEMC should be independent and free from government interference.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

In Argentina, doctors adapt as Covid-19 strains hospitals

By Almudena Calatrava | Associated Press

B

UENOS AIRES, Argentina—Verónica Verdino, an Argentine doctor, helped a therapist insert a tube into the trachea of a Covid-19 patient during another hectic day in a hospital emergency room.

Verdino, 31, has become adept at the delicate procedure during the current outbreak of coronavirus cases that has filled clinics in Buenos Aires and nearby towns with patients.

A little over a year ago, before the pandemic hit Argentina, Verdino did not imagine that she would be performing so many intubations, and helping others with the same procedure, at the Llavallol Dr. Norberto Raúl Piacentini Hospital in the town of Lomas de Zamora, outside Buenos Aires.

Now doctors who used to be on duty in general wards have become experts in this and other complex techniques typical of intensive care specialists as they help patients who are seriously ill with Covid-19. Some wards have been converted into intensive care units because the outbreak is straining the health system.

The situation at the hospital where Verdino works is similar in many public and private health facilities in Buenos Aires and nearby towns, with an average of more than 20,000 infections and 400 deaths

Ignacio. . .

continued from A10

e. Correction of approved number of days from 60 (normal delivery) or 78 (caesarian section delivery) days to 105 days; and f. Allocated leave credits not used due to separation from employment of the child’s father or qualified alternate caregiver.

2. Filing of MBA/MBRA overthe-counter or through drop-box at any SSS Branch Office (BO)/Foreign Representative Office (FRO)/Medical Evaluation Center (MEC) shall be allowed until the implementation of mandatory online filing. Simultaneous filing of MBA/MBRA through OTC/drop box and online through the My.SSS portal in the SSS web site is strictly prohibited.

3. The filer shall upload the required supporting document/s corresponding to the type of claim being filed to proceed with the submission of the MBA/MBRA. Uploaded documents shall be reviewed by the SSS.

Doctors say they are seeing many younger patients, partly because youths are being infected with coronavirus variants at social gatherings, while older people are protected by vaccines they have received.

per day in recent weeks and 100% occupation of ICUs in some centers.

Doctors say they are seeing many younger patients, partly because youths are being infected with coronavirus variants at social gatherings, while older people are protected by vaccines they have received.

“We’re cutting corners everywhere... We have all the illnesses other than Covid, plus this (coronavirus) wave that exploded,” Verdino told The Associated Press during a recent 24-hour shift.

The husband of the woman who was intubated by Verdino stared dejectedly through the glass from the other side of a door. Nearby, in another room, two patients lay connected to respirators. A few meters away, a man who had just died was placed in a black plastic bag.

A few days later, on another grueling shift, Verdino climbed onto a small bench next to the bed of a man she had tried to intubate, leaned over his chest and performed CPR in a desperate attempt to save his life.

Several of her colleagues helped her.

The patient died. Verdina and her colleague, Stephanie Muñoz, took time to prepare the man’s body and the room before his son viewed him through the window of the door.

Nurses describe a situation known as “warm bed”, in which a patient who has died is promptly replaced in a room by another seriously ill person.

General ward medics have also learned to master the use of complex drugs that keep patients sedated and to study electrocardiograms and CT scans, as well as to perform laryngoscopes. They do it as oxygen supplies become scarce in hospitals, which have formed networks to assist each other when they can.

“I was used to working a lot but this overwhelms you in everything,” said nurse Silvia Cardoso, who works with Verdino.

Cardoso said she was shocked by the number of young people who are hospitalized with serious symptoms, something that did not happen previously.

4. The receipt of the advance payment shall be confirmed/certified by the employee within seven working days from the date of sending of e-mail by SSS. In case member confirmed that she did not receive the advance payment or failed to act within the prescribed period, the MBRA shall be rejected. Rejected claims shall be re-submitted/ re-filed by the employer as a new transaction.

5. Confirmation/certification of receipt of advance payment by the employee for the MBRA filed by her employer shall be submitted through any of the following channels: a. Link provided in the e-mail notification sent by SSS; or b. Employee’s My.SSS account in the SSS web site.

6. Confirmation/certification of employee shall not be required for claims tagged as separated, Absence without Official Leave (AWOL) and deceased member.

7. The filing date of the claim shall be as follows: a. For MBA—the date of successful submission of the

claim; and b. For MBRA—the date of confirmation/certification of the employee or the date of successful submission of the claim if the employee is already separated/Absence without Official Leave (AWOL) or deceased.

8. Claim that has been previously submitted but was not acceptable based on SSS evaluation may be re-filed online by member/ employer upon compliance with the SSS requirements as a new transaction.

9. An e-mail notification shall be sent to the member/employer for the following cases: a. For MBA: Successful submission through the member’s My.SSS account in the SSS web site; and Approval/rejection/denial of the MBA. b. For MBR A: Successful submission through the employer’s My.SSS account in the SSS web site; Successful submission of the confirmation of the employee; Reminder to employer; Failure to confirm the receipt of advance payment by the

“It could be prevented,” she lamented, suggesting that some young people had not observed health protocols.

Police in some Argentine towns often break up clandestine parties.

In restaurants that serve outdoors, tables full of diners are placed close to each other. Parks are full of people having picnics and playing sports.

There are frequent social protests, including for higher wages, in Buenos Aires.

With people exhausted by quarantines and vaccination programs going slowly, politicians argue over issues such as whether to allow students back to class. During a peak of coronavirus cases, students went to school in Buenos Aires but were not allowed to do so in the city suburbs, creating a confusing situation.

Many doctors try to stay out of the political disputes, instead urging people to stick to measures aimed at preventing the spread of Covid-19.

Argentina has so far reported more than 67,300 confirmed deaths and more than 3.1 million people sickened by the disease.

If people don’t collaborate, “the point will come where the health system collapses,” Verdino said.

Associated Press journalist Natacha Pisarenko contributed to this report.

employee; and Approval/rejection/ denial of the MBRA. 10. The following maternity claims exempted from online filing shall be submitted OTC or through drop box at any SSS BO/ FRO: a. Denied claim reconsidered for payment; b. Unclaimed benefit of deceased member; and c. Unclaimed reimbursement of inactive/closed/terminated/retired employer.

Members must take note that the last day of the option to file the MBA/MBRA through OTC/drop box at any SSS branch is until August 31.

Effective September 1, 2021, the mandatory online filing of MBA/ MBRA will be implemented.

We are counting on you, our members and employers, for the success of this program.

Have a joyous week ahead!

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

A12 Wednesday, May 12, 2021

Covid-proof 2022 polls, watchdogs urge govt

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IVEN the uncertainty as to when the ensuing health crisis will end, more than 2,000 sectoral groups have called on government to move early to ensure the May 9, 2022 National and Local Elections are safe, fair and free from the threats of the ongoing pandemic.

“Lessons from the recently-concluded Palawan plebiscite and from several countries that recently held their elections showed us that it is possible to hold democratic processes successfully amidst the pandemic,” members of civic, academic, youth, women, religious, and other sectoral organizations said in a unity statement.

Some of these groups are Ateneo School of Government, La Salle Institute of Governance, National Citizens’ Movement for Free Elections (Namfrel), Caucus of Development NGO Networks (CODE-NGO), Initiatives for Dialogue and Empowerment through A lternative Legal Services (IDEALS), and Youth Leadership for Democracy (YouthLed) Kabilang Ka Sa 2022 Youth Coalition, among others.

They emphasized the need for an additional allocation of P10 billion to the Commission on Elections so it could integrate ways to Covid-proof the national polls next year.

Continued on A4

Build, Build, Build projects also affected by lockdowns

S

By Samuel P. Medenilla

@sam_medenilla

OME of the government’s big-ticket projects under the Build, Build, Build (BBB) program failed to deliver when it comes to generating economic growth in the country, Malacañang acknowledged on Tuesday, but traced this to the disruptions caused by existing restrictions for the entry of foreigners.

In an online press briefing on Monday, Presidential spokesman Harry Roque said, “I know of one flagship project under the Build, Build, Build project, [whose proponent] requested for the entry of their 97 expats last May 9 [2021]. They were not immediately allowed to enter due to the intensified [restrictions],” Roque said.

However, he noted that even after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) eventually relaxed the travel restrictions, half of the concerned

foreign consultants refuse to enter the country due to concerns over the rising numbers of local Covid-19 cases.

Roque said such cases could have contributed to the 24.2-percent decline in the contribution of the construction industry to the country’s gross domestic product (GDP) during the first quarter of the year.

Construction was among the early exemptions to the lockdowns imposed since March 2020 after Covid-19 entered Philippine shores, and the government had to resort to sweeping quarantine restrictions to prevent its spread.

While most enterprises especially in tourism and services remained shuttered, the construction sector, particularly projects under the ambitious infrastructure project, were among those where the mobility curbs were lifted.

As to the 1.2-percent decline in the GDP contribution of the agriculture sector, Roque attributed it to the impact of the African Swine Fever (ASF) on the local hog industry, which, with all its allied and downstream enterprises, is estimated at P300 billion.

On Tuesday, the Philippine Statistics Authority (PSA) reported the country’s GDP from January to March contracted by 4.2 percent, which was already an improvement from the negative -8.3 percent GDP growth in the last quarter of 2021.

Roque said the government’s economic managers are confident the country’s economy can bounce back before the end of the year due to the ongoing mass vaccination program.

He earlier said the inoculation drive will help restore the operation of businesses and consumer confidence, which will help perk up the economy.

SMARTMATIC GETS GO-AHEAD ON P402-M COMELEC CONTRACT

By Samuel P. Medenilla

@sam_medenilla

C

ONTROVERSIAL multinational election technology provider Smartmatic-Total Information Management Corp. (Smartmatic-TIM) has gotten the green light to proceed with a P402-million contract it won from the Commission on Elections (Comelec).

Last week, Comelec finally issued a notice to proceed to Smartmatic regarding the contract it won to provide for the automated election system (AES) software that the poll body will use during the 2022 National and Local elections.

The project, which is worth P402,725,549.70, covers the software to be installed in Comelec’s Election Management System (EMS), Vote Counting Machines (VCMs), and Consolidation & Canvassing System (CCS).

Smartmatic became the official vote-counting machine supplier of Comelec in the country’s first national automated exercise in 2010, and has since then won other contracts with the poll body.

Poll watchdogs have been demanding for the firm to be banned from participating in bidding for Comelec contracts, citing its supposed lapses and its irregularities in the delivery of its services.

The same concerns led to a proposal to scrap the fully automated vote counting and canvassing and adopt a “hybrid” election system instead.

Under the proposed hybrid scheme, the voting and counting will be done manually, while transmission and canvassing will be automated.

In an online forum on Monday, Comelec Commissioner Antonio Kho reiterated the position of the Comelec en banc that there is no longer enough time to adopt such a system in time for the 2022 elections.

“When you do hybrid elections, we will start from zero again, then training, acquisition of equipment, etc.

It may not be doable anymore,” Kho said.

He noted it will require a new law as well as the creation of another election system.

DBM report: ₧653.43B in Covid response support funds released

By Bernadette D. Nicolas

T

@BNicolasBM

HE Department of Budget and Management (DBM) has so far released a total of P653.43 billion to support the government’s fight against Covid-19.

As of April 15, the DBM said in a statement on Tuesday that P646.97 billion was released under two Bayanihan measures while P6.46 billion was released for various programs, activities and projects in line with government’s Covid-19 response upon the expiration of Bayanihan to Heal as One Act (Bayanihan 1).

Under B ay a n i h a n 1, DBM said it released P387.17 billion, of which implementing agencies have already obligated 92.53 percent of the amount or P358.24 billion. Out of the obligated amount, 94.81 percent or P339.65 billion

was already disbursed by the agencies.

An amount is said to be obligated if the government agency has already committed to an immediate or eventual payment of a sum of money.

On the other hand, an amount is considered disbursed if there is already a settlement/liquidation/payment of an obligation incurred.

Meanwhile, releases under Bayanihan 2 amounted to P259.8 billion, of which 51.06 percent or P132.65 billion has been obligated.

Of the obligated amount, 70.34 percent or P93.31 billion has been disbursed based on agency reports submitted to the DBM. In terms of releases made upon the expiration of Bayanihan 1, DBM said 64.56 percent or P4.17 billion was already obligated. Of the obligated amount, 77.28 percent or

P3.22 billion was already disbursed.

These releases were charged against regular funds under the 2020 national budget.

The budget department said agencies may still utilize fund releases sourced from the 2020 national budget until December 31, 2021 in line with Republic Act No. 11520 which extended the validity of appropriations of the national budget.

Fund releases under Bayanihan 2 law are still valid for obligation and disbursement until June 30 this year after Republic Act 11519 also extended the availability of appropriations authorized under the said law.

Upon the expiration of the Bayanihan Laws, all unreleased appropriations shall lapse while undisbursed funds shall revert to the unappropriated surplus of the General Fund, the DBM said.

DFA-VFS passport renewal deal renewed

By Recto Mercene

T

@rectomercene

HE Department of Foreign A f fairs and V FS Globa l signed recently the first renewal of the Memorandum of Agreement (MOA) on the Outsourcing of the Non-Sensitive, Non-Discret ionar y and NonComplex Elements of Passport Renewal. This covers areas under the jurisdiction of Philippine Foreign Service Posts in the United Arab Emirates and in the Kingdom of Saudi Arabia.

Foreign Affairs Undersecretary Brigido J. Dulay, who signed the agreement on behalf of the DFA, said that partnering with an established outsourcing champion like VFS Global enabled the DFA to multiply its presence in the

Middle East at zero cost to the Philippine government.

The Department processed a total of 71,024 passport renewals received via VFS Global’s ePassport Renewal Center (PaRC) from November 2019, when the first PaRC was established, to the end of December 2020.

Dulay also announced that with the renewal, the DFA can now look at widening its implementation to other countries. He said the services offered by VFS Global merely supplement and complement the range of consular services offered by Philippine Foreign Service Posts, including passport renewals.

Christopher John Dix, who represented VFS Global, noted that the demand for the company’s services has been grow-

ing. He expressed VFS Global’s continued commitment to offer first-class services to Filipino nationals renewing their passports in the UAE and in the Kingdom of Saudi Arabia.

The DFA and VFS Global first signed the MOA providing for the establishment of PaRCs on November 21, 2019. PaRCs serve as alternative application center for Filipinos who wish to renew their Philippine passports in the UAE and in Saudi Arabia—the two countries in the Middle East with the highest concentration of Filipino workers.

Founded 20 years ago, VFS Global is an outsourcing and technology services company which offers consular services on behalf of governments and diplomatic missions worldwide.

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, May 12, 2021

B1

LT Group Q1 income up 4% as most units record gains

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By VG Cabuag

@villygc

T Group Inc., the holding firm of most businesses of tycoon Lucio Tan, on Tuesday said its attributable net income in the first quarter grew 4 percent to P6.49 billion from last year’s P6.21 billion.

Lender Philippine National Bank contributed P1.02 billion or 16 percent of total attributable net income.

The tobacco business accounted for P5.01 billion or 77 percent of total, liquor maker Tanduay Distillers Inc. added P233 million or 4 percent, Asia Brewery Inc. contributed P211 million or 3 percent, Eton Properties Philippines Inc. accounted for P149 million or 2 percent, while the 30.9 percent stake in Victorias Milling Co. Inc. added P66 million or 1 percent.

Net expenses at the parent level amounted to P198 million, the company said. PNB’s net income under the pooling method was P1.83 billion in the first quarter, 33 percent or P455 million higher than last year, primarily due to lower provisions for credit losses for the period at P2.1 billion from P3.36 billion last year.

The tobacco business under PMFTC Inc. had a net income of P5.03 billion, a mere P24 million more than last year’s P5.01 billion.

“The industry’s volume was estimated at 13.1 billion sticks in the first quarter of 2021, 14 percent lower than the first quarter 2020 of 15.3 billion sticks. This is due to the October to November 2020 price increases to pass on the additional excise taxes,” the company said, adding that illicit activities have also been rising, which include smuggled and locally produced products.

Tanduay’s net income for the period grew 18 percent to P235 million from last year’s P199 million. The higher income is largely due to the 5-percent increase in the volume of liquor sales and higher rectified alcohol sales, the company said.

As of end-March, Tanduay’s nationwide market share for distilled spirits was at 26.5 percent, down from March 2020’s 27.7 percent.

