BusinessMirror May 22, 2020

‘BPO income can fill remittance dip’

By Tyrone Jasper C. Piad

T PCCI cites cop who accosted ECQ ‘violator’ in posh village

THE Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, joined the leadership of the Philippine National Police (PNP) in recognizing Police Senior Master Sgt. Roland Von M. Madrona (back row, second from left) for displaying professionalism, dedication and exemplary service when he accosted a foreigner for apparent violations of enhanced community quarantine rules inside Dasmariñas Village in Makati City recently. PCCI officers, led by its president Benedicto Yujuico (back row, center), also chairman of the NCRPO Regional Advisory Council; honorary chairman and treasurer Sergio Ortiz Luis Jr. (back row, second from right); (front row, from left) director and ECOP chairman Edgardo Lacson; director for international trade affairs Francis Chua; director for innovation Edgar “Injap” Sia II; and DD Meridian Park director JP Yujuico, presented to Madrona the PNP Commendation Medal, Plaque of Appreciation and Check Reward during simple rites graced by PNP Chief Gen. Archie Francisco Gamboa (back row, left) and NCRPO Police Maj. Gen. Debold Sinas (back row, right) on Thursday at the Double Dragon Plaza in Pasay City.

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HE Bangko Sentral ng Pilipinas (BSP) is counting on the business-process outsourcing (BPO) sector to offset any decline in remittances from overseas Filipino workers (OFWs) this year due to the coronavirus disease 2019 (Covid-19) pandemic.

BSP Governor Benjamin Diokno, in a recent Senate hearing, said the BPO industry is seen to be robust despite the pandemic as it remains operational.

“Whatever we lose in the overseas Filipino remittance, we can make that with the BPO income because I think as a result of the pandemic, that sector will

be robust, will be stronger this time,” he said.

Personal remittances dipped by 10.9 percent to $2.62 billion in February—the lowest since $2.55 billion in June last year—from $2.94 billion the previous month.

Year-on-year, however, figures were up by 2.6 percent from $2.56 billion in 2019.

In the first two months, personal remittances rose by 5 percent to $5.56 billion from $5.3 billion year-on-year.

Personal remittances grew by 3.89 percent to $33.47 billion last year from $32.21 billion in 2018.

The BSP has cut down its growth forecast for OFW remittances to 2 percent from 3 percent before.

“We are still forecasting growth…but we are closely monitoring the development,” said Diokno.

Analysts, meanwhile, are offering less-than-optimistic projections as the pandemic-induced lockdowns can jeopardize the employment of OFWs. ING Bank Manila Economist Nicholas T. Mapa told the BusinessMirror earlier that remittances will likely contract by 2.5 percent to 6.7 percent this year.

“We believe OFWs will continue to fight to get home those remittances, but the challenge posed by Covid-19 appears extremely daunting,” he added.

See “BPO,” A2

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Friday, May 22, 2020 Vol. 15 No. 225

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

PLASTIC sheets divide passengers from one another to comply with physical-distancing regulations in the time of Covid-19 in this jeepney plying the Marikina-Antipolo route and driven by Maiko Centeno, 26. Despite the sheets, money changes hands from one passenger to the next until it reaches conductor Lans Almosara, 24. BERNARD TESTA

W

By Bernadette D. Nicolas

ITH just more than a week left before Congress adjourns, Finance Secretary Carlos G. Dominguez III urged the Senate to pass the economic team’s proposal to drastically cut the corporate income tax (CIT) rate from 30 percent to 25 percent this year along with other “investorfriendly measures.”

Through the urgent passage of the “calibrated” Corporate Income Tax and Incentives Rationalization Act (Citira), Dominguez, who heads the government’s economic team, said Congress can help stimulate the economy amid the Covid-19 pandemic given that the measure would free up almost P42 billion in business capital for 2020 alone and P625 billion over the succeeding five years.

The former Citira was renamed by the economic team as Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) as this was integrated into the country’s

economic recovery program.

“The large and immediate rate cut in the second half of 2020 also sends a strong signal to the world that the Philippines is positioning itself as a premier investment destination for companies that are looking to diversify their supply chains,” said Dominguez in his recent report to the Senate on the government’s ongoing socioeconomic efforts to defeat the Covid-19 contagion.

Should Congress pass the measure before it adjourns next month, the across-the-board CIT See “Citira,” A2

FIST law to boost investors’ confidence in PHL

T

HE pending law on the strategic transfer of soured assets from banks to other asset management companies will eventually protect the country’s viability to become a bright investment destination in the post-coronavirus disease (Covid-19) world, the Bangko Sentral ng Pilipinas (BSP) chief said on Thursday.

Talking to reporters via an online conference, BSP Governor Benjamin Diokno expressed support for the program—currently dubbed the Financial Institutions Strategic Transfer (FIST) law—and said it will enable the local financial system to mobilize savings and investments for the country’s recovery post-pandemic.

Due to the global health crisis and the economic disruption it has caused, banks are bracing for the surge of nonperforming loans (NPLs), or more popularly known as “bad” or “soured” loans. These

DIOKNO: “The passage of the law will promote investor and depositor confidence and will result in the efficient conduct of financial intermediation.” are loans that remain unpaid for more than 90 days after their due date.

The proposed program, the subject of pending legislation, aims to free up the banks’ finances by selling these nonperforming assets to asset management companies. The asset management companies, on the other hand, are given

PESO EXCHANGE RATES n US 50.6940

incentives such as tax exemption and reduced fees every time they try to resolve, rehabilitate or transact these nonperforming assets.

As of March 2020, Diokno said the banks’ ratio stood low at 2.2 percent, slightly higher than the 2.1 percent recorded last year. Their simulation, however, said it could reach up to 5 percent depending on the length and severity of the pandemic in the near future.

“The enactment of the FIST law will not only complement our regulatory and supervisory initiatives to mitigate the adverse effect of the Covid-19 pandemic but is also a necessary measure to assist the domestic financial system in the aftermath of this health crisis,” Diokno said.

“The passage of the law will promote investor and depositor confidence and will result in the efficient conduct of financial

intermediation,” the governor further said, adding that the Philippines, prior to Covid-19, has been steadily rising to be a top investor pick, and measures such as these are crucial to reclaiming that spot once recovery mode in economies and the investing public fully kicks in.

BSP officials at the same online conference said this program is similar to other programs the Philippines has implemented in the past financial crises.

The only difference is they want the law passed as early as possible to have a safety net for banks in expectation of the NPL surge.

Earlier this month, Finance Secretary Carlos Dominguez III also expressed support for the measure, but asked for more time for them to determine the impact of the measures’ fiscal incentives on their revenue collection.

COSTLIER FOOD CUTS DEEP INTO WALLETS OF THE POOR IN APRIL

By Cai U. Ordinario

M

ORE expensive food items caused the poorest Filipinos to see higher inflation in April, the highest in 10 months, according to the Philippine Statistics Authority (PSA).

April was right in the middle of the Covid-induced lockdowns that paralyzed small businesses and displaced millions of daily wage and informal workers/

In its latest inflation report for the Bottom 30 percent of the population, inflation was at 2.9 percent in April 2020, with inflation for the first four months of the year averaging 2.5 percent.

Inflation experienced by the poorest Filipinos last month was the highest since June 2019 when inflation was at 3.1 percent. Inflation in April was higher than the 2.4 percent recorded in March 2020 but slower than the 3.1 percent posted in April 2019.

"Inflation for food at the national level picked up by 2.2 percent in April 2020. In the previous month, its annual rate was observed at 1 percent, and in the same month in 2019, 2.4 percent," PSA said.

Food inflation for the Bottom 30 percent of the population was the highest since May 2019 when inflation was at 2.8 percent.

For food and non-alcoholic beverages, inflation was at 2.3 percent in April 2020, also the highest since May when it was at 2.7 percent.

PSA data showed that on a month-on-month basis, the prices of food products not elsewhere classified, which increased 5.4 percent month-on-month, were the highest among food items, followed by vegetables and corn at 4.8 percent, fruits at 2.4 percent, and rice at 1.6 percent.

Continued on A2

n JAPAN 0.4714 n UK 62.0495 n HK 6.5410 n CHINA 7.1470 n SINGAPORE 35.8794 n AUSTRALIA 33.4276 n EU 55.6671 n SAUDI ARABIA 13.5022

Source: BSP (May 21, 2020)

News BusinessMirror

A2 Friday, May 22, 2020

Teachers don’t have to be in class on June 1–Briones A

By Claudeth Mocon-Ciriaco

FTER being called “rude” and “unreasonable,” the Department of Education (DepEd) on Thursday clarified that no teachers are being required or forced to report physically on June 1, 2020.

Education Secretary Leonor Magtolis Briones stressed that teachers may return to work beginning June 1 either “virtually” or “physically”.

“They are not required [to report physically],” Briones, who sounded exasperated, told the BusinessMirror over the phone as she shared that “until today [May 20] almost every day there are complaints against DepEd—

‘how cruel, how unreasonable’… not only from teachers but also [from] parents.”

The DepEd chief reiterated that physical reporting may be possible in areas where there is no single Covid-19 case. The Department of Health (DOH) earlier reported that there are over 40 provinces in the country with no reported cases of Covid from the start or in the past weeks.

BRIONES

However, reporting physically in these areas, if ever, would still be “in compliance with the DOH guidelines and the Inter-Agency Task Force,” added Briones.

“We have already said, even

during our virtual press conference [livestream via Facebook] that they can report online or physically [yet] we are receiving complaints like they are being forced, they are risking their lives.... We never said that [they should report] physically…never every single one of the 900,000 teachers will be reporting physically. We’ve been repeating that over and over but it just keeps coming back…still the same reactions.”

The DepEd chief lamented that “just today sa FB sabi nila ‘nakataga na sa bato’, ‘irrevocable na’. That is not true.”

Briones said they also indicated in their issued memorandum that teachers are not physically required to go to school on June 1.

Briones said she was surprised that despite their numerous explanations, some quarters “still insist that we are insisting that they report physically.”

New platform

EARLIER, Briones said that teachers will undergo capacity building for new lessons as the DepEd introduces a new platform that now has more than 5 million subscribers.

This new platform, called the DepEd Commons, is an online education delivery program, so that learners could continue with their studies amid the pandemic.

Briones said learners and teachers will also undergo psychosocial counseling to cope with the “new normal.”

She stressed that the safety and protection of the learners and their families are their utmost priority, that is why they are looking into different learning modalities like modular and online distance learning, as well as the use of TV- or radio-based instruction, or blended learning, which is a combination of face-to-face and distance learning, and even homeschooling.

Costlier food cuts MERALCO TO REFUND P47 FEE, SAYS SORRY deep into wallets of the poor in April Continued from A8

Continued from A1

Other commodities that posted higher price increases were health-related items at 3.6 percent and restaurant and miscellaneous goods and services at 2.7 percent.

The inflation for health was the highest since July 2019 when it was at 3.7 percent while the rate for restaurant and miscellaneous goods and services was the highest since September when it was at 2.8 percent.

Metro Manila

MEANWHILE, the poorest Filipinos living in the National Capital Region (NCR) or Metro Manila saw inflation slow further to 1.7 percent in April 2020.

Inflation for the Bottom 30 percent households in NCR was the slowest since November when inflation averaged 0.9 percent.

The annual rate in Metro Manila in March 2020 was 1.9 percent, and in April 2019, it was 2.9 percent.

However, food prices reached 3.1 percent in April 2020. This was slower than the 3.2 percent in March but higher than the 2.8 percent posted in April 2019.

Meanwhile, in Areas Outside of NCR (AONCR), inflation for the poorest reached 2.9 percent in April 2020, the highest since June when inflation at 3.1 percent.

Inflation in AONCR in March 2020 was registered at 2.4 percent and in April 2019, at 3.1 percent.

PSA said the acceleration in inflation in AONCR was driven by the higher annual upticks observed in the indices of food and nonalcoholic beverages at 2.3 percent, the highest since May 2019 when it was at 2.6 percent.

Food inflation alone averaged 2.2 percent in April 2020, the highest since the 2.5 percent increase posted in May 2019.

Another contributor to higher inflation is health which averaged 3.6 percent, the highest since July when it averaged 3.7 percent.

Other items that contributed to higher prices were communication, with inflation reaching 0.4 percent and restaurant and miscellaneous goods and services at 2.9 percent.

He explained to the DOE that Meralco bills paid via the Meralco App Online Payment Facility go through a payment gateway operated and maintained by PayMaya, which is linked to the Visa and Mastercard networks.

PayMaya Philippines is a subsidiary of Voyager Innovations, the digital innovations company of Philippine Long Distance Telephone Co. and Smart Communications Inc.

In effect, Meralco said it is PayMaya that charges the Meralco customer a convenience fee of P47 per transaction.

Espinosa said, “No part of the convenience fee goes to Meralco and that the charging of a convenience fee by a payment gateway provider like PayMaya is a common commercial practice in the online payment service industry.”

However, if the customer is the one utilizing PayMaya to pay for the Meralco bill, no additional fee is collected. Espinosa assured the DOE that Meralco will be “more sensitive in the future and shall be ever mindful of the best interest and well-being of our customers.”

House move

ALSO on Thursday, the House Committee on Energy was asked to investigate Meralco’s controversial P47 transaction fee.

Deputy Speaker Johnny Pimentel of Surigao del Surigao, in a statement, said the P47 fixed “convenience fee”—as Meralco calls the transaction charge—appears to be going to a financial firm that happens to be a sister company of Meralco.

“Based on our initial inquiry, it would seem there is a new financial intermediary involved—an interloper of sorts —where there used to be none between Meralco and the customer paying bills online,” Pimentel said. He, however, did not name the financial go-between.

“The question now is: Is it possible for the public to pay their utility bills online without a financial intermediary or interloper involved? And the answer is yes,” Pimentel said.

“We are raising this issue now because in the future, we do not want Filipinos to be burdened by extra transaction fees when they pay their broadband or water bills online, or when they pay their contributions to the Social Security System, Pag-IBIG Fund or the Philippine Health Insurance Corp. online,” Pimentel said.

“Online facilities are supposed to make it easier for the public to perform transactions at no extra cost,” Pimentel said.

Lenie Lectura, Jovee Marie N. Dela Cruz

GARMENT workers in Taytay, Rizal, whose livelihood was temporarily disrupted by the coronavirus pandemic, find themselves having to contend with the new norms of wearing face masks and physical distancing as they go back to work, along with the constant fear of contracting the virus as they travel to work. NONIE REYES

Sen. Go seeks list of Covid beneficiaries A DMINISTRATION Senator Christopher Go pressed Thursday for a full disclosure of the list of beneficiaries of the Duterte government’s assistance program for Covid-19 patients in order to avoid duplication.

He reminded concerned agencies to “be transparent and accountable to the public” by disclosing the recipients of Covid-19 assistance programs.

Go cited reports that some beneficiaries were receiving Covid-19 emergency financial assistance “multiple times,” prompting him to ask concerned government agencies about the measures they have taken to address the issue.

He noted that the Duterte administration has been providing various forms of cash aid through the Department of Social Welfare and Development’s Social Amelioration Program (SAP); the Small Business Wage Subsidy (SWBS) program for employees of micro, small and medium enterprises of the Department of Finance through the Social Security System; or the Department of Labor and Employment’s Covid-19 Adjustment Measures Program (CAMP).

At the Senate Committee of the Whole hearing to get updates from the InterAgency Task Force on Emerging Infectious Diseases (IATF), Go sought updates on steps taken by the DSWD to prevent the distribution of assistance to the same ben-

GO: “I think it’s time to have the National ID system.

Because as it is, we are having a hard time now, there are duplications, yet there are those who are not getting aid.” AP

eficiary multiple times. “What steps are DSWD and other agencies taking to avoid a repeat of this duplication?” he asked, stressing that it is vital to ensure the assistance reaches “the poorest of the poor who need it most.”

He suggested the creation of an online portal containing the lists of eligible

household beneficiaries of the various forms of assistance for purposes of transparency. “So we can know who are really qualified and so as to avoid duplications in the receipt of subsidy,” he added, in a mix of English and Filipino.

Responding to these concerns, Labor Secretary Silvestre Bello III reported there is a data-sharing agreement among the DSWD, the Department of Trade and Industry, the Office of the Executive Secretary and the DOLE to avoid such duplication.

Senate President Vicente Sotto III suggested that the beneficiaries’ names be posted on a website for greater transparency.

In response, Bello gave assurances that “every time we pay somebody, the DSWD immediately is given a list so the same person does not get aid again.”

Go then commended the departments involved for their efforts even as he urged them to double check that the duplication of assistance does not happen again.

At the same time, he stressed the need for the country to finally implement the Philippine Identification System seen to help the government’s efforts in distributing assistance to all intended beneficiaries during these times. “I think it’s time to have the National ID system. Because as it is, we are having a hard time now, there are duplications, yet there are those who are not getting aid.” Butch Fernandez

www.businessmirror.com.ph

Citira…

Continued from A1

reduction can be implemented by July this year.

Described by Dominguez as “one of the largest economic stimulus measures in the country’s history,” CREATE seeks an outright 5-percent tax cut in 2020 and a 1-percentage-point reduction in the CIT each year starting 2023 until it reaches 20 percent by 2027.

Unlike the revenue-neutral former version of the bill, Dominguez said CREATE is now “revenue-negative”—intended to leave more resources in the hands of business owners to fund operations and retain employees.

Aside from the immediate reduction in the CIT rate, existing investors will also continue to enjoy their existing incentives in the short to medium term.

“For existing investors currently enjoying the gross income earned [GIE] incentive, our proposal is not to change anything in their incentives in the next four to nine years to give them time to adjust to and recover from Covid. As we keep on repeating, after this initial transition, we are not taking away incentives as businesses can always apply again for incentives under the new regime,” Acting Socioeconomic Planning Secretary Karl Chua said at the recent Sulong Pilipinas workshop.

Incentives kept

OTHER salient provisions of the corporate tax reform will be retained, such as targeting incentives to support investment in the countryside and expanding the role of the existing Fiscal Incentives Review Board, which will streamline the management and governance of tax incentives.

An enhanced net operating loss carryover, extended from three to five years for losses incurred in 2020, is also part of the proposal and will be applicable to all businesses that are not large taxpayers.

Aside from CREATE, Dominguez said they are also encouraging both the House and the Senate to pass several pieces of pending legislation, such as the proposed Philippine Economic Stimulus Act and the Philippine Financial Industry Resiliency Act.

He also told senators they would like to also infuse capital in the banks, particularly in the Land Bank of the Philippines and the Development Bank of the Philippines, as well as the Philippine Guarantee Corporation (PhilGuarantee).

Under the P131-billion Bayanihan II proposal of the Cabinet-level Development Budget Coordination Committee, P50 billion will be infused to LandBank, DBP and Small Business Corporation for wholesale lending and equity infusion through a joint venture, while P20 billion will be infused for credit guarantee through PhilGuarantee.

BPO… Continued from A1

RCBC Chief Economist Michael L. Ricafort said remittances could register nearly zero year-on-year growth or even shrink by at least low single-digit levels beginning March given the current situation.

Meanwhile, former Socioeconomic Planning Secretary Ernesto M. Pernia earlier said that remittances would slip by 20 percent to 30 percent due to the pandemic.

According to the Information Technology and Business Process Association of the Philippines (Ibpap), the industry revenue grew by 7.34 percent to P26.3 billion last year from P24.5 billion in 2018. It is projecting its topline figures to reach $32 billion by 2022, lower than earlier forecast of $38.9 billion due to uncertainties on policies here and abroad.

Ibpap said the sector is currently employing 1.3 million workers, and the figure is expected to expand to 1.57 million employees by 2022.

Liquidity

AFTER a series of initiatives to inject liquidity into the economy, Diokno also stressed that the BSP is willing to cut the reserve requirement further if needed.

“I can assure you, if there is a need for additional liquidity, BSP will cut the reserve requirement,” he said.

Diokno recalled that the reserve requirement ratio (RRR) on reservable liabilities of universal and commercial banks has been reduced by 6 percent since the beginning of his term, effectively releasing P600 billion worth of liquidity. RRR currently stands at 12 percent.

Apart from this, the Central Bank has also cut key policy rates by 50 basis points, bringing overnight repurchase rate to 2.75 percent.

The Nation BusinessMirror

www.businessmirror.com.ph

House panel: It’s not the best time for Cha-cha

“Cha-cha can wait.

We will first have to attend to measures that will save lives and the livelihood of our people. So my message to Cha-cha advocates and their DILG patrons is: stop it.

It won’t fly while there is a pandemic.”

—Rodriguez

By Jovee Marie N. Dela Cruz @joveemarie

T

HE chairman of the House Committee on Constitutional Amendments on Thursday said the lower chamber will “shelve indefinitely” the proposal to amend the 1987 Constitution.

In a news statement, Cagayan de Oro City Rep. Rufus Rodriguez doused cold water on moves by advocates to push for Charter change (Cha-cha) amid the Covid-19 pandemic.

In the meantime, he said, his committee is suspending consideration of any Cha-cha proposal.

He said the revived campaign is a waste of time, effort and money “because we will not act on Cha-cha while our people are suffering and are in danger of getting infected by the coronavirus.”

“Cha-cha can wait. We will first have to attend to measures that will save lives and the livelihood of our people,” he said.

According to Rodriguez, if the House is not disposed to act on Chacha at this time, more so is the Senate, which is opposed to Cha-cha.

“So my message to Cha-cha advocates and their DILG patrons is: stop it. It won’t fly while there is a pandemic,” he added.

The lawmaker also expressed confidence that Speaker Alan Peter Cayetano would favor his recommendation “since he has repeatedly declared that he wants us to work on Covid-19-related measures without any divisive issue distracting us.”

“I am inclined to recommend to the Speaker that we shelve Cha-cha indefinitely so we can focus on measures to fight this pandemic, help our affected people and prepare the nation for post-lockdown and postcoronavirus disease, or the new normal life,” Rodriguez said.

Reports said that local officials and other Cha-cha supporters identified with the Department of the Interior and Local Government (DILG) have resumed their signature-gathering campaign to push for Cha-cha even while the country is battling Covid-19.

“This is not the time for the DILG and its allies to relaunch their signature drive and renew their push for Cha-cha. They should postpone it until this health crisis is over,” Rodriguez said.

In February, the committee has reconsidered the resolution of both houses seeking to propose amendments to the 1987 Constitution to include the proposals of the Inter-Agency Task Force on Emerging Infectious Diseases (IATF), including the Mandanas ruling, which will increase the Internal Revenue Allotment (IRA).

Cha-cha seeks to amend Articles VI (Legislative Department), X (Local Government), XII (National Patrimony), XIV (Education, Science and Technology, Arts, Culture and Sports) and XVI (General Provisions) of the 1987 Constitution of the Republic of the Philippines.

It seeks to amend the provisions of the Constitution, particularly Section 2, Section 3, Section 4, Section 7, Section 10, Section 11, of Article XII or the National Patrimony and Economy by inserting unless otherwise provided by law. These amendments seek to relax the restrictive foreign ownership to attract more foreign investments.

Editor: Vittorio V. Vitug • Friday, May 22, 2020 A3

Many Boracay establishments continue to violate government’s easement rules

By Ma. Stella F. Arnaldo

Special to the BusinessMirror

T

WO years after the closure of Boracay Island, many establishments continue to be noncompliant with easement regulations promulgated by the government.

This was revealed as President Duterte extended the life of the Boracay Inter-Agency Task Force (BIATF) for another year, or until May 8, 2021, through Executive Order (EO) 115, signed by Executive Secretary Salvador C. Medialdea on May 11, 2020, for the President. Duterte’s signature was also on the margin of the last page of the document.

On April 26, 2018, the crown jewel of Philippine tourism was closed for six months ostensibly to allow government to rehabilitate the island, world famous for its fine white-sand beach. The BIATF, created through EO 53 in 2018, was supposed to have been dissolved on May 8, 2020.

