BusinessMirror May 28, 2021

Inflation seen within goal amid oil-price hike

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HE local growth of consumer prices is forecast to remain within target on average for this year despite the expected uptrend in the global oil prices, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

In a press briefing, BSP Governor Benjamin Diokno said they have already factored in the recent uptrend in global oil prices into the latest baseline inflation projections which showed a targetconsistent inflation path over the policy horizon.

In their latest monetary policy meeting in May, the BSP revised their forecast for the year to 3.9 percent down from the 4.2-per-

cent forecast in their February meeting.

For next year, however, the BSP revised their target higher from 2.8 percent to 3 percent due to the expected increase in global crude oil prices and faster economic prospects.

“The uptrend in global oil prices in recent months has been driven by changes in supply-demand dynamics. Improved prospects in global demand as countries gradually recover from the pandemic and the Opec [Organization of the Petroleum Exporting Countries] Plus production cuts have pushed oil prices higher in 2021 compared to the previous year’s

levels,” Diokno said.

The governor, however, admitted that they will still continue to closely monitor developments in oil prices, especially as this can lead to second-round inflationary effects.

“Central banks typically accommodate commodity price increases as they tend to be transitory in nature. However, the impact of global demand-supply imbalances on oil prices may become more persistent and could potentially lead to second-round effects in oil-importing economies,” Diokno said.

“The BSP remains on the lookout for possible second-round ef-

Friday, May 28, 2021 Vol. 16 No. 226

fects that may require a monetary response, even as underlying inflation and the overall inflation outlook remains manageable in the Philippines due to the amount of prevailing slack in the domestic economy,” he added.

The governor, however, said that providing support to domestic demand remains a “key priority for monetary policy” given the expected path of inflation and the continued downside risks to economic activity.

The BSP is expected to have their next monetary policy meeting on June 24. This will be their fourth monetary policy meeting of the year. Bianca Cuaresma

S&P KEEPS INVESTMENT GRADE RATING FOR PHL w

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P25.00 nationwide | 2 sections 28 pages |

THINK TANK: MGCQ EXTENSION COULD SLOW PHL RECOVERY

The “blood moon” provides a stunning accent to the deep blue of the night sky over the Lakeshore area in Taguig City on Wednesday. The astronomical show­—a total lunar eclipse and the so-called “supermoon” when the moon appears bigger and brighter—wowed many lockdown-weary souls. NONIE REYES

By Cai U. Ordinario

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@caiordinario

HE extension of the modified general commu n it y q u a r a nt i n e (MGCQ) in Metro Manila and its surrounding provinces could slow the country’s economic recovery, according to a local think tank.

In the latest Market Call report, First Metro Investment Corp. (FMIC)-University of Asia and the Pacific (UA&P) Capital Markets Research said the MGCQ would “provide some headwinds in the future.”

This, even though the 2.1 million jobs that were created in March were higher than the 1.9 million jobs created in February.

“The strong job numbers should help boost consumer spending, although the extended quarantine restrictions

By Bianca Cuaresma

D

@BcuaresmaBM

ESPITE recent cuts in its growth projection and reimposition of lockdowns, international credit watcher S&P Global Ratings announced that it is affirming the country’s current ratings with a stable outlook.

See “S&P,” A2

PESO exchange rates n US 48.1380

in Metro Manila Plus could dampen it, and fractured supply chains may constrain stronger production gains,” FMIC-UA&P Capital Markets Research said.

Meanwhile, the think tank said, hope is not lost given that infrastructure spending has increased and export earnings have recovered.

FMIC-UA&P Capital Markets Research said infrastructure spending posted a 26.7-percent year-on-year increase in the first quarter. This indicates that this kind of spending has gained traction and could continue for the rest of the year.

In terms of exports, the think tank said the 31.6-percent growth in exports in March was a welcome surprise. This provided some optimism enough for the policy-makers to expect that this could be sustained this year.

See “Think,” A2

Faster jabs drive boosts recovery–DOF A

S vaccination in the Philippines gathers steam, the Department of Finance (DOF) is now more confident that the country will see better economic prospects in the second quarter of the year.

In a speech at the virtual general membership meeting of the Pam-

panga Chamber of Commerce and Industry (PamCham) on Thursday, Finance Secretary Carlos G. Dominguez III said the economy may already be on more solid footing due to the vaccinations.

Dominguez said if things go according to plan, the country can expect a significant contain-

ment of infections by the second half of 2021.

“In the second quarter of this year, we expect to begin growing our economy again. We see that the second wave of infections that started at the end of March has subsided dramatically. We hope that this will be the last surge,” Dominguez said.

The finance secretary said vaccinations done by the government may be able to inoculate 70 million Filipino adults, as well as 15 million teenagers once a Covid-19 vaccine is approved by the Food and Drug Administration (FDA) for this age group.

See “Faster,” A2

n japan 0.4411 n UK 67.9949 n HK 6.2018 n CHINA 7.5316 n singapore 36.3498 n australia 37.2636 n EU 58.7043 n SAUDI arabia 12.8375

Source: BSP (May 27, 2021)

News

BusinessMirror

A2 Friday, May 28, 2021

Fil-Am among 8 dead in US rail yard mass shooting–DFA

By Recto Mercene @rectomercene

A

FILIPINO was among the eight fatalities in the latest mass shooting in the United States, this time involving transportation workers in San Jose, California, according to the Philippine Consulate General in San Francisco.

The Filipino was identified as Paul dela Cruz Megia, 42, one of the eight employees of the Valley Transportation Authority (VTA) who were shot dead by a man described as a disgruntled worker.

The shocking shooting at the San Jose Railyard provoked new calls to end gun violence in the US. The Department of Foreign Af-

Think...

fairs said the Consulate General is coordinating with American authorities to get more information and is ready to extend any assistance, if warranted.

Authorities earlier identified the other victims as:

n Taptejdeep Singh, 36 n Adrian Balleza, 29 n Jose Dejesus Hernandez III, 35 n Timothy Michael Romo, 49 n Michael Rudometkin, 40 n Abdolvahab Alaghmandan, 63 n Lars Lane, 63

Authorities said the shooter, Samuel Cassidy, also a VTA employee, killed himself after opening fire on his coworkers during a meeting.

Local news reports quoted coworkers and the shooter’s ex-wife

Continued from A1

“The possible constraints may lie, however, in supply chains’ respon-

siveness and the amorous view of top policy-makers towards the peso

describing him as being often very angry about his work. His ex-wife said he used to say he wanted to kill his coworkers but that she never thought he would take it seriously.

Local officials said the shooting, initially reported before 7:00 a.m. local time (10 p.m. Wednesday in Manila), took place at an employee meeting, with at least 80 staff on site at the time.

Cassidy had worked at the light rail yard for at least eight years, according to public records. He reportedly shot virtually everyone on the morning shift, including some he had worked with for years.

At Cassidy’s t hree-bedroom home on Angmar Court in San Jose, investigators discovered firearms and a large amount of ammunition, according to reports.

His ex-wife had filed a restraining order against him in 2009, according to court records.

US P resident Joe Biden called the incident a “horrific tragedy” and ordered flags to be flown at half-staff, saying in a statement: “There are at least eight families who will never be whole again.”

“Once again, I urge Congress to take immediate action and heed the call of the American people, including the vast majority of gun owners, to help end this epidemic of gun violence in America,” he said.

appreciation of late,” the research group, however, said.

Meanwhile, FMIC-UA&P Capital Markets Research said inflation remains in check and could lead the

Central Bank to keep its policy rates.

The think tank noted that cheaper food prices such as rice and vegetables have kept inflation at bay.

In April, the Philippine Statistics Authority (PSA) reported inflation averaged 4.5 percent.

It added that 7 out of the 11 food categories saw falling prices or at least a slower pace from a month earlier. The increase in rice prices, which account for 9.6 percent of the consumer price index, contracted 0.3 percent year-on-year.

Earlier, local economists said consumers’ fear of Covid-19 continued to prevent them from spending in the first quarter, leading to a contraction in GDP growth in the January-to-March period.

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

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

Faster...

Dominguez also said vaccine deliveries have started to pick up and is allowing the government to open the inoculation program to frontline workers in essential sectors of the economy.

“We are also in the process of negotiating for the booster shots next year.

The Covid-19 pandemic should soon be contained,” said Dominguez.

Expand, go digital

With this, Dominguez encouraged Pampanga’s business community, as

www.businessmirror.com.ph

S&P...

Continued from A1

In a statement on Thursday afternoon, S&P said it has affirmed the Philippines’s investment grade credit rating of “BBB+” with a “stable” outlook.

A stable outlook means the current rating is likely to hold in the short-term barring any extreme and unforeseen development.

S&P also forecasted that the Philippine economy will grow by 7.9 percent this year, significantly above the ceiling of the government’s revised growth target for the year at 6 to 7 percent. “[We] believe the Philippines will continue to have good economic recovery prospects once the Covid-19 pandemic is contained, and that the government’s fiscal performance will strengthen accordingly,” S&P said in a report.

“Despite the unprecedented economic shock, the Philippine economy remains among the fastest growing in the world on a 10-year weighted average per-capita basis. The country has a relatively diversified economy with a strong track record of high and stable growth—a reflection of its supportive policy dynamics and improving investment climate,” it added.

One of the major strengths to their rating, S&P said, is the strong external position of the country, particularly evidenced by its hefty gross international reserves (GIR).

“A key rating strength for the Philippines is the country’s external position; the peso’s strength and the Philippines’s rising foreign-exchange reserves in the current economic and health crisis are testaments to its external resilience,” S&P said.

The debt watcher also cited the Philippines’s strong and highly liquid banking sector in the midst of an economic crisis.

“Philippine banks benefit from being mainly deposit-funded, with high liquidity and limited linkages to global markets. The strengthened oversight of the financial sector by Bangko Sentral ng Pilipinas [BSP], combined with modest growth in private sector debt and real-estate prices, has also contributed to improved system stability in recent years,” it said.

Earlier this month, the BSP reported that GIR hit $107.25 billion in April this year, up $2.77 billion from the previous month’s level.

The country’s GIR is the level of foreign-exchange holdings being managed by the Central Bank during a given period. The GIR is a crucial component of the economy as it is often used to manage the country’s foreign-exchange rate against excess volatility.

The Philippines’s GIR has been ris-

Continued from A1

well as other micro, small and medium enterprises (MSMEs) to continue with their expansion plans.

He also urged businessmen to accelerate their digitization efforts in order to meet the demands of the new normal.

These efforts, expansion and digitalization, will also help the government create more jobs for millions who lost their employment due to the lockdowns.

The Philippine Statistics Authority (PSA) reported that the country’s unemployment rate was at 7.1 percent which meant 3.44 million Filipinos did not have jobs.

“We will be relying on MSMEs to drive our economic recover y.

ing steadily for the whole of 2020 amid the pandemic, as the local currency remained strong against the US dollar.

At this level, the BSP said the buffer is equivalent to 12.3 months’ worth of imports of goods and payments of services and primary income. It is also about 7.5 times the country’s shortterm external debt based on original maturity and 5.2 times based on residual maturity.

‘Vote of confidence’ cheers DOF, BSP

In separate statements, the Department of Finance and the BSP welcomed S&P’s affirmation of the country’s ratings, calling it a vote of confidence that the country continued to have favorable prospects despite the Covid-19 challenges.

“The Philippines, along with the rest of the world, has suffered from the shocks of the pandemic-driven health and economic crises. But solid financial buffers and prudent fiscal management have placed the Philippines in a relatively strong position to generate the needed funds for Covid-19 response without touching off a worrisome debt situation down the road,” Finance Secretary Carlos Dominguez III said.

“Even as we significantly increase public spending to contain the spread of the virus, save lives, and induce economic recovery, we have managed to keep our debt metrics within manageable levels. S&P’s affirmation of its ‘BBB+’ rating supports our optimism that once this health emergency is contained, we will be able to bring back our deficit and debt ratios, as well as our growth momentum to pre-pandemic levels,” he added.

BSP Governor Benjamin Diokno said, meanwhile: “The move of S&P to keep the country’s BBB+ credit rating echoes our view that the impact of the Covid-19 crisis on the economy will be transitory and that the Philippines continues to enjoy bright mediumterm growth prospects.”

He added: “Prior to the pandemic, the Philippines was already on the verge of becoming an upper middleincome economy and had already posted significant strides in poverty reduction. We expect to go back to that trajectory soon, as vaccination rollout continues and as we push for vital economic reforms.”

On BSP’s part, Diokno said, “we will continue to promote financial digitalization, which will aid faster economic recovery and growth, and which will onboard more Filipinos to the formal sector thereby boosting incomes. We will likewise continue to promote Islamic banking for a more inclusive financial system,” he further said.

MSMEs employ the major it y of workers in the country. They will play a key role in bringing down our unemployment and poverty rates,” Dominguez said.

Several game-changing reforms have also been passed under the Duterte administration that have allowed MSMEs in the country to flourish, with Pampanga as among the biggest beneficiaries of these measures.