In the Visayas and Mindanao regions where most of its sales are generated, market share was at 70.1 percent and 76 percent, respectively, as of March 2021, compared to 67 percent and 75 percent,

respectively, as of March 2020.

Asia Brewery’s net income more than doubled to P211 million from last year’s P137 million, largely due to the absence of losses from the AB Heineken joint venture as the partnership transitions starting 2021 to the engagement of the company to brew and distribute Heineken and Tiger beers in the Philippines.

Revenues fell 13 percent due to lower volume of bottled water and soymilk, including Vitamilk which have a market share of 69 percent.

Bottled water brands, Absolute and Summit, continue to have the second largest share in this segment at 23 percent.

Eton’s net income for the first quarter fell 11 percent to P150 million from the previous year’s P169 million due to the decline in residential unit sales and lower leasing income.

Eton currently has a leasing portfolio of around 181,000 square meters of office space and over 45,000 square meters of retail space.

GCash sets sights on ₧2-T transactions

By Lorenz S. Marasigan @lorenzmarasigan

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inancial technology (fintech) player GCash targets to double its gross transaction value to over P2 trillion in 2021 from P1 trillion last year, with its chairman saying that this goal reflects the company’s confidence in the continued digital adoption in finance.

GCash Chairman Ernest L. Cu said GCash has grown its user base to 40 million users in end-April, a huge jump from its base of 33 million users at end-2020.

The growth, he said, is driven by the higher demand for digital finance amid the quarantine restrictions caused by the pandemic.

“I believe the number that we are targeting in gross transaction value is over P2 trillion this year. We crossed P1 trillion in 2020 and we hope that the value keeps going up because that means people are really transacting over our platform,” Cu said.

GCash, he added, now has 1.6 million

merchants and social sellers to date. It has also increased its cash-in touchpoints to 40,000 doors from 17,000 doors.

“One of the things that we are proud of is that we’ve even surpassed active users of international apps like Spotify and Viber, and I think we’ve also surpassed Instagram,” Cu said. “GCash has become an extension of the Filipino digital life. It has become ubiquitous with the needs that have arisen during the pandemic.”

Aside from its mobile wallet features, GCash also provides users access to savings, credit, insurance, and investments.

“In GCash, we pride ourselves in promoting nationwide financial inclusion, true to our goal of Finance for All. Apart from the financial services GCash offers, it also helps customers increase their credit score,” Cu said.

GCash President Martha Sazon said that the shift to digital opens up opportunities for businesses to introduce innovation that brings better value for consumers.

Subic exports surge 48% in Q1

By Henry Empeño Correspondent

S

ubic Bay Freeport—Exports generated by Subic-based manufacturers and port users surged by 48 percent while imports grew 29 percent year-on-year in the first quarter despite less-than-ideal business conditions brought about by the Covid-19 pandemic.

Figures from the Subic Bay Metropolitan Authority’s Trade Facilitation and Compliance Department (SBMATFCD) showed that Subic’s export value from January to March this year reached $321.61 million, while imports amounted to $462.5 million.

Subic’s first quarter exports topped the $217.3-million record last year by $104.31 million, or 48 percent while imports during the period eclipsed the $359.2-million tally last year by $103.3 million, or 29 percent.

SBMA Chairman and Administrator Wilma T. Eisma said the first quarter growth this year was “very much significant” when matched against last year’s records because Subic was not yet in a pandemic in the first two and a half months of 2020.

“This means there are more winners than there were losers in Subic despite Covid-19, and that the SBMA’s thrust to make Subic enterprises more adaptive to changes under the new normal is also paying off.”

A report from SBMA-TFCD further showed that Japanese manufacturer Sanyo Denki Philippines, Inc. topped the list of gainers with a freight-on-board (FOB)

value of $79.5 million. This alone already comprised about 25 percent of the total exports in Subic in the first quarter.

The firm operates three factories at the Subic Techno Park and produces, among other electronic products, cooling fans used in mechanical ventilators that move air in and out of the lungs of patients with a severe case of Covid-19.

Aside from Sanyo Denki, those that made it to the top 10 exporters list are lock-maker Tong Lung Phils. Metal Industry Co. with $26 million; sports, athletic goods and outdoor bag manufacturer Philippines Easepal Technology Ltd., $25.2 million; ultrasonic sensor manufacturer Nicera Philippines Inc., $23.6 million; wood processor Juken Sangyo Phils. Corp., $17.16 million; Orica Phils. Inc., which operates a regional manufacturing hub in Limay, Bataan, $13.9 million; computer builder Wistron Info Comm (Phils) Corp., $13.9 million; high-end eyewear producer Lindberg Ag-A4-Branch, $11.07 million; branded shoe manufacturer Da Tian Subic Shoes Inc., $10.2 million; and precision electronic equipment maker Nidec Subic Phils. Corp., $8.8 million.

Eisma said export value generated by the top 10 exporters already comprised 71.4 percent of total exports in Subic in the first quarter.

Meanwhile, Ronnie Yambao, OIC-senior deputy administrator for the SBMA Port Operations Group, said the increase in imports in the first quarter was largely boosted by the admission of petroleum products into the Subic Bay Freeport.

“Filipinos deserve to have more ways to protect and grow their money, especially during these difficult times that

we are in. At GCash, everyday we strive towards financial inclusion and freedom for all,” she said.

Fort Pilar invests ₧5B in Zamboanga battery energy storage facility

By Lenie Lectura @llectura

F

ort Pilar Energy Inc., the declared winning party in the negotiated sale process of the 650-megawatt (MW) Malaya Thermal Power Plant (TPP), expects its P5-billion investment in energy storage facilities to be operational by early 2022.

“Fort Pilar Energy has already invested over P5 billion in building energ y storage facilities in the Zamboanga peninsula to help address the voltage issues in the said area.

These energy storage facilities, with a total installed capacity of over 100 megawatt hour, are expected to be operational by first quarter of 2022,” it said Tuesday.

For t Pi lar a lso plans to build modern multi-fuel power generators running on high efficiency and low emission (HELE) technologies to further improve power stability in Mindanao.

The company, which was established in 2019, aims to facilitate rural development and boost industrialization by modernizing the Philippine electrical system, particularly the stability and quality of power in rural areas.

The company earlier submitted a P3.12-billion offer to the Power Sector Assets and Liabilities Management Corp. (PSALM).

The amount is more than the P1.85-billion minimum offer price set by the government. Also, Fort Pilar’s bid bested AC Energy Corp.’s P2.22-billion offer.

“We are excited to win the bid for the Malaya thermal plant. Our company places great value on the strategic location of this plant that lies at the very heart of the Luzon grid,” said company chief executive officer Joseph Omar A. Castillo. “We envision a modern energy facility in the site to strengthen the power situation in Luzon.”

Also, the company is looking forward to closing the sale for the plant with PSALM to boost government funds. “We are cognizant that our bid of P3.125 billion will not only help pay the stranded debts of Napocor but also provide fresh funding for the government,” said Castillo.

PSALM said the negotiated sale will be subject to a postqualification process to ensure that the winning party has met all the financial and legal requirements.

www.businessmirror.com.ph

Entrepreneur

DTI and Shopee relaunch natl online food fair, lift MSME sales

BusinessMirror

BDO Network Bank: Lending a helping hand in times of crisis

By Roderick L. Abad

A

S entrepreneurs continue to find ways to thrive amid the challenges posed by health and safety protocols, Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, partners with the Department of Trade and Industry (DTI) to support local businesses through the National Food Fair 2021.

Following its first successful run in May of 2020, Shopee and DTI are relaunching the National Food Fair this year to give micro, small and medium enterprises (MSMEs) an online platform to showcase their products during these trying times.

This year’s National Food Fair will follow last year’s online set-up, which was the first of its kind. From May 10 to 16, buyers can find products such as jams, pastries, condiments, and more from local sellers at the National Food Fair.

Shopee Philippines Director Martin Yu said, “We recognize the impact this pandemic has had on our local businesses. Now more than ever, it is crucial that we provide our local businesses with opportunities to bounce back and stay afloat. Shopee will continue to ramp up its efforts to plan initiatives that support local MSMEs and help them thrive on our platform.

We invite our shoppers to support our local entrepreneurs this May 10 to 16 at the National Food Fair.”

DTI Bureau of Domestic Trade Promotion Director Marievic M. Bonoan, for her part, said, “At DTI, we are working towards empowering MSMEs by expanding and increasing their access to economic opportunities. We have partnered with Shopee to further bolster our support for Filipino MSMEs, especially during this pandemic. With the Online National Food Fair, local businesses can promote their products on a larger scale and help them grow in the long run.”

Shopee aims to provide sellers with a platform that fosters growth and sustainability for their businesses in response to these challenging times. Through various initiatives in partnership with the DTI and local government units, the transition from a physical to an online setting is easier and more convenient. Just last February, Shopee launched #TatakPinoy: Buy Local, Support Local, a campaign that empowered local MSMEs by giving their products a spotlight on the platform. In addition to these campaigns, there are also initiatives focused on online sellers to equip them with the necessary tools to monitor their business growth and development while providing them with knowledge on e-commerce and digital marketing.

Editor: Vittorio V. Vitug • Wednesday, May 12, 2021 B3

T

“We know and we hope that the economy will recover faster because MSMEs can only take so much disruptions.”

@rodrik_28

Contributor

HE lingering economic impact of the Covid-19 pandemic has left many businesses on the brink of shutting down operations.

This holds true when drastic quarantine measures were implemented and reimposed in Metro Manila and nearby areas in a bid to curb rising infection rates, but not in the case of rural areas where economic activities continued, if not restricted at all.

BDO Network Bank (BDONB), the rural bank arm of BDO Unibank, could attest to that given its improved business performance amid the ongoing health crisis.

The company posted 35 percent and more than 400 percent growths in loan portfolio and net income, respectively, in the first three months of 2021 compared with the same period last year.

“It turns out that our mission seems to be immune from the virus because if you follow [our first quarter] results, we’re doing even better than pre-pandemic,” BDONB President Jesus Antonio Itchon told the BusinessMirror in an online interview.

Spared from the bad health situation that the rest of the country has been facing, however, the bank has not been complacent to fulfill its very thrust to lend a helping hand and find ways to reach out and better serve customers in these trying times.

In fact, it has kept its operations running even during the imposition of the enhanced community quarantine in March 2020 up to this day when curbs have been implemented again in the National Capital Region Plus bubble due to the recent resurgence of the coronavirus.

“While other banks were closed, we are proud to say that BDO Network Bank remained open throughout this pandemic. So our clients or the public were very happy,” noted Ramon Militar, senior vice president (SVP) and head for community branch banking.

Financial inclusion for all

IN any crisis, businesses have no one to turn to except the lending institutions. The loans that they provide serve as a lifeline, especially for micro, small and medium enterprises (MSMEs), to withstand the difficult times.

“We know there’s at least a million—I think this number is underestimated—MSMEs in the Philippines.

The majority of them are micro and small. You could say like 90-plus percent of them,” cited Karen Cua, SVP and head of MSME Loans. “[Unfortunately], they are underserved, especially from a bank’s perspective, because they are undocumented.”

Left without a formal loan provider to go to, they usually end up borrowing from an informal lender that usually has limited amount to shed yet payable in short term with high interest rates.

So what happens, Itchon said, is that they roll out the capital only to payoff the lender. He said that “these entrepreneurs are working for the borrowers” because they pay higher than the original loan amount and nothing is left as a profit that can be reinvested to grow their business.

This informal lending set up had pushed the BDO Unibank to develop and establish a micro-finance business through its acquisition of the One Network Bank from the Consunjis in 2016, which, eventually, became the BDONB. “Our vision is to be the leading bank that can promote financial inclusion among unbanked and underserved communities,” said the company’s president.

Relatable, not intimidating

SARI-SARI stores, wet market vendors, hardware, bakery, or even junkshops—these are just some of the MSMEs that the bank has been serving in remote and even far-flung areas nationwide.

BDONB, despite being a leading micro finance player in the countryside, is really changing the way this segment is able to access credit in a simple, relatable and approachable manner. Seeing how informal lenders serve their clients, the rural bank has adapted some of their practices.

First of which is going onsite like the wet market where the businesses are concentrated, to do oculars with potential borrowers. Just like the informal lenders, BDONB’s account officers are normally seen there walking around, talking to prospective clients. Unlike the former, however, they are more presentable wearing a T-shirt with blue and yellow colors distinctive to the company.

They then assess the income of the

Success stories

WELL-ESTABLISHED in its pursuit of financial inclusion going into the countryside, BDONB has Jesus Antonio S. Itchon, president of BDO Network Bank Ramon Militar, head of Community Banking Network Group many success stories to tell about its busiborrowers so that they will ness borrowers to transform and know their capacity to pay. grow their entities, especially during What makes BDONB’s loan this time of crisis. facilities more palatable is “Definitely during the pandemic, that they do not require we helped transform and extend any collateral nor any other some of their businesses,” siad the documents like the audited SVP and head of MSME Loans. financial statement or inShe cited, for instance, their clicome tax return that usuent who produces hollow blocks and ally make them shy away diversifies into other trade. Because from the banks and other of the decrease in the demand for formal lenders. Even betsuch construction materials amid ter, its interest rate versus this health crisis, this customer has informal lenders is much Karen L. Cua, senior VP and head of MSME loans shifted to seeing essential goods like lower than 120 percent. cooking oil with their loan facility.

Since some of its borrowers are Another inspiring account, acship with them by opening a savings first timers to deal with the banks, cording to her, are the sports uniaccount to keep their hard-earned they’re not familiar with the requiremoney and avail other investment form-makers-turned-manufacturments. Because of that, BDONB’s opportunities. ers of personal protective equipment account officers are in the market or PPE from Davao. The bank was “This is our way of also teaching to assess and gather what they have able to provide them with a loan them how to be safe and financially so they can determine how much just before the hard lockdown that, savvier,” noted the SVP and head for the bank could lend to them, which community branch banking. in turned, enabled them “to switch usually range from P30,000 up to to a new business line.”

P500,000 that is payable in three BDONB also has helped convert Responsible borrowers years, and repayment is monthly. stranded overseas Filipino workers BECAUSE BDONB aims to make “We have a commitment of three here to become entrepreneurs and a profit to continue operating, the to five business days as a turnaround stay for good instead of going back company tries as much as possible time—from the time that you apply to their host countries for the proto prevent its MSME borrowers from to the time that you get approved verbial greener pastures. Some of being delinquent. and disbursed; and, yes, I guess we them have put up their own sari-sari “So we make sure that during or do meet this,” Cua said of the entire stores. She noted that these OFWs upon approving the loan, we give loan process that is fast with high now realize that they can work in the them a loan orientation to make sure approval ratings.

Philippines and be with their family that they understand what they’re without the need to go abroad. obligated to,” Cua pointed out.

“From a bank, considering we do Seamless collection process Knowing how busy their enterhave deposit funding, we are able to APART from the account officers, prising customers are to their busiprovide an amount that they need, field tellers are likewise regular visinesses, she said that their officers if they want to grow their business, tors in the marketplace to collect the make sure that they call them or [or] invest in business assets like borrower’s monthly dues. send them an SMS to remind them delivery trucks. So that is, in a way, “We actually had to go out to of how much is their dues. the mission of BDO Network Bank, them,” Itchon said of their initiative “And when they become delinvis-a-vis the BDO Group, we are the to directly go to the stores of their quent for many reasons, so, some platform to really reach to the uncustomers to collect their payments are given more time to pay back,” derserved for the sake of financial rather than have them settle their she added. “If it’s a capacity issue, inclusion,” Cua stressed. obligation over the counter at their let’s say temporary disruptions this BDONB is the largest rural bank branches. “It’s part of our inclusive pandemic, we are able to give payin the Philippines in terms of asactivities.” ment arrangements. We find ways sets, with a network of over 300 The field tellers bring with them to make it more affordable, [like if branches and loan offices and 277 point of sales, or POS machines, to they committed to pay monthly] automated teller machines nationautomatically debit their dues from P10,000, and because of some diswide. Manned by a competent pool ruptions, we find ways to lower that their deposit accounts. of almost 3,800 employees, the bank installment every month [so as to “The vendors are given receipts settle the] loan.” offers a wide array of financial prodand their accounts are immediately The rural bank, per the top execuucts and services, including loans, credited with the bank,” Militar extive, also had complied with the Bayadeposits, cash management, remitplained. nihan grace period requirement and, This way, he said, they don’t just tances, and bills payment in areas on top of that, gave credit extensions teach them how to borrow but also considered unserved or underserved to allow them to recuperate. Cua said: build a complete banking relationby banks.