According to EO 115, “a state of calamity continues to be in full force and effect in the barangays of Balabag, Manoc-Manoc and Yapak [Boracay Island],” in Malay, Aklan.

It added, as of March 31, 2020, as validated by the Task Force, 33 percent of establishments on Boracay

Island are not yet compliant with the 25 meters plus 5 meters beach easement.

Also, the Task Force found that “27 percent of establishments have not complied with the road easement,” as prescribed by law.

According to the EO, “despite the demolition of 111 structures on wetlands, 227 structures on the beach easement and 896 on the road easement since the inception of the Task Force in 2018, there are still 723 structures built on forestland blocks, 112 on the beach easement, and 334 on the road easement.”

The rehabilitation of the wetlands, forestlands and implementation of the easement regulations has been the primary task of the Department of Environment and Natural Resources, whose head, Secretary Roy A. Cimatu, chairs the BIATF. The heads of the Department of the Interior and Local Government, and Department of Tourism, are his co-chairs.

DILG primarily oversees the issuance of business permits and licensing aspects of commercial establishments on the island, while the DOT oversees the accreditation of the resorts, as well as the completion of the island’s drainage facilities through its infrastructure arm, the Tourism Infrastructure

and Enterprise Zone Authority.

The DOT also monitors the arrivals and departures of tourists on the island to ensure that its carrying capacity is not exceeded. As per a DENR study, the island can only accommodate 17,125 tourists at any given time, per day.

The same study published in 2018 also found that Boracay had exceeded its physical carrying capacity by 109.95 hectares (has) for residences, 194.90 has for hotels and resorts, and 16.95 has for other business establishments. Its total population carrying capacity was similarly breached by 15,736 persons per day.

As per EO 115, there is still “a need to complete critical projects in Boracay Island pursuant to the Boracay Action Plan, such as but not limited to the improvement of the water drainage system, demolition of remaining establishments situated in forest land and wetland areas, enforcement of beach and road easements, as well as the rehabilitation of the Boracay Circumferential Road, and extend the life of the Task Force, so it may ensure implementation of carrying capacity regulations, and continue to carry out its mandate under EO 53.”

The rehabilitation of the island’s circumferential road is the respon-

117 PDLs eligible for parole to be freed, while 424 others await NBI confirmation

T

HE Department of Justice (DOJ) on Thursday announced that the Board of Pardons and Parole (BPP) has found 117 persons deprived of liberty (PDLs) are set to be released after it was established that they are eligible for parole.

DOJ spokesman Markk Perete also said another 424 PDLs are also likely to be granted parole under the Interim Guidelines for Parole and Executive Clemency.

The 424 PDLs are just awaiting clearance from the National Bureau

of Investigation before their eligibility is confirmed.

The interim guidelines have simplified the procedure for the grant of parole and executive clemency to PDLs who are elderly and sick since they are considered most vulnerable to Covid-19 infection.

The initial batch of confirmed and possible beneficiaries under the Interim Guidelines—which so far total 541 PDLs—came from the 600 PDLs whose carpetas, or prison records, have been transferred by

Bureau of Corrections (BuCor) to the BPP for evaluation. The BPP is set to receive a new batch of carpetas for evaluation this week.

It can be recalled that last April 15, Justice Secretary Menardo Guevarra gave the BPP the go signal to implement its resolution adopting provisional rules that would expedite the release of PDLs through parole, or executive clemency, as part of the government’s measures to contain the transmission of the deadly virus.

Joel R. San Juan

QC struggles to bring down Covid-19 cases

By Claudeth Mocon-Ciriaco | Correspondent

E

LEVEN areas in five barangays of Quezon City were placed under “special concern lockdown” after an increase in confirmed Covid-19 cases were recorded.

In an advisory dated May 20, the city government of Quezon City said that certain areas in Barangays Bahay Toro, Culiat, Sauyo, Batasan Hills, and Tatalon remain under 14day special concern lockdown. These areas under lockdown are: Sitio Militar in Barangay Bahay Toro Vargas Compound-Adelfa Metro Heights-Abanay and Ancop Canada in Barangay Culiat, Lower Gulod in Barangay Sauyo 318 Dakila Street, 2nd Alley Kalayaan B and Masbate Street in Barangay Batasan Hills, Victory Avenue, ROTC Hunters, BMA Avenue Agno Street in Barangay Tatalon.

As of 7 p.m. of May 20, 2020, the Quezon City local government implemented extreme enhanced community quarantine (EECQ) in the following barangays: Tandang Sora (44); Kalusugan (17); Ramon Magsaysay (4) ; Maharlika (6); Tatalon (42); Batasan Hills (82);Pasong Tamo( 54); Central (13); San Roque (25); Paligsahan (10); Bagong Lipunan ng Crame (16); South Triangle (23); Culiat (72); Bahay Toro (60); E. Rodriguez (22); San Isidro Labrador (6); Matandang Balara (52);Teachers Village West (3); Manresa (12); Paltok (13); Sto. Domingo (14); Bagong Silangan (12); Holy Spirit (36); Payatas (15); Marilag (8); Socorro (22); Kamuning (11); Pinyahan (36); San Isidro Galas (10); Commonwealth (29); Pansol (11); North Fairview (12); Novaliches Proper (9); and New Era (43).

The EECQ was implemented in the above mentioned barangays after two, or more, confirmed cases located in different streets and/or in congested urban poor areas and that fast transmission of the disease is highly possible.

However, the city government said that the

EECQ “is subject to review everyday depending on the number of cases/recoveries.”

To combat the disease, the Quezon City also established facilities to accommodate Covid-19 suspected cases.

sibility of the Department of Public Works and Highways.

Boracay residents and businesses have barely recovered from the six-month closure of the island in 2018, but now faces even greater

challenges with the coronavirus disease 2019 (Covid-19). Although the island continues to be Covid-free, its tourism industry has been greatly affected by travel restrictions of its key markets abroad.

A4 Friday, May 22, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

PHL still faces ‘last mile’ challenges in meeting SDGs–Unescap report

W

By Cai U. Ordinario

@caiordinario

HILE the Philippines has a “good track record” in its efforts to meet the Sustainable Development Goals (SDGs), the country is encountering many “last mile” challenges, according to the United Nations and Asian Development Bank (ADB).

This assessment is based on the Asia-Pacific SDG Partnership Report-Fast-Tracking the Sustainable Development Goals recently launched by the UN Economic and Social Commission for the Asia and the Pacific (Unescap), United Nations Development Program (UNDP), and ADB. Unescap said the coronavirus 2019 (Covid-19) pandemic is bound to create a significant impact in meeting the SDGs. The pandemic has already caused economies to post gross domestic product (GDP) growth contractions and is expected to increase the number of poor worldwide.

“We have reached a point of great risks and opportunities for this world. If we are to tackle the fragilities this crisis has exposed, then our recovery must break with the past.

It must pursue equality, inclusion, sustainability and transformation. It must bring the fundamental calling of the 2030 Agenda for Sustainable Development to life,” said United Nations Deputy Secretary-General Amina J. Mohammed in a statement.

The report gauged the performance of countries and economies in meeting the SDGs. They evaluated this performance of meeting the SDGs in terms of six transformative points—strengthening human well-being and capabilities; shifting toward sustainable and just economies; and building sustainable food systems and healthy nutrition patterns.

The other three transformative points are achieving energy decarbonization and universal access to energy; promoting sustainable urban and peri-urban development; and securing the global environmental commons.

Countries are deemed fast-risers in a transformative point if they are rising fast in terms of meeting the SDGs but still have a long way to go.

They are considered aspirants if they have slow rates of change and have many needs when

it comes to meeting the goals.

These countries are sprinters if they are racing ahead, while they are deemed last milers if they have a good track record but are having difficulties closing last-mile gaps.

The Philippines was deemed a “last miler” in achieving energy decarbonization and universal access to energy; promoting sustainable urban and peri-urban development; and securing the global environmental commons.

The country was deemed an aspirant in strengthening human well-being and capabilities and building sustainable food systems and healthy nutrition patterns.

The report said the Philippines was considered a sprinter in shifting toward sustainable and just economies.

“One of the report’s key findings is that higher income is not a silver bullet to address the challenges posed by SDGs and achieve accelerated progress along transformative pathways. Low-income and lower middle-income countries emerged as some of the fastest-moving countries in the region,” Unescap said in a news statement.

In terms of energy decarbonization and universal access to energy, this transformative area includes indicators on increasing the proportion of population with access to electricity, urban and rural and reducing the proportion of population with primary reliance on clean fuels and technology.

The transformative area also includes increasing the renewable-energy share in the total final energy consumption; and energy intensity which is measured in megajoules per constant 2011 purchasing power parity GDP. The report said promoting sustainable urban and peri-urban development include indicators on the share of the population with access to electricity in urban areas and the share of the population with access to safe

drinking water in urban areas.

The transformative area also includes the indicators on share of the urban population practicing open defecation and the proportion of the population exposed to levels exceeding World Health Organization (WHO) guidelines.

The securing the global environmental commons transformative area includes the indicators on resource efficiency and sustainable consumption and production patterns, assessed by material footprint (per unit of GDP), domestic material consumption (per unit of GDP) and hazardous waste generated per capita.

The area also considers the results of the Ocean Health Index; the indicators on the share of key marine biodiversity areas that have protected-area status; and important sites of mountain biodiversity under protection.

The report also stated that the area also takes into consideration the results of the Red List Index; carbon-dioxide emissions from fuel combustion per capita; and carbon-dioxide emissions from fuel combustion per USD (2010) GDP. In terms of the transformative area on strengthening human well-being and capabilities considers the country’s performance on indicators on life expectancy at birth; mean years of schooling; expected years of schooling; and gross national income (GNI) per capita.

The report stated that for building sustainable food systems and healthy nutrition patterns, the area considered the performance in indicators such as the share of undernourished people in the total population and cereal yield per hectare.

The area also took into consideration the country’s performance in terms of green-house gas (GHG) emissions from agriculture and the Agriculture Orientation Index (AOI) for Government Expenditures which is defined as the share of government expenditure divided by the agriculture value-added share of GDP. The area on shifting toward sustainable and just economies considered the performance in indicators such as real GDP per employed person; unemployment rate; and domestic material consumption per unit GDP. This also includes the country’s performance in manufacturing value added as a share of GDP; the Gini index of income equality; and the share of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider.

The report also highlighted strategies to accelerate transformation and helps countries compare their speed of progress with others.

www.businessmirror.com.ph

DILG orders local executives to support DA’s 3P program to boost farm harvest

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HE Department of the Interior and Local Government (DILG) has ordered local chief executives to support the Department of Agriculture’s (DA) “Plant, Plant, Plant,” or 3P program, that seeks to improve local farm output, particularly of rice, during the Covid-19 pandemic.

In a news statement, Agriculture Secretary William D. Dar welcomed the DILG’s issuance of a memorandum circular instructing heads of local government units (LGUs) to align their actions with the DA’s Rice Resiliency Project, which is part of the 3P program.

“While we rally and steer the agrofishery industry to propel and reach its optimum potential, it is really the LGUs and respective local chief executives, or LCEs, that do the rowing, making sure that support mechanisms at the local level are in place and in sync with the priorities at the national level,” Dar said on Thursday.

“Thus, we commend DILG Secretary Eduardo Año for recently issuing DILG Memorandum Circular 2020-080 that directs all LCEs to participate and align their actions with DA’s Rice Resiliency Project [RRP],” he added.

Under DILG MC 2020-080, Año directed all LGUs to participate in the DA’s Plant, Plant, Plant program and “align

their actions” with the RRP. The circular covered all DILG regional directors, field officers, provincial governors, city and municipal mayors, punong barangay, Bangsamoro Autonomous Region in Muslim Mindanao chief minister and all other concerns, according to the document.

“This department, a member of the Covid-19 Food Resiliency Task Force, knows the impact of unstable global trade and food security on the Filipino people and is aware of the urgency because of the Covid-19 pandemic and the coming of the wet season in the country,” Año said in the memorandum circular dated May 5, 2020.

Dar said the support given by the DILG would ensure that the DA’s programs would succeed in “raising agricultural productivity and achieve food sufficiency during and after the global Covid-19 crisis.”

“With our efforts to boost rice production, we are indeed grateful that the DILG and the LGUs are in ‘one boat’ with the DA in ensuring our interventions and support mechanisms reach the grassroots and intended beneficiaries,” he added.

Under RRP, the DA aims to produce an additional 1.03 million metric tons of rice on top of this year’s projected of 12.76 MMT. Jasper Emmanuel Y. Arcalas

Lawmaker proposes ‘deeper cuts’ in 2020 national budget

By Jovee Marie N. Dela Cruz @joveemarie

T

O raise funds for Covid-19 response measures and the social amelioration program (SAP), the chairman of the House Committee on Public Accounts on Thursday called for a 30-percent reduction in nonessential expenses of the government under the 2020 national budget.

Rep. Mike Defensor of Anakalusugan, in a news statement, said the government should do “deeper cuts” in this year’s P4.1trillion national budget and use the money to fight the Covid-19 pandemic.

“I am proposing a reduction of at least 30 percent in nonessential expenses of the government to help the poor and other affected sectors,” he said.

“If the DBM can effect an across-theboard reduction of 30 percent, we can easily generate P480 billion for Covid-19 measures and SAP financial assistance to the poor,” he said.

Defensor earlier called for a 20-percent cut in such expenses but the Department of Budget and Management (DBM) opted to cut such items only by 10 percent. The DBM also slashed “programmed appropriations” by 35 percent.

According to Defensor, nonessential expenditures are part of the “maintenance and other operating expenses,” or MOOE, for which P1.6 trillion is allocated in the 2020 budget.

He said some MOOE items could not be slashed by 30 percent, but others could be cut substantially, while some could be scrapped.

He said among the nonessential MOOE items where substantial reductions could be taken are travel, and their corresponding appropriations are travel, P19.4 billion; training and scholarship, P32.9 billion; supplies and materials, P108.3 billion; and representation, or dining out and entertainment by officials and their guests, P5.2 billion.

Others that could be reduced considerably are communication, P10.7 billion; hiring of consultants, P29 billion; advertising, P3 billion; subscription, P4.1 billion; and donations, P41.8 billion; printing and publication, P1.9 billion; and membership dues and contributions to organizations, P2.4 billion, Defensor said.

He said the government could also forego the purchase of new vehicles, for which there is P4.1 billion in the budget, construction of more buildings (P99 billion), procurement of new furniture and fixtures (P603 million), and the acquisition of additional machinery and equipment, P67.9 billion.

“We can make do with what we presently have while battling Covid-19. We should instead use the money to buy badly needed PPEs [personal protective equipment] for our frontline health workers and as subsidy to the poor,” he said.

Nlex Corp. restarts construction of major expressway infra projects

By Ashley Manabat Correspondent

C

ITY OF SAN FERNANDO—Major infrastructure projects along the expressways that were stopped due to the enhanced community quarantine have been restarted.

Among those that are now continuing construction are the North Luzon Expressway (Nlex) Harbor Link C3-R10 Section, Nlex Connector, Subic Freeport Expressway Capacity Expansion and maintenance THE construction of the new tunnel in the ongoing widening of the work of the Candaba Viaduct. 8.2 kilometers Subic Freeport Expressway is again under way.

According to Nlex Corp.

PHOTO COURTESY OF NLEX CORP. President J Luigi Bautista, they will follow, as well as their health and safety of their workers. contractor, the safety protocols from the Bautista said the fast-tracking of the Department of Health (DOH), Departconstruction in the said projects will ment of Labor and Employment (DOLE) boost government’s efforts to restore and Department of Public Works and the vibrant economy in the midst of the Highways (DPWH) in order to ensure the health crisis.

The World BusinessMirror

Editor: Angel R. Calso

Japan’s backing of coronavirus drug premature, says researcher

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he lead researcher on a trial of the Japanese antiviral Avigan to treat Covid-19 said it’s too early to make a call on whether the drug works or not, and patients are still being enrolled.

Final results of the trial for the drug, which is manufactured and sold

by Fujifilm Holdings Corp., is expected around July, Yohei Doi, a doctor who is leading the trial at Fujita Health University, said in an interview with Bloomberg News.

Doi’s comments came amid conflicting reports over the drug’s efficacy. Japanese media reports on Wednesday said the off-patent drug was not effective based on interim analysis of Doi’s trial, but Prime Minister Shinzo Abe has said he expected the treatment to be approved for use this month.

Doi said that time line seemed tight given how few days remain this month.

Fujifilm falls

Fujifilm shares fell as much as 4.9 percent in Tokyo trading on Wednesday on the reports, which Doi said were misleading as they’re based on an interim analysis—an independent mid-point review of the results.

“Interim analysis is a routine procedure in these clinical trials,” Doi said, “and it was not meant to evaluate efficacy.”

Doi’s trial, sponsored by Japan’s Ministry of Health, is not connected to two separate randomized control trials Fujifilm is running—one in Japan and one in the US. The Japan trial is in progress and is expected to be completed in June, a Fujifilm spokesman said. The US trial is targeted for completion in December.

As the coronavirus continues to spread, upending economies and life around the world, drug companies have been racing to develop treatments and vaccines. Any early and nonconclusive news on these potential medicines has prompted knee-jerk reactions from investors, shifting trillions of dollars in value in the markets.

Shares of vaccine developer Moderna Inc. and drugmaker Gilead Sciences Inc., which manufactures another potential Covid-19 drug remdesivir, have whipsawed in past weeks off similar types of news.

Chief Cabinet Secretary Yoshihide Suga confirmed at a press briefing on Wednesday that Japan is targeting an approval for Avigan this month if its safety and efficacy has been proved.

Fujifilm said the company has not filed an application to approve Avigan to treat Covid-19 with the Japanese government.

Avigan, also known as favipiravir, has been promoted heavily by the Japanese government despite the lack of conclusive evidence about its efficacy, and has been donated to over 80 countries in recent months.

The drug, which has the potential to cause birth defects because of its mechanism of stopping RNA replication, is approved for use in Japan to treat novel influenza.

An early Chinese study of favipiravir, which was not randomized, showed it helped clear the coronavirus in patients earlier than an antiviral HIV medication.

The treatment was not added to the recommended Covid-19 regimen in China after an official said in March it was considering the matter.

Likely inconclusive

As the principal researcher, Doi is prevented from seeing the interim results to maintain objectivity, but said he expects it was likely inconclusive as he is still continuing the enrollment.

The interim analysis is done to check if the drug “is working way better than expected or if there’s unexpected adverse events. That doesn’t seem to be the case either way,” he said. Bloomberg News

Friday, May 22, 2020

A5

Trump points finger at China’s Xi, escalating confrontation over virus

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resident Donald J. Trump escalated his rhetoric against China, suggesting that the country’s leader, Xi Jinping, is behind a “disinformation and propaganda attack on the United States and Europe.”

“It all comes from the top,” Trump said in a series of tweets on Wednesday night. He added that China was “desperate” to have former Vice President Joe Biden, the presumptive Democratic nominee, win the presidential race.

While Trump has often blamed China for failing to prevent a pandemic now ravaging the global economy, he has been careful to maintain that his relationship with Xi remains strong. China’s foreign ministry has regularly fired back with similar charges,

saying the Trump administration was looking to obscure the facts around the virus to deflect from its own shortcomings.

Trump and other Republicans have been ratcheting up efforts to paint China as the villain, as the US economy drifts into recession and the president’s handling of the crisis jeopardizes the party’s grip on the executive branch. China has denied Trump’s claims that it was trying to damage his chances at re-election in November.

T he feud h a s re v ived t he

worst-case scenarios about USChina ties, edging them closer to confrontation than at any point since the two sides established relations four decades ago. From supply chains and visas to cyberspace and Taiwan, the world’s two largest economies are escalating disputes across several fronts that had quieted after they signed a “phase one” trade deal in January.

On Wednesday, the Chinese military condemned a rare message from US Secretary of State Michael Pompeo to Taiwan’s president as “wrong and very dangerous,” vowing to defend Beijing’s claim to the democratically ruled island. Hours later, the White House issued a broad critique of China’s economic and military policies in a report to Congress without detailing specific actions the US will take in response.

The US Senate also overwhelmingly approved legislation on

Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on US stock exchanges. The Republicancontrolled upper chamber had already passed a bill this month that would impose sanctions on Chinese officials over human rights abuses against Muslim minorities.

Trump, who had repeatedly praised Xi’s handling of the coronavirus outbreak early on, has passed up recent opportunities to criticize the Chinese president directly. During a Fox News town hall event on May 3, Trump described Xi as a “strong” leader with whom he had a good relationship.

Earlier Wednesd ay, Tr ump accused “some wacko in China” on Twitter of def lecting responsibility for the spread of the coronavirus, without elaborating. He accused China of “mass worldwide killing.”

Although it was unclear who

Trump was referring to in either tweet, Hu Xijin, the editor-inchief of the Communist Party’s Globa l Times newspaper, denounced Trump administration officials on WeChat on Wednesday as “political hooligans” who don’t care about the lives of more than 100,000 Americans. Chinese Foreign Ministry spokesman Zhao Lijian—the person who would most obviously fit Trump’s “spokesman” description—hewed closely to the usual talking points in his agency’s regular briefing on Wednesday.

Hu pushed back against Trump’s “wacko” remark in a subsequent tweet, saying, “I have never heard of such a wacko in China making this statement” and speculating that the person is “fictional.” He later said Chinese Internet users wished he would be re-elected, saying he promotes “unity in China” and makes international news “as fun as comedy.” Bloomberg News

Senate approves bill to delist Chinese firms from exchanges

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he Senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on US stock exchanges amid increasingly tense relations between the world’s two largest economies.

The bill, introduced by Senator John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was approved by unanimous consent and would require companies to certify that they are not under the control of a foreign government.

US lawmakers have raised red flags over the billions of dollars flowing into some of China’s largest corporations, much of it from pension funds and college endowments in search of fat investment returns. Alarm has grown in particular that American money is bankrolling effor ts by the countr y’s technology giants to develop leading positions in ever ything from ar tificial intelligence and autonomous driving to Internet data collection.

Shares in some of the biggest US-listed Chinese firms, including Baidu and Alibaba, slid on Thursday in New York while the broader market gained.

If a company can’t show that it is not under such control or the Public Company Accounting Oversight Board isn’t able to audit the company for three consecutive years to determine that it is not under the control of a foreign government, the company’s securities would be banned from the exchanges.

“I do not want to get into a new Cold War,” Kennedy said on the Senate floor, adding that he wants “China to play by the rules.”

“Publicly listed companies should all be held to the same standards, and this bill makes common sense changes to level the playing field and give investors the transparency they need to make informed decisions,” Van Hollen said in a statement.

“I’m proud that we were able to pass it today with overwhelming bipartisan support, and I urge our House colleagues to act quickly.”

House bill

In a sign of broad support for the measure, Representative Brad Sherman, a California Democrat on the House Financial Services Committee, introduced a companion bill in that chamber. Sherman said in a statement that Nasdaq moved this week to delist China-based Luckin Coffee after executives at t h e co m p a ny a d m i t te d f a b ri cat i n g $310 million in sales between April and December 2019.

“I commend our Senate counterparts for moving to address this critical issue,” Sherman said. “Had this legislation already been signed into law, US investors in Luckin Coffee likely would have avoided billions of dollars in losses.”

H o u s e l e a d e r s a re d i s c u s s i n g t h e legislation—and a separate Senate-passed bill to sanction Chinese officials over human rights abuses against Muslim minorities— with lawmakers and members of the relevant committees, a Democratic aide said.

The Senate measure—S. 945—is an example of the rising bipartisan pushback against China in Congress that had been building over trade and other issues. It has been amplified especially by Republicans as President Donald Trump has sought to blame China as the main culprit in the

coronavirus pandemic.