These reforms, among others, are the Ease of Doing Business (EODB) Act to make it easy and convenient for people to start a business and encourage existing enterprises to expand their operations; the digitalization of the filing and payment of taxes in the Bureau of Internal Revenue (BIR); and the Tax Reform for Acceleration and Inclusion (TRAIN) Law that ensured a steady r e v e nu e f l o w for the government and boosted the disposable incomes of 99 percent of salaried workers through subs t a nt i a l ly re duced persona l income ta x (PIT) rates.

Cai U. Ordinario

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Friday, May 28, 2021 A3

Voting 44-0, House panel throws out impeachment complaint vs Leonen

By Jasper Emmanuel Y. Arcalas @jearcalas

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HEHouseCommitteeonJustice on Thursday unanimously dismissed the impeachment complaint against Supreme Court Associate Justice Mario Victor F. Leonen after it was found to be insufficient in form.

Voting 44-0, the House committee approved the motion for the

“outright dismissal” of the impeachment complaint against Leonen, which was filed by a group called Filipino League of Advocates for Good Governance-Maharlika.

Reacting from the dismissal of the impeachment complaint against him, Leonen said: “The immediate and decisive dismissal of the impeachment complaint affirms our faith in the House of Representatives

under the leadership of the current Speaker of the House, as well as the Committee on Justice. It is a leadership that refuses to be used to debase and degrade sacred constitutional processes for unworthy ends.”

“It is also a leadership that seeks to focus on the gravest threats that we face today, provide succor to the suffering multitudes of our people, and in the process find ways and means to

heal our needless divisions,” he added.

The decision of the House, according to Leonen, also affirmed “the constitutional independence of the Judiciary by not allowing others to take advantage of the vulnerability of its members.”

Several lawmakers, including the committee’s chairman Leyte Third District Rep. Vicente Veloso III and Deputy Speaker Rep. Rufus Rodri-

guez, said the grounds of the complaint “lacked sufficiency in form as these are founded on hearsay and published news articles.”

Furthermore, the lawmakers present at the panel’s deliberation noted that the documents submitted by the complainant to the panel were neither authenticated nor certified as true copies.

Among the lawmakers who ar-

gued that the 201-page complaint did not comply with the rules of the chamber in impeachment proceedings were Bayan Muna Party-list Rep. Carlos Isagani T. Zarate and Albay First District Rep. Edcel C. Lagman.

The petitioning group, led by its Secretary-General Edwin Cordevilla, filed the complaint against Leonen for allegedly being “negligent and incompetent.”

A4 Friday, May 28, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Essential goods aid manufacturing sector amid pandemic–DTI

By Tyrone Jasper C. Piad @TyronePiad

E

SSENTIAL goods production— which is deemed resilient amid the pandemic—has helped the performance of the local manufacturing industry, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon Lopez said at a virtual event on Thursday that basic goods manufacturing activities continued despite the lockdown measures as these are staple products.

“We kept them at 100 percent despite the ECQ [enhanced community quarantine],” he said. These include manufacturing activities for food, pharmaceutical, personal care and fast-moving consumer goods.

“The reason why our economy was sort of still moving because we allow cargo movement...to be unhampered even in the time of ECQ, basically, to allow the operations of the essential businesses,” Lopez added.

The trade chief said the manufacturing sector has already shown improvement this year, citing the export revenues and Purchasing Managers’ Index (PMI).

According to the Philippine Statistics Authority, exports grew by

7.6 percent to $17.56 billion in the first quarter. In March alone, export revenues improved by 31.6 percent to $6.68 billion.

Lopez noted that the Philippines reached above 50 level of PMI this year, showing a recovery from last year. However, a recent IHS Markit report noted that it declined to 49.0 in April—the first time after three consecutive months of growth—from 52.2 the previous month. He noted that the Philippines’s record low of 31.6 was booked in April last year.

“With easing of quarantine restrictions, factory operations are resuming and demand is picking up, fueled by increase of domestic and international orders,” he said.

A country’s PMI determines the health of its manufacturing sector and is calculated as a weighted average of five individual subcomponents.

Readings below 50 show deterioration in the industry, while readings above the 50 threshold signal growth in the manufacturing sector.

“While the future of Philippine manufacturing appears bright and encouraging, we should remember that our efforts to strengthen our industries and attract more investments means more decent jobs and employ-

ment for our countrymen,” he said.

With this, as part of DTI’s strategy to boost economic recovery, it is accelerating the so-called Fourth Industrial Revolution in the country.

This covers smart manufacturing, digital technologies and manufacturing of components and devices supporting this technology transformation, Lopez said.

The DTI is also inviting big players in the sector to invest in the country, noting this is one of the reasons why the department launched its Artificial Intelligence (AI) Roadmap.

Lopez hopes to encourage more high value-adding companies to choose the Philippines as a location to build data centers and infrastructure.

“Guided by our National AI [Artificial Intelligence] Roadmap, we will establish the private sector-led National Center for AI Research [or N-CAIR] as the country’s shared hub for AI research and home to full-time research scientists and research engineers,” Lopez said.

“And backed by our rich local talent pool and vibrant innovation and entrepreneurship ecosystem, we can serve as a big data processing hub providing high-value data analytics and AI services to the world,” he added.

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DENR undertakes ₧7.25-billion USAID-funded ecosystem enhancement, sustainability projects

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HE Department of Environment and Natural Resources (DENR) is carrying out a $150-million (P7.25 billion) project for enhanced ecosystems through a bilateral assistance fund from the United States Agency for International Development (USAID).

The bilateral assistance agreement signed last February by the National Economic and Development Authority (Neda) and USAID highlights the United State of America’s commitment to boost sustainable development in the Philippines. It also marks the 75 years of bilateral relations between the two countries.

“The agreement aims to protect ecosystems, promote the sustainable use of natural resources, and build the capacity of people, communities and institutions to withstand, cope and recover from shocks and stresses so that people and ecosystems thrive,” Sean Callahan,

acting mission director of USAID, said in a news statement released through Growth Publishing for the DENR’s ForeignAssisted&SpecialProjectsServices.

Environment Secretary Roy Cimatu welcomed the partnership between the USAID and DENR. “We always welcome effective collaboration to continue the advancement and sustainability of how we protect our ecosystem and natural resources,” he said.

“USAID has always been a consistent and effective ally for the DENR for the past years. They have supported us for years in creating sustainable models, which guided us in increasing and strengthening our policies for the management of our ecosystems. That is why we are looking forward to more meaningful years with USAID in advancing our shared goals of environmental sustainability and improving the lives of the Filipino

communities,” Cimatu said.

Two of the projects covered by the bilateral agreement are SIBOL and Safe Water Project (SWP).

The SIBOL, or Sustainable Interventions for Biodiversity, Oceans and Landscapes, is a five-year, P1.1-billion ($22 million) project, which supports the DENR in improving natural resource governance, stimulating public and private sector investments in conservation, and reducing environmental crime, leading to greater ecosystem stability and inclusive green growth.

The project also includes provision for communities’ access to clean water and sanitation services.

SIBOL works with the Biodiversity Management Bureau (BMB), Forest Management Bureau (FMB), and the DENR’s field offices in Central Luzon (Region 3), Southern Luzon (Region 4B) and the Caraga Administrative Region (Region 13). Jonathan L. Mayuga

26 groups want PHL bank secretary eased continued from a12 The statement was issued jointly

by American Chamber Of Commerce Of The Philippines (Amcham), Australia-new Zealand Chamber Of Commerce Philippines (Anzcham), Bankers Association Of The Philippines (Bap), Cebu Business Club (CBC), Cebu Leads Foundation (CLF), Chamber Of Thrift Bank (CTB), Cibi Foundation Inc., European Chamber Of Commerce Of The Philippines (ECCP), Financial Executives Institute Of The Philippines (Finex), and Fintech Alliance Ph.

Also included were the Foundation For Economic Freedom (Fef), French Chamber Of Commerce And Industry In The Philippines (Cci France-Philippines), Fund Managers Association Of The Philippines (FMAP), Guild Of Real Estate Entrepreneurs And Professionals Inc. (Greenpro), Institute Of Corporate Directors (ICD), Intellectual Property Association Of The Philippiines (Ipap), Japanese Chamber Of Commerce And Industry Of The Philippines (JCCIPI), Licensing Ex-

ecutives Society Philippines (LESP), Makati Business Club (MBC), Management Association Of The Philippines (MAP) and Philippine Center For Entrepreneurship (Go Negosyo).

The Philippine Council Of Association And Association Executives (PCAAE), Philippine Life Insurance Association (PLIA), Shareholders’ Association Of The Philippines (Sharephil), Tax Management Association Of The Philippines (TMAP) and the Women’s Business Council Philippines (WBCP) were also included.

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Senator files measure renaming Benham Rise to Philippine Rise

By Butch Fernandez @butchfBM

A

DMINISTRATION Sen. Francis Tolentino, moving to reaffirm Philippine sovereignty, asked Congress to pass an enabling law renaming Benham Rise as the “Philippine Rise” or “Talampas ng Pilipinas.”

Tolentino said early enactment into law of his Senate Bill 2235 will “underscore the country’s assertion of sovereign rights over the 13-millionhectare underwater plateau.”

In a news statement issued on Thursday, Tolentino asserted that renaming the Benham Rise to “Philippine Rise” or “Talampas ng Pilipinas” is a clear exercise of sovereignty, adding it is “aimed at protecting national interest.”

Tolentino added that Senate Bill 2235 intends to complement President Duterte’s Executive Order affirming sovereignty over Philippine Rise.

Tolentino added the remedial measure also aims to name 22 undersea features found in the area.

Moreover, it also seeks to mandate the use of the name “Philippine Rise” or “Talampas ng Pilipinas” and the names adopted in the bill for its undersea features in official maps, charts, and all other

official documents.

In addition, the bill provides that all private institutions, organizations, and establishments organized under the laws of the Philippines or operating within the Philippines are also mandated to use the designations in all communications, announcements, and messages, both domestically and internationally.

Tolentino’s bill also underscored the country’s sovereign rights over the Philippine Rise, an underwater plateau about 2,000 to 5,000 meters deep located in Aurora.

Article 77 of the United Nations Convention on the Law of the Sea (Unclos) provides that a coastal state has sovereign rights over its continental shelf for the purpose of exploration and exploiting its natural resources. No other state may exploit or undertake exploration activities in the Philippine Rise without express consent of the Philippines.

The administration lawmaker recalled that China had also previously named five undersea features in the Philippine Rise despite the declaration by the United Nations Commission on the Limits of the Continental Shelf (UNLCS) that it is part of the Philippines’s continental shelf.

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Duque says not enough vax to inoculate minors for now

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By Samuel P. Medenilla

@sam_medenilla

HE government still doesn’t have enough supply of Covid-19 vaccines to start the inoculation of minors for now, according to the Department of Health (DOH).

Health Secretary Francisco Duque III issued the statement as the Food and Drug Administration (FDA) announced it is now poised to amend the Emergency Use Authorization (EUA) of the Covid-19 vaccine of Pfizer-BioNTech so it could be used to inoculate those in the 12 to 15 years age group.

This, if ever, would make the Pfizer Covid-19 vaccine brand to be allowed locally to be used for teenagers.

FDA Executive Director Eric Domingo said Pfizer applied for its amended EUA on May 20, 2021, in order to secure permission to use its vaccines for those below 18 years old.

The EUA is a document issued by the FDA for Covid-19 vaccines, which have yet to complete the necessary clinical trials so they could be used locally.

“Early this evening, I already got the recommendation of our experts and it is very favorable. So within the week, we will be issuing an amendment to the Emergency Use Authorization of Pfizer and it will be able to use it in children 12 to 15 years old,” Domingo said.

Pfizer is one of the most soughtafter Covid-19 vaccines among Filipinos due to its reported 95-percent efficacy rate.

Duque, however, issued a clarification on FDA’s statement.

“But I must clarify that since we still lack [doses] of vaccines and they are not part of the highrisk group, we still cannot include them [in our vaccination drive],” he said in an interview with PTV on Thursday.

Many of the high-risk groups, particularly senior citizens and

Early this evening, I already got the recommendation of our experts and it is very favorable.

So within the week, we will be issuing an amendment to the Emergency Use Authorization of Pfizer and it will be able to use it in children 12 to 15 years old.

BM

FDA Executive Director Eric Domingo those with comorbidities, have yet to get their Covid-19 jabs, Duque noted.

He stressed the government must stick with its priority sectors first since they are the mostly likely to be hospitalized or at risk of succumbing from Covid-19 complications.

Presidential spokesman Harry Roque said the government might consider vaccinating teenagers once the Pfizer vaccines purchased by the government arrive.

Currently, the government only has about 193,050 doses of Pfizer Covid-19 jabs, which came from the Vaccines Global Access (Covax).

Vaccines from the Covax facility can only be used for health-care workers, senior citizens, and those with comorbidities.