GMT Manila and MMC tie up ensures supply of imported diagnostic tests

A

MID hesitation and worry of patients to have in person consultations with their attending physicians for fear of contracting the virus, Global Medical Technologies (GMT) Manila, a subsidiary of Romlas Health Group, it has pursued its partnership with the Metropolitan Medical Center (MMC) to offer a wide array of personalized diagnostic tests and medical services covering various health concerns, such as nutrition, gut health, allergy, cancer, mental health, and genetics.

Through their collaborative efforts, MMC patients can avail of advanced testing solutions, including the Food Intolerance Test, which finds out the food causes behind symptoms like headaches, bloating, nausea; FABER (P-Friendly Allergen Nano-Bead Array), which finds out which substances the patient is allergic to with just one blood sample;

the Organic Acids Test, which finds out if conditions like fatigue and autoimmune disorders are caused by metabolic processes; and Genomind, which finds out the best treatment for the patient’s mental and emotional disorder based on their genes.

Other tests are targeted towards cancer such as Cellmax Life, which finds out a person’s hereditary cancer risk; and Onconomics, which finds out the best personalized treatment for a cancer patient. Most of these tests just take a simple blood or urine test to get comprehensive results.

The diagnostic tests of GMT Manila are of great support to its Wellness Center, according to MCC Hospital Administrator Dr. Chester Tan. “Moving forward, I see these diagnostics tests as the future in the medical practice in the treatment of our clients with different medi-

cal conditions. They focus more on preventing diseases and having good health to begin with, instead of cure,” he said.

With its alliance with MCC, GMT Manila is driven further to fulfill its thrust to better serve the patients of its partner-hospitals and other medical institutions by ensuring ample supply of diagnostic tests in these trying times.

The ensuing pandemic, per GMT Manila Brand Manager Vanz Cruz, has resulted to hesitation of most non-Covid-19 patients to avoid faceto-face consultation with their doctors to avoid any possible Covid-19 infection.

“The different non-communicable diseases we are serving with our diagnostics tests are still prevalent, but with challenges of medical check ups with the different specialists that uses our tests resulted to a decline in

the demand, but we are focused still in helping our patients to have the best available test to help their doctors in the preparation of their treatments,” he told the Businessmirror in an interview through social media.

GMT Manila distributes locally imported diagnostic tests from principal partners based in the United States, the United Kingdom, Austria, Switzerland and Italy.

“We have challenges especially in the send out of the specimen because we get the services of commercial delivery services as they are affected by the current pandemic as well,” Cruz bared.

“But with regards to the availability of the kits of the different tests we had an internal arrangement with our principals to have ample kits to serve all our customers and partners which we based on projections,” he said. Roderick L. Abad

GLOBAL Medical Technologies Manila has officially closed its partnership deal with Metropolitan Medical Center to offer more imported diagnostic tests locally. Present during the contract signing are (from left): April Francisco, GMT trade marketing manager; Harmon Herman, GMT medical presales manager; Chill Orbegoso, GMT key accounts head; Dr. Sheryll Pua, MMC head of corporate planning and business development; Rebecca Uy-Tanganco, MMC procurement manager (head of Supply Chain Division); and Jean Azucena, MMC marketing head.

B2

Companies BusinessMirror

Wednesday, May 12, 2021

PSE STOCK QUOTATIONS

May 11, 2021

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

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

43.3 105.7 81.7 25.1 9.55 43.6 9.55 21.65 28.35 57 115 74.85 1.43 3.91 0.6 3.01 7.49 1.42 0.395 0.68 155 2,450

43.55 106 81.95 25.15 9.59 43.75 9.99 21.7 28.4 59.5 115.4 74.9 1.45 3.93 0.64 3.14 8.1 1.54 0.42 0.72 157 2,498

43.5 105 82.9 25.05 9.56 44.1 9.6 21.8 28.5 59.25 115.2 74.95 1.41 3.91 0.6 3.01 7.48 1.42 0.395 0.72 160 2,498

43.55 106.5 82.9 25.2 9.82 44.6 9.6 21.8 28.95 59.7 116 74.95 1.45 3.95 0.6 3.01 7.48 1.42 0.42 0.72 160 2,498

43.5 105 81.15 25.05 9.51 43.6 9.6 21.75 28.2 59 114.7 74.7 1.41 3.91 0.6 3.01 7.48 1.42 0.395 0.7 153.1 2,498

43.55 106 81.95 25.15 9.55 43.6 9.6 21.75 28.4 59.5 115.4 74.85 1.45 3.93 0.6 3.01 7.48 1.42 0.42 0.7 155 2,498

20,100 2,755,960 680,720 108,200 158,400 3,035,500 3,000 600 1,569,400 5,240 160,650 17,230 67,000 107,000 5,000 1,000 100 16,000 30,000 80,000 8,910 5

874,805 291,853,033 55,594,409 2,721,970 1,518,054 133,043,360 28,800 13,070 44,700,640 309,990 18,499,446 1,289,011 94,750 420,270 3,000 3,010 748 22,720 12,100 56,060 1,383,102 12,490

4,350 79,977,317 -28,436,877.50 9,776 -57,197,610 -4,856,880 -4,227,690 -633,560.50 27,010 -

INDUSTRIAL AC ENERGY 7.3 7.32 7.19 7.34 7.19 7.32 31,681,700 230,466,433 1.32 1.33 1.35 1.36 1.32 1.32 887,000 1,178,490 ALSONS CONS ABOITIZ POWER 23 23.7 23.25 23.7 22.65 23.7 6,736,300 155,463,345 0.8 0.81 0.81 0.82 0.78 0.8 16,047,000 12,844,870 BASIC ENERGY 31.25 31.3 31.3 31.3 31.15 31.3 121,000 3,783,670 FIRST GEN FIRST PHIL HLDG 67.45 67.6 67.6 67.6 67.4 67.45 9,390 634,067 273 274.8 272 274.8 271.8 274.8 107,010 29,294,874 MERALCO 14.34 14.54 14.86 14.88 14.34 14.34 2,223,900 32,342,582 MANILA WATER PETRON 3.4 3.41 3.45 3.45 3.38 3.4 404,000 1,378,160 3.9 3.97 4.05 4.05 3.88 3.88 23,000 89,700 PETROENERGY 13.3 13.34 13.2 13.38 13 13.34 313,300 4,146,136 PHX PETROLEUM PILIPINAS SHELL 21.8 21.9 22 22 21.8 21.9 239,400 5,242,580 10.42 10.44 10.4 10.44 10.36 10.44 87,300 908,412 SPC POWER 14.18 14.4 14.5 14.5 14.4 14.4 8,000 115,900 VIVANT AGRINURTURE 6.66 6.68 6.55 6.75 6.55 6.68 1,539,200 10,116,673 2.85 2.86 2.96 2.96 2.86 2.86 1,024,000 2,974,990 AXELUM 21.8 21.85 21.95 21.95 21.1 21.8 1,095,400 23,848,835 CENTURY FOOD DEL MONTE 13.06 13.16 13.7 13.8 13 13.06 421,400 5,565,514 7.69 7.7 7.75 7.75 7.67 7.7 3,131,100 24,097,609 DNL INDUS 9.51 9.55 9.5 9.89 9.47 9.51 1,003,700 9,544,586 EMPERADOR SMC FOODANDBEV 69 69.1 69.3 69.3 68 69 266,080 18,352,713.50 0.61 0.63 0.63 0.64 0.61 0.62 157,000 96,520 ALLIANCE SELECT 1.4 1.41 1.45 1.47 1.41 1.41 7,920,000 11,332,130 FRUITAS HLDG GINEBRA 62 62.45 63.5 63.5 61.55 62 211,670 13,151,051 175 175.1 175.1 175.6 174.4 175 296,770 51,928,794 JOLLIBEE 28.3 28.8 28.5 28.5 28.5 28.5 10,000 285,000 LIBERTY FLOUR MAXS GROUP 5.84 5.86 5.97 5.98 5.83 5.83 94,000 553,750 0.285 0.29 0.29 0.295 0.285 0.285 2,980,000 857,700 MG HLDG SHAKEYS PIZZA 7.46 7.48 7.5 7.55 7.44 7.46 1,019,600 7,635,439 ROXAS AND CO 1.02 1.04 1.03 1.05 1.02 1.04 721,000 741,070 0.133 0.135 0.133 0.133 0.132 0.133 7,050,000 934,780 SWIFT FOODS UNIV ROBINA 130.9 132 130.5 132.8 130 132 587,050 77,134,951 VITARICH 0.79 0.8 0.82 0.82 0.79 0.8 1,189,000 950,490 2.49 2.55 2.68 2.68 2.49 2.49 99,000 255,920 VICTORIAS CONCRETE A 54.7 56.95 56.95 57 56.95 57 160 9,115.50 60.1 63.8 63.8 63.8 63.8 63.8 10 638 CONCRETE B 1.18 1.19 1.18 1.19 1.17 1.18 540,000 634,820 CEMEX HLDG DAVINCI CAPITAL 2.72 2.73 2.73 2.77 2.68 2.73 569,000 1,546,890 EAGLE CEMENT 11.58 11.88 11.96 11.96 11.58 11.88 7,600 88,114 6.86 6.95 7.06 7.06 6.9 6.9 261,000 1,822,277 EEI CORP HOLCIM 5.5 5.52 5.54 5.54 5.44 5.5 393,000 2,160,838 MEGAWIDE 6.68 6.69 6.65 6.73 6.61 6.68 206,500 1,375,350 12 12.1 12.02 12.3 12 12.1 29,200 352,926 PHINMA TKC METALS 1.08 1.09 1.14 1.14 1.08 1.08 500,000 545,200 VULCAN INDL 2.26 2.27 2.24 2.3 2.2 2.26 4,442,000 10,048,660 1.84 1.85 1.82 1.86 1.82 1.85 39,000 71,450 CROWN ASIA EUROMED 1.94 1.98 1.98 1.98 1.94 1.94 21,000 41,500 4.5 4.54 4.54 4.54 4.5 4.54 31,000 140,660 MABUHAY VINYL 22.05 22.9 22.95 22.95 22.05 22.9 600 13,575 CONCEPCION GREENERGY 4.11 4.12 4.1 4.13 4 4.12 15,641,000 63,715,580 INTEGRATED MICR 9.11 9.16 9.5 9.54 9.11 9.11 778,700 7,263,664 1.06 1.07 1.05 1.09 1.05 1.07 138,000 145,900 IONICS SFA SEMICON 1.29 1.3 1.34 1.34 1.29 1.3 117,000 152,260 5.75 5.76 5.78 5.8 5.72 5.75 1,163,800 6,695,046 CIRTEK HLDG

64,662,690 6,461,435 55,430 -1,560,370 -112,708 -4,697,930 -1,731,398 -6,800 4,000 -66,600 4,080,250 3,423,067 23,180 1,110,460 40,960 -9,848,374 -828,485 -394,266.50 -630 706,420 11,891,676.50 -23,731,589 -23,462 -7,096,116 -61,270 -27,247,226 -60,140 -781,595 494,037 -187,982 36,720 1,860 -1,620,860.00 -3,722,714 51,600 138,840

HOLDING & FRIMS ABACORE CAPITAL 1.04 1.05 1.08 1.1 1.03 1.04 11,776,000 12,408,970 7.05 7.4 7.4 7.4 7.4 7.4 100 740 ASIABEST GROUP AYALA CORP 740 741 730 742 730 740 188,440 139,087,710 35.5 35.95 34.9 36.1 34.55 35.95 1,629,600 58,068,835 ABOITIZ EQUITY 10.1 10.14 10.34 10.34 10.06 10.12 5,821,800 59,014,188 ALLIANCE GLOBAL AYALA LAND LOG 2.98 3 3.07 3.07 2.98 2.98 386,000 1,160,400 6.6 6.8 6.8 6.8 6.6 6.8 22,800 151,160 ANSCOR 0.81 0.82 0.8 0.81 0.78 0.81 1,716,000 1,364,620 ANGLO PHIL HLDG ATN HLDG A 0.69 0.7 0.7 0.7 0.69 0.7 528,000 368,790 0.69 0.7 0.7 0.7 0.69 0.7 70,000 48,700 ATN HLDG B 4.99 5 5.06 5.12 5 5 455,200 2,290,309 COSCO CAPITAL DMCI HLDG 5.4 5.42 5.41 5.46 5.41 5.42 4,264,200 23,139,387 8.05 8.1 8.1 8.1 8.05 8.05 6,100 49,160 FILINVEST DEV 0.27 0.285 0.29 0.3 0.265 0.285 770,000 215,150 FORUM PACIFIC GT CAPITAL 514 528 525.5 528 508 528 94,740 49,337,120 3.38 3.57 3.57 3.57 3.57 3.57 1,000 3,570 HOUSE OF INV 51.05 51.2 51.2 51.85 50.9 51.2 1,356,710 69,494,500.50 JG SUMMIT JOLLIVILLE HLDG 4.58 4.97 4.53 4.97 4.53 4.97 1,100 5,071 4.78 5.26 4.98 5 4.98 5 3,000 14,970 KEPPEL HLDG A 0.89 0.9 0.96 0.96 0.88 0.9 2,328,000 2,121,430 LODESTAR LOPEZ HLDG 3.21 3.23 3.25 3.26 3.22 3.22 84,000 272,270 13 13.1 12.88 13.1 12.88 13 1,605,400 20,883,876 LT GROUP 3.81 3.82 3.91 3.95 3.79 3.81 27,732,000 106,303,110 METRO PAC INV PACIFICA HLDG 3.55 3.71 3.58 3.58 3.55 3.55 12,000 42,630 2.65 2.66 2.6 2.66 2.6 2.65 437,000 1,154,850 PRIME MEDIA SOLID GROUP 1.21 1.22 1.22 1.22 1.22 1.22 80,000 97,600 372 373 373 373 373 373 100 37,300 SYNERGY GRID 934 940 930 940.5 923.5 940 178,830 167,352,245 SM INVESTMENTS SAN MIGUEL CORP 117 117.3 117.5 117.7 116.9 117.3 165,170 19,378,077 SOC RESOURCES 0.67 0.7 0.67 0.67 0.66 0.67 96,000 63,500 2.06 2.31 2.06 2.06 2.06 2.06 1,000 2,060 SEAFRONT RES TOP FRONTIER 129.3 131.5 131.7 131.7 131.6 131.6 450 59,262 0.227 0.228 0.245 0.245 0.222 0.227 4,620,000 1,057,830 ZEUS HLDG

-1,916,080 -740 -47,985,975 22,895,585 -33,538,052 3,000 -40,660 -1,370,402 -796,952 4,715,020 3,570 7,146,589 73,950 -133,250 -10,190,562 -65,577,840 -23,890 23,030,170 -2,237,311 11,450

