BusinessMirror May 18, 2021

₧5.2B to fund OWWA's OFW hosting

By Samuel P. Medenilla

T INTRAMUROS BECKONS Fort Santiago and Baluarte de San Diego, two tourist attractions in Intramuros, Manila, reopened on Monday, May 17, 2021, following the easing of quarantine restrictions in the National Capital Region. This will allow visitors to once again experience the world's leading tourist attractions as recognized by the prestigious World Tourism Awards, said Tourism Secretary Bernadette Romulo-Puyat. Related story on Intramuros’s tourism workers on page A6. NONIE REYES

@sam_medenilla

HE O versea s Workers Welfare Administration (OWWA) may finally get this week it’s much-needed P5.2billion additional budget to continue extending quarantine accommodations to repatriated overseas Filipino workers (OFW) until the end of the year.

In an online press briefing on Monday, OWWA Administrator Hans J. Cacdac said they are now working with the Department of Budget and Management (DBM) for the release of the amount.

While the budget committed by

the DBM is significantly lower compared to their requested sum of P9.8 billion, it will be enough, he said, to allow them to continue extending quarantine accommodations to OFWs until the fourth quarter.

“Our estimate is that expenses will be at a little less than one billion pesos a month,” Cacdac said.

OWWA asked for the additional funding because it is expected to spend its P11-billion budget for OFW accommodations this month, following the new government policy to extend the quarantine period of inbound travelers. Once that is depleted and the budget office does not provide replenishment, Cacdac had warned,

the OWWA would be forced to dip into its trust fund.

Initially, OFWs were allowed to go home after one to two days from their arrival or as they get the result of their swab test.

This was later changed and government required them to wait for five days in accommodations provided by OWWA before getting tested for Covid-19—a policy based on health authorities’ findings that giving Covid tests immediately on arrival does not result in virus detection.

The new policy required OFWs to stay in OWWA-provided accommodations from six to seven days, hastening the depletion of the government funds for it.

Cacdac said they may ask yet for more funding from DBM under the new government protocols requiring OFWs to stay for at least 10 days in quarantine facilities before they can go home.

“Currently, there are 9,300 repatriated OFWs staying in 160 hotels.

This was lower compared to 9,500 three weeks ago. We are now feeling the increase [in the number of OFWs, who need quarantine accommodations],” Cacdac said.

He said they hope the number of arriving OFWs will “stabilize” to 9,000 to 9,500 so they could continue providing them sufficient accommodation with their limited funds.

OFW REMITTANCES RISE TO $2.5B IN MARCH—BSP

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n Tuesday, May 18, 2021 Vol. 16 No. 216

P25.00 nationwide | 2 sections 18 pages |

P16-B INVESTMENTS PENDING AMID BAN ON NCR ECOZONE

By Tyrone Jasper C. Piad

A

SOCIAL-DISTANCING markers guide the few passengers going out of the country at the Naia Terminal 1 on Monday, May 17, 2021.

Workers from the Philippines bound for Taiwan were stranded after the Taiwan Central Epidemic Command Center ordered a deferment of the entry of migrant workers due to rising Covid-19 cases on the island.

The order is in effect from May 15 to 21. Taiwan has been praised for its pandemic response due to low infections. NONIE REYES

R

By Bianca Cuaresma

@BcuaresmaBM

EMITTANCES to the Philippines grew in March this year as more economies continued to recover from the economic effects of the global health crisis and as Filipino migrant workers sent more money back home, anxious about the impact on their families of renewed lockdowns.

The Bangko Sentral ng Pilipinas (BSP) reported on Monday that overseas Filipino workers (OFW) cash remittances grew 4.9 percent in February to hit $2.514 billion during the month. This is higher than the $2.38-billion cash remittances sent in the same month last year and the $2.476-billion cash remittances sent in January This is the second consecutive month this year that remittances went back to expansion mode after its 1.7-percent contraction in

January. The BSP said the growth in remittances sent back home reflected mainly the “easing of travel restrictions, reopening of borders to foreign workers, and progress in Covid-19 vaccine rollout in many advanced countries.” Rizal Commercial Banking Corporation (RCBC) economist Michael Ricafort said the renewed lockdowns also compelled migrant workers to send more money to finance the needs of their families back home.

Continued on A2

Lower pork tariff stays one more month

By Samuel P. Medenilla

T

@sam_medenilla

HE lower tariff for pork products is expected to last by another month after President Duterte issued a new issuance for its implementation.

On Monday, Malacañang finally released a copy of Executive Order (EO) No. 134 (s. 2021), which increased the tariff for pork to 10 percent (in-quota) and 20 percent (outquota) for the first three months, and 15 percent (in-quota) and 25 percent (out-quota) from the 4th

to the 12th month.

The issuance repealed EO 128, which imposed the following schedule of tariff rate adjustments: from 30 percent (in-quota) and 40 percent (out-quota) to 5 percent (inquota) and 15 percent (out-quota) for the first three months, and 10 percent (in-quota) and 20 percent (out-quota) from the 4th to the 12th month.

EO 128 took effect last April, but has now been replaced with EO 134, which will take effect this month once published in the Official Gazette or a newspaper of general circulation.

PESO EXCHANGE RATES n US 47.8250

The lower tariff for pork is meant to address the shortage of the food item after the African Swine Fever (ASF) killed or led to the culling of 3 million hogs.

Rice tariff

IN a related development, Malacañang defended EO 135 against criticism from a farmers’ group that the measure, which reduced tariff for rice, is unnecessary since the country is not suffering from a rice shortage.

Presidential spokesman Harry Roque said the government opted

to facilitate the importation of the staple in Filipino diet to offset the expected drop in rice production this harsh summer, which he attributed to climate change.

“This is to ensure that the adverse consequence of climate change will not cause a shortage in rice supply,” Roque said in an online press briefing on Monday.

Under EO 135, it is also stated President Duterte opted to bring in more imported rice amid the expected increase in the price of rice in some countries as Covid-19 affected its production.

@Tyronepiad

ROUND P16.07 billion worth of investments for information technology (IT) parks and IT centers in Metro Manila have remained pending this year amid the moratorium on the processing of new economic zones in the capital region.

Broken down, data obtained by the BusinessMirror from the Philippine Economic Zone Authority (Peza) showed 10 applications for IT center amounting to P15.5 billion and one inquiry for a P573.93-million IT park as of April 30.

“Of the 10 IT Centers endorsed by Peza for the required proclamation, 8 IT Centers with a total investment of P11.41 billion as well as the 1 IT Park identified above were returned to Peza with noted deficiencies for rectification,” the regulator of ecozones noted.

Peza Director General Charito B. Plaza, in an interview with the BusinessMirror, said the investment promotion agency has asked President Duterte to lift Administrative Order (AO) 18—which bans new ecozone developments in Metro Manila— in order to allow further job creations amid pandemic.

In a letter to Malacañang dated May 3, Plaza said revoking AO 18—which was in place since June 2019—will allow for the recently enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) law to fully take effect.

The Peza chief explained the new tax reform measure is already offering incentives that will benefit company locators outside Metro Manila, complementing the current strategies on rural development.

“The passage of CREATE law already sets in motion the policy provided under AO 18 by providing superior incentives to businesses that will locate outside of NCR,” she explained. “[But] on the other hand, the

existing moratorium would only pose a major disincentive to investors targeting the market in Metro Manila, which suffered the most vis-a-vis countryside in terms of economy and human toll because of the pandemic, and right now needed an investment boost,” Plaza added.

While lifting AO 18 can generate more jobs, Plaza explained that it can also be a “relief” for the small and medium enterprises and support industries in Metro Manila.

Plaza noted that the office space vacancy in the capital region was at its “worst since the global financial crisis” following the exit of Philippine offshore gaming operators and shift to work-from-home schemes.

“But the multiplier effects of allowing the establishment of IT Building in Metro Manila provides recovery measures for developers and support industries still reeling from the effects of Covid-19,” she explained.

Currently, 167 IT parks and centers are located in NCR, most of which are in Makati, Quezon City and Pasig.

There are, in all, over 290 IT parks and centers across the country out of 410 ecozones under Peza’s regulation.

“We want more investors, especially in this pandemic so they can create jobs for our people. Hopefully, the President will consider it so that we can already register these pending applications,” Plaza told this newspaper.

Plaza said in the letter that lifting AO 18 will be a “great stimulus” for economic recovery as this will allow more IT investors in Metro Manila.

Big-ticket investment

ME A N W HI L E , Pl a z a a l so shared with the BusinessMirror that a P16.5-billion “bigticket” expansion project by a semiconductor manufacturing firm in Calabarzon is currently pending as well.

Continued on A2

n JAPAN 0.4376 n UK 67.4380 n HK 6.1575 n CHINA 7.4291 n SINGAPORE 35.8912 n AUSTRALIA 37.1744 n EU 58.0739 n SAUDI ARABIA 12.7526

Source: BSP (May 17, 2021)

News

BusinessMirror

A2 Tuesday, May 18, 2021

New CSC order expands list of sexual harassment actions

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By Samuel P. Medenilla

@sam_medenilla

OVERNMENT officials and personnel who send inappropriate text messages and email, which are sexual in nature, to their colleagues could now face administrative sanctions.

In a new resolution No. 2100064, the Civil Service Commission (CSC) expanded the forms of sexual harassment to include those which are digitally done in line with the Safe Spaces Act. It defined gender-based online sexual harassment acts as those that use information and commu-

nication technology in terrorizing and intimidating victims, and these include “physical, psychological, and emotional threats, unwanted sexual misogynistic, transphobic, homophobic and sexist remarks and comments online whether publicly or through direct and private messages.”

CSC Resolution No. 2100064 is expected to take effect on June 1, 2021.

Prior to the issuance, only sexual harassment in work-related, training, or education are recognized by the government.

Strengthened CODI

T H E ne w I AT F F re solut ion strengthened the Committee on Decorum and Investigation (CODI) to prevent possible delays in investigations of complaints of sexual harassment.

“Either the complainant or the person being complained of may request any member of the CODI to inhibit from the proceedings based on conflict of interest, manifest partiality, and other reasonable grounds. A CODI member may also voluntarily inhibit on the same grounds,” CSC said in a statement on Monday.

Among the functions of the CODI is to ensure that the com-

plainant will not suffer from retaliation or any disadvantage in terms of benefits or security of tenure, as well as to guarantee the observance of due process, gendersensitive handling of the cases, and confidentiality of the identity of the parties involved.

The CODI has 10 days to submit the results of its investigation on the alleged cases of sexual harassment to the “disciplinary authority” of the decision.

“Heads of agencies who will be found remiss on their duties under CSC Resolution No. 2100064 or not taking action on complaints may be charged with Neglect of Duty,” CSC said.

Government officials and personnel, who will be deemed violators of the government’s antisexual harassment policies may be sanctioned, ranging from a reprimand to outright dismissal from the service depending on the gravity of their violations.

OFW REMITTANCES RISE TO $2.5B IN MARCH–BSP Continued from A1

“Slower economic conditions, partly due to the recent tighter quarantine standards especially since the latter part of March 2021 and relatively higher inflation locally in recent months may have necessitated the sending of more OFW remittances to local dependents or

beneficiaries,” Ricafort said.

Broken dow n, cash remittances from land-based workers increased by 5 percent to $1.948 billion during the month, while those from sea-based workers rose by 4.5 percent to $566 million in March.

For the first quarter, total re-

mittances to the Philippines hit $7.93 billion, 2.6 percent higher than the $7.403 billion in the first three months of 2020.

The BSP said the growth in cash remittances for January to March this year came largely from the United States (US), Malaysia, and Singapore.

In terms of country sources, the US registered the highest share of overall remittances at 40.8 percent for the first three months, followed

by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Qatar, Taiwan, and Malaysia.

T he combined remittances from these top 10 countries accounted for 78.2 percent of total cash remittances. Ricafort said remittances are still expected to rise in the coming months as lockdown measures in the country continue and global economic conditions recover.

The economist also said the appreciation of the peso could prompt OFWs to send more money in dollar terms. “Tighter quarantine restrictions in NCR Plus since the latter part of March 2021 amid new record high Covid-19 local cases recently could increase the need to send more OFW remittances especially to assist adversely affected OFW families/dependents in the country,” Ricafort said.

www.businessmirror.com.ph

CHED ASKED TO LIFT FREEZE ON NEW NURSING PROGRAMS ‘The role of nurses in our health care system cannot be overemphasized, not only in delivering quality health care but as well as in achieving our Sustainable Development Goals.

BM

QUEZON REP. ANGELINA TAN

By Jovee Marie N. dela Cruz

I

@joveemarie

N light of the shortage of nurses in the country and the world, the chairman of the House Committee on Health on Monday called on the Commission on Higher Education (CHED) to lift the moratorium on the opening of new programs in nursing.

In her privilege speech, Quezon Rep. Angelina Tan, citing the World Health Organization report, “State of the World’s Nursing 2020,” said without action, there will be a shortfall of 4.6 million nurses worldwide by 2030.

In the Philippines, she said the projected shortfall of nurses is expected to be 249,843 by 2030, unless greater investment is made now to retain them in the Philippine health sector.

“Even before the Covid-19 pandemic, a global shortage of nurses was already projected,” she added, as the Covid-19 pandemic put the need for nurses into sharp relief.

Tan, a registered nurse before becoming a medical professional, has also urged the leadership of the House of Representatives to revisit the moratorium as contained in CHED Memorandum Order No. 32, which was issued in 2010.

CHED imposed the moratorium on the opening of all undergraduate and graduate programs on nursing and four other courses effective school year 2011-2012 because of the proliferation of colleges offer-

ing undergraduate and graduate programs; and due to a gradual decline in the performance of nursing education graduates, which indicates the worsening state of the program. “ T he role of nurses in our health care system cannot be overemphasi zed, not on ly in delivering quality health care but as well as in achieving our Sustainable Development Goals (SDGs),” she said.

They make critical contributions to the achievement of national and global targets related to a range of health priorities, including universal health care, mental health and communicable and noncommunicable diseases, emergency preparedness and response, patient safety, and the delivery of integrated, peoplecentered care,” Tan explained.

She also said pre-Covid-19 pandemic data reveals that the world does not have a global nursing workforce commensurate with the universal health coverage and SDG targets.

“Give n t h i s bac k d rop a nd how it will potentially impact our health care system, I believe that now is the most opportune time for CHED to assess the relevance of CMO No. 32. In fact, this representation is urging the Commission on Higher Education to allow other higher educational institutions to open new nursing programs to enable us to produce more nurses,” Tan said.

DOE clears 8 projects for grid impact studies

By Lenie Lectura

T

@llectura

HE Department of Energy (DOE) has cleared 8 power projects, with capacities reaching nearly 2,600megawatts (MW), for the conduct of grid impact studies (GIS).

As of April, the agency issued permits to GNPower Ltd. Co., Ingrid3 Power Corp., 5 Barracuda Energy Corp., Camsur II Wind Energy Corp., Giga Ace6, Inc., Verdecore and Therma Power Visayas, Inc. Prior to construction, a power firm must secure the go-ahead of the DOE for it to conduct a GIS. This is necessary in determining if the electricity to be generated by the

power project can be absorbed by the country’s transmission system.

Among the biggest power projects in the list are the 1,250MW Stellar Land Dual-Fuel Power Plant of Ingrid3 in Tabangao, Batangas and the 1,200MW GNPower Sisiman LNG Combined Cycle Power Plant in Mariveles, Bataan of GNPower.

GN Power also plans to put up a 600MW LNG Combined Cycle Power Plant in Lanao del Norte.

Ingrid3 is a unit of AC Energy while GNPower is a joint venture of AC Energy and Aboitiz Power subsidiary Therma Power and Power Partners.

Giga Ace is building the 335MW Isla Wind Power Project in Mauban,

Quezon.

Other projects in the list are the 300MW Laguna Lake-Los Banos Solar Power Project of 5 Barracuda, 50MW Bay Energy Storage Project of Camsur II Wind Energy Corp., 42MW Pandora 2 Integrated Energy Storage Project of Therma Power, and the 62.5MWP Luntal Bayudbod Solar Power Project of Verdecore.

They received the green light of the DOE for the conduct of their respective GIS in April.

In all, the DOE has issued clearance to 24 power projects from January to April. If these will all push through, the country is assured of over 9,000MW of additional power generating capacity.

P16-B INVESTMENTS PENDING AMID BAN ON NCR ECOZONE Continued from A1

She did not disclose the name of the company.

The Peza chief said the deal is eyed to conclude this year. The foreign company, she said, is still deciding whether the facility will be established in the Philippines or in Malaysia.

“If this will push through, it will be a big boost not only to Peza but also to the economy,” she added, noting that the facility will be uti-

lizing 16 to 20 hectares of land.

At the same time, the semiconductor firm is also evaluating the incentives provided under CREATE, she said.“I hope there will be a lot of adjustments that the FIRB [Fiscal Incentives Review Board] will be doing so that we can get this [deal],” she said.

Under CREATE, the corporate income tax rate is reduced to 20 percent from 30 percent for domestic

corporations with net taxable income of P5 million and below and have total assets of P100 million and below effective July 1, 2020.

All other local firms and resident foreign companies are imposed a 25-percent income tax.

The total investments approved

by Peza last year reached P95 billion, which was 19 percent lower than the P117.54 billion it registered in 2019.

Editor: Vittorio V. Vitug

The Nation BusinessMirror

Philippines, US renew partnership on IP enforcement and cooperation

By Tyrone Jasper C. Piad @TyronePiad

T

he Intellectual Property Office of the Philippines (IPOPHL) and the United States Patent and Trademark Office (USPTO) recently signed a memorandum of understanding (MOU) to renew their partnership and improve cooperation in IP protection and enforcement.

In a news statement issued on Monday, the IP agency reported that IPOPHL Director General Rowel S. Barba and USPTO Acting Director Drew Hirshfeld signed the new accord on May 5.

The agreement covers training and capacity building to improve office administration, human resource development and examination of patent and trademark, among others.

The pact also highlights promotion of IP in innovation and economic growth by holding seminars and workshops.

Manila and Washington also agreed to share “IP-related, non-confidential information and best practices on the process of examination of patent and trademark applications and registrations, efficient operation of an IP office, IP laws, rules, and regulations, and IP rights protection and enforcement.”

The USPTO assigned IPOPHL as an international searching authority and preliminary searching authority (ISA/ IPEA).

An ISA/IPEA prepares examination reports mandated under international application process provided by the Patent Cooperation Treaty.

The World Intellectual Property Organization has designated only 23 ISA/ IPEA to date.

In addition, the USPTO also committed to provide capacity building on IP awareness, education, valuation, commercialization and technology transfer arrangements.

Barba said that the “renewed and enhanced partnership” of IPOPHL with USPTO would ensure more improvements in terms of providing service to inventors, creators and businesses.

“The first round of bilateral cooperation with USPTO had greatly benefited the IPOPHL as it enhanced our efficiencies in IP administration, management, patent and trademark examination and enforcement. As we continue to carry out this partnership with added goals, IPOPHL and the USPTO will surely improve aligning our practices for the benefit of businesses in both countries and spur innovation at a time of crisis when it is

most needed,” Barba said.

Earlier this month, IPOPHL announced the Philippines has been kept off the Special 301 Watchlist by the US Trade Representative for eight years.

The country was also cleared of unlicensed software use allegations on the part of the government.

The USTR’s watchlist is an annual review of the global situation pertaining to IP protection and enforcement.

Barba previously said that the exclusion of the Philippines from the Special 301 report bodes well for the business sector. This helps promote the country as a “vibrant investment place for US and other foreign businesses,” he explained.

IPOPHL aims to return to the prepandemic level of IP applications this year, banking on filings from micro, small and medium enterprises.

Last year, IP applications had gone down, a development which Barba attributed to prolonged lockdown measures not only in Metro Manila but in other major areas as well. Trademark applications fell by 10 percent to 35,724, while patents shrunk by 9 percent to 3,648. Utility models filings plunged by 45 percent to 1,235; industrial design, 23 percent, 1,259; copyright, 44 percent, 940.

Tuesday, May 18, 2021 A3

DOH, DILG and BFP place hospitals under tight watch after PGH blaze

By Claudeth Mocon-Ciriaco Correspondent

T

he Department of Health (DOH) on Monday said that they have already coordinated with concerned agencies following the fire incidents in two hospitals this month.

“We have already coordinated with the Department of the Interior and Local Government, local government units, and the Bureau of Fire Protection to have the monitoring across our hospitals,” Health Undersecretary Maria Rosario Vergeire said in an online media forum.

Vergeire noted that fire incidents are “highest during the summer season.”

“We want to prevent incidents like this in the future,” she said referring to the fire that gutted the storage facility of the Pasig City General Hospital on May 12 and on May 16 wherein the Operating Room Sterilization Area on the third floor of Philippine General Hospital (PGH) was also hit by fire.

Vergeire also said that the DOH hospitals have accepted eight patients from PGH and four other patients are set to be transferred.

She added that N95 masks were also given by the DOH to PGH. “They [health-care workers] are required to wear the N95 mask for 48 ours because the smoke [odor] is still lingering,” she said.

Devastating blow

Philippine Red Cross (PRC) Chairman and CEO Sen. Richard Gordon has lamented that the fire that gutted the Philippine General

Hospital, the largest Covid-19 referral hospital in the country, was a devastating blow to the health-care system “already overwhelmed by the pandemic.”

Living up to its mantra of being always first, always ready, and always there, PRC immediately responded to help put off the fire, evacuate and transport the patients when the fire broke out at the Operating Room Sterilization Area on the third floor of the PGH before dawn on Sunday.

The PRC immediately dispatched two fire trucks and six ambulances from the National Headquarters (NHQ) and nearby PRC Chapters.

There were 32 staff and volunteers equipped with self-contained breathing apparatuses who were mobilized.

A total of 15 patients were assisted and transported to the PGH New Emergency Room Building, and one patient with stem cell cancer to the Manila Doctors Hospital.

Gordon ordered the deployment of two units of ram fans from PRC NHQ, and requested four units from the Subic Bay Metropolitan Authority (SBMA) Fire Department as augmentation.

Ram fans are critical in the current situation to clear and eject smoke from confined spaces.

Patients occupying these confined spaces will be able to breathe easier with the operation of these fans. Bed sheets were similarly provided for the patients.

Gordon vowed that the PRC would continue to fulfill its mandate as auxiliary to the government to help alleviate the suffering of most vulnerable Filipinos.

A4 Tuesday, May 18, 2021 • Editor: Vittorio V. Vitug A4

Economy BusinessMirror

www.businessmirror.com.ph

Group asks Neda to boost PSA’s data gathering capability on fish supply

F

By Jasper Emmanuel Y. Arcalas

@jearcalas

ood security advocacy group Tugon Kabuhayan urged the government to allow more funds to improve the data collection and production of the Philippine Statistics Authority (PSA) to provide policy-makers with a better picture of the country’s fish supply situation.

“[In order] to generate more accurate data, the Neda [National Economic and Development Authority] and the national government must hike the budget of the PSA to review how they capture fisheries data,” the group said in its fortnightly virtual news briefing on Monday.

“They probably need more people in fishery stations. We have to understand that fisheries stations or unloading, especially for municipal fishers, are scattered all over the country. They really have to be grounded, in fact be below the ground water where the data is,” the group added.

Citing reports from the ground, the group claimed that the PSA’s data on fisheries production are too conservative. For example aquaculture production in Davao doesn’t capture even half of the total output of the aquaculture

fishers in the region, according to Tugon Kabuhayan.

The group said there is no worry in the PSA’s data collection for commercial fishing since these vessels unload in government ports. However, they pointed out that data gathering for municipal fishing would be difficult since small-scale fishermen are scattered in the country.

“How do they estimate that? And even the data for aquaculture is too low. For example, the PSA’s production estimate for Taal Lake is far from the production on ground. The same is happening in Davao,” it said.

Tugon Kabuhayan warned that the government is running the risk of coming up with wrong policy decisions on fisheries, such as on importation, if they are basing on unrealistic data.

For one, the group maintained that

the country has sufficient fish stocks since it is able to export to Europe and other countries.

“That is really the implication [on policy-making]. For example, the government has no estimate on our fisheries inventory,” the group said, adding that the Philippines can learn how Europe handles its fisheries data.

“We believe that there is really no shortage. But it is up to the government to allow importation or not,” it added.

The group also urged the government to expand its value-adding programs for the fisheries sector to increase employment and income.

For example, the deboning of bangus alone could generate at least 7,500 jobs with an estimated additional monthly income generation of P112 million at a P15,000 per month average salary per employee.

House panel okays bill granting tax-free honoraria to poll servers

By Jovee Marie N. dela Cruz @joveemarie

T

he House Committee on Ways and Means on Monday approved an unnumbered substitute bill exempting the honoraria of election servers from income and other withholding taxes.

Albay Rep. Joey Salceda said the lower chamber can fast-track the passage of the measure in time for the 2022 elections.

Members of the Board of Election Inspectors (BEIs) and other election personnel, typically public-school teachers, are given allowances for serving in national and local elections under Republic Act 10756, or the Election Service Reform Act. Data from the Commission on Elections (Comelec) showed taxes withheld for the 2019 National and Local Elections amounted to P56.8 million.

“My mother was a teacher for 43 years, so I support this measure. The cost is very reasonable, at around P56.8 million. It’s worth apprehending just one big-time tax evader. It’s an easy choice,” said Salceda, who will be a principal sponsor of the substitute bill to the measures filed

by Rep. France Castro and Rep. Lloren Cuaresma.

“Considering both the risks election workers take, the relatively small size of their compensation for such an important function, and the reasonableness of the tax foregone, this proposal does not pose serious threats to our revenue

strength,” Salceda said.

The lawmaker said the substitute bill would have a provision that amends the National Internal Revenue Code of 1997, as amended, to exclude election-related honoraria and allowances from the computation of gross income.

The bill specifically notes “honoraria, travel allowance, and such other benefits as may be granted by the Commission on Elections [Comelec] to persons rendering election service pursuant to Section 4 of Republic Act 10756, otherwise known as the Election Service Reform Act” from Section 32 of the tax code.

‘Mature workers’

Meanwhile, Salceda said his committee will support the passage of a proposal that would encourage businesses to hire “mature workers” or workers aged 40 and above by granting them tax cuts for doing so.

“The productivity gains to hiring workers with life experience will be immense. Under the current culture, most employers hire only fresh graduates. They are less enthusiastic about taking older applicants in. This is of course a problem, especially because many older applicants have families to support,” Salceda said.

Salceda added that the culture “wastes the valuable accumulation of skills that only older employees can deliver for a firm.”

He, however, warned principal authors that the Executive departments

may push for a veto of the tax provision if the case for it is not “well-argued and well-established.”

“This is not a revenue measure, so if a provision can be vetoed, the whole bill will not be approved. That is why I hope to propose some revisions to the proposal so that we can push it through enactment,” Salceda said.