Chief implementer of the government’s national policy on Covid-19 Carlito G. Galvez Jr. said another 2.2 million doses of Pfizer vaccines are scheduled to arrive next month.

In a related development, Domingo said they are now moving on the EUA application by the DOH for the Covid-19 vaccine of Sinopharm.

He said they have nearly completed the evaluation for the Sinopharm vaccine and are now expected to come out with a “favorable” decision on the application this week or early next week.

Sinopharm vaccine was used to inoculate President Duterte, as well as members of the Presidential Security Group under a Compassionate Use Permit issued by FDA.

News

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A6 Friday, May 28, 2021

DOH tracks 6 regions with alarming ICU rate use

Continued from A12

“All Visayas regions [are] showing upward trend—fastest and highest for Region 6. Regions 9 and 10 had the highest spike in cases, all other regions in Mindanao are in an upward trend,” the DOH said at the Kapihan Session with the media.

As of May 26, De Guzman said that case spikes have been shifting to regions outside NCR Plus area.

On a national level, she noted a slowdown in decline starting midMay, but the national positivity rate is unchanged from 12.8 percent in the previous 7 days.

Data from DOH showed that the country’s average daily reported cases in May 19-25 stood at 5,130; May 12-18: 5,848; and April 9-15 (peak): 10,849. The country recorded an average of 1,700 cases in January-February.

NCR, Plus areas

FOR NCR, the average daily reported cases from May 19-25 was 1,049; May 12-18: 1,367; March 29-April 4 (peak): 5,537; and low cases recorded in the months of January-February: 431 After a consistent decrease in cases, the “Plus” areas [outside the NCR] are now exhibiting a plateau, though Laguna showed some upward trend around first week of May. The average daily reported cases in Plus areas were at: May 19-25: 865; May 12-18: 1,076; April 9-15 (peak): 2,297; January-February: 198 De Guzman, meanwhile, also noted that Regions 1 and 4B showed a continuous increase in cases.

“We cannot limit mobility. Thus, the need for minimum public health standards and safety protocols to be well implemented to counter potential surges in the future,” De Guzman said, adding, “ We need longerterm solutions to increase health care capacity as well as parallel efforts to meet surge demand and strategies for “pandemic- proofing” the health care system.

The DOH official also said that deaths in May are at 1,538 deaths or 64 deaths per day, which is almost at last year’s peak (August 2020).

Covid cases

ON Thursday, the DOH logged 6,483 additional cases, bringing the total number of infections in the country to 1,200,430.

There were 4,335 recoveries and 210 deaths.

Of the total number of cases, 4.0 percent (48,109) are active, 94.3 percent (1,131,942) have recovered, and 1.70 percent (20,379) have died.

At least 25 duplicates were removed from the total case count.

Of these, 22 are recoveries.

Four cases were found to have tested negative and removed from the total case count. Of these, two are recoveries.

Moreover, 139 cases previously tagged as recoveries were reclassified as deaths after final validation.

All laboratories were operational on May 25, 2021 but six were not able to submit their data to the Covid-19 Document Repository System. Claudeth Mocon-Ciriaco

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Making of high-value goods urged for Asean-China tieup Heidi Toribio, SCB Regional CoHead for Client Coverage in Asia, said on Thursday that the two major economies can boost growth by focusing on the production of automotive, electronic vehicles and batteries, and consumer electronics.

She noted that Thailand, Indonesia and Malaysia—accounting for bulk of the car sales in the region— are leading the automotive sector.

In the Philippines, the Department of Trade and Industry launched the Comprehensive Automotive Resurgence Strategy program to boost local automotive production.

Toyota Motors Philippines Corp. and Mitsubishi Motors Philippines Corp. enrolled models Mirage and Vios, respectively, in the incentives

program. They are tasked to produce at least 200,000 units in exchange for fiscal support. The Philippines currently has 45 players in the electric vehicle industry engaged in manufacturing, importing, dealing, trading and providing services. The sector has a registered capacity of 150,000 units per year.

Meanwhile, electronics comprises bulk or 62 percent of Manila’s total exports. Toribio noted that consumer electronics in the Asean region are even expected to grow 6.4 percent by 2025.

The SCB official said that energy and resources are also another field of economic cooperation for Asean and China, given that the regional bloc aims to make its renewable energy

supply 23 percent of total primary energy by 2025.

In addition, Toribio pointed out that both economies can ink economic deals for information and communication technology.

She noted that the demand for cloud services, which amounts to $4 billion, is expected to increase by 26 percent between 2019 and 2024 with Vietnam at the forefront.

But for the partnership between China and Asean to work, there is a need to look into the regulations per member state, the Asia-Pacific Economic Cooperation (APEC) Secretariat said.

“What really needs to be done going forward is to look at regulatory coherence across Asean and China if this is to grow really. Right now, when it comes to technology and data, the regulation is far too much from economy to economy,” APEC Secretariat Executive Director Rebecca Fatima Sta. Maria explained.

When expanding in Asean market, Toribio also mentioned the need to adapt to certain business models.

Toribio stressed the importance of implementing a digital transforma-

Gordon…

bill’s intent to clearly define public utilities, and thus exclude some sectors from the Constitution’s caps on foreign ownership.

Gordon acknowledged Poe’s argument that it seems short-sighted to refuse to open up the economy simply because the Philippine military has not been upgraded enough

to adequately defend the country from security threats. Still, Gordon stressed, “we should not be rushing this” to give the defense sector time to boost its strength, “Aren’t we allowing the fox to enter the henhouse so easily” by rushing?

Gordon asked.

The amendatory bill to the Com-

T

By Tyrone Jasper C. Piad @Tyronepiad

HE Association of Southeast Asian Nations (Asean) region and China can strengthen economic cooperation by engaging in the manufacturing of high-value products, an official of Standard Chartered Bank (SCB) said.

Continued from A12

Gordon clarified he was only against including telecoms in the list for liberalization. He had no objections to considering the amendatory

tion program for the supply chain, highlighting sustainability initiatives and establishing partnerships to boost market presence.

Currently, Sta. Maria noted that policymakers in the Asean region are working to further improve the bloc as an investment destination.

“A lot of work is going into member states in looking at removing barriers for trade, looking for improvement in infrastructure so that you don’t have this asymmetrical development,” she said.

“We are not there yet, but I think there is a lot of effort being put in to ensure that through the various agreements that we have,” she added, citing the Regional Comprehensive Economic Partnership (RCEP).

RCEP was signed by 10 Asean member states and five Asean free trade agreement partners, including Australia, China, Japan, Korea and New Zealand in November last year.

India did not sign, however, due to unresolved trade concerns but the FTA is still open for its accession.

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

monwealth-era Public Service Act is one of three economic measures certified urgent by the President, with sponsors arguing that critical industries with potential for drawing in key foreign investments should be freed from the constitutional restrictions by being taken out of the definition of “public utility.” Butch Fernandez

News BusinessMirror

www.businessmirror.com.ph

‘Low-, mid-income groups to feel hotdog price hikes’

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By Cai U. Ordinario

@caiordinario

HE projected increase in the price of processed meat products such as hotdogs will not significantly increase inflation but will be felt by both low- and middleincome households nationwide, according to economists.

The impact on inflation will be minimal as the weight of processed meat in the Consumer Price Index (CPI) is only at 0.29 percent, according to data obtained by BusinessMirror from the Philippine Statistics Authority (PSA).

Philippine Institute for Development Studies (PIDS) Research Fellow Roehlano Briones said if there will be an effect on inflation, this will be observed in June. He added that an increase in prices of raw materials will have a smaller impact on prices.

“Not many” of the “core poor, before the pandemic,” could afford “to buy hotdog especially in remote areas that are far from stores with refrigerators,” he noted. “[But for the] near-poor up to middle class, [the impact will be] most prominent, especially those living in urban areas. They will be the ones who will feel the increase in the prices of processed meats like hotdogs,” Briones told

BusinessMirror in a phone interview on Wednesday.

Briones believes, however, that households will still continue to buy the products because the increase in prices will be minimal.

Based on PSA data, the weight of processed meats in prices in the National Capital Region (NCR) is 0.18 percent while in Areas Outside NCR, it’s at 0.11 percent.

The PSA said the weight of processed meat products in the CPI of the poorest Filipinos—comprising the bottom 30 percent of households—is higher at 0.57 percent.

National Statistician Claire Dennis S. Mapa said this is because food takes up a larger portion of the CPI when it comes to poor households.

Worsening diet

MEANWHILE, given that times are hard due to the pandemic, Briones said Filipino households could reduce the amount of processed meat in their diets in favor of cheaper

alternatives.

This, De La Salle University economist Maria Ella Oplas said, could lead to more of these households replacing processed meat alternatives with sardines and instant noodles. This, she said, will lead to a deterioration of their nutritional intake.

“With the increase in the prices of processed meat, people are now forced to look for alternatives.

And healthier alternatives are more expensive. So what’s next in line? Sardines? Instant noodles?”

Oplas said. “The poorest of the poor will have no choice. They are the ones that will greatly be affected not only economically speaking but in terms of their nutrient intake.”

Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told BusinessMirror that processed meats such as hotdogs have “become more essential” to households in recent years because they can be used in various recipes such as spaghetti or menudo.

Oplas said processed meats also serve as an alternative source of protein for “financially challenged Filipinos.” Further, the fast-paced lifestyle of Filipinos has made households more reliant on already cooked food such as processed meat products.

She added that these items can also be easily stored and last longer than fresh food items. This means households can easily stretch their budgets when they know they still have sufficient food at home.

However, these items have not yet reached the point of becoming inelastic goods—items that do not have substitutes and would continue to be bought regardless of their price. Lanzona said households will find other substitutes like fish.

The question now, Lanzona said, is whether the country has sufficient supply of these alternatives. He said this question leads to a more fundamental problem, and that is the government’s failure to modernize agriculture.

“I think for both low and middle classes, processed meat has become more essential since the unprocessed meat has become more expensive. So I guess this will affect both classes. But it is not price-inelastic. Maybe people will substitute it for other food, like fish. The question now is if we have enough seafood,” Lanzona said.

“The problem then still stems from the fact that we are not producing enough. Could all these be related to the pandemic? Or are these events bound to happen even without the pandemic? The problem remains fundamental,” he stressed.

Tariffs unchanged—Neda

MEANWHILE, National Economic and Development Authority (Neda) Undersecretary for Regional Development Mercedita A. Sombilla told BusinessMirror that the tariff rates for MDM have not been changed and given this, it will help MDM importers keep their costs low.

Friday, May 28, 2021 A7

DOF looks to squeeze more revenues from fuel-marking program

By Cai U. Ordinario

G

@caiordinario

REATER transparency in terms of the government’s fuel-marking program between the Department of Energy (DOE), Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) would improve the country’s chances of eradicating smuggling and the misdeclaration of petroleum products.

In the signing of the Memorandum of Agreement (MOA) between the three agencies, Finance Secretary Carlos G. Dominguez III said the agreement will provide a vital mechanism to strengthen the implementation of the country’s first nationwide Fuel Marking Program.

Through the MOA, Dominguez said information and reports on the volumes of imported and exported oil products among the three government agencies will be reconciled.

“Through this program, we expect smuggling and misdeclaration of petroleum products to be greatly reduced, if not totally eradicated, and revenue collections to dramatically increase,” Dominguez said in his speech last Thursday. “Fuel marking will also ensure fair competition among oil companies.”

The DOF said the MOA formalizes the partnership of the DOE, BOC and BIR in running after oil smugglers with their commitment to exchange information and reconcile the volumes of imported and exported crude oil, finished petroleum products and bioethanol, de-

natured imported bioethanol and inventory reports.

Dominguez said the importance of the MOA “cannot be understated” as its deliverables are designed to support the work of a joint task force set up by the BOC and BIR to perform the field testing activities under the fuel-marking program.

He also said this will help the government raise additional revenues that are needed to help the economy recover faster. As such, the fuel-marking program is among the key provisions of the Tax Reform for Acceleration and Inclusion (Train) Law, which is the first package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP).

“Having gone through the ravages of a pandemic and funding our nation’s economic recovery, the government needs all the revenue it can muster. Properly collecting all taxes due from the oil industry is indispensable to this effort,” Dominguez said.

“This will help us surmount the global health emergency and bring the country back to the path of inclusive growth. A better future for our people depends on this,” he added.

As of May 13 of this year, the government has collected a total of P229.5 billion in taxes from 23.59 billion liters of fuel marked under the program that was launched last September 4, 2019.

Of the total amount, the BOC accounted for P201.58 billion of the tax haul, while the BIR collected another P27.92 billion.

A8

Friday, May 28, 2021

The World BusinessMirror

Taiwan struggles with testing backlog amid largest outbreak

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AIPEI, Taiwan—Facing Taiwan’s largest outbreak of the pandemic and looking for rapid virus test kits, the mayor of the island’s capital did what anyone might do: He Googled it.