PROPERTY ARTHALAND CORP 0.63 0.64 0.63 0.64 0.63 0.64 232,000 146,300 32.2 32.25 32.15 32.3 32.05 32.25 9,729,100 313,032,605 AYALA LAND ARANETA PROP 1.21 1.29 1.21 1.21 1.21 1.21 50,000 60,500 34.15 34.4 33.6 34.5 33.6 34.15 1,033,800 35,221,840 AREIT RT 1.37 1.39 1.38 1.39 1.37 1.37 251,000 346,440 BELLE CORP A BROWN 0.92 0.93 0.96 0.97 0.93 0.93 1,972,000 1,859,680 0.92 0.93 0.92 0.93 0.92 0.92 469,000 431,510 CITYLAND DEVT 0.121 0.129 0.131 0.131 0.12 0.125 36,050,000 4,523,380 CROWN EQUITIES CEB LANDMASTERS 5.79 5.8 5.79 5.85 5.74 5.8 425,500 2,459,503 0.395 0.405 0.4 0.415 0.385 0.4 78,880,000 31,416,250 CENTURY PROP 0.32 0.33 0.32 0.32 0.315 0.32 830,000 264,750 CYBER BAY DOUBLEDRAGON 12.48 12.5 12.62 12.62 12.3 12.5 931,200 11,607,382 1.99 2 1.96 2.02 1.96 2 6,355,000 12,697,540 DDMP RT 6.71 6.75 6.75 6.75 6.71 6.71 56,300 378,815 DM WENCESLAO EMPIRE EAST 0.275 0.285 0.275 0.275 0.275 0.275 40,000 11,000 0.178 0.18 0.169 0.183 0.168 0.18 16,830,000 2,992,910 EVER GOTESCO 1.09 1.1 1.1 1.11 1.09 1.1 4,231,000 4,645,320 FILINVEST LAND GLOBAL ESTATE 0.83 0.85 0.85 0.85 0.85 0.85 50,000 42,500 1.33 1.35 1.32 1.38 1.29 1.33 2,704,000 3,605,610 PHIL INFRADEV 1.72 1.73 1.82 1.84 1.72 1.72 1,723,000 3,026,520 CITY AND LAND MEGAWORLD 2.98 3 3.07 3.09 2.98 2.98 45,234,000 136,063,480 0.405 0.41 0.41 0.425 0.4 0.405 15,570,000 6,403,250 MRC ALLIED 0.53 0.54 0.54 0.56 0.53 0.53 3,867,000 2,106,910 PHIL ESTATES PRIMEX CORP 3.43 3.45 3.49 3.49 3.41 3.45 2,677,000 9,227,260 17.06 17.12 17.28 17.4 17.04 17.12 864,100 14,867,698 ROBINSONS LAND 0.25 0.255 0.265 0.265 0.26 0.26 160,000 42,350 PHIL REALTY ROCKWELL 1.5 1.52 1.52 1.52 1.52 1.52 16,000 24,320 2.61 2.62 2.61 2.62 2.61 2.62 42,000 109,690 SHANG PROP STA LUCIA LAND 2.31 2.42 2.4 2.44 2.3 2.42 105,000 252,240 SM PRIME HLDG 33.5 33.95 33.6 33.95 33.25 33.95 3,212,900 108,191,575 3.73 3.84 3.85 3.85 3.85 3.85 2,000 7,700 VISTAMALLS SUNTRUST HOME 1.48 1.54 1.41 1.5 1.41 1.5 1,531,000 2,270,240 VISTA LAND 3.67 3.68 3.59 3.69 3.59 3.67 1,810,000 6,614,070

SERVICES ABS CBN 10.96 11 11 11.08 11 11 19,700 217,454 8.55 8.56 8.38 8.6 8.38 8.55 1,235,000 10,510,227 GMA NETWORK MANILA BULLETIN 0.45 0.46 0.455 0.455 0.455 0.455 280,000 127,400 1,857 1,860 1,860 1,870 1,846 1,860 40,005 74,396,140 GLOBE TELECOM 1,263 1,264 1,250 1,270 1,250 1,264 112,690 142,634,905 PLDT APOLLO GLOBAL 0.195 0.196 0.194 0.198 0.194 0.195 132,540,000 25,823,890 18.82 18.9 18.88 19.1 18.78 18.9 4,641,700 87,658,666 CONVERGE 4.46 4.48 4.98 4.98 4.42 4.48 5,854,000 26,980,030 DFNN INC DITO CME HLDG 9.49 9.5 9.66 9.67 9.3 9.5 17,213,500 163,124,789 1.59 1.81 1.65 1.75 1.59 1.59 29,000 47,490 IMPERIAL 2.2 2.25 2.21 2.26 2.19 2.26 20,000 44,260 JACKSTONES NOW CORP 2.56 2.58 2.57 2.59 2.56 2.56 2,582,000 6,615,880 0.4 0.405 0.39 0.41 0.39 0.4 9,140,000 3,691,300 TRANSPACIFIC BR 2.55 2.56 2.56 2.63 2.53 2.53 276,000 707,570 PHILWEB 2GO GROUP 8.23 8.24 8.23 8.24 8.23 8.24 17,800 146,496 15.82 16.26 15.9 16.78 15.84 16.26 21,200 336,778 ASIAN TERMINALS 2.92 2.96 2.91 3 2.9 2.96 434,000 1,271,830 CHELSEA CEBU AIR 48.3 48.4 48.5 48.8 48.1 48.3 273,400 13,206,390 139.9 140 141 143.3 139.1 140 3,350,740 471,374,856 INTL CONTAINER 4.66 4.68 4.62 4.85 4.61 4.68 1,668,000 7,858,740 MACROASIA METROALLIANCE A 2.25 2.3 2.19 2.35 2.19 2.3 521,000 1,189,650 2.59 2.6 2.6 2.6 2.55 2.59 24,000 62,160 METROALLIANCE B 5.81 5.9 5.85 5.9 5.81 5.81 25,000 146,390 PAL HLDG HARBOR STAR 1.29 1.31 1.35 1.35 1.28 1.29 395,000 518,130 1.52 1.55 1.58 1.58 1.58 1.58 2,000 3,160 ACESITE HOTEL BOULEVARD HLDG 0.082 0.083 0.088 0.088 0.081 0.082 253,940,000 21,243,970 DISCOVERY WORLD 2.88 3.03 2.83 3.07 2.83 3.04 73,000 220,360 0.52 0.53 0.54 0.56 0.53 0.53 3,822,000 2,038,650 WATERFRONT CENTRO ESCOLAR 6.59 7.25 6.52 6.56 6.52 6.56 2,500 16,378 581 590 585.5 585.5 580 580 1,000 580,210 FAR EASTERN U 0.35 0.355 0.355 0.355 0.355 0.355 20,000 7,100 STI HLDG BERJAYA 4.8 4.9 4.8 4.8 4.8 4.8 6,000 28,800 6.08 6.15 6.2 6.3 6.08 6.15 3,513,800 21,597,572 BLOOMBERRY 2.07 2.14 2.1 2.14 2.06 2.14 97,000 201,470 PACIFIC ONLINE LEISURE AND RES 1.5 1.58 1.59 1.59 1.5 1.58 1,019,000 1,542,670 2.03 2.11 2.12 2.12 2.12 2.12 1,000 2,120 MANILA JOCKEY 1.9 1.92 1.99 2 1.9 1.92 3,538,000 6,837,450 PH RESORTS GRP PREMIUM LEISURE 0.395 0.4 0.4 0.4 0.4 0.4 920,000 368,000 PHIL RACING 5.9 6 5.91 6 5.91 6 1,200 7,110 7.36 7.4 7.4 7.54 7.31 7.4 526,700 3,893,408 ALLHOME METRO RETAIL 1.28 1.29 1.29 1.29 1.27 1.28 340,000 435,220 PUREGOLD 33.9 33.95 34.1 34.7 33.6 33.9 2,486,000 84,344,615 50.35 50.4 51.3 51.5 50.35 50.4 1,612,800 81,552,216 ROBINSONS RTL PHIL SEVEN CORP 109 110.9 111 111 110 110 360 39,688 SSI GROUP 1.17 1.19 1.19 1.19 1.16 1.19 677,000 796,130 18.1 18.3 18.44 18.52 18.06 18.3 625,300 11,518,216 WILCON DEPOT GOLDEN MV 390 412.8 412.8 412.8 412.8 412.8 310 127,968 2.33 2.47 2.32 2.32 2.32 2.32 3,000 6,960 PAXYS 1.95 1.96 2 2.02 1.92 1.95 18,995,000 37,189,870 PRMIERE HORIZON SBS PHIL CORP 4.12 4.16 4.16 4.16 4.15 4.15 3,000 12,460

9,450 -63,547,980 -14,043,430 -33,900 8,280 -189,292 -12,900 -1,022,682 141,890 -101,925 1,750 -874,960 -17,150 132,010 -21,890,780 -299,450 48,700 6,872,820 287,580 -24,320 10,480 -9,760 -60,734,970 -31,290 -459,280 -43,558,535 14,730,930 260,580 6,209,800 492,110 3,578,566 -4,705,810 2,469 -52,880 4,187,070 35,961,737 -2,981,400 2,925 -26,160 -458,910 -536,820 -4,094,627 321,880 -56,000 2,237,565 3,840 3,093,085 -23,309,119 29,700 7,980 -8,448,208 -72,690 -

MINING & OIL ATOK 8.64 8.85 8.7 8.88 8.61 8.85 96,200 840,037 -71,078 APEX MINING 1.64 1.65 1.75 1.75 1.63 1.65 4,756,000 7,932,710 220,470 8.22 8.25 8.46 8.54 8.2 8.25 1,640,300 13,580,568 531,327 ATLAS MINING 2.92 3.14 2.95 3.18 2.9 3.18 473,000 1,395,250 BENGUET A BENGUET B 2.83 3.11 3.14 3.14 3.14 3.14 10,000 31,400 0.325 0.335 0.325 0.34 0.325 0.34 190,000 63,100 COAL ASIA HLDG 2.85 2.88 2.85 2.89 2.81 2.88 84,000 239,740 211,620 CENTURY PEAK DIZON MINES 7 7.14 6.87 7.14 6.87 7.14 17,100 119,078 2.53 2.54 2.61 2.61 2.52 2.54 1,512,000 3,833,050 772,730 FERRONICKEL 0.345 0.35 0.35 0.365 0.345 0.345 990,000 343,650 14,000 GEOGRACE LEPANTO A 0.181 0.182 0.188 0.188 0.179 0.182 112,920,000 20,507,480 0.183 0.184 0.187 0.187 0.184 0.184 2,870,000 530,500 16,680 LEPANTO B 0.015 0.016 0.016 0.016 0.015 0.015 268,400,000 4,082,100 MANILA MINING A MANILA MINING B 0.016 0.017 0.017 0.017 0.016 0.016 62,200,000 1,008,200 1.31 1.32 1.39 1.39 1.3 1.31 1,565,000 2,051,390 181,160 MARCVENTURES 1.5 1.51 1.61 1.64 1.47 1.5 1,197,000 1,801,700 16,500 NIHAO NICKEL ASIA 5.5 5.55 5.67 5.68 5.45 5.55 4,744,100 26,280,135 1,337,989 0.4 0.41 0.395 0.4 0.39 0.4 530,000 207,900 -175,900 OMICO CORP 0.91 0.92 0.96 0.96 0.91 0.92 687,000 631,360 19,200 ORNTL PENINSULA PX MINING 6.8 6.83 7.01 7.04 6.74 6.8 4,795,000 32,873,462 -333,180 12.6 12.78 12.92 13.1 12.6 12.6 1,439,100 18,370,304 -399,388 SEMIRARA MINING 0.01 0.011 0.011 0.011 0.01 0.011 64,900,000 708,900 -8,800 UNITED PARAGON ACE ENEXOR 16.92 17 17.24 17.4 16.9 17 80,900 1,379,258 81,060 0.011 0.013 0.012 0.013 0.012 0.013 162,800,000 1,983,700 ORNTL PETROL A 0.013 0.014 0.013 0.014 0.012 0.014 8,237,800,000 107,921,800 1,143,800 ORNTL PETROL B PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.012 102,700,000 1,181,000 7.1 7.15 7.2 7.2 7.08 7.1 456,500 3,248,542 316,067 PXP ENERGY

PREFFERED HOUSE PREF B 99.4 101 100 100 99.7 99.7 10,000 997,600 101 101.4 101.5 101.5 101.5 101.5 610 61,915 HOUSE PREF A AC PREF B1 515 531.5 515 515 515 515 450 231,750 101 102.7 102.5 102.5 102.5 102.5 200 20,500 20,500 ALCO PREF B 44.5 44.55 44.45 45 44.45 44.5 71,300 3,177,380 -1,888,155 CEB PREF DD PREF 100.5 101.4 101 101.4 100.5 100.5 5,360 538,984 107 109.7 109.5 109.7 109.5 109.7 740 81,064 FGEN PREF G 504 520 520 520 520 520 10 5,200 FPH PREF C GLO PREF P 505 507 507 507 507 507 10 5,070 101.6 102 102 102 102 102 680 69,360 MWIDE PREF 100 101 100 100 100 100 500 50,000 MWIDE PREF 2A MWIDE PREF 2B 100 101 101 101 101 101 1,000 101,000 103.5 104 104 104 104 104 780 81,120 PNX PREF 3B 1,005 1,008 1,008 1,008 1,006 1,006 1,615 1,626,710 PNX PREF 4 PCOR PREF 2B 1,024 1,039 1,039 1,039 1,039 1,039 150 155,850 79.5 79.9 79.8 79.9 79.8 79.9 6,940 554,432 SMC PREF 2C 78.7 78.95 78.6 78.6 78.6 78.6 5,000 393,000 SMC PREF 2F SMC PREF 2H 77.15 77.4 77.15 77.15 77.15 77.15 4,000 308,600 308,600 77 77.3 77 77 77 77 1,800 138,600 SMC PREF 2J 75.75 76.5 76.5 76.5 76.5 76.5 4,200 321,300 - SMC PREF 2K

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 8.05 8.09 8.1 8.1 8.05 8.09 112,500 909,674 -350,231

WARRANTS LR WARRANT 1.68 1.7 1.72 1.72 1.66 1.71 163,000 274,580 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.48 17.88 17.5 17.88 17.48 17.88 43,700 766,452 37,696 2.35 2.39 2.33 2.39 2.33 2.39 155,000 366,280 -21,260 ITALPINAS MERRYMART 4.81 4.82 4.81 4.93 4.8 4.82 4,409,000 21,401,410 -502,770

EXHANGE TRADE FUNDS

FIRST METRO ETF 95.45 96 95.5 96.25 95.4 96 26,070 2,497,293 316,108

www.businessmirror.com.ph

Mining, housing units boost DMCI income in Jan-March

By VG Cabuag

E

@villygc

ngineering conglomerate DMCI Holdings Inc. on Tuesday said its income in the first quarter grew almost seven times to P4.3 billion from the previous year’s P616 million due to the significant contribution of its coal mining, power and housing units.

Core net income in the Januaryto-March period surged four times to P4.1 billion from P1 billion last year.

This excludes a non-recurring loss of P414 million last year due mainly to sales cancellations for a DMCI Homes project and a non-recurring gain of P167 million owing to deferred tax re-measurement impact of Corporate Recovery and Tax Incentives for Enterprises Act or CREATE Law on

Maynilad’s service concession asset and a P12-million gain on sale of land of DMCI Homes this year.

“We had a better-than-expected first quarter because of higher construction accomplishments and better coal sales. With the exception of Maynilad, all of our businesses also did very well,” DMCI Holdings Chairman and President Isidro A. Consunji said.

“Our performance in the next quarters will largely depend on how the prices of coal, nickel and electricity will hold up. We also expect some operational headwinds for SMPC [Semirara Mining and Power Corp.] given the abnormal water seepages at Molave North Block 7 and the forced plant outages.”

DMCI Homes booked a net income of P1.6 billion, a turnaround from its P197-million net loss last year, mostly on higher construction accomplishments and recognition of down payment from new accounts.

Semirara Mining and Power Corp.’s income contribution more than doubled to P1.3 billion from P623 million last year as its coal business and subsidiary Southwest Luzon Power Generation Corp. benefited from improved demand and average selling prices for coal and electricity.

DMCI Mining also had a turnaround in operations contributing

P415 million from last year’s P26 million due to the combined effect of higher production, shipment, nickel grade and average selling price.

Contributions from D.M. Consunji Inc., the construction arm, doubled to P342 million from P170 million on higher construction accomplishments and minimal expenses related to Covid-19. Quarantine restrictions continued to weaken billed volume and average effective tariff for Maynilad Water Services Inc., which led to a 24-percent decline in core net income contributions to P287 million from P379 million.

DMCI Power contributed P118 million, a 22-percent rise from the previous P97 million on the back of higher electricity sales and lower fuel costs because of the commercial operation of its 15 megawatt Masbate thermal plant. Income from parent and others recovered to P13 million from a net loss of P68 million last year on the absence of expenses related to the Covid-19 pandemic.

Shell sees structural opex savings of ₧1B

By Lenie Lectura @llectura

P

ILIPINAS Shell Petroleum Corp. is expected to deliver about P1 billion in structural cost savings from its Tabangao refinery, which is now being converted into a world-class import facility.

“We should be able to realize structural opex (operational expenditure) savings from our manufacturing of about P700 million this year and additional P300 million in 2023, 2024 upon full transformation of our refinery into a world-class import facility,” said Reynaldo Abilo, the chief financial officer of the oil firm during the company’s annual stockholders’ meeting.

T he oi l f ir m per m a nent ly ceased refinery operations due to the negative outlook on regional refining margins. It also cancelled the 2020 dividend payout. Abilo said these were critical and strategic measures done to protect the long-term interests of the company.