Salceda assigned Senior Vice Chairman Estrellita Suansing, Vice Chairman Sharon Garin, and Rep. Jericho Jonas Nograles to recommend to him an alternative formulation of the tax provision so it would be less prone to abuse.

Under the current proposal, firms that hire “mature employees” will be “entitled to an additional deduction from their gross income, equivalent to 15 percent of the total amount paid as salaries and wages.” This means that 115 percent of labor expenses for covered hires will be recognized by the Bureau of Internal Revenue (BIR) as a deduction from gross income for purposes of taxation.

Salceda warned that the provision is still vague in terms of hiring procedure, cap on credits, among others.

Former convicts Salceda also said his panel support the passage of a bill that would encourage businesses to hire former persons deprived of liberty (PDL) by granting them tax breaks.

Salceda said that he believes “opportunities to fully integrate into society will lower repeat offenses and help lower crime rate.”

Please consider: None of the existing vaccines would have come about without an attractive innovation environment

By Henry J. Schumacher

H

aving worked in the pharmaceutical and chemical industry for 25 years, I am certainly deeply concerned about US President Biden’s controversial proposal to waive intellectual protection for coronavirus vaccines.

The Biden administration a few days ago threw its support behind a controversial proposal to waive intellectualproperty protections for coronavirus vaccines, with liberals framing it as a necessary bid to speed the shots to billions in the developing world, while the drug industry warned of devastating effects to vaccine production.

The head of the European Medicines Agency (EMA) said a remarkable sentence in a recent interview: “I think that we should concentrate on enabling innovation,” said Emer Cooke. “None of the existing vaccines would have come about without an attractive innovation environment.”

The sentence is remarkable because this simple logic threatens to be forgotten more and more. The fact that the world discussed vaccine patent revoca-

tion is just the latest example.

Terms such as progress, innovation and entrepreneurship are rarely missing from a party conference speech. In fact, bureaucracy and a lack of digital administration hinder innovation. And the situation has tended to deteriorate in recent years, as surveys among entrepreneurs show.

We all need an innovation agenda that includes the reduction of bureaucracy, as well as better integration between science, investors and established corporations. Because it is at this interface that the great ideas of tomorrow arise. The connections have long been known. Just like the fact that particularly complex new technologies sometimes require state funding. Quantum computers are one such case.

Never before have companies in many parts of the world spent so much money on research and development as in 2019, as current figures show. They invested almost 76 billion euros in innovations—almost 6 percent more than in the previous year.

Successful economic policy should

not focus on directing the economy. It should create a climate in which people and companies are willing to take risks. A climate in which new things can arise. Anyone who now without a need to question patent protection, which is nothing other than the reward for successful innovation, is sending a signal in the completely wrong direction!

Without innovation no new medicines or vaccines! Without patent/ intellectual-property rights protection—no innovation.

Think of another pandemic or virus or severe illness: without patent protection: no research = no new medicines to save you.

And finally, President Biden should be informed that there are other ways to provide poor countries with reasonable prices for vaccines —dissolving patent protection is a bad option.

I look forward to your feedback; contact me at hjschumacher59@gmail.com

Oil firms adjust fuel pump prices

By Lenie Lectura @llectura

O

il firms announced on Monday a price adjustment in petroleum products effective Tuesday morning.

They said diesel price would go up by P0.20 per liter, while gasoline prices will go down by P0.20 per liter.

There is no movement for kerosene.

The price adjustment was announced by Seaoil, Cleanfuel, Pilipinas Shell, PTT Philippines, Phoenix Petroleum and Caltex Philippines.

Except for Cleanfuel, the oil firms will implement the new prices at 6 a.m. of May 18.

Other oil firms are expected to follow suit.

The Department of Energy (DOE) earlier reported that the country’s net oil import bill dropped to $5.932 billion last year from $11 billion in 2019 brought about by the pandemic.

Total volume of petroleum products imported last year reached 136.05 billion liters, 21.4 percent down from 173.2 billion liters in 2019.

The Philippines imported 32.9 billion liters of crude and 103.1 billion liters of finished products in 2020.

Imports of crude dropped by 45.7 percent following the decision of Petron Corp. and Pilipinas Shell Petroleum Corp. to shut down their respective refineries in Bataan and Batangas provinces.

Imports of finished products fell 8.3 percent year-on-year.

Cost of total imports also declined 46.2 percent to $6.372 billion from $11.839 billion in 2019.

Total export earnings dropped 42.5 percent to 10,435 million liters equivalent to $439.4 million in 2020 from 12,669 million liters in 2019 worth $763.6 million.

Of the total petroleum exports last year, 7.9 billion liters were products and 2.5 billion liters in crude.

Solon reminds LGUs on BOSS compliance

A

senior lawmaker on Monday reminded local government units (LGUs) on the provisions of the Ease of Doing Business (EODB) law that they only have until June this year to put their respective electronic business one-stop shops (BOSS) in place.

In a news statement, Camarines Sur Rep. Luis Ray Villafuerte called on local executives to fast-track the digitalization programs of their respective local government units (LGUs) to speed up the contactless delivery of frontline services to the public and the shift to paperless transactions.

“The Covid-19 pandemic has accelerated our transition to electronic-based transactions. The LGUs should step up their efforts in putting up their respective online business registration processes to stay ahead of the game and make their localities more conducive to business, especially amid the pandemic,” said Villafuerte, an author of Republic Act (RA) 11032 or the EODB law.

According to the Anti-Red Tape Authority (Arta), LGUs will be required to move their entire business permit application processes online by mid-June.

The Arta and other government agencies recently signed a joint memorandum circular (JMC) to standardize the online business registration process that would cut the number of required application forms to just one.

Earlier, Villafuerte said LGUs could help Malacañang improve the Philippines’s global competitiveness in attracting foreign direct investments (FDI) by putting up their respective BOSS centers in support of RA 11032 and Administrative Order AO 23, which directed all government offices to eliminate cumbersome official processes that impact businesses and investments.

In AO 23, President Duterte sought the elimination or reduction of “excessive regulations at all levels of government, which are more than necessary to implement their respective mandates, create high costs on businesses, inhibit job creation and discourage private sector investment.” Jovee Marie N. Dela Cruz

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Editor: Vittorio V. Vitug

Tuesday, May 18, 2021 A5

SC ends oral argument on ATA, cuts short Esperon’s testimony

By Joel R. San Juan

T

@jrsanjuan1573

HE Supreme Court has decided to cut short the testimony of National Security Adviser Hermogenes Esperon after he linked several groups with terrorist the Communist Party of the PhilippinesNew People’s Army (CPP-NPA) during last week’s continuation on the oral argument on the 37 petitions assailing the constitutionality of the Anti-Terrorism Law. At the start of the ninth and last day of the oral argument, Chief Justice A lexander Gesmundo said the Court would instead issue a resolution detailing the specific questions that the justices would like Esperon to answer.

The Chief Justice said Esperon’s response to the questions would have to be incorporated in the memorandum that would be submitted by the Office of the Solicitor within 30 days upon issuance of the resolution.

The Court made the decision following the filing of a motion by several petitioners assailing the constitutionality of ATA, seeking to expunge the testimony of Esperon and to delete from its records the controversial videos that Esperon was presented to the justices during oral arguments last Wednesday.

“With regards to motion to expunge [the] testimony, video presentation and annotations of respondent Hermogenes Esperon… the Court resolves to require respondent to comment,” CJ Gesmundo announced.

“The Court also decided not to continue the interpellation of Esperon based on the compliance that they have submitted earlier,” the chief magistrate added.

On the other hand, the CJ Gesmundo announced that Court agreed to issue a show-cause order to Free Legal Assistance Group (FLAG) lawyer and one of the counsel-petitioners Theodore Te for his statement posted in social media castigating the Court for allowing Esperon to red-tag several groups in open session last week.

During the court proceedings, Esperon played a two-minute video of self-exiled CPP founder Jose Maria Sison wherein the latter can be heard mentioning the names of 18 organizations whom the latter called "allied organizations.”

He also played a 1987 video of Sison supposedly naming the legal organizations in the supposed National Democratic Revolution.

Esperon disclosed that about 75 organizations such as the Alliance of Concerned Teachers, Anakbayan, Kilusang Mayo Uno, Bagong Alyansang Makabayan, Gabriela and several others were present in a meeting presided by Sison in Hong Kong sometime in 2020.

These groups, he said, are part of the so-called International Leag ue of People’s Str ug gles which meets every year.

The petitioners said Esperon should not have been allowed to

testify since the SC is not a “trier of facts.”

In doing so, the petitioners said, of the Court provided Esperon the opportunity to openly red-tag progressive groups, which is one the main issues raised in the petitions.

Amici curiae’s opposing views

Meanwhile, former Chief Justice Reynato Puno and former SC Associate Justice and ex-Solicitor General Francis Jardeleza, gave contrasting opinions on the issues raised against the ATA. Both Puno and Jardeleza were designated by the Court as amici curiae (friends of the court) to give their impartial and expert opinion on the matter.

In his position paper submitted to the Court, Puno called on the SC to strike a balance between the protection of rights guaranteed under the Constitution and national security in resolving the 37 petitions seeking to declare the ATA of 2021 as unconstitutional.

“Your Honors, we are to seek the right balance between individual liberty and national security. This is not case of all or nothing matter but a matter of more or less,” Puno told the High Tribunal.

“The balance should not reduce individual rights into insignificance for they are inherent to human dignity. Neither should the balance put an end to the security of the people for they did not enter into a ‘suicide pact’ when they ratified the Constitution. The ideal is for us to be both free and safe,” Puno stressed.

Puno admitted that there were certain provisions in the ATA that he considers as a matter of “constitutional concern,” particularly in the process of designation of terrorists.

Among these provisions are Sections 25, 35, 36, 38 and 41 with respect to designation of terrorists and the power of the Anti-Money Laundering Council (AMLC) to order freezing of their assets.

He questioned the Anti-Terrorism Council’s automatic adoption of the list of terrorists that comes from the UN Security Council (UNSC).

Puno explained that it is not clear whether the UNSC Resolution 1375 mandatorily ordered member-states to automatically adopt its list of terrorists.

“The process followed by the UN Security Council in arriving at the list may not conform with our Constitution. We are not aware how much of the pro-

cess is open and how much is in camera,” the former Chief Justice told the Court.

“The standard of fairness in the listing process should be our legitimate concern. The criteria that guided the Security Council in preparing the black list can be changed from time to time. The change may be demanded by the lay of the legal landscape, which will vary from country to country. The change in criteria may not always be in accord with our fundamental law and automatically adopting the UN list may not give us any wiggle room to avoid unconstitutional difficulties,” Puno elaborated.

A nother concern raised by Puno dwells on ATC’s authority to determine the person or organization to be designated as terrorists based on a probable cause.

“The disconcerting question is whether there is a meaningful remedy on the part of a person or organization designated by ATC as a terrorist when it’s finding of probable cause rests on erroneous ground,” Puno stressed.

Puno’s concern was anchored on the lack of express provision in the ATA that allows aggrieved parties to assail the factual basis of the designation made by ATC. With regard to the freezing of assets of designated terrorists, Puno noted that AMLC’s may issue a freeze order valid only for 20 days but may be extended for a period not exceeding six months by the Court of Appeals.

He said this was in contrast with regard to the freeze orders involving terrorists determined by the UNSC and adopted by the ATC, which is indefinite until ordered lifted.

“When a law makes distinction when there is no difference, there is a violation of the equal protection clause of the Constitution,” Puno pointed out.

Puno also raised the possibility of violation of the principle of equal protection under the Constitution with regard to the implementation of Sections 26, 27, 28 and 36 pertaining to proscription of terrorists.

He noted that the proscription is used only for terrorist organizations, associations or groups of persons and not for individual persons listed as terrorists by designation.

Furthermore, the former Chief Justice raised the possibility of violation of existing rights of arrested persons with the implementation of Section 29 of the ATC, which authorizes in writing law enforcers to take custody suspected terrorists and detain them for a period of 14 days which can be extended for a maximum of 10 more days depending on several conditions.

“Undeniably, there will be cuts on the rights of detainees under our present law. Again, the difficult constitutional question to resolve is how deep can these cuts be allowed on detainees without destroying the essence of their rights,” Puno explained.

Likewise, Puno raised some “bothersome” provisions covering surveillance of terrorists such as the continued surveillance of persons already charged with terrorism and the use of any mode to perform this act.

“This runs against the conventional thinking that when a person is charged, the State has already the quantum of evidence to convict the person beyond reasonable doubt,” Puno said.

On the other hand, Jardeleza told the magistrates that the petitions should be dismissed on the grounds of lack of legal standing and that the Court is not a trier of facts.

“While a case for ‘pre-enforcement review’ of a criminal statute is possible, the same is allowed solely on grounds of vagueness.

Since none of the petitioners has sought to avail of this exception, I humbly submit that…37 petitions should be dismissed,” Jardeleza said.

He added that cases presenting factual issues, such as the alleged torture of petitioners Japer Gurung and Junior Ramos, should be tried first under the doctrine of hierarchy of courts—before the lower court first—then the Court of Appeals.

Guru and Ramos, both Aetas, were charged with non-bailable offenses of illegal possession of firearms and explosives and for violation of the provision of the ATA before the Regional Trial Court of Olongapo City last September.

Gurung and Ramos and two other female Aetas are accused of being members of the communist New People’s Army (NPA).

“Petitioners cannot shor tcircuit this process by simply invoking the ‘transcendental or paramount’ importance of their case,” he explained.

While the issues raised by petitioners against the ATA are important as it involves civil liberties, Jardeleza admitted that the facts presented by petitioners are insufficient for the Court to rule against the ATA. “My point: Judges of the RTC and justices of the Court of Appeals are not only equipped to receive and ascertain the facts for this Court, they also, in their own right, make constitutional law,” the former magistrate said.

“I think it is time we start hearing from them by giving them the first crack at cases such as these,” he added.

Jardeleza also indicated that the observance of the doctrine of hierarchy of courts is necessary in order to unclog the Court’s docket and hasten the resolution of cases.

He noted that based on the Judiciary Annual Report of 2916, the Court has a total case load of 14,491 as of December 31, 2016; 14,411 cases in 2017; 15,339 cases in 2018 and 14,760 cases in 2019.

Despite efforts to introduce reforms by three former chief justices, namely, Teresita de Castro, Lucas Bersamin and Diosdado Peralta to unclog the Court’s docket, the number of pending cases from 2016 to 2019 also remained at the same level.

Thus, Jardeleza proposed that the Court consider imposing strict work or page limits to petitions filed before it and declaring that the 24-month period mandated by the Constitution to decide a case is mandatory and should be dutifully observed across all levels of the courts.

At the end of the oral argument, CJ Gesmundo said the Court has decided to require the petitioners to submit their memorandum on the basis of the clustering based on the issues they agreed to present in the oral argument.

He said a resolution would be issued setting forth the contents of the memorandum and would give the parties 30 days within which to submit their memoranda.

News

BusinessMirror

Tuesday, May 18, 2021

A6

IATF lists local chief execs as priority for Covid vaccine

By Samuel P. Medenilla @sam_medenilla

L

OCAL chief executives (LCE) are among the top priority in the government's vaccination drive, coming only next to health-care workers.

On Monday, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) issued resolution No. 115B, which designates all governors

and city and municipal mayors or all local chief executives under priority group A1.5.

This was in response to the petition of the League of Provinces

of the Philippines on the matter.

President i a l spokesperson Harry Roque said the IATF made the decision since it considers local chief executives as the “cornerstone” of the government’s novel coronavirus disease (Covid-19) response.

“They are the ones implementing the localized lockdowns and the vaccination. They are our instruments in our fight against the novel coronavirus disease,” Roque said.

IATF made the decision after the arrival of additional vaccines from the Vaccines Global Access (Covax) facility last week.

As of May 15, 2021, the govern-

ment has already administered 2.9 million doses of Covid-19 vaccines.

Of these, 714,432 were used as second dose.

Roque said the government is targeting to ramp up by August the number of people who are being vaccinated, with the arrival of more Covid-19 vaccines.

“Scientists have said that the vaccination drive will have an impact once we are able to vaccinate around 35 percent of the population, and currently we are still not there,” Roque said.

“We may able to achieve the 35 percent on or about the month of August if our simulation will push through,” he added.

Rice tariff cut ‘a double whammy’

By Butch Fernandez

M

@butchfBM

ALACAñANG’S Executive Order 135 imposing lower rice tariffs adds a “further burden” on the back of Filipino farmers, an opposition Senator said on Monday.

Senator Francis Pangilinan protested the Palace order in a statement, warning that “lowering rice tariffs now might break the back of the Filipino rice farmers and the Philippine rice industry.”

He d e p l o r e d t h e “ d o u b l e whammy” inflicted on local rice farmers already reeling from the unabated entry of imported rice in the local market. “Our rice farmers are gonna get hit again.

They’ve collapsed from the series of arrivals of imported rice,” Pangilinan said, adding: “They reeled even more from the pandemic. Now, it seems they’re going to be buried with the report of lower tariffs.”

Pangilinan issued a statement following issuance of Malacañang’s Executive Order 135 “lowering rice tariffs from 50 and 40 percent for in-quota and out-quota respectively to 35 percent for imports coming from so-called

Most Favored Nations, particularly, India, Pakistan, and China.”

He noted that EO 135 has not been published, adding he has yet to see a copy of the executive order. When he made the statement, it had not yet been published, but is coming out Tuesday, March 18.

“Why should we lower rice tariffs when our economic managers themselves said, during our hearings on pork prices, that the supply of rice is steady?” Pangilinan wondered aloud, and said as rice farmers have been calling him up asking for intervention this executive action.

“Like what happened to our local hog raisers in the case of pork import tariffs, didn’t this issue affecting our farmers not go through consultations again?” he asked.

The senator recalled that during his stint as presidential adviser on food security in the Aquino administration, they lowered rice inflation from 14.4 percent in 2014 to 0.10 percent in July 2015. He noted reports that rice inflation has been low for the past seven months: October 2020, -0.5 percent; November 2020, -0.1 percent; December 2020, 0.1 percent;

January 2021, 0.1 percent; February 2021, 0.5 percent; March 2021, 0.9 percent; and April 2021, -0.3 percent.

“That’s a double whammy for our palay farmers. The RCEF [Rice Competitiveness Enhancement Fund] proceeds that should go to them will be reduced [as a result of lower tariffs] and at the same time, they will have more market rivals. That’s tough,” the lawmaker lamented.

Pangilinan claimed he was “also able to save the government P6 billion in public funds” when he made the rice importation process “transparent, accountable, and competitive.”

Pointing to a bigger problem with the continuing liberalization of food and agricultural products, the senator said the backlash is likely to hit local traders. “Our rice sufficiency level dropped from 95 percent in 2017 to 79.8 percent in 2019. We don’t have the figures for 2020 yet,” he added.

Pangilinan indicated he is “looking to file” a joint resolution to withdraw Palace Executive Order 135 amid questions on the power of the President to lower tariffs two days before Congress resumes session.

www.businessmirror.com.ph

Intramuros informal tourism workers get ₧1.5M in cash aid

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

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LOSE TO P1.5 million in cash assistance was extended to 295 informal tourism workers in Intramuros on Monday, just as the walled city reopened some of its sites to visitors.

In a news statement, the Department of Tourism (DOT) said the informal workers included 138 carinderia staff and ambulant vendors, 87 security personnel, 20 DOT-accredited pedicab drivers, 20 janitors, and 30 calesa drivers. Each received a one-time cash assistance of P5,000 made available under the joint program of the DOT and Department of Labor and Employment, with funds from the Bayanihan Law 2.

Tourism Secretary Bernadette Romulo Puyat led the ceremonial awarding of cash benefits at the Rajah Sulayman Theater in Fort Santiago to the heads and representatives of the associations, of which the 295 workers were members.

“This assistance is only a bridge to help, but what will ensure sustainability is the reopening of the district, which we are witnessing now,” she said in her message.

The DOT chief said the Intramuros Administration (IA) will provide training and workshops to help these informal tourism workers navigate the new normal business landscape.

IA’s Urban Planning and Community Development Division also issued vending permits and other certificates needed by the pedicab drivers and vendors so they could enjoy the benefits of registered workers in Intramuros.

Shorter operating hours for walled city sites

The historic walled city opened two of its most popular sites to visitors on Monday following the easing of quarantine restrictions in Metro

Manila and neighboring provinces. Romulo Puyat said Fort Santiago and Baluarte de San Diego are open but on a limited capacity and under shorter operating hours, with strict compliance to health and safety protocols.

“Let us all welcome our visitors safely by wearing our face mask, face shield, and observing proper social distancing.

This pandemic may have affected our plans and programs, but it will not deter us from showing the Filipino brand of service,” she underscored.

Prior to the pandemic, in 2019, Intramuros received 3.3 million visitors.

Based on the Inter-Agency Task Force for the Management of the Emerging Infectious Diseases guidelines for areas under general community quarantine with heightened restrictions, tourist attractions may now operate at 30 percent of the venue capacity.

As such, Fort Santiago will accommodate only 200 visitors, while the Baluarte de San Diego will allow a maximum of 100 persons at a time, which are both below the 30 percent threshold, but are deemed essential to ensure monitoring of proper protocols.

Fort Santiago will be open daily from 9 a.m. to 6:30 p.m., while the Baluarte garden will operate 8 a.m. to 5 p.m. The entrance fee is P75, which may be paid in cash or via Beep card or PayMaya. Senior citizens, students and persons with disabilities may pay the discounted price of P50. Under IATF guidelines, only visitors aged 18 to 65 may be allowed at these sites. All guests must register their visit through a QR code system for contact tracing prior to entry.

“The reopening of Fort Santiago and Baluarte San Diego will allow visitors to again experience the World’s Leading Tourist Attraction as recognized by the prestigious World Tourism Awards,” said Romulo Puyat.

Globe, Valenzuela City boost ties for network builds, social services

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LOBE is ramping up its network builds and modernization in Valenzuela City to make internet connectivity available to more residents and empower them with more access to the local government’s various social services through technology.

Boosted by its ongoing partnership with the local government unit (LGU), Globe is planning to install public-based GoWiFi in 35 government-run buildings after installing free, accessible and reliable connectivity at the Valenzuela City Hall and the People’s Park. It also intends to put up a community-based KonekTayo WiFi in Disiplina Village Lingunan after initial installation in Disiplina Village 1 and 2.

“We always wanted what is best for the people of Valenzuela.

Globe’s immediate response was to work with the city to come up with solutions that will definitely make it easier for the city government to serve our constituents better, know their sentiments sooner and care for their concerns faster especially during these challenging times in the new normal,” said Valenzuela City Mayor

Rex Gatchalian.

T he p a r t ne r s h ip l i k e w i s e aims to provide affordable, accessible, and reliable connections to meet the challenges of remote learning and provide the people with access to upskilling and job placement opportunities.

To do this, Globe is pushing for the implementation of the Globe Broadband livelihood program in the city, which aims to further create employment opportunities through Globe’s network of partners in the industry.

Globe also committed to extend online responsibility training and education to the citizens in collaboration with the LGU, through Globe’s Digital Thumbprint Program. This is to ensure that netizens of Valenzuela City are protected from online risks and are empowered to act responsibly when accessing the internet.

Peter Maquera, senior vice president for Globe Business, said the partnership with the City of Valenzuela is proof that digital tools play an important role in fostering a sense of community.

“More profound than ever, digitalization continues to propel responses to present-day prob-

In this file photo, Globe and Valenzuela City officials hold a meeting for the installation of public-based GoWiFi in 35 government-run buildings after installing free, accessible and reliable connectivity at the Valenzuela City Hall and the People’s Park. PHOTO COURTESY OF GLOBE

lems. With the local government's active participation in empowering its citizens through various digital initiatives with Globe, we were able to create programs that address these pressing issues,” said Maquera.

Globe has already committed

to provide secure and online payment options for real property tax and business permits through its mobile wallet subsidiary GCash.

It will also assist Valenzuela City in its Covid-19 vaccine rollout via onsite wireless connectivity for a more efficient and safe program.

The proactive and dynamic leadership from the LGU also helped Globe implement a Viber communit y t hat g ives Globe Broadband Postpaid customers in the area real-time servicing support, with a technical working group prepared to work out prob-

lems, identify issues, and agree on solutions for various concerns affecting the city.

This consolidated approach to help cities with economic recovery and growth through digitalization is part of Globe’s commitment to aid the government in addressing the country’s most pressing social issues; create more resilient communities, especially in times of crisis; and help LGUs become more efficient and productive.

Valenzuela has agreed to expedite local permits for Globe to pursue network improvements in the coming weeks. Since last year, the telco has installed 11 new cell towers and has completed 221 site upgrades in the city.

The company strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 9 which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the 10 United Nations Global Compact principles and 10 UN SDGs. To know more about Globe, visit www.globe.com.ph.

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www.businessmirror.com.ph

Tuesday, May 18, 2021 A7

Cops tighten watch on tourist, leisure spots

By Rene Acosta @reneacostaBM

N

ATIONAL Police chief General Guillermo Eleazar reminded on Monday all police units to closely monitor the reopening of tourist destinations and other leisure spots in Metro Manila and nearby provinces and ensure that Covid-19 health protocols are observed.

Metro Manila and the four nearby

Boracay Island ‘CARPable’ lots undergo govt revalidation

By Jonathan L. Mayuga @jonlmayuga

T

HREE government agencies are now conducting a revalidation of 12 lots on Boracay Island for subsequent acquisition and distribution to landless farmers under the Comprehensive Agrarian Reform Program (CARP).

“After the successful implementation of the first batch of landholdings that was turned over by DENR [Department of Environment and Natural Resources] to DAR [Department of Agrarian Reform], the second batch of agricultural lands were again identified comprising of 12 lots for subsequent acquisition and distribution to identified agrarian reform beneficiaries [ARBs]. The said parcels of lands require revalidation pursuant to DENR-LMB [Land Management Bureau] Technical Bulletin No. 2019-001 entitled: “Procedures on the Validation, Segregation Survey and Turn-over of Identified Lots in the Island of Boracay Under Land Reform,” DAR Western Visayas Regional Director Sheila B. Enciso said in a statement.

T he re v a l id at ion i nvolves ocular inspection and workshop that was recently held in Malay, Aklan.

The activity was in line with the pronouncement of President Duterte to transform Boracay Island as a “land reform area.”

DENR earlier turned over in 2018 to the DAR the first batch of eight landholdings in Boracay covering a total land area of 7.9640 hectares situated in Ma noc-Ma noc, Boracay. Portions of the said landholdings were distributed to 44 members of Ati and Tumandok tribe under collective ownership.

Aklan provincial agrarian reform program officer Ma. Teresa C. Valencia said that after the tactical brainstorming, workshop, and field revalidation, the participants identified the dominant land use based on previous reports and actual land utilization.

“We will establish baseline data of specific landholdings for CARP coverage and generate information and recommendations for turn-over of agricultural lands by DENR to DAR,” Valencia said.