GOP lawmakers have in recent weeks unleashed a torrent of legislation aimed at punishing China for not being more forthcoming with information or proactive in restricting travel as the coronavirus began to spread from the Wuhan province, where it was first detected.

Kennedy told Fox Business on Tuesday that the bill would apply to US exchanges such as Nasdaq and the New York Stock Exchange.

“I would not turn my back on the Chinese Communist Party if they were two days dead,” Kennedy said. “They cheat. And I’ve got a bill to stop them from cheating.”

At issue is China’s longstanding refusal to allow the PCAOB to examine audits of firms whose shares trade on the New York Stock Exchange, Nasdaq and other US platforms. The inspections by the littleknown agency, which Congress stood up in 2002 in response to the massive Enron Corp. accounting scandal, are meant to prevent fraud and wrongdoing that could wipe out shareholders.

Clash

Since then China and the US have been at odds on the issue even as companies including Alibaba and Baidu have raised billions of dollars selling shares in American markets. The long-simmering feud came to the forefront last year as Washington and Beijing clashed over broader trade and economic issues, and some in the White House have been urging Trump to take a harder line on the audit inspections.

Last week, Trump said in an interview on Fox Business that he’s “looking at” Chinese

US Navy aircraft carrier returns to sea after Covid-19 outbreak

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US aircraft carrier has set sail from Guam nearly two months after a deadly Covid-19 outbreak began spreading through the ship, leading to the replacement of its captain by the acting Navy secretary, who then resigned in the uproar that followed.

The Navy said the USS Theodore Roosevelt headed into the Philippine Sea on Thursday. “It was an unprecedented challenge to get to this point,” Captain Carlos Sardiello said in a statement from the Seventh Fleet.

The statement added that the crew had undergone training exercises in social distancing and mitigation procedures. That included “wearing masks, medical surveillance of 100 percent of the crew, adjusted meal hours, minimizing in-person meetings, sanitizing

spaces and a simulated medevac.”

On April 2, the acting secretary, Thomas Modly, relieved Captain Brett Crozier of his command for writing and distributing a memo pleading in urgent terms for all but a skeleton crew to be removed from the Roosevelt, which had been sidelined in Guam. “We are not at war,” Crozier wrote. “Sailors do not need to die.”

His memo was made public by the San Francisco Chronicle.

Modly said Crozier had failed to keep his concerns within the chain of command. His response to the crisis including an address to the crew in which he ridiculed Crozier as “stupid or naive.”

Crozier received a spirited ovation from the sailors when he departed the ship. When a recording of Modly’s remarks surfaced, he issued an apology, before resigning.

President Donald Trump, at a White House briefing said he “had no role” in Modly’s departure but that the secretary “did that just to end that problem.”

The Navy recommended that Crozier be reinstated. But the new acting secretary, James McPherson, late last month ordered a more extensive rev iew before making a decision.

The Navy said on April 24 that all of the Roosevelt’s crewmembers had been tested for Covid-19, with 840 positive and 4,098 negative results. Of the positive cases, 63 sailors recovered. Almost all of the crew—4,234 sailors—have been moved ashore. One sailor died after getting treatment in an intensive care unit on Guam.

Crozier was among those who became infected. Bloomberg News

companies that trade on the NYSE and Nasdaq exchanges but do not follow US accounting rules. Still, he said that cracking down could backfire and simply result in the firms moving to exchanges in London or Hong Kong.

Wh i l e n o t te c h n i ca l ly p a r t o f t h e government, the PCAOB is overseen by the Securities and Exchange Commission. The ability to inspect audits of Chinese firms that list in the US is certain to come up at a roundtable that the SEC is holding on July 9 on risks of investing in China and other emerging markets.

Senators Kevin Cramer, Tom Cotton, Bob Menendez, Marco Rubio and Rick Scott are also sponsors of the bill. Rubio applauded the passage of the Kennedy-Van Hollen bill and said it incorporated aspects of a similar

bill he introduced last year.

“I was proud to work with Senator Kennedy on this important legislation that would protect American retail investors and pensioners from risky investments in fraudulent, opaque Chinese companies that are listed on US exchanges and trade on over-thecounter markets,” Rubio said in a statement.

“If Chinese companies want access to the US capital markets, they must comply with American laws and regulations for financial transparency and accountability.”

According to the SEC, 224 US-listed companies representing more than $1.8 trillion in combined market capitalization are located in countries where there are obstacles to PCAOB inspections of the kind this legislation mandates.

Bloomberg News

A6

Friday, May 22, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Narratives give shape to economic outlook

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T is probably a good thing that discussions on economics are so arcane. Otherwise we would have to listen to all the self-proclaimed experts on epidemiology and medicine venture into a field they know nothing about.

This past week, we have seen several important disclosures, not least of which is the trade data coming out of South Korea. Exports from Korea are critical because they tell a broad story of economic activity around the globe.

South Korea’s major exports include a diverse range of products, including electronic products, machinery, motor vehicles, steel, ships, and textiles and clothing. Further, Korea’s export destinations are geographically diverse because of the range of its exports—from consumer goods to materials needed for other economies’ value-added exports.

Thus we can say “how Korea goes, so goes global trade.”

The latest numbers for May show that the Korean trade data displays no signs of a turnaround in exports despite the easing of lockdowns in many trading partners. In the first 20 days of May, exports fell by 20 percent year-on-year, largely unchanged from April.

The internals of the data show the same pattern as April’s. Exports to China held up better than most, falling back 1.7 percent as the Chinese economy tries to come back on board. However, exports to the US were worse, falling 28 percent, while goods sent to the European Union were also weak, down 18 percent.

Exports to Japan were off by more than 20 percent, and the market to Vietnam followed a similar decline as that of the US. Korea depends on US consumers and on Vietnam’s factories buying its goods.

It would be easy to attribute these negative changes only to lower economic production, but it is more than that and more serious.

For example, one of the challenges that the US is currently facing is food inflation. Protein prices in the US are skyrocketing. Wholesale beef prices have more than doubled in the past two months. Many restaurants are now adding a “Covid-19 surcharge.” This is draining valuable consumer financial resources that will not be available once the economy tries to recover.

There was a bright spot for places like the Philippines and other “Emerging Economies.” A critical factor is the “capital flows” in and out of an economy. This is beyond the headline data like overseas workers’ remittances. While those are important, remittances only consist of one money flow that makes up the total picture.

We often hear about “hot money” like for the stock market, but that too is only one piece of money flow. Emerging market capital flows, including for the Philippines, bottomed out at the beginning of April and have recovered well though not yet back to pre-lockdown levels.

Finally, the Bank of Thailand reduced interest rates yet again to historic low levels in a desperate bid to help (or save) that economy. If Thailand cuts again in the next month, that will mean the Thai economy is showing no signs of life since it is so dependent on tourism to make a quick buck.

In the Philippines, the Bangko Sentral ng Pilipinas has much room to maneuver and while another rate cut is likely, not much can be done until the second quarter economic numbers come out in two months.

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

T

he Senate recently had a Committee of the Whole hearing to discuss updates on the Covid-19 pandemic situation and response. There, I asked about how contact tracing was done in the country.

I was Covid-19 patient number 754. I was diagnosed positive on March 26, then I was hospitalized for about 10 days. I was discharged around the first week of April. And yet, the first call I had from the Department of Health was on April 24.

It seemed to me that contact tracing at that point would be moot, as it had nearly been a month after I had been diagnosed, and 18 days after I left the hospital. The answer I received was that the laboratories would contact composite teams—comprised of individuals from the Department of Health and the Department of the Interior and Local Government— and from there, patients would be contacted. However, I was—and am—still concerned. When dealing with something like Covid-19, time

is of the essence.

South Korea, for example, uses information such as personal data, credit-card records, and location data from cellphones as part of contact tracing. This, of course, has ramifications for data privacy and personal freedoms. The United Kingdom will roll out an app that will determine if a person may be a Covid-19 patient through a questionnaire, and then send an alert to other users who may have been close to that person for an extended period. Other countries, like the Czech Republic and Finland, have used location data taken from mobile devices, but again, there are issues with privacy. Germany is doing something similar, but using Bluetooth technology. While it is not as

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Better Days

Lourdes M. Fernandez

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

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Sonny M. Angara

T. Anthony C. Cabangon

Senior Editors

Creative Director Chief Photographer

Contact tracing and our Covid-19 response

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rothers and sisters, whoever may have caused pain in our hearts or had become our reason for anger and frustration, we must not wish them to be hurt, to catch illness, or to pass away. For us Christians, Jesus is our greatest example of this characteristic. When He was crucified, Jesus did not wish His Father to punish the people behind His suffering. Instead, He prayed for them because, like what is said in the book of Luke 23:24,” Father, forgive them, for they do not know what they are doing.” In the first part of the evangelism of St. Luke 6:31, we are reminded to “do to others as you would have them do to you.”

This past week, there was news about our fellowmen who posted ill jokes about our President. There was one teacher who offered P50 million to anyone who will kill President Duterte, a joke brought by his anger about the closing of a certain TV station. He was merely matching up the P50 million offered by the President to anyone who could discover the vaccine against the coronavirus. When the police took him, he cried asking for forgiveness from the President. After this, a

construction worker who was also a habal-habal driver claimed he would give P100 million for the life of the President. He was also taken in by the police and was sued for inciting to sedition related to the Cybercrime Prevention Act of 2012.

On one hand, there are a lot of questions revolving around the arrests of these two men, especially the teacher because the police did not present a warrant of arrest. Let us remember that one of the opportunities in allowing

As I said in the Committee of the Whole hearing, perhaps it is necessary to create a position and organization within the IATF whose job is to direct how and where information goes, and ensure that such goes there as fast as possible.

accurate, the invasion of privacy will be minimized. New Zealand, on the other hand, takes a different tack, with contact tracing beginning with phone calls from the National Close Contact Service, a centralized organization for contact tracing.

Here in the Philippines, New Zealand’s approach is mirrored in the way that the Baguio City LGU and Mayor Benjamin Magalong has approached contact tracing. There, they pair health authorities and police investigators, so that the overall skill set of a tracing team is both for medical and tracking where people went, and who they could have been with. The team also assesses contact tracing according to different risk levels. And finally, the Baguio City LGU considers speed as particularly important, given how infectious Covid-19 is.

Indeed, technology can be a powerful tool in our fight to track where the virus could strike next. Like some of the other countries, apps have

Reminders from the Pope, those who have humility avoid cruelty —cruelty that can reflect from our words—and stop anger from overcoming their hearts.

Anger is the opposite of humility, and this destroys many things if not controlled. The Pope added, “Meekness unites, anger divides.” warrantless arrests is if the person is caught in the act during a crime.

What is worrying is, even the Department of Justice has said that it wasn’t wrong to arrest the teacher even without a warrant. In the case of the teacher, the police publicized the teacher being forced to admit his mistake without a lawyer accompanying him. This is a violation of due process. We must be vigilant not to let this crooked interpretation of the law to pass because our freedom is at stake.

On the other hand, we too must avoid irresponsible use of our freedom of expression, such as threatening the lives of our fellow people, even jokingly. This is not only a reminder to over 40 million netizens in our country, but to our leaders who use their power to threaten the lives of others. It is difficult to

been developed locally that mirror many of the other apps that have been developed abroad. StaySafe.ph, developed by Multisys Technologies Corp. and approved by the InterAgency Task Force, is similar to the UK’s questionnaire app, as it keeps track of symptoms that a person may be experiencing. “Tanod Covid,” on the other hand, is a platform specifically for LGUs to use to track possible Covid-19 sufferers.

But for all these tools that can help us with contact tracing, we must remember that technology is just a tool—albeit a powerful one. Ultimately, what’s urgently needed is a system that can deliver information to the right people in real time so that better decisions can be made faster.

This is why we express our full support for Finance Secretary Sonny Dominguez’s call for the mass hiring of contact tracers. With more boots on the ground, we can speed up our response time, so long as we train these tracers well. Toward that end, the DILG could distill the experiences of exemplar LGUs like Baguio City and make sure that lessons learned are shared nationwide.

As I said in the Committee of the Whole hearing, perhaps it is necessary to create a position and organization within the See “Angara,” A7

consider expressing opinion or sharing comments on the shortcomings of our leaders and jokingly have them killed or wish for them to lose their lives. However severe our anger toward the people who did us wrong, or even created things against our interest, it is not good to intend to harm them for their deeds.

In a General Audience held in February, Pope Francis focused on the words of Jesus in the book of Matthew 5:5, “Blessed are the meek, for they will inherit the Earth.” Reminders from the Pope, those who have humility avoid cruelty—cruelty that can reflect from our words—and stop anger from overcoming their hearts. Anger is the opposite of humility, and this destroys many things if not controlled. The Pope added, “Meekness unites, anger divides.”

Brothers and sisters, we must not allow lawmakers to abuse us, but we must also remember that there are responsibilities accompanying our rights.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph, and follow its Twitter and Instagram accounts @veritasph, and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

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Are we ready to adopt the Zimbabwe model?

No one has yet called this a curse Tito Genova Valiente

annotations

Manny F. Dooc

TELLTALES

‘Y

ou can run, but you can’t hide,” declared the former world heavyweight champion, Joe Louis. You can, but not forever.

The long arm of the law will eventually catch up with you.

Such has been the fate of many notorious war criminals and rogue characters that have blazed the pages of history. This was the common destiny of Adolf Eichmann, one of the major organizers of Holocaust who was captured in Argentina by the Mossad in 1960; Dr. Joseph Mengele, the so-called Angel of Death, who did macabre death experiments among the prisoners at the Auschwitz camp and drowned off the Brazilian coast while eluding arrest; and Radovan Karadzic, former president of the self-declared autonomous Bosnian Serb Republic, who was found guilty of ethnic cleansing by killing tens of thousands of Bosniaks and Croats during the Bosnian war. Now the latest is Rwandan genocide suspect, Felicien Kabuga, who was arrested last weekend outside Paris.

Kabuga is his country’s most wanted man who had long been sought by Rwandan authorities for the alleged massacre of more than 800,000 Tutsis and Hutus, two ethnic groups in Rwanda who were persecuted by the ruling ethnic class.

Kabuga is a prosperous businessman who used his vast wealth to bankroll the killing spree in his own country.

He financed the training and mobilization of the private armies to commit the genocide. He imported half a million machetes to slaughter the minority ethnic groups. He set up a radio station to broadcast hate propaganda against the Tutsis. The Human Rights Watch stated that the arrest of Kabuga “is a huge day for Rwanda. Felicien Kabuga is one of the big fish. He is one of the remaining individuals still out there who is alleged to have had a planning purpose with regards to the Rwanda genocide.”

Mankind has seen cases of genocides and foremost among which are the Holocaust in Europe, the Ukrainian genocide, the Cambodian genocide under Pol Pot, the crimes against Bosniaks and Croats committed by the Chetniks. The Holocaust, which refers to the atrocities committed by the Nazi regime against the European Jews, cost an estimated 6 million lives. The Khmer Rouge regime under Polpot killed some 1.7 million people in Cambodia from 1975 to 1979.

Genocide is a serious crime against humanity. It’s senseless killing of people based on racial, political, religious or cultural ground to bring about their total or partial extermination. The term “genocide” was minted by Raphael Lemkin, a Polish-Jewish lawyer, who wanted to describe Nazi crimes against the Jews and placed it in the statutes and penal laws. He combined a Greek word “genos” which means race, with the Latin suffix “cide,” to kill. At the Nuremberg trial, thanks to Lemkin, the crime of genocide was included among the crimes against humanity. Eventually, the UN General Assembly passed a resolution declaring genocide punishable under international law.

The case of Kabuga once more demonstrates that scoundrels and despots may sow reigns of terror against their fellow human beings.

They may rule unchallenged for a while and even for years, commit unspeakable crimes and instill fear in the hearts of the population, but not forever.

Mahatma Gandhi reminded us: “Remember that all through history, there have been tyrants and

Angara. . .

continued from A6

IATF whose job is to direct how and where information goes, and ensure that such goes there as fast as possible. Currently, BCDA President Vince Dizon has been designated as the country’s 3T Czar (test, trace, treat), and has been collaborating with the pri-

If you complained about the lockdown extension in our country, let’s talk about Zimbabwe whose leader has imposed an indefinite lockdown. This drastic move was triggered in part by the admission of doctors and experts that the country has ill-equipped medical services, which could hardly cope with the spread of the coronavirus. murderers, and for a time, they seem invincible. But in the end, they always fall. Always.” In the words of one Filipino political leader, “there will be a reckoning….” nnn

IF you complained about the lockdown extension in our country, let’s talk about Zimbabwe whose leader has imposed an indefinite lockdown. This drastic move was triggered in part by the admission of doctors and experts that the country has ill-equipped medical services, which could hardly cope with the spread of the coronavirus.

In his address to his countrymen, President Emmerson Mnangagwa declared that the lockdown would be enforced for an indefinite period since the “country needs to ease out of the lockdown in a strategic and gradual manner.” With confirmed cases of only 44 and 4 related deaths so far, the WHO recognized that Zimbabwe has a low number of cases and the transmission of the disease merely sporadic yet its government had decided to take a more restrictive measure. This move by Zimbabwe bears watching. In our case, we have not yet flattened the curve. In fact, we have yet to establish that the rate of increase for both the number of confirmed cases and Covid-related deaths have slowed down after we have instituted social distancing, sanitation measures and quarantine.

We have only resorted to expanded targeted testing, and not mass testing due to limited funds. Can we expect that our new strategy of easing restrictions with modified enhanced community quarantine being implemented now in the National Capital Region and in two other areas will not spike our numbers? If the results within the next couple of weeks will show encouraging results, we may consider further opening up businesses and lifting more restrictions. Otherwise, the Zimbabwe model is the way to go. We should be ready to bite the bullet. vate sector in ramping up our testing capacity. The same synergies could also be directed toward our contact tracing efforts.

Sen. Sonny Angara has been in public service for 15 years—nine years as Representative of the Lone District of Aurora, and six as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate.

E-mail: sensonnyangara@yahoo.com|Facebook, Twitter and Instagram: @sonnyangara.

Friday, May 22, 2020

I

S Covid-19 a curse?

If one TV network is to be believed, it is a curse, a sumpa.

A series of typhoons or a long, deathly drought has always, in the past, created a belief that something higher than scientific experiments is causing a disturbance in Nature. In the past, also, whenever a pestilence has affected regions, there are always religions rising to protect human believers.

When was it that a drop of kalamansi would be our own protector against a deadly wind coming from somewhere? I was in Naga when this happened and the text message came from an educator warning me that at 3 p.m. of that day, a toxic wind would soon envelop the city and poison us all unless we had the tiny lemon with us.

For several decades, the end of the world was always a threat foisted on us, humans. It was as if we were created to live with a general, nonnegotiable deadline in our lives. But the creatives or the deadly and ardent believers in us had ways to combat that threat. There were always the prayers. Or there were rituals and artefacts for the rites conjured to face any existential cut-off from the living universe.

Black candles were favored over the white ones whenever a threat from the Divine was announced.

You might think there are no black candles. Be surprised: they exist.

Commerce always exists side by side with religion. In churches, there are candle vendors displaying said products in varied colors. Blue, brown, red, yellow—each one is a shield or, in some case, a plea or a petition for good health, passing an exam, recovery from illness, a protection from evil eye.

The said candles are sold in front of Catholic churches. I wonder if priests believe in them. I never get a clear answer about them.

What is clear is when the pan-

demic was declared, the Catholic Church clearly and some other religious denominations agreed that all services will be stopped. In their place, a ceremonial will be performed without the crowd present. Will it be the same? Of course, it will not be the same. As in healing rituals, the community assenting around urges the cure to take place.

Did the institutional Church examine the implications of their concession to the demands of health and science? Did it diminish their power at all?

In the history of epidemics and plagues, territories were altered and battles were stopped. Some stories are told how the plague reaching Athens in the early fifth century B.C. weakened the soldiers of that citystate and contributed to its morbid defeat by the Spartans. In what is now known as the Antonine Plague, Marcus Aurelius became one of its most significant victim. Starting in 165 A.D., the plague ended in 180 A.D. There were waves in the afflictions with the plague surfacing after nine years. It was toward the end of the plague that Marcus Aurelius Antoninus was killed, his death giving the plague the name.

Plagues therefore are not new in human histories or to the lives of empires and tyranny. In 541 A.D, the Justiniani Plague spread from Palestine to Byzantine. The great ruler Justinian would give the name to this pandemic. History books would narrate how there would be thousands

of deaths everyday. There are also journals saying the numbers were exaggerated, which is not surprising how historians and chroniclers can be experts in distortions. What remains as factual is the perception of the people then that everyone was dying and that was enough for them to believe that the world was coming to an end. It was written that the deaths and uncertainties created an apocalyptic period. This apparently contributed to surge in converts to and the rise of Christianity.

Christianity, as we know it, has always been presented as a last refuge.

In the plagues of the ancient world it was this character that made it what it is now today.

Look where it is now in this age of pandemic?

A few days ago, a bishop in Manila complained about the government efforts stopping big gathering of people, a condition given in churches when there are Masses, novenas and other events.

This statement which was posted online was not we l l re ceived by many who demanded the bishop assume responsibility if people did gather and positive cases of Covid-19 arise from that congregation. There were other stronger words uttered. What made sense was what many said about how one could pray anywhere, or alone anywhere.

For many, this desire to pray alone and directly communicate with God or God has been present in evangelicals and other Christian groups.

Is Covid-19 changing our religions?

Many more things are happening around and in us as the pandemic goes on. There is no historian yet

A7

writing about the actions of men with regard to the virus and there are no accounts yet as to what this virus has created in communities, other than death. The historians will be there at the end of the pandemic, after 20 or 50 years articulating, dramatizing, arguing.

It is us ordinary people, the keeper of the days of the quotidian, who will need to write down the day-to-day of each week. We should list down the number of wakes we were never able to attend. We should count the many times we wanted to hug our child or grandchild but a voice from something like Hell warned us not to.

We should listen to tales of neighbors who walked miles and miles to the boundary only to be told they could not leave the city or town.

L et u s not forget those who stood in front of city and town halls begging, waiting. Let us not forget those who died not of the virus but of hunger.

Each morning, we should calibrate the hopes in our hearts. Each noontime, we must pause and be consc iou s how we are almost worshipping the new growth of herbs from our old pots. Then at night, when we gather to pray—the rosary or a set of prayers—let us be conscious of one thing—that very hardheaded refusal throbbing in our mind not to give up even as we know now that things will never be the same again. Before we go to bed, we should contemplate: what name shall this pandemic bear? In whose honor and in whose memory shall the sad 2020 in all its lapses and bad governance be offered?

E-mail: titovaliente@yahoo.com

Magna Carta for the Informals–Now na!

Dr. Rene E. Ofreneo

LABOREM EXERCENS

I

Conclusion

N the hearing conducted by House Labor Committee Chairman Enrico Pineda, two major issues on the informals cropped up: who are the informals and how to count them.

The following are short explanations:

On defining the informal sector

The term was coined in the 1970s

by Western economists who visited a number of developing countries.

They “discovered” that, unlike the situation in developed countries of Europe and North America, many economic activities in the agricultural and service sectors of developing countries were unregistered. Hence, the informal sector was even baptized as the “underground economy” or “clandestine economy”. Very Euro- or Americancentric indeed.

At the turn of the millennium, the global understanding of the informal sector had deepened. The huge contribution of the sector to employment and the overall functioning of the economy had been widely accepted. Thus in 2002, the ILO even adopted the concept of “informal economy” as an acknowledgment of the bigger role of informal employment in the economy. It is not simply a sector.

Also, organizations of the informals such as Self-Employed Women’s Association of India (SEWA), with over a million members, have gained

acceptance as legitimate labor organizations and as partners in society’s development.