But the company is optimistic that petroleum sales will go back to pre-pandemic levels soon. “If the government health measures will progress as promised then we

can assume that the petroleum demand will go back to pre-pandemic levels by 2022.

Energy demand, vehicle sales and household spending will also grow in line with the increase in economic activities. These serve as the foundations for growth for our businesses,” said Abilo.

He also added that the company would no longer be exposed to high volatility and depressed margins now that it has a fully imported supply chain.

With these, Abilo stressed that the company expects a “higher degree of ratability in our performance and reduce volatility of our earnings.”

Compa ny president Ces a r Romero said financial resilience and prudent investments remain a priority to ensure that Pilipinas Shell is able to weather any prolonged challenges and, at the same time, be in a position to emerge stronger from the crisis.

“We see our performance to continue to be strongly correlated to the performance of the Philippine economy. Hence, if the economy recovers in conjunction with positive developments in the health crisis, then we see every reason to see improvements in our business,” said Romero.

mutual funds

May 11, 2021

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

204.1

9.73%

-7.7%

-4.12%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2695

30.39%

-6.31%

1.22%

-3.31%

11.42%

-12.12%

-6.42%

-10.59%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7199 11.11%

-7.68% n.a.

-10.45%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6786 2.45%

-6.92% n.a.

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8011

First Metro Save and Learn Equity Fund,Inc. -a

-8.5%

11.11%

-5.6%

-3.12%

-8.99%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6413

2.28%

-9.54%

-7.98%

-6.1% n.a.

-6.91%

MBG Equity Investment Fund, Inc. -a

4.4973

-10.18%

94.9

25.58%

PAMI Equity Index Fund, Inc. -a

41.6411

12.25%

-6.02%

-2.94%

-11.11%

Philam Strategic Growth Fund, Inc. -a

438.97

9.62%

-5.98%

-3.33%

-10.23%

Philequity Alpha One Fund, Inc. -a,d,5

1.0171

18.47% n.a. n.a.

-7.31%

Philequity Dividend Yield Fund, Inc. -a

1.0779

12.79%

-5.12%

-2.16%

-7.73%

31.42

12.17%

-5.35%

-1.88%

-9.63%

9.52% n.a. n.a.

-11.27%

Philequity Fund, Inc. -a Philequity MSCI Philippine Index Fund, Inc. -a

0.8101

Philequity PSE Index Fund Inc. -a

4.2673

12.95%

-5.4%

-2.18%

-10.93%

Philippine Stock Index Fund Corp. -a

713.64

13%

-5.31%

-2.32%

-10.98%

Soldivo Strategic Growth Fund, Inc. -a

0.6513

11.03%

-9.48%

-5.56%

-9.4%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2546

9.07%

-7.41%

-3.61%

-10.19%

-5.68%

-2.46%

-11.2%

-5.3%

-1.08%

-9.14%

-5.13%

-1.66%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8149 12.42% United Fund, Inc. -a

3.0157

10.55%

-15.6%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

95.7452

13.05%

-10.98%

Primarily invested in foreign currency securities $1.2713

43.46%

5.2%

9.26%

5.69%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7509

ATRAM AsiaPlus Equity Fund, Inc. -b

39.58%

10.79%

11.97%

4.67%

-2.89%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6203

8.05%

-1.56%

-1.38%

ATRAM Philippine Balanced Fund, Inc. -a

2.1246

8.33%

-2.55%

-0.95%

-7.04%

First Metro Save and Learn Balanced Fund Inc. -a 2.4745

6.24%

-1.53%

-1.51%

-5.81%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1853

0.71% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

0.36%

0.44%

-4.52% -7.46%

1.8753

5.04%

PAMI Horizon Fund, Inc. -a

3.5054

5.53%

-1.17%

-0.82%

Philam Fund, Inc. -a

15.7085

5.85%

-1.06%

-0.81%

-7.25%

Solidaritas Fund, Inc. -a

1.9656

7.04%

-1.94%

-0.71%

-6.14%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3323 6.53%

-3.25%

-1.93%

-6.74%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9495

5.88% n.a. n.a.

-7.15%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8492

7.37% n.a. n.a.

-10.54%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8312

8.44% n.a. n.a.

-10.92%

Sun Life Prosperity Dynamic Fund, Inc. -a

5.26%

0.8171

-4.49%

-2.7%

-6.7%

-7.95%

Primarily invested in foreign currency securities

Converge expands fiber-optic assets

C

onverge ICT Solutions Inc. said on Tuesday its fiber-optic assets now span 370,000 kilometers, a feat that allows it to provide its customers with “the most consistent and fastest speed, without data caps.”

Dennis Anthony H. Uy, the company’s CEO, said his group’s fiber assets now span throughout Luzon, Visayas, and Mindanao, expanding both its backbone and last mile networks.

“As of end-April, total fiber assets of Converge have reached around 370,000 kilometers, with over 69,000 kilometers in its fiber backbone and distribution network and over 300,000 fiber kilometers in its last mile network, serving over one million customers,” he said.

This allowed Converge to conduct “soft launches” in Cebu and Davao, while full commercial launch is set for the second half of the year.

“We are on track to meeting our goal of reaching 55 percent of

Philippine households by 2025. As of end-2020, our all-fiber network has already passed over six million Filipino homes, accounting for 25 percent of total households,” Uy said.

Uy also said Converge delivers the “most consistent and fastest speed, without data caps,” responding to earlier statements made by the chief honchos of the two leading telcos.

“Speed tests only represent a small sample size, using defined parameters set by an organization.

Across the fixed broadband sector, most customers are subscribed to the lowest, entry level plans. Thus, it’s important to show speed test results that consistently reflect what the majority of subscribers signs up for and not a minority of high-end users may experience,” he said.

Converge, he claimed, delivers a “reliable digital experience close to the maximum speeds of their subscription plans, through fiber technology” to its customers. Lorenz S. Marasigan

Cocolife Dollar Fund Builder, Inc. -a

$0.03804

0.21%

3.08%

1.31%

-2.76%

PAMI Asia Balanced Fund, Inc. -b

$1.145

24.19%

3.01%

5.53%

-0.45%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6633 29.29%

8.42%

8.64%

3.33%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2062 15.72%

4.7%

4.84%

0.34%

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

371.11

2.28%

3.13%

2.55%

0.01%

ATRAM Corporate Bond Fund, Inc. -a

1.9128

-0.92%

0.91%

0.14%

0.66%

Cocolife Fixed Income Fund, Inc. -a

3.2235

1.66%

3.9%

4.43%

0.27%

Ekklesia Mutual Fund Inc. -a

2.2602

-0.72%

2.3%

1.59%

-1.56%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.433

0.44%

3.17%

1.76%

-0.82%

Philam Bond Fund, Inc. -a

4.4795

-0.66%

3.99%

1.89%

-3.35%

Philam Managed Income Fund, Inc. -a,6

1.3226

3.16%

4.31%

2.76%

0.11%

Philequity Peso Bond Fund, Inc. -a

3.9673

2.39%

4.41%

2.55%

-0.84%

Soldivo Bond Fund, Inc. -a

1.028

0.77%

4.11%

1.89%

-1.34%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1912

2.32%

5.18%

2.83%

-0.46%

Sun Life Prosperity GS Fund, Inc. -a

0.92%

4.48%

2.19%

-0.78%

1.7413

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$484.22

3.32%

3.14%

2.34%

0.07%

ALFM Euro Bond Fund, Inc. -a

Є219.89

2.7%

1.1%

1.19%

0.32%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1763

-1.46%

1.88%

1.11%

-8.13%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0.78%

1.59%

0.95%

-2.63%

PAMI Global Bond Fund, Inc -b

$1.0535

-0.08%

0.74%

-0.59%

-3.59%

Philam Dollar Bond Fund, Inc. -a

$2.4882

3.77%

5.07%

2.16%

-1.87%

Philequity Dollar Income Fund Inc. -a

$0.062678

5.1%

3.5%

2.19%

0.58%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1437 -0.42%

2.83%

0.98%

-2.48%

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

2.52%

0.18%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0511 1.29% n.a. n.a.

130.04

0.29%

Sun Life Prosperity Money Market Fund, Inc. -a 1.3031

2.06% 1.93%

3.11% 2.89%

2.57%

0.5%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0567

1.44%

1.72% n.a.

0.41%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.239 n.a. n.a. n.a.

9.68%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2

$1

11.11% n.a. n.a.

2.04%

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

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

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

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund).

7 - Launch date is July 6, 2020.

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

Wednesday, May 12, 2021

B4

Banking&Finance BusinessMirror

Govt rice tariff collections rise to ₧5.67B in 4 months

D

By Bernadette D. Nicolas

@BNicolasBM

ESPITE the lower import volume, the government’s tariff collections from rice imports from January to April this year rose to P5.67 billion, up by 3.7 percent compared to the same period a year ago.

The Bureau of Customs (BOC) said they surpassed their P5.46billion rice tariff collection in the same four-month period last year mainly through reforms in the rice valuation system.

Preliminary data presented by BOC to the Department of Finance (DOF) in a recent Executive Committee meeting showed a total of 804,360 metric tons (MT) of rice shipments worth P17 billion entered the country, representing a 9.2-percent decline from the 885,645 MT, valued at P16.4 billion, that were

imported during the same period last year.

Customs Commissioner Rey Leonardo B. Guerrero told Finance Secretary Carlos G. Dominguez III that the average value of rice imports posted a 14-percent hike to P21,096 per MT this year from P18,508 per MT during the same period in 2020.

For April, rice tariff collection also declined by 10.2 percent this year to P1.38 billion from P1.54 billion last year, based on separate data obtained and analyzed by the BusinessMirror.

Rice import volume in April this year also posted a double-digit drop of 16.8 percent to 198,820.27 MT from 238,897.2 MT in the same month a year ago.

The year-on-year decline in monthly rice import volume and monthly rice tariff collection started in March this year.

Rice tariff collection in March plunged by 47.8 percent to P849.32 million this year from last year’s P1.63 billion.

Meanwhile, rice import volume in March this year also dived by 53.8 percent to 120,560.16 MT from 260,964.44 MT in the same month in 2020. Guerrero attributed the year-on-year decline in rice import volumes in March and April to the local harvest season.

He also said the value of rice imports fell in April because these were mostly shipments of husked rice, which has lower value than milled rice varieties.

“Well, actually, that’s better because when you import husk, you know, the darak is a by-product so that’s good for the feed industry and,

of course, our millers also have work,” said Dominguez, who was a former agriculture secretary.

Tariffs collected from rice imports are used to fund the six-year P10-billion annual Rice Competitiveness Enhancement Fund to bankroll programs that provide farmers with high-quality seeds, machinery, easier credit access, and relevant training. This is meant to improve their productivity and become competitive.

Should annual tariff revenues from rice imports exceed P10 billion, the Rice Tariffication Law mandates earmarking the fund by Congress— and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification.

Last year, the government collected P15.47 billion in rice tariffs from 2.38 million metric tons (MMT).

In 2019, Customs collected P12.3 billion in rice tariffs from 2.03 MMT of rice imports from March to December following the passage of the law.

SB Finance sets aside cash for online lending service

By VG Cabuag

@villygc

S

B Finance Co. Inc., a unit of Security Banking Corp., said last Tuesday it is allotting some 15 percent of the P3 billion in capital infusion from its principals to invest in its digitalization efforts marked initially by more online loan products.

“SB Finance’s goal is to create products and services to support the average Filipino and the small businessmen in their financial needs while creating a customer-centered journey in the new digital normal. To do this, we needed a strong partner who has an extensive experience in the field of consumer finance who can guide us in the right direction,” SB Finance President and CEO Abigail Marie D. Casanova said.

The rest of the funds, meanwhile,

will be deployed across the company through July as the financial firm seeks regulatory approval, Casanova added.

In February, Security Bank and Krungsri (Bank of Ayudhya Public Co. Ltd.), the fifth largest financial group in Thailand, have obtained board approvals to infuse P3 billion into SB Finance.

The additional capital will be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys that are built on continued digital transformation.

The company has launched a new campaign in a move to expand its reach to the mass market and help reset economic growth in the new normal. It will offer its new loan products this year.

The company has about 30,000 clients.

SB Finance which mainly offers personal loans, is set to roll-out various loan products this year.

“Since Krungsri has successfully acquired a 50 percent stake of ownership in SB Finance on October 20, 2020, we have been supporting SB Finance through our expertise and leadership in Thailand’s consumer finance encompassing product development, marketing, and sales channel enhancement as well as risk management. We are set to launch multiple products this year and this also further cements Krungsri’s strategic partnership with Security Bank to foster financial inclusion in the Philippines and demonstrates Krungsri’s commitment to our Asean [Association of Southeast

Asian Nations] region expansion strategy toward our aspiration to ‘be the preferred Thai bank connecting customers’ needs across ASEAN,” Dan Harsono, senior advisor of Krungsri, said.

The partnership between the two banks is a result of Security Bank and Japan’s MUFG’s goal to expand global partnerships while growing local talent and expertise.

In 2016, the Security Bank completed its strategic partnership deal with MUFG, with the Japan lender taking in 20 percent stake into Security Bank.

Since then, both banks have leveraged on their combined networks and capabilities to collaborate on various initiatives, such as the joint venture of SB Finance and Krungsri.

GSIS extends computer loan program until December

S

TATE pension fund Government Service Insurance System (GSIS) announced it has extended the application deadline for the GSIS Computer Loan program until December 31, 2021.

A statement quoted GSIS President and General Manager Rolando Ledesma Macasaet as saying that the program “is intended to assist government employees in purchasing a computer unit for their online work or even for the virtual classes of their children.”

Macasaet explained that under the program, GSIS members may borrow P30,000, payable in three years at an interest of 6 percent per annum.

“The loan is very member-friendly as it has a monthly amortization of only P983.33,” the GSIS chief said. “And the application may be done online.”

Since its launch in November last year, a total of 109,000 government workers have so far availed of the loan, accordin to the statement by the GSIS. The GSIS cited Ronald Allan Santa Ana of the Technical Education and Skills Development Authority (Tesda) as having expressed appreciation for the program.

The GSIS said Santa Ana was able to buy a laptop that he uses for personal and work-related matters. The GSIS statement described Santa Ana as a senior Tesda staff who develops guidelines for flexible learning delivery modes (online, distance learning, on-the-job training) used in technical vocational courses. As TESDA implements alternative work arrangements, Santa Ana brings his new laptop to the office and when he goes home to Pangasinan.

Macasaet expressed elation of news people like Santa Ana are benefiting from the program.

“Natupad ang layunin natin na mabigyang ginhawa ang mga empleyado ng gobyerno sa tulong ng ating Computer Loan. Marami sa kanila at mga anak nila na nag-aaral ang nangangailangan ng computer at stable na WiFi connection lalo na ngayong may pandemya. Wala pang isang libo ang monthly amortization kaya abotkaya ng marami,’’ Macasaet was quoted as saying.

(Our goal of providing comfort to government employees with the help of our computer loan program has been fulfilled. Many of them and their children who are studying need a computer and stable WiFi connection especially now that there is a pandemic. The monthly amortization

is less than a thousand so it is affordable for many.)

Qualified to apply for the Computer Loan are active members who: have paid at least three months of premiums; have permanent appointment; are not on leave of absence without pay; have no pending administrative or criminal case; have no arrears under the GSIS Financial Assistance Loan (GFAL); have no past due GSIS loan except housing loan; and, are not under suspended agencies.

In addition, they should have a net take-home pay of not lower than the amount required by the General Appropriations Act after all monthly obligations have been deducted.

Loan proceeds will be directly credited to the borrower’s GSIS eCard or Unified Multipurpose Identification card.

www.businessmirror.com.ph

Customs collected ₧2B from cellphone imports

T

HE Bureau of Customs (BOC) collected P2 billion from cellphone imports from January to April this year, a 27.1-percent jump from its revenue-take in the same period last year.

In his report to the Department of Finance, Customs Commissioner Rey Leonardo B. Guerrero said that the implementation of improved valuation method enabled the bureau to collect more tariffs this year from cellphone imports despite lower import volume.

Citing preliminary data, the BOC collected P426.76-million more compared to its revenue take of P1.57 billion from January to April 2020.

Guerrero said cellphone imports are now taxed per piece and by brand instead of the previous method of taxing them by volume.