Earl ier in 2019, President Duterte also signed Executive Order 75, which mandates the d ist r ibut ion of gover n mentowned lands under the second phase of the agrarian reform program.

DAR Secretary John R. Castriciones said the order will pave the way for the distribution of government-owned agricultural lands that will be distributed under the CARP. Participants in the Malay, Aklan workshop include representatives from DAR, DENR, DA, Task Force Agrarian Boracay Island, Barangay Agrarian Reform Committee, and other stakeholders involved in the project.

provinces of Bulacan, Cavite, Laguna and Rizal, collectively known as NCR Plus, have been placed under general community quarantine (GCQ) with heightened restrictions.

Over the weekend, people have started visiting outdoor tourist attractions, which were allowed to operate at 30 percent capacity.

Some areas in Intramuros such as the Fort Santiago and the Baluarte de San Diego, are expected to be

reopened on Monday.

Eleazar said that while he understand the excitement of most Filipinos to finally go outdoors for leisure, people still need to take the necessary precautions against Covid-19 infection.

“Inaasahan na namin ang pagdami ng mga taong magsisilabasan dahil nga nagkaroon ng adjustments sa allowed capacity rates ng ating business establishments at leisure

areas. Ito ay amin nang napaghandaan at mahigpit na babantayan.

[We expect people to come out in droves following the adjustment on capacities allowed in establishments. The police will monitor their compliance closely],” he said.

Eleazar reminded the public that unless specifically accredited or authorized by the Department of Tourism for permitted leisure activities, people would not be allowed to cross

the NCR Plus bubble boarders.

“We ask our kababayan within the NCR Plus to restrict their travel within the bubble. At para naman doon sa mga nasa labas ng Bubble, huwag na po nating pilitin na pumasok pa unless essential travel po ang inyong lakad,” he said.

The PNP chief directed police units to be on the lookout for violations of minimum public health safety protocols and to coordinate

closely with local government units in securing tourist attractions and leisure spots.

He also reminded the management of businesses allowed to operate, including tourist spots and leisure areas, to strictly abide by the Inter-Agency Task Force for the Management Emerging Infectious Diseases guidelines on capacity rates and impose minimum health safety protocols on their patrons.

Comelec eyes to implement Oct filing of COCs in phases

By Samuel P. Medenilla @sam_medenilla

T

HE filing of Certificate of Candidacy (COC) for the 2022 national and local elections may be done in phases depending on an elective position at stake, according to the Commission on Elections (Comelec).

Comelec Executive Director Bartolome Sinocruz said the proposed measure aims to limit the number of people in their offices during the filing of COCs in October.

“The Comelec is now contemplating of allocating the filing days by position. Meaning there will be certain number of days for single elective positions, and there will be several number of days for multi-elective positions,” Sinocruz said in an online news briefing last week.

In previous elections, candidates who are aspiring for an elective position may submit their COC at any given day during the filing period.

As an additional precaution, the poll official said they are also consid-

ering requiring aspiring candidates to first undergo Reverse Transcription-Polymerase Chain Reaction (RTPCR) before they file their COC to ensure they are free from the novel coronavirus disease (Covid-19).

“That is a matter to be decided by the en banc. It is still being studied,” Sinocruz said.

The filing of COC for the 2022 elections has been scheduled from October 1 to 8, 2021. At stake are over 18,167 national and provincial elective positions.

For those in the national posi-

Senator pushes passage of bill creating department for OFWs S

EN. Ronald “Bato” dela Rosa has sought for the establishment of a department tasked to look after the interest of Filipinos overseas without causing a “swell” to the state bureaucracy since it will be an integration of functions of existing concerned government agencies.

This after dela Rosa authored and filed Senate Bill 2110, to be known as “Department of Overseas Filipinos Act,” to rationalize and put “under one roof” the powers and functions of separate concerned offices to ensure a more effective implementation of policies and programs for the protection of the rights and promotion of the welfare of overseas Filipinos, especially the overseas Filipino workers (OFWs).

“With a single but focused department wherein the mandates of key agencies are synchronized, our overseas Filipinos are assured of easily accessible and more available, and, at the same time, swift assistance and services. Hence, the early passage of this bill is earnestly sought,” he said.

Under the bill, which the former top cop filed last month, the Department of Overseas Filipinos shall be created and will subsume all the powers and functions of the Office of the Undersecretary for Migrant Workers’ Affairs of the Department of Foreign Affairs, the Commission on Overseas Filipinos, all Philippine Overseas Labor Offices and the International Labor Affairs Bureau under the Department of Labor and Employment, the Social Welfare Attaches Office under the Department of Social Welfare and Development, and the Philippine Overseas Employment Administration.

The Overseas Workers Welfare Administration (OWWA) will be attached to the proposed department for purposes of policy and coordination.

However, the OWWA Board of Trustees shall be reconstituted to include three representatives each of the land-based and sea-based OFWs, and one representative each of the women, land-based recruitment, and sea-based recruitment sectors.

The OWWA Trust Fund created under Republic Act 10801 which serves as support to the programs and services for member-OFWs, such as social benefits, educational and livelihood assistance, and reintegration programs, will be renamed OFW Fund. Further, this private fund of OFWs shall be utilized primarily for the welfare benefits of the member-OFWs and their families and can only be resorted to for repatriation assistance as a last resort. Repatriation assistance and other assistance for overseas Filipinos in distress shall be charged to the Assistance to National Fund.

The Mindanaoan senator said the Department of Overseas Filipinos will protect and promote as well the welfare, well-being, and interest of families of overseas Filipinos.

According to the Stock Estimate of Filipino Overseas by the Commission on Filipino Overseas, there is a total of 10.2 million overseas Filipinos in more than 200 destination countries and territories, of which 4.8 million are permanent migrants, 4.2 million temporary migrants, and 1.2 million are irregular migrants. There are 2.2 million OFW working abroad, based on the 2019 Survey on overseas Filipinos by the Philippine Statistics Authority.

Dela Rosa’s bill is included in the ongoing Technical Working Group discussion headed by the Committee on Labor, Employment, and Human Resource

Development on the Creation of the Department of Overseas Filipinos. The said TWG aims to hear additional suggestions and recommendations of the stakeholders especially the OFWs to ensure that the final version of the Senate bill will be responsive to the needs of those concerned.

tion, these include 1 for president, 1 for vice president, 12 for senators, 249 for legislative district representatives, and 62 for partylist representatives.

As for local positions these will include 81 for governors, 81 for vice governors, 780 provincial board members, 146 city mayors, 146 city

vice mayors, 1,644 city councilors, 1,488 municipal mayors, 1,488 municipal vice mayors, and 11,908 municipal councilors.

The filing of COC are usually marked by large crowds in Comelec offices as families, friends, and other supporters of aspiring candidates witness the event.

A8 Tuesday, May 18, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The heat is on

O

ne doesn’t need to see the weather bureau’s records of average everyday temperatures to know that this summer is scorching.

It is so hot the Metro Manila Development Authority started implementing daily 30-minute breaks—they called it a “heat stroke break” policy—to protect their traffic enforcers and other personnel working outdoors.

It is so hot that a Laguna resident, in a Facebook post, showed she was able to fry an egg by putting it inside a pan with a little oil and placing the pan on the pavement under the heat of the midday sun.

It is so hot the country’s heat index record has been broken three times in May alone. Dagupan City in Pangasinan set a record for the highest heat index in 2021, registering 53°C on May 14, 52°C on May 12 and 51°C on May 8.

Just go out for a walk and you’ll be drenched in sweat in no time. You might even experience nausea and dizzy spells.

Heat-related illnesses have been widely reported in many parts of the country. Most of our cities are registering heat indexes well inside the “danger zone” of 41°C to 54°C, which can cause heat cramps, heat exhaustion and heatstrokes.

PAGASA said at least 20 areas in the country hit this danger heat index last Sunday.

We would advise people to stay indoors. But mind you, indoor temperatures can get just as hot, especially nowadays as the pandemic has prevented most places from running their air conditioners because it can increase the chances of spreading infection indoors.

Swimming is also not yet allowed in most places amid the lockdown, so people cannot cool down by enjoying a dip in the pool or at the beach.

Climate change studies have found that global warming has increased heat records not just in the Philippines but also in other countries.

But we cannot just keep blaming climate change. The truth is, there are more than a few things we can do to help cool down our cities.

Air pollution makes our cities not only hotter but also dangerously unhealthy.

The government, for starters, should strictly implement the provisions of the Clean Air Act and stop all the smoke-belching buses, jeepneys, trucks and other vehicles that are still running on our roads despite clearly failing emission standards.

Our country should also shed its overreliance on coal, oil and fossil fuels for its energy needs in favor of renewable energy sources.

Cities that have replaced green and natural land cover with dense concentrations of pavement, buildings and other concrete structures naturally absorb and retain more heat.

So the government and private developers should build more parks, gardens and recreational spaces with trees, plants and vegetation.

We should stop filling the remaining open spaces in our cities with more high-rise condominiums, buildings, roads, flyovers and other concrete structures. Instead, we need more green spaces and oases that can help cool our cities and our citizens.

We need to restore the green cover in Metro Manila, which is one of the lowest ranked cities in the Asian Green City Index, a measurement of the environmental performance of 22 urban cities across the region by the Economic Intelligence Unit.

Modernization and economic development should not automatically lead to congestion, overpopulation and pollution. Governments can choose a better way by pursuing revitalization and urban renewal projects that promote health, sustainability and social responsibility.

Even enormous environmental challenges, like cleaning the heavily polluted Manila Bay and Pasig River, can be overcome with political will, proper urban planning and private sector support.

Greening efforts and sound environmental practices can have positive effects on the economy too. Just look at how Singapore’s “garden city” vision has made it a prime tourist attraction and investors’ destination.

More than one-third of the country’s wealth circulates in Metro Manila. It certainly has the fiscal strength to invest in green urban infrastructure and ecological projects.

The Duterte administration’s national infrastructure development program “Build, Build, Build” also has a “Green, Green, Green” component that aims to support city governments in building public open spaces, with its own budget for forest parks and botanical gardens, upgrading streets and waterfronts, revitalizing plazas, tree planting and other “green” activities.

This program needs to be implemented urgently. We would like to see not only its success but also its continuation in succeeding administrations.

The government must find the political will to pursue a green agenda that can reverse climate change’s harsh effects in our cities and help cool them down.

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BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

An economy on the mend Manny B. Villar

THE Entrepreneur

T

here is no surprise in the 4.2-percent contraction in the economy during the first quarter of 2021. The lockdown measures in the first three months stifled economic activities, in stark contrast with most of the first quarter of 2020, when there were no restrictions yet until mid-March.

Over a year into the pandemic, however, we can see some emerging positive economic figures that could lead us to the proverbial light at the end of the tunnel. First and foremost, the economic contraction is slowing down quarter-by-quarter (the economy shrank 8.3 percent in the fourth quarter of 2020), while Philippine exports are improving, thanks partly to increased global demand for electronics and the reopening of major economies.

And I share the cautious optimism of our economic managers when they declared that the Philippine economy was on the mend. The economy actually grew 0.3 percent in the first quarter this year compared with the fourth quarter of 2020 on a seasonally adjusted basis. This is no big deal, but it is a strong confirmation that things are beginning to pick up.

Philippine exports increased 31.6 percent to $6.68 billion in March from $6.03 billion on the strong demand for electronics in the wake of an economic recovery in the industrialized nations and ramped-up Covid-19 vaccinations. Factories across the United States, Europe and Asia are expanding production. This is good news to the Philippines, which is part of the global value chains.

Increased demand for Philippine exports will prompt our local factories to hire more workers.

Imports also rose 16.6 percent in March to $9.10 billion, after posting a downward trend from May 2019 to January 2021. Higher imports mean higher factory production in the near-term period.

Our economy may have fared better in the first three months of 2021 but its recovery is being

Simple Marxism

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Y

ou cannot blame Karl Marx and Friedrich Engels for getting some things wrong when they developed the concepts of “Marxism.” Part of the problem is that both men considered themselves to be philosophers, economists, historians, journalists, and political theorists.

Engels also added “businessman” to his resume since his father was a rich owner of large textile factories in Lancashire, England and Barmen, Prussia.

When you think of yourself as knowledgeable if not an expert in so many disciplines, it is easy to create a religion and Marxism is a religion.

Notice that virtually all “theologies” offer particular rules—for want of a better term—for all aspects of life from personal relationships to economics.

In The Origin of the Family, Private Property, and the State (1884), Friedrich Engels writes about the origins of the family structure. He concludes that women were originally

considered equal in labor as men.

But eventually women were forced into monogamy as part of domestic servitude. Engels describes this as coincidental to forced servitude as a dominant feature of society, leading eventually to a European culture of class oppression, where the children of the poor were expected to be servants of the rich.

The other consideration as noted by both men was that they were thinking and writing from their personal observations of the time.

Engels in The Condition of the Working Class in England spoke of “an industrial revolution [considered the first], a revolution which at the same time changed the whole of civil society,”

hampered by quarantine restrictions. Household consumption, for instance, fell 4.8 percent in the first three months of 2021. For a consumption-driven economy, the lower figure indicates that consumer confidence has not returned.

Fewer people are visiting the malls and spending their money due to quarantine restrictions, while many became unemployed because of the extended curfew hours and the closure of several retail outlets.

The gross domestic product figures in the first three months of the year shows the weaknesses of the economy. The construction sector dropped 24.2 percent as households presumably postponed their investments because of the uncertainty brought about by the pandemic. The private sector may also have deferred their expansion projects on low demand. The services sector, meanwhile, plunged 38 percent as tourism, fast-food restaurants and the hospitality and leisure sectors bore the brunt of the lockdowns.

The economy, thus, must reopen in phases to sustain recovery. Families and children who have been cooped up at home for so long must now be allowed to rejoin the economy to increase consumption.

In the meantime, I welcome President Duterte’s decision last week to put Metro Manila and four neighboring provinces comprising the NCR Plus bubble under general com-

munity quarantine with heightened restrictions starting May 15, from the modified enhanced community quarantine status.

The looser restrictions will pave the way for a more open economy.

Increasing the capacity of indoor dine-in services in the capital region and nearby provinces of Cavite, Laguna, Rizal and Bulacan to 20 percent venue or seating capacity, for instance, will allow more service crew to participate in the economy.

On the other hand, opening outdoor tourist attractions in the so-called NCR Plus region to 30 percent with strict adherence to minimum public health standards will spur spending, and will be good for the mental health of the Filipinos.

The economy also needs the resumption of personal care services such as salons, parlors and beauty clinics, at 30 percent capacity. This sector comprising of small entrepreneurs employs several thousands of Filipinos.

Easing the quarantine restrictions in the NCR Plus bubble region will restore business and consumer confidence. More importantly, the laxer environment will enable more Filipinos to rejoin the labor force.

Easing Covid restrictions will place the Philippine economy on a more solid footing.

not just economics.

Marx described a socialist society: “What we have to deal with here is a communist society, not as it has developed on its own foundations, but, on the contrary, just as it emerges from capitalist society; which is thus in every respect, economically, morally, and intellectually.” All of the societal factors are addressed like in a traditional religion.

But it is those of the late 20th and 21st century that only read the headlines that did the most disservice to Marxism.

Marx wrote, “The same principle prevails as in the exchange of commodity equivalents: a given amount of labor in one form is exchanged for an equal amount of labor in another form.” In other words, one chicken is not the commodity equivalent of one cow. Likewise, the labor of a janitor is not the labor equivalent of the heart surgeon. St. Paul wrote a very Marxian idea: “He who does not work, neither shall he eat.”

But the headline readers jumped to what Marx said about the later and final stages of communism when there would be a large surplus and abundance of goods. Then “from each according to his ability, to each according to his needs” could make sense.

Latter-day Marxists use this as the principle of “eat the rich” for wealth distribution. However, early Marxism would have made Bill Gates rich until government decided “Windows” should be free. We probably would have never gotten past “Windows 3.1.”

“Historical materialism”—that a material possession is what develops human societies rather than ideals—had Marx and other historical materialists abandon rights such as “right to life, liberty, and property.”

Marx’s Labor Theory of Value says that the value of labor is its “socially necessary labor time.” Each hour worked by the unskilled worker will only produce a quarter of the social value of the skilled worker, so the skilled worker is worth—and paid— more. Further, there is “socially necessary” labor, meaning work product beneficial to society.

The dictum “from each according to his ability” does not necessarily mean that the one who can roll the fattest joint is going to get what he thinks is “according to his needs.”

That happens in a Free Market.

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

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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When was the last time you used the Pythagorean theorem?

Lyca Balita

Onwards

W

hen was the last time you used the Pythagorean theorem?

I’ve used the Pythagorean theorem outside the classroom only once my entire life. Pre-pandemic, I was in a mall looking for a laptop case. I left my laptop at home, so I asked my sister to take its dimensions, and she gave me the height and width. Apparently, laptop sizes are based on the diagonal measurement, so I later asked her to get that, too, but she said she was already busy, and she jokingly told me to use the Pythagorean theorem instead. Long story short, I did the math and it worked, and I got a good case. If I told this story to my father, he’d probably get all smug, since I always argued with him about the academic system—him being a doctor of education, and me being a classic opinionated eldest daughter. I always said, “I’ll never use the Pythagorean theorem in my life.” Turns out, I would…once.

I grew up frustrated with the old-school academic system in the Philippines. I had questions about the effectiveness and practicality of traditional methods and content.

Did the prescribed reading materials even encourage reading? Do we really need to memorize all those dates?

Also, why does a third grader need to memorize all the logos of the different local government units in NCR? It’s almost final exams season, so here’s something more relevant: do final exams make sense? Almost half a year of graded recitations, activities, and projects, but a bulk of a student’s grades depend on one final exam, which tends to be error-based and often favors those with privilege and stronger memories. Excel in everything but fail the final exam for one reason or another (something pandemic-related, for instance), and grades plummet, putting critical scholarships and dean’s list eligibility at risk. This bothers me: the academe teaches perfectionism, which is neither that practical nor necessary in reality, where mistakes are bound to happen and are often not fatal. Now, grades have become more important than actual education.

This system breeds obedience and kills creativity, so we usually end up with demotivated right-brainers and anxious left-brainers.

First, this system ignores the significant impact of privilege. Privilege does not only mean faster gadgets, access to all required educational materials, and even private tutors.

This also means more time and mental space for studying rather than taking care of financial or family matters. And to the super rich, this means good connections to universities and job opportunities, too. Then the privileged attribute all these achievements to personal hard work since “we all have the same 24 hours,” when in reality, the privileged have 24 hours plus extra help, while others scramble for free time.

Second, this system ignores the fact that we learn better from mistakes. We remember answers to which our professors have gently corrected us, and these stick better

than the answers we got right. Why not give a chance at redemption considering that the whole point of learning is to educate rather than to give grades? When a student makes a mistake and the teacher corrects, the student learns, and the object of learning is achieved: the student has learned. Why punish the student who literally just learned something?

Of course, there are instances when mistakes can be fatal, such as in the medical field, but is the irredeemable punishment necessary for grade schoolers?

I don’t say this because I’m bad at exams and traditional assessments.

I’m really, really good at them, and this translates as “smart” and “deserving of honors” to the academe, but in truth, my short-term memory is just compatible with the current system. Most of my batch mates are way more intelligent, retentive, and creative, but the system favors test-taking skills more than actual knowledge. I study professors and exam patterns more than content, but checkers don’t know that— they just see the answers, give high marks, and conclude effective content-comprehension. Maybe it’s the whole ‘working smart’ rather than ‘working hard’ technique, but this certainly defeats the content education portion of the learning process.

Thankfully, today, there are more innovative and empathetic professors who explore new methods that work especially on the younger generations of students. These new teachers understand that non-fatal mistakes are okay and need not be punished, and they reward creativity and not just memorization skills.

New curricula also include life skills, such as CV-creation and entrepreneurship. Although this new breed of teachers and the new curricula can no longer fix everything ingrained in the pre-2010 students, at least the next generations have greater chances of better mental health, encouraged creativity, and effective practical education.

For feedback, send an e-mail to lyca.balita@ gmail.com

Senator Ed Angara–The Dean of the Senate Manny F. Dooc

TELLTALES

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ast May 13, Thursday, the 3rd Death Anniversary of former Sen. Edgardo J. Angara was quietly observed. If not for a chance clicking of my TV’s remote control where I saw the video clips showing the highlights of the well-loved senator’s life on ANC, I would have missed the event. Except perhaps in his native Baler, Angara’s death was hardly remembered. But that is typical Angara.

In his own words, he admitted that: “I have always been a very private person—which doesn’t make me sound like a lawyer. I am really more family oriented. I love going back to the farm and the forest, going home to Baler.” And he loved to refer to himself as a “forest boy.” Nick Joaquin, who wrote the book, “ACCRA and the Post- Bellum Bar,” described Angara as a “split between the “forest boy” who loved the wild and the city boy who loved the law. He first moved to the big city and lived with his maternal grandfather in San Juan to continue his high school studies where, according to National Artist Joaquin he was transplanted to the asphalt jungle. Even as a young lad, Angara had already wanted to be a lawyer, and his father encouraged him to become one.

The late Senator Angara was not only a former UP President, he was also the Dean of the Philippine Senate. He was the best educator, lawyer, and lawmaker rolled into one. Even before and after his stint as the 14th Senate President, Angara had been one of the most prodigious members of the Upper House. He had authored many landmark legislations, which

their condition does not impede their productivity and that they are still fit to work, and continued work will not aggravate their mental health condition.

Employees identified to have mental condition and have undergone treatment and recovered as certified by an attending physician, shall not be prevented from returning to work provided an accredited physician certifies that the employee is fit to work. Work arrangements that are adaptable and flexible should be set in place to accommodate employees at risk or employees identified with mental health conditions.

health shall be conducted to spread the value of mental health.

Identified measures for treatment and recovery of affected employees include provision of support to employees with mental health issues at work by providing referrals, conduct of debriefing interventions in case of life-threatening situations or traumatic experience, conduct of stress debriefing to all employees who suffered tragic and stressful life experience, among others.

Day in and day out, the BIR is facing a big challenge in meeting the revenue collection goal of the government. This task is certainly exhausting especially in this time of economic downturn. Thus, the health conditions of its people are a paramount consideration.

not be enough to create the millions of jobs needed by the people.

As in the past, there will be very little trickling down of any growth benefits to the masses.

Hence, a reversal of the trickledown economic approaches favored by the technocrats is in order. This means promoting growth to come from the grassroots instead of from the top. This means revving up the national economy through the transformation of the country’s galaxy of flattened communities (over 44,000 barangays nationwide) into economic dynamos.

How? By energizing the communities themselves to become beehives of economic activity. By transform-

ing them as mere objects of social assistance into active generators of jobs, livelihoods and economic wealth. This transformation, in brief, is the essence of what we call as the People’s Stimulus, which seeks the economic revival and sustained development of the different communities. Once revived, these communities can then be the bedrock for a stronger post-Covid national economy.

How can this transformation be done? History has some good examples. At the height of the Great Depresssion in America in the 1930s, Franklin Roosevelt focused his job creation and economic revival program by focusing on the grassroots,

specifically through the launching of a massive program of electrification for Rural America (courtesy of Tennessee Valley Authority), hiring of millions to address sanitation and sewerage issues across the country and hiring more millions to conserve the forests and to contain the giant dust bowls in some states. Those are jobs at the grassroots; they are also “green jobs” at the community level.

Tax Law for Business

I

N its effort of providing excellent services with integrity and professionalism to all taxpayers, the Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Order (RMO) 15-2021 prescribing its policies, guidelines and strategies in promoting the mental health of its people and to ensure that employees affected are able to exercise the full range of human rights and participate fully at work, free from stigmatization and discrimination.

An employee at risk or identified to have a mental health condition shall not be discriminated in any form, regardless of status, age, sex, sexual orientation and gender identity, creed or religion. Also, any employee who is at risk or identified to have a mental health condition shall not be discriminated in terms of recruitment, promotion and termination. They shall not be discriminated nor prevented from receiving benefits as government employees because of their condition. They shall continue to perform their duties and responsibilities, provided they are issued a certification that

executive and the legislative departments of our government. “Bickering between Congress and the Presidency has broken down the civil order, enfeebled our government and alienated the citizens from the political system.” And he buckled down to work like there was no tomorrow with political friends and foes alike. Later, based on the survey conducted by the Social Weather Station, his tenure as Senate President had been the most outstanding up to the time he left office. His four terms in the Senate interrupted by the mandatory term break made him one of the longest serving senators of the Philippines after Edsa.

Before joining public service, Angara was a top lawyer and an outstanding leader of the bar. He served as President of both the Philippine Bar Association (1975) and the Integrated Bar of the Philippines (1979). He founded one of the largest and prestigious law firms in the country, ACCRALAW in 1972. Serving as President of the State University was Angara’s first foray in public service. As UP President, his son, Senator Sonny Angara, exclaimed that the elder Angara was “best remembered for defending the state university’s tradition of dissent and obtaining fiscal autonomy. His efforts contributed to upholding its reputation for academic excellence as the country’s premier educational center.” The senior citizens of this country remember Angara for the 20-percent discount and exemption from the VAT on certain goods and services, a major relief particularly during this time of pandemic. Filipinos will not forget the “forest boy” who left this world three years ago in a much better shape than when he found it.

All information and medical records, including those submitted during the recruitment process shall be protected and treated with confidentiality, as provided under applicable laws and rules.

Employees at risk or identified with mental condition shall not be deprived of the opportunity to work and to participate in policy making and program implementation relating to mental health. They shall not be prevented from exercising their inherent civil, political, economic, social, religious and cultural rights.

Further, they shall have access to affordable evidence-based treatment and medical services, and participate in mental health advocacy, policy planning, legislation, service provision, monitoring, research and evaluation.

Regular stress management and team-building activities are encouraged to be conducted in all BIR offices at least once a year.

Sports tournaments are likewise to be conducted every year. Physical fitness activities are encouraged to be done regularly after office hours. Posting of campaign posters in all BIR offices are likewise encouraged to raise awareness in mental health. Also, seminars, symposiums or fora on mental

Atty. Rodel C. Unciano

Of course, people dependence on the community pantry cannot go on forever. It is thus incumbent for policy makers and politiDr. Rene E. Ofreneo cal leaders of the country to craft alternative recovery pathways.

In this regard, several ideas are hereby presented.