“If you don’t know, and you tr y to know something, please check Google,” Taipei Mayor Ko Wen-je quipped.

Praised for its success at keeping the virus away for more than a year, Taiwan had until May recorded just 1,128 cases and 12 deaths. But the number of locally transmitted cases started growing this month and it soon became clear that the central government was ill prepared not only to contain the virus, but to even detect it on a large scale due to a lack of investment in rapid testing.

T hat left of f icia ls like Ko scrambling to catch up as the number of new infect ions climbed to some 300 a day. Ko’s search put him in contact with six local companies who make rapid tests and his government was soon able to set up four rapid testing sites in a district that had emerged as a virus hotspot.

Rapid tests, experts say, are a critical tool in catching the virus in its early days. The alternative that Taiwan has been relying on— tests that have to be sent out to a lab for processing—has led to backlogs that may be obscuring the true extent of the outbreak.

“You want to identify those infected cases as soon as possible,” to contain the spread, said Ruby Huang, a professor in the medical college at National Taiwan University. “And then you’re basically running against time.”

With so few cases, Taiwan had been a bubble of normalcy for most of the pandemic. Schools stayed open, people went to bars and restaurants, and the island’s economy was among the few globally that saw positive growth.

Its success was built largely on strict border controls that primarily allowed in only citizens and long-term residents, who then faced mandatory two-week quarantines.

From time to time it found small

clusters of infections and stamped them out through contact tracing and quarantines. Last month authorities found a cluster involving pilots from the state-owned China Airlines.

Stopping the virus this time would prove difficult, in part because under government policy pilots were only required to quarantine for three-days and did not need a negative test to get out of quarantine. Soon employees at a quarantine hotel where China Airlines flight crew stayed started getting sick—and so did their family members.

The virus had escaped quarantine and was spreading locally, mostly in Taipei and surrounding areas.

The government in Taiwan— where only about 1 percent of the population has been vaccinated— responded by ordering a lockdown, closing schools and switching offices to remote work or rotating shifts. Contact tracers identified 600,000 people that needed to quarantine themselves.

The biggest roadblock has been testing.

Government policy throughout the pandemic has been to rely on polymerase chain reaction, or PCR, tests, which are seen as the gold standard for diagnosis but must be processed using special machines in a lab. The government has not encouraged rapid tests, which are quicker and cheaper but potentially less accurate.

In and around Taipei, labs have been working overtime in recent weeks but are still struggling to process all the samples.

Tim Tsai said on just a single day last week his lab in New Taipei city received 400 samples from hospitals to test. He said his lab was only able to process about 120 samples a day.

“Our medical technicians, they were leaving work at midnight,” he said.

In this May 18, 2021 file photo, medical personnel wearing protective gear, guide people at a rapid coronavirus testing center after the infection alert rose to level 3 in Taipei, Taiwan. After a year of success, Taiwan is struggling with its largest outbreak since the pandemic began. When locally transmitted cases started being found in May 2021, it soon became clear that the central government was ill prepared not only to contain them, but to even detect them on a large scale due to a lack of investment in and a bias against rapid testing. AP/Chiang Ying-ying

The government’s Central Epidemic Command Center said in a statement that all 141 government designated labs have the capacity to process 30,000 PCR tests a day.

However, it declined to provide the actual number of tests being processed.

It said it was “continuing to work with relevant labs to research ways to accelerate and expand our capacity, without impacting accuracy.”

Throughout the pandemic the government has maintained there are few benefits to mass testing, with the health minister saying last year that public funds and medical resources could better be used elsewhere.

The government instead has emphasized a strategy of contact tracing and isolation and only testing those with symptoms and direct contact with someone infected. “ This is more efficient, effective and accurate,” said Chen Chien-jen, the island’s former vice president, who led the pandemic response last year before retiring.

Experts say such a strategy may have been appropriate when case numbers were low, but needed to change as infections spread.

“You should have a two-pronged approach. You do the quarantine, but you should do massive widespread testing,” said K. Arnold Chan, an expert on drug and medical products regulation at National Taiwan University. “For whatever reason the government is completely unprepared.”

Taiwanese companies devel-

oped rapid tests for Covid-19 early last year, but the majority of their sales have been overseas.

“Back then the CDC didn’t support rapid tests, and there was no epidemic,” said Edward Ting, a spokesperson for Panion and BF Biotech, which has had its own test since March 2020. “We tried to sell, but it wasn’t possible.”

The central government finally appears to be coming around, with the health minister last week asking local governments to set up rapid testing sites. Ting said his company has since had calls from governments across the island asking about its tests.

The central government also is now offering subsidies for labs to buy new machines to process PCR tests.

Aaron Chen, whose company developed a machine that can process up to 2,000 PCR test samples every four hours, said he has diverted two machines bound for export to be used locally instead.

Ko, the mayor of Taipei, said his city has purchased 250,000 rapid test kits. Though the city is still relying on PCR tests to confirm actual cases, Ko said the rapid tests better allow him to monitor the situation on the ground.

Ko, a former surgeon, said it was important to be open to change.

“There’s a phrase in Chinese: One thrives in times of calamity and perishes in soft times. Because when you’re very successful you are not forced to improve. Only when you fail, then are you forced to improve,” said Ko. “We were too successful in the past year.” AP

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

Australian city enters fourth lockdown as Covid returns

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elbourne, the Australian city that’s already endured one of the world’s longest and most stringent lockdowns, is ordering residents to stay home for the fourth time since the pandemic began as the return of infections tests the country’s zero-tolerance approach to the virus.

The city of 5 million people, along with all other areas of Victoria state, will go into lockdown from midnight for seven days, acting Premier James Merlino told reporters in Melbourne on Thursday. The number of cases within the community had doubled in the past day to 26, he said.

“Our public health experts’ primary concern is how fast this variant is moving,” Merlino said, describing the strain of the virus as highly infectious. “We’ve seen overseas how difficult that movement can be to control.”

Genome sequencing has confirmed the cases are from the variant that was first detected in India, and are linked to a leak earlier this month from a hotel used for quarantine in South Australia state. Since then, the virus has spread to neighboring Victoria, with infected people visiting dozens of venues including football stadiums hosting thousands of spectators, a university and a regional city.

The outbreak shows that Australia’s success in eliminating the virus locally is increasingly becoming a straitjacket. As other developed economies like the US and U.K. rapidly re-open after w idespread vaccination programs, lagging inoculation drives and intolerance of any small flareup risk further isolating these “Covid-Zero” havens.

Australia, like other places including Taiwan and New Zealand, are far behind in vaccination due to a combination of lack of supply and hesitation from people who don’t feel a health threat from Covid-19. Compounding the situation are government officials who react aggressively to single or double-digit outbreaks that are a fraction of that being reported elsewhere, placing populations in stop-start lockdown cycles. These places, which also include Singapore, Hong Kong and mainland China, now risk being left behind as other parts of the world accept Covid-19 is endemic and move on. Prime Minister Scott Morrison’s government has indicated Australia’s vaccination program won’t be completed until wel l into 2022, and is insisting it will need to keep international borders closed until then.

Some Australian states and territories have already closed their borders to Melbourne residents, which is expected to place further pressure on the tourism and travel

industries, as well as to internal trade flows.

T he equit y market largely shrugged off news of the lockdown, with the benchmark S&P/ ASX 200 index little changed in early afternoon trading.

The cluster comes as Morrison’s government faces increasing pressure to speed up the pace of the vaccine rollout, with about 3.7 million people in the nation of 26 million so far receiving their first jab.

The government initially expected inoculations to be largely complete by October, though the timeline has been pushed back because of medical complications tied to the AstraZeneca Plc shot, which have also deterred some Austra lians from receiv ing a vaccination.

The Labor opposition has also criticized the strategy of keeping the hotel quarantine system in place, instead of building purposebuilt quarantine hubs. It says the Melbourne outbreak is the 17th time the virus has escaped from a hotel in the past six months, and is placing the blame on Morrison’s quarantine and vaccination policies.

“We are dealing with these outbreaks almost every week or two and they’re having an enormous impact,” Labor’s health spokesman Mark Butler said in a radio interview Thursday. The nation’s “hotel system was built for tourism, not medical quarantine.”

Australia has been largely successful in controlling the virus through rigorous testing and contact tracing and by closing its international border to nonresidents—other than a new travel bubble with New Zealand.

That nation this week suspended travel with Victoria.

But while day-to-day life for Australians has largely returned to normal this year, cases have sometimes leaked into the community from hotels where returned overseas travelers have been quarantining, triggering localized lockdowns.

Mask mandate

Restrictions placed on Thursday on people in Victoria, which is the nation’s second mostpopulous state, include staying within 5 kilometers (3 miles) of their homes for shopping and exercise and mandatory maskwearing in public.

Restaurants, pubs and cafes will be able to provide only takeaway goods; other wise, retail businesses, entertainment and gyms will be closed. Professional sporting events will proceed without crowds.

Asked whether the slow vaccine rollout had jeopardized the health of Australians, Health Minister Greg Hunt said in a telev ision inter v iew Mond ay that “we are safe.” AP

US, China trade chiefs hold French energy giant Total stops payments on Myanmar pipeline ‘candid’ talks in first call B

U

S Trade Representative Katherine Tai and China’s Vice Premier Liu He had a “candid” first conversation as the two sides try to resolve some of their differences on trade.

The trade chiefs spoke Thursday morning in Beijing, China’s Ministry of Commerce said in a statement, and “conducted candid, pragmatic and constructive exchanges in an attitude of equality and mutual respect.”

In a separate statement, the USTR said “Ambassador Tai discussed the guiding principles of the Biden-Harris administration’s worker-centered trade policy and her ongoing review of the US-China trade relationship, while also raising issues of concern.”

The phone call is one of the few top-level meetings between the two sides since the Biden Administration took office in January, after top diplomats had an acrimonious meeting in Alaska in March.

While both nations did agree on a partial trade deal in 2020, both China and the US still have tariffs on billions of dollars in trade in place and China has never met the purchase commitments it made in that deal.

The call followed a staff-level phone call, which took place Tuesday night Washington time, according to one person familiar with the planning for the meeting. During the call, the Chinese stressed the importance of tariff rollbacks as a necessary component of next steps in the relationship, the person said.

Liu served as the USTR counterpart during the tenure of former trade chief Robert Lighthizer and was the senior negotiator for the trade deal signed in January 2020. Under the agreement’s Trade Framework Group, the USTR and the Chinese counterpart are due to meet every six months to discuss implementation of the deal. AP

A NGKOK—Shareholders of the French energy company Total SA have voted to suspend payments of dividends to stakeholders in the joint venture company running a gas pipeline in Myanmar, the company said Wednesday.

Pressure has been growing on companies with investments or operations linked to the Myanmar military to suspend any financial support following a Feb. 1 coup. The Yadana pipeline is partly owned by Myanmar Oil & Gas Enterprises, a governmentcontrolled entity.

Shareholders of the Moattama Gas Transportation Co., or MGTC, which operates the Yadana pipeline, made the decision at a meeting held on May 12, Total said in a statement.

It said the decision was in response to a proposal from Total and the US energy company Chevron and was taken “in light of the unstable context in Myanmar.”

The decision was retroactively

In this October 12, 2016 file photo, the logo of French oil giant Total SA is pictured at company headquarters in La Defense business district, outside Paris. Shareholders of the French energy company Total SA have voted to suspend payments of dividends to stakeholders in the joint venture company running a gas pipeline in Myanmar, the company says. AP/Michel Euler

effective from April 1, it said. “All cash distributions by MGTC to its shareholders (Total (31.24 percent), Chevron (28.26 percent), PTTEP (25.5 percent) and MOGE (15 percent)) are suspended,” it said. PTTEP is a Thai company.

Total is still operating the pipeline, however, keeping the supply of gas steady “so as to not disrupt the electricity supply

that is vital to the local populations of Myanmar and Thailand,” it said. The company has said it needs to protect its workers from repercussions of any moves to suspend its operations in the country.

The human rights group Justice for Myanmar noted that the suspension of dividends represents a fraction of the funds paid

to the government from the pipeline, which includes millions in taxes, royalties and the government’s share of the gas revenues.

The 400-kilometer (250-mile) Yadana pipeline is operated by Total Exploration & Production Myanmar, and transports gas from the oil field offshore south of Myanmar to Thailand.

The company reiterated that it “condemns the violence and human rights abuses occurring in Myanmar.” It said it would comply with decisions of international and national authorities, including sanctions.

Myanmar’s militar y has imposed an increasingly violent crac kdow n on mass protests against the coup and a broad civil disobedience movement.

More than 825 people have been killed—well over two times the government tally—according to the Assistance Association for Political Prisoners, a watchdog organization that monitors arrests and deaths. AP

www.businessmirror.com.ph

The World

Defiant Belarus leader slams EU sanctions on plane diversion

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YIV, Ukraine—Belarus’ authoritarian president lashed out Wednesday at Europe for trying to “strangle” his country with sanctions over the diversion of a passenger jet, and he accused a dissident journalist arrested after the flight landed in Minsk of working to foment a “bloody rebellion.”