Preliminary data presented by BOC also showed a total volume of 660,000 kilograms (kg) of cellphone imports in the 4-month period this year, lower by 30.4 percent compared to last year’s 950,000 kg.

“It was mainly because of the entry of high-end cellphones and telecommunications equipment, and also because of better valuation,” Guerrero said during the recent DOF Executive Committee meeting.

Moreover, the Customs chief the BOC also collected P24.79 million from mobile phone parts from January 1 to April 30, which was P10.86 million or 78 percent more than last year’s P13.94 million despite almost the same volume of these goods entering the country in both periods.

The bureau also hauled in P3.46 billion in revenues from imports of other types of telecommunications equipment and devices as of endApril this year. This is 28 percent more than the P2.7 billion collected during the same period in 2020.

In total, the BOC was able to collect P5.49 billion from imports by the telecommunications sector as of April 30, representing a 28-percent improvement from the P4.3 billion collection during the same period last year. Bernadette D. Nicolas

Satellite Internet service –Starlink and iGSat

Y

OU have to be totally out of touch if you have not heard of Elon Musk, of Tesla and SpaceX fame that some people say must be an alien from another planet to come up with so many advanced ideas. He is now talking about a global satellite Internet service called Starlink which plans to make use of 40,000 low Earth orbit (LEO) satellites about 300 miles above our surface. Currently, there are only about 1,300 LEO satellites that have been launched by SpaceX. What is mind boggling is the intended Internet speed that Starlink hopes to provide. Download speeds of 150 Mbps and upload speeds of 30 Mbps! However, as of the moment, it is still a long way off from that dream and with coverage focused on regions sitting between 45 and 53 degrees North latitude.

For those that know how to read latitudes on the globe, this is not good news for us. To make it easier on those who don’t know how to read it, the Philippines is not part of that coverage.

Service where available is currently being charged at US$99 a month and the satellite dish comes at US$500. While Starlink will be unable to compete on price and speed of a fiber optic cable, it hopes to provide Internet service in locations where there is none or is unreliable. While this may sound super high tech and more like science fiction, it really isn’t, because we already have satellite broadband here in the Philippines through iGSat! The irony of this is that the current satellite in geostationary orbit at more than 22,000 miles over the Philippines is the European satellite SES-9 which was launched using the SpaceX Falcon 9 rocket about 5 years ago. iGSat much like Starlink, cannot compete on a price basis with the more traditional land based methods of Internet access. However, when

Finex free enterprise George S. Chua it is a necessity to have an Internet connection, then price becomes a secondary or non-issue at all, since there is no other option. iGSat is the brand of the satellite broadband service of G.Telecoms, Inc. and has hundreds of clients, both private companies and individuals, as well as various government agencies including our armed forces. They have a nationwide dealer network to install and service these satellite broadband units, and the reason I know all this is because I am the vice-chairman of this company.

One of our advocacies is to help develop our rural areas and this can only happen if there is the necessary infrastructure in place which includes telecommunications. It certainly does not make sense for a telco to put up a cell site to service one customer.

However in our case, this is certainly feasible since all we need to put up is a satellite dish! Many businesses need an Internet link for their branches to communicate with their Head Office, to do credit card transactions, run ATM machines, receive booking orders, send and receive emails and so many other things.

We may not have Starlink but we certainly have iGsat to provide us with satellite Internet service, not at some future point in time, but right now, that will work anywhere, anytime.

The views and comments of the author are his own and not of the newspaper or FINEX. Comments may be sent to georgechuaph@yahoo.com.

After Goldman, Malaysia’s 1MDB pursues JPMorgan and Deutsche Bank

A

FTER successfully recouping more than $3 billion from firms including Goldman Sachs Group Inc., Malaysia’s 1MDB is casting a wider net.

The state-owned investment fund is suing companies including JPMorgan Chase & Co. and Deutsche Bank AG in an effort to recover assets worth more than $23 billion the country says are linked to the fund. 1MDB and a former unit filed a combined 22 civil suits against entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said on Monday.

The suits are the latest twist in Malaysia’s continuing efforts to recover billions of dollars allegedly siphoned from 1MDB by people

connected to the country’s former prime minister. For much of the past decade, authorities have tried to track funds that allegedly flowed from 1MDB into high-end art and real estate, a super yacht and, ironically, the hit Hollywood movie “The Wolf of Wall Street,” chronicling an earlier era of financial crimes.

In a move that broadens the dragnet, at least two suits were filed in London, according to publicly-available court records. Deutsche Bank’s Singapore branch faces a lawsuit, while 1MDB separately sued Citigroup Inc.’s head of commodities research Ed Morse alleging professional negligence, the filing shows.

JPMorgan declined to comment while Deutsche said it hasn’t been served any papers on 1MDB and isn’t aware of any basis for

‘Pursuing wrongdoers’

1MDB Logo

a legitimate claim. The banks were named earlier on Monday by the Edge newspaper.

New York-based Morse declined to comment.

THE Malaysian government has had a string of successes in its recovery efforts, the most high-profile coming last year when Goldman Sachs reached a $3.9 billion pact to resolve probes into the Wall Street giant’s role in the scheme. Goldman’s overall tab for additional settlements with authorities in the US, UK and Hong Kong swelled to more than $5 billion.

In March, Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC between 2011-2014. The deal also came less than a week after Malaysian lender AMMB

Holdings Bhd. agreed to a $699 million settlement over its role in dealings linked to 1MDB. “The Government’s recovery efforts are now focused on pursuing other wrongdoers who have caused losses to 1MDB and or SRC during the execution of their duties, as parties directly or indirectly involved in 1MDB and or SRC’s various operations and transactions,” Finance Minister Tengku Zafrul Abdul Aziz said in a statement.

The specific allegations against Deutsche Bank and JPMorgan weren’t immediately clear. According to court documents, 1MDB is seeking $1.1 billion from the German bank and $800 million from the US firm.

Bloomberg News

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, May 12, 2021

B5

Giving feedback to your manager What you really need to stay healthy AS the world continues to fight Covid-19 and face its new variants a year after its first outbreak, we have finally embraced the new habits we’ve formed the past few months to adapt to our new reality. Rightfully so, we’ve made our health the top priority to give our body the upper hand in fighting Covid-19 and other diseases, especially in the middle of a global health crisis.

The pandemic also taught us the importance of certain essential elements in keeping our immunity strong.

Clinical nutrition support specialist Mercedita Macalintal, MD, an expert from top hospital Makati Medical Center (MakatiMed, www.makatimed.net.ph), says that zinc and vitamin D are two essential nutrients our body needs to stay healthy and ward off diseases.

“Even mild to moderate degrees of zinc deficiency can impair immune function and make you susceptible to pneumonia and other diseases. Meanwhile, vitamin D or what we call the ‘sunshine vitamin’ is critical to bone health, as well as infection and inflammation control,” she says.

Macalintal explains that zinc is responsible not only for the proper functioning of the immune system by removing harmful free radicals, repairing cells, and replicating them, but also for the catalytic activity of more than 100 enzymes, synthesis of genetic materials, and maintenance of cell integration. It is also essential for one’s growth and development. But here’s the catch: the body can’t produce nor store zinc. “To prevent zinc deficiency and the problems that go with it, you need to supplement your body with it through the food that you take,” she adds.

To get enough zinc, it’s a must to include take in foods naturally rich in zinc. Macalintal lists down oysters, crabs, lobsters, pork, beans, nuts, whole grains like oatmeal and brown rice, dairy products and some green leafy vegetables as food that can help us consume adequate amounts of zinc. The body’s zinc requirement depends on one’s age, she adds. She notes that according to the latest Recommended Energy Intakes by the Food and Nutrition Research Institute, an adult woman will need 5 milligrams per day, while an adult male will require 7 mg a day. Pregnant or lactating women, meanwhile, will need 12 mg. Children should take in at least 2 mg and up to 10 mg, depending on their age and gender.

With most of us staying at home, Macalintal warns that we could be now more prone to vitamin D deficiency, which may affect how our body fights acute respiratory infection and prevents chronic illnesses like coronary heart disease, diabetes, and certain cancers. “Having adequate vitamin D can also help improve your mood, especially in these challenging times. Vitamin D deficiency may increase your risk of depression and may even affect cognitive function and brain health,” she adds. Several factors can lead to vitamin D deficiency like age (older adults are less capable of producing vitamin D compared to a young adult), skin pigmentation due to UV penetration on the skin, obesity, and patients suffering from certain forms of malabsorption disorders and too much use of blocking creams.

Some signs and symptoms of vitamin D deficiency include frequent colds, flu, and other respiratory infections; muscle, bone, and back pain; skeletal deformities; slow wound healing; sever hair loss; and irritability, especially in children because of bone pains, Macalintal points out. She says that if you can’t spend some healthy time under the sun, “you can still increase the amounts of vitamin D in your body by eating fatty fish, egg yolks, cheese, and beef liver. Taking vitamin D supplements can also help.”

At a time when there’s a new virus that’s threatening our very health, we need to make every measure we can to keep ourselves safe. And by keeping ourselves healthy such as beefing up our zinc and vitamin D levels, we also do our part in keeping our loved ones and the greater community safe.

PHOTO BY STANDSOME WORKLIFESTYLE ON UNSPLASH

‘W

hat do you think?” my manager asks me after we have finished the presentation. On the one hand, I was honored that she asked me what I thought of our presentation. At the same time, I also felt out of place because I am not used to having my manager ask me for feedback. But then I realized, she was asking because she really wanted to improve herself and because whatever she did reflected on the whole team. She understood that if she really wanted to represent the entire team, she needed to make sure she was at the top of her game.

Giving feedback to someone higher in position is unnerving, to say the least. But if organizations are going to take advantage of the different specialists in their keep, they will have to know how to listen.

As someone who is asked to give feedback to their managers, how do you go about it without jeopardizing your career?

First, you need to take into consideration company culture. In some organizations, feedback mechanisms are in place to properly address employee feedback to managers, and to ensure managers do not retaliate against employees who call out their errant conduct. These could come in the form of anonymous e-mails to a centralized whistleblower e-mail so the organization can investigate possible breaches of company policies, or even the law. While some go through a formal grievance mechanism, in which employees are enjoined to file the necessary documents prior to investigation. Because of the organization’s peculiar need to ensure everybody tows the line, these feedback mechanisms are put in place to minimize operational disruptions.

And then there are several organizations who allow transparency and enable a culture where management trusts their leaders to be accountable for their actions, and employees are empowered to approach their leaders with honest feedback. These are organizations that require a high degree of collaboration among their employees and encourage them to maximize and discover their niche by allowing employees to work with different people in the organization. Different organizations need different ways of dealing with employee feedback for leaders in the company. Just make sure that when you do have feedback for your leaders, you will consider how the entire organization will perceive your feedback and how it will be received.

Then you need to consider the person you are talking to. Sometimes, other managers in your organization need honest feedback. True, it might help them manage their people better and help the organization in the long run, but how does giving feedback to this manager help you and the work you do with the department they are leading? Remember, the currency in dealing with other offices or departments comes in the form of established service level agreements and the trust relationship.

Regardless of the working relationship, you also need to consider how you deal with the manager.

Some managers are open to feedback and would even invite people to give honest feedback from other people. Others would rather not hear nor see you

when they do not need you. Knowing where and how you stand in relation to them will help you decide if you will give feedback—whether sought or not.

Which brings me to what you need to do before offering your feedback: Ask permission. Even if you have an excellent working relationship with the manager, always ask if they are willing to hear feedback from you. You won’t know how your leader would react even if you have been working with them for a long time. Asking permission will also help you cushion what you are about to say, and you can also remind them later that you did ask for permission to give your honest feedback. Just make sure that when you do give feedback, focus on the work. Detach the work from how their decisions made you feel. You do this by focusing their attention to the desired result and how their actions or decisions did not help in achieving the end goal.

But do not just give feedback for its own sake. You also need to provide alternative recommendations.

Pointing out lapses and what needs to be improved from a leadership standpoint takes a lot of humility and patience, especially when you have skilled and technically proficient members in your team. After pointing out what could have been improved, provide recommendations based on how you think things could have been done, or ask questions for them to arrive at the same conclusion. This helps your leader understand that you are not just pointing out mistakes per se, but you are thinking of how to improve the overall work of the team. It also provides

an opportunity for your leader to observe your decision-making skills and problem-solving abilities.

Start and end your feedback with positive comments. As with any feedback, use the sandwich technique to make it easier for the manager to receive feedback. Start with what they did brilliantly, follow with your feedback, then end with something they did well. This helps the manager become more receptive to your feedback, and helps you frame your comments in a manner that helps them and improve themselves as a leader.

However, when in doubt, do not give feedback.

Do not endanger your working relationship with the manager. Instead, look for other venues where you can provide honest feedback like anonymous 360-degree responses if you have them, or by providing recommendations to them through questions. Instead of saying “Because you did not ask the procurement office their process, our materials were delivered late,” you can frame it as: “How about next time, we ask the procurement office their process so we can have our materials on time?” This puts the pressure off on the mistake and shifts the focus on doable actions to improve office processes.

Giving feedback to your manager does not have to be a death sentence to your career. It can provide opportunities for your manager to get to know you better, giving you an avenue to showcase your other skills and abilities. When done suitably and judiciously, it can help improve work relationships, and help make work faster and easier. n

Why we remember more by reading—especially print—than from audio or video

By Naomi S. Baron American University During the pandemic, many college professors abandoned assignments from printed textbooks and turned instead to digital texts or multimedia coursework.

As a professor of linguistics, I have been studying how electronic communication compares to traditional print when it comes to learning. Is comprehension the same whether a person reads a text on-screen or on paper? And are listening and viewing content as effective as reading the written word when covering the same material?

The answers to both questions are often “no,” as I discuss in my book How We Read Now, released in March 2021. The reasons relate to a variety of factors, including diminished concentration, an entertainment mindset and a tendency to multitask while consuming digital content.

When reading texts of several hundred words or more, learning is generally more successful when it’s on paper than on-screen. A cascade of research confirms this finding.

The benefits of print particularly shine through when experimenters move from posing simple tasks—like identifying the main idea in a reading

passage—to ones that require mental abstraction— such as drawing inferences from a text. Print reading also improves the likelihood of recalling details— like “What was the color of the actor’s hair?”—and remembering where in a story events occurred—“Did the accident happen before or after the political coup?”

Studies show that both grade school students and college students assume they’ll get higher scores on a comprehension test if they have done the reading digitally. And yet, they actually score higher when they have read the material in print before being tested. Educators need to be aware that the method used for standardized testing can affect results.

Studies of Norwegian tenth graders and US third through eighth graders report higher scores when standardized tests were administered using paper.

In the US study, the negative effects of digital testing were strongest among students with low reading achievement scores, English language learners and special education students.

My own research and that of colleagues approached the question differently. Rather than having students read and take a test, we asked how they perceived their overall learning when they used print or digital reading materials. Both high school and college students overwhelmingly judged reading

on paper as better for concentration, learning and remembering than reading digitally.

The discrepancies between print and digital results are partly related to paper’s physical properties. With paper, there is a literal laying on of hands, along with the visual geography of distinct pages. People often link their memory of what they’ve read to how far into the book it was or where it was on the page.

But equally important is mental perspective, and what reading researchers call a “shallowing hypothesis.” According to this theory, people approach digital texts with a mindset suited to casual social media, and devote less mental effort than when they are reading print.

Meanwhile, given increased use of flipped classrooms—where students listen to or view lecture content before coming to class—along with more publicly available podcasts and online video content, many school assignments that previously entailed reading have been replaced with listening or viewing.

These substitutions have accelerated during the pandemic and move to virtual learning.

Surveying US and Norwegian university faculty in 2019, University of Stavanger Professor Anne Mangen and I found that 32 percent of US faculty were now replacing texts with video materials, and 15 percent reported doing so with audio. The numbers were

somewhat lower in Norway. But in both countries, 40 percent of respondents who had changed their course requirements over the past five to 10 years reported assigning less reading today.

Psychologists have demonstrated that when adults read news stories or transcripts of fiction, they remember more of the content than if they listen to identical pieces. Researchers found similar results with university students reading an article versus listening to a podcast of the text. A related study confirms that students do more mind-wandering when listening to audio than when reading.

Research on learning from video versus text echoes what we see with audio. For example, researchers in Spain found that fourth through sixth graders who read texts showed far more mental integration of the material than those watching videos. The authors suspect that students “read” the videos more superficially because they associate video with entertainment, not learning.