First, the old trickle-down ecoPart Three nomic approaches, which are focused around the idea of growing the economy—by going back to the owever, one shining development stands out in the pres“old normal,” by opening up the ent socio-health-economic crisis. People, as people, tend to economy to FDI, by relying on biglook after the needy in crisis periods. The spirit of damaticket build-build-build projects yan is what saved the many in 2020. This spirit is at the roots of the and by asking big corporations to instant popularity of the “community pantry” that has mushroomed invest more given the fiscal incenacross the archipelago. Capable middle-income (and even low-intives doled out to them—are not come) families share what they have with the poor and the destitute. working for the many. They will

H

continue to benefit our people up to this day. He authored the Free High School Act that guaranteed secondary education to the poor. He introduced legislation which created the Commission on Higher Education and Technical Education and Skills Development Authority to allow the DepEd to concentrate on basic education. He was also the proponent for the creation of the Centers for Teachers’ Excellence. He is considered as the father of PhilHealth and the Magna Carta for Health Workers. He also co-authored the Procurement Reform Act, the Agriculture and Fisheries Modernization Act, and the Renewable Energy Act. Among the many laws for which Angara is famously known is the Senior Citizens Act, otherwise referred to as the Angara Law. He was the principal author and co-proponent of several major legislations that have enriched our body of statutes.

Were we to write about the greatest senators who have served our Republic since the Senate was established in 1916 pursuant to the Jones Act, Angara’s name would be among those on top of the list. He deserved to be honored by his peers by nam-

ing one of the hearing rooms after him. His distinguished predecessors like Senators Claro M. Recto, Jose P. Laurel, Ambrosio Padilla, Lorenzo Tañada and other noted senators have rooms in the Senate Building that carry their revered names. As the Senate President, Angara preserved the collegial body as a bastion of free debate. He ensured that the Senate consisting of 24 “republics” has untrammeled and unrestricted power entrusted to it by the Constitution, and not just a rubber stamp of Malacañang. For his enlightened and progressive leadership of the Senate, UP gave Angara the Most Outstanding Alumnus Award.

In his acceptance speech as the Senate President, Angara acknowledged the illustrious members who had served the august body. “This Chamber did produce statesmen from Quezon and Recto to Tañada and Diokno who dignified national politics by taking part in it.” My personal heroes in the Senate, past and present, come from both sides of the political aisles. Let’s just concentrate on the post-war Senate and its deceased former members. My own profiles of great senators include Claro Recto, Quintin Paredes, Jose P. Laurel, Lorenzo Tañada, Lorenzo Sumulong, Emmanuel Pelaez, Arturo Tolentino, Jovito Salonga, Ambrosio Padilla, Jose Diokno, Ninoy Aquino, and others whose brilliance had illuminated our political firmament. To them we can add Angara and his name will add luster to the group.

Ever humble and consensusbuilder, Angara sought his colleagues’ help to make the new Senate under his leadership equal to the people’s hopes. And he challenged his fellow senators “to be less politicians than statesmen.” He denounced the irreconcilable conflict between the

The BIR’s mental health program

2021: Another ‘annus horribilis’?

LABOREM EXERCENS

Tuesday, May 18, 2021 A9

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

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

To be continued tomorrow Dr. Rene E. Ofreneo is a Professor Emeritus of University of the Philippines.

For comments, please write to reneofreneo@ gmail.com.

A10 Tuesday, May 18, 2021

With IPO rules eased, PSE urges SMEs to go public

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By Bernadette D. Nicolas

@BNicolasBM

HE Philippine Stock Exchange (PSE) is urging small and medium enterprises (SMEs) to go public, especially now that listing rules for initial public offerings (IPOs) have been relaxed.

In a report to the Capital Market Development Council (CMDC), PSE President-CEO Ramon Monzon said they have posted on their website online tools to help investment houses gauge the readiness for IPO and listing of firms.

To boost its marketing campaign on the amended PSE listing rules and broaden the pool of listing candidates, PSE has also partnered with several business organizations and government agencies.

Earlier this year, the PSE amended the listing framework and this was approved by the Securities and Exchange Commission (SEC). The amendment of the listing framework aims to make the Philippines’s rules on a par with corporate regulations of the other Asean-6 economies (Indonesia, Malaysia, Singapore, Thailand and Vietnam) in the Association of Southeast Asian Nations.

In the same CMDC meeting, Monzon said the campaign will include a virtual roundtable discussion on IPO listing set on May 25. Finance Secretary Carlos G. Dominguez III will be among the key

speakers during the forum. He will discuss the amended listing rules of the Main and Small, Medium and Emerging Boards of the PSE, as well as insights on the advantages and expansion opportunities for SMEs in the stock market.

For the roundtable discussion, Monzon said the PSE will also invite members of the Investment House Association of the Philippines (IHAP), advisory firms, institutional clients and executives of its top target companies, and representatives from the government.

Monzon said the PSE has distributed electronically several easy-toread IPO listing reference materials to key stakeholders and listing applicants to widen the reach of the marketing campaign.

Dominguez also told Monzon to provide the CMDC a progress report that includes the actual number of SMEs listing in the PSE board.

Co-chaired by Dominguez; lawyer Benedicta Du-Baladad, a former president of the Financial Executives Institute of the Philippines (Finex); and SEC chairman Emilio Aquino, the CMDC is a coordinat-

ing body tasked to facilitate the development of the Philippine capital market.

The PSE’s marketing campaign kicked off last April 7 with the conduct of an online information session on the amended listing rules and introduction to the sponsordriven listings on the Small, Medium and Emerging Board. Monzon said around 217 participants from various investment houses, law firms and other organizations took part in the session.

The amended PSE listing rules include the presentation of the sponsor-driven model for the Small, Medium and Emerging Board; removal of the requirement of positive Earnings Before Interest, Taxes, Depreciation and Amortization (Ebitda) and its replacement with the Cumulative Net Sales or Operating Revenues as a metric for the Small, Medium and Emerging Board; shortening of the required operating history from 3 to 2 years; and removal of the P100-million minimum authorized capital stock requirement.

Under the sponsor-driven model, the listing application for the company that cannot comply with the profitability or operating history requirement will be done by a PSEaccredited sponsor, which must be a licensed investment house.

Listing applicants, however, must have a Minimum Stockholder’s Equity of at least P75 million in the past three fiscal years and a net income of at least P50 million for the fiscal year immediately

preceding the filing of the application, among other requirements under the amended rules.

The amended rules also grant time-bound relief for IPO applicants planning to list in the boards but were hit by the impact of the Covid-19 pandemic.

As an example: for an IPO application filed this 2021 by a company demonstrating Covid’s negative impact on its financial condition and results of operations in 2020, the PSE would just consider its 2018 and 2019 financial performance.

Long before the SEC approval of the amended listing rules, Monzon said the PSE has already been coordinating with the Department of Trade and Industry (DTI) and Board of Investments (BOI) in identifying companies ready to undertake their IPOs. With technical and material assistance from the United States Agency for International Development (USAID), the PSE, Finex and DTI have also teamed up to provide technical inputs and support in designing a capacity-building program for SMEs, and startups, Monzon said.

Despite having one of Asia’s oldest stock exchanges and being on a par with other Asean economies in terms of corporate governance, the Philippine stock market remains small compared to its Southeast Asian neighbors. There are only 268 publicly traded firms in the PSE compared to 927 in Bursa Malaysia and 367 in the Hanoi Stock Exchange as of 2019, based on data from the World Federation of Exchanges.

SOLONS TO WRITE PRC TO SHIELD DOCTORS IN ‘IVERMECTIN’ CASE

By Jovee Marie N. dela Cruz

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@joveemarie

HE House Committee on Good Government and Public Accountability on Monday approved a motion to formally write a letter to the Professional Regulation Commission (PRC) and Office of the President “strongly” recommending a stop to the investigation of doctors prescribing Ivermectin on Covid-19 patients.

Deputy Speaker Bernadette Herrera, who moved for the approval of the motion, said these doctors just want Ivermectin to be accessible to all Filipinos.

“I strongly move that we ...recommend or urge the PRC to stop looking into revoking the licenses of our doctors who are prescribing Ivermectin due to lack of evidence on their part,” said Herrera, an Ivermectin advocate, during the hearing of the House Committee on Good Government and Public Accountability.

For his part, Anakalusugan Rep. Mike Defensor said the Office of the President should now intervene to stop the probe against these doctors who have prescribed Ivermectin and those who will do so in the future.

The Department of Health earlier said it received reports of alleged invalid prescriptions

given to individuals during the “Ivermectin Pan-three” conducted recently by Defensor and Sagip Rep. Rodante Marcoleta in Quezon City.

With this, the DOH said it will officially endorse the reports to the PRC to investigate their veracity, and impose sanctions if necessary, based on existing law.

Defensor admitted that prescriptions for Ivermectin handed out during the drug distribution did not contain a physician’s name and a license number.

If there was any irregularity in his and Marcoleta’s project, Defensor asked health author ities to ma ke them, lawmakers, accountable—not the doctors.

Last week, Ivermectin, an anti-parasitic drug, was granted its first Certificate of Product Registration (CPR) by the Philippine Food and Drug Administration (FDA).

The CPR was issued to local pharmaceutical company Lloyd Laboratories, Inc., thus enabling the company to manufacture, distribute, and sell the drug for human use, but under specified conditions—not for Covid treatment.

Based on the CPR issued to Lloyd Laboratories, Ivermectin will be made available as a prescription-only drug in 3mg, 6mg., 9mg., 12 mg., and 15 mg. doses.

PHL, Pakistan pitch Msgr Vengco, noted theologian and BM columnist, dies venture in pharma M manufacturing

T

@Tyronepiad

HE Philippines and Pakistan are eyeing investments in pharmaceutical manufacturing amid the potential market opportunities in pandemic.

The Department of Trade and Industry (DTI), in a statement on Monday, reported that DTI Secretary Ramon Lopez recently met virtually Pakistan Ambassador Designate Imtiaz Kazi to discuss potential trade and investment opportunities between the countries.

Among the investment areas highlighted during the meeting was pharmaceutical manufacturing.

Kazi said that Pakistan has a “comparative advantage” in that field, as noted by the Trade department.

Apart from this, Manila and Islamabad also tackled opportunities in boosting trading of agricultural products such as rice and potatoes.

These, in addition to potential cooperation agreement to support the country’s garment export capacity.

Lopez, meanwhile, shared with Pakistan how it can collaborate with the Philippines to access the countries under the Regional Comprehensive Economic Partnership (RCEP).

“Once RCEP Agreement entered into force, even non-RCEP countries like Pakistan can take advantage of the Agreement by considering the Philippines as a manufacturing hub for products of interest in the region,” he explained.

RCEP was signed by 10 Asean member states and five Asean FTA partners, including Australia, China, Japan, Korea and New Zealand in No-

AMBASSADOR Designate Imtiaz Kazi

vember last year. India did not sign, however, due to unresolved trade concerns but the free trade agreement is still open for its accession.

One of the world’s biggest economic deals, RCEP covers roughly a third of the global gross domestic products and international trade.

Last year, bilateral trade between the Philippines and Pakistan amounted to $154 million.

Manila’s top exports to Pakistan are garments, paper products, cosmetics, dairy products, processed fruits, coconut products, tobacco, electronic components and machineries, iron, steel, cement and chemicals.

Meanwhile, top imports from Pakistan include housewares, textiles, processed foods, dairy products, marine products, fresh foods, tobacco, textile yarns and twines, and industrial products.

The two countries signed two economic deals, including the Philippines-Pakistan Trade Agreement in 1961 and the Philippines-Pakistan Agreement for the Promotion and Reciprocal Protection of Investment in 1999 in Manila.

IMAGE FROM SAN JOSE SEMINARY FACEBOOK PAGE

By Tyrone Jasper C. Piad

SGR. Sabino A. Vengco Jr., BusinessMirror columnist for over a decade, died on Monday, May 17 at the age of 79.

He was a product of the San Jose Seminary (Batch ’65) from the Diocese of Malolos and a much respected professor at the Loyola School of Theology, according to a Facebook post by the seminary.

According to a report in CBCP News, quoting the Diocese of Malolos, the noted theologian and author died at the Cardinal Santos Medical Center where he was confined since last week.

The CBCP report said, “As of this posting, it is not clear what exactly caused his death.”

He had been confined at the same hospital sometime in March after contracting Covid-19, but subsequently discharged when his condition improved. He resumed writing his “Alalaong Baga” column for BusinessMirror.

On May 11, CBCP News said, Vengco was again admitted to Cardinal Santos hospital reportedly for gallbladder surgery on May 13.

In 2007, Msgr. Vengco was Catholic Mass Media Awards’s “Serviam” awardee, a recognition given to groups and individuals who transmit Christian values through the media.

He was also the 2003 “Bukas Palad” awardee of Ateneo de Manila University and “Outstanding Catholic Author” in 1989.

With CBCP News

Sotto cool to option of Covid-19 vaccine ID passes law

S

ENATE President Vicente Sotto III is cool to the prospect of Congress passing a law requiring customers to show Covid-19 vaccine ID passes before being allowed entry in indoor establishments, including restaurants and shopping malls.

Sotto said such a bill is not likely to gain majority support among lawmakers, adding he also does not see President Duterte signing into a law what would seem to be like a martial-law edict scenario, border-

ing on discrimination.

An earlier warning about the constitutional challenge this could provoke was raised by Sen. Aquilino “Koko” Pimentel III. According to Sotto, Congress could not impose anti-Covid passes as an obligation as having Covid vaccine injections is not mandatory.

He added it could also be deemed “unfair” to those persons negative of the virus who have not been injected yet.

This developed, as Presidential

Adviser for Entrepreneurship and Go Negosyo founder Joey Concepcion was reported to have suggested the option of requiring vaccine passes in the National Capital Region-plus area once it hits “herd immunity” or a big part of the population has already been vaccinated.

With the vaccine passes, it was suggested that establishments could already open for business, accommodating customers 80 percent of their capacity, including shopping malls, restaurants,

spa, salon, health clubs, museums, performance venues, public transports, and other enclosed spaces that require removing face masks.

According to Concepcion, the government is not depriving people’s right should they refuse to be vaccinated, but government needs to protect those who chose to be injected with the vaccine, seen to be a crucial step to prevent the virus from spreading and enabling business to finally bounce back.

Butch Fernandez

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, May 18, 2021

B1

ACEN to invest $3B in solar, wind projects to hit RE goal

A

By Lenie Lectura

@llectura

C Energy Corp. (ACEN), the energy platform of Ayala Corp., would embark on renewable energy (RE) projects worth $3 billion as part of its goal of hitting 5,000 megawatts (MW) of RE capacity by 2025 or even earlier.

The amount is based on the investment rule of thumb, which is $1 billion per MW. The $3-billion project involves 3,100MW of RE capacity, according to ACEN President Eric Francia.

“The gap is around 3,000MW because now we are at 1,900MW. So, the 3,100MW is worth around $3 billion in project cost. The equity for that is around $1 billion,” said Francia during a virtual press briefing held Monday.

The RE projects are mostly solar and wind “because that’s what opportunities typically present.”

Francia said funding is not a problem because the company is awash with cash. “We have more

than enough to get us to 5,000MW. These are exciting times. We have significant cash on our balance sheet.”

He said 1,000MW of RE projects would be constructed within the next six to 12 months, equally split between here and abroad. “We estimate 500MW to come from the Philippines and 500MW abroad in the next 6 to 12 months.”

He cited the 75MW solar power project in Arayat and Mexico, Pampanga as part of the 500MW RE projects scheduled for commercial operation in the first quarter of 2022.

“This is in time for summer next year. We do expect a good number of additional projects for the balance of the year,” he said, adding that the

company might hit its 5,000MW goal sooner than expected.

Meanwhile, ACEN has completed its P13-billion follow-on offering, the latest of its capital raising activities for the year to fund its 2025 target.

A total of 2.01 billion common shares, consisting of consisting of 1.58 billion common shares for the primary offer, 330.248 million common shares for the secondary offer and an over-subscription option of up to 100 million common shares, were sold. The shares were priced at P6.50 apiece.

The primary shares were listed on the Philippine Stock Exchange last May 14. This brings ACEN’s total outstanding shares to 21.54 billion, with a market capitalization of over P150 billion.

About 80 percent of the base offer shares were offered to qualified institutional buyers. The remaining 20 percent was placed out to eligible trading participants of the PSE. “We are delighted with the results of the follow-on-offering—a strong vote of confidence in AC Energy’s strategy to rapidly expand its renewables business across the region,” said Fernando Zobel de Ayala, AC Energy Chairman. “With a much stronger balance sheet, AC Energy is

in an excellent position to roll out the much needed investments in renewable projects and help accelerate the green-led recovery.”

Earlier, the company raised P27.5 billion of fresh capital this year, consisting of the recently concluded P5.4-billion stock rights offering last January, the P11.9-billion private placement to GIC affiliate Arran Investment last March, and the P10.3billion raised from primary shares in the follow-on offering.

BPI Capital Corp. is the sole global coordinator, underwriter and joint bookrunner of the follow-on offering. CLSA Limited and UBS AG Singapore Branch are the international joint bookrunners.

ACEN booked a net income of P829 million in the first quarter, up 54 percent year-on-year, reflecting the strong performance of the company despite the pandemic. Attributable output grew 26 percent from additional operating capacity acquired in the previous year.

“We are very pleased with ACEN’s strong first quarter performance, which was driven by value accretive acquisitions and improved operating margins,” said Francia. “We expect the growth momentum to continue with our aggressive and sustained expansion in the renewables space.”

Globe secures loan to fund capex

G

By Lorenz S. Marasigan @lorenzmarasigan

W

ith its commercia l launch in high-density areas in Metro Manila, Dito Telecommunity Corp. expects to end the year with “a couple of million” subscribers before the end of 2021.

Monday saw Dito officials announcing the commercial availability of its mobile services in 46 areas in Metro Manila, including key cities in the National Capital Region and Southern Luzon.

The addition of the said areas brings Dito’s coverage to 100 cities in the country, including areas in Davao, Cebu, and Central Luzon.

“Dito is now available in close to 2,000 stores in various cities nationwide. Dito has not stopped working, in fact, we have pushed harder than ever. Network optimization has been happening at full speed. Dito is now in 100 cities including Metro Manila, covering 29 million of our countrymen,” Dito Chairman Dennis A. Uy said.

As it introduces its commercial services in Metro Manila, Dito expects to attract more subscribers

through its promise of delivering an average minimum speed of 27 Mbps.

Before its launch in the capital, Dito had a subscriber base of 500,000 subscribers.

“The half a million subscriber base only covers the initial 54 cities and municipalities and with addition of 46 cities to more than 100 cities and municipalities, we expect that this will drastically increase,” Dito Chief Technology Officer Rodolfo D. Santiago said.

Dito Chief Administrative Officer Adel B. Tamano said his group aims to attract “a couple of million before the end of the year.”

“We are very proud of that—that this early we have half a million.

Hopefully, we’ll get even more and more subscribers,” he said.

Dito currently offers a lone data, voice, and text bucket of P199, which gives users 25GB of data with 300 minutes of calls to other networks, and unlimited texts to all networks.

Tamano noted that Dito will first “focus” on prepaid services, as it wants Filipinos to first “try and see the difference” versus their existing providers.

provide superior data customer experience.”

This includes the deployment of fiber optic cables, the construction of new cell sites, and the upgrading of existing towers to host 4G antennae.

“The record-breaking capital expenditure supports Globe’s continuous modernization of its network to make 5G as well as fiber technology available to customers in more areas in the country,” the disclosure read.

So far, Globe has spent P19.1 billion of its programmed capital for

CLI income expands by 24% in Q1

FLI income down by 45% in Q1 AllHome profit rises

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upgrades and expansion, which includes aggressive cell site builds; upgrading its cell sites to 4G/LTE using many different frequencies; and fast tracking the fiberization of Filipino homes nationwide.

“The company likewise champions the United Nations Sustainable Development Goals, specifically UNSDG No. 9 which recognizes the importance of infrastructure and innovation as crucial drivers of economic growth and development. Globe has vowed to uphold the 10 United Nations Global Compact principles and 10 UN SDGs.” Lorenz S. Marasigan

Photo from www.dito.ph

lobe Telecom Inc. has secured a $100-million loan from the Bank of China (Hong Kong) Ltd., which will help bankroll the company’s capital expenditures (capex) for 2021, according to a disclosure to the stock exchange.

The telco said it intends to spend P70 billion in capital outlays this year, as it expands and upgrades its wireless and fixed line networks.

Bulk of the capital or about 91 percent will be invested in datarelated requirements “to support the fast-growing data usage and

egional property developer Cebu Landmasters Inc. (CLI) on Monday said its income in the first quarter grew 24 percent to P713.82 million from last year’s P572.32 million.

Revenues grew 11 percent to P2.32 billion from last year’s P2.12 billion, mainly as a result of the take-up of its residential projects in key cities in the Visayas and Mindanao.

The firm’s growth momentum is expected to speed up in the second half of the year as CLI’s joint ventures mature for revenue recognition, CLI chief operating officer Franco Soberano said.

In addition, CLI is set to produce fresh inventory in the next three quarters from its 2021 projects remaining in the pipeline.

“We are pleased that our teams in each of the cities we serve have stepped up to fill the pressing need for residential units that deliver quality, safety and security.

This need was especially highlighted by the pandemic,” he said.

The listed company is set to roll out projects worth P14 billion this year. VG Cabuag

the year, exceeding the year prior by 79 percent.

Globe posted an 11-percent increase in net profits during the first quarter of the year to P7.30 billion from P6.69 billion the year prior, thanks to a new law on corporate income taxes.

In December 2020, the company announced that it secured a P5billion loan from the Land Bank of the Philippines to help bankroll the company’s general financing and corporate requirements for capex.

Globe said it has laid out a 3-pronged strategy for its network

‘Dito mobile services available in 100 cities’

by 27% in Jan-March

By VG Cabuag @villygc

F

ilinvest Land Inc. (FLI) said its income for the first quarter fell 45 percent to P736 million from last year’s P1.35 billion due to the decline in its sales and leasing revenues.

Gross revenues were down 19 percent to P4.35 billion from last year’s P5.37 billion. Residential revenues declined 20 percent to P2.47 billion from P3.09 billion last year, while leasing revenues fell by 17 percent.

For the first quarter, its residential reservation sales reached P3.44 billion, down 29 percent from the previous year’s P4.87 billion, but flat compared with the fourth quarter’s P3.36 billion. The company said this signals that demand for the company’s affordable and mid-income housing products remains resilient.

Filinvest Land said it plans to retain its stronghold on the affordable segment through its Futura brand and the mid-income segment through its lifestyle Aspire brand.

It has a P30-billion pipeline of residential projects and is looking to expand to new areas across the country, such as Bataan, Naga, Dagupan and General Santos.

A

Photo from www.filinvestland.com

“We prioritize first time homeowners and the ultimate end users market. Our brands, Aspire and Futura, provide more depth within this market segment through a whole range of housing products addressing budget constraints and lifestyle preferences. We are committed to build the Filipino dream and FLI differentiates itself with more sustainable communities of lower density and larger open spaces,” FLI President and CEO Josephine Gotianun Yap said.

Capital expenditures for the first quarter reached P3.08 billion with 59 percent going to residential developments, 30 percent to office developments and the balance to retail, industrial and logistics parks and land acquisition.

“We remain optimistic that de-

spite the challenges, 2021 will be a better year. We look forward to further growing our residential and leasing businesses, as well as our new initiatives, such as the industrial and logistics parks; as we serve the needs of our stakeholders while observing safety and health protocols,” Yap said.

The property development arm of the Gotianun group reported in March that its attributable net income for the entire 2020 fell 41 percent to P3.73 billion, from the previous year’s P6.28 billion, due to the effects of the pandemic on most of its operations.

Revenues, meanwhile, fell 27 percent to P17.49 billion from the previous year’s P24.02 billion, with residential revenues declining by 42 percent to P9.84 billion.

llHome Corp., the listed retail arm of the Villar Group, on Monday said its income in the first quarter grew 27 percent to P344.2 million from last year’s P270.21 million as it increased its margins from sales.

Revenues in the January-toMarch period rose 6 percent to P3.6 billion from last year’s P3.36 billion, the company said.

The company said its gross profit, earnings before interest, depreciation and amortization (EBITDA) and net income margins were at 31.9 percent, 22.1 percent and 9.6 percent, respectively, which were all higher by over 125 basis points from same period last year.

“The strong first quarter performance is a result of our continued innovation amidst this pandemic. Since last year, we have made a concerted effort to expand our digital footprint, in addition to our store network expansion in the provinces,” AllHome Chairman Manuel B. Villar Jr. said.

“AllHome’s digital expansion is one of our top business priorities for the year. Given the change in consumer trend with the ongoing community lockdowns, we believe

that on-demand delivery and online shopping will continue to increase and augment in-store sales.”

Camille A. Villar, the company’s vice chairman, said they adjusted quickly to the demands of the new normal, from the fulfillment of online orders to servicing customers online. AllHome, she said, is partnering with the country’s leading digital marketplaces to tap more market.

Benjamarie Therese Serrano, the company’s president, said the company is optimistic for the rest of the year especially as more Filipinos are vaccinated, consumers will gain confidence to return to the stores.

“Meantime, we remain fully committed to delivering the same quality of service, whether it be for in-store or online customers. In terms of our store expansion program, AllHome opened two new stores within the first quarter of 2021, with two more stores opening in April and May,” she said.