On counting the informals

IN the House hearing, Rep. Dan Fernandez and Ms. Beth Angsioco of MAGCAISA mentioned 25.7 million as the number of informal workers. The source of this figure is the study done by Ms. Lisa Bersales, former National Statistician of the Philippines, and Vivian Llarina, Assistant National Statistician of the Philippine Statistics Authority. The study was presented by the two experts in a 2019 IMF Statistical Conference. Based on the Bersales-Llarina study, the informals constitute over 63 percent of the labor force in 2018.

On the other hand, the Department of Labor and Employment has been estimating the share of the informals in the total labor force to be between 38 percent and 42 percent for various years. They say they use the PSA data. The problem, however, is that they use a narrow concept of computing informal employment, which is equated to the so-called vulnerable employment concept propounded by some ILO statisticians.

Under the vulnerable employment

concept, informal employment is the total of the unpaid family workers and the self-employed who have no employees. This concept immediately excludes millions of informal construction workers who have no formal trade certifications, no formal company employers and no SSS/ BIR registration. This concept also excludes the wage workers with no formal employment contracts, which is common among the “endos.” Another major group excluded are the members of various labor gangs such as the seasonals hired by the “cabecillas” during land preparation and harvesting. Not surprisingly, DOLE estimates are way below the informal sector estimates given by the employers (estimates by the Employers Confederation of the Philippines: around 75-77 percent).

The estimation problem is, of course, very much related to the definition of informal employment. In the past, informal sector was simply equated to non-registration under the laws of a country. However, in

employment range from over 60 percent for Southeast Asia to over 80 percent in South Asia.

Incidentally, the Bersales-Llarina study is based on the following definition adopted by the PSA in early 2000s: “For statistical purposes, the informal sector refers to household unincorporated enterprises which consists of both informal own-account enterprises and enterprises of informal employers.

Informal own-account enterprises are household unincorporated enterprises owned and operated by own-account workers, either alone or in partnership with members of the same or other households which may employ unpaid family workers as well as occasionally/seasonally hired workers but do not employ employees on a continuous basis.

Enterprises of informal employers are household unincorporated enterprises owned and operated by own-account workers, either alone or in partnership with members of

At the turn of the millennium, the global understanding of the informal sector had deepened. The huge contribution of the sector to employment and the overall functioning of the economy had been widely accepted. Thus in 2002, the ILO even adopted the concept of “informal economy” as an acknowledgment of the bigger role of informal employment in the economy. It is not simply a sector.

2015, the ILO Recommendation 204 describes the “informal economy” as referring to all economic activities by workers and economic units that are – in law or in practice – not covered or insufficiently covered by formal arrangements. In short, there are shades of formality and informality.

Asia-wide, the estimates of informal

the same or other households which employ one or more employees on a continuous basis.

“Particular cases that are excluded are: corporations, quasicorporations, units with 10 or more employees, corporate farms, commercial livestock raising and commercial fishing.”

A8 Friday, May 22, 2020

12-day backlog in Covid-19 tests still hounding DOH T

Meralco to refund P47 fee, says sorry

T

By Jovee Marie N. dela Cruz

@joveemarie

HE Department of Health (DOH) on Thursday admitted that the country was experiencing 12-day backlogs in the outcome of samples from Covid-19 tests.

During the hearing of the House Committee on Health, Dr. Alethea de Guzman from DOH-Epidemiology Bureau said the results reported now were taken about 12 days ago.

“We are experiencing challenges in ensuring that our data is realtime. We would like to achieve as close to real-time data as possible,”

she said.

“But this is dependent on a number of things. First, is the availability of trained disease surveillance officers not just in our local government units (LGUs) but also in our reporting units such as medical facilities and hospitals,” she added.

According to De Guzman, the

data gathering process of the DOH for Covid-19 cases is still paperbased.

“From the time of onset until the time we see the confirmation of these confirmed cases, the average day is around 12 days,” she said.

“A lot of it is the delay in turnaround time, which can range from 7 to 10 days while the additional delays would be the time for this data from our laboratory to become [available] to the [DOH] epidemiology bureau and LGU because much of the data is paper-based, so it has to go through several channels,” she added.

Good IT system

DE Guzman said an effective information technology system will address these backlogs.

“If the local governments, regional, central offices will simultaneously receive the laboratory case data we will not be experiencing these delays,” she said.

With this, House Committee on Health chief Helen Tan asked the DOH to coordinate with IT experts to improve the data collection of the government.

“We need an IT system so that

we can collect real data. The system that can be shared to the LGUs, help facilities and testing centers so that [our data is] real time. We will not achieve the right assessment if we do not have real time data,” she said.

For his part, Health Secretary Francisco Duque III said the government is “aggressively addressing and leveling up our information system.”

He said the data from the Epidemiology Bureau is already migrating its data to the COVID KAYA. COVID KAYA is a digital surveillance application developed with the help of the World Health O rga n i z at ion ( W HO), where frontliners can input cases information directly into the DOH’s system.

As of 4 pm Thursday, the DOH reported 213 new cases of Covid-19.

The total number of cases in the country is now at 13,434.

The DOH also announced 68 new recoveries, bringing the total number of recoveries to 3,000.

First wave, after all

MEANWHILE, Duque clarified before the House that what the Philippines is experiencing is the

first major wave of sustained community transmission.

“My statement was a casual expression of an epidemiological fact.

Because the first wave was in January but only three cases. In the epidemiological sense, cases that show a rise or a crest and then a decrease constitute a wave, although a small wave,” he said.

“Then we had nothing for [the month of] February. Then this was followed by a bigger wave which is now what we consider as the first major wave of sustained community transmission. Either way it can be easily construed that where we are today is really the first major wave,” Duque added.

During the Senate virtual hearing on Wednesday, Duque stunned senators when he said the country is actually already facing the “second wave” of Covid-19, but it’s not the “second wave” that had been generally feared as the virus’s worse rebound from an easing of quarantines.

He said the first wave began in January, and the “second wave” was in late March, just shortly after the first community quarantine period was imposed.

HE Manila Electric Co. (Meralco) said Thursday it would refund the P47 fee it charged to customers who paid their bills using its mobile app.

This decision was announced after the utility firm caught the ire of the Department of Energy (DOE), which directed Meralco to explain the rationale behind the collection of the so-called “convenience fee”.

DOE Secretary Alfonso Cusi said Meralco’s collection of P47 per transaction effectively increases the electricity cost to the consumers. He said this was “a clear deviation [from] all the government efforts to bring down the cost of utilities, especially during these difficult times.”

Meralco, in a letter to Cusi dated May 20, apologized.

“I sincerely apologize for this lapse.

Meralco will shoulder the convenience fee charged during the aforesaid ECQ (Enhanced Community Quarantine) period and refund to the customers the fees they paid during the period,” said Meralco president Ray Espinosa.

“Perhaps what Meralco should have done during the ECQ period – March 16 to May 15 – was to shoulder the convenience fee charge by the payment gateway provider considering that the Meralco Business Offices and Bayad Center branches and partner outlets were closed during that time,” Espinosa added.

During the ECQ, Meralco recorded “around 300,000 transactions” using its online app since March 16.

Continued on A2

Bills payment, disconnection will depend on ECQ, MECQ lifting FRONTAL SYSTEM AFFECTING EXTREME NORTHERN LUZON EASTERLIES AFFECTING VISAYAS AND MINDANAO as of 4:00 am - May 21, 2020

By Jonathan L. Mayuga

@jonlmayuga

T

HE Metropolitan Waterworks and Sewerage System (MWSS) Regulatory Office on Thursday said the scheduled payment of water bills, as well as possible disconnection of water service in Metro Manila, depends on the government’s decision to lift or further extend the Enhanced Community Quarantine (ECQ) or Modified ECQ. Patrick Ty, chief of the MWSS Regulatory Office, said the decision allowing private water contractors, Manila Water Company, Inc. and Maynilad Water Services, Inc., to start billing and collecting payments by June 1, 2020 was based on the assumption that the lockdown in Metro Manila and nearby areas covered by their service contracts has been lifted.

Disconnection notices will be issued mid-July and actual disconnections will be done only in August and September, depending on the type of customer.

Nevertheless, Ty assured the public no disconnection will happen while the lockdown is in effect.

He said the MWSS Regulatory Office will reassess the situation should the government further extend the ECQ or MECQ in Metro Manila.

‘3-Gives’ bill

THE MWSS chief regulator is also not keen on supporting the “Three-Gives Payment” bill that will cover water utilities during emergency situations like a public health emergency or the onslaught of typhoons and other natural calamities. The proposed measure aims to break down the unpaid bills during the emergency situation to three equal payments so that the utility service, such as the case of water utility, will not be interrupted.

He said their proposal is to resume reading and billing operation

by June 1 upon the lifting of ECQ, and proceed with service disconnection upon failure to pay, under the current Covid-19 ECQ situation.

This, he said, will be the recommendation to be submitted to the Senate Committee on Trade and Commerce, which opened hearings on the “3-Gives” bill of Sen. Francis Tolentino on Thursday.

The bill mandates utilities to break into three monthly installments the bills of customers that pile up during a national emergency such as the Covid-19 pandemic.

Ty believes water consumers can pay their water bills because unlike electricity, water bills are a lot cheaper or affordable.

Besides, he said water consumers, upon the lifting of the ECQ which is projected to happen on June 1, will be able to resume work and earn.

He added that while read-and-bill operations of both concessionaires will resume in June, service disconnections for lifeline accounts will resume only on August 1 for nonlifeline accounts, and on September 1, for lifeline accounts.

“By that time, I believe the customers will be able to cope with the challenge of paying their bills,” he said in Filipino.

ERC’s move

THE Energy Regulatory Commission (ERC) will extend by six months the suspension of bill payments for consumers with a monthly consumption of 200 kilowatt hour (kWh).

At the virtual Senate hearing Thursday, ERC Agnes Devanadera said her office would issue an order to all distribution utilities (DUs) and retail electricity suppliers (RES) Friday.

“We are issuing another one to cover MECQ (modified ECQ) areas,” Devanadera said. “The advisory we are issuing will state that the four-month moratorium will remain applicable to all, but for those residential clients consuming 200

kilowatt per month in MECQ areas, we are extending the suspension of payment dues for six months, to be paid in six months in equal installment upon the lifting of the MECQ,” she added.

The ERC earlier issued an advisory suspending payment in four months, with bills where due dates fall within the ECQ to be paid in four equal installments upon the lifting of the ECQ. T he areas under MCQ include Metro Manila and Laguna. “When we compare, the ECQ and MECQ actually are very little difference. Under both situations, there is no access to public transportation so in the mind of the commission, the daily wage earners, the informal sector, still are not able to be gainfully employed,” Devanadera said.

The Senate Committee on Trade, Commerce, and Entrepreneurship on Thursday began hearing Senate Bill No. 1473 or An Act Institutionalizing an Installment Payment Scheme on Basic Utility Bills During Calamities or the Three-Gives Law. Committee Chairman Koko Pimentel said, “the idea behind the bill is noble and very relevant.”

The hearing was attended by representatives from the Local Water Utilities Administration (LWUA), National Electrification Administration (NEA), the ERC, National Telecommunications Commission (NTC) and rural electric cooperatives.

The Tolentino bill institutionalizes the response of the government and the private corporations, especially during this pandemic period, by placing a moratorium on electric, water and telephone bills during the entire duration of a state of calamity or emergency.

It proposes that unpaid bills during the state of calamity or emergency be settled in three equal installments.

With Lenie Lectura

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SMIC feels virus pinch as Q1 income dips 16%

By VG Cabuag

C

@villygc

onglomerate SM Investments Corp. (SMIC) said the coronavirus disease 2019 (Covid-19) pandemic weighed on its performance in the first quarter as its net income during the period fell 16 percent to P9 billion, from last year’s P10.69 billion.

Consolidated revenues rose 2 percent to P111.2 billion from P109 billion last year.

Banks contributed 46 percent of net income, while property and retail added 44 percent and 10 percent, respectively.

“The ECQ [enhanced community quarantine] and broader pandemic started to weigh on our performance during the first quarter. Our strong balance sheet, capabilities and partnerships provide us with the flexibility to anticipate and adapt to changes in customer needs and behaviors,” said SMIC President Frederic C. DyBuncio.

“We are actively enhancing digital and delivery services across all our core businesses, while also working to support and protect our employees, customers, MSMEs and business partners.”

Retail operations under SM Retail Inc., which consist of both food—SM Markets, WalterMart and Alfamart—and nonfood— department store and specialty retail—posted revenues of P81 billion, still up 3 percent from last year’s P79 billion.

Net income of the retail group stood at P1.2 billion, down 56 percent from P2.7 billion the previous year.

Revenues from SMIC’s specialty retail stores stood at P16.5 billion, lower by 16 percent from the P19.6 billion recorded a year ago.

Mall operator SM Prime Holdings Inc. posted a 5-percent drop in consolidated net income to P8.3 billion, from P8.8 billion last year.

Consolidated revenues fell 3 percent to

P25.8 billion, from P26.5 billion last year.

The mall business, which accounts for 47 percent of consolidated revenues, closed operations since the implementation of ECQ, except for stores that offer essential products and services.

Domestic malls recorded revenues of P11.3 billion, 16 percent down from P13.5 billion last year.

Mall rental income fell 12 percent to P10.1 billion, from last year’s P11.5 billion.

The residential group, led by SM Development Corp. (SMDC), which accounts for 44 percent of consolidated revenues, recorded a 23-percent increase in revenues to P11.4 billion, from P9.3 billion a year ago.

SMDC’s reservation sales amounted to P24.8 billion.

SM Prime’s other business segments reported consolidated revenues of P2.2 billion in the first three months of the year.

“The residential segment has shown strong growth in the first three months, abating the effect of revenue losses in the malls segment. The balance between our recurring and developmental income streams sustains our healthy financial position during this pandemic,” said SM Prime President Jeffrey C. Lim. BDO Unibank posted a 10-percent fall in income to P8.8 billion for the period, from P9.8 billion last year, while China Banking Corp. saw its net income go up by 19 percent year-on-year to P2.2 billion.

AirAsia offers passengers flexibility

By Recto Mercene @rectomercene

B

udget carrier AirAsia said passengers with flight bookings departing between March 23 and July 31 can now choose between a Credit Account with a two-year validity period or unlimited flight changes for flights departing up to October 31.

All Credit Accounts previously issued for coronavirus disease 2019 (Covid-19) related disruptions will also be provided with an automatic extension of validity up to two years for future travel.

The airline said options available for

Nestlé backs global alliance in search for Covid-19 vaccine

P

eople all over the world are hoping to restart social and economic life safely, including visiting family and friends and getting back to work. A vaccine against coronavirus disease 2019 (Covid-19) is crucial to end the pandemic and to save lives and livelihoods. The Coalition for Epidemic Preparedness Innovations (CEPI) is playing an important role in funding and speeding up the development of Covid-19 vaccine candidates on a global basis.

That is why Nestlé is supporting CEPI’s efforts with a donation of CHF1 million ($1.03 million). CEPI is working quickly and collaboratively with the ambition to develop a safe, effective and globally accessible Covid-19 vaccine within a 12 to 18 month timeframe. They have already raised over $1 billion from governments, private donors and individuals around the world but need further funding to reach their goal of $2 billon to allow their Covid-19 programs to continue at pace.

Mark Schneider, CEO of Nestlé, said: “The Covid-19 pandemic has created a lot of pain and hardship in communities around the world. A safe and effective vaccine will be needed to return to normality. That is why it was important to us to get on board when CEPI issued their call. We hope others will join us and support this important mission.”

CEPI is an innovative global partnership between public, private, philanthropic, and civil society organizations launched in Davos in 2017 to develop vaccines to stop future epidemics.

Dr. Richard Hatchett, CEO of CEPI, said: “It will take a monumental effort to tackle this virus, but through global cooperation and financial contributions towards the Covid-19 response, businesses can play their part in helping to change the course of this devastating pandemic.

“We are grateful for Nestlé’s leadership in supporting our efforts to rapidly develop a safe, effective and globally accessible vaccine against Covid-19. At this pivotal moment in time, we call on other businesses to follow Nestlé’s initiative and provide the vital support necessary to get our lives, society and economies back on track.”

Nestlé thanks Economiesuisse and the Swiss American Chamber of Commerce, who are supporting CEPI's donation drive in Switzerland.

guests with eligible bookings are: n Unlimited flight changes: Change to any new travel date before October 31 on the same route for an unlimited number of times without any additional cost subject to seat availability; or n Credit Account: Retain the value of the flight booking in the guest’s AirAsia BIG Member account for future travel with AirAsia to be redeemed within 730 calendar days (two years) from the issuance date. The travel date of the new booking can fall on any date within the published flight schedule on airasia.com.

The airline said guests can refer to the Covid-19 guide for step-by-step instruc-

tions on how to use the airline’s AI chatbot AVA on support.airasia.com or airasia.com to make their selection.

AirAsia said within the next few weeks, the validity period of all unused Credit Accounts issued to guests affected by Covid-19 travel disruptions earlier will also be automatically extended to two years.

For group bookings or those made with travel agents, the airline urged customers to refer to their respective booking agent for further assistance. AirAsia said it is complying with advice and regulations from local governments, civil aviation authorities, global and local health agencies, including the World Health Organization.

SEC probes lending firms defying Bayanihan law

T

he Securities and Exchange Commission (SEC) said it is investigating financing and lending companies that allegedly refused to comply with its directive to give borrowers more time to settle loans falling due within the enhanced community quarantine and modified ECQ period.

In an advisory issued on May 20, the SEC reminded financing and lending companies to comply with the Bayanihan to Heal As One Act, which gave the President the power to implement a minimum 30-day grace period for the payment of all loans while the country battles the coronavirus pandemic.

“Any violation or noncompliance shall be dealt with to the full extent of the law,” the SEC said.

On April 1, the Department of Finance issued the implementing rules and regulations (IRR) directing all lenders, including those under the supervision of the SEC, to apply an initial 30-day grace period to all loans with principal and/or interest falling due during the ECQ period.

The initial 30-day grace period shall automatically be extended if the ECQ period is extended by the President pursuant to his emergency powers.

All financing companies, lending companies and microfinance nongovernment organizations shall apply the mandatory grace period to all loans with principal and/ or interest falling due between March 17 and May 31.

On May 6, the Inter-Agency Task Force

for the Management of Emerging Infectious Diseases issued Resolution 33, Series of 2020 directing all banks, quasi-banks, financing companies, lending companies, and other financial institutions to count the grace period from the respective due dates of qualified loans, or until such time that the community quarantine is lifted, whichever is longer.

Under the IRR, all covered institutions shall not impose interest on interest, fees and other charges to future payments or amortizations. Borrowers may also pay the interest accrued during the grace period on a staggered basis over the remaining life of the loan.

All covered institutions are further prohibited from requiring their borrowers to waive the application of the mandatory grace period. Nonetheless, borrowers may still choose to pay their obligations during the ECQ. Under the Bayanihan Act, refusal to provide 30-day grace period shall be punishable with imprisonment of two months or a fine of not less than P10,000 but not more than P1 million or both, at the discretion of the court. VG Cabuag

Friday, May 22, 2020

B1

PayMaya unveils app for MSMEs

By Lorenz S. Marasigan @lorenzmarasigan

F

inancial technology (fintech) player PayMaya Philippines has launched a mobile application that allows merchants to tap the digital financial platform’s payments services in just one to two days.

Called PayMaya Negosyo, the Android mobile app essentially provides merchants of varying sizes—from micro to medium enterprises—a means to use the fintech player for its digital payments gateway, which will be part of the “new normal.”

Interested merchants only need to sign up through the app using their mobile number, upload one valid government ID as well as a video selfie for liveliness check, and wait 24 to 48 hours for their application to be reviewed and approved so they can start accepting digital payments right away.

PayMaya President Shailesh Baidwan said merchants who successfully onboard PayMaya as a payment gateway may start accepting QR and other forms of digital payments using their smartphones. This technology also does not require merchants to have an e-commerce web site.

“As more consumers begin to prefer shopping online and paying using contactless methods, PayMaya Negosyo will give our MSMEs [micro, small and medium enterprises] the easiest and fastest way to accept digital payments from across a variety of sources–all they need now is their smartphone and a valid ID,” he said.

Baidwan explained that online purchases “will become part of the norm” in the next months, given the physical distancing requirements set to stop the spread of the coronavirus disease 2019.

PayMaya Negosyo wallets have a monthly limit of P250,000, more than double than the regular PayMaya e-wallets that have a monthly limit of P100,000 for upgraded users.