In a long, rambling speech to lawmakers and top officials, President Alexander Lukashenko defended his decision to tell the Ryanair flight to land in his country, maintaining his contention that there was a bomb threat against it. He called it an “absolute lie” that a fighter jet he scrambled forced the plane to land.

European Union leaders have denounced the move as an act of air piracy. Ryanair has said its crew was instructed to land. The plane was searched on the ground, and no bomb was found—but Raman Pratasevich, a 26-year-old journalist and activist, and his Russian girlfriend were detained.

“I acted in a lawful way, protecting people in line with international rules,” said the 66-year-old Lukashenko, who has ruled the ex-Soviet nation with an iron fist for more than a quarter century, relentlessly stifling dissent.

He fumed at the EU, accusing the West of waging what he said was “no longer just an information war but a modern hybrid war” against his country of 9.3 million.

Lukashenko doubled down on the idea that there was a grave security risk, saying the plane was not far away from the Astravets nuclear power plant and that he had ordered air defense systems to high alert.

“We acted in strict accordance with aviation safety rules,” he said, claiming the crew hesitated for about a quarter hour before following the Belarusian flight controllers’ directions to land in Minsk. “It’s the captain who makes a decision according to all instructions and rules, and we offered our help. The captain was thinking for 15 minutes and consulting the bosses and Vilnius airport staff.”

He said the crew hesitated for so long that Belarusian authorities no longer expected the crew to turn back to Minsk, since the plane was already near the Lithuanian border, but they did. The Belarusian MiG-29 was sent to help direct the Ryanair plane to land and facilitate communication in case of problems.

“They should have been thankful to us!” Lukashenko exclaimed. “We did everything to save people.”

But he also alleged that Pratasevich and his associates were working with foreign spy agencies to “organize a massacre and a bloody rebellion in Belarus.”

He also warned his other foes abroad that the authorities will go after them.

“We know your faces, and it’s just a matter of time for you to be brought to account before the Belarusian people,” he said.

Lukashenko has faced unprecedented pressure at home with months of protests following his reelection to a sixth term in an August 2020 vote that the opposition rejects as rigged. But he has only increased the crackdown, and more than 35,000 people have been arrested since the protests began, with thousands beaten.

Pratasevich, who left Belarus in 2019, has become a top foe of Lukashenko. He ran a popular messaging app that had a key role in helping organize the huge protests.

In Poland, Pratasevich’s parents said they fear for his welfare and made an emotional plea for assistance.

“World, please stand up and help. I urge you very much because they will kill him, they will kill him!” Natalia Pratasevich said through tears in an interview in Warsaw.

Her son appeared in a video broadcast on Belarusian state TV on Monday in which he confessed to some of the charges against him.

Natalia Pratasevich said her son’s nose appeared to be broken and he seemed to be wearing makeup to cover facial bruises. The journalist’s father, Dmitry Pratasevich, said his son must have been forced to make the confession.

Ivan Tertel, head of the Belarusian state security agency that still goes under its Soviet-era acronym KGB, said Pratasevich told investigators about “the sponsors of subversive activities against Belarus, its mechanisms and special services and politicians behind it” and promised to release details soon.

Pratasevich, who fled to Lithuania in 2019, was charged in absentia with staging mass riots and fanning social hatred.

Those carry a prison sentence of up to 15 years, and some fear he could face more serious charges, including some that carry the death penalty.

In response to Pratasevich’s arrest and the diversion of the flight, which was traveling between two EU countries, European leaders agreed to ban Belarusian airlines from using the airspace and airports of the 27-nation bloc. They urged European airlines to avoid Belarus airspace. They agreed to draft more sanctions on officials linked to the diversion and ones targeting businesses provide income for Lukashenko’s government.

“Our ill-wishers outside and inside the country have changed their methods of attacking the state,” he said. “That’s why they switched from organizing riots to trying to strangle us.”

He said Western sanctions are driven by “their envy, helplessness and anger that they have failed to carry out an armed rebellion and a coup in Belarus.”

Lukashenko said Belarus “is in the center of Europe, and if something flares up here, it could trigger another world war.”

“We will respond firmly to any sanctions, attacks and provocations. Not because we want to provoke a fight in the center of the continent. We don’t want it, we have had enough of it, but because you in the West are giving us no other choice,” he said.

He promised to retaliate by loosening border controls against Western-bound illegal migration and drug trafficking.

“We were stopping migrants and drugs—now you will catch them and eat them yourself,” he said. AP

BusinessMirror

Friday, May 28, 2021

A9

Biden orders more intel probe of Covid-19 origin

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ASHINGTON—President Joe Biden on Wednesday ordered US intelligence officials to “redouble” their efforts to investigate the origins of the Covid-19 pandemic, including any possibility the trail might lead to a Chinese laboratory.

After months of minimizing that possibility as a fringe theory, the Biden administration is joining worldwide pressure for China to be more open about the outbreak, aiming to head off GOP complaints the president has not been tough enough as well as to use the opportunity to press China on alleged obstruction.

Biden asked US intelligence agencies to report back within 90 days.

He directed US national laboratories to assist with the investigation and the intelligence community to prepare a list of specific queries for the Chinese government. He called on China to cooperate with international probes into the origins of the pandemic.

Republicans, including former President Donald Trump, have promoted the theory that the virus emerged from a laboratory accident rather than naturally through human contact with an infected animal in Wuhan, China.

Biden in a statement said the majority of the intelligence community had “coalesced” around those two scenarios but “do not believe there is sufficient information to assess one to be more likely than the other.” He revealed that two agencies lean toward the animal link and “one leans more toward” the lab theory, “each with low or moderate confidence.”

“The United States will also keep working with like-minded partners around the world to press China to participate in a full, transparent, evidence-based international investigation and to provide access to all relevant data and evidence,” said Biden.

His statement came after weeks of the administration endeavoring to avoid public discussion of the lab leak theory and privately suggesting it was farfetched.

In another sign of shifting attitudes, the Senate approved two Wuhan lab-related amendments without opposition, attaching them to a largely unrelated bill to increase US investments in innovation.

One of the amendments, from Sen. Rand Paul, R-Ky., would block US funding of Chinese “gain of function” research on enhancing the severity or transmissibility of a virus. Paul has been critical of Dr. Anthony Fauci, the government’s top infectious-disease expert, and aggressively questioned him at a recent Senate hearing over the work in China. The other amendment was from GOP Sen. Joni Ernst of Iowa and it would prevent any funding to the Wuhan Institute of Virology.

Both were approved without roll call votes as part of the broader bill that is still under debate in the Senate.

As for the origin of pandemic, Fauci, a White House coronavirus adviser, said Wednesday that he and most others in the scientific community “believe that the most

likely scenario is that this was a natural occurrence, but no one knows that 100 percent for sure.”

“And since there’s a lot of concern, a lot of speculation and since no one absolutely knows that, I believe we do need the kind of investigation where there’s open transparency and all the information that’s available, to be made available, to scrutinize,” Fauci said at a Senate hearing.

White House press secretary Jen Psaki said Tuesday that the White House supports a new World Health Organization investigation in China, but she added that an effective probe “would require China finally stepping up and allowing access needed to determine the origins.”

Biden still held out the possibility that a firm conclusion may never be reached, given the Chinese government’s refusal to fully cooperate with international investigations.

“The failure to get our inspectors on the ground in those early months will always hamper any investigation into the origin of Covid-19,” he said.

The Chinese embassy in Washington, without mentioning the Biden order, accused unnamed political forces of being fixated on a blame game while ignoring the urgent need to combat the pandemic.

“Smear campaign and blame shifting are making a comeback, and the conspiracy theory of ‘lab leak’ is resurfacing,” it said in a statement posted Wednesday on its website.

Administration officials continue to harbor strong doubts about the lab leak theory. Rather, they view China’s refusal to cooperate in the investigation—particularly on something of such magnitude—as emblematic of other irresponsible actions on the world stage.

Privately, administration officials say the end result, if ever known, won’t change anything, but note China’s stonewalling is now on display for the world to see.

The State Department, which ended one Trump-era probe into the Chinese lab theory this spring, said it was continuing to cooperate with other government agencies and pressed China to cooperate with the world.

“China’s position that their part in this investigation is complete is disappointing and at odds with the rest of the international community that is working collaboratively across the board to bring an end to this pandemic and improve global health security,” said spokesman Ned Price.

Research into the origins of the virus is critically important, said Arinjay Banerjee, a virologist at the Vaccine and Infectious Disease Organization in Saskatchewan, Canada, because, “If you don’t know where it came from, how are

you going to stop it from spreading it again?”

“The great probability is still that this virus came from a wildlife reservoir,” he said, pointing to the fact that spillover events – when viruses jump from animals to humans – are common in nature, and that scientists already know of two similar beta coronaviruses that evolved in bats and caused epidemics when humans were infected, SARS1 and MERS. “The evidence we so far have suggests that this virus came from wildlife,” he said.

Ho we ve r, t he c a s e i s not completely c losed. “ T here a re

probabilities, and there are possibilities,” said Banerjee. “Because nobody has identified a virus that’s 100 percent identical to SARS-CoV-2 in any animal, there is still room for researchers to ask about other possibilities.”

Andy Slavitt, Biden’s senior adviser for the coronavirus, said Tuesday that the world needs to “get to the bottom... whatever the answer may be.”

“We need a completely transparent process from China; we need the WHO to assist in that matter,” Slavitt said. “We don’t feel like we have that now.” AP

A10 Friday, May 28, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Taxing hypocrisy

O

ne phenomenon that social media has proven to the ordinary citizen is the hypocrisy of the elite.

It used to be that something or someone being described as “elite” was a high compliment. The Special Forces Regiment (Airborne) and First Scout Ranger Regiment of the Philippine Army are elite military units. They are highly trained, highly skilled, and often highly specialized. Elite used to mean the best choice of anything.

The Burj Al Arab in Dubai is an elite hotel considered the “world’s most luxurious hotel. Almost every aspect of the property is meant to evoke extreme decadence.” However, anyone willing to spend P75,000 per night can stay there.

Somewhere along the line, certain people—primarily politicians and celebrities—started thinking since they could afford to stay at places like the Burj Al Arab, they themselves were “elite.” Not only do the new elites have a few bucks to spend, but they also need to be on the front page just for good measure. Further, even being accomplished in their field of endeavor is not enough. To be a 21st century elite, it’s almost mandatory to be a go-to person for the media on almost every topic.

Being an “elite” has taken the idea of “a select person superior to the rest of a group” to a whole new level. Being the classmate of a high government official and being appointed to the board of a government-owned and -controlled corporation as a “pretty face” can make you an “instant-elite.” It is now an attitude that forms behavior rather than any particularly outstanding accomplishment. We have recently seen pictures of a genuine elite—by the old definition— waiting in line to be vaccinated just like everyone else.

The new elite posts on social media if anyone knows someone who is selling Covid-19 vaccines so that the family’s drivers and household helpers can be vaccinated. The idea that these employees should have to register and wait in line just like everyone else is not acceptable. After all, “I must do this to protect my family.” Falling in line is for the peasants.

Corporations can be elite. DoorDash, the US online food ordering company, advertised during the Super Bowl game that they were donating to support a worthwhile initiative. “For every order, we’ll donate $1 to Sesame Workshop.” Not long after the game, DoorDash announced that they had raised $1 million for this charitable effort.

What they did not mention is that they spent $5.5 million to buy that ad slot.

Not only are the “New Elite” arrogant and self-important, but hypocrisy also runs deep.

The Toronto Sun on August 3, 2019: “Celebrities Fly Private Jets To Italian Resort To Ponder Climate Change. A gaggle of elite celebrity eco warriors jammed themselves into 114 private planes to get to the exclusive Italian resort on the island of Sicily.” Private jet passengers account for 10 times as much greenhouse-gas emissions as a commercial traveler. Just 1 percent of people cause 50 percent of global aviation emissions.

Forbes magazine’s Michael Shellenberger: “The hypocrisy of celebrities who moralize about climate change is a way of flaunting their special status. Hypocrisy is the ultimate power move. It is a way of demonstrating that one plays by a different set of rules from the ones adhered to by common people.”

The NGO—European Federation for Transport and Environment—proposes a ticket tax on private flights would raise €325 million a year if based on a system already approved in Switzerland. The hypocrisy will not stop. But at least the elite will be charged for it.

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Sonny M. Angara

Better Days

I

N September last year, the Sangguniang Kabataan (SK) of Barangay Balaya in San Carlos City, Pangasinan installed WiFi modems at several locations in their village to provide Internet connectivity so the youth can more easily attend their online classes.

Last August, the SK of Lavezares town, Northern Samar procured several computer and printer sets for their e-library, which students in their area could use without charge for educational purposes.