Digital texts, audio and video all have educational roles, especially when providing resources not available in print. However, for maximizing learning where mental focus and reflection are called for, educators—and parents—shouldn’t assume all media are the same, even when they contain identical words.

THE CONVERSATION

B6 Wednesday, May 12, 2021

JRS Express donates relief boxes to Pasig community

Tanduay Distillers enters the gin market with barrel-aged Ginto AT TURNOVER RITES, FROM LEFT: HR Asst. Manager Clothy Aragoncillo, Executive SecretaryJanine Alcantara, JRS President Antonio M. Claparols, Pasig City Mayor Vico Sotto, Marketing Director Jay Claparols, and Pasig Volunteer Simon Tantoco.

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RS Express, the pioneering logistics and courier services in the country donated 1000 relief boxes containg rice, canned goods, facemasks and other essentials to Pasig City government.

Mayor Vico Sotto warmly received the donations which will be distributed to home quarantined and Covid positive

patients.

‘We need to help each other in this time of pandemic and share in anyway we can to ease the situation of our fellow Filipinos” said Antonio M. Claparols, President and CEO of JRS Express who was inspired with the ongoing bayanihan efforts happening all over the country.

Veterans Bank sponsors ‘Mandirigma’ book

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TANDUAY’S new product innovation, Ginto, is gin aged in oak barrels. It has a golden amber shade and has hints of citrus, juniper, and berry with wood notes in its flavor.

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HE world’s number one rum producer, Tanduay Distillers, Inc., is taking a more aggressive stance in capturing the more adventurous younger market of gin drinkers through its latest product, Ginto.

Focused on generating more opportunities in the industry, brothers Lucio Tan III, president and COO, and Kyle Tan, executive vice president, who are now at the helm of Tanduay’s new leadership, want a chunk of the local gin market.

“Gin continues to be a popular choice among Filipinos. What we are offering the market is a fresh twist on a classic drink, a cross-category oak barrel-aged gin, blended in the same gold standard of craftsmanship. But most importantly, we’re making it available to consumers at value price point,” said Tanduay president and COO Lucio Tan III. The Philippines, according to alcoholic beverage market intelligence group the International Wine and Spirits Research (IWSR), is the largest gin market in the world, consuming 22 million cases per year.

“We are expanding our spirits portfolio with a mix of traditional favorites and more new product concoctions like Ginto. We are also making our products accessible to consumers by strengthening marketing efforts in existing distribution channels and expanding our reach to new territories,” revealed Tan. Ginto is now already available in Luzon, where there is a high concentration of the gin market. The Greater Manila Area alone accounts for 94.9% of its market value in 2017. Distribution is expected to increase as Tanduay opens more channels outside of Luzon, which is a stronghold of the company’s rum distributorship.

Rum still dominates the spirits category in Visayas and Mindanao. Yearon-year, Tanduay has been lording over other brands, capturing over 90% of the country’s rum market.

At the very least, Tanduay’s barrel ageing facilities house 200,000 oak barrels with a capacity of approximately 40 million gauge liters, a key competitive advantage that will take 25 years for

other companies to replicate.

Barrel-aging gin gives it a classic aged spirit flavor like caramel, oak, vanilla, and smoke. If the barrels were previously used for other spirits, the gin also takes the flavor of that spirit.

“Our Research and Development team has been our innovation engine. In the process of developing this product, they’ve led us to a realization that gin can produce a variety of flavors when aged in oak barrels. This is what makes us excited about the potential of this new product,” he shared.

For Ginto, its barrel-aging process translates to its distinct taste — hints of citrus, juniper, and berry with wood notes. This also contributes to its golden amber color, which is reminiscent of the Philippines’ golden sunsets.

Like Tanduay, Ginto is made from quality ingredients sourced locally and underwent strict control checks to ensure that wherever their customers are around the world, they would enjoy the same proudly Philippine-made product.

N time for the 79th Anniversary of the Fall of Corregidor, Philippine Veterans Bank launches the coffee-table Book “Mandirigma - Uniforms and Equipment of The Filipino Warrior, 1935-1945” by way of Zoom via Wilson Flores’ Pandesal Forum.

Authored by Albert Labrador, Tony Feredo, Donn Fernandez and Dondi Limgenco; and edited by World War II historian Dr. Ricardo T. Jose; “Mandirigma” is packed with high-resolution, large format photographs, featuring both reenacted scenes shot from 2009 to 2021 and actual vintage World War II pictures. The photographs were vetted by several experts including Dr. Jose of the UP History Department and BGen. Restituto Aguilar (Ret) who is now Executive Director of the National Historical Commission of the Philippines (NHCP).

The book gives us a glimpse into the lives of hundreds of thousands of Filipino men and women who served and gave their lives for the country during World War II. Unknown to many, there were numerous military units that operated in the Philippines such as the USAFFE, the Philippine Army, the Philippine Constabulary, the Philippine Scouts, as well as hundreds of guerrilla groups all around the archipelago from the Commonwealth period, the Japanese Occupation and the Liberation period.

“As a son of a World War II veteran, the publication of this unique World War

II book fills me with such pride as this is another means of how we as Filipinos continue to honor the legacy and sacrifice of our Filipino WWII veterans.” said Veterans Bank Chairman Roberto F. de Ocampo.

Philippine Veterans Bank is the proud partner in the production of “Mandirigma,” as its contribution to the 2021 Philippine Veterans Week celebration. The Bank is proudly owned by the World War II veterans and their families and heirs and has supported several projects over the years to preserve and promote the stories and legacy of our Filipino WWII veterans.

Learning event on digital leadership slated in June 2020

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HE Civil Service Commission, through the Civil Service Institute (CSI), will hold the 1st Semester CSI Leadership Series on 25 June 2021, 9 a.m. to 5 p.m., via Zoom Webinar. The series’ first digital run, with the theme “Digital Leadership: Nurturing a Tech-Savvy Culture”, will focus on how leaders can maximize all the digital assets and resources available to them, to capacitate their people to optimize productivity and efficiency, and to establish and nurture a techsavvy culture towards strengthening organizational performance.

Interested participants may join for a fee of PHP1,600. Only 500 slots are available and registration is on a firstcome, first-served basis. To register, access the June L&D Calendar in the CSI website at csi.csc.gov.ph, click on

the title of the event, and accomplish and submit the online registration form.

A certificate of completion with eight leadership and managerial training hours will be given to participants who have successfully completed the whole online course including the required course requirements.

Human Resource Management Practitioners or those with equivalent positions in government may attend the course entitled Performance Management (PM) for PRIME-HRM Level 2 from 8 to 29 June. This course shall enable HR Practitioners of public sector agencies to review their existing PM Policy and Process and identify areas where customization can be made for it to be more responsive to the agency’s specific needs.

Relatedly, HR Practitioners may also register for Recruitment, Selection, and Placement (RSP) for PRIME-HRM Level 2 from 7 to 28 June. Participants shall be able to walk through the RSP cycle vis-àvis the PRIME-HRM Level 2 requirements, and shall be guided on the development of a customized RSP system.

On 4 June at 9 a.m., the CSI will hold an online forum on values program entitled Kuwentong Lingkod Bayani, which showcases the exemplary performance of civil servants demonstrating the public service values of Patriotism, Integrity, Excellence, and Spirituality or PIES. The module for the month is centered on

Spirituality. Registration to the Zoom webinar is closed, but others may watch it for free via live streaming on the Public Service Values Facebook page at facebook. com/PublicServiceValuesCSC. The Public Service Values in Times of Adversities workshop aims to enable participants to strengthen and harness the public service values of Patriotism, Integrity, Excellence, and Spirituality, or PIES, especially in this time of pandemic to enhance their organization’s capability in pursuing strategic leadership and management. Said workshop is being offered monthly; Batch 11 is scheduled from 11 to 29 June.

A new course entitled Public Service Values Program for Non-Supervisory Positions will run from 11-29 June. The workshop aims to enable participants in strengthening and harnessing the core values of a public servant—Patriotism, Integrity, Excellence, and Spirituality or PIES—especially in this time of pandemic to enhance their organization’s capability in creating a critical mass toward transformation and pursuing strategic direction. Target participants are rankand-file employees or those occupying non-supervisory positions.

Interested participants may refer to the complete description of the abovementioned courses posted at http:// www.csc.gov.ph/slider/2097-csi-courseoffering-for-june-2021.html.

NGO CALMS EMPTY STOMACHS WITH CORPORATE PARTNERS. Over 1.5 million Filipinos recently received much needed rice and relief goods from RISE Against Hunger (RAH), a non-government organization which partnered with more than 50 corporate partners, including Japan Tobacco International (JTI) Philippines, to address poverty and hunger in the country amidst the scourge of Covid-19. More than 400,000 families throughout the archipelago were particularly targeted through JTI’s network. RAH aims to end hunger by 2030 in the Philippines where an estimated 4 million families, or 16 percent of the population, experienced hunger, double the pre-pandemic levels of 8.8 percent in December 2019.

PEN International goes‘all in’on its 2021 online congress

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HE Philippine Centre of International PEN (Poets, Essayists, Novelists), in partnership with the Cultural Center of the Philippines, will hold its annual Congress on May 15, 2021 via the official Facebook pages of CCP, CCP Intertextual Division, and Philippine Center of International PEN. Following the theme “All In,” the congress aims to capture the linguistic and cultural inclusivity that the digital space enables, as well as speak of the collective hope Filipinos must have during these uncertain times.

Marking the 100th year of PEN International, this year’s theme also signifies the Philippine PEN’s solidarity with the organization’s continuing fight for Freedom of Expression across the world by delivering a message of unity in freedom and dignity — values that Filipino writers must express and espouse in their work.

The one-day congress will be held in two parts. The first part features a keynote address by Bro. Karl Gaspar, followed by the traditional Jose Rizal lecture by Dr. Reynaldo Ileto. This morning session is primarily for active members of the organization, but it will be streamed live on the Facebook pages of the CCP and the Philippine PEN. The second part takes place in the afternoon. “Free the Word” features public readings and performances by noted writers and artists across the nation, including Elsie Coscolluela, Rody Vera, Anton Juan Jr., Edgar Samar, Frank Rivera, John Iremil Teodoro, Jhoanna Cruz, Guelan Luarca, Adjani Arumpac, JK Anicoche, Erl Sorilla, Jonathan Davila, Richard Hangdaan Kinnud, Jason Chancoco, and Neldy Jolo, among others. This is open to the public.

Follow the CCP, CCP Intertextual Division, and PEN International Facebook accounts for more updates.

BusinessMirror

Editor: Tet Andolong

Wednesday, May 12, 2021 B7

Experience a summerscape moment

at Tagaytay Highlands S

UMMER has arrived in the Philippines, heralded by the harsh, often enervating tropical heat and frequent spells of lethargy. It doesn’t help that the dense cityscapes of Metro Manila amplify the discomfort and stress, making people head for the balminess of the hills.

For discerning Filipinos, nothing says “chill” better than a cool, tranquil getaway such as Tagaytay Highlands (www.tagaytayhighlands. com), an exclusive mountain resort estate sprawled over 1,200 hectares of rolling terrain. Perched 2,500 feet above sea level, Tagaytay Highlands’ luxe lifestyle augurs well for well-heeled Filipino families who have made their alternative primary home either in its signature log cabins, luxurious condominium units, or premium themed residential enclaves.

Tagaytay Highlands now awaits more discriminating individuals that value their privacy and security, and assert their need for an exclusive lifestyle. Nestled in an uncommonly beautiful, natural setting and blessed with the most stunning views, Tagaytay Highlands has everything a family of fun enthusiasts can crave for— from premium sports facilities to a slew of casual and fine-dining restaurants where residents and their guests can indulge their gas-

tronomic passions.

Outdoorsy family members will be spoiled for choice: swimming, hiking, trekking, fishing, jogging, biking, go-karting, and tennis are just some of the activities in store for them. Indoor games of bowling and basketball, as well as other less strenuous activities may also be enjoyed at the development’s Country Club and Sports Center.

All these activities make Tagaytay Highlands a prime recreational haven and a highly touted summerscape south of the Metro. As soon as you feel the refreshingly cool breeze and cast your sights on Taal Lake shimmering in the distance, the entire development evokes a distinct air of comfort that melts away the stress of city life. Beyond the crisp, clean air of this mountain resort, the picturesque lake alone brings the beauty of nature into startling clarity.

This summer, property seekers and investors may check out Tagaytay Highlands’ residential projects. Among the latest of which is

Stretched across Provence is a 3.8 meter-wide promenade that exudes the charm and vibrancy of France with clusters of flowery shrubs and trees along the pathway leading to the main amenity area, The Parc Central. Artist’s perspective

The Parc Central, Provence’s main amenity area. Artist’s perspective

Golfing families can head for Tagaytay Highlands’ topcaliber golf courses that feature championship-level layouts designed in harmony with the natural landscape.

Provence, a new luxurious residential haven designed for individuals who long for beauty, exclusivity, and connection. The lavish floral landscaping, open spaces, and sleek lawn gardens of Provence exude

summer’s sensual appeal.

Taking inspiration from the charm and vibrancy of the French countryside, Provence showcases clusters of flowery shrubs and tree-lined pathways that lead to

The Parc Central, its main amenity area. Featured here is a posh infinity pool whose water seems to flow into the horizon. For residents and their visitors, The Parc Central showcases one of the best

Creba backs up efforts to amend RESA law

Home

By Roderick L. Abad

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A look inside the newly renovated showroom where you can see every model of Sub-Zero and Wolf brand appliances

The well-planned layout provides inspiration on how Sub-Zero and Wolf would fit into the kitchens

Providing the ultimate and timeless kitchen experience

By Rizal Raoul S. Reyes

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OR more than a year, Filipinos have been living in extraordinary times. Furthermore, many discovered newfound appreciation for their homes when people were mandated to stay at home due to the ongoing global health crisis. Aside from the shelter aspect, people realized that the greater importance of the house that it also brings comfort and nourishment too.

Stephen Sy, president of Focus Global Inc., told participants in a recent webinar that Sub-Zero and Wolf’s lineup of products provides Filipinos the joy of spending more time in the kitchen and bonding over savoring hearty meals have undeniably helped many families cope with the situation better. He added the current pandemic has led to the development of several kitchen enthusiasts as they took charge of the preparation of weekday meals and weekend meals as well. “Moreover, these occasions

sweeping views of Taal Lake and majestic Mount Makiling.

Provence is a low-density community that only has 14 lots per hectare, comprising a total of 119 lots, each ranging from 240 to 451 square meters. Lot ownership comes with exclusive access to the township’s world-class facilities for rest and recreation.

Along with the luxuries and exclusivity Tagaytay Highlands proffers, the estate remains committed to create a safe and secure space for all the members of its community. All facilities and personnel ensure strict adherence to sanitation procedures and safety protocols, including disinfection, hand sanitation, wearing of face mask and face shield, and social distancing.

Property Management also stands ready at all times to deliver quick crisis response during adverse natural and high-risk events.

Find summerscape moment at Tagaytay Highlands the lure of an exclusive mountain resort community to recharge your mind, body, and spirit. Reni Salvador

were made more meaningful and memorable by whipping up fancier dishes or even celebrated birthdays, anniversaries, and other milestones with cakes or pastries they baked themselves,” he explained.

To enable clients and enthusiasts as well to appreciate these timeless and supreme appliances better, Sub-Zero and Wolf have recently renovated their Makati showroom to give their best-selling products the spotlight they deserve. Architect Anna Sy, managing director of CS Design Consultancy, Inc. led the renovation which transformed the spacious showroom into a more luxurious look that features a high -ceiling, easy-on-the-eyes palette, and polished finishes. “Its wellplanned layout has made it easier for clients to imagine how these appliances would fit into their kitchens,” Architect Sy said.

These features are great to read about, but in order to appreciate these timeless and supremely durable appliances better, the showroom’s light and bright design al-

lows the luxurious finishes of the products to shine.

Focus Global, the official distributor of Sub-Zero and Wolf kitchen appliances and equipment in the Philippines, has taken Covid-19 safety protocols very seriously, to ensure clients a safe and delightful shopping experience.