B2

Companies BusinessMirror

Friday, May 22, 2020

PSE STOCK QUOTATIONS

May 21, 2020

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

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

45.7 92 62.65 19.3 6.37 7.04 34.8 17.6 20.05 42.85 94.05 15.42 85.6 53.9 15.7 2.39 0.95 0.29 0.65 167

48.25 92.1 62.7 19.38 8.44 7.05 34.9 19.48 20.4 43.5 105 15.62 85.8 53.95 15.9 2.55 1.06 0.305 0.66 169

48.25 93.1 64 19.38 8.44 7.06 35 17.5 20.45 43.5 116.8 16.2 85.25 54.7 16 2.45 0.94 0.3 0.66 169

48.25 93.2 64.05 19.4 8.44 7.15 35.65 19.48 20.75 43.5 116.8 16.2 86.4 54.7 16 2.45 1.06 0.3 0.66 169.7

48.25 92 62.5 19.28 8.44 7.02 34.7 17.2 20 43.45 108 15.2 85.25 53.7 15.6 2.45 0.94 0.3 0.66 169

48.25 92 62.7 19.3 8.44 7.05 34.8 19.48 20.05 43.5 108 15.42 85.8 53.95 15.6 2.45 1.06 0.3 0.66 169

2500 2905410 2184190 260500 200 353200 4242100 3100 247000 2000 60 14400 539620 1080 900 1000 80000 10000 46000 40

120625 267893253.5 138077274.5 5,034,514( 1688 2492876 147841290 54318 4985990 86985 6628 224806 46305904.5 58633.5 14110 2450 81540 3000 30360 6767

120625 -55666276.5 -3951017.5 2,136,983.9997) -742181 31900820 -1939165 -154846 -22302416 -7013.5 -6650 -

INDUSTRIAL AC ENERGY 2.15 2.16 2.21 2.22 2.16 2.16 5841000 12681340 ABOITIZ POWER 26.2 26.3 26.05 26.35 25.55 26.2 983700 25632455 FIRST GEN 17.66 17.68 18.02 18.02 17.56 17.68 1157900 20474972 FIRST PHIL HLDG 52.75 53.9 53 53.2 52.75 52.75 46330 2454258.5 MERALCO 276 277 267.4 276 266 276 459360 125272808 MANILA WATER 11.72 11.82 11.9 11.9 11.7 11.72 1296300 15258050 PETRON 2.95 2.97 3.01 3.01 2.95 2.95 1839000 5453450 PETROENERGY 2.41 2.44 2.39 2.46 2.38 2.46 9000 21650 PHX PETROLEUM 11.1 11.24 11.4 11.4 11.32 11.32 6300 71440 PILIPINAS SHELL 16.58 16.7 16.48 17.3 16.48 16.58 616900 10297200 SPC POWER 7.82 7.88 7.9 7.9 7.75 7.88 42700 334967 AGRINURTURE 7.16 7.3 7.44 7.44 7.16 7.16 600500 4410294 AXELUM 2.69 2.7 2.77 2.77 2.69 2.7 247000 671590 CNTRL AZUCARERA 11.4 13.42 13.44 13.44 13.44 13.44 100 1344 CENTURY FOOD 15.22 15.26 15.4 15.4 15.26 15.26 1577200 24113652 DEL MONTE 3.9 3.96 3.96 3.96 3.96 3.96 60000 237600 DNL INDUS 4.94 4.95 5 5 4.92 4.95 4222100 20904036 EMPERADOR 7.68 7.7 7.78 7.78 7.63 7.7 1204000 9186972 SMC FOODANDBEV 62.15 62.35 62.5 63.5 62.05 62.15 267140 16644484 ALLIANCE SELECT 0.54 0.55 0.54 0.55 0.54 0.55 235000 127950 FRUITAS HLDG 1.32 1.33 1.31 1.32 1.3 1.32 3426000 4494330 GINEBRA 29.5 29.95 29.95 29.95 29.95 29.95 300 8985 JOLLIBEE 136.5 136.6 138 139 136.3 136.5 658920 90036903 MAXS GROUP 5.64 5.65 5.65 5.7 5.6 5.64 198900 1124361 MG HLDG 0.122 0.139 0.125 0.125 0.121 0.125 170000 21060 PEPSI COLA 1.91 1.92 1.91 1.92 1.9 1.92 304000 580710 SHAKEYS PIZZA 5.71 5.75 5.8 5.83 5.69 5.75 699300 4006247 ROXAS AND CO 1.73 1.74 1.66 1.77 1.66 1.73 6861000 11824020 SWIFT FOODS 0.102 0.114 0.103 0.103 0.102 0.102 150000 15310 UNIV ROBINA 124.1 124.6 121.6 124.8 121.6 124.1 1313100 161807517 VITARICH 0.79 0.8 0.79 0.81 0.79 0.81 235000 186940 VICTORIAS 2.21 2.39 2.21 2.21 2.21 2.21 13000 28730 CONCRETE A 48.05 57.9 57.9 57.9 57.9 57.9 10 579 CEMEX HLDG 1.08 1.09 1.09 1.09 1.06 1.09 5830000 6276970 EAGLE CEMENT 8.34 8.35 8.49 8.49 8.25 8.35 31900 267498 EEI CORP 4.95 4.98 5.12 5.12 4.93 4.98 369500 1840225 HOLCIM 7.66 7.79 7.75 7.85 7.66 7.79 203400 1573324 MEGAWIDE 5.09 5.1 5.21 5.3 5.05 5.1 3579800 18330246 PHINMA 8.3 8.69 8.25 8.25 8.25 8.25 100 825 TKC METALS 0.76 0.79 0.78 0.8 0.76 0.8 8000 6140 VULCAN INDL 0.63 0.64 0.62 0.63 0.62 0.63 45000 28340 CHEMPHIL 120.4 149.9 138 138 138 138 100 13800 CROWN ASIA 1.73 1.74 1.72 1.74 1.72 1.74 30000 51800 EUROMED 2.55 2.58 2.65 2.65 2.54 2.58 301000 773630 CONCEPCION 22.5 23 23 23 23 23 5600 128800 GREENERGY 1.4 1.41 1.46 1.47 1.37 1.41 4378000 6208640 INTEGRATED MICR 5.47 5.5 5.52 5.54 5.24 5.5 727400 3980582 IONICS 1.22 1.23 1.18 1.22 1.18 1.22 839000 1015800 PANASONIC 4.6 6.67 4.55 4.6 4 4.6 94000 427250 SFA SEMICON 1.35 1.36 1.28 1.41 1.28 1.36 12875000 17603810 CIRTEK HLDG 7.94 7.95 7.77 8.09 7.72 7.94 9042500 70917602

-932780 4294805 -16601976 -2437319.5 7909434 -1107334 -412130 1036106 746155 -2760 -43294 -39600 -3809162 -9156000 6645070 -180780 -15400219 -169500 61340 903247 -222700 -85472577 -603810 2520 -364783 230700 -5106744 -128800 -39790 -2720314 24000 104279.9999 40737

HOLDING & FRIMS ABACORE CAPITAL 0.51 0.52 0.51 0.52 0.5 0.51 744000 382760 ASIABEST GROUP 7.96 8.19 8.22 8.23 7.96 8.19 3500 28570 AYALA CORP 683.5 684.5 665 687.5 665 684.5 314430 214486090 ABOITIZ EQUITY 41.4 42 41.9 42 40.6 42 1191700 49332530 ALLIANCE GLOBAL 6.1 6.14 6.05 6.14 6.05 6.14 1669000 10144357 AYALA LAND LOG 1.64 1.65 1.65 1.67 1.64 1.65 1459000 2409030 ANSCOR 5.97 6.05 6.05 6.05 5.98 6 64900 388485 ANGLO PHIL HLDG 0.5 0.54 0.5 0.5 0.5 0.5 1000 500 ATN HLDG A 0.51 0.52 0.5 0.52 0.5 0.51 552000 280000 ATN HLDG B 0.52 0.57 0.53 0.53 0.52 0.52 310000 161600 COSCO CAPITAL 5.04 5.1 5.19 5.19 4.96 5.04 3178000 16007432 DMCI HLDG 4.08 4.1 4.1 4.12 4.08 4.1 2848000 11671520 FORUM PACIFIC 0.156 0.168 0.158 0.158 0.156 0.156 320000 49950 GT CAPITAL 368 369.8 376 380 364 368 244400 90474988 HOUSE OF INV 3.49 3.69 3.51 3.51 3.51 3.51 9000 31590 JG SUMMIT 48.6 48.9 48.6 49.1 47.55 48.6 2007500 97664325 JOLLIVILLE HLDG 5.21 5.72 5.21 5.72 5.21 5.72 400 2135 KEPPEL HLDG A 4.81 5.2 4.68 4.73 4.68 4.73 200 941 KEPPEL HLDG B 5.19 6.24 5.19 5.19 5.19 5.19 900 4671 LODESTAR 0.51 0.54 0.52 0.54 0.51 0.54 30000 15950 LOPEZ HLDG 2.45 2.46 2.45 2.5 2.45 2.46 1878000 4614640 LT GROUP 7.22 7.23 7.26 7.35 7.22 7.23 2179900 15790285 MABUHAY HLDG 0.46 0.54 0.54 0.54 0.54 0.54 10000 5400 METRO PAC INV 2.78 2.8 2.78 2.8 2.74 2.8 13431000 37408250 PRIME MEDIA 0.8 0.82 0.82 0.82 0.82 0.82 27000 22140 SOLID GROUP 0.94 0.99 0.94 0.95 0.93 0.93 449000 424260 SYNERGY GRID 160 167 167 167 167 167 50 8350 SM INVESTMENTS 835 836 820 838.5 816 835 246180 205286960 SAN MIGUEL CORP 95.45 96 96 96 95.5 95.5 165570 15835084.5 SOC RESOURCES 0.67 0.68 0.67 0.67 0.67 0.67 31000 20770 TOP FRONTIER 130.3 136 131 136 130 136 2280 297640 WELLEX INDUS 0.177 0.18 0.177 0.177 0.177 0.177 20000 3540 ZEUS HLDG 0.138 0.143 0.14 0.146 0.138 0.146 220000 30620

-62930 63727295 10729840 -3981675 -49500 -26018 -15900 -747679 2789480.0002 -22803422 300825 2729326 20161940 21148050 150596.5 9100 9660

PROPERTY ARTHALAND CORP 0.5 0.52 0.52 0.52 0.5 0.52 120000 61870 AYALA LAND 31.9 32.05 32.4 32.5 31.85 32.05 7250200 233005795 BELLE CORP 1.34 1.35 1.37 1.38 1.35 1.35 131000 176900 A BROWN 0.52 0.53 0.52 0.54 0.51 0.53 281000 147050 CROWN EQUITIES 0.124 0.125 0.124 0.124 0.124 0.124 10000 1240 CEBU HLDG 5.37 5.5 5.5 5.5 5.5 5.5 9600 52800 CEB LANDMASTERS 3.88 3.97 3.98 3.98 3.81 3.97 129000 507010 CENTURY PROP 0.34 0.345 0.345 0.345 0.34 0.345 960000 330850 CYBER BAY 0.27 0.28 0.275 0.275 0.27 0.27 1140000 307850 DOUBLEDRAGON 16.94 16.96 16.98 16.98 16.66 16.94 217400 3668618 DM WENCESLAO 6.48 6.5 6.5 6.5 6.46 6.5 124600 809800 EMPIRE EAST 0.28 0.295 0.28 0.28 0.28 0.28 10000 2800 EVER GOTESCO 0.111 0.114 0.077 0.114 0.077 0.114 6100000 661800 FILINVEST LAND 0.93 0.94 0.94 0.94 0.91 0.93 17360000 16079210 GLOBAL ESTATE 0.79 0.8 0.78 0.8 0.78 0.8 1084000 847170 8990 HLDG 10 10.32 9.9 10.36 9.9 10 24900 250682 PHIL INFRADEV 0.8 0.81 0.76 0.82 0.76 0.8 1133000 911530 KEPPEL PROP 3.5 3.59 3.05 3.7 3.05 3.5 212000 690750 MEGAWORLD 2.64 2.65 2.54 2.65 2.54 2.64 15202000 39626850 MRC ALLIED 0.147 0.15 0.151 0.154 0.147 0.147 20920000 3118740 PRIMEX CORP 1.46 1.5 1.46 1.5 1.46 1.5 5000 7340 ROBINSONS LAND 15 15.02 14.6 15.04 14.32 15 1954500 28874136 PHIL REALTY 0.235 0.244 0.244 0.244 0.244 0.244 10000 2440 ROCKWELL 1.43 1.48 1.5 1.5 1.42 1.49 100000 143230 SHANG PROP 2.66 2.7 2.7 2.7 2.65 2.66 105000 279500 STA LUCIA LAND 1.83 1.93 1.89 1.95 1.89 1.95 47000 90040 SM PRIME HLDG 28.95 29.1 29.4 29.5 28.75 28.95 19547300 567594595 VISTAMALLS 3.61 3.75 3.75 3.75 3.62 3.62 7000 25600 SUNTRUST HOME 1.18 1.2 1.2 1.21 1.16 1.2 1429000 1683130 PTFC REDEV CORP 44.95 45 44.95 44.95 44.95 44.95 600 26970 VISTA LAND 3.39 3.46 3.43 3.47 3.36 3.39 1818000 6168780

-30319905 -1350 -52800 15570 34499.9998 2307012 1300 -229120 8687730 -93320 10640 9039430 -90000 2752682 -84987695 -4178140

SERVICES ABS CBN 15.88 15.9 16 16 15.7 15.9 209500 3332130 GMA NETWORK 4.93 4.95 4.98 4.98 4.85 4.92 185000 911740 MANILA BULLETIN 0.36 0.375 0.37 0.375 0.36 0.36 50000 18500 MLA BRDCASTING 18.04 18.6 18 19 16.7 18.6 43300 792630 GLOBE TELECOM 2260 2270 2232 2280 2232 2270 103905 235195040 PLDT 1216 1223 1201 1238 1201 1216 107970 131638740 DFNN INC 2.8 3.06 2.8 2.8 2.8 2.8 100000 280000 DITO CME HLDG 2.26 2.27 2.17 2.27 2.15 2.27 29070000 64888060 ISLAND INFO 0.068 0.079 0.08 0.08 0.08 0.08 10000 800 NOW CORP 1.72 1.73 1.72 1.75 1.72 1.72 389000 672350 TRANSPACIFIC BR 0.179 0.18 0.18 0.185 0.18 0.18 590000 106250 PHILWEB 2.35 2.36 2.3 2.35 2.29 2.35 356000 828510 2GO GROUP 9.75 9.8 9.75 10.18 9.75 9.75 29300 288360 ASIAN TERMINALS 16.06 16.98 16.98 16.98 16.02 16.02 1000 16884 CHELSEA 3.08 3.13 3.08 3.15 3.06 3.08 229000 704970 CEBU AIR 37.5 37.95 39.55 40 37.5 37.5 317400 12179890 INTL CONTAINER 84.5 84.8 82.2 84.9 82.2 84.5 1021500 85792302 LORENZO SHIPPNG 0.74 0.77 0.76 0.77 0.76 0.77 15000 11440 MACROASIA 4.06 4.1 4.16 4.29 4.05 4.06 3857000 15992210 METROALLIANCE A 2.68 2.69 2.65 2.8 2.65 2.68 4520000 12266200 METROALLIANCE B 2.6 2.7 2.51 2.69 2.51 2.6 14000 35860 PAL HLDG 6.63 6.7 6.7 6.75 6.6 6.61 37000 246856 HARBOR STAR 0.79 0.8 0.8 0.82 0.8 0.8 503000 404260 ACESITE HOTEL 1.11 1.13 1.05 1.11 1.05 1.11 4000 4320 BOULEVARD HLDG 0.025 0.026 0.026 0.027 0.025 0.025 21100000 537300 WATERFRONT 0.365 0.38 0.385 0.385 0.385 0.385 10000 3850 IPEOPLE 6.8 7.27 7.35 7.35 6.7 7.27 11000 76941 STI HLDG 0.305 0.31 0.31 0.315 0.3 0.305 920000 284400 BERJAYA 2.02 2.07 2.07 2.08 2.02 2.07 38000 78360 BLOOMBERRY 5.31 5.33 5.39 5.39 5.23 5.33 8764400 46411728 PACIFIC ONLINE 1.82 1.91 1.91 1.91 1.91 1.91 1000 1910 LEISURE AND RES 1.45 1.49 1.5 1.5 1.44 1.44 473000 699690 PH RESORTS GRP 2.28 2.29 2.28 2.29 2.28 2.29 6000 13710 PREMIUM LEISURE 0.29 0.295 0.3 0.3 0.295 0.295 680000 200700 ALLHOME 5.77 5.79 5.9 5.9 5.77 5.79 1447400 8415531 METRO RETAIL 1.64 1.65 1.67 1.71 1.65 1.65 820000 1366410 PUREGOLD 46.3 46.35 46.2 46.4 45.3 46.35 7253900 335974295 ROBINSONS RTL 70.5 71 70.6 71.2 70.1 71 644800 45736703 PHIL SEVEN CORP 130 131 130 130.5 130 130 68040 8851783 SSI GROUP 1.12 1.13 1.13 1.13 1.11 1.13 1001000 1123550 WILCON DEPOT 14.94 14.96 15.4 15.4 14.92 14.94 2661000 40391880 APC GROUP 0.305 0.31 0.305 0.32 0.305 0.305 690000 214150 EASYCALL 6.92 7.19 7 7.2 6.71 6.91 25600 178884 GOLDEN BRIA 301 315.8 300 300 300 300 50 15000 PAXYS 2.14 2.28 2.15 2.19 2.15 2.19 15000 32600 PRMIERE HORIZON 0.217 0.219 0.213 0.219 0.213 0.219 2400000 519230

16074730 14311970 140000 -906740 58510 -61600 -7211460 3696195.5 -379949.9998 1330 -55600 11515402 1500 5900 1926518 -75390 19678775 -7511304.5 273885 -468500.0001 7932048 21900

MINING & OIL ATOK 9.85 10.34 10.5 10.5 9.85 10.4 14700 146989 APEX MINING 0.91 0.92 0.95 0.96 0.91 0.92 1173000 1090280 ABRA MINING 0.001 0.0011 0.001 0.001 0.001 0.001 88000000 88000 70000 ATLAS MINING 1.81 1.92 1.8 1.8 1.8 1.8 57000 102600 BENGUET A 1 1.12 1.14 1.14 1.12 1.12 2000 2260 CENTURY PEAK 2.68 2.72 2.7 2.72 2.7 2.72 115000 311240 292200 DIZON MINES 6.99 7.15 7 7.12 7 7.12 2500 17740 FERRONICKEL 0.81 0.82 0.78 0.81 0.78 0.81 3690000 2955170 GEOGRACE 0.2 0.207 0.201 0.207 0.201 0.201 60000 12120 LEPANTO A 0.077 0.079 0.08 0.08 0.08 0.08 40000 3200 LEPANTO B 0.077 0.08 0.079 0.079 0.079 0.079 180000 14220 NIHAO 1 1.02 1 1.03 1 1 58000 58330 NICKEL ASIA 1.58 1.59 1.62 1.64 1.57 1.58 5915000 9497230 -1348020 PX MINING 2.29 2.35 2.46 2.46 2.27 2.35 177000 416640 16870 SEMIRARA MINING 11.18 11.2 11.56 11.56 11.18 11.2 907800 10220874 139702 ACE ENEXOR 6.55 6.7 6.74 6.74 6.55 6.7 25500 167339 ORNTL PETROL B 0.0085 0.0095 0.0085 0.0095 0.0085 0.0095 6000000 54000 PHILODRILL 0.008 0.0081 0.008 0.008 0.008 0.008 16000000 128000 PXP ENERGY 5.13 5.15 5.2 5.33 5.06 5.13 3066900 15931021 -317967

PREFFERED AC PREF B2R 500 502 500 500 500 500 2580 1290000 DD PREF 99.85 100 99.9 99.9 99.9 99.9 9600 959040 GTCAP PREF B 983 998 998 998 998 998 1000 998000 PNX PREF 4 997.5 999 999 999 998 999 11550 11537340 PCOR PREF 3A 1022 1023 1022 1023 1022 1023 1500 1533500 PCOR PREF 3B 1025 1050 1023 1023 1023 1023 50 51150 SMC PREF 2D 74.7 75.1 75 75.1 75 75.1 610 45763 SMC PREF 2G 75.3 75.95 75.95 75.95 75.95 75.95 200 15190 SMC PREF 2I 76.5 76.95 76.5 76.5 76.5 76.5 27000 2065500

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.7 14.98 15 15 14.8 14.8 25600 380180 -272180 GMA HLDG PDR 4.7 4.89 4.68 4.8 4.68 4.8 439000 2083220 1601780

WARRANTS LR WARRANT 0.7 0.71 0.71 0.71 0.7 0.7 13000 9190

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.89 1.94 1.9 1.94 1.89 1.89 632000 1205070 KEPWEALTH 6.23 6.25 6.11 6.3 6 6.3 30700 187604 MAKATI FINANCE 1.61 1.95 1.58 1.58 1.58 1.58 1000 1580 XURPAS 0.6 0.61 0.59 0.6 0.57 0.6 1499000 883810

EXHANGE TRADE FUNDS

FIRST METRO ETF 85.25 85.3 84.6 85.5 84.6 85.25 8880 757677.5 35800.5

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FLI: Drop in Q1 income due to lockdown in major cities

P

By VG Cabuag

@villygc

roperty developer Filinvest Land Inc. (FLI) on Thursday said its attributable net income in the first quarter declined by 25 percent to P1.35 billion, from P1.79 billion in 2019, due to the lockdown in major cities starting mid-March.

Gross revenues fell 28 percent to P5.15 billion, from the previous P7.21 billion, as the enhanced community quarantine (ECQ) affected operations and delayed construction activities, it said.

Real estate sales revenues went down 39 percent as a result of lower sales take-up in 2019 and delays in the completion of the projects during the ECQ period.

FLI granted a grace period for

homebuyers’ payments as support to its customers during the ECQ period which affected real estate sales.

From January to March, FLI was able to launch three projects worth P2.1 billion which included Tropics 4 Phase 1, a mid-income horizontal development in Cainta, Rizal; Futura Vinta Zamboanga, a mid-rise building development in Zamboanga; and Studio N, a high-rise project in Filinvest City, Alabang.

The plan for the entire year is to launch a total of P13.4 billion worth of residential projects.

“We will prioritize the completion of projects that are already under construction and projects that address the immediate needs of our clients and homebuyers,” said FLI President and CEO L. Josephine Gotianun-Yap. “The country is in a difficult and trying situation. Our focus right now is to serve our customers through financial relief for our affordable and middle income clients during ECQ as well as new safety protocols and conveniences for our homeowners.

Paramount as well is to ensure the health and financial peace of mind of our employees both direct and indirect.”

Rental revenues rose 4 percent to P1.79 billion, from P1.72 billion last year, with the growth in office leasing offsetting the decline in retail mall revenues.

FLI’s office buildings continued to enjoy high occupancy rates and remained operational during the

ECQ period, but most parts of its shopping malls were closed beginning the second half of March and for the duration of the ECQ, with the exception of essential services such as supermarkets, drugstores and banks.

The company waived rent for establishments which are not operational during the ECQ period.

Yap said the company has already moved a large part of its planned launches to 2021 and it hopes to accelerate the launches if there is an improvement in market demand.

“We have also allocated resources for the completion of additional office buildings as well as the logistics hub, Filinvest Innovation Park at New Clark City, which we foresee will play a significant role in the shift to e-commerce , and the development of our townships,” she said.“We have reconfigured our processes to maximize the use of digital technology that we have implemented in the past to service the needs of our clients and our suppliers.”

GERI income falls slightly in 2019

G

lobal-Estate Resorts Inc. (GERI), a unit of property developer Megaworld Corp., on Thursday said its attributable net income last year fell to P1.48 billion, from the previous year’s P1.49 billion.

Revenues rose 12 percent to P8.45 billion, from P7.52 billion in the previous year as real estate sales still anchored the top line while leasing and hotel operations boosted revenues.

“Our available residential inventory in our various tourism townships, which are mostly in the provinces such as Southwards City, Boracay Newcoast, Eastland Heights, Sta. Barbara Heights, Arden Botanical Estate and Hamptons Caliraya, will allow us to sustain our real estate sales moving forward,” said Monica

Salomon, company president.

“These developments outside Metro Manila provide residential buyers with the needed breathing space and fresh air in natural surroundings—which are what most buyers and investors are looking for right now.”

Real estate sales reached P6.1 billion in 2019 coming from the sale of condominium units, as well as residential and commercial lots in Boracay, Twin Lakes and Southwoods City.

Last year, GERI registered a record-level sales reservation amounting to P19 billion, while it added P11 billion worth of new projects in its inventory.

Revenues from the company’s leasing operations grew 75 percent to P747 million in 2019, from the previous year’s P427 million, mainly

AC Health spends ₧300M for fight against Covid-19

A

yala Healthcare Holdings Inc. (AC Health) said it has spent some P300 million in investments and donations to fight coronavirus disease 2019 (Covid-19), as the company braces for the second or third wave of infections after the lockdown is lifted.

Paolo Borromeo, AC Health president and CEO, said on Wednesday that the company is constructing biosafety laboratories with its partner Tropical Disease Foundation (TDF). This is meant to increase the Ayala-led Covid-19 tests to 3,000 per day.

These laboratories will be situated in the TDF in Makati and Qualimed Hospitals in Sta. Rosa, Laguna, Tanauan, Batangas, San Jose Del Monte, Bulacan and Iloilo City. The said facilities will be operational by mid-June.

In total, the country has the capacity to do about 11,000 Covid-19 tests per day, but it needed to push the capacity to 30,000 tests a day by the end of May and up to 50,000 tests by June.

Borromeo said they are preparing for the second wave of possible Covid-19 infections, which it expects when the lockdown is eased in some areas.

“As we track the trend starting from week one...the lockdown has been fairly effective because the cases both in Familydoc and Healthway as well as [what] we’re seeing in the hospitals... its not in the level of overwhelming demand of patients as it once was during week 2 and week 3 [since the lockdown

is implemented],” Borromeo said during the company's online briefing.

Suspected Covid-19 infections started to go down at an average of 10 percent to 15 percent starting weeks 4 to 6, but cases slightly rose during weeks 7 and 8, he said. AC Health has kept 62 Familydoc primary care and 7 Healthway multispecialty clinics open to serve as triage points for suspected Covid-19 cases and to cater to the majority of non-Covid-19 patients in need. To date, the clinic network has triaged around 9,700 probable and 8,900 suspect cases.

Borromeo said data collected from its network of clinics can become a leading indicator, and there’s a need to raise the alarm bells again if cases increase, such as when it reached the 500 confirmed cases or more per day as collected by the Department of Health.

At the moment, the country is averaging at about 200 suspected coronavirus cases per day.