Then in June, the SK of Trento, Agusan Del Sur set up an “Online Palengke” so that residents could purchase products from enterprises in the area without breaking health protocols and social distancing measures.

These are but some examples of the critical roles the youth councils have played throughout the pandemic. And in many instances, the SK officials who engage in such work do so without any form of compensation whatsoever. It is with these stories in mind that we recently sponsored, shepherded, and passed a measure on introducing amendments to the SK Reform Act of 2015.

One of the major changes in our proposal is to allow SKs to access a portion of their funds for honorariums. This is in response to the call of our young leaders as they continue to operate without any form of compensation. As stated by the Union of Local Authorities of the Philip-

pines, Inc. (ULAP), this honorarium would allow SKs to cover incidental expenses, which are not allowed to be charged against the SK and barangay funds.

Our measure also provides specific guidelines on how SK funds should be used, particularly in projects or initiatives that address the various issues of the youth in their community. Among these are student stipends and other educational assistance programs to reduce out-of-school youth incidence and dropouts; sports and wellness projects to address physical and mental health; skills training and livelihood assistance; and, environmental awareness projects, among others.

We are hopeful that the reforms we introduced would reinvigorate our current SK officials and entice other competent and young individuals to enter public service. We are also optimistic that our measure would help empower the SK to address the youth’s most pressing challenges.

Some of these challenges relate to fake news and misinformation.

According to a recent study based on the results of the 2018 Program for International Student Assessment

Most of our young people acquire news through social media as these platforms are convenient and easily accessible. In fact, according to the 2021 We Are Social and Hootsuite annual report, the Philippines emerged as the country that spent the most time on social media—an average of 4 hours and 15 minutes each day on Facebook, Instagram, Twitter, and YouTube. And while these sites have been implementing interventions to curb the spread of fake news through their medium, there is admittedly a lot more that still needs to be done.

(PISA), the Philippines belonged to the list of countries that had the lowest score in the index of knowledge of reading strategies for assessing the credibility of sources. And based on this result, Filipino youth (15-yearolds) are said to be among the most vulnerable in the world to fake news and misinformation.

Most of our young people acquire news through social media as these platforms are convenient and easily accessible. In fact, according to the 2021 We Are Social and Hootsuite annual report, the Philippines emerged as the country that spent the most time on social media—an average of 4 hours and 15 minutes each day on Facebook, Instagram, Twitter, and YouTube. And while these sites have been implementing interventions to curb the spread of fake news through their medium, there is admittedly a lot more that still needs to be done.

The Filipino youth’s vulnerability to misinformation could be attributed to poor reading comprehension. The 2018 PISA, accomplished by around 600,000 students across 70 participating nations, showed that Filipino students only scored an average 340 points in the reading comprehension exam—way below the Organization for Economic Cooperation and Development average of 487 points.

The 2018 PISA noted an individual’s capacity to distinguish fact from opinion, assess the credibility of sources, and learn strategies to detect biased or false information are necessary reading and comprehension skills in today’s digital world. And, apparently, these are competencies many of our youth still need to learn.

Hence, the ability to distinguish verified information from trusted sources should be taught as a basic skill. Our failure in this regard could lead to a generation that is easily swayed by disinformation and is cynical of the Fourth Estate.

Correcting this will take no less than the concerted efforts of national government agencies and policy-makers. We also believe this is something that our SKs are particularly wellpositioned to help address. And so we hope, that as we in Congress are taking steps to further empower them, our youth councils will take a more proactive stance against the spread of fake news and misinformation.

Sen. Sonny Angara has been in public service for

16 years. 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 & Instagram: @sonnyangara

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The fight against fake news and misinformation

Biden’s top man in Asia says era of engagement with China is over

By Peter Martin | Bloomberg Opinion

T

he US is entering a period of intense competition with China as the government running the world’s second-biggest economy becomes ever more tightly controlled by President Xi Jinping, the White House’s top official for Asia said.

“The period that was broadly described as engagement has come to an end,” Kurt Campbell, the US coordinator for Indo-Pacific affairs on the National Security Council, said Wednesday at an event hosted

by Stanford University. US policy toward China will now operate under a “new set of strategic parameters,” Campbell said, adding that “the dominant paradigm is going to be competition.”

Chinese policies under Xi are in large part responsible for the shift in US policy, Campbell said, citing

military clashes on China’s border with India, an “economic campaign” against Australia and the rise of “wolf warrior” diplomacy. Beijing’s behavior was emblematic of a shift toward “harsh power, or hard power,” which “signals that China is determined to play a more assertive role,” he said.

The blunt comments were among several signs of fresh tensions between the two countries, even as US Trade Representative Katherine Tai and Chinese Vice Premier Liu He held their first phone call. Before the

“We believe that the best way to engage a more assertive China is to work with allies, partners and friends,” Campbell said, adding that “the best China policy really is a good Asia policy.” Still, he said the US will need to dispel fears of American decline in Asia and offer a “positive economic vision” for the region.

talks, Tai told Reuters that the two sides faced “very large challenges” and President Joe Biden announced that he had ordered the US intelligence community to “redouble” its efforts to determine whether the Covid-19 virus had escaped from a Chinese lab.

Biden said in a statement Wednesday that Chinese officials

needed to be more transparent, and that Beijing should join an “evidence-based international investigation and to provide access to all relevant data and evidence.” The Chinese Embassy in Washington dismissed the inquiry as a “smear campaign and blame shifting” that would hurt efforts to prevent future health crises.

The two countries are also locked in disputes over Beijing’s claims over the South China Sea, human rights in the Xinjiang region, the future of Taiwan and Hong Kong and economic concerns including the deployment of 5G technology and a global shortage of semiconductors.

Chinese and US officials have said they see areas of cooperation, particularly on climate change, but on many other issues the relationship See “Biden,” A11

www.businessmirror.com.ph

Opinion

Timeless Enrile

Cleaning dishes and consciousness

BusinessMirror

Manny F. Dooc

Tito Genova Valiente

TELLTALES

D

O you know that the name “Enrile” is of Aztec origin and means “infinity...forever and never-ending”? Juan Ponce Enrile or JPE was born on February 14, 1924. He was a love child born out of wedlock. At 97, JPE is the oldest public figure still active in government affairs. Only last week, he appeared with President Duterte in his weekly “talk to the people” and endorsed the President’s soft handling of the WPS issue.

He is still very much involved in both the local and national politics despite his age. He has served our government from President Ferdinand Marcos to President Benigno Aquino III in various capacities. And now, President Duterte consults him on the West Philippine Sea issue, which currently divides our country.

He handled the Finance, Justice and Defense portfolios under Marcos. He won a seat at the Interim Batasang Pambansa, House of Representatives and the Senate, and even served as Senate President and Senate Minority Leader. He also headed the Insurance Commission and the Bureau of Customs as its Commissioner prior to his getting a full cabinet position. As Defense Chief, JPE was the martial law administrator during the long period of martial law. No person, before or after him, could claim such a wealth of experience in government. He has no equal in terms of length and breadth of experience in public service. He was a Senator for 3 non-consecutive terms—1987, 1995, and 2004. He was, however, reelected as a senator in 2010. After a mandatory term break, he sought a Senate seat in 2019 as an independent but he lost. He’s our Methusela and his interest in public service has not waned despite his advanced years.

JPE may not be holding any public office right now but I don’t think that it has deterred his desire to be in the public limelight once again. Either he does it directly and personally or through his protégés. He may field his own relative or support a candidate who shares his platform of government. Personally, I hope to see him in the Senate once more to add weight and substance to that body. A Harvard-trained lawyer and a top tax and corporate lawyer before he joined the government in 1966, he has gravitas which our current crop of legislators acutely lack. He will be 98 next election and he may not be able to withstand the rigors of a political campaign especially if he runs for a national office. No, I don’t think he should try again to become our President after he miserably lost in his presidential bid in 1998.

JPE is not a knight in shining armor but he had brief shining moments in our history. The first was when he co-led the 1986 Edsa Revolution, which eventually ousted the dictator in Malacañang despite the fact that he was a protégé of the strongman. The People Power Revolution where he figured prominently together with General Fidel Ramos, Cardinal Sin, Butch Aquino, the leaders and members of the Reform the Armed Forces Movement, and many others is a high-water mark in his controversial career. His admissions that his alleged ambush in Wack Wack was fake and that the administration had defrauded Cory Aquino of hundreds of thousands of votes during the snap election had endeared him to the masses. As Defense Secretary of President Cory Aquino, he could have bided his time

Biden. . .

continued from A10

is far more frosty.

“The US idea of engagement is one that has conditions and is about bringing China into its system, not only in economics but also in politics,” said Wang Yiwei, director of Renmin University’s Institute of International Affairs and a former

and supported his president instead of suspiciously getting involved in power trips. No one would have predicted that a professional soldier in the person of General Ramos would clinch the presidency instead of Enrile, Vice President Doy Laurel or Speaker Ramon Mitra after President Cory. JPE’s other golden moment was when he successfully presided over the impeachment trial against Supreme Court Chief Justice Renato Corona. The public perception was greatly favorable to him as the presiding officer of the trial both during the proceedings and conviction of the accused. No one had accused JPE of violating the due process and abusing his authority to find CJ Corona guilty. After a long while, JPE had regained the adulation of the public until he somersaulted on his narration about his purported ambush in Wack Wack on the eve of the declaration of Martial Law. Definitely, JPE lives up to his name—one that has endured many political battles and controversies. He has remained in public consciousness whether he is with the administration or opposition. He was arrested for alleged involvement in the coup attempt against President Cory in December 1989. Again, JPE was charged with rebellion in relation to an alleged coup plot against President Gloria Arroyo. Nothing came out of these two cases. He was also accused of plunder and for the violation of the Anti-Graft and Corrupt Practices Act in connection with the so-called PDAF scam. This case is still pending but the Supreme Court allowed JPE to post bail on humanitarian grounds.

JPE is now an institution in our government. He is in fact as old as the Senate, which was created in 1916 with the passage of the Jones Act. He had served four terms in the Senate in four different decades and it is a place that is home to him. We all have seen him give his statements and answer questions during President Duterte’s talk to the people last week. We may disagree with what he said but he was as cogent and convincing as when he was arguing before the courts as a young lawyer. President Duterte found it prudent to learn from his wise counsel and benefit from the wisdom of the century, which he has gathered. Senator Strom Thurmond of South Carolina served the US Senate until he was 100 years old and his constituents returned him to the senate with overwhelming votes until he called it quits. JPE’s epic will not be complete until he leaves a legacy that will live forever in the hearts of his fellow Filipinos. He can continue to serve our country in whatever capacity he may find himself in. And if he finds the opportunity, like the mythical “tabon egg” that he loved to hunt in the caves of his native Bo. Mission, Gonzaga, Cagayan, when he was young to bring fortune to his family, he should not squander the chance to fulfill his promise: “Gusto ko happy ka!”

Chinese diplomat. “The US sees China overtaking its own economy, so it is looking to contain China and prevent it from moving up the value chain.”

Campbell knows well what it’s like to negotiate with angry Chinese diplomats. In March he was among US officials who met with their Chinese counterparts in Alaska in talks that got off to a rocky start with bickering before reporters and

annotations

I

T is never my duty to do some cleaning in our home. My age has exempted me from that, and my niece and nephew cannot bear, it seems to see me, at the kitchen doing nothing.

Lately, I realized I could be stubborn. This means that whenever any younger member of the household tries to stop me from doing household chores, I can stand my ground and insist I should be allowed certain tasks.

It is during these times that I declare myself the dishwasher of the day.

There is, however, a reason why I insist on washing dishes, and this is the fact that I can, within that act, concentrate fully on life and its vicissitudes. To describe “concentration” is an abuse of an observer’s authority; in other words, I do not have the monopoly of paying attention to the details of an object, a phenomenon.

But I know I have forged a silent pact with the world around me, allowing me to look deeply at this world as it turns.

Everything did not begin with washing dishes. Long before I had convinced myself that washing dishes could bring about enlightenment, I already had that epiphany.

It was a day after two-eye operations were completed, and my vision had reached a level that could only be described as “scintillating.”

That word is related to “scintilla,” which means “a spark.” I could sense my two eyes were emitting a glare that was not blurring my vision but rather showing lights that clarified objects—trees, clouds, roofs of distant building.

I was looking at the world differently and this difference was not marked by the binaries of seeing and not seeing, but rather by the polarity of losing the dimensions of depth and distance and recovering surroundings where streets had depth once more, where clouds were stupendous gradations and houses whose roofs had declared colors of dark red, mauve, brown, with beams indicating lines forming squares, rectangles and triangles, conjuring an order, a symmetry or, in the lack

of it, asymmetry.

Then, I spent hours looking at the sky not for philosophy but for an assurance that my eyes were able to withstand the rigors of distance, and that I could stare at the cirrus and the nimbus and find whites and grays.