The AllHome store network now stands at 54 locations, with newly opened stores in General Santos City, Cauayan in Isabela, Bacolod in Negros Occidental and Bacoor, Cavite. VG Cabuag

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Companies BusinessMirror

Tuesday, May 18, 2021

PSE STOCK QUOTATIONS

May 17, 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 PHILTRUST SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FILIPINO FUND MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

43.4 105.7 80.5 25.2 9.32 45 9.2 21.1 20.8 55 97.15 115 74.95 1.36 3.93 0.58 7.48 930 0.67 153.2 2,450

43.5 105.9 80.75 25.25 9.34 45.5 9.3 21.95 20.85 57.8 110 115.2 75 1.42 3.96 0.63 8.69 990 0.7 155.9 2,488

43.4 104.2 81.2 25 9.38 44.55 9.46 21 21.75 57.95 97.15 115.4 74.95 1.35 3.94 0.58 7.48 980 0.7 155.9 2,450

43.65 105.9 82 25.2 9.4 45.5 9.46 21 22.3 57.95 97.15 115.5 74.95 1.45 3.99 0.58 7.48 980 0.7 159.9 2,450

43.4 104.2 80.35 25 9.31 44.1 9.3 21 20.7 57.85 97.15 114 74.8 1.35 3.9 0.58 7.48 980 0.67 153.1 2,450

43.5 105.9 80.5 25.2 9.32 45.5 9.3 21 20.8 57.85 97.15 115 74.95 1.42 3.93 0.58 7.48 980 0.67 153.2 2,450

11,200 3,378,180 1,957,160 152,600 154,400 2,674,600 1,900 4,100 3,027,400 90 160 323,050 54,530 16,000 478,000 6,000 1,800 10 41,000 2,270 1,255

487,340 357,059,467 157,769,863 3,833,420 1,441,380 120,113,345 17,814 86,100 64,621,525 5,212.50 15,544 37,105,209 4,085,360 23,040 1,890,440 3,480 13,464 9,800 27,730 357,301 3,074,750

6,741,713 2,089,318.50 -1,267,475 42,743.00 37,165,475 -9,427,805 -7,886,987 1,480,203.50 -546,740 -

INDUSTRIAL AC ENERGY 7.09 7.11 6.98 7.15 6.92 7.11 43,174,800 305,250,876 ALSONS CONS 1.33 1.34 1.33 1.34 1.32 1.34 496,000 657,570 21.95 22 22.1 22.1 21.1 22 7,185,000 156,685,470 ABOITIZ POWER BASIC ENERGY 0.78 0.79 0.8 0.84 0.77 0.79 37,565,000 30,269,960 31 31.05 30.2 31 30.2 31 636,700 19,573,310 FIRST GEN FIRST PHIL HLDG 68 68.7 67.2 68.75 67.2 68.7 24,720 1,676,265 272 273.8 274 274 271 273.8 174,430 47,506,792 MERALCO MANILA WATER 14.5 14.52 14.34 14.6 14.3 14.5 580,600 8,401,594 PETRON 3.1 3.12 3.13 3.14 3.08 3.1 1,173,000 3,645,810 3.87 3.97 3.89 3.99 3.87 3.99 74,000 287,120 PETROENERGY PHX PETROLEUM 13.36 13.46 13.04 13.6 13.04 13.46 363,100 4,888,532 20.5 20.95 20.5 20.7 20.5 20.5 444,700 9,160,525 PILIPINAS SHELL SPC POWER 10.4 10.42 10.34 10.44 10.34 10.4 119,900 1,246,674 14.88 15.04 15.04 15.06 15 15 1,500 22,532 VIVANT AGRINURTURE 6.6 6.7 6.68 6.7 6.52 6.7 1,261,400 8,414,743 2.96 3.06 2.86 3.06 2.85 3.06 1,017,000 3,017,300 AXELUM 13 13.26 13.46 13.46 13.46 13.46 400 5,384 CNTRL AZUCARERA CENTURY FOOD 21.95 22 22.2 22.5 21.9 22 2,072,300 45,869,705 11.8 11.86 12.1 12.1 11.8 11.8 250,800 2,983,950 DEL MONTE DNL INDUS 7.43 7.45 7.37 7.54 7.3 7.45 1,241,900 9,236,483 9.29 9.5 9.35 9.5 9.3 9.5 130,500 1,235,091 EMPERADOR SMC FOODANDBEV 67.1 67.5 67.8 67.8 67.1 67.5 5,610 378,812 0.61 0.64 0.63 0.63 0.61 0.62 146,000 90,740 ALLIANCE SELECT FRUITAS HLDG 1.4 1.41 1.41 1.42 1.39 1.41 2,318,000 3,252,570 GINEBRA 62 62.25 59.65 63.5 59 62.25 294,610 18,356,868.50 167.1 167.2 168.1 168.5 166.5 167.2 558,690 93,442,532 JOLLIBEE LIBERTY FLOUR 28.25 28.75 28.8 28.8 28.8 28.8 100 2,880 5.79 5.8 5.83 5.83 5.78 5.79 95,000 550,645 MAXS GROUP MG HLDG 0.245 0.25 0.26 0.26 0.24 0.25 2,780,000 691,750 7.93 7.95 7.97 8 7.9 7.93 319,500 2,530,482 SHAKEYS PIZZA ROXAS AND CO 1.01 1.02 1.03 1.03 1.01 1.02 333,000 337,990 RFM CORP 4.54 4.7 4.54 4.54 4.54 4.54 1,000 4,540 0.129 0.13 0.132 0.132 0.13 0.13 1,490,000 194,640 SWIFT FOODS UNIV ROBINA 134 134.9 135 135.9 133 134.9 2,111,220 283,714,645 0.8 0.81 0.8 0.83 0.8 0.8 2,319,000 1,880,920 VITARICH VICTORIAS 2.41 2.5 2.5 2.5 2.5 2.5 42,000 105,000 52.1 55.3 55.4 55.4 52 55.3 2,450 130,636 CONCRETE A CONCRETE B 60.1 63.8 60.1 63.8 60.1 63.8 40 2,441 1.19 1.2 1.17 1.2 1.15 1.19 494,000 582,850 CEMEX HLDG 2.52 2.53 2.54 2.6 2.51 2.52 1,379,000 3,488,700 DAVINCI CAPITAL EAGLE CEMENT 12.16 12.2 11.9 12.2 11.9 12.2 655,500 7,974,724 6.77 6.8 6.75 6.82 6.75 6.8 16,900 114,700 EEI CORP HOLCIM 5.4 5.46 5.45 5.46 5.4 5.46 115,100 627,109 6.46 6.56 6.6 6.64 6.45 6.46 197,700 1,291,954 MEGAWIDE PHINMA 12.3 12.36 12 12.38 12 12.3 230,600 2,837,060 1 1.04 1.08 1.12 1 1.04 298,000 302,590 TKC METALS VULCAN INDL 2.23 2.24 2.27 2.45 2.24 2.24 14,370,000 33,596,190 CROWN ASIA 1.79 1.83 1.81 1.84 1.79 1.84 100,000 179,980 1.81 1.89 1.86 2 1.8 1.8 277,000 525,190 EUROMED MABUHAY VINYL 4.54 4.68 4.61 4.61 4.6 4.6 4,000 18,420 5.45 5.69 5.45 5.45 5.45 5.45 32,000 174,400 PRYCE CORP CONCEPCION 21.6 21.65 21.7 22 21.65 21.65 55,600 1,209,790 4.15 4.16 4.1 4.22 4.02 4.16 15,029,000 61,897,970 GREENERGY INTEGRATED MICR 9.05 9.06 9.07 9.07 9.01 9.06 135,400 1,224,004 IONICS 1.05 1.09 1.05 1.1 1.05 1.06 38,000 40,250 1.28 1.31 1.26 1.33 1.25 1.31 530,000 680,580 SFA SEMICON CIRTEK HLDG 5.56 5.58 5.71 5.71 5.55 5.56 858,800 4,801,496

32,299,714 18,680 -68,942,585 69,410 4,419,255 -775,752.50 -15,711,254 -582,954 -2,777,800 -40,080 2,222,000 128,750 877,700 -8,407,480 -54,450 -7,470,204 516,410 -54,675 -184,710 16,039,424 -28,967,503 125,879 27,500 1,543,896 -23,940 -27,832,722 23,610 -18,330 4,442,020 -29,257 -53,340 -286,473 -2,460,000 84,000 -177,640.00 -112,750 -1,237,490 -313,588 -

HOLDING & FRIMS ABACORE CAPITAL 0.97 0.98 1.01 1.02 0.97 0.97 4,516,000 4,444,780 ASIABEST GROUP 7.02 7.35 7.01 7.01 7.01 7.01 1,300 9,113 719 720 720 729 710 720 244,930 176,049,250 AYALA CORP ABOITIZ EQUITY 34.7 34.75 35.45 35.45 34.5 34.7 907,600 31,468,785 10.1 10.34 10.1 10.34 9.99 10.34 4,728,000 47,594,620 ALLIANCE GLOBAL AYALA LAND LOG 2.93 2.97 2.9 3 2.9 2.97 1,703,000 4,969,820 6.72 6.82 6.82 6.82 6.82 6.82 1,400 9,548 ANSCOR ANGLO PHIL HLDG 0.68 0.71 0.73 0.73 0.68 0.71 4,561,000 3,174,260 ATN HLDG A 0.67 0.69 0.68 0.69 0.66 0.69 293,000 196,730 0.68 0.7 0.68 0.68 0.68 0.68 12,000 8,160 ATN HLDG B COSCO CAPITAL 4.94 4.97 4.85 4.97 4.85 4.94 407,000 2,004,140 5.4 5.44 5.41 5.45 5.36 5.44 2,093,300 11,311,489 DMCI HLDG FILINVEST DEV 8.01 8.19 8.1 8.19 8.01 8.19 23,400 188,973 0.27 0.29 0.275 0.29 0.27 0.29 270,000 74,100 FORUM PACIFIC GT CAPITAL 524.5 527 523.5 527 518 527 48,590 25,476,555 3.37 3.57 3.36 3.36 3.36 3.36 2,000 6,720 HOUSE OF INV JG SUMMIT 50.9 51 49.5 51 49.5 51 1,335,200 67,795,955 LODESTAR 0.83 0.84 0.84 0.87 0.82 0.83 1,400,000 1,169,430 3.05 3.32 3.04 3.06 3.04 3.05 286,000 872,550 LOPEZ HLDG LT GROUP 12.9 13.02 13.06 13.1 12.92 13.02 2,637,600 34,321,454 3.85 3.86 3.7 3.85 3.68 3.85 23,318,000 88,386,240 METRO PAC INV PACIFICA HLDG 3.52 3.68 3.51 3.68 3.51 3.68 11,000 40,130 2.66 2.67 2.64 2.69 2.58 2.66 841,000 2,207,570 PRIME MEDIA SYNERGY GRID 410 420 390 410 389 410 990 395,930 SM INVESTMENTS 922 930 938 941 914 930 240,270 222,608,635 115.2 116 117 117 114.1 116 165,150 19,066,077 SAN MIGUEL CORP SOC RESOURCES 0.65 0.66 0.65 0.67 0.65 0.66 111,000 72,520 0.24 0.26 0.241 0.26 0.24 0.24 730,000 179,010 WELLEX INDUS ZEUS HLDG 0.207 0.211 0.207 0.212 0.206 0.211 1,530,000 316,480

92,800 -100,681,470 -25,313,045.00 -4,183,288 127,590 748,000 -1,179,100 522,645 -4,914 -8,689,165 14,176,500 -188,480 8,133,508 -17,824,500 232,510 -1,987,305 1,208,500 -9,610 -

PROPERTY

ARTHALAND CORP 0.62 0.65 0.66 0.66 0.62 0.65 170,000 106,790 AYALA LAND 32 32.95 31.2 32.95 31.2 32.95 11,520,900 367,087,200 1.17 1.26 1.17 1.18 1.17 1.18 33,000 38,860 ARANETA PROP AREIT RT 34.85 34.9 34.75 35 34.4 34.9 1,285,600 44,786,300 1.35 1.36 1.36 1.36 1.35 1.36 51,000 69,340 BELLE CORP A BROWN 0.91 0.92 0.93 0.93 0.91 0.92 115,000 106,500 0.86 0.89 0.87 0.89 0.87 0.88 317,000 277,960 CITYLAND DEVT CROWN EQUITIES 0.122 0.125 0.125 0.126 0.122 0.125 41,050,000 5,008,920 CEBU HLDG 5.98 6.49 5.96 6.4 5.96 6.4 2,100 13,396 5.8 5.88 5.78 5.97 5.6 5.8 1,398,900 8,139,979 CEB LANDMASTERS CENTURY PROP 0.395 0.41 0.4 0.415 0.39 0.395 18,290,000 7,363,800 0.315 0.32 0.315 0.315 0.315 0.315 410,000 129,150 CYBER BAY DOUBLEDRAGON 12.14 12.18 12.3 12.3 11.62 12.18 1,504,900 18,148,896 1.95 1.96 1.96 1.97 1.95 1.95 6,950,000 13,604,810 DDMP RT DM WENCESLAO 6.9 6.91 6.97 6.97 6.9 6.91 47,400 327,720 0.265 0.27 0.27 0.27 0.26 0.26 50,000 13,100 EMPIRE EAST EVER GOTESCO 0.154 0.155 0.169 0.169 0.153 0.155 14,130,000 2,219,280 FILINVEST LAND 1.09 1.1 1.08 1.1 1.07 1.1 5,537,000 6,030,470 0.82 0.85 0.82 0.82 0.82 0.82 100,000 82,000 GLOBAL ESTATE 8990 HLDG 7.15 7.38 7.15 7.15 7.15 7.15 20,600 147,290 1.35 1.37 1.4 1.41 1.35 1.37 2,560,000 3,542,930 PHIL INFRADEV CITY AND LAND 1.52 1.53 1.53 1.6 1.48 1.53 1,481,000 2,296,970 2.72 2.74 2.7 2.77 2.63 2.72 59,579,000 161,272,970 MEGAWORLD MRC ALLIED 0.365 0.37 0.37 0.38 0.365 0.37 9,300,000 3,451,250 PHIL ESTATES 0.485 0.49 0.5 0.51 0.48 0.485 5,188,000 2,538,010 3.36 3.37 3.22 3.38 3.2 3.37 3,447,000 11,503,440 PRIMEX CORP ROBINSONS LAND 16.08 16.12 16.3 16.3 16.04 16.12 1,153,400 18,570,462 0.246 0.248 0.247 0.247 0.246 0.246 30,000 7,400 PHIL REALTY ROCKWELL 1.49 1.5 1.52 1.52 1.5 1.5 157,000 236,440 2.62 2.68 2.65 2.68 2.62 2.62 7,000 18,590 SHANG PROP STA LUCIA LAND 2.29 2.38 2.35 2.4 2.28 2.4 154,000 362,610 SM PRIME HLDG 33.3 33.9 32.95 33.9 32.55 33.9 4,645,500 154,783,970 3.7 3.8 3.8 3.8 3.75 3.8 4,000 15,100 VISTAMALLS SUNTRUST HOME 1.42 1.46 1.42 1.48 1.42 1.48 62,000 90,140 3.4 3.42 3.45 3.48 3.4 3.4 3,391,000 11,582,860 VISTA LAND

SERVICES ABS CBN 10.92 10.96 11 11.1 10.88 10.96 13,800 151,324 GMA NETWORK 8.72 8.73 8.64 8.8 8.6 8.73 982,700 8,546,840 1,831 1,834 1,820 1,844 1,820 1,831 36,930 67,621,110 GLOBE TELECOM PLDT 1,267 1,270 1,269 1,270 1,257 1,270 82,305 104,091,100 0.178 0.179 0.182 0.185 0.178 0.178 152,210,000 27,457,760 APOLLO GLOBAL CONVERGE 18.76 18.78 18.44 18.9 18.44 18.78 2,514,600 47,029,964 3.97 4 4.16 4.18 3.97 3.97 883,000 3,552,120 DFNN INC DITO CME HLDG 8.1 8.11 8.99 9.29 8.07 8.1 42,446,600 360,968,441 JACKSTONES 2.18 2.23 2.19 2.23 2.18 2.23 57,000 124,520 2.32 2.34 2.43 2.47 2.31 2.32 1,781,000 4,207,440 NOW CORP TRANSPACIFIC BR 0.37 0.38 0.395 0.395 0.37 0.38 5,050,000 1,893,150 2.54 2.55 2.51 2.57 2.51 2.55 152,000 387,860 PHILWEB 2GO GROUP 8.2 8.34 8.35 8.35 8.2 8.2 11,400 94,890 15.28 15.56 15.58 15.58 15.26 15.3 9,000 138,020 ASIAN TERMINALS CHELSEA 2.7 2.79 2.8 2.9 2.7 2.8 697,000 1,929,750 47.05 47.1 48 48 46.9 47.05 560,400 26,504,740 CEBU AIR 137 138 138.7 139 135 138 1,139,720 156,876,614 INTL CONTAINER LBC EXPRESS 16.04 16.88 16.6 16.98 15.6 16.04 140,700 2,293,556 4.28 4.29 4.39 4.43 4.29 4.29 833,000 3,597,010 MACROASIA METROALLIANCE A 2.06 2.11 2.05 2.11 2.05 2.11 37,000 76,450 5.71 5.8 5.8 5.8 5.6 5.7 21,600 124,339 PAL HLDG HARBOR STAR 1.27 1.3 1.27 1.33 1.26 1.27 214,000 273,130 1.51 1.62 1.51 1.62 1.51 1.62 11,000 16,720 ACESITE HOTEL BOULEVARD HLDG 0.079 0.081 0.079 0.082 0.079 0.08 57,750,000 4,651,790 DISCOVERY WORLD 2.75 2.85 2.9 2.9 2.85 2.85 4,000 11,500 0.51 0.52 0.51 0.53 0.51 0.52 805,000 412,950 WATERFRONT STI HLDG 0.345 0.35 0.35 0.35 0.345 0.345 540,000 186,500 4.56 4.8 4.8 4.8 4.8 4.8 8,000 38,400 BERJAYA BLOOMBERRY 6.01 6.02 6 6.12 5.95 6.01 1,860,700 11,210,050 2.06 2.11 2.12 2.12 2.08 2.11 11,000 23,060 PACIFIC ONLINE LEISURE AND RES 1.48 1.59 1.55 1.6 1.47 1.59 944,000 1,467,210 PH RESORTS GRP 1.76 1.77 1.86 1.9 1.76 1.76 4,073,000 7,335,960 0.39 0.395 0.39 0.4 0.385 0.385 4,840,000 1,898,650 PREMIUM LEISURE PHIL RACING 5.9 5.95 5.9 5.9 5.9 5.9 9,000 53,100 6.68 6.99 6.9 7 6.51 6.99 7,953,800 53,786,073 ALLHOME METRO RETAIL 1.25 1.26 1.26 1.26 1.23 1.25 335,000 418,510 33.35 33.4 32.15 33.35 31.8 33.35 3,710,000 121,473,140 PUREGOLD ROBINSONS RTL 48.8 48.95 50 50 48.95 48.95 692,800 34,348,385 110 110.1 110 110.2 109.6 110 167,600 18,438,142 PHIL SEVEN CORP 1.16 1.17 1.16 1.17 1.16 1.16 296,000 343,550 SSI GROUP WILCON DEPOT 17.6 17.7 17.16 17.8 17.14 17.7 1,335,500 23,648,442 0.36 0.365 0.355 0.365 0.355 0.365 760,000 273,650 APC GROUP EASYCALL 6.21 6.42 6.22 6.22 6.21 6.21 4,600 28,579 393 412.8 412.8 412.8 412.8 412.8 270 111,456 GOLDEN MV PRMIERE HORIZON 1.65 1.66 1.66 1.74 1.65 1.66 18,337,000 31,045,050 4.02 4.1 4.13 4.13 4.1 4.1 7,000 28,790 SBS PHIL CORP

210 -14,346,815 -16,520 -14,642,835 -66,640 -7,040 -168,116 -38,250 -3,888,140 -1,460,240 -224,575 -95,200 -848,210 -21,980 -21,830 -33,155,120 -198,300 9,153,100 -10,805,228 -82,500 5,300 -43,200 -33,297,080 337,170 -16,311,450 17,306,515 -2,132,830 -946,244 493,490 -7,733,701 -29,360 -370,150 -835 30,880 27,500 -277,515 17,748,472.00 -42,120.00 -17,720 -82,000 -329,870 -9,315,090 -26,850 11,700 -76,965 -57,040 -39,617,085 7,018,915 -715,238 -10.0003 -13,492,150 3,489,960 -

MINING & OIL ATOK 8.8 8.84 8.38 8.91 8.38 8.8 329,700 2,870,084 -34,002 1.61 1.63 1.56 1.63 1.56 1.61 1,883,000 3,023,850 47,700 APEX MINING ATLAS MINING 7.72 7.74 7.9 7.97 7.72 7.72 770,200 6,014,751 -769,775 2.92 3.1 2.92 3.1 2.92 3.1 80,000 234,040 BENGUET A COAL ASIA HLDG 0.315 0.33 0.315 0.335 0.315 0.315 430,000 137,850 2.82 2.85 2.86 2.87 2.8 2.85 27,000 77,090 77,090 CENTURY PEAK DIZON MINES 6.9 7 7.11 7.11 7 7 13,800 96,996 70,700 FERRONICKEL 2.48 2.49 2.45 2.49 2.43 2.49 975,000 2,405,290 584,090 0.3 0.32 0.325 0.325 0.3 0.3 3,780,000 1,180,200 62,450 GEOGRACE LEPANTO A 0.158 0.159 0.164 0.166 0.157 0.159 93,800,000 15,019,810 0.16 0.164 0.164 0.165 0.157 0.16 1,240,000 199,560 LEPANTO B MANILA MINING A 0.013 0.014 0.014 0.014 0.013 0.014 30,000,000 396,300 0.014 0.015 0.014 0.014 0.014 0.014 2,100,000 29,400 MANILA MINING B MARCVENTURES 1.27 1.28 1.28 1.3 1.24 1.28 158,000 199,430 -30,240 1.44 1.46 1.45 1.45 1.43 1.44 57,000 82,040 14,500 NIHAO 5.38 5.39 5.32 5.39 5.3 5.38 1,209,900 6,481,014 2,356,065 NICKEL ASIA OMICO CORP 0.375 0.395 0.375 0.375 0.375 0.375 10,000 3,750 0.89 0.94 0.88 0.95 0.88 0.95 444,000 407,860 ORNTL PENINSULA PX MINING 6.56 6.57 6.5 6.7 6.5 6.56 888,300 5,856,905 77,535 12.5 12.52 12.5 12.58 12.3 12.5 323,700 4,038,194 -63,488 SEMIRARA MINING UNITED PARAGON 0.0096 0.0097 0.01 0.01 0.0096 0.0096 43,000,000 417,570 15.82 15.88 16.98 16.98 15.88 15.88 490,900 7,944,992 567,284 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 117,300,000 1,376,500 ORNTL PETROL B 0.012 0.013 0.013 0.014 0.012 0.013 1,202,500,000 16,796,100 4,100 0.011 0.012 0.012 0.012 0.011 0.012 65,300,000 782,100 -49,200 PHILODRILL PXP ENERGY 6.49 6.5 6.9 6.91 6.4 6.49 977,100 6,432,375 406,354

PREFFERED CEB PREF 43.95 44.05 44 44.05 43.9 44.05 220,800 9,714,945 -255,145 CPG PREF A 103.5 104 104 104 104 104 490 50,960 100.6 101.4 100.6 101.4 100.6 101.4 2,640 265,616 DD PREF FGEN PREF G 107 109.7 109.7 109.7 109.7 109.7 20 2,194 503.5 505 505 505 505 505 3,840 1,939,200 GLO PREF P GTCAP PREF B 1,035 1,046 1,046 1,046 1,046 1,046 100 104,600 104,600 100.3 101 101 101 100.8 101 900 90,874 MWIDE PREF MWIDE PREF 2A 100.5 101 100 100 100 100 500 50,000 MWIDE PREF 2B 100.5 101 101 101 101 101 1,090 110,090 104 104.5 104.5 104.5 104.5 104.5 360 37,620 26,125 PNX PREF 3B PNX PREF 4 1,009 1,010 1,013 1,013 1,009 1,009 1,985 2,005,315 1,023 1,039 1,023 1,039 1,023 1,039 115 117,725 PCOR PREF 2B PCOR PREF 3A 1,080 1,090 1,098 1,098 1,080 1,080 10,440 11,377,920 1,145 1,157 1,158 1,158 1,158 1,158 50 57,900 PCOR PREF 3B SMC PREF 2C 78.5 79.9 78.35 78.35 78.35 78.35 400 31,340 77 77.35 77 77 77 77 14,830 1,141,910 SMC PREF 2E SMC PREF 2H 77.55 78.45 77.55 77.55 77.55 77.55 500 38,775 SMC PREF 2I 78 78.9 78.5 78.5 78 78.5 4,070 318,715 196,250 77 77.85 77 77 77 77 500 38,500 SMC PREF 2J SMC PREF 2K 76 76.5 76 76 76 76 890,600 67,685,600 -

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 8.2 8.28 8.05 8.38 8.05 8.2 56,400 464,480 -197,732

WARRANTS LR WARRANT 1.4 1.45 1.51 1.54 1.45 1.45 313,000 470,220 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.02 17.04 17.06 17.8 17.04 17.04 86,600 1,476,338 -1,652 ITALPINAS 2.32 2.35 2.32 2.36 2.31 2.32 317,000 740,830 -2,320 5.11 5.12 5.12 5.12 5.12 5.12 400 2,048 KEPWEALTH MERRYMART 4.03 4.05 4.37 4.37 3.93 4.03 23,685,000 97,270,760 2,121,330

EXHANGE TRADE FUNDS

FIRST METRO ETF 95.35 95.8 96.5 96.5 95 95.35 37,190 3,548,578.50 107,651.50

www.businessmirror.com.ph

Megaworld profit dips by 31% due to low sales in Jan-March

M

By VG Cabuag

@villygc

egaworld Corp., the property development arm of businessman Andrew Tan, on Monday said its income in the first quarter dropped 31 percent to P2.4 billion from last year’s P3.5 billion as sales continued to decline.

Consolidated revenues fell 30 percent to P10.1 billion from last year’s P14.39 billion.

“Gradually, we already see im-

provements in the numbers, which is a reflection of the recovery in most of our core businesses. With the eased restrictions and the increasing num-

ber of Filipinos getting vaccinated, we see better quarters ahead,” Kevin Andrew L. Tan, the company’s executive vice president, said.

Real estate sales in the first quarter fell 39 percent to P5.9 billion, down 39 percent from last year’s P9.6 billion. The company said it saw an improvement in numbers compared with the previous quarter due to increased construction activities.

Reservation sales were flat at P20.7 billion from last year’s P20.5 billion.

Rental revenues, meanwhile, declined 27 percent to P3.1 billion from P4.2 billion last year.

Rentals from its shopping mall operations slightly increased by 2 percent quarter-on-quarter as a re-

sult of the company’s digital transformation and innovations for al fresco dining.

“Our office business remains to be very stable and strong. For the first quarter of the year alone, we have already renewed more than 40 percent of our expiring leases for the year,” Tan said.

Hotel revenues also declined 39 percent to P335 million from P551 million last year due to travel restrictions. Quarter-on-quarter, however, Megaworld Hotels posted a 7-percent increase in revenues, boosted by bookings from in-city hotels.

As of end-March, Megaworld recorded cash reserves amounting to P32.6 billion and a net debt-to-equity ratio of 27 percent, it said.

Emperador to increase capex by 50% E

mperador Inc., the liquor firm of businessman Andrew Tan, said it will spend some P1.5 billion this year, some 50 percent higher than last year’s P1 billion, as it further expands its footprint in various international markets.

“Last year at the height of the pandemic we held back our capital expenditures [capex]. We expect pandemic to ease with the global vaccination program happening.

We expect people to travel again by 2022; economic activities to return to some sort of normalcy. So we have decided this year to invest ahead so that our growth plan will be sustained,” Winston Co, the company’s president said.

Co did not provide a breakdown of the company’s capex this year.

He said the company is doing well in the United States and in Europe, especially in its stronghold in the United Kingdom. In these areas, liquor is considered an essential product.

Co said the company’s sales in the United States grew more than 20 percent. In the United Kingdom, the company grew more than 30 percent. In China, Emperador more than doubled its sales.

“In contrast, there have been liquor restrictions in certain areas in the Philippines over an extended period of time. Meanwhile, e-commerce is increasing its role in our business all over the world,” Co said.

“As a global company, we constantly adapt to changing consumer behavior especially in a challenging and difficult environment. Consumers around the world react differently by region or country depending on how liquor is positioned or perceived as either an essential or non-essential product.”

Emperador earlier said its attributable income in the first quarter grew 43 to P2.1 billion from the previous year’s P1.45 billion, still as a result of its strong overseas sales.