“By and large we feel that the cases has been managed but of course we all need to be vigilant from the threat of second and third waves [of Covid-19 infections],” he said.

AC Health has led the conversion of Qualimed Sta. Rosa into a Covid-19 referral hospital. The triage holding area was launched on May 18 and it can accommodate up to 12 mild cases of Covid-19. The hospital has also created an additional 31 inpatient and eight intensive care unit beds exclusive for Covid-19. VG Cabuag

due to the full year rent of its offices and mall in Southwoods City.

Hotel revenues more than tripled to P814 million in 2019, from P224 million in the previous year, following the opening of Twin Lakes Hotel

mutual funds

and the reopening of the hotels in Boracay Newcoast in October 2018.

Currently, GERI has 8 integrated tourism developments across the country covering more than 3,300 hectares of land. VG Cabuag May 21, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 184.42 -28.2% -11.96% -8.27% -26.79% ATRAM Alpha Opportunity Fund, Inc. -a 0.9327 -41.64% -15.18% -9.57% -32.51% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.4811 -38.03% -16.42% -11.05% -32.55% Climbs Share Capital Equity Investment Fund Corp. -a 0.6404 -30.18% n.a. n.a. -28.61% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6633 -21.8% n.a. n.a.

-21.9% First Metro Save and Learn Equity Fund,Inc. -a 4.0333 -24.28% -8.95% -7.43% -24.3% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6221 -26.86% -12.99% n.a.

-27.12% MBG Equity Investment Fund, Inc. -a 74.76 -38.56% n.a. n.a.

-27.65% PAMI Equity Index Fund, Inc. -a 36.8208 -27.24% -10.52% n.a.

-28.2% Philam Strategic Growth Fund, Inc. -a 396.79 -25.01% -9.77% -7.22% -25.52% Philequity Alpha One Fund, Inc. -a,d,5 0.8408 n.a. n.a. n.a. -18.38% Philequity Dividend Yield Fund, Inc. -a 0.9475 -26.44% -9.64% -6.6% -26.37% Philequity Fund, Inc. -a 27.7676 -26.49% -9.24% -6.44% -26.73% Philequity MSCI Philippine Index Fund, Inc. -a 0.7304 -27.77% n.a. n.a. -28.26% Philequity PSE Index Fund Inc. -a 3.751 -26.84% -10.08% -6.38% -28.19% Philippine Stock Index Fund Corp. -a 627.05 -26.73% -10.07% -6.58% -28.1% Soldivo Strategic Growth Fund, Inc. -a 0.5784 -36.89% -13.56% -10.23% -32.06% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9497 -30.18% -10.95% -7.48% -29.92% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7194 -26.89% -10.22% -6.5% -28.12% United Fund, Inc. -a 2.6937 -26.09% -7.98% -5.38% -26.27% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 84.0942 -26.61% -9.6% -5.77% -28.1% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.9012 -5.63% -2.1% -3.55% -12.37% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2822 1.15% 4.03% n.a.

-7% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5014 -10.89% -5.34% -5.01% -3.93% ATRAM Philippine Balanced Fund, Inc. -a 1.9542 -13.93% -5.85% -3.82% -10.4% First Metro Save and Learn Balanced Fund Inc. -a 2.3259 -10.25% -3.32% -4.71% -11.61% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1814 n.a. n.a. n.a.

-20.61% NCM Mutual Fund of the Phils., Inc. -a 1.7818 -6.26% -1.98% -1.76% -9.24% PAMI Horizon Fund, Inc. -a 3.3036 -9.06% -3.72% -3.3% -12.81% Philam Fund, Inc. -a 14.7883 -9.8% -3.88% -3.37% -12.81% Solidaritas Fund, Inc. -a 1.8352 -13.27% -4.9% -3.18% -13.67% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1212 -17.8% -5.92% -4.41% -19.22% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.8944 -9% n.a. n.a. -11.94% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.7836 -19.67% n.a. n.a. -21.36% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7598 -21.91% n.a. n.a.

-23.5% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7682 -21.02% -7.07% -6.03% -21.19% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03804 4.02% 2.25% 1.43% -0.5% PAMI Asia Balanced Fund, Inc. -b $0.9436 -0.92% -0.5% -1.63% -9.09% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.6607 -0.31% 2.77% 1.87% -6.4% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0717 - 0.91% 1.11% n.a.

-5.06% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 363.32 4.21% 3% 2.48% 1.54% ATRAM Corporate Bond Fund, Inc. -a

1.9327 2.5% 1.01% -0.12% 1.61% Cocolife Fixed Income Fund, Inc. -a 3.1754 4.74% 5.14% 5.11% 1.9% Ekklesia Mutual Fund Inc. -a 2.2749 4.96% 2.74% 2.26% 2.24% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4243 6.97% 3.1% 1.84% 2.76% Philam Bond Fund, Inc. -a 4.5182 11.14% 3.73% 2.24% 3.32% Philam Managed Income Fund, Inc. -a,6 1.2808 6.57% 3.71% 2.01% 1.92% Philequity Peso Bond Fund, Inc. -a 3.8879 7.41% 3.83% 2.22% 2.63% Soldivo Bond Fund, Inc. -a 1.0214 10.82% 3.38% 1.7% 5.92% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1338 8.11% 4.64% 2.87% 1.88% Sun Life Prosperity GS Fund, Inc. -a

1.7295 7.62% 4.07% 2.46% 1.67% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $470.06 3.19% 2.35% 2.49% 0.39% ALFM Euro Bond Fund, Inc. -a Є214.23 -0.87% 0.52% 0.7% -2.5% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2049 2.92% 2.47% 2.17% -0.19% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 1.97% 1.32% 1.12% 0.39% PAMI Global Bond Fund, Inc -b $1.0567 -1.23% -0.57% -0.46% -3.52% Philam Dollar Bond Fund, Inc. -a $2.409 5.64% 2.88% 2.55% 0.22% Philequity Dollar Income Fund Inc. -a $0.0598636 2.31% 1.6% 1.52% -0.75% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1636 5.72% 2.1% 2.07% -0.37% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.63 3.79% 3.13% 2.37% 1.47% First Metro Save and Learn Money Market Fund, Inc. -a 1.0386 2.68% n.a. n.a.

1.2% Sun Life Prosperity Money Market Fund, Inc. -a 1.2796 3.3% 3.02% 2.55% 1.19% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0423 1.63% n.a. n.a.

0.49% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.91 n.a. n.a. n.a.

-8.08% 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).

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

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Banking&Finance BusinessMirror

Insurance Commission to halt projects worth P12.48 million

By Bernadette D. Nicolas @BNicolasBM

A

S part of government’s belttightening measures amid the Covid-19 pandemic, the Insurance Commission (IC) identified and proposed to discontinue programs, activities and projects worth P12.48 million.

A Circular Letter 2020-65 by Insurance Commissioner Dennis B. Funa noted that the total amount is equivalent to 10.16 percent of P122.855 million allotted for IC’s maintenance and other operating expenses (Mooe) and capital outlay for this year.

Agencies under the Executive Department, including IC, was directed to discontinue certain appropriated programs, projects or activities in the 2019 and 2020 national budgets, including unreleased appropriations and unobligated released allotments.

According to the National Budget Circular (NBC) 580 issued by the Department of Budget and Management (DBM), the funds that will be raised from this move will be used by the national government to fund the operations and response measures addressing the coronavirus disease 2019 health crisis.

“Whereas, in the interest of transparency of its public service, the IC finds the need to disclose information as regards its compliance with NBC 580 issued by the DBM,” it said.

The IC said P10.268 million are activities under the Mooe while P2.215 million are for capital outlay.

Those identified by IC be discontinued under MOOE are local and foreign traveling expenses worth P1.5 million and P2.652 million, respectively; IC employees’ “Welfare Development Day” worth P2 million,

and radio placement for advertising worth P1.5 million, among others.

The IC said it is also proposing to discontinue the procurement of power generator sets for its district offices in Cebu and Davao amounting to a total of P1.5 million. It would also stop the supply and installation of outdoor stainless steel IC Logo with LED lights worth P365,000 and the provision of an optical reader mark machine amounting to P350,000.

The DBM earlier said it is targeting a maximum of P50 billion to P70 billion in savings from the adoption of “economy measures” under NBC 580.

However, Budget Secretary Wendel E. Avisado earlier expressed pessimism to the BusinessMirror over meeting this target given that many agencies are requesting for reconsideration and exemption.

Under the circular issued by DBM last month, the release of 35 percent of programmed appropriations and, likewise, at least 10 percent of the total released allotments covered entities for MOOE and CO. Several activities, such as the hiring of job orders, except those considered as frontliners, have also been stopped in order to partially generate funds for efforts addressing the pandemic.

Aside from travel and transportation, Mooe also refers to spending for supplies and materials, water supply, electricity and equipment repairs.

Capital outlays refer to buying goods and services, the benefits of which extend beyond the fiscal year and add to government assets, including investments in the capital stock of government-owned and -controlled corporations and their subsidiaries.

Philam Life says extended ₧30.7B-worth of coverage

L

ife insurance firm Philippine American Life and General Insurance Co. (AIA Philam Life) said it has so far extended P30.7billion worth of coverage for critical illness and life insurance to over 34,500 people this year.

AIA Philam Life CEO Kelvin Ang told reporters on Thursday the figure translates to achieving 31 percent of targets to have 110,000 people covered. It also represents achieving 31 percent of the target to extend P110 billion in critical illness and life insurance coverage this year.

AIA Philam Life is targeting to give P1 million coverage to 110,000 people, which translates to P110 billion in basic sum assured.

“Despite the challenges in Q1 [first quarter] brought about by a natural disaster and a global pandemic, we at AIA Philam Life have remained steadfast in fulfilling our mission to protect more Filipinos,” Ang said.

AIA Philam Life Chief Financial Officer Gary Ogilvie said the insurance company’s financial stability remains strong with excess capital five times the amount set by the Insurance Commission (IC).

Citing 2018 data from the IC, Ogilvie said the company’s net worth stood at P77.12 billion while assets are at P247 billion.

“AIA Philam Life had an excellent year in 2019 with our value of new business seeing strong double-digit growth supported by our product mix shift towards traditional protection products,” Ogilvie added. He said the insurer’s financial stability also “remains strong” with excess capital five times the amount set by the IC. “Despite the global pandemic and possible downturn in economic performance we remain financially strong to weather the storm and support our customers,” Ogilvie said.

As the country also prepares for the “New Normal” after the enhanced community quarantine period, the insurance company said it

is “getting ready to face the implications and challenges of the pandemic, including heightened awareness for protection, prevalence of digital, and displacement of workforce due to social distancing restrictions.”

AIA Philam Life Chief Marketing Officer Leonardo Tan Jr. said the company has already completed its “protection trinity.”

“When we talk about protection, the most important concerns that we have to prepare for are medical, critical illness and life/ personal accident, what we call the ‘protection trinity,’” Tan said. He added the launch of a product in March allowed the company to complete the “protection trinity.”

Tan said the company is committed to provide “seamless customer experience with a fully digitallyenabled agency force and back-end support.”

The executives said the insurer aims to recruit 10,000 new financial advisors and bancassurance sales executives within the next months.

With this, AIA Philam Life is seeking to contribute to the economic recovery of the country by providing career and earning opportunities in its recruitment efforts, they added.

“With the expected upsurge in interest for protection products, we will need more people to serve this demand. Our brand promise takes on a deeper meaning as we focus on our purpose, not just on business results,” Ang said. “With the growth of our agency force, we will be able to reach and protect more customers, at the same time bigger earning potential for new recruits who can work from the comfort and safety of their own homes, digitally enabled with our various platforms, as they keep the wheels of the economy turning.”

Based on the Insurance Commission results as of 31 December 2018, the combined total premium income of Philam Life and a subsidiary is at P40.7 billion. Bernadette D. Nicolas

Friday, May 22, 2020 B3

Psalm to borrow ₧43 billion to pay maturing obligations

T

By Lenie Lectura

@llectura

HE Power Sector Assets and Liabilities Management Corp.

(Psalm) intends to secure a P43-billion loan from the Development Bank of the Philippines (DBP) to pay for its maturing obligations this year.

“This loan will be needed because, while Psalm anticipates revenues coming from privatization proceeds, power sales, delinquent and overdue accounts collections, and UC [Universal Charge] stranded debts proceeds, these revenues will not be sufficient to cover all the maturing obligations and operating expenses (opex) for the rest of 2020,” the state firm said last Thursday.

Psalm has about P51.47 billion maturing debts and P23.95 billion

of Independent Power Producers (IPP) lease obligations for the rest of this year. Also, the governmentowned and controlled corporation needs about P3.42 billion in opex for the rest of the year.

The company said it has already obtained the approval of the Department of Finance to implement the first drawdown from the said loan by June.

As of May 14, Psalm’s debts reached P404.28 billion. It reduced its financial obligations by P17.7

billion from P422.01 at the start of the year.

Psalm said it had sufficient funds to pay all its maturing obligations in the first five months of the year, even those that fell due during the enhanced community quarantine (ECQ).

Psalm’s liquidity was mainly because of its efficient performance in 2019 and in the early months of 2020, and notwithstanding the deferment of substantial revenue collections during the ECQ as ordered by the Energy Regulatory Commission and the Department of Energy on Covid-19.

According to Psalm, it has been paying its maturing debts and IPP obligations, including interest and other charges, despite the ECQ and the deferment of revenue collections from power bills, certain IPPA payments and the Universal Charge.

“There are certainly serious financial setbacks caused by Covid-19 and the ECQ, but Psalm will not default on any of its maturing

4 ‘Ps’: Pathways to a turnaround

I

T is tough enough to manage an association in normal times, balancing limited resources with varying members’ needs. But it is toughest when you’re operating in a pandemic that is lingering, everevolving and with many uncertainties. It’s definitely the worst nightmare that an association executive could ever have!

In my 29 years leading an international association, this is the first time that I’ve encountered this kind of devastation and disruption in all aspects of our organization. True, there have been ups and downs year in, year out, but, most often, they are short term and manageable. So when this tsunami of a crisis came, I was having blank stares all the time, trying to make sense of the unfolding developments. These episodes later became sleepless nights.

As an association CEO, I have huge responsibilities—keeping the association afloat, ascertaining continuing payroll for the staff and planning for a turnaround— all happening at the same time.

I started to think hard and fast, even “going up to the clouds” for answers. When I finally came back to Earth, I had devised a pathway that hopefully could work. The first step was to talk (virtually) to the staff and laid out to them the following 4 “Ps”: Pivot to digital While this has been ongoing before the pandemic, we’re still at the beginning stage, both inter-

Association World Octavio Peralta nally (operations) and externally (communications).

Operationally, we have been using a cloud-based platform for membership and events management. We also took an inventory of our unique content with the intent of converting this into e-learning and certification programs.

For communication, we use other platforms for our e-newsletters, emails, surveys and marketing efforts.

Partner to hit the ground running Having not much experience on webinars and podcasts, we quickly partnered with members and other same-purposed organizations and networks that are experienced and advanced in these areas. This gave us a fast track to offer virtual events to our members in a short time while we are building our own capability.

Pump-prime staff for up-skilling Providing staff with additional skills, alongside our move to digitalization, is equally essential. Noting the top ten skills for the future (according to the World Economic Forum), our goal is to undertake

training sessions on creativity, critical thinking, and cognitive flexibility—disciplines that require an open mind and passionate determination to succeed in this “new normal” environment.

Plan for a turnaround This is the hardest part to do and it’s still evolving. To me, it’s back to basics. In my column of August 10, 2016, Are Associations Headed for Extinction?, I wrote about the ‘3Rs’ we learned in grade school—reading, (w)riting and (ar)rithmetic—and which I’ve adapted in association management as relevance, relationships and resources.

Relevance is about sticking with your purpose and unique value proposition. Relationship is building and nurturing engagement with your members and beyond.

Resources (human and financial) are about pursuing new opportunities and maximizing revenues.

These will be the bases of my turnaround plan. It sounds easy but it’s tough!

The column contributor, Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific and the Founder & CEO of the Philippine Council of Associations and Association Executives. PCAAE is holding the Associations Summit 8 on November 25 and 26, 2020 at the Philippine International Convention Center, which is expected to draw over 200 association professionals here and abroad. The two-day event is supported by Adfiap, the Tourism Promotions Board, and the PICC. E-mail inquiries@ adfiap.org for more details on AS8.

Deadline of payment of taxes, fees in Muntinlupa extended to June 25

T

he local government unit (LGU) of the city of Muntinlupa has extended the payment deadline for taxes and other fees.

In a statement, the LGU said the Muntinlupa City Council adapted the Department of Finance’s Department Circular 002-2020 through City Ordinance 2020-095 for its uniform adoption and implementation by LGUs. Section 4 of the circular mandates LGUs to move the due date for the settlement of all local taxes, fees and charges due March 25 this year to June 25.

The prolonged period for the payment of such obligations will cover the following: real property tax; business tax; franchise tax; tax

on delivery trucks and vans; tax on sand, gravel and other quarry resources; and, fines and penalties on business tax.

Business taxes cover manufacturers, assemblers, wholesalers, distributors, exporters, manufacturers, dealers, retailers, contractors and other independent contractors, banks and other independent contractors, peddlers, printing and publication tax, and tax on amusement places.

Other forms of taxes included are community tax (corporation/individual), professional tax, real property transfer tax, other taxes, and fines and penalties for other taxes.

No interest, surcharge or any form of penalty shall be applied on any

local tax, fee or charge accruing on or due and demandable during the extension period.

Previous delinquencies shall be due and the accrual of interest, penalties and surcharges shall begin after the extension.

The relaxation in deadline of payment also adheres to Bureau of Local Government Finance Memorandum Circular 010-2020 reiterating the extension of deadlines pursuant to Section 4(z) of Republic Act 11469, the LGU’s statement said.

As of May 19, Muntinlupa City said it has 202 confirmed Covid-19 cases with 122 recoveries, 51 active cases, 29 reported deaths, 19 suspect cases and 191 probable cases.

obligations,” Psalm President and CEO Irene Joy Besido-Garcia said.

Psalm is the entity created by the Electric Power Industry Reform Act (Epira), the law that restructured the power industry by privatizing the assets of the National Power Corp. (NPC).

Funds in settling Psalm’s assumed financial obligations are sourced from collections from its power generation, privatization proceeds, and universal charge.

In May last year, Psalm secured a $1.1-billion syndicated loan from the following: Mizuho Bank Ltd. ($300 million); MUFG Bank Ltd. ($300 million); Sumitomo Mitsui Bank Corp. ($300 million); DBP ($100 million); and, Land Bank of the Philippines ($100 million).

Besido-Garcia said the loan has a term of five years and one-day amortization, with interest benchmark of three months US Libor +70 bps.

Two years ago, Psalm borrowed about P23 billion to cover its maturing obligations.

Private equity fund manager invests in PHL cold chain firm

I

khlas Capital Singapore Pte. Ltd. (Ikhlas) announced on May 14 that it signed an agreement for an investment of up to $18 million in Glacier Megafridge Inc. (GMI).

Founded in 2005, GMI is one of the leading integrated cold chain logistics service providers in the Philippines, preferred by many local and international blue-chip companies, according to Ikhlas. GMI operates eight major facilities in Metro Manila and key provinces, with over an aggregate pallet capacity of more than 50,000.

All facilities are built to international standards, earning industry certifications, such as Hazard Analysis Critical Control Point and ISO 22000 food management system. GMI is currently owned by William Y. Tieng and Arturo C. Yan. Ikhlas, a private equity firm cofounded by former Finance Secretary Cesar Antonio V. Purisima, said its investment will fund GMI’s plans to scale-up capacity in providing end-toend service and to extend geographic coverage nationwide.

“This investment is an important milestone as we embark on our expansion plans,” Yan was quoted in the statement as saying. “At GMI, we believe in mindful growth through strategic and synergistic partnerships. Together with the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality. We will work non-stop towards becoming the top cold chain player in the country.” Even with the strict lockdown period in the Philippines, from March 16 to May 16, 2020, GMI continues to operate as an essential business in food distribution.

The domestic demand for cold chain logistics remains robust. Majority of GMI’s customers, who are engaged in food products and services, require the use of temperature-controlled storage and transportation in their stock management.

“We are excited to be a part of GMI’s growth story, as we believe that the Company has a strong competitive edge with its state-of-the-art facilities and highly experienced management team,” Ikhlas Chairman Dato’ Sri Nazir Razak was quoted in the statement as saying. “While the current Covid-19 crisis has inevitably resulted in some disruption to global supply chains, we are confident that GMI, as a quality service provider, is well-positioned to grow market share and will prove resilient in weathering this crisis.”

Dennis Estopace

B4

Friday, May 22, 2020

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Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Novak Djokovic, 33; Apolo Ohno, 38; Ginnifer Goodwin, 42; Naomi Campbell, 50.

Happy Birthday: Size up situations, and put a plan in place. Broaden your vision, and embrace any opportunity to try something new and exciting. How you use your skills, knowledge and time to make an impact will influence your reputation. Make a name for yourself by being a doer, helper and humanitarian. Stand tall and set an example. Your lucky numbers are 3, 15, 22, 27, 30, 36, 41.

a

ARIES (March 21-April 19): Remember people, places and projects; this will help you decide what you want to pursue. Establish how you can achieve your goal without jeopardizing any rules or infringing on others. Planning will make a difference in the outcome. HHH

b

TAURUS (April 20-May 20): Adapt to what’s going on around you to ease tension, but keep your objective in sight. Don’t let a problematic relationship put a wedge between you and your goals. HHH

How the Covid-19 task force can make us smile for a change

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OR most women, going to the hair salon is a life-changing event.

Getting a great hairstyle and the perfect color for our, ahem, corona immediately gives us a lift, and brings a slight skip in our steps as soon as we leave the salon. Every time I finish a hair appointment at my favorite salon, I always breathe a sigh of relief as I remark, “Hay salamat! Mukhang tao na ulit!”—which never fails to send the colorist and stylist in a fit of giggles.

So many of us will gladly sit in the salon chair for three to four hours to get our roots or full head done, a conditioning treatment after hair color, then a haircut. But as my late Mama always used to say, “Kung gusto mo gumanda, mag-tiis ka!” (Or tiis-ganda, in today’s lexicon.)

For me, the hair salon has become a sanctuary of sorts from the madness of the outside world, giving me some alone time, amid the snip-snipping of hair, or blowdrying and swishing of hair color into those little tubs. To pass the time, I read magazines with investigative news pieces or glamorous features on celebrities. (Which is why I love Toni & Guy—they subscribe to Vanity Fair and Vogue. Yay!) So I was quite hopeful that as we moved into a moderate enhanced community quarantine, hair salons would be given the go-signal to start operating.

After all, the Inter-Agency Task Force (IATF) already allowed malls to reopen, and many salons are in these establishments.

And with the task force permitting more businesses sectors to reopen (with 50 percent of the latter’s employed work force), surely employees going back to the office need to make ourselves as presentable as possible to our bosses and clients. I mean, who would want to face our managers with

our manes all long and unruly? And with the dreaded chismis (gayspeak for grey hair) threatening to take over the blacks on our head. After 65 days of our collective captivity, we are in desperate need of hair care.

Besides, we are in the thick of summer and with this sweltering humidity, my hair keeps sticking to my sweaty nape as I move about the home doing my domestic chores and accomplish work requirements.

In the few times I’ve had to leave the home to stock up on food and grocery items, I have taken to wearing a hat to cover my head. It’s uncomfortable and my head feels heavier than usual.

(It’s less of a problem for men, of course. The most time they spend in a salon or barbershop would probably be 30 minutes for a haircut. But if you notice the broadcast of IATF press briefings or photos of Cabinet meetings, many of its members—who are mostly men, may I add—seem to have been getting personal visits from their barbers. Explain to me how their hair can remain so short and neat, and still jet black, aver?!)