Then the virus came. Cooped at home, I soon discover the magic of shared household. Other than writing there is nothing else that follows my personal qualification profile. I cannot cook. I do not know how to repair a car or air-conditioner. I also do not have the acumen to arrange the chaos in any of the rooms in the house. But I can wash dishes.

Washing dishes can shower graces when plates and small plates, fork and spoon present themselves with the remains of the pork or chicken, or when bowls bear the angst of leftover lettuce, carrots, and onions.

Where do you begin?

The more systematic dishwashing

Friday, May 28, 2021 A11

person will tell you, first you need to apply the dishwashing liquid. Presently, I can appreciate the sincerity of diluting the said cleanser with water. We use a deep blue liquid for cleaning dishes. When diluted, the material should remain still within the saturation of blues—azure, periwinkle, ultramarine. When the material has approached cyan, which is akin to the greenish-blue sea over the shallow sea covering a whitish sandy beach, then the cleanser has become so thin it may not be able to remove the grease from, let’s say, a pasta.

Having achieved the right tone of the dishwashing liquid, I proceed to attend to sharp objects first, like knife. My phobia and trauma of having fingers sliced set aside, I go to the big plates. With the morsels removed from them, I wrap around the well of the plate going to its lip and rim, the underside the last part I attend to. Then I reverse the procedure, after which I rinse it immediately with water. I do not stack them one over the other.

The small plates follow, then the drinking glasses, the last I clean by turning it over with my four fingers clingy around its mouth. I raise each glass to inspect if something is stuck on its side.

Forks and spoons are the last to go through my ministration. At this point, I use the rougher side of the sponge to address the sins of matters obsessed with the root of the fork,

going over its tine and terminating at its point. When I have time, I heat water and put the said water in a deep container, where I subject the utensils for deeper purification.

When all this is finished, I, like the Lord of Creation, look around. A new sponge makes me happy. Testing a new dishwashing liquid is a privilege. Then, when no one is looking, I go closer to where I am drying the plates etc. I do a re-view, a re-search.

I run over my forefinger tenderly and without malice over utensils I pick at random. I bring them closer to my nose, and smell a bowl, or a plastic container. No vestigial oil and spice can escape my olfactory skills nurtured by years of sniffing vetiver and eau fraiche or “fresh water.”

I am content. The 45 minutes of accomplishing my duty has brought me closer to eternity, that moment when your soul is thinking only of one thing, which in this case, is to clean dishes and utensils. For an hour or more, I am there, satisfied with myself and nothing will make me feel depressed—not the thought of a dear friend having been intubated, or that a good art professor has passed away, or that in distant villages live old men and women going hungry and children growing up and growing old not knowing they have a government that has the moral duty to take care of them.

E-mail: titovaliente@yahoo.com

Taiwan proposes doubling extra stimulus to boost ailing economy

By Miaojung Lin & Adrian Kennedy Bloomberg Opinion

T

aiwan’s ruling party said it plans to double a proposed increase in stimulus funding as the economy reels from tightening virus restrictions across the island.

The Democratic Progressive Party wants lawmakers to approve NT$420 billion ($15 billion) of additional funding on Monday, cabinet spokesperson Lo Ping-cheng said.

That’s more than earlier sought and roughly equivalent to all the funds spent or earmarked since the start of the pandemic.

Authorities are aiming to move fast after an explosion in Covid-19 cases forced the shutdown of the island’s schools and bars, with restrictions on social gatherings. Fiscal stimulus last year, when Taiwan shut its doors to tourists but avoided a lockdown, included subsidies for industries and cash-like vouchers that reached more than 98 percent

of the island’s 23.5 million people aimed at encouraging local tourism and retail spending.

This time around, people are urged to stay home under rules that will remain in place until at least mid-June, requiring more targeted financial support.

The cabinet Thursday discussed expanding a central bank lending program for small- and mediumsized businesses, National Development Council minister Kung Minghsin said. In addition, there will be wage subsidies for SMEs, and subsidies ranging from NT$10,000 to NT$30,000 for drivers, tour guides, fishermen, farmers and some selfemployed people.

cameras over human rights, trade and international alliances.

bled nearly 40 years of mechanisms designed for collective leadership,” Campbell said, adding that top Chinese diplomats such as Politburo member Yang Jiechi and Foreign Minister Wang Yi—the senior officials dispatched to the talks in Alaska—are “nowhere near, within a hundred miles” of the Chinese leader’s inner circle.

Allies will be central to US efforts to push back against China

‘Unsentimental’ Xi

Campbell said Xi was at the heart of the US’s new approach to China ties. He described the Chinese president was “deeply ideological, but also quite unsentimental” and “not terribly interested in economics.”

Since coming to power in 2012, Xi has “almost completely disassem-

Vouchers to stimulate spending will be discussed when the outbreak eases, Lo said.

“The latest virus is totally different from 2020. With many servicesector companies shutting down operations, they will quickly run out of cash, and some workers won’t get paid,” Winston Chiao, an economist at Taishin Securities Investment Advisory Co. Ltd., said before the announcement.

Plenty of room

Government debt remains low at about 32 percent of gross domestic product, which leaves plenty of room for authorities to borrow before reaching the cap of 40.6 percent mandated by law. However, officials say there’s no need for stimulus on the scale seen in hard-hit western economies just yet, since export demand remains strong—fueled by the computer chip boom—and growth is still seen above 4 percent for this year.

“The stimulus in the US and

Europe was huge, which is understandable as their economies were hard hit by Covid and lots of people lost their jobs,” Lo said in an earlier interview. “But Taiwan’s economic fundamentals are still good, with exports performing well. As long as the outbreak can be controlled, the scale of stimulus won’t necessarily be as big as elsewhere.”

The current outbreak has grown so fast—the last day of zero local infections was early May—that data isn’t yet showing the impact. The jobless rate stood at 3.71 percent in April. That’s almost exactly the same level as in February last year, after which it rose to a peak of 4.13 percent as the pandemic triggered a slump in consumption.

The number of companies that released staff on unpaid leave in the past few months ticked up to 414, but that only covers those that voluntarily submit data, and cash-inhand businesses and workers aren’t captured at all.

in the years ahead, Campbell said.

The US has already tried to build up the importance of its work within the so-called Quad group of nations, which includes India, Japan and Australia. And Biden’s first meetings at the White House with foreign heads of state were with Japan’s Yoshihide Suga and South Korea’s Moon Jae-in.

“We believe that the best way to engage a more assertive China

is to work with allies, partners and friends,” Campbell said, adding that “the best China policy really is a good Asia policy.” Still, he said the US will need to dispel fears of American decline in Asia and offer a “positive economic vision” for the region. “For the first time, really, we are now shifting our strategic focus, our economic interests, our military might more to the Indo-Pacific,” Campbell said.

A12 Friday, May 28, 2021

DOH tracks 6 regions with alarming ICU rate use

S

IX regions are now closely being monitored by the Department of Health (DOH) after their intensive care unit (ICU) utilization rate attained high-critical risk status.

Dr. Alethea De Guzman, Epidemiology Bureau Director of the DOH, said that while their health care utilization rate is at high-risk, the ICU utilization of Regions 1 (86 percent), 2 (71 percent), 3 (71 percent), 4A (71 percent), 7 (79 percent), and CAR ( 71 percent) is at high-critical risk.

De Guzman also said that nine out of 11 regions in Visayas and Mindanao have seen higher positive two-week growth rate (TWGR) and increasing average daily attack rate (ADAR).

The ADAR of Region 9 went up from 4.73 (previous 3-4 weeks, April 25-May 8) to 6.88 (recent 1-2 weeks, May 9-May 22); Caraga, 2.66 to 4.72; Region 6, 4.24 to 4.61; Region 4B, 3.74 to 4.61; Region 10, 2.14 to 4.60; Region 1, 3.15 to 3.46; Region 12,1.80 to 3.30; Region 7, 2.50 to 2.51; and Region 11, 1.50 to 2.28.

De Guzman also revealed that cases in Visayas and Mindanao continue to rise while NCR (National Capital Region) Plus areas showed a slowdown of case decline.

Continued on A6

26 groups want PHL bank secrecy eased

A

By Bianca Cuaresma

@BcuaresmaBM

GROUP of 26 financial and economic organizations are pressing for urgent passage of the Bank Deposits Secrecy Bill.

The group, led by the Financial Executives Institute of the Philippines (Finex), said the country’s existing bank secrecy laws weaken the Bangko Sentral ng Pilipinas’ exercise of its mandate of maintaining a sound and stable banking system, as it constrains BSP’s supervisory activities and assessment, especially in cases involving unsafe and unsound banking practices.

“The global trend is to relax bank deposits secrecy laws across jurisdictions to effectively combat both domestic and global tax evasion, money laundering and other financial crimes and comply with international standards on transparency. The Philippines has lagged behind this worldwide trend. Strict deposit secrecy in the country continues to make the Philippines a

haven for tax evasion, a protected channel for international money laundering flows, and other illegal financial transactions,” the group’s statement on Thursday read.

“It also allows politicians and other government officials to hide unexplained wealth, constraining citizens’ ability to exercise their public duty to elect honest officials.

It does not promote good governance principles of transparency, fairness and accountability. As a result, the Philippines scores low on the Economic Freedom Index,” it added.

Just last month, the BSP also called for urgent reforms in the country’s bank secrecy law, as the Philippines is now the only country in the world to have such measures in place.

BSP Governor Benjamin Dio-

kno said the Philippines needs to change its current framework of bank secrecy in order to keep up with international standards on transparency and to help combat both domestic and global tax evasion, money laundering, and other financial crimes.

“Even countries with strong bank secrecy arrangements like Switzerland, Singapore and Hong Kong authorize their prudential supervisor to access all bank records, including depositor information,” the group said.

“The proposed Bank Deposits Secrecy Bill has wide-reaching implications. The bill will not only strengthen prudential supervision and allow BSP to effectively fulfill its mandate of maintaining stability of the banking system but also ensure compliance with the international standards on transparency and good governance which will preserve and fortify the public and the global community’s trust in the Philippine banking system,” it added.

House Bill No. 8991, the BSP’s version of the law amendment, is currently on second reading at the plenary.

Continued on A4

GORDON ADDS VOICE TO BID TO KEEP TELCOS IN ‘PUBLIC UTILITY’ LIST

A

NOTHER senator has joined the opposition to including telecommunications among the industries where alien equity ownership limits are to be eased, raising serious risks that foreign-owned entities in such a sensitive sector could compromise national and cyber security.

Interpellating Sen. Grace Poe who sponsored the amendatory bill for the 85-year-old Public Service Act, Sen. Richard Gordon said on Thursday “regulatory capture” is a reality in the Philippines, and it is not far-fetched to see some “Quislings” selling their country to a foreign ownership. “In our country there are many ‘buy-able’ people,” Gordon said, recalling how traitors in other countries sold their countries' secrets, causing casualties.

“The bigger issue is national security if you favor foreign control,” Gordon said. Nonetheless, he clarified he was not singling out China as the sole threat, adding, the United States, a long-time ally, “could also spy” on the Philippines.

Gordon stressed, though, that he fully supports efforts to draw in more foreign direct investments, sharing Poe’s thesis that FDIs would help the pandemicbattered economy recover.

However, Gordon said— echoing Senators Panfilo Lacson and Risa Hontiveros earlier— the fact is that certain countries could use telecom businesses they control in order to work against the Philippines in its maritime disputes.

In the first round of interpellations, Lacson had warned that including telcos among those to be liberalized in terms of ownership could face a “constitutional challenge,” quoting minutes of the 1986 Constitutional Commission indicating the framers’ clear intent to consider telecommunications as a public utility to be covered by restrictive ownership provision. Hontiveros for her part said if China has aggressively breached Philippine rights on the West Philippine Sea, it’s not beyond it to use a telco it controls to undermine the country.

See “Gordon,” A6

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Companies BusinessMirror

Editor: Jennifer A. Ng

Robinsons Land REIT unit seeks SEC approval for IPO

T

By VG Cabuag

@villygc

he real estate investment trust (REIT) company of Gokongweiled property developer Robinsons Land Corp. (RLC) has submitted its registration statement with the Securities and Exchange Commission (SEC) for its initial public offering (IPO).

RL Commercial (RLC) REIT Inc. plans to sell some 3.34 billion common shares and an overallotment option of 305.1 million common shares at P7.31 apiece. The company expects to raise as much as P26.66 billion from the share sale.

RLC REIT is sponsored by Robinsons Land Corp.

Some 70 percent of the offer will be sold to offshore institutional investors and the rest to the domestic market.

The company engaged UBS AG, Singapore Branch as the lead international bookrunner for the offer, with CLSA limited and Merrill Lynch (Singapore) Pte. Ltd. also serving as international bookrunners.

BPI Capital Corp. was tapped as the lead local underwriter, with China Bank Capital Corp., First Metro Investment Corporation, and PNB Capital and Investment Corporation as local underwriters.

The offer shares, which are main-

ly owned by RLC, represent about 36.67 percent of the company’s issued and outstanding capital stock.