The company that sells brandy

Exec: Converge will continue to tread growth path this year

By Lorenz S. Marasigan @lorenzmarasigan

C

onverge ICT Services Inc. expects to maintain its growth trajectory throughout the year, as the demand for broadband services continues to “explode.”

Matthias Vukovich, the company’s CFO, said his group will likely tread on a “similar path” as its first quarter financial results throughout 2021.

Converge saw its profit tripling to P1.55 billion from P574 million thanks to growing demand for Internet connectivity to the home during the first quarter.

The rise in net income was complemented by the newly-passed Corporate Recovery and Tax Incentives for Enterprises Law, which reduced the company’s taxes to 21 percent during the quarter under review.

“I think we will continue on a similar path going forward,” he replied, when asked if Converge expects to post similar results in the remaining quarters of the year.

The company’s top line rose by 83.6 percent to P5.55 billion from P3.02 billion, driven by its residential and enterprise businesses.

Its residential subscribers grew to a few thousand short of 1.2 million during the first three months of the year, capturing 48 percent of the market share in terms of net adds among the three largest broadband operators in the Philippines.

This means that its market share

grew to 27 percent at-end March from 19 percent the year prior.

With the sustained demand for connectivity, Vukovich said Converge expects to end the year with about 1.6 million to 1.7 million subscribers by year end.

Meanwhile, Converge President Dennis Anthony H. Uy said his group continues to pursue a partnership deal with SpaceX of Elon Musk for the deployment of satellite Internet in areas where fiber is not present.

“We have yet to close the agreement because I think their priority is some American areas such as Canada. In Southeast Asia, I think maybe, in a year or in a year and a half,” he said.

For now, Converge is “doing some technical studies” to locate-possible sites for the deployment of “6 to 7 stations” to deliver satellite broadband.

“The platform and technology are coming soon,” Uy said.

Converge, he added, is on track to launch its services in key cities in the Visayas and Mindanao this year.

“We are not just expanding our national fiber backbone, but we are also diversifying our international connection,” Uy said.

As of end-April, Converge has a fiber optic cable network of 370,000 kilometers.

Converge is gearing up to slice a chunk of the highly-unsaturated home broadband market by 2025.

It is currently building a national backbone that will allow it to reach approximately 55 percent of the total households in the Philippines.

and whiskey said its revenues rose 13 percent to P12.1 billion from last year’s P10.53 billion.

“The current environment has shifted consumer behavior differently in various markets. The company has managed to adapt and grow with

consumer and economic movements.

We are optimistic that the gains we have achieved will lead the company to a new phase of growth. We expect the situation to improve and return to some level of normalcy towards the end of the year,” Co said. VG Cabuag

mutual funds

May 17, 2021

NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

202.48

8.33%

-9.03%

-4.95%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2261

28.71%

-7.4%

-0.32%

-6.62%

10.25%

-13.55%

-7.42%

-11.65%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7681

-10.89%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7096 9.05%

-8.88% n.a.

-11.73%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6653 -0.66%

-8.83% n.a.

-10.29%

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

9.91%

-7%

-3.64%

-9.52%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6363

4.4711

0.94%

-11.12%

-8.58%

MBG Equity Investment Fund, Inc. -a

92.21

22.86%

-7.2% n.a.

-9.54%

PAMI Equity Index Fund, Inc. -a

41.3211

10.76%

-7.32%

-3.96%

-11.8%

Philam Strategic Growth Fund, Inc. -a

435.54

8.27%

-7.14%

-4.28%

-10.93%

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

0.9941

Philequity Dividend Yield Fund, Inc. -a

1.071

11.66%

-6.22%

-3.09%

-8.32%

Philequity Fund, Inc. -a

31.1413

10.8%

-6.56%

-2.85%

-10.44%

8.18% n.a. n.a.

-12.06%

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

0.8029

17.09% n.a. n.a.

-9.4%

4.235

11.45%

-6.83%

-3.18%

-11.61%

708.19

11.49%

-6.76%

-3.3%

-11.66%

Soldivo Strategic Growth Fund, Inc. -a

0.6415

9.83%

-10.74%

-6.63%

-10.77%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.226

7.99%

-8.8%

-4.62%

-10.98%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8086 10.92%

-7.12%

-3.47%

-11.89%

United Fund, Inc. -a

-6.72%

-2.14%

-10.23%

-6.59%

-2.69%

Philippine Stock Index Fund Corp. -a

2.9794

9.15%

-16.25%

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

95.0116

11.51%

-11.66%

Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2123

35.83%

3.48%

8.5%

0.78%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6882

34.78%

9.26%

11.17%

0.92%

-4.12%

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

1.5999

6.9%

-2.88%

-2.1%

ATRAM Philippine Balanced Fund, Inc. -a

2.1133

7.6%

-3.45%

-1.51%

-7.53%

First Metro Save and Learn Balanced Fund Inc. -a 2.4663

5.55%

-2.6%

-1.74%

-6.12%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1847 NCM Mutual Fund of the Phils., Inc. -a

1.8689

1.04% n.a. n.a.

4.47%

-0.28%

-0.04%

-4.84% -7.86%

PAMI Horizon Fund, Inc. -a

3.4905

4.81%

-1.89%

-1.32%

Philam Fund, Inc. -a

15.6413

5.07%

-1.78%

-1.38%

-7.65%

Solidaritas Fund, Inc. -a

1.9546

5.91%

-2.79%

-1.27%

-6.66%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3132 5.53%

-4.22%

-2.45%

-7.28%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9469

5.14% n.a. n.a.

-7.4%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.844

6.31% n.a. n.a.

-11.08%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8257

7.26% n.a. n.a.

-11.51%

Sun Life Prosperity Dynamic Fund, Inc. -a

4.66%

0.8125

-5.43%

-3.21%

-7%

-8.47%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03772

-0.4%

2.82%

1.14%

-3.58%

PAMI Asia Balanced Fund, Inc. -b

$1.128

20.93%

2.45%

5.35%

-1.93%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5343 25.49%

7.28%

8.07%

0.47%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1863 13.39%

4.1%

4.49%

-1.31%

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

371.06

2.19%

3.13%

2.52%

0%

ATRAM Corporate Bond Fund, Inc. -a

1.9131

-0.96%

0.94%

0.12%

0.67%

Cocolife Fixed Income Fund, Inc. -a

3.2238

1.57%

3.88%

4.41%

0.28%

Ekklesia Mutual Fund Inc. -a

2.2609

-0.72%

2.3%

1.65%

-1.53%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4335 0.38%

3.19%

1.76%

-0.8%

Philam Bond Fund, Inc. -a

4.4817

-0.74%

4.17%

1.9%

-3.3%

Philam Managed Income Fund, Inc. -a,6

1.3222

3.11%

4.29%

2.76%

0.08% -0.75%

Philequity Peso Bond Fund, Inc. -a

3.9711

2.2%

4.44%

2.75%

Soldivo Bond Fund, Inc. -a

1.0273

0.66%

4.15%

1.83%

-1.41%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.192

1.95%

5.23%

3%

-0.44%

Sun Life Prosperity GS Fund, Inc. -a

0.72%

4.54%

2.32%

-0.79%

1.7411

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

$483.72

3.15%

3.09%

2.29%

ALFM Euro Bond Fund, Inc. -a

Є219.69

2.52%

1.08%

1.18%

0.23%

$1.174

-1.85%

1.84%

1.06%

-8.31% -2.63%

ATRAM Total Return Dollar Bond Fund, Inc. -b

-0.03%

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

1.59%

0.87%

PAMI Global Bond Fund, Inc -b

$1.0499

-0.25%

0.68%

-0.72%

-3.92%

Philam Dollar Bond Fund, Inc. -a

$2.4749

3.37%

4.96%

2.02%

-2.39%

Philequity Dollar Income Fund Inc. -a

$0.0627286

5.19%

3.5%

2.19%

0.66%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1333 -0.65%

2.82%

0.89%

-2.8%

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

2.52%

0.19%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0513 1.27% n.a. n.a.

130.06

1.99%

0.31%

Sun Life Prosperity Money Market Fund, Inc. -a 1.3033

0.52%

1.9%

3.09% 2.88%

2.57%

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

1.41%

1.71% n.a.

0.41%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2001 n.a. n.a. n.a.

6.24%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99

10% n.a. n.a.

1.02%

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

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

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

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

7 - Launch date is July 6, 2020.

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

www.businessmirror.com.ph

Banking&Finance

Strong investor demand marks auction of T-bills

By Bernadette D. Nicolas @BNicolasBM

T

HE Bureau of the Treasury (BTr) fully awarded P25 billion in Treasury Bills (T-bills) on Monday’s auction marked with strong demand from investors.

Average rates across all tenors also ended up lower compared to the rates in the previous auction and in the secondary market.

The primary auction last May 17 was also oversubscribed with total bids reaching P83.7 billion.

National Treasurer Rosalia V. De Leon said investors are still inclined to bank on safe-haven assets. This as the market has also factored in the central bank’s downward revision of inflation forecast for this year to 3.9 percent from the 4.2-percent forecast in their February meeting.

“Strong participation as rates marginally declined [and investors] continue to stay on safe side,” De Leon said in her message to reporters. “And BSP [Bangko Sentral ng Pilipinas] trimming average inflation for the year to 3.9 percent; within target band.”

The government is targeting the country’s inflation rate this year to settle between 2 percent to 4 percent.

The BSP attributed the downward revision to the impact of the lower tariff on imported pork and the lower-than-expected inflation for March and April.

Monetary authorities decided to keep policy rates unchanged last Wednesday,

the fourth after last year’s aggressive monetary policy easing.

The 91-day T-bills fetched an average rate of 1.27 percent, down by 0.8 basis point from 1.278 percent in the previous auction. Tenders for the security amounted to P16.97 billion, more than thrice the P5-billion offering.

The 182-day T-bills’ average rate also slid by 0.9 basis point to 1.54 percent from 1.549 percent in the previous auction. Total bids for the tenor hit P25.1 billion, more than triple the P8-billion offering.

Lastly, the 364-day T-bills’ average rate declined to 1.81 percent, slipping by 1.9 basis points from the previous auction’s 1.829 percent. Bids for the security reached P41.63 billion, more than thrice the P12-billion offer.

For this month, the government aims to borrow a total of P170 billion from the local debt market, the same level it programmed to borrow in April.

The national government’s outstanding debt has reached a new record-high of P10.77 trillion as of end-March this year, up by 27.1 percent from P8.48 trillion a year ago.

The country aims to borrow a total of P3.03 trillion this year, roughly the same amount it borrowed in 2020.

Finance officials expect the national government’s debt to reach 57 percent of gross domestic product (GDP) this year.

As of end-2020, the country’s debt to GDP ratio surged to 54.5 percent—a 14-year-high—coming from a recordlow 39.6 percent in the previous year.

Why you need to plan your retirement

R

retirement but to also ETIREMENT have plan to manage the planning has sources of retirement gained significant fund during retirement traction when it comes to financial planning here in John Hero Alfonso itself. The anticipated the Philippines. People in Salvador retirement expenses and sources of income should general tend to put off personal finance be aligned to determine preparing for retirement the funding gap in which because of its inherent an investment program can be made by the long-term nature however, this should financial planners. never be the case—it is never too early to On the other hand, the risk discussed plan for retirement. above pertains to health risks that a retiree I think that there are four intertwined may face during retirement and will have aspects that should be considered when serious impact on the budget planning preparing for retirement and these are mentioned above. These include sickness, anticipated expenses, source of retirehospitalization, disability, major illness, ment fund, risks (physiological) and time and death. horizon.

As expected with aging population, risk All these should be accounted for siof getting sick increases and in order to multaneously when it comes retirement manage these risks, a retiree should have planning and a financial planner should be ample safety nets in the form of insurance able to guide retirees through this planning coverage that will provide support well process to generate a plan that is acceptable through retirement period. and actionable on the clients’ part.

A financial planner should work with cliWhen it comes to expenses, a retiree can ent to take stock of the current insurance expect to have budget plan with allocations policies a client has, and which will provide for most, if not all, of the following items: what coverage during retirement and to asfood, housing, utilities, transportation, sess if additional coverage is needed. Aside healthcare, entertainment and clothing. from insurance coverage, Philhealth is the Estimates for these budget categories most common tool that retirees can use to can be deduced from the desired standard manage health risks. It is essential for a fiof living of client upon retiring. While there nancial planner to inquire on the retirees are some rules of thumb that can be applied Philhealth status and ensure that the rewhen estimating expenses, it would be for tiree has active membership to program. clients’ benefit that a financial planner When considering time horizon, there should be able to simulate the expected are two important timelines that should be expenses during the course of retirement based on clients’ goals using the future considered—how far is an individual from the target retirement age and how long value of money concept. is the expected retirement period. These An important concept in this simulatimelines have a critical impact on the intion is the use of the appropriate inflation vestment options available, anticipated rate, which is the rate at which the price of expenses that will have to be simulated goods is increasing. A good approximate and decisions that should be made when inflation rate to use is 5 percent. However, it comes to retirement planning. one can visit the Philippine Statistics AuWhile it may seem complicated, retirethority website for a more in-depth look of ment planning is essential component of monthly inflation rate. financial planning. It is almost a certainDuring retirement, an individual genty that life events may happen that will erally experiences significant decrease in change one’s retirement plan. It is impormonthly income (i.e., salary). However, tant to bear in mind that retirement plans there are various sources where a retiree should be flexible despite the impression can withdraw funds from and these mainly of rigidity coming along with its apparent are company retirement benefits, pension complexity and subject for review every fund (SSS/GSIS/private sources) and retirefew years. ment fund through investments.

When planning for retirement, a financial planner and client should be able John Hero Alfonso Salvador is a registered financial to account for these possible sources of planner of RFP Philippines. To learn more about personal income. The critical idea for this aspect is financial planning, attend the 90th RFP this June 2021. For that it is not enough to have just a plan to inquiries, e-mail info@rfp.ph or text <name><e-mail> secure the estimated fund available upon <RFP> at 0917-6248110.

BusinessMirror

Tuesday, May 18, 2021 B3

‘Tax base to widen with swift passage of CTRP’s Package 3’

T

By Cai U. Ordinario

@caiordinario

HE Foundation for Economic Freedom Inc. (FEF) and other groups expressed its support for the immediate passage of the Real Property Valuation and Assessment Reform Act or Package 3 of the Comprehensive Tax Reform Program.

The FEF said Package 3 will help widen the tax base for property taxes and bring in additional revenues for both the national and local government units (LGUs).

The advocacy group led by former Finance Secretary Roberto F. de Ocampo said the reforms will also enhance transparency and credibility in the valuation standards in the country and confidence in the land market.

“Ultimately, the Real Property

Valuation reform will benefit all.

We therefore call on the Senate for the immediate passage of this pending measure,” the FEF said in a statement, which was also signed by several chambers of commerce and institutions.

The FEF said they agreed with the intent of Package 3 in promoting the development of a just, equitable and efficient real property valuation system through reforms such as the adoption of

a uniform valuation standard based on international valuation practices and establishment of a single valuation base for taxation and for other purposes.

They also supported the establishment of a comprehensive database to support real property valuation functions; centralization of the approval of the Schedule of Market Values (SMVs); and, strengthening of the valuation functions of the Bureau of Local Government Finance (BLGF).

The FEF noted that adopting a uniform valuation standard and a single valuation base will correct the current situation where there is multiple and overlapping real property valuation. This has brought confusion, led to significant transaction costs and foregone revenues.

“Conflicting land values causes delay and conflicts in right-ofway compensation for public infrastructure projects, make doing business for investors difficult and risky and stunt the growth of an otherwise vibrant land

market,” the FEF said.

Further, the FEF backed the establishment of a central database of land transactions that will make data available for better SMV setting. This would ensure that real property goes to its highest and best use and support the land use planning as well as zoning of local governments.

The statement was also signed by the American Chamber of Commerce of the Philippines Inc.; Australia-New Zealand Chamber of Commerce Philippines; Canadian Chamber of Commerce of the Philippines Inc.; European Chamber of Commerce of the Philippines; Japanese Chamber of Commerce and Industry of the Philippines Inc.; and, the Korean Chamber of Commerce Philippines.

Other signatories are the Institute of Philippine Real Estate Appraisers; Philippine Chamber of Commerce and Industry; Philippine Institute of Environmental Planners; Rural Bankers Association of the Philippines; and, Social Watch Philippines.

Ex-RCBC exec named new Mastercard PHL head

T

HE local business of Mastercard International Inc. announced that it has appointed a new Philippine country manager tasked to accelerate digital payments take-up.

In a statement, Mastercard said it has appointed Simon Javier A. Calasanz who will primarily be focused on “accelerating acceptance and usage of digital payments, especially for smaller merchants and businesses.”

Calasanz is also expected to expand on Mastercard’s ongoing digital and financial inclusion initiatives in the country. He replaces Rowell O. Del Fierro.

“Simon is an invaluable addition to Mastercard’s leadership team in the Philippines. He brings with him unrivalled experience in the Philippines’ finance and banking sector and a wealth of knowledge and strategic insights about the intricacies of the market and consumers,” Ari Sarker, co-president for Mastercard Asia Pacific, was quoted in the Calasanz statement as saying.

“Simon will support Mastercard in doubling down on efforts to build an inclusive and digitized economy in the Philippines,

while enabling customers and partners to better prepare for economic recovery and growth.”

Calasanz started his career with HSBC Group where he moved up through the company to positions such as senior vice president for product management in Personal Financial Services.

His last position with HSBC was in 2015 as senior vice president heading sales in the bank’s Retail Banking and Wealth Management department. Calasanz was then

appointed to the position of President of RCBC Bankard Services Corp. towards the end of 2015—a position he held until 2020, when he was promoted to the role of executive vice president heading consumer lending at RCBC. Calasanz also served as the president of the Credit Card Association of the Philippines from 2010 to 2014 where he championed the development and initiatives of the industry. Calasanz holds a Bachelor of Science degree in Commerce with a major in Marketing Management, as well as a Bachelor of Arts degree in Psychology, from De La Salle University.

Over-2 million Pinoys get LandBank accounts

L

AND Bank of the Philippines reported that more than 2 million previously unbanked people have registered for bank accounts in the first four months of the year as part of their partnership with the Philippine Statistics Authority (PSA).

The bank said a total of 2,481,788 unbanked Philippine Identification System (PhilSys) registrants have already signed up for transaction accounts as of end-April.

This initiative is part of Landbank’s partnership with the PSA to increase financial inclusion rates in the country by co-locating the unbanked through the PhilSys registration and providing them with their own transaction accounts.

Of the total 2,481,788 unbanked registrants, Landbank has issued

Agent Banking Cards (ABCs) to 850,875 of them free-of-charge and without an initial deposit requirement. The rest will receive their cards by July.

“LandBank is one with the government’s financial inclusion agenda.

In partnership with the PSA, we are focused on opening accounts for up to eight million low-income, unbanked individuals from the 32 PhilSys priority provinces at the soonest time,” LandBank President and CEO Cecilia C. Borromeo said.

Upon the invitation of National Economic and Development Authority Secretary Karl Kendrick T. Chua to co-locate with the PSA, the bank said its aim is to bank at least one household member of the estimated 18 million lowincome households applying for

the National ID. This account will help them and the government provide access to basic banking services and emergency government subsidies.

Previously, the PSA reported that 82 percent of the 10.52 million initial registrants do not have formal bank accounts.

Cardholders can use the Landbank cards to cash-in, cash-out, and transfer funds at any Landbank Branch or Agent Banking Partner.

They can also withdraw cash at Mastercard-accepting ATMs, perform cashless transactions, shop online, as well as receive government subsidies digitally. Bianca Cuaresma

B4

Art

BusinessMirror

Tuesday, May 18, 2021 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

‘Santisima Trinidad,’ other religious artworks headline milestone auction Italy’s Uffizi discovers lost frescoes during Covid shutdown

By Colleen Barry The Associated Press

❶

❷

❶ Santisima

Trinidad, mid to late 19th century, attributed to Justiniano Asuncion, oil on canvas, 19.7”x23.6”

❷ St. Jerome,

18th to 19th century, attributed to Juan Arzeo, oil on wood, 10.6”x14”

A

19th-century oil painting on canvas, titled Santisima Trinidad, attributed to Filipino painter Justiniano Asuncion, go under the hammer this Saturday, May 22, along with other religious artworks and FilipinoEuropean objets d’art in the Segundo auction of Casa de Memoria.

The event marks the fifth-anniversary celebration of “The Casa,” billed as the “only auction house in the Philippines specializing in European antiquities, paintings and objets d’art while remaining committed to telling the story of a rich Filipino past.”

“Art defines our culture, history and heritage,” said Casa de Memoria general manager Camille LhuillerAlbani. “As we celebrate our fifth year with the Segundo auction, Casa de Memoria proudly exhibits the works of world-class Filipino and European artists.”

The Asuncion piece depicts the Holy Trinity and serves as one of the major lots in the auction with a starting bid of P2,000,000. In the auction’s catalogue, it is said that “the rich application of gold ornaments, realistic attention to the minutest detail and the concealment of brushstrokes are characteristic of Justiniano’s style.”

Asuncion (1816-1896) was known as “Kapitan Ting,” having served as cabeza de barangay, or barangay captain, of Sta. Cruz, Manila. Most of the artist’s

important paintings—including life-sized renditions of San Agustin, San Geronimo, San Antonio, and San Gregorio—were housed at the Sta. Cruz Church that was bombarded by the Japanese in 1945.

Asuncion studied at Escuela de Dibujo in 1834 and was one of six brothers who operated a studio in Sta. Cruz. In 2017, the Ayala Museum hosted an exhibition, titled Art and Family: The Asuncion Legacy, which was originally planned as a retrospective to commemorate Kapitan Ting on his bicentennial birthday. The show was expanded to include the works of Justiniano’s two other siblings, Mariano and Leoncio, and featured illustrations, medallions, paintings and sculptures by the three Asuncions.

More religious artworks figure in the Segundo auction. One is a St. Jerome oil painting from the 18th to 19th century on wood by Juan Arzeo. Another is a 19th-century oil painting on wood depicting St. Barbara by Antonio Malantic.

A triptych of reverse glass paintings depicting Quotidian scenes from the 18th century, as well as a pair of watercolor paintings of the picturesque Cagayan River and Jolo watercolor by Capt. Eduardo Moreno Esteller, a Spanish soldier stationed in the Philippines, are also part of the auction.

Segundo showcases interesting artifacts as well.

There is a historic Philippine Map from the 18th century, portraits sketched by Filipino artist Romeo Tabuena (1921-2015), and Manuel Montoya’s depiction of a courtyard scene in the 19th century. Also up for bidding are sophisticated ivory boxes from the 19th century and the Anglo-Indian Sadeli box, which has minute parquetry out of dyed horns, bones, pewter, and mother of pearl with a wooden interior.

Part of the Segundo auction proceeds will be donated by Case de Memoria to a local charitable institution to help those badly affected by the pandemic.

Continued on B5

MILAN—The Uffizi Gallery in Florence used the winter Covid shutdown to push ahead with renovations, discovering lost frescoes that now greet visitors when the leading repository of Italian Renaissance art reopened on May 4.

Uffizi director Eike Schmidt said the six months of closure were put to good use: renovating 14 new rooms that will open to the public next month, and discovering frescoes that would otherwise have remained hidden.

But he hopes the most recent reopening—the third during the pandemic—will be the last.

“We very much hope that now we will be able to open stably and without further closures. We hope so for the museum, but we hope it also for the world and for human society,” Schmidt said.

The previously hidden frescoes include a life-size figure of a young Cosimo II de Medici—part of the Renaissance family that commissioned the Uffizi— dating from the 1600s, as well as decorative plant motifs from the 1700s on the walls and ceiling of nearby rooms.

They are located in the museum’s west wing, which is now where the new visitors’ entrance is following the reopening. Schmidt said the new entrance facing the Arno River provides “a glorious introduction” for visitors. Classic statuary will be added to the entrance in the future.

Workers also completed restoration on new rooms dedicated to 16th century high and late Renaissance art from central and northern Italy, beyond Tuscany.

They complete the sweep through art history from the Middle Ages with Giotto, to the Renaissance masters Botticelli, Raphael and Michelangelo, beyond to the counter-reformation and Venetian galleries.

“You can now seamlessly walk through, or hike through, art history if you wish to do so,’’ Schmidt said. Under the Uffizi’s new entry system, visitors will buy tickets, deposit coats and bags in the west wing and cross through a courtyard to the east wing, where they will pass through metal detectors and pick up audio guides before starting their rounds of the museum.

The number of visitors at the museum last year dropped to about a quarter of those in 2019 due to the Covid lockdowns in the spring and fall, with some 1.2 million people visiting in 2020, down from 4.4 million a year earlier.

Booking requests have already started coming in for the summer months, which the museum will be able to satisfy now, Schmidt said.

With prospects for the resumption of international tourism only beginning to come into focus, Schmidt expects the gallery will operate at about half its capacity for the foreseeable future.

Prepandemic, peak visitation reached as many as 12,000 people a day.

Today’s Horoscope

By Eugenia Last

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CELEBRITIES BORN ON THIS DAY: Tina Fey, 51; George Strait, 69; Reggie Jackson, 75; Robert Morse, 90.

Happy Birthday: When hesitation sets in, rethink your strategy. It’s OK to take a step back and mull over what you want to achieve this year. A steady pace forward is in your best interest. Consider what you are capable of and do best, and you’ll come up with a plan that will encourage you to find innovative ways to exploit your strengths. Your numbers are 9, 15, 22, 27, 38, 42, 47.

a

ARIES (March 21-April 19): It’s OK to change your mind or head in a new direction. You’ll gain stability if you follow your heart and pursue something that makes you feel good about who you are and what you are doing. HHHHH

b

TAURUS (April 20-May 20): A stalemate is likely if you aren’t willing to compromise.

Give others the freedom to do as they please, and you will dodge criticism. You’ll gain the most if you pursue knowledge and new skills. HH

c

GEMINI (May 21-June 20): Speak the truth, say what’s on your mind and clear up any misconceptions. It will ease stress and open the doors necessary to excel. Personal growth, fitness and educational pursuits are favored. HHHH

d

CANCER (June 21-July 22): Pay attention, ask questions, and don’t commit to something without understanding what you’ll have to do. Someone will take advantage of you by making tempting offers based on empty promises. Take control and do things yourself, and you’ll avoid disappointment.