Hair salons are among the most dynamic businesses in the country. The annual survey of Philippine Business and Industry by the Philippine Statistics Authority (PSA) shows there were close to 3,700 beauty salons in 2016, up 20 percent from 2015.

Using a conservative estimate of an annual 10-percent growth, the number of hair salons would likely have reached 5,000 by 2019, perhaps as a result of franchising.

Similarly, using the same conservative growth estimate, workers in the salon industry would have reached 37,000 by 2019, from just 28,000 workers in 2016. The sector would have also generated P56 billion in income by 2019, based on a 10-percent annual growth rate, from the P42 billion it generated in 2016.

Imagine the amount of taxes the government collects from the industry, not just in terms of the corporate income tax, but from value-added tax as well.

As more Filipinos receive increases in their salaries, they too have more funds to spend on miscellaneous services such as hair services and wellness activities. While it cannot be determined exactly how much is spent on hair services, as per PSA data, Filipinos in 2019 spent P1.9 trillion on miscellaneous goods and services, from just P594 billion in 2000. So the hair salon sector should not be

taken lightly. This sector has been an integral engine of growth for economy.

Even in an MECQ, it is actually easy for owners to implement strict physical distancing and sanitation standards. First of all, salons can book customers by appointments, to avoid crowding in the establishments. Physical distancing can also be practiced by seating customers 2 to 3 meters away from each other.

As a matter of course, salons already regularly sanitize the tools they use such as hair scissors, combs and towels, and provide their staff with masks—even before Covid-19 struck. One salon I know had even planned to ask its customers to pay for disposable gowns they would use in the establishments, and would have required customers to wear a mask. All local governments have to do is just monitor these establishments for compliance with standard health and physical distancing protocols.

Many salons, whether from large chains or those two-chair affairs in our neighborhoods, have been massively hurt by Covid-19. For an industry that has been known to remain solid even during a downturn in the economy, this health crisis has certainly been its toughest challenge.

A salon owner-friend confided in me how despondent she was that she could no longer help her workers.“Iyak na ako ng iyak. Naawa ako sa staff. I cannot provide for them anymore. Wala naman sinasabi ’yung government how to help us.”

Even if her company did file to be included in the Small Business Wage Subsidy program of the government, not all her workers have received their subsidies. And, frankly, how far can P16,000 for two months go? On normal days, with tips at an estimated P100 per customer (or, say, P500 a day), a stylist or colorist can easily earn P12,000 in one month in tips alone, this on top of their regular salaries. Stylists also get a commission from some of salons, based on the number of clients they get in a day.

So I hope, given these numbers, the IATF reconsiders its decision and allows salons to reopen.

A haircut doesn’t just mean taxes for the government, but lifts the mood of the customer, as well. Given the depressing times we live in, a haircut is no longer a vanity issue, but a desperately needed psychological boost that will make this continued lockdown easier for us to deal with. n

c

GEMINI (May 21-June 20): Let your thought process play out until you are satisfied.

Preparation is vital if you want your expertise to be acknowledged. Expect the competition you face to be fierce, and proceed with a winner’s mindset. HHH

d

CANCER (June 21-July 22): Transparency will be required if you want to avoid misunderstandings. Question anyone who appears to be hiding something. Take care of your responsibilities. Do your fact-finding, and avoid joint ventures. Don’t give in to emotional blackmail. HHHH

e

LEO (July 23-Aug. 22): Offer suggestions and share experiences and knowledge, but don’t let anyone take advantage of you. Being humble, gracious and kind is honorable, but not at your own expense. You will gain more respect if you are explicit regarding what you will and won’t do. HHH

f

VIRGO (Aug. 23-Sept. 22): Listen to complaints, but recognize when someone is trying to take advantage of you. Your insight and solutions will lead to support that will help you achieve your personal interests. Don’t be impulsive; a well-thought-out plan will bring higher returns. HHHHH

g

LIBRA (Sept. 23-Oct. 22): You’ll face a learning curve, but with discipline and hard work, it will lead to something worthwhile. Trust your instincts, not what someone tells you. Knowledge is power, and the more you know, the better you will do.

Concentrate on personal growth. HHH

h

SCORPIO (Oct. 23-Nov. 21): You have more options than you realize. Head down a path that requires imagination and talent.

The outcome will bring you satisfaction as well as recognition. Not everyone will be honest with you.

Choose partners carefully. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Stick to the truth, and promise only what’s possible. Expect the people you deal with to withhold important information that’s crucial to making a better decision.

Discipline, coupled with having a passion for what you do, will lead to success. Work alone. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Think big, but when it comes time to follow through, don’t go over budget. A last-minute change someone makes will limit your options. Size up your situation, and you’ll realize what you’ll have to do to get back on track.

HHH

k l

AQUARIUS (Jan. 20-Feb. 18): You’ll have the intelligence and the energy to pull off whatever you set out to achieve. Don’t trust or rely on someone who talks big. HH

PISCES (Feb. 19-March 20): Keep a low profile, and take care of responsibilities. Use your imagination when solving problems, and you will impress someone close to you. Reconnect with someone from your past, and an unexpected opportunity will come your way. HHHH Birthday Baby: You are focused, proud and determined.

You are precise and meticulous.

‘dehydrogenated’ by fred piscop The Universal Crossword/Edited by David Steinberg

ACROSS 1 Boxing matches 6 Skewered food 11 Letters on a battleship 14 Island near Maui 15 Jong who wrote Fanny 16 Prefix with “natal” 17 Person listening for melodious bird calls?

19 Bearded Serengeti beast 20 Spinks who dethroned Ali 21 Foodstuffs 23 Delivery docs 26 Tortellini topping 27 Bossy remark?

28 What a matching set of tires shares?

33 Belly button, for most of us 35 Like photos from drones 36 Swarm (with) 37 Join the cast of 38 Ferber who wrote Giant 42 Founder of a financial weekly 44 Glass in many test tubes 45 “Sap stick” comedy group?

9 Homophone of a pub drink 4 50 Gaza Strip group 51 Do casually, with “in” 53 Manicurist’s solvent 56 Rural skyline feature 57 Take the gold 58 What every astronaut needs?

63 Deep ___ (pool area) 64 Fortune-teller’s deck 65 Come as a result 66 French surname starter 67 “Zip it!”

68 Superman portrayer Christopher DOWN 1 Crunchy diner sandwich 2 Regatta implement 3 Prefix with “brow” or “cycle” 4 Running total 5 “Zip it!”

6 Razor-sharp 7 Bard’s “before” 8 Motocross ride 9 Scored 100 on, say 10 Starbucks staffer

1 Remove with 53-Across, perhaps 1 12 Iroquois Confederacy tribe 13 Beyond tipsy 18 Nothing to write home about 22 Brewer’s grain 23 Fail to list 24 Fossil fragment 25 “GWTW” part 29 Computer shortcut 30 Silence-breakers’ movement 31 Faucet gasket 32 Diarist Anais 34 “That wore me out!”

37 Often-framed work 39 Totally blah 40 Simon who created Felix and Oscar 41 Wheel-to-wheel bar 43 Sticks into pigeonholes 44 Book of sacred songs 45 Became more genial 46 City south of Milwaukee 47 Corrects, as text 48 Correct, as text 52 Carried

4 Ark figure 5 55 Unbleached linen’s color 56 MacFarlane of Family Guy 59 Outcomes of some 1-Across 60 Get benefit from 61 Many a parent’s ride 62 Kickoff prop

Solution to yesterday’s puzzle:

Show BusinessMirror

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Friday, May 22, 2020

B5

My bits of movies: Those moments and images and cinema

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N 1999, the British daily newspaper The Guardian conducted a poll about the most important moments in cinema. To introduce the result, Neil Jordan was asked to write about the choices.

The filmmaker was quoted as saying: “I can far more readily think of my favourite bits of movies than my favourite movies.”

This was the same feeling I had when Meyen (Hiponia Quigley), a Canada-based friend, asked me to post images for 10 days from films that have made an impact on me.

I have seen this game already online.

When finally the call came my way, I did not know how to respond. In my mind, there were just too many images and plots swirling around. My memory bank cannot possibly store them at the front of my brain, so to speak, for easy picking.

The game calls for 10 images.

The invite usually comes with another person’s choice of an image. Meyen posted a scene from a film set during the feudal wars in Japanese history.

I quickly guessed the title of the film: Ran (Chaos).

I was more surprised than incredulous when the answer came back: Nah. It was not from Kurosawa’s monumental film. How can I be wrong? I have taught Japanese cinema for some 30 years! I cannot be mistaken with that jidaigeki, or period drama. I did a second take: Kagemusha (Shadow Warrior). I was right this time.

I commented how Mifune Toshiro was great in that. I did a second look. Memory was playing tricks with me. It was not the great Mifune but an equally great actor, not as popular as Mifune in the Philippines but more popular in Japan. It was Tatsuya Nakadai. He was the great villain in Yojimbo. Like Mifune, Nakadai figured in many Kurosawa films.

Mifune, as we would remember, would conquer Hollywood; Nakadai would stay home.

How can I be wrong again? Wasn’t that particular act of selecting Nakadai over Mifune the reason behind, according to the Japanese tabloid, the rift between the latter and Kurosawa?

I stepped into the game of images in the Kurosawa mode. Akira, we might need to clarify, after all one of the great living directors presently in Japan is also a Kurosawa—Kiyoshi. A darker sensibility with fondness for gore and violence—that is Kiyoshi Kurosawa.

Kurosawa Akira became my cinematic LSS—Last

Song Syndrome. By the time I got to the first chance to tell people about an image left in my mind, I was ready to contribute another Kurosawa to the table. It would be from his film titled Ikiru (To Live).

No student of cinema would miss the image of an old man, seated on a swing, with winter of both the climatological and the existential kind around him. Slow in pace, almost stately, the film is about an old man who knows he is dying. He walks around bidding goodbye to his world. He tries to tell his son his anxiety but nothing comes out of it. He decides to build a playground for a poor neighborhood. He is

ready to go.

The film is in black and white. It is the sort of film that a teacher anxious to lose his popularity in his film class would not show. But I decided to show it to my Japanese film class. Ikiru would gain more votes than the loud chambara (swords fight movie) or the meanest Yakuza film of Gosha Hideo. It became the favorite of my class that semester.

The image for the second day of the challenge was pure memory. We always have aunts or big sisters who would bring us to a movie house for many reasons. In my case, it was an aunt or a set of titas.

On hindsight, they were offering me an early film appreciation course. But really, as one would confess to me when I was grown-up, I was the best excuse for her to leave home and watch movies. But I cannot thank her enough.

My memory was clear that afternoon my aunt took me to the cinema. On the screen was a woman so beautiful but also so dolorous. She had several brothers who all depended on her. Her mother was sick. Everybody represented danger in the film. This actress had the habit of making her chin quiver to express her reaction to the sufferings within her and without. That afternoon, in a small movie house in the town of San Fernando in Ticao Island, Charito Solis was staring at us from the screen and I knew then I would never forget that face.

Directed by Gregorio Fernandez, Malvarosa was the film of Charito Solis. It was also the name of a shrub in my grandmother’s orchard in Ticao. No taller than a meter, it could surprise you with pink blossoms lined with deep purple, as deep as one’s sorrow. Like the sorrows of Malvarosa.

Something was happening to me in this film game.

I was posting an image amid a pandemic of images, from a hundred years or more of memories about cinemas that were unforgettable or disturbing or both. The remembering was not anymore about the film but about the time one watched the film. I was recalling friends, places, spaces, time, scent....

There is a name for this manner of assessing films outside the films: extracinematic.

The next image I posted was from a classic—Elia Kazan’s On the Waterfront. Credit goes to the strength in the name of the filmmaker that it survived the bigger attraction on the marquee, that of Marlon Brando.

Geraldine Page, haughty in the most theatrical pose with Paul Newman, confused friends. The initial guess was Cat on a Hot Tin Roof. I am not surprised at all because the film with Page and Newman was by the same playwright. Tennessee Williams is also the same tormented mind behind names, like Blanche DuBois (A Streetcar Named Desire). In Sweet Bird, Page would play a faded movie star, Alexandra del Lago.

I was on my seventh day of the 10-day challenge as I wrote this column. By the time this column comes out, the image of a huge human eye over two low mountains would have greeted my friends. The image is from Kurosawa (again) and his most misunderstood film, Rhapsody in August. Starring Richard Gere as a second-generation Japanese-American (he speaks Nihonggo in many scenes), the film is a dense narrative about the memory of an old woman about the A-bomb over Nagasaki. In one scene, the grandmother of four children tells them about that day, where, looking over the mountains of Nagasaki, she heard the sound of a flash of light covering the entire horizon. Then, as she recalls, an eye appeared over the valley. In a scary decision, Kurosawa superimposes a real eye at the horizon. Speak of the literalness of a metaphor and the power of cinema. n

The story of two guidelines

By Joel Saracho THERE are now two separate guidelines circulating regarding the protocols in the conduct of shooting and taping for the audiovisual industry. While not necessarily conflicting, the two guidelines, however, is causing confusion among workers particularly in film and television.

First to release its Memorandum No. 6 Guidelines on Safety Protocols for the Conduct of Film and Audiovisual Production Shoots to Mitigate the Coronavirus Disease was the Film Development Council of the Philippines (FDCP), led by Liza Dino.

The other guideline was crafted by the Inter-Guild Alliance (IGA), a network of various groups representing the different sectors of the film, television and advertising industries in the Philippines.

Both documents are cognizant of the risks brought about by Covid-19, and prescribe health and sanitation protocols, social distancing, new work ethics and procedures. The departure includes working hours and the number of people allowed on the set. Alos, a lot more detail is contained in the very thorough IGA guidelines.

FDCP cites 12-hour workdays, but did not specify when the first hour will start.

The IGA document cites 12 hours, but in some instances this can be pushed to a

maximum of 14 hours beginning from the arrival of the first person on the set.

The time to disinfect before and after shoot will not be part of the work hours.

The government agency wants to limit to 50 the maximum number of people on the set, but IGA thinks 70 people is more practical since “a shoot is not mass gathering or a cultural event. It is work that cannot be done remotely, involving people with different skills set and functions.” (IGA Declaration of Principles) However, the difference between the two documents rely mainly on the creators. The FDCP is a government agency mandated to “formulate and implement policies and programs to upgrade the art and craft of filmmaking; encourage the production of films for commercial purposes intended to public entertainment that seek to enhance the quality of life, examine the human conditions and contribute to the nobility of the human spirit; and maximize the country’s comparative advantage as a location site for international movie and television making to generate income, promote tourism and enhance the image of the country abroad.”

It is also tasked to attend to film archives pursuant to an Administrative Order which provides that “the FDCP may also request from filmmakers to deposit a copy within one month after exhibition of the film for film archive.” Executive Order

837, signed by former President Gloria Macapagal Arroyo, placed the FDCP under the oversight of the Department of Education.

The IGA is a community-based network composed of creative workers, crew members and other work groups directly involved in film, television and advertising production. It took the alliance over a month of extensive meetings to come up with the protocols, allowing the different guilds to adapt the procedures to the specific realities of their function in the production.

The FDCP called its guidelines interim pending approval from the IATF through the Department of Health (DOH).

It says “duly registered organizations can still propose safety measures for their respective sectors and the FDCP will endorse such proposals as annexes to the DOH and Inter-Agency Task Force on Emerging Infectious Diseases [IATF].”

However, the memo specifically states the guidelines “shall take effect immediately.”

The IGA protocols, meanwhile, was celebrated by stakeholders in the different industries. Lawyer Joji Alonso, who also heads Quantum Films, in her Facebook post said: “We were given the impression that we needed the green light of the Department of Trade and Industry before any production could begin and shoot; and that any work protocols would need the approval of the

IATF through the DOH.” But Alonso cited the statements of Trade Secretary Ramon Lopez and Labor Assistant Secretary and Bureau of Working Conditions Director Tess Cucueco, that the IGA protocols need not seek the approval of the IATF provided “there is compliance of all health protocols as contained in the DTI and DOLE Interim Guidelines on Workplace Prevention and Control of Covid-19.”

The Philippine Movie Producers Association also expressed support for the IGA protocols even as it criticizes the FDCP release as premature.

In a statement circulated publicly, the PMPA states: “After creating the protocols, consultations and extensive discussions were had with the producers who are the funders of all forthcoming projects: the PMPA, the Commercial Production Houses Group [CPHG] and various independent film producers. “[The FDCP] guidelines were released prematurely and without final consultation with the producers nor with guilds, [causing] much confusion and anxiety not just in the film industry but also in television and advertising industries.

“The PMPA is making it clear it detests any action that undermines the efforts of the real workers in the industry.

The PMPA will respect the guidelines

prepared by the IGA and will refer to this as the primary document that will guide its film productions in the coming months.”

Interestingly, the Film Academy of the Philippines, a voting member of the FDCP, said it will “stand behind the PMPA.” The FAP, which was formed to dole out awards for outstanding achievements in film and is composed of the various guilds organized in 1983 (not the guilds under the IGA), said it was not consulted or has been part of in “deciding policies recently released by the FDCP.” While IGA seems to be winning the round in gathering support and recognition, director Erik Matti challenged its composition to call out the FDCP for its “disrespect.”

In his Facebook page, the maverick director posted: “Why did the FDCP release its own protocols and guidelines even if they know that the Inter-Guild Alliance is already drafting a more thorough and worker-approved set of guidelines and protocols? Why isn’t anybody from the IGA acknowledging this disrespect of the FDCP on the efforts made by people who drafted the detailed IGA guidelines and protocols. If the IGA wants to stay neutral about what FDCP posted and will not say whether it is valid or not, which do we follow now?”

As they say in soap operas of yore, abangan ang susunod na kabanata.

Directed

by Gregorio Fernandez, Malvarosa stars Charito Solis as Rosa, a woman weighed down by several brothers who all depended on her.

B6 Friday, May 22, 2020

SM scholar alumna joins team of COVID-19 frontliners

IHG Hotels & Resorts offers a fresh take on clean

In active duty at a checkpoint in Makati, Air Force Lt. Danzel Bacaycay leads the Air Force team.

A

A

S the world adjusts to new travel norms and expectations, IHG® Hotels & Resorts is enhancing the experience for its hotel guests around the world, by redefining cleanliness and supporting guests’ personal wellbeing throughout their stay.

Using new, science-led protocols and service measures, partnering with industry leading experts Cleveland Clinic, Ecolab and Diversey, and launching a global IHG Clean Promise, the strengthened measures will give guests greater confidence and hotel teams the protection needed.

Keith Barr, Chief Executive Officer, IHG, commented: “The future of travel may look different, but a safe, secure stay is fundamental to deliver True Hospitality – and that will never change. By combining IHG’s world-class knowledge and processes, with cutting-edge expertise from Cleveland Clinic, Ecolab and Diversey, we can reassure guests and colleagues that we’re focused on protecting their health and wellbeing. This includes looking at where technology can make a difference, deploying enhanced, highly visible and more frequent cleaning measures, and different approaches to food and beverage, all underpinned by our new IHG Clean Promise.”

Enhancing IHG Way of Clean IHG has a longstanding commitment to rigorous cleaning procedures. Launched in 2015, the IHG Way of Clean program was developed with Ecolab and Diversey, both world leaders in hygiene and cleaning technologies and services. This program is now being expanded with additional

COVID-19 protocols and best practices - many of which are already in place - to reflect the advice of the World Health Organization, Centers for Disease Control & Prevention and local public health authorities in markets around the world.

IHG Way of Clean already includes deep cleaning with hospital-grade disinfectants, and going forward guests can expect to see evolved procedures in every area of the hotel, which may include: Reception: Reduced contact at check-in, touchless transactions, front-desk screens, sanitizer stations, sanitized key cards, paperless checkout.

Guest Room: Visible verification of sanitized items (e.g., glassware, remote control), reduction of in-room furnishings/ high-touch items, new laundry protocols, use of new technology.

Public Spaces and Facilities: Additional deep cleaning of high-touch surfaces, social distancing, “last cleaned” charts, best practices for pools, fitness centers and lounges .

Food & Beverage: New standards and service approach to buffets, banquets, room service and catering.

Supporting the Wellbeing of Guests and Colleagues.

Enabling the personal wellbeing of guests and colleagues is key. IHG is working closely with a team of medical experts at the world-renowned Cleveland Clinic to develop guidance and resources for hotel teams on returning to work and keeping guests safe in this new environment, which may include: Cleanliness information in hotels and

on IHG’s booking channels.

Social distancing operating procedures and signage.

Guidance on the use of protective equipment as necessary by hotel colleagues.

Updated colleague training and certification.

Availability of individual guest amenity cleaning kits.

Hand sanitizer and disinfecting wipes available in guest rooms and at high-touch points throughout hotels.

IHG Clean Promise and Global Cleanliness Board.

With updated measures in place, IHG is launching a Clean Promise. Rolling out globally starting on June 1, 2020, guests can be reassured that their room will meet IHG’s high standards of cleanliness. If not, the hotel will make it right.

Leading this work is IHG’s new Global Cleanliness Board, a group of IHG experts in operations, health, safety and guest experience, working with our new external specialists, including James Merlino, Chief Clinical Transformation Officer at Cleveland Clinic, to define solutions, best practice and implement processes.

While on-property, hotel teams will also appoint Clean Champions to continue building the culture of clean instilled in IHG hotels around the world. These champions will focus on guests and colleagues as they navigate the new environment and help on-property teams to consistently deliver these elevated cleanliness standards.

For more information, please visit www.ihg.com/clean.

Back-to-work checklist: Key considerations in reopening workplaces

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S the Philippine government considers lifting ECQ and workplace restrictions, employers should prepare to address employment concerns related to reopening the workplace, such as bringing back employees placed on forced leave, new legal requirements, measures to ensure safety of employees and clients, telecommuting, and flexible working arrangements. Employers who strategize dealing with these concerns will be best prepared to resume their operations and navigate these uncharted territories.

ANZCHAM has partnered with the Quisumbing Torres to help members and partners better prepare for their back-to-work plans and strategies. Our invited speakers will discuss the topic "Back to Work Checklist: Key Considerations in Re-Opening Workplaces" on 27 May 2020, Wednesday 10 am - 11 am (GMT+8) via Microsoft Teams.

The discussion will be facilitated by Quisumbing Torres' top labor experts - Kenneth Chua, Partner, Head of Employment Practice Group and Services Industry Group, Atty. Dennis Quintero, Partner-Corporate & Commercial Practice Group, and Eliseo Zuñiga, Jr., Partner - Employment and Dispute Resolution Practice Groups.

Everyone is invited to join this virtual event as this will be helpful for you and your organization.

The is free for ANZCHAM members. There will be two complimentary slots for every member company and Php 500 for every additional attendee. Fee is Php 700 for non-members and guests.

N SM pride, SM Foundation’s (SMFI) scholar alumna, Air Force Lt. Danzel Bacaycay is spreading social good. She leads a team of frontliners manning the quarantine control points in Makati, in addition to her tasks as the Chief of Public Affairs and Special Disbursing Officer of the Air Mobility Command at the Philippine Air Force (PAF).

Danzel finished BS Accountancy at the Asia Pacific College in 2011.She takes pride in her SM scholarship which she said, taught her the values of perseverance, hard work, and planning ahead to achieve one’s dreams.

After finishing her tertiary education, and with her family’s support, she then pursued a career in the Armed Forces of the Philippines (AFP) to become an Air Force officer instead. According to Danzel, “At first, it was my dream to be a Certified Public Accountant, but then I realized what I really wanted to be – which is to be able to serve the country and the Filipino people. And I thought the way of realizing this dream is by joining the AFP.” Danzel entered the military service on August 1, 2012

and graduated the PAF Officer Candidate School and was commissioned as an officer on October 11, 2013.