Nevertheless, for those who wish to shop for new kitchen appliances but would rather stay at home, Sy said Focus Global also worked on recreating its showroom experience virtually. Last year, they launched an interactive 360-degree virtual showroom that lets clients step into the new Makati showroom of Sub-Zero and Wolf right from the comfort of their own homes. Sub-Zero and Wolf are the first appliance brands in the country to introduce an enhanced digital customer journey in the market. Along with the convenience of seeing all the displays, visitors to the virtual showroom can take advantage of the following added features:

1. Easy navigation: Users can simply click and drag through the interface to explore the different areas of the showroom intuitively.

2. Informative tags: Each appliance on display has a clickable circle tagged with product descriptions and linked to the brands’ official web site, so you can have a deeper dive into a certain appliance’s specifications.

3. Interactive displays: Several units in the showroom open up when a visitor inspects the appliance closer, allowing you to view its interior capacity as well.

4. Handy measurements: A ruler tool is also available if you are interested to find out the exact measurements of a specific product and; 5. Shareable links: Easily share a specific corner in the showroom that you find interesting with family, friends or your designer by using the share tool.

HE Chamber of Real Estate and Builders’ Associations Inc. (Creba) has renewed its support to ongoing legislative moves to change key provisions of Republic Act 9646, otherwise known as the Real Estate Service Act of 2009 (RESA law).

It said in a statement that the law has to be kept responsive to the challenges of the times to address its negative economic impacts to developers and real-estate professionals nationwide, especially during this pandemic affecting the livelihoods of millions of Filipinos.

The group of real-estate industry players cited Section 28 of the law that prohibits developers to sell their own properties is counter-productive and puts landowners in a very unfavorable position.

Reacting to House Bill 8233 filed by Congressman Joseph Stephen Paduano, Creba National Chairman Charlie A. V. Gorayeb feared that the proposed abrogation of the degree program of Bachelor of Science in Real Estate Management (BS-REM) requirement under Section 14(b) would negate the very spirit of the law.

Since schools began offering the course created specifically by Resa, there have been a dismal number of new BS-REM graduates and licensees, mainly attributed to faculty shortage and low level of awareness and interest among parents and students.

Creba said that the government alone should be held accountable for its failure to educate the public and build a strong and sustainable cooperation with the academic sector and the industry immediately after the law took effect.

It argued that if the government wanted to urge enrollees, state colleges and universities should have taken the lead in offering the course years ago.

For its part, Creba has tied up with learning

institutions and fully supported 27 poor but deserving students who are, in a few months time, moving up to their senior year as BS-REM scholars at the University of Batangas in Lipa City and will soon become full-pledged realestate entrepreneurs.

With real estate salespersons in mind, the organization would like to push a more relaxed set of scholastic requirements to be accredited and registered with the Professional Regulatory Board of Real Estate Service since there have been thousands of such agents earning a decent living from legitimately offering properties even before the enactment of RESA. Given that K to 12 is in place, Creba National President Noel Toti M. Cariño suggested to lessen the academic requirements for salespersons provided that they undergo relevant training and are certified to possess sufficient knowledge and experience by the licensed broker supervising them.

Likewise, the group called on lawmakers to revisit Section 34 of the law which has long divided and confused stakeholders about the “accredited and integrated professional organization.”

The issue, it said, must be settled once and for all to unify the multidisciplinary stakeholders who all have vital roles in the growth of the property sector being heavily affected by the Covid-19 pandemic.

In the wake of the passage of Republic Act 11521 that extended the mandatory reporting coverage to real-estate developers and brokers to further intensify government crackdown on potential anti-money laundering activities, Creba also appealed against the additional mandatory registration and surety bond deposits with the Department of Human Settlements as efficient electronic data sharing may be done between all concerned agencies upon submission by the licensed realestate professionals of all relevant information to the Professional Regulation Commission.

Sports

Tough task S ahead for surfers in El Salvador

BusinessMirror

B8

| Wednesday, May 12, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

GOING ALL OUT T

HE solid work has only just begun for rower Cris Nievarez now that he is bound for the Tokyo Olympics.

The next two months will be busy for the 21-year-old Nievarez as they will all be about training and getting himself prepared for the “Greatest Show on Earth.”

Nievarez, along with Uzbekistan coach Shukhrat Ganiev and Edgardo Maerina, need to lay down their game plan as soon as possible after being notified by the World Rowing Federation that he qualified for Tokyo only on Monday morning.

“Our goal at the rowing team is to represent the country on the highest stage possible, most especially the Olympics,” Nievarez told the online Philippine Sportswriters Association Forum on Tuesday. “I vow to give it my best shot, we have two months to prepare, it’s still very possible.”

Nievarez, a Grade 12 student at the Commonwealth High School, became the first Filipino rower to clinch an Olympic berth since the towering Benjie Tolentino competed in the Sydney 2000 Games.

As the country’s lone Olympic entry in men’s single sculls, Patrick Gregorio, president of the Philippine Rowing Association (PRA), vowed to give everything Nievarez needs for his preparations.

“Whatever he needs for his training the federation will provide,” Gregorio told the forum presented by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp.

Unfortunately, the quarantine protocols in the country could get in the way of Nievarez’s planned overseas training.

Competing in a pre-Olympic tournament requires

Go asks government to prioritize national athletes for vaccination

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EN. Christopher “Bong” Go became the second lawmaker in three days to call on the national government to prioritize athletes and coaches bound for the Tokyo Olympics and Hanoi 31st Southeast Asian Games for inoculation with the anti-Covid-19 vaccine.

“The athletes’ victory is also the country’s success,” said Go, chairman of the Senate Committee on Sports and Health on Tuesday. “Let’s give our countrymen some reasons to hope and unite behind the athletes during these hard times.”

On Sunday, Senator Francis “Tol” Tolentino appealed to Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF) to include Filipino athletes as essential workers in

the government’s priority list to be vaccinated.

Tolentino made the remarks as both amateur and professional athletes remain excluded in the “A4 Priority” of the government in its ongoing nationwide vaccine rollout.

“Our athletes are also suffering like all of us because of the pandemic. But be reminded that these athletes have families to feed, too,” Go said.

The Tokyo Olympics are scheduled from July 23 to August 8, while the Hanoi SEA Games are set from November 21 to December 2.

Go discussed his appeal with vaccine czar Carlito Galvez, Jr. and Health Secretary Francisco Duque III. According to Go, both committed to include qualified athletes in the priority list, without

the Filipino to undergo a 10- or 14-day quarantine upon his return to the country—meaning Nievarez couldn’t train outdoors.

“We need to balance his foreign exposure with the protocols,” Gregorio said.

The good thing for Nievarez is he already had a feel of the Games venue he and four other rowers vied at the qualifiers last week at the Sea Forest Waterway on Tokyo Bay. “I already got the feel of the water,” he said.

“That’s an advantage.”

Nievarez is the eighth Filipino to qualify for the Tokyo Olympics after gymnast Carlos Yulo, pole vaulter EJ Obiena, weightlifter Hidilyn Diaz and boxers Eumir Felix Marcial, Nesthy Petecio, Irish Magno and Carlo Paalam.

GO

prejudice to already identified priority categories such as frontliners, senior citizens, those with comorbidities and essential sectors.

“As chair of the Senate Committees on Sports and Health, I appealed for the immediate vaccination of the athletes,” he said. “Let’s take care of Team Philippines.”

Go also urged the Philippine Sports Commission, in coordination with the Philippine Olympic Committee, to provide a list of athletes who will be prioritized for vaccination.

Two of the eight athletes qualified for the Olympics so far have been vaccinated—boxer Eumir Felix Marcial completed two doses in Las Vegas while weightlifter Hidilyn Diaz got her first shot in Malaysia last week.

JOHN MARK TOKONG has to topple top Indonesian rivals.

No June 12 opening for MPBL

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HERE will be no traditional Independence Day opening this time for the Maharlika Pilipinas Basketball League (MPBL) due to the complications of setting up a bubble venue amid the uncertainties of the Covid-19 pandemic.

“We all wanted to resume but we are facing so many challenges with regards to the application for resumption with the government,” MPBL Commissioner Kenneth Duremdes told Tuesday’s online Philippine Sportswriters Association forum. “If we cannot start on June 12, we’re looking at either July or August.”

The MPBL’s first two seasons—Datu and Lakan Cups—opened on Independence Day. The league named its third season as the

Chooks-to-Go Mumbaki Cup. Duremdes said the Subic Bay Freeport Zone remains the most ideal venue for the bubble Mumbaki Cup, where he expects 19 teams to participate.

He said the MPBL delegation could be more than 300 players, officials and personnel, adding a six games a week schedule could take no more than three months to complete.

Duremdes said the complications of a bubble setup includes not only earning the approval of the Inter-Agency Task Force on the Management of Emerging Infectious Diseases, but also with several local government units and the Department of Health.

He also said the MPBL is still negotiating with a television partner.

Mindanao Leg preparations unwrap

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HE Pilipinas VisMin Super Cup will kick off preparations for the Chooks-to-Gobacked Mindanao Leg after securing the approval of the Games and Amusements Board (GAB) during an online coordination meeting late Monday.

The Mindanao leg is scheduled to start on May 30 at a still to be determined venue.

GAB Chairman Baham Mitra said the Mindanao Leg will adhere to the regulatory body’s “No License, No Play” policy and will be subjected to regulatory requirements, including health screening, drug testing and related documents.

“The Mindanao Leg needs to adhere

to protocols under strict supervision of the games,” Mitra said.

The Pilipinas VisMin Cup staged wrapped up its Visayas Leg on Sunday night at the Alcantara (Cebu) bubble with KCS Computer SpecialistMandaue City winning the title via an 89-75 rout of MJAS Zenith-Talisay City, 89-75, in a winnertake-all Game Three A game-fixing controversy where the Siquijor Mystics and ARQ Builders Lapu-Lapu City Heroes dubiously played below par marred the Visayas Leg, jolting the GAB and league officials that resulted to bans, fines and suspensions.

Mitra and GAB Commissioners Eduard Trinidad and Mario Masanguid lauded the league for

By Josef Ramos

IX Filipino surfers will fly middle of this month to El Salvador for the World Surfing Games, a Tokyo Olympics qualifier.

But to punch tickets to Tokyo, the Filipino athletes will have to outperform themselves over the waves of La Bocana and El Sunzal at the Latin American country’s Surf City.

Only the top male and female performers in surfing’s shortboard will qualify for the Games, according to United Philippine Surfing Association (UPSA) President Dr. Jose Raul “George” Canlas.

“It will be tough for our surfers but they are up to the task,” Canlas told BusinessMirror on Tuesday.

The event is set from May 29 to June 6 but the Filipinos will be taking a circuitous flight— Manila-Tokyo-Dallas-San Salvador—on May 17 for them to have at least 12 days of getting used to the waves on that side of the Pacific Ocean.

Canlas said the International Surfing Association dropped the points system to determine who qualifies from Asia in favor of a qualifier that will select only two representatives for each gender from the continent.

The Filipino surfers will be flying in from three points when they rendezvous in Manila on May 15 for a required virus test—John Mark Tokong, Edito Alcala and 2019 Southeast Asian Games gold medalist Nilbie Blancada will be flying in from Siargao Island, Rogelio Esquivel Jr. and Daisy Valdez, along with coach Ian Saguan will be coming from San Juan in La Union, while Vea Estrallado will also be flying in from Sorsogon.

Their Australian coaches Adam Duffner and John Carby will fly directly to El Salvador.

Canlas said the Indonesians are the surfers to watch in El Salvador.

“It boils down to between the Philippines and Indonesia for the Asian men’s slot because they are the top surfers in Asia,” said Canlas, also a member of the Philippine Oympic Committee board. “In the women’s side, it will be a toss-up among the Philippines, Indonesia and Japan.

Indonesian Rio Waida, who bagged a silver medal in the 2019 SEA Games in La Union, is considered a major threat to the country’s No. 1 shortboard specialist Tokong and Alcala, Canlas said.

Blancada and 17-year-old Estrallado, on the other hand, will also have to topple another Indonesian ace, Taina Izquerdo, in the women’s contest.

UPSA strength and conditioning coach Ralph Tecson said the surfers’ training were regularly monitored from their respective camps during the pandemic.

SEA Games hero Roger Casugay, also a 2019 SEA Games gold medalist, is not joining the El Salvador qualifier because the longboard is not on the Tokyo program. immediately imposing sanctions on the erring team officials and players.

“We are grateful to the league’s officials for their sincerity to undertake the needed reforms for the protection and welfare of professional basketball, the players and the public,” Mitra said.

An independent three-man body composed of a long-time basketball administrator, a veteran basketball coach and a FIBA rules expert are investigating the controversy.

League officials also submitted to the GAB’s Anti-Illegal Gambling Unit (AIGU), through the of Alcantara Philippine National Police, joint affidavits on the results of its thorough review and investigation.

Van der Hoorn wins Giro 3rd stage

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ANALE, Italy—Breakaway rider Taco van der Hoorn narrowly held off the chasing pack to win the third stage of the Giro d’Italia on Monday, while Filippo Ganna held onto the pink jersey.

Van der Hoorn, a Dutch rider, was the last remaining member of an early breakaway in the 190-kilometer route from Biella to Canale, which featured three categorized climbs. He managed to finish four seconds in front of the main pack.

Davide Cimolai crossed second, four seconds behind, and Peter Sagan was third with the same time.

Ganna, who won the time trial that opened the race, is 16 seconds ahead of Tobias Foss in the overall standings. Remco Evenepoel is third, 20 seconds back.

“I can’t believe it,” Van der Hoorn said. “I

just wanted to be aggressive for the whole Giro. I knew it would be a very difficult to win a stage. I took my chance but I didn’t believe we’d make it with a oneminute lead going into the finale.”

Another hilly route awaits in Stage 4, a 187-kilometer route from Piacenza to Sestola.

“We have seen a lot of sprinters being dropped in the climbs, there were not a lot of riders in the main group at the end, up the hill. I saw that Remco had fantastic legs,” Ganna said. “It will be hard for me to defend the pink jersey tomorrow.” AP

Limping LA Lakers looking to survive AL MENDOZA | alsol47@yahoo.com

THAT’S ALL WHEN LeBron James came back, Los Angeles was back.

Suddenly, the Lakers’ crown looked secure.

Beleaguered as they were being pushed close to elimination, the Lakers were resurrected with the return of James.

James breathed new life to a Los Angeles squad on the verge of death. James has been the Lakers’ oxygen for life, the one savior when chaos creep in from nowhere.

Then it happened. Again.

James reinjured his ankle and has missed four games since.

This, after being out for six weeks, the longest ever National Basketball Association (NBA) absence for the best player on the planet.

Worse, James has been joined in the injured list by the hot shooting Kyle Kuzma. As if that was not enough, Dennis Schroder, the German

juggernaut, has been out, too, for quite some time now due to the NBA’s health and safety protocols (Covid-19 issues?).

Thanks to Anthony Davis, he isn’t tossing in the towel as he keeps on shepherding the Lakers.

Davis, scoring 42 points and grabbing 12 rebounds, led the Lakers to a wire-to-wire 123110 victory over the powerhouse Phoenix Suns on Monday.

That gave Los Angeles an inspiring 38-30 record and just one game behind Portland at No. 6 in the Western Conference.

The Top 6 will advance to the playoff outright, freeing them from the play-in tournament in case of ties.

There are four games left and the Lakers, known to famously rise to the occasion when their backs are against the wall, should score well

TACO VAN DER HOORN narrowly holds off a chasing pack. AP to clinch a hassle-free trip to the playoffs.

And with Davis showing nerves of steel in the absence of James, the Lakers might just make it—beginning with their game against the New York Knicks today, Wednesday.

“I’m getting my legs back,” said Davis in the win against Phoenix. “I’m getting my rhythm back. I’m getting better each game, getting my wind back each game.”

Davis was inspired by his backup’s splendid performance against the Suns, with Ben McLemore going 4-for-7 from rainbow territory and Kentavious Caldwell-Pope 4-of-9 as LA buried 17 threes.

Even the usually unsteady Alex Caruso gave LA 17 points, 11 more than his average.

An elated Davis, who was 15-of-17 from the line, said: “We’re headed in the right direction.”

Will the Lakers stay the course in today’s crucial game against the Knicks?

THAT’S IT Happy birthday today, May 12, to Migel (yes, without a “u”), the History freshman at Ateneo de Manila who dreams of becoming an environmental scientist someday. “History and environment go together like horse and carriage,” says Migel, Kuya Biley to handsome Ikap Sadiwa. “Anything about environment, there’s history in it.” Migel’s mind makes the unknown known. The future looks good.