HHH

e

LEO (July 23-Aug. 22): Emotions will spin out of control due to the changes going on around you. Participate if you want to ensure that you remain in a good position. Intellect and charm will help, but truth and living up to your promises will seal a deal. HHH

f

VIRGO (Aug. 23-Sept. 22): Don’t ignore what others do or say; make adjustments to avoid being trapped in someone’s false claims. If you want something done correctly, do it yourself. HHH

g

LIBRA (Sept. 23-Oct. 22): Make today all about you. Concentrate on what makes you happy. It’s time for a change, and doing something that lifts your spirits and gives you a new lease on life is encouraged. Embrace new beginnings, a healthier lifestyle and romance. HHHH

h

SCORPIO (Oct. 23-Nov. 21): Explore; if you limit what’s possible, regret will follow. Push yourself out of your comfort zone and into something that will challenge you to use your attributes differently. Being honest with yourself as well as others will eliminate uncomfortable situations and stress. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Take control and deal with sensitive issues before it’s too late. Decide on a commitment to someone or something, and it will help you move forward with confidence. Stop trusting others, and start believing in yourself. Romance is favored. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): Take charge, get things done and don’t give in to someone trying to part you from your cash. A deal is good only if you get something of equal value in return.

Make your world less stressful, more meaningful and convenient. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Stop waffling.

Add up the negatives and positives, and consider adjustments that will make you happy. Personal improvements, fitness and romance will lead to a better frame of mind. Discuss your thoughts and intentions with someone you love. HHH

l

PISCES (Feb. 19-March 20): You are better off observing, not retaliating. Channel your energy into something constructive. Make changes that improve your life. Participate in something that will make a difference. HHH Birthday Baby: You are generous, expressive and changeable.

You are creative and sensitive.

‘pick this puzzle apart!’ by sebastian l. iger The Universal Crossword/Edited by David Steinberg

ACROSS 1 Olympic blade 5 Scary animals 11 One may lift 5,000 times its weight 14 Metal whose symbol is Au, and what can be mined in 62-Across 15 Second-cheapest Monopoly avenue 16 Spy org.

17 Squirt juice into one’s eye, as a grapefruit 19 Old film channel 20 Olympic item with a blade 21 + or - particle 22 Mike and ___ 23 Toy vehicle with an antenna, informally 27 Roof overhangs 29 Jiffy 32 Perfume containers 33 Part of a karate uniform 34 In the style of 35 “___ be over soon” 36 Wall support 38 Tables at a meeting, say?

43 Adversaries 44 A deer might cross one

5 Additionally 4 46 Law & Order: SVU costar 48 Type of dish in a lab 49 Currency at a pachinko parlor 50 Grinding tooth 52 Extremely pale 53 High school stat 54 Rent-to-___ 56 Sparkle 61 Fitting 62 Condiment for an American Chinese chicken dish 66 Moved past Zoom dates 67 Fiddle (with) 68 Rocks that 17-, 38- and 62-Across, based on their outer letters 69 Before, to a poet 70 City-state that battled Athens 71 Pepsi Mango, e.g.

DOWN 1 They may be boosted or bruised 2 Pulled ___ sandwich 3 Luther actor Idris 4 Change, as crossword clues 5 UK TV network 6 ___ de parfum

7 Completely 8 Flight you can take for free?

9 Jackson 5 member 10 Part of a play 11 Full-time soldier’s status 12 Metal whose symbol is Ni, and what can be mined in 38-Across 13 Least feral 18 Word after “secret” or “self” 24 Refers to 25 Baby cow 26 Attracts 28 Be next to 29 ___ Paulo 30 Assistant to Santa 31 Foamy Italian drink 36 Trap 37 Old news?

39 Greek I 40 IRA variety 41 Eggs on a sushi roll 42 Long, long time 46 “Count me in!”

47 Metal whose symbol is Cu, and what can be mined in 17-Across 48 Country with a famous canal

1 Parts of teeth or hairs 5 55 Cover with foil 57 Thailand neighbor 58 French currency 59 Scored 100 percent on 60 Southwestern landform 63 Fresh Air network 64 Understand 65 End of an ___ Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, May 18, 2021

B5

FDCP continues to open door for filmmakers of all ages FILM Development Council of the Philippines chairman Liza Diño

Prince Harry thought about quitting royal life in his 20s LOS ANGELES—Prince Harry compared his royal experience to being on The Truman Show and “living in a zoo.” The Duke of Sussex said during a Thursday episode of the Armchair Expert podcast that he contemplated quitting royal life on several occasions while in his 20s. He spoke candidly with host Dax Shepard about keeping his relationship with Meghan a secret and dealing with the UK media scrutiny.

Harry thought his life was like the 1998 Jim Carrey film The Truman Show. The film tells a story about Truman Burbank’s life being televised through hidden cameras while encountering people who were hired actors.

Harry said it was a heavy burden and he struggled to deal with being a member of the royal family.

He feared that his pregnant wife and son, Archie, would have to deal with the spotlight the same way his late mother, Princess Diana, had to deal with the enormous attention.

In 1997, Diana died in a car crash at the age of 36 in Paris while being pursued by paparazzi.

“I don’t want this job, I don’t want to be here, I don’t want to be doing this. Look what it did to my mum,” the 36-year-old Harry said.

In a previous interview, Harry said the royal family cut him off financially at the start of 2020 after he announced plans to step back from his roles. But he was able to afford security for his family because of the money his mother left behind.

Harry and Meghan’s departure from royal duties began last year over what they described as the British media’s intrusions and racist attitudes toward the duchess. He criticized some American media outlets but said they are an improvement over the ones in the UK. He feels more liberated after he and his family moved to California.

“Living here now I can actually lift my head and actually feel different,” said Harry, who added he’s able to take Archie for bicycle rides. “You can walk around feeling a little bit more free.” AP

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espite the many limitations brought about by the pandemic, the Film Development Council of the Philippines (FDCP) continues to open doors for local filmmakers to shine and fulfill their dreams of being film creators.

The call for filmmakers who wish to create modern silent films have been sounded, and the 15th year of the International Silent Film Festival Manila certainly looks more than promising with the establishment of the Mit Out Sound (MOS): International Silent Film Lab 2021.

The goal is to encourage the production of silent films and discover new talents who will be mentored by filmmakers from all over the globe on story development, editing, and other creative and technical elements of silent filmmaking.

FDCP chairman Liza Diño is delighted about the many possibilities of the silent film festival. “This year, formidable agencies like the Philippine Italian Association, Embassy of France in Manila, GoetheInstitut Philippinen, Instituto Cervantes de Manila, The Japan Foundation are all throwing their support to the FDCP for this undertaking, which I am so grateful for. The chosen finalists will each be awarded a production grant amounting to P50,000 to come up with their silent short films.”

She added, “Philippine cinema has lost most of our early silent films. This very sad realization has inspired the creation of the first MOS Film Lab to revive the interest in silent filmmaking, and enhance the expertise of Filipino filmmakers in creating unique and quality films.”

SINE KABATAAN FINALISTS ANNOUNCED Ten young filmmakers have been announced as finalists for the fourth edition of the Sine Kabataan Short Film Competition, each receiving a P100,00 grant to be used in the production of their respective entries. From a pool of over 200 submissions, 18 were shortlisted before the top 10 were chosen by a selection committee composed of producer Alemberg Ang, filmmaker JP Habac and FDCP executive director Ria Anne Rubia. “We are truly proud that Sine Kabataan is able to continue providing financial grants to these very young filmmakers all over the country

who never fail to surprise us with how creative they are in tackling brave themes like teenage pregnancy, social divide, LGBT, mental health, and the daily struggles of the Filipino,” Diño shared.

The 10 official finalists of the Sine Kabataan Short Film Competition are: n ‘Abot Kamay Ang Langit’ by Brian Spencer B. Reyes. After waking up in an empty city, two street kids have all the freedom to do whatever they want. n ‘Ang Bunga sa Tiyan ni Adam’ by Ella Louise B. Salomon. A teenage boy tells his girlfriend he is pregnant after taking a pregnancy test. n ‘Jombi’ by Angela Francesca V. Andres. A bullied gloomy girl finds out her friend is a zombie. n ‘Mga Ulap Tayong Nagiging Ulan’ by Demetrio E. Celestino III. An anthropomorphic cloud named Ulap shares how it achieves small wins in this natural cycle of life, one that dwells on the commonality that suggests “mga ulap tayong nagiging ulan.” n ‘Reconnected’ by Judd Bradley Avelino. After a total blackout ruins his daily routine, a 20-year-

Lawyer: ‘Tiger King’s’ Jeff Lowe willing to give up big cats

CCP ARTHOUSE CINEMA SALUTES FILIPINO WORKERS THIS LABOR MONTH

THE CCP Arthouse Cinema salutes the Filipino workers in this month’s film offerings, on view until May 21 via the CCP Vimeo Channel. Watch selected films and documentaries from Gawad Alternatibo which mirror the daily plight of Filipino workers, our modern-day heroes who serve as the foundation of our nation.

Take a peek into the lives of factory workers in Jon Red’s Ang Pabrika. In the 10-minute film, for Juaniyo and the rest of the workers, the factory is their life, home and the world.

Directed by Cha Escala and Emerald Hidalgo, Pasko ni Intoy (Intoy’s Christmas) is a 30-minute video documentary that portrays the bittersweet Christmas of a child laborer in a remote, swampy community in Leyte.

To watch the films for free, go to vimeo.com/ondemand/ ccparthousecinema and use the promo code LABOR. The films on Vimeo on Showcase page will be accessible only until May 21.

‘Santisima Trinidad,’ other religious artworks headline milestone auction Continued from b4

The Segundo auction preview runs until May 21, a day before the event starts at 2 pm. To view the items in person, appointments can be set through hello@casadememoria.com. To explore the auction pieces online, visit bit.ly/CasaDeMemoriaOnline.

More information is available at www. casadememoria.com and through 8253-3994. n

old man goes out to experience the world with only physical connection. n ‘Love in the Ungodly Hour’ by Bradley Jason Pantajo. As two young men reconnect with each other, questions about the past begin to rise. n ‘Si Jet at ang Dark Lord ng Dol Gurskul’ by Terence Giourdan Gonzalves. A young boy cuts class to plot his revenge with his imaginary friends against Dark Lord Marcoth. n ‘Ang Alamat ng Prinsipe at Mandirigma’ by Jacob Mikhail U. Collado. After being scolded by his father for a leaked sex tape online, his younger brother tells him a story in a makeshift blanket fortress. n ‘Ang Balay ni Conrad’ by Ardinian Jaq Sanque. A homeless boy trying to build himself a house on the side of the street rescues a boy whose life is the exact opposite of his. n ‘Jeremy Supot’ by James Allen Fajardo.

Harassed by school bullies for being uncut, a teenage boy decides to sell his cellphone to afford circumcision. n

dingdong dantes (from left), Heart Evangelista and Richard Yap for GMA Affordabox

GMA digital set-top box offers binge-watching movies Users of the digital set-top box GMA Affordabox can watch movies all day, every day for free on GMA’s digital channel I Heart Movies.

Launched last April, the channel gives movie enthusiasts a whole new level of viewing experience as they get to binge on local and international movies from drama, romance, comedy, action, to horror. And with the network’s digital TV receiver, the movies play clearer, are more colorful, and of better quality.

To further highlight the addition of I Heart Movies to the growing roster of GMA channels, the network recently unveiled its newest GMA Affordabox ambassador Richard Yap. Richard joins Heart Evangelista, who will also be his on-screen partner in the upcoming romantic comedy series I Left My Heart in Sorsogon, and Dingdong Dantes as the faces of GMA Affordabox in its latest campaign. I Heart Movies offers a wide variety of free-to-air, all-time favorite Pinoy and foreign titles through its four movie blocks that are tailored to fit all ages: Timeless Telesine, Takilya Throwback, Block Screening, and Pinoy Movie Date.

Timeless Telesine presents various GMA Telesine stories and top-notch quality movies that were made for television, while Takilya Throwback features local classics from the 1970s to early 2000s. In Block Screening, hit foreign movies await viewers. Lastly, widely-followed contemporary Filipino movies air on the Pinoy Movie Date block.

GMA Affordabox is currently available in Metro Manila, Benguet, La Union, Ilocos Sur, Abra, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Misamis Oriental (including Cagayan de Oro), Camiguin, Bohol, Cebu, Leyte, Bacolod City, Davao de Oro, Davao del Sur, and Davao del Norte.

I Heart Movies’ can be viewed on channel 5 in GMA Affordabox. Viewers can, likewise, continue to access GMA channels on the digital TV receiver including GMA, GTV, Heart of Asia, Hallypop, and DepEd TV as well as other free-to-air channels in digital broadcast available per area.

More information is available at www.

GMAaffordabox.com.

MUSKOGEE, Oklahoma—Netflix’s Tiger King star Jeff Lowe and his wife are willing to give up their big cats to resolve a Justice Department civil complaint against them over the animals’ care, their attorney told a federal judge.

At a hearing on Wednesday where the judge found the couple in contempt for violating a previous order regarding the big cats, attorney Daniel Card said the Lowes “want out completely.”

Jeff Lowe took over the Greater Wynnewood Exotic Animal Park from founder Joe Exotic in 2016. Lowe and his wife displayed big cats there until shutting down the park in August. They then moved to a new facility in Thackerville.

The civil complaint, filed in November, accused the Lowes of recurring inhumane treatment and improper handling of animals protected by the Endangered Species Act. US District Judge John F. Heil III in January issued an order that, among other things, required the couple to prevent breeding; to relinquish all of their lion and tiger cubs to the federal government; and not to exhibit any of their big cats.

The judge in March found that the Lowes had violated his order, and on Wednesday fined them $1,000 per day until they get in compliance, according to The Oklahoman. “They don’t want to fight this anymore. They don’t want to do it,” Card told Heil.

“They want to give the tigers to a...sanctuary of their choice and be done with it.”

Jeff Lowe was one of the central characters in the Netflix series that became a pop culture phenomenon last year. The series focused on Joe Exotic, a pseudonym for Joseph Maldonado-Passage. He is serving 22 years in federal prison for violating federal wildlife laws and for his role in a failed murder-forhire plot targeting his chief rival, Carole Baskin, who runs a rescue sanctuary for big cats in Florida. AP

B6 Tuesday, May 18, 2021

Fusion BPO Services to vaccinate employees

Experience amazing packages, special deals this May from Lexus

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OTHING should stop you the entire month of May from owning the Lexus of your dreams and now it’s made easier with special deals and generous financing packages crafted to finally get you behind the wheel and experience something amazing.

This summer, Lexus has a red-hot deal for its NX, RX, and UX models which come with free, 2-year periodic maintenance service for vehicles sold through the Lexus Manila dealership and service-enrolled vehicles.

The NX mid-size SUV quickly established itself as a key player in the Lexus range, and has been successfully attracting customers—many of them new to the brand—with its combination of luxury, cool and contemporary design, intelligent packaging and enjoyable driving dynamics. With the NX 300 (P3,218,000), NX 300 F Sport (P3,718,000), and NX 300h (P3,688,000), significant improvements

have been made to the vehicle's suspension tuning to enhance ride and handling. The springs, stabilizer bars and bushings have been retuned for improved turn-in response and steadystate cornering.

The RX 350 (P4,438,000), RX 350 F Sport (P4,998,000), and RX 450h (P5,238,000) embrace Lexus's exhilarating performance following the path of LC and LS flagship coupe and sedan, as the engineers scrutinized every part of the vehicle, and made enhancements to the rigidity of the body and suspension system, as well as adding a new shock absorber and brake control system.

The UX 200 (P2,538,000) and UX 200 F Sport (P3,128,000) have a bold and sophisticated personality that is characterized by a solid exterior that exudes power and strength, while the wide fenders and compact body convey the vehicle's agility. Inside, the

cockpit invites the driver to enjoy the exhilaration of driving, while the cabin generates an overall sense of spaciousness that is immediately noticeable to the vehicle's occupants.

Meanwhile, coast the summer in luxury in style with the 2020 model year ES 350 or 2020 model year LS 500h – now at 30% or 50% downpayment, for a 36-month term, at 0% interest. Both models also come with a free 2-year periodic maintenance if purchased this month.

All ES 350s are powered by a 3.5-liter V6 designed to deliver commanding acceleration along with an invigorating sound. With an update to D4-S fuel injection, the impressively smooth engine now develops 300 horsepower and 262 pound-feet of torque.

Luxury comfort is at its best with the 2020 Lexus LS 500h dictated by the brand's Lexus Driving Signature initiative, this philosophy applies detailed tuning, thoughtful component updates and control surface upgrades to help drive Lexus products to a new standard of vehicle control, balance and driver confidence.

In the LS 500h hybrid version of the new LS, increased battery assist during acceleration at often-used driving speeds contributed to strainfree acceleration.

To learn more, contact your Lexus dealer at (632) 8856 5050 or visit the Lexus Remote Page for a hassle-free contactless purchase journey.

Cargill Philippines shows support to gender equality, launches TALA Women’s Network

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OMEN are slowly being recognized as important key players in the workforce but a number remains to still underutilize their talents as potential leaders. In the Agriculture Industry, a study conducted by the Philippine Statistics Authority (PSA) in 2017 stated that females make up only 25% of the agriculture sector’s workforce. Data also shows that male workers are paid higher than female counterparts in the year 2019 and this is true for majority of the Philippines.

According to the PSA, the average daily wage for men is at P335 per day vs P305 a day for women, holding a discrepancy of 8.5%. For Cargill Philippines that values diversity, equity and inclusion in their community, women make up 35% of the workforce and 36% take up leadership roles in operations.

With policies in place such as the requirement of an equally balanced gender representation in more senior positions, encouraging employees to provide feedback on how to keep a safe and comfortable environment, and deploying series of employee surveys to guide the creation of “people first solutions” ensures everyone will have an equal opportunity to grow in their line of work.

“In Cargill, selecting candidates for a role is not just based on who has the best talent but rather the opportunity is welcome to all. We try our best to present an equal number of best talents from different genders, We do not limit to just the agriculture industry as we believe that the business operating model can be learned. The experience and practices gained from other industries is something we can capitalize on,” shared Lani Macalinao, Human Resources, Country Leader at Cargill Philippines.

Cargill has consistently shown support to inclusion through launching the Cargill PH Women’s Network, participating in 2020’s Global Inclusion Day and yearly arranging events for the International Women’s Day. The event also touched upon the

global #ChooseToChallenge campaign with Cargill sharing their choice to challenge the stereotypes and unconscious bias through broadening their perceptions and continuously creating a more inclusive environment that will help each of its employees thrive in the long run.

“Despite having faced many obstacles, I have thrived as a woman in a traditionally male- dominated field. Cargill has helped me progress in my career and only pushes me to further challenge the norms in the workforce,” said Minceil Samson, Key Account Manager of Cargill Animal Nutrition and Heath, one of the speakers in the event.

In line with the theme of the 65th’ session of the Commission on the Status of Women, “Women in public life, Equal participation in decision making”, Cargill encourages its employees to demonstrate their skills, knowledge and network to lead during the pandemic and in any given scenario effectively. Managing directors would openly support and remind their teams of equal representation in each function of their businesses, encouraging them to further thrive in their field. The company also has a Diversity, Equity and Inclusion section on its intranet that provides videos, articles and online trainings that brings awareness on inclusion and the importance of cultural competence.

Hon. Maria Rosario “Maritz” OchoaMontejo, Mayor of the Municipality of

Pulilan was also one of the speakers in the event, providing proof that women leaders are equally capable in the field of governance. That empowerment is the fruit of success. “Empowerment is the rule of thumb in efficient and competent management of human resources. It gives every individual who makes up our bureaucracy the opportunity to participate in the decision-making process and the implementation of policies and programs.

It builds self-confidence and helps every individual realize his self-worth,” she says.

Macalinao emphasizes that Cargill has lived up to its guiding principle of Putting People First and Doing the Right Thing that it has been ingrained in the way the employees work. “I for one strongly believe that if an employee feels trusted and empowered in a positive working environment, the best of that person will naturally flow. To Cargill, recognizing people has become second nature. People do not hesitate to show their appreciation to something as simple as lending a hand which could be part of the job or going the extra mile of collaborating with a team in a project,” Although the celebrations of International Women’s Day have ended, Cargill will continue to show its support for gender equality through continuous discussions, raising awareness and reviewing the programs pursue further achieving their goal of gender parity in their community.

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LOBAL outsourcing firm Fusion BPO Services is furthering its commitment to protect the health, safety, and well-being of its employees by providing access to the Covid-19 vaccine in its centers in Cebu and Manila.

Fusion is working closely with Cebu Doctors Hospital, a government-accredited hospital, to ensure its workers are prioritized and all costs associated with the vaccine administration are covered.

“Since the beginning of the pandemic, Fusion Philippines has worked to keep the operations running smoothly, ensuring minimum disruption, and serve our clients without interruption. Providing vaccination option so that employees can receive the Covid-19 vaccine is a way we can support them and minimize the need to choose between earning and protecting

their well-being,” says Fusion country manager Nagarajan Anandaraman.

The firm has been implementing safety measures during the pandemic, from allowing employees to work from home, sanitizing office spaces, and adhering to government health protocols.

For more information, visit www. fusionbposervices.com.

DSWD’s livelihood program continues to support women amid the pandemic

SLP women beneficiaries Valentina Razola (left) and Irene Antenero (right) continue to perform their work despite the ongoing COVID-19 pandemic.

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ESPITE the continuing health crisis brought by the COVID-19 pandemic, the Department of Social Welfare and Development (DSWD) continues to facilitate the provision of livelihood support to women through the implementation of the Sustainable Livelihood Program (SLP).

SLP is a capacity building program which provides opportunities to the vulnerable, marginalized, and disadvantaged individuals, families, and communities to enhance their livelihood assets and capacity to utilize their resources more productively.

Among those who benefitted from the program is the Barangay Biga Women Workers Association of Biga, Toledo City, Cebu. Their women members were able to continue to earn a living despite the implementation of community lockdowns because of their egg-laying business funded by SLP under the Micro-Enterprise Development (MD) Track.

Through the MD Track, SLP associations or individual participants may be provided assistance under three modalities. These are the Seed Capital Fund which enhances financial assets; Skills Training Fund which enhances human assets through technicalvocational and life skills training; and, Cash for Building Livelihood Assets which rebuilds or enhances natural and physical assets necessary for livelihood operations.

“When I became a member of the association, it gave me a chance to earn on my own and to provide for the needs of my family,” said Valentina Razola, one of the members of the Barangay Biga Women Workers Association.

Valentina became the main provider for the needs of their family because her husband’s job as a construction worker was affected by the work stoppage due to the imposition of the community lockdowns.

Meanwhile, Irene Antenero, a mat weaver from San Francisco, Cebu, narrated that the pandemic has made it difficult for them to sustain their business.

“To earn money, we just took crops from our backyard like camote tops or bananas and sell them to our neighbors.

It was hard to earn a living, orders for our native mats were scarce and we need to improvise to survive,” Irene said.

Through the Livelihood Assistance Grant (LAG) of the SLP, Irene received P5,000 cash assistance to buy materials for her business. As of May 2, the Department has already disbursed more that P981 million worth of LAG aid to 93,715 beneficiaries nationwide.

“Even if we are still in community quarantine, I continued weaving mats so that when the situation normalizes and the quarantine is lifted, I already have stocks of mats to sell,” Irene added.

In 2020, the SLP and LAG have provided more than P3 billion worth of livelihood assistance to 101,481 participants across the country.

The DSWD encourages interested participants to visit the DSWD Field Office or the City/Municipal Social Welfare and Development Office (C/ MSWDO) nearest them.

The Department pledges to provide unhampered provision of social welfare assistance to low-income families affected by the ongoing health crisis.

TikTok Partners with AHA!:Knowledge and creativity come together through this enriching collaboration

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IKTOK has become an enjoyable app for learning, filled with interesting and informative content. Everything from Science and Math, arts and crafts, and even cooking can be learned from creators on the platform. Apart from videos being short and easy to understand, teaching content shared on TikTok involves a lot of creative expression, too, making the process fun for both educators and viewers.

Broadening its reach as a learning platform, TikTok has recently partnered with the TV program, AHA!, a show produced by GMA News and Public Affairs.

Hosted by Drew Arellano, the program showcases facts and trivia about a wide range of topics that might pique the interest of those who are up for an adventure.

With the partnership, more users will now be exposed to enriching and unique lessons that are useful in day-to-day life.

It also gives more TikTok creators the opportunity to share what they know with others, and help spread knowledge and wisdom on the platform, and beyond.

Airs every Sunday at 8:15 am, the #AHAmazingLearning campaign has

been launched to invite creators to share AHAmazing facts, cool experiments, and fun art tutorials on the app. The best TikTok videos will be selected and featured in the next fresh episode of AHA!, and will include full-frame graphics inviting the audience to follow the TikTok accounts of the chosen creators.

The campaign is open to all TikTok content creators in the Philippines from May 12 to June 30, 2021.

Posted videos should be between 30 to 45 seconds.Entries must include the hashtag #AHAmazingLearning. To qualify, TikTok videos must contain: new information and facts, cool experiments and art tutorials.

Download the app on your iOS and Android devices to get started.

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

The World

Thai prison clusters send daily Covid infections to record high

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hailand’s daily Cov id cases surged to a record with outbreaks in prisons, construction camps and densely populated areas in the nation’s capital showing no signs of easing, piling pressure on authorities to accelerate the slow vaccination drive.

The country on Monday reported 9,635 new infections, the highest-single day increase since the pandemic began, with 6,853 cases coming from prison clusters alone.

The current wave of outbreak that started early April has added 82,219 cases, or about three-quarters of the country’s total case count of 111,082, official data showed.

Prime Minister Prayuth ChanOcha is closely monitoring the situation in correctional facilities, and has asked officials to expedite active case findings to minimize the virus transmission in the crowded compounds, government spokeswoman Traisuree Taisaranakul said Monday. The average positivity rate in eight prisons was at 49 percent, data showed on May 16.

The surge in new cases underscores the need to speed up the vaccination drive that has seen only about 2 percent of Thailand’s population inoculated, trailing the pace of countries like Indonesia, Malaysia and Singapore. The country approved Moderna Inc.’s shots for emergency use last week as it seeks to boost its orders to about 100 million doses to vaccinate about 70 percent of the adult population by year-end.

T hai land ’s capita l Bangkok, the epicenter of the current outbreak, is currently battling 28 clusters in 19 of its 50 districts.

T he infections that started in night entertainment venues have now spread to construction worker camps, crowded public housing communities, slums and markets, with the average positivity rate from six testing sites at nearly 7 percent, according to Taweesilp

Visanuyothin, spokesman for the C e nt e r for C o v i d -19 Sit u at io n A d m i n i s t r at io n .

Wobbly recovery

Although daily cases continue to increase, the Thai government has rela xed some of its restrictions to boost economic activities. A ban on dine-in ser vices in regions considered high-risk for infections, including Bangkok, has been eased f rom Mond ay.

But the countr y still enforces a nationwide mask mandate and a ban on large gatherings.

“There is a big concern about the new Covid-19 wave because our forecast of strong economic recovery in the second half is entirely out of sight,” said Kattiya Indaravijaya, chief executive officer of Kasikornbank Pcl. “Tourism is now expected to return to normal level in two to three years from now. Several customers are now experiencing a very bad situation with new curbs and demand slump. Outbreak really makes people cut their spending.”