“In the Air Force, we have an opportunity to have a career. To move up and be promoted to the next higher rank, one must take and pass the Professional Military Education, and also specialization courses.

These include written and physical fitness tests which all require perseverance. Having the values of an SM Scholar helped me achieve my goals in my military career,” she highlighted.

She has always been in touch with the SM Foundation team even after finishing college, thus she was able to facilitate the donation of SMFI composed of personal protective equipment and medical supplies to frontliners in BGen Benito N. Ebuen Air Base Hospital and nearby communities in Lapu-Lapu City, Cebu.

“In the battle to fight COVID-19, I cannot say that I am not worried. But I am not afraid because I have God with me as my shield. No virus is stronger than our almighty God. Whatever happens, I will consider it as His will,” she ended.

With P870M in social aid payments made under ECQ, RCBC digital channels to service all provinces in 2020

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IZAL Commercial Banking Corp., through its handheld ATM Go service, disbursed over P870 million to more than 350,000 household beneficiaries during the first six weeks of the enhanced community quarantine (ECQ) nationwide.

ATM Go is one of RCBC’s digital banking facilities where mobile point-of-sale devices are deployed to remote communities to provide automated teller machine (ATM) functions. Services, such as withdrawals, cash deposits, balance inquiries, fund transfers, and e-loading, are available to any BancNet ATM cardholder.

Over 1,800 devices are deployed in 72 out of 81 provinces. “The triple-digit surge in digital transactions showed the consumer demand for convenience and security during this pandemic. We are committed to cover 100 percent of the provinces nationwide or just about nine more provinces within the year. This is countryside digital banking,” Lito Vilanueva, RCBC executive vice president and chief innovations and inclusion officer said.

RCBC is currently the only bank that has successfully rolled out a massive digital disbursement platform enabling its payout partners in the countryside to augment the government’s efforts in quickly distributing the emergency cash subsidy to eligible families affected by the lockdown.

“This is digital countryside banking. At the heart of this pioneering endeavor is RCBC’s wish to include every Filipino, especially the unbanked and underserved, in the enjoyment of life-changing financial services wherever they may be,” Villanueva added.

These new digital terminals will also be capable of loans amortization payment collection and bills payment by electric and water cooperatives in all locations.

Digital Social Aid Service Since the enforcement of the enhanced community quarantine in the Luzon island and other localities in the country, ATM Go has disbursed a total of 800 million pesos of conditional cash transfer subsidies.

The remote capability if ATM Go has ensured continuous payout of the Pantawid Pamilyang Pilipino despite the restricted mobility of beneficiaries and the limited operation of bank branches.

The Department of Social Welfare and Development has recently issued a memorandum to all its regional offices endorsing the use of ATM Go for off-site payment of cash aid.

These efforts of RCBC is aligned with the thrust of the Bangko Sentral ng Pilipinas of accelerating inclusive digital finance in the country.

Last year, ATM Go’s transaction count, volume and revenues grew five times since it was launched in 2018.

Transaction count grew by 564 percent to 1.2 million in 2019 from 186,000 in 2018, volume increased by 521 percent to P3.3 billion from P542 million, while revenues jumped by 500 percent to P36.2 million in 2019 from P6 million in 2018.

The exponential growth of ATM Go continues this year as it breached the one-billion-peso mark, now in excess of P1.5 billion in disbursed cash in the first quarter of 2020.

Tanduay thanks farmers, distillers for its latest awards

Quisumbing Torres partners Kenneth Chua, Dennis Quintero and Eliseo Zuñiga, Jr. will provide guidelines to help employers manage the challenges that may arise from resumption of operations amid the ongoing COVID-19 pandemic.​ Kenneth Chua is a member of the Financial Institutions and Technology, Media & Telecommunications Industry Groups in Manila.

He participates in initiatives of Baker & McKenzie International of which Quisumbing Torres is a member firm. He has 18 years of experience advising clients on various labor and employment issues, including compensation and benefits, employment contract and employee handbook. He participates in the Technical Working Group on Labor and Social Policy Issues of the Employers Confederation of the Philippines. He is also among Asia Business Law Journal’s inaugural “A-List” of the Top 100 lawyers in the Philippines.

Dennis Quintero heads the Firm's Energy, Mining

& Infrastructure and the Financial Institutions Industry Groups. He also heads the Fintech and Insurance Focus Groups. He is cited as a Market Leader by the IFLR 1000: Financial and Corporate Guide 2018-2020. He is also a Certified Public Accountant. He was appointed cochair of the 2013 Conference of the International Bar Association and Australian Resources and Energy Law Association Southeast Asia in Singapore.

Eliseo Zuñiga, Jr. has 19 years of experience advising clients on general employment issues, employee termination, executive compensation, benefits transfers and terminations, and general litigation. He serves as a Chairperson of the People Management Association of the Philippines’ Labor Policy Reforms and Industrial Relations Committee and Co-Chairperson of the European Chamber of Commerce Human Capital Committee.

For questions and topic suggestions, email events@anzcham.com and look for Ericka Buluran, Events and Marketing Associate.

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ANDUAY is grateful to the farmers and distillers behind its products, as it won five medals from the Beverage Testing Institute.

“This is good news not just for us but for the entire country as well, as our products are all proudly Philippine-made. During these challenging times, let us not forget what makes this country great and it’s our people. We raise a glass to our sugarcane farmers and distillers.

Without them, Tanduay would not have perfected its process of creating the world’s number one rum and continued its success for more than 100 years,” said Vice President for Sales and Marketing Paul Lim. Tanduay Asian Rum Gold topped the list with a gold medal. One of Tanduay’s most awarded products, it is known for its smooth

flavor with the richness of vanilla and notes of oak on its finish. It is aged in used bourbon barrels for seven years.

Silver medals, meanwhile, were awarded to Tanduay Asian Rum Silver and Boracay Cappuccino Flavored Rum. Tanduay Double Rum and Boracay Coconut Flavored Rum both received bronze medals.

Founded in 1981, Beverage Testing Institute provides reviews for wines, spirits, and beers. It uses “industry-leading methodology co-developed with Cornell University” in its evaluations.

“We are thankful for the recognitions that we receive as they are testament to our people’s hard work and innovation. We are proud to produce a world-class product from the Philippines,” Lim said.

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Sports BusinessMirror

QATAR 2022 CONFRONTS FANS CRISIS O

By Rob Harris

The Associated Press

RGANIZERS of the World Cup in Qatar are concerned that many fans won’t be able to afford traveling to the tournament in 2022 if the coronavirus pandemic causes a global recession.

Many countries around the world are expected to suffer historically deep recessions as a result of the virus and the associated lockdown restrictions.

“It’s all right now unclear—we are entering into a recession,” World Cup Organizing Committee Secretary-General Hassan Al Thawadi said Wednesday. “There’s always the concern about the global economy and the ability of fans to be able to afford traveling and afford coming and participating and celebrating the World Cup.” Sporting events have also been postponed, including soccer’s European Championship that was due to start next

month but has been moved until 2021.

Qatar still hopes six of its eight stadiums will be completed by the end of this year despite the Covid-19 disruption. The World Cup is scheduled to be played in November to December 2022—rather than its usual June to July slot—which provides more time for the resumption of international travel.

“By 2022 I’m optimistic that we would overcome this pandemic as a human race collectively,” Al Thawadi said on a Leaders in Sport live stream. “It will be one of the early opportunities for all of us to celebrate together, to engage together, to bring people together.”

Qatar is promising the World Cup will be affordable for fans but the tiny gas-rich nation has been affected by economic activity shutting down in so many countries. State-owned Qatar Airways, a World Cup sponsor, has said it will cut jobs as the global aviation industry has been largely grounded.

“We are still committed to ensuring that we create a balance between an affordable World Cup,” Al Thawadi said,“...

and a price range that is affordable for fans and a price range that is workable, functional for the industry, for service providers, for the supply chain that is responsible for delivering the World Cup.” For three years, Qatar has had to adjust tournament preparations to cope with the economic and diplomatic boycott of the country by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates over claims it supports extremist groups in the region. Qatar denies the allegations.

“It was a blessing in disguise to a large extent because it forced us to be self-reliant and forced us to look inward,” Al Thawadi said of the boycott. “This forced us to become much more resilient...which made us much-better prepared to deal with Covid.”

CROSS-BORDER LEAGUES EYED

WITH soccer clubs losing revenue during the pandemic, one industry leader said Wednesday the idea of creating multination leagues will be revived.

Friday, May 22, 2020

Many clubs risk bankruptcy because of the short-term prospect of playing games in empty stadiums coupled with the long-term struggle to retain and find sponsors.

Cross-border leagues will need to be looked at again in a wider debate of soccer economics, according of Jonas Baer-Hoffmann, general secretary of the global players’ union network FIFPro. “It might not be sustainable to run so many clubs,” BaerHoffmann told reporters in a conference call.

Until a vaccine for Covid-19 is available, clubs face being denied match-day revenue that is key in countries where domestic and international broadcasting deals are less valuable.

“That throws a big rock at the business models of these leagues,” the FIFPro official said.

Multination leagues have long been discussed in Europe as a possible solution for mid-ranking countries which have some standout clubs but struggle to compete commercially with big-market rivals.

The Dutch and Belgian leagues, which both had to end their seasons early due to the health crisis, are seen as the most likely cross-border partners. No formal proposal has been made to European soccer body UEFA. In 2016, newly elected UEFA President Aleksander Ceferin said he supported national leagues staying independent.

“There is a need for a general overall economic conversation for the industry,” Baer-Hoffmann said Wednesday, looking ahead to a difficult year for players and their employers.

One team executive from Croatia suggested last week 100 to 200 clubs could go bankrupt this year if their needs are not understood.

Baer-Hoffmann noted that in Scotland, 43 percent of soccer revenue was “based on attendance at games.”

FIFPro has 65 affiliated national player unions worldwide, including in many countries where players get salaries comparable to national averages.

In seven—Botswana, Egypt, Colombia, Honduras, Panama, Paraguay and Uruguay—unions have helped provide food packages to players while soccer is shut down, BaerHoffmann said.

“They are being stranded in terms of income,” he said, adding the vast majority of soccer players are “under the same financial pressures as the rest of society.”

Aussie cricketers considering disinfecting ball during games

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RISBANE, Australia—Disinfecting the ball during practice and matches is being considered as elite cricket players in Australia prepare to return to training during the coronavirus pandemic.

The International Cricket Council (ICC) has already indicated the use of saliva to shine the ball, which helps bowlers swing it through the air, will be banned when the sport resumes.

Players using sweat to polish the ball will be OK under cricket’s revised guidelines, but may contravene government rules in some places.

“Disinfecting the ball is a consideration,” Alex Kountouris, Cricket Australia’s head of sports science, said Wednesday. “We don’t know the impact on the ball [yet] because we haven’t tested it.

“We’d have to speak to the ICC and get permission, there’s a lot of things [to consider]. And whether it’s effective or not. The ball being leather, it’s harder to disinfect because it’s got little nooks and crevices...but it’s absolutely a consideration.”

Kountouris said some people, particularly bowlers, would find it hard to get used to the new rules, which are aimed at increasing the health and safety of players.

“Some people are used to licking their fingers before they grab the ball, people are used to shining the ball,” he said. “It’s going to be a steep learning curve...we’ve got a bit of work to do.”

Kountouris said other guidelines in place as elite players start returning to practice in Australia this week specified no sharing of equipment and promoted extra cleaning of facilities, and a emphasis on hygiene.

Like most sports around the world, cricket was suspended as countries went into lockdown during the pandemic. Travel bans and other restrictions are being gradually eased in Australia, and local administrators are hopeful that matches can be played in the last few months of 2020. AP

BOYS play cricket on a street during a lockdown in Karachi, Pakistan. AP

FC Seoul expresses “sincere remorse” as public backlash intensifies, but says it was assured by a supplier that it used mannequins—not sex dolls—to mimic a home crowd. AP

Seoul club faces sanctions after putting sex dolls in seats

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EOUL—A South Korean soccer club is facing penalties, including expulsion from its own stadium, for putting sex dolls in empty seats during a match last weekend.

The K-League is one of the few soccer leagues operating during the coronavirus pandemic, with games being played in empty stadiums.

FC Seoul’s attempts to increase the atmosphere at Seoul World Cup Stadium backfired despite its 1-0 win over Gwangju on Sunday. The club expressed its “sincere remorse” as public backlash intensified, but said it was assured by a supplier that it was using mannequins—not sex dolls—to mimic a home crowd.

About 25 mannequins were supplied by a local company and dressed in FC Seoul colors and wearing masks. The Yonhap news

agency reported that fans posted suspicions about the life-size dolls on social media during the match and one banner showed the names of an adult toy manufacturer and of models who had inspired those dolls.

Such advertising is in breach of the competition’s rules, and K-League officials have referred the matter to a disciplinary committee.

If found guilty, FC Seoul could be fined about $4,000 or have points deducted. The club could also be punished for damaging the prestige of the league at a time when it had been basking in unprecedented international attention.

On May 8, the K-League became the first major soccer league to start playing after the coronavirus pandemic shuttered sports around the world. The opening game attracted

RECORD SALE T FOR AIR JORDANS

RAINERS worn by double Olympic basketball champion Michael Jordan sold for a record amount at auction.

The trainers went under the hammer in New York recently and fetched $560,000, more than four times their original estimate, as reported by Bloomberg.

Bidding for the Air Jordan 1s, custom-made for the former Chicago Bulls and Washington Wizards player, in sizes 13 and 13 1/2, and in Bulls colors, started more than a week ago with predictions they would go for around $150,000.

The trainers were worn by Jordan during his rookie season with the Bulls in 1984-85.

They were auctioned by Sotheby’s, who held an earlier record for trainers at auction, when a pair of Moon Shoes by Nike were sold for $437,500 last year.

The recent sale also broke the previous record for shoes used in sports sold at auction, when a pair of shoes worn by Sir Roger Bannister as he became the first man to run a mile in under four minutes, in 1954, sold for $409,000.

Sotheby’s said the Air Jordan 1s came from the collection of Jordan Geller, a collector and founder of the ShoeZeum, a trainer museum.

Geller said he decided to sell the shoes to coincide with the release of the finale of the ESPN documentary The Last Dance, which tells the story of Jordan’s career at the Bulls, where he won six National Basketball Association Championships.

“Jordy always has a great sense of timing for these things,”

19 million viewers worldwide.

There could be worse to follow for FC Seoul, the 2016 league champion. According to reports, Seoul Facilities Corp., which operates the stadium, is investigating a potential breach. As part of its lease agreement, the club is required to obtain permission in advance for advertising. By not doing so, it could be expelled from the stadium where it has been based since 2004.

FC Seoul issued another apology on Wednesday as the case continued to dominate sports news. Yonhap said the club had asked the police to investigate.

“We apologize deeply to all those concerned about the unfortunate situation that occurred,” the club said. “We will review our internal procedures to ensure this does not happen again.” AP said Brahm Wachter of Sotheby’s, who ran the auction, as reported by Action Network. “We are thrilled with the price.”

“It just speaks to Michael Jordan’s incredible legacy and people recognizing him as the greatest athlete to ever play,” he added.

The previous record for a pair of shoes worn by Jordan in a match was when a pair of converse shoes he wore at the 1984 Olympics in Los Angeles sold for $190,373 in June 2017.

Jordan was part of two gold medal winning United States teams at Olympic Games—Los Angeles 1984 and Barcelona 1992.

Last month, a signed Jordan Dream Team jersey, which he wore as the US took gold in Barcelona, sold at auction for $216,000. Insidethegames MICHAEL JORDAN wore the trainers during his rookie season with the Bulls in 1984-1985.

B7

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

Remembering Ric-Ric Marata

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FEW days ago, I wrote an op-ed piece about why it was best for Kai Sotto to pursue his National Basketball Association (NBA) dream. In that op-ed piece, I mentioned the late Ric-Ric Marata as one of those first Filipinos to pave the way for overseas basketball.

The day after that op-ed piece, Ric-Ric’s wife, Chatt, and eldest son, RJ, got in touch with me to thank me. Said Chatt, “It was nice of someone to remember that he played overseas.” I had met Chatt all those years ago when they were still dating. Of course, we had fallen out of touch.

Had I known that we were all living in New York City, I would have certainly met up with him there.

I was in third year college and writing for the Journal group of which my late aunt, Nena Barretto-Olivares was a co-owner and publisher. My first-ever sports assignment was the now-defunct Philippine Amateur Basketball League and it was an invitational tourney with teams from Thailand, Japan and Canada participating. Swift’s—under first-time Head Coach Yeng Guiao—beat Philip’s Sardines as piloted by Joe Lipa who had just left University of the Philippines (UP).

Now, that was a powerhouse Swift’s team—Alvin Patrimonio, Zaldy Realubit, Peter Aguilar, Cris Bolado, Elmer Cabahug and this Vinnie Johnson-type of player in Ato Agustin. And of course, Marata who was a spitfire of a point guard.

I befriended Marata who was one of the tourney’s outstanding players. As a result of that, some of the coaches from the University of British Columbia recruited him to play in Canada.

Before Marata left, I handed over my phone number (landline in today’s parlance) through Swift’s trainer—the late Chris Monfort who was my football coach in Ateneo and Guiao’s classmate in UP—to give to Marata. We had struck up a friendship and since we shared similar names, we called each other tokayo.

When Ric-Ric arrived in Canada, he suited up for the Vancouver Nighthawks that was playing in some local tourney and the World Basketball League. And it was tough for him to adapt to the cold and the environment.

There were far fewer Filipinos living abroad and the change saw Ric-Ric struggle. But he was excited. I recall him telling me before he left that he wanted to pave the way for Filipinos to ply their trade abroad.

I was surprised when he called my landline—via long distance! How much was a minute’s worth then anywhere from P7 to P21 if I remember it right. But he did call. Three or four times? When he spoke of basketball, he talked about his not being fluent in English. The game was easy enough. But he found it hard with new teammates. Plus, the loneliness didn’t help. One time, I listened to him cry the entire five minutes. I just let him vent. I understood. But how do you write all of that? At this time, I was writing straight up game recaps and not feature articles or columns where I had more latitude.

The last time he called, he said he was coming home. He found out that Chatt was pregnant and he wanted to come home.

He was there for what—three months?

When I next saw him, he was now in the Philippine Basketball Association. I remember seeing him again after he returned. It was at the Ultra. “Tokayo...I am back,” he beamed. “’Yun lang ang itinuro mo na Ingles sa akin kasi.” And we laughed as we bought hotdogs at Mang Edwin’s behind the stands.

While he didn’t succeed in paving the way, he thought that the short experience turned him into a better man. “Family ang priority,” he said.

I covered his team’s fortunes a few more times then I switched into advertising. I lost touch until a few days ago when that op-ed piece reconnected me to his family.

When I think of Kai Sotto, I think of the others who tried their luck abroad—Japeth Aguilar, Ray Parks, Kiefer Ravena and Kobe Paras.

Kai represents the best chance for a homegrown Pinoy to make it to the NBA. Once that happens, you can bet eyes will be on others.

Ric-Ric Marata might be a footnote to all that. But I am certainly proud nonetheless. He chose his family all of who are doing very well now (both Chatt and their only daughter, Janika, are frontliners in this pandemic). And sometimes, that is all that matters.

Motoring BusinessMirror

B8 Friday, May 22, 2020

The new look; Honda & BMW protocols distancing is strictly enforced as fiveseaters become four-seaters at least and seven-seaters reduced to fourseaters, too, and so on and so forth.

Adjust and adapt is the name of the game, or the vicious virus rules forever.

Honda reopens

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E have practically stopped producing vehicles and, instead, we are now restructuring, if not reshaping, our mobility partners in the transport sector. The bus will now be halffull—or half-empty? Whichever, the vicious virus has so ordered.

Same with the jeepney. Half-full or half-empty, we must abide. The vicious virus is merciless: It prohibits us, from hereon, to be close to one another.

The taxi has not been spared, either. Its four passengers minus the driver will be reduced to three: Two at the back and one in front (passenger seat).

The new cab, like the bus and the jeepney, has to be reconfigured, too, as to put a divider between the driver and the passenger-seat rider. The

same divider—a plywood maybe, a glass, whatever—shall be installed to separate the backseat passengers, whether they’re lovebirds or complete strangers to each other.

The tricycle is to have just one passenger.

Bicycles and motorcycles are solo ride business, too.

Other transport modes like the calesas for tourists will have a maximum of at least two passengers only, minus the driver.

The new normal will see fares rise astronomically to make business stay afloat—naturally.

Because of this, trips will now be planned with utmost care. Social travels are no longer palatable; a spur-of-the-moment trip to the country a fling no more.

As to private vehicles, physical

ALL Honda dealerships have reopened, including its after-sales operations.

Strict health and safety protocols will be implemented, including daily inspection and sanitation in high activity areas, such as the showroom floor, vehicle delivery, vehicle maintenance and repairs, and business transaction areas.

All customers and dealer-associates will be scanned for body temperature before entering the dealership premises. Those with a body temperature of 37.5 degrees Celsius and above will not be allowed to enter.

Customers will be required to wear face masks while inside the dealership and must sanitize their hands before entering and while inside the dealership premises. Dealer associates will be required to wear prescribed PPEs. Social distancing (1 meter apart)

shall be observed throughout. All common areas will have demarcation lines to ensure this is strictly followed.

BMW new protocols

FROM Nico Ylanan of BMW, this: “SMC Asia Car Distributors Corp.

[SMAC], the official importer and distributor of BMW in the Philippines, is pleased to announce the reopening of its dealer network in the country. With the national government announcing new work guidelines and a reclassification of community quarantines in several regions, BMW dealerships have adapted modified working hours and adjusted personnel in order to offer the best customer brand experience.

“Select dealer partners have opened as early as May 16 to begin disinfecting procedures in their facilities and start catering to guests.

While these showrooms will be ready to accept guests, after-sales services such as vehicle maintenance and warranty work, must be scheduled via the official BMW Philippines Aftersales Portal at: http://aftersales. bmw.com.ph/.

“The complete schedule for all

operating showrooms and service centers across the BMW network can be found at BMW Philippines’s official Facebook page.

“The BMW network now implements a comprehensive set of safety protocols that must be observed by dealership personnel and guests at all times. This is to ensure a safe, comfortable, and enjoyable experience for everyone moving forward:

1. A single entry and exit point will be designated at BMW dealerships; 2. Guests are required to wear facemasks at all times; 3. Guests must wash their hands at a provided wash basin and utilize the footbath for disinfection; 4. Guests must undergo a temperature check upon entry; 5. All guests must fill out a simple health questionnaire for contact tracing purposes; 6. Serving of coffee and snacks are suspended, but bottled water may be requested; 7. Test drive opportunities remain available. We ensure that every vehicle is properly disinfected before and after use; 8. Expect dealership personnel to implement social distancing and

the wearing of face masks and face shields with every interaction; and 9. Frequently touched surfaces in each facility are sanitized every two hours. “While we are excited to restart the BMW business, the safety of our team members is of paramount importance,” said SMC Asia Car Distributors Corp. President Spencer Yu. “We hope our guests can bear with us as we make your dealership experience as safe and enjoyable as they can possibly be. We enjoin everyone, from our own personnel to our valued guests, to do our part. In doing so, we can help bring the country a step closer to healing.”

PEE STOP Healing and heading to-

wards recovery, if not resurrection.

We must all do our part in rebuilding what was destroyed—and still being destroyed, seemingly—by Covid-19, which is the solid trust and confidence we had always entrusted to all the players in the industry— from the painter to the producer, designer to the dealer, engineer to the entrepreneur, messenger to the manager, pathfinder to the president. Together, we can.… Thank you again to Toyota & Lexus Chairman Alfred Ty. Our secret stays…