Thailand, which was largely successful in containing the pandemic last year, saw a resurgence of infections from early this year that’s hurt its economy and delayed plans to reopen borders to foreign tourists. Southeast Asia’s second-largest economy contracted 2.6 percent in the first quarter of this year, the National Economic and Social Development Council said on Monday, while lowering full-year forecast to 1.5 percent-2.5 percent, from 2.5 percent-3.5 percent earlier.

“The surge in Covid cases, slow vaccine rollout, and new restrictions will hit confidence and delay the anticipated recovery in household consumption, particularly of services,” Sian Fenner, senior Asia economist at Oxford Economics Ltd., wrote in a report. “We also expect the planned opening of key tourist destinations to quarantine-free travel to be delayed.” AP

Taipei to close all schools following largest outbreak

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AIPEI, Taiwan—Taiwan reported 333 domestically transmitted Covid-19 cases on Monday, in the island’s largest outbreak since the start of the pandemic.

Local governments ordered the closure of all schools in the capital for two weeks starting Tuesday.

The large-scale school closure is a first for the island, which has otherwise been a success story, keeping infections and deaths low.

It has counted 2,017 confirmed cases and 12 deaths throughout the pandemic.

Of Monday’s new cases, 158 were in Taipei and 148 were fou nd i n ne i g h b or i n g Ne w Taipei cit y, Hea lth minister Chen Shih-chung said at a news briefing Monday afternoon.

Other developments:

India’s daily cases drop below 300,000

NEW DELHI—For the first time in weeks, India’s daily cases dropped below 300,000, continuing a decline as the country battles a ferocious surge of Covid-19.

T he hea lth ministr y said around 280,000 cases and 4,106 deaths were confirmed in the last 24 hours. Both numbers are almost certainly undercounts.

India’s overall vaccination efforts are also struggling. Ever since the country opened vaccinations to all adults this month, the pace of administering doses has plunged, with many states saying they don’t have enough stock to g ive out. Over the last month, cases have tripled and deaths have jumped by six times—but vaccinations have dropped by 40 percent.

The southern state of Karnataka has suspended vaccinations for the 18-44 age group in government-run centers, and a number of states are looking into directly getting shots from overseas to fill a domestic shortage. On Sunday, health officials said around 5 million doses will be sent to the states this week.

India has the second-highest caseload after the US with more than 24 million confirmed infections and over 270,000 fatalities.

China sets up Covid checkpoints

BEIJING—China is instituting new controls in a northeastern province where several new cases of Covid-19 are believed to have originated.

China on Monday reported five new cases of local transmission, all in Liaoning province or believed to be linked to its cases.

Checkpoints were set up at toll stations, airports and railway stations in three cities in Liaoning and travelers must have proof of a recent negative virus test, according to state media reports Monday. Mass testing was ordered in part of Yingkou, a port city with shipping connections to more than 40 countries.

China had largely stamped out domestic transmission of the coronavirus through restrictions on the public, contact tracing, mass testing and, increasingly, vaccinations. Health officials suspect the domestic cases may have spread through contacts with an imported case.

China has reported 90,872 confirmed cases of Covid-19 and 4,636 deaths since the virus was detected in Wuhan in late 2019. AP

BusinessMirror

Tuesday, May 18, 2021

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Islamic nations slam Israel, and each other’s ties to it

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UBAI, United Arab Emirates—A league of Muslim nations on Sunday demanded that Israel halt attacks killing Palestinian civilians amid heavy fighting between it and Hamas in the Gaza Strip, even as fissures between countries over their recognition of Israel emerged.

A statement by the 57-nation Organization of Islamic Cooperation hewed closely to previous ones issued by the Saudi-based group, including backing the decades-old call for Palestinians to have their own nation with East Jerusalem as its capital.

However, recent normalization deals between Israel and some nations in the group—as well as their own concerns about Hamas—saw diplomats at points instead criticize each other.

“The massacre of Palestinian children today follows the purported normalization,” Iranian Foreign Minister Mohammad Javad Zarif said. “This criminal and genocidal regime has once again proven that friendly gestures only aggravate its atrocities.”

The past week has seen some of the worst violence across Israel and the Palestinian territory since the 2014 war in Gaza, with militants launching missiles and Israel pound-

ing the blockaded coastal strip home to 2 million people with heavy fire.

At least 188 Palestinians have been killed in Gaza with 1,230 people wounded. Eight people in Israel have been killed.

The Organization of Islamic Cooperation statement called on Israel to respect Muslims’ access to Al-Aqsa Mosque, the third-holiest site in Islam, as well as stop settlers from forcibly evicting Palestinian families from their homes.

“The plight of the Palestinian people is the bleeding wound of the Islamic world today,” Afghan Foreign Minister Mohammad Haneef Atmar said.

But the videoconference meeting saw some delegates instead turn their fire toward countries like Bahrain, Morocco, Sudan and the United Arab Emirates, Muslim nations which reached normalization deals last year to recognize Israel. While Egypt and Jordan ear-

lier reached peace deals, supporters of the Palestinians criticized the new countries for recognizing Israel before the formation of an independent Palestinian state.

Turkish Foreign Minister Mevlut Cavusoglu joined Zarif in criticizing the normalization, though Israel maintains diplomatic ties with Ankara.

“There are a few who have lost their moral compass and voiced support for Israel,” he said. “If there are halfhearted statements within our own family, how could we criticize others?

Who will take our words seriously?”

Zar if a lso accused Israel of “genoc ide a nd c r i mes a ga i n st humanity.”

“Make no mistake: Israel only understand the language of resistance and the people of Palestine are fully entitled to their right to defend themselves,” Zarif said.

Hamas, which seized power in Gaza in 2007, didn’t take part in the meeting, which came before consultations at the United Nations over the crisis.

Across the Arabian Peninsula, reactions to the fighting similarly have been mixed. In Qatar, home to the Al-Jazeera satellite network, hundreds turned out late Saturday night to listen to a speech by Hamas’ top leader Ismail Haniyeh. Kuwait’s parliament spea ker repor ted ly spoke with Haniyeh on Saturday, as did Qatar’s foreign minister.

Meanwhile, in Bahrain and the UAE, government-linked media hasn’t been covering the current flare-up of violence nonstop like

other networks in the region.

There are murmurs of dissent though. In Bahrain, civil society groups signed a letter urging the kingdom to expel the Israeli ambassador. In the UAE, where political parties and protests are illegal, Palestinians have expressed their anger quietly, worried about losing their residency permit. Some Emiratis also have expressed concerns.

“The region’s only democracy,” tweeted the Emirati writer and political analyst Sultan Sooud Al Qassemi in writing about Israel’s strike on a Gaza building that housed the offices of The Associated Press and Al-Jazeera.

Hussein Ibish, a senior scholar at the Washington-based Arab Gulf States Institute, said most Gulf Arab leaders fear Hamas’ rocket fire as “cynical, dangerous, unnecessarily provocative and endangering Israelis and Palestinians in Gaza alike.”

That takes the pressure off those Gulf leaders to respond, unlike in other confrontations involving the Al-Aqsa Mosque or when Israeli settlers force Arab families out of their homes, he said.

“There won’t be much sympathy for what is widely viewed in the Gulf as Israel ’s heavy-handed and d i s propor t ion ate ret a l i at ion ,” Ibish wrote, “ but it will be much easier for Gulf leaders and many citizens to regard the exchange as a tragic conf lagration at the expense of ordinar y people brought about by t wo leaderships over which they have neither control nor responsibility.” AP

Israeli warplanes unleash more heavy strikes across Gaza City

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AZA CITY, Gaza Strip—Israeli warplanes unleashed a new series of heavy airstrikes at several locations of Gaza City early Monday, hours after Israeli Prime Minister Benjamin Netanyahu signaled the fourth war with Gaza’s Hamas rulers would rage on.

Explosions rocked the city from north to south for 10 minutes in an attack that was heavier, on a wider area and lasted longer than a series of air raids 24 hours earlier in which 42 Palestinians were killed—the deadliest single attack in the latest round of violence between Israel and the Hamas militant group that rules Gaza. The earlier Israeli airstrikes flattened three buildings.

There were no immediate reports of injuries, and in the predawn darkness there was little information on the extent of damage inflicted early Monday.

Local media reports said the main coastal road west of the city, security compounds and open spaces were hit in the latest raids. The power distribution company said airstrikes damaged a line feeding electricity from the only power plant to large parts of southern Gaza City.

In a televised address on Sunday, Netanyahu said Israel’s attacks were continuing at “ fullforce” and would “take time.” Israel “wants to levy a heavy price” on the Hamas militant group, he said, f lanked by his defense minister and political rival, Benny Gantz, in a show of unity.

Hamas also pressed on, launching rockets from civilian areas in Gaza toward civilian areas in Israel. One slammed into a synagogue in the southern city of Ashkelon hours before evening services for the Jewish holiday of Shavuot, Israeli emergency services said. No injuries were reported.

In the Israeli air assault early Sunday, families were buried under piles of cement rubble and twisted rebar. A yellow canary lay crushed on the ground. Shards of glass and debris covered streets blocks away from the major downtown thoroughfare where the three buildings were hit over the course of five minutes around 1 a.m.

The hostilities have repeatedly escalated over the past week, marking the worst fighting in the territory that is home to 2 million Palestinians since Israel and Hamas’ devastating 2014 war.

“I have not seen this level of destruction through my 14 years of work,” said Samir al-Khatib, an emergency rescue official in Gaza.

“Not even in the 2014 war.”

Rescuers furiously dug through the rubble using excavators and bulldozers amid clouds of heavy dust.

One shouted, “Can you hear me?” into a hole. Minutes later, first responders pulled a survivor out. The Gaza Health Ministry said 16 women and 10 children were among those killed, with more than 50 people wounded.

Haya Abdelal, 21, who lives in a building next to one that was destroyed, said she was sleeping when the airstrikes sent her fleeing into the street. She accused Israel of not giving its usual warning to residents to leave before launching such an attack.

“We are tired,” she said, “We need a truce. We can’t bear it anymore.”

The Israeli army spokesperson’s office said the strike targeted Hamas “underground military infrastructure.”

As a result of the strike, “the underground facility collapsed, causing the civilian houses’ foundations above them to collapse as well, leading to unintended casualties,” it said.

Among those reported killed was Dr. Ayman Abu Al-Ouf, the head of the internal medicine department at Shifa Hospital and a senior member of the hospital’s coronavirus management committee. Two of Abu Al-Ouf ’s teenage children and two other family members were also buried under the rubble.

The death of the 51-year-old physician “was a huge loss at a very sensitive time,” said Mohammed Abu Selmia, the director of Shifa.

Gaza’s health care system, already gutted by an Israeli and Egyptian blockade imposed in 2007 after Hamas seized power from rival Palestinian forces, had been struggling with a surge in coronavirus infec-

tions even before the latest conflict.

Israel’s airstrikes have leveled a number of Gaza City’s tallest buildings, which Israel alleges contained Hamas militar y infrastructure.

Among them was the building housing The Associated Press Gaza office and those of other media outlets.

Sally Buzbee, the AP’s executive editor, called for an independent investigation into the airstrike that destroyed the AP office on Saturday.

Netanyahu alleged that Hamas military intelligence was operating inside the building and said Sunday any evidence would be shared through intelligence channels. Neither the White House nor the State Department would say if any had been seen.

“It’s a perfectly legitimate target,” Netanyahu told CBS’s “Face the Nation.”

Asked if he had provided any evidence of Hamas’ presence in the building in a call Saturday with US President Joe Biden, Netanyahu said: “We pass it through our intelligence people.”

Buzbee called for any such evidence to be laid out. “We are in a conf lict situation,” Buzbee said.

“We do not take sides in that conflict. We heard Israelis say they have evidence; we don’t know what that evidence is.”

Meanwhile, media watchdog Reporters Without Borders asked the International Criminal Court on Sunday to investigate Israel’s bombing of the AP building and others housing media organizations as a possible war crime.

The Paris-based group said in a letter to the court’s chief prosecutor that the offices of 23 international and local media organizations have been destroyed over the past six days. It said the attacks serve “to reduce, if not neutralize, the media’s capacity to inform the public.”

The AP had operated from the building for 15 years, including through three previous wars between Israel and Hamas. The news agency’s cameras, operating from its top floor office and roof terrace, offered 24-hour live shots as militant rockets arched toward Israel and Is-

raeli airstrikes hammered the city and its surroundings.

“We think it’s appropriate at this point for there to be an independent look at what happened yesterday—an independent investigation,” Buzbee said.

T he l atest outbrea k of v io lence began in east Jer usalem last month, when Palestinians clashed with police in response to Israeli police tactics during R a m ad a n a nd t he t h re ate ne d eviction of dozens of Palestinian families by Jewish settlers. A focus of the clashes was the Al-Aqsa Mosque, a frequent f lashpoint located on a hilltop compound revered by both Muslims and Jews.

Hamas began firing rockets toward Jerusalem on Monday, triggering the Israeli assault on Gaza.

At least 188 Palestinians have been killed in hundreds of airstrikes in Gaza, including 55 children and 33 women, with 1,230 people wounded. Eight people in Israel have been killed in some of the 3,100 rocket attacks launched from Gaza, including a 5-year-old boy and a soldier.

Hamas and the Islamic Jihad militant group have acknowledged 20 fighters killed in the fighting.

Israel says the real number is far higher and has released the names and photos of two-dozen alleged operatives it says were “eliminated.”

The assault has displaced some 34,000 Palestinians from their homes, UN Mideast envoy Tor Wennesland told an emergency meeting of the UN Security Council, where eight foreign ministers spoke about the conflict.

Efforts by China, Norway and Tunisia to get the UN body to issue a statement, including a call for the cessation of hostilities, have been blocked by the United States, which, according to diplomats, is concerned it could interfere with diplomatic efforts to stop the violence.

Palestinian Foreign Minister Riad Al-Malki urged the Security Council to take action to end Israeli attacks. Israel’s UN ambassador, Gilad Erdan, urged the council to condemn Hamas’ “indiscriminate and unprovoked attacks.” AP

Sports

Dr. Lico in summit

BusinessMirror

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HE Philippine Sports Commission (PSC) will feature multi-awarded architect Dr. Gerard Lico in the 14th session of the National Sports Summit 2021 on Wednesday.

Lico, a esteemed professor from the University of the Philippines, will discuss sports infrastructure in the country.

Lico led the team behind the renovation of the historical Rizal Memorial Coliseum for the 2019 Southeast Asian Games. He will talk before 800 registered participants in the online conference and give an overview of the sports edifices in the Philippines.

Lico’s notable works on Philippine architecture and cultural studies include the “Edifice Complex: Power, Myth and Marcos State Architecture” (2003) and “Arkitekturang Filipino: A History of Architecture and Urbanism in the Philippines” (2008).

“We are elated for the chance given to us by Dr. Lico to share his breadth of knowledge and skills to our summit stakeholders on this important topic,” PSC Chairman William Ramirez said. “The improvement of sports facilities has always been part of the goal to provide a better sporting experience to our countrymen.”

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Cebuano squads score near sweep

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By Rick Olivares

HREE of four Cebu-based teams of the Professional Chess Association of the Philippines scored contrasting opening day victories in the import-spiced Wesley So Cup over the weekend.

The Lapu-Lapu City Naki Warriors topped the Mindoro Tamaraws, 12-9, with big points coming from National Master (NM) Edsel Montoya, who bested US-based NM Rainier

By Josef Ramos

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UMIR FELIX MARCIAL’S Tokyo Olympics campaign could be in trouble if his knuckles give up

EUMIR FELIX MARCIAL has been fighting through pain all these years.

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on him.

Of all his body parts, it’s the knuckles, for god’s sake, that’s threatening Marcial’s shot at the country’s first Olympic gold medal.

“Eumir should treat the Dubai tournament as a mere tune-up to protect his knuckles,” International Boxing Federation super flyweight champion Jerwin Ancajas intimated to BusinessMirror on Monday.

Marcial’s knuckles have hounded him since 2017. They swell and hurt each time he fights,

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but the warrior that the 25-yearold is, his suffering doesn’t show.

“The injury is the result of Eumir throwing powerful punches throughout the years, and I suggested to him to take care of his hands in Dubai,” said Ancajas, a close buddy of Marcial. “Let’s pray his hands will be okay.”

Marcial is flying to Dubai on Friday to participate in the Asian Elite Men and Women Boxing Championships which start on the same day and end on June 1.

The 25-year-old Marcial will join five-time Southeast Asian Games light flyweight champion Josie Gabuco, lightweight Maricel de la Torre, flyweight Marvin Tabamo, light flyweight Mark Lester Durens, bantamweight Junmilardo Ogayre, lightweight

THE Archangels are ready to take on the opposition in the Mindanao leg.

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LIGAN City’s homegrown talents will be showcased by the Archangels in the 2021 Chooks-to-Go Pilipinas VisMin Super Cup’s Mindanao Leg. Twelve of the 13 Archangels are natives of Iligan, according to team manager Amador Baller, who added that Mayor Celso Regencia made sure to have an all-homegrown squad so that the province’s youth will be able to relate with the team.

“Iligan is very active in sports.

It’s part of our campaigns here that will encourage the youth to get into sports and not into drugs,” said Baller, who is also the sports coordinator for Lanao del Norte.

“We also have programs for the grassroots. It’s the point of Mayor Regencia to keep them away from bad vices,” Baller said.

Headlining the team is 6-foot2 swingman Jericho Montecalvo, who at just 20 years old will

be the youngest player in the competition.

Montecalvo powered Southern Philippines College of Cagayan de Oro to the Sweet 16 of the Chooksto-Go National Basketball Training Center National Finals in 2019.

Montecalvo transferred to University of the East afterward, posting averages of 8.92 points, 5.77 rebounds and 1.23 assists during the University Athletic Association of the Philippines

Labay on both blitz and rapid play on Board One. Then NM Anthony Makinano bounced back big time in rapid play after losing to Hungary’s Woman Fide Master Fruzsina Santa-Varga, 2-1.

Makinano wasn’t the only Naki Warrior who bounced back in rapid play that changed their fortunes around. The other homegrown player, Romeo Resuera, got back two points from Mindoro’s Emmanuel Asi. Mindoro unfortunately was

beset by power outage problems forcing them to switch players on other boards. Lapu-Lapu City, in the interest of sportsmanship, graciously allowed a delay in the game’s start to accommodate the Tamaraws.

The Cordova Dagami Warriors, meanwhile, crushed the Surigao Fianchetto Checkmates, 17-4, behind massive wins on their top boards that set the tone for the rout.

Led by NM Jonathan Tan who defeated Israeli import Nitzan

Steinberg, 2.5-0.5, and Merben Roque, who upset Grandmaster (GM) Enrico Sevillano, in both blitz and rapid play, 3-0, the rest of the Dagami Warriors took their cue for their first win of the tourney.

Cordova team manager Ariel Potot downplayed Steinberg’s loss saying he was adjusting to the Philippine set-up.

The Toledo Trojans bested cross-city rivals Cebu City Machers, 15.5-5.5, for their first win of the competition.

and Gaming Corp.

In the second half of the public sports program, basketball will be discussed with the launching of the NBL-IBC (Isolation Basketball Championship) 1v1 tournament set at the Bren Z. Guiao Convention Center in San Fernando, Pampanga, on Saturday.

National Basketball League Executive Vice President Rhose Montreal, IBC President and Deputy Commissioner Justin

Tan, NBL 1v1 Commissioner Jerry Codiñera and WNBL 1v1 Commissioner Haydee Ong will expound on the event.

The Forum, powered by Smart and Upstream Media as the official webcast partner, starts at 10 a.m. and is livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

De Leon will talk about the continuous adjustments the country’s horse racing industry is adopting during the Covid-19 pandemic in the opening part of the weekly session presented by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement

BERNAL MAKES MAJOR MOVE IN GIRO AMPO FELICE, Italy— Former Tour de France champion Egan Bernal showed just why he is one of the favorites to win the Giro d’Italia as he stormed to victory Sunday on the ninth stage to also claim the leader’s pink jersey.

Bernal, who rides for Ineos Grenadiers, attacked with about 500 meters remaining on the

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Iligan City takes pride in homegrown talents

PSA Forum on horse racing ORSE racing and the novelty 1v1 tournament of the National Basketball League (NBL) take the spotlight in the online Philippine Sportswriters Association (PSA) Forum on Tuesday.

Philippine Racing Commission Chairman Reli

| Tuesday, May 18, 2021

summit finish in the first topcategorized climb of this year’s race. Bernal passed the two previous leaders to claim his first stage win in a Grand Tour.

It is the first year Bernal has participated in the Italian race.

“I’ve already cried twice,” an emotional Bernal said immediately afterward. “I cannot believe what just happened, I just won my first

stage in a Grand Tour. I made a lot of sacrifices to get where I am now.

“I was thinking I would do well today but I was not sure whether I could have won the stage. My teammates had a lot of confidence in me, they told me I could do it.

This victory is for them, they really believe in me.”

Bernal had come close to a stage victory in the 2019 Tour de France—

which he won—as he was leading Stage 19 when it was abruptly cut short by a violent hailstorm and landslide. Times were taken from the top of what proved to be the final climb and there was no official stage winner.

The 24-year-old Bernal finally got his win on Sunday as he finished seven seconds ahead of Giulio Ciccone and Aleksandr Vlasov at the end of the 158-kilometer route from Castel di Sangro to the ski resort of Campo Felice. The stage featured three other categorized climbs as well as the final tough ascent on gravel roads. AP

SPORTS WITHOUT BORDERS VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

MARCIAL KNUCKLES: ARE THEY 100% OKAY?

Quezon aims high HE Quezon Lady SparTAN started their build-up for the coming season of the Chooks-to-Go Women’s National Basketball League (WNBL) after getting commitments from 13 players to join the team.

WNBL executive vice president Rhose Montreal and commissioner Edward Aquino witnessed the tender offer made by the team of Rep. Helen Tan of the Fourth District of Quezon with 13 players signing commitment papers with the club.

Representing Tan during the signing of the tender offers were Bagets Nadres, and Tayabas Councilor Phaula Nadres, who will serve team captain. Head coach Mel Villanueva was also present in the event.

Quezon’s roster will have Nadres, Jo Nathalie Razalo, Angelica De Austria, Veronica Lio, Evita Naynes, Chicky Farano, Anna Marika Iida, Nikka Andrea Tupaz, Jessa Taroja, Kathleen Araja, Krystin Duran, Eliezza Dianne Ventura and Jade Valenzuela.

Practice jerseys and shoe allocations were distributed to the players during the team’s meeting last Sunday.

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Jere Samuel dela Cruz and light welterweight John Panuayan in the tournament. Olympic bronze medalist Roel Velasco is coaching the team.

Ancajas said that Marcial’s knuckles swelled after he beat American Andrew Whitfield in his four-round professional debut in Los Angeles last December.

“He [Marcial] should remember that winning a gold in the Tokyo Olympics is his ultimate priority and not the Dubai tournament, but it’s really up to him,” Ancajas said.

Ancajas’s trainer and manager Joven Jimenez and sparring partner Jonas Sultan were with Marcial while he trained for seven months with Hall of Famer Freddie Roach at the Wild Card Gym in Los Angeles.

(UAAP) Season 82 juniors tournament.

The young player obtained a special guest license (SGL) from the Games and Amusements Board, thus he will no longer be eligible to play in the UAAP. Three other guest players were tapped by the Archangels in University of Cebu’s Kyle Ordeniza, La Salle Academy’s Algeroh Benitez and Pasig-Sta. Lucia’s Lester Tamayo are Iligan City’s other guest players.

Tamayo applied for an SGL so he can still keep his amateur status when he returns to the Realtors for the Chooks-to-Go Maharlika Pilipinas Basketball League Mumbaki Cup. GAB allows teams to have amateur players with SGLs for as long as it will not be more than 33-percent (1/3) of the total number of players in the team.

Moreover, all amateur players with SGL in a professional team shall not be allowed to play simultaneously in the court.

Completing the squad coached

by La Salle Iligan’s Dane Lariosa are Edcor Marata, John Rabe, Roldan Piñas, Kenneth Ardiente, Dave Tagolimot, Philip Reyes, Harold Suarez, Magic Marata and Johari Andor.

Iligan has been training under a full bubble set-up at St. Michael College.

EGAN BERNAL claims first Grand Tour stage win to take Giro d’Italia lead. AP

Pandemic pickles NO folks, it’s neither the name of a country music band nor a horror movie involving killer pickles. It’s the name of the fastest growing sport in the country and in the US. The game can be played both indoors and outdoors which is one of the reasons why it enjoyed exponential growth in terms of players and courts during the pandemic.

The sport combines the facets of tennis, badminton and table tennis. The paddles and the ball is light. The ball has 26 to 40 holes which makes it somewhat aerodynamic.

Pickleball started out as a child’s backyard game which is now also an adult’s too because it can be played practically anywhere.

Here in the Philippines, according to Mark Casal, marketing and promotions committee chair of the Professional Pickleball Association of the Philippines (PPAP), the game is growing as evidenced by the 19 pickleball courts located in different municipalities in Pangasinan.

Pickleball communities are sprouting everywhere. The PPAP has 633 members and counting.

According to Mark, the pandemic has not stunted the sport’s growth.

The PPAP continues to conduct pickleball webinars both for coaches and players and they’ve already established a foothold in 23 schools, colleges and universities. The game doesn’t discriminate as it can be played by anyone as young as six years old to as old as 90, man or woman.

According to usapickleball. org, pickleball is “Fun, social and friendly. The rules are simple and the game is easy for beginners to learn, but can develop into a quick, fast-paced, competitive game for experienced players.”

The same group said the pickleball was invented in 1965 on Bainbridge Island, a short ferry ride from Seattle, Washington.

Three dads—Joel Pritchard, Bill Bell and Barney McCallum— whose kids were bored with their usual summertime activities—are credited for creating the game.

Pickleball has evolved from original handmade equipment and simple rules into a popular sport throughout the US and Canada. The game is growing internationally as well, with many European and Asian countries adding courts.

A pickleball court is the same size as a doubles badminton court and measures 20 by 44 feet. In pickleball, the same court is used for both singles and doubles play.

The net height is 36 inches at the sidelines and 34 inches in the middle.

The court is striped similar to a tennis court with right and left service courts and a 7-foot non-volley zone in front of the net (referred to as the “kitchen”).

Courts can be constructed specifically for pickleball or they can be converted using existing tennis or badminton courts.”

Coach Jenny Marcos, PPAP founder and board member, plays the game herself and at 55, is ranked No. 8 in the world in her age group which is seniors.

Coach Marcos says us Filipinos can excel in the sport because it doesn’t require height, heft and length.

The game though, requires speed and quickness which Filipinos are known for.

Coach Jenny says there are retired tennis and badminton players who use pickleball to both stay fit and to compete.

Both Marcos and Casal agree that the game helps children develop handeye coordination, speed, quickness and lateral movement.

When the pandemic ends, I may give the game a pickle, I mean a try. I’m serious.