RLC REIT will have a portfolio of 14 commercial real estate assets, mostly offices, with an aggregate gross leasable area of 425,315 square meters.

“Our portfolio consists of commercial spaces primarily leased for office purposes, which may also be used and leased for retail purposes as required,” the company said.

The assets to be included in the REIT are Robinsons Equitable Tower, Cyberscape Alpha and Cyberscape Beta all in Ortigas, Pasig; Robinsons Summit Center in Makati; Tera Tower and Exxa-Zeta Tower in Quezon City; Cyber Sigma in Taguig; and Robinsons Cybergate Center 2 and Robinsons Cybergate Center 3 in Mandaluyong.

Outside of Metro Manila, the company will include in its portfolio Robinsons Cybergate Cebu, Galleria Cebu, Robinsons Place Luisita 1 in Tarlac, Cybergate Naga and Cybergate Delta 1 in Davao. The said properties have an aggregate appraised value of

P73.33 billion as of September 30.

Proceeds of the offering will mainly be disbursed by either RLC and Robinsons Logistix and Industrials Inc. to a combined 51 projects, which include funding its construction or acquisition of land, and also to fund its share in several joint ventures including Robinsons Double Dragon Corp., RLGB Land Corp and Shang Robinsons Properties Inc. “The principal investment mandate of RLC REIT is to focus on investing on a long-term basis in a diversified portfolio of incomeproducing commercial real estate assets, leased primarily for office purposes, and strategically located in major central business districts and key cities and urban areas across the Philippines,” it said.

“We intend to maintain a high occupancy rate by targeting a diversified tenant base, with an emphasis on tenants primarily engaged in providing essential services, such as information technology and business process management services, including business process outsourcing services, to secure stable occupancy and income from operations.”

IEMOP activates secondary price cap

By Lenie Lectura @llectura

T

he spike in Wholesale Electricity Spot Market (WESM) rates prompted the Independent Electricity Market Operator of the Philippines (IEMOP) to activate the secondary price cap, a pricemitigating mechanism designed to limit the increase in power prices.

“Starting May 4, the secondary price cap has been imposed up to May 7 and on May 20 to 22. If we sustain high prices in the spot market, we impose the secondary price cap to mitigate the increase in spot market prices,” said John Paul Grayda, IEMOP manager for pricing validation and analysis, during a press briefing on Thursday.

IEMOP, operator of WESM, noted an increasing demand trend as warmer temperature prevails throughout the country.

It recorded an average P7.72 per kilowatt hour (kWh) in spot market prices during the said days as average demand increased from 10,120 MW from the previous month to 11,091 MW this May.

In April, the average price stood at P3.85 per kWh while peak demand hit 10,120MW. IEMOP said the abrupt increase in demand was coupled by lower supply levels due to generator outages.

Given the sustained high prices, the secondary price cap of P6.245 per kWh was imposed on the said days this month.

Grayda said it is possible that the secondary price cap could still be imposed in June or July.

IEMOP chief operating officer Robinson Descanzo said electricity demand started picking up since the year started at about 8,800MW. It reached 9000MW in February.

Sometime in March and April, the increase in consumption was tempered because of stricter quarantine imposition.

However, demand went up in May. “We saw a significant increase again in consumption. We reached again about 11,100 MW,” said Descanzo. As a result, he said WESM price is higher compared to the previous months.

“The estimated price for May is about P7.65 compared to the previous months. In

terms of supply, supply last year is higher compared to what we have experienced in the first quarter of this year. The demand level is actually same or similar for the first few months but in the last two months in 2021 it is higher compared to last year.”

Likewise, IEMOP observed an increase in the volume of customer transactions for the first four months of the year which amounted to 25,129 GWh or an increase of 3 percent from the previous year’s 24,388 GWh. Furthermore, generation from coal power plants continue to dominate the generation mix which totaled to around 13,885 GWh or 52.7 percent.

IEMOP said there are a total of 278 members (138 Generation Companies, 71 Electric Cooperatives, 49 Directly-Connected Customers, and 20 Private Distribution Utilities and Local Government Utilities) who are currently registered in the WESM. As the Central Registration Body for Retail Competition and Open Access, IEMOP handles all the coordination with the 1,791 contestable customers, to date.

Cebu Pacific vaccine transport continues

Contributed Photo

T

he Philippines’s leading carrier Cebu Pacific (CEB) safely transported over the week Covid-19 vaccines to 5 provinces, with Iloilo as the new destination, aiding in the continuous distribution of vaccines across the country.

A total of 75,880 doses were delivered. The batch comprised of 28,880 for Tuguegarao; 2,000 for Tacloban on May 21; 10,000 each for Iloilo and Cagayan de Oro on May 24; 15,000 to Zamboanga on May 25, 2021, and another 10,000 doses for Iloilo today, May 27.

“We are grateful for the opportunity to continue aiding in this national endeavor to transport vaccines across the Philippines through our widest domestic network. We are committed to supporting the government’s vaccination rollout as we all work toward inoculating more Filipinos as soon as possible,” said Xander Lao, Chief Commercial Officer of Cebu Pacific.

All vaccines were handled with utmost care, stored and transported in temperature-specific refrigerated containers to

maintain potency and efficacy up until arrival at the designated stations.

Since March, CEB has flown over 2.5 million vaccine doses from China to Manila, and over 1 million doses to now 13 provinces in the country.

CEB operates the widest domestic network in the Philippines covering 32 destinations, on top of its 6 international destinations. Its 75-strong fleet, one of the youngest in the world, includes 2 dedicated ATR freighters and one A330 freighter.

Friday, May 28, 2021

B1

Globe offers to help healthcare institutions fast-track digital shift

G

lobe Business, the enterprise arm of Globe Telecom, has committed to support the country’s healthcare institutions in future-proofing their establishments through the use of digital expertise and tools such as Hospital Information System (HIS).

HIS, offered in partnership with HYBrain, is intended to support healthcare institutions in providing efficient and faster data sharing, effectively cutting down the time to complete transactions, and eventually reduce cost.

Maridol Ylanan, Head of Strategy and Marketing for Small and Medium Business, said HIS comes with onboarding, training, and extensive after-sales support to ensure customer success.

“We are a partner in the digital journey of our healthcare institution customers and we want to make sure that they are able to maximize their investments,” said Ylanan.

To make investments in digital solutions more accessible, Globe Business has partnered with BPI Business Banking to offer the Business Technology (BizTech) Loan Program, an exclusive term loan facility specifically for the purchase of ICT business solutions of Globe Business.

“As the country’s trusted inno-

vative partner, Globe Business is committed to support the digitization and future-proofing of healthcare institutions to create a better experience for both patients and healthcare providers, and improve their services at reduced operational cost,” said Ylanan.

He said healthcare institutions can use this solution to efficiently process the admission and discharge processes, tag and track their assets, manage their human resources, effectively create an ecosystem within the hospital and their private doctors, automate submission of eClaims, infection prevention monitoring and control, among others.

Ylanan stressed that with the changing public expectations on safety, efficiency, and customer experience, coupled with the continuous evolution of digital healthcare technologies, and reinforced by the government’s push to modernize healthcare delivery, healthcare institutions must begin to consider the benefits of adopting a solution like the HIS. “We believe that strategic alliances and collaborations are critical in establishing digital innovations in the healthcare sector, achieve efficient and affordable services, and improve the overall quality of healthcare for Filipinos.” Lenie Lectura

B2

Companies BusinessMirror

Friday, May 28, 2021

Ginebra Q1 income surges to ₧1.04B on higher sales

G

By VG Cabuag

@villygc

inebra San Miguel Inc. on Thursday said its income in the January-to-March period more than doubled to P1.04 billion from last year’s P474.35 million due to volume growth and higher selling prices.

Revenues grew more than half to P11.33 billion from last year’s P7.45 billion, partly as a result of the 28-percent increase in volume.

Its other income also rose due to the

increased requirement on alcohol tolling and higher scrap sales.

The company said the increase in net income was also a result of the lowered income tax rate to 25 percent

from 30 percent with the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act. “Our continuous efforts to invest in strengthening Ginebra San Miguel’s brand equity, and build a deeper connection with consumers, carried us through these uncertain times,” the company’s president Ramon S. Ang said.

“Complementing our strategy of leveraging on the strength of our brands was a well-coordinated, quick return-to-trade strategy, upon the easing of ECQ and implementation of general community quarantine. We also made our products more accessible to more consumers, with deliberate

efforts to expand our distribution coverage in high-potential areas, even as restriction measures varied across the country.”

In the early months of the pandemic, Ginebra retooled its production plants nationwide to produce 70 percent ethyl alcohol that was distributed for free to help frontline workers in critical health facilities and local government units.

By the end of 2020, a total of 1.3 million liters of San Miguel Ethyl Alcohol had been delivered to almost 3,700 entities nationwide.

The company is the producer of the world’s largest selling gin Ginebra San Miguel and other distilled spirits.

Fruitas announces acquisition of Balai Pandesal

F

ood and beverage kiosks operator Fruitas Holdings Inc. on Thursday said it is acquiring certain assets of Balai Pandesal Corp. in its bid to accelerate its foray into the bakery sector.

Currently, Fruitas owns 5 franchised branches of Balai Pandesal which are all in Metro Manila, but it decided to buy the entire trademark, recipes and other technical know-how, certain equipment and inventory of the bread company.

The company did not disclose the terms of the deal, but the acquisition is expected to be completed no later than the end of June.

The deal will be paid through cash and is below 10 percent of the total assets and book value of the company as of end-2020. An earnest money will be released upon signing of memorandum of understanding while payment terms for the balance are to be agreed in the

definitive transaction documents, the company said.

“We have proven our ability to successfully integrate relatively small acquisitions and build them into significant revenue and profit contributors like Jamaican Pattie, Sabroso Lechon and Soy and Bean.

We are excited about the prospects for ‘Balai’ as pan de sal is another Filipino daily diet staple that we want to supply and increase our market penetration,” Lester Yu, Fruitas president and CEO, said.

“This will help us continue to pivot our business and increase our store network presence in local communities. The performance of our community stores has exhibited more resilience and growth beyond our initial expectations.”

Balai Pandesal opened its first store in 2012 and has built a strong following among Metro Manila residents for its own unique tra-

ditional pan de sal recipe. It sells a wide range of bread products in all of its stores, and also offers cake, bread spreads, taho and ice cream in selected stores.

“Post-acquisition, Balai Pandesal will be more capable to aggressively challenge the high-quality pan de sal and specialty breads

market. Further, Fruitas’ existing product lines will fit smoothly and effectively into Balai Pandesal stores,” the company said.

Fruitas said it has already identified several strategic locations and is set to expand the Balai Pandesal store network to at least 20 within 2021. VG Cabuag

mutual funds

May 27, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D

Stock Funds 205.15

12.83%

-7.84%

-4.48%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2449

37.18%

-6.41%

0.03%

-5.19%

15.61%

-12.36%

-6.88%

-10.5%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8039

-9.71%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7247 16.19%

-7.52% n.a.

-9.85%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6907 6.49%

-6.55% n.a.

-6.86%

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

13.27%

-5.53%

-3.26%

-8.56%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6434

5.03%

-9.73%

-8.1%

27.45%

-6.26% n.a.

-8.03%

4.5184

MBG Equity Investment Fund, Inc. -a

93.75

PAMI Equity Index Fund, Inc. -a

41.8095

15.32%

-6.08%

-3.37%

Philam Strategic Growth Fund, Inc. -a

441.26

12.66%

-5.91%

-3.69%

-9.76%

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

1.0092

21.94% n.a. n.a.

-8.03%

Philequity Dividend Yield Fund, Inc. -a

1.0822

15.73%

-5.15%

-2.51%

-7.36%

Philequity Fund, Inc. -a

31.5237

15.15%

-5.43%

-2.26%

-9.34%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8149

13.73% n.a. n.a.

-10.74%

4.2853

16.01%

-2.61%

-10.56%

Philippine Stock Index Fund Corp. -a

716.78

16.09%

-5.5%

-2.74%

-10.59%

Soldivo Strategic Growth Fund, Inc. -a

0.6513

15.62%

-9.54%

-5.98%

-9.4%

12.54%

-7.64%

-4.05%

-9.91%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2648

-5.58%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8184 15.54%

-5.87%

-2.9%

-10.82%

United Fund, Inc. -a

-5.49%

-1.69%

-9.05%

-5.33%

-2.12%

3.0186

13.92%

-15.32%

-10.75%

Philequity PSE Index Fund Inc. -a

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

96.1694

16.14%

-10.59%

Primarily invested in foreign currency securities 44.16%

4.69%

9.15%

4.68%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7505

ATRAM AsiaPlus Equity Fund, Inc. -b $1.2592

35.98%

10.63%

11.55%

4.64%

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

1.6212

8.8%

-1.79%

-1.75%

-2.84%

ATRAM Philippine Balanced Fund, Inc. -a

2.1295

9.72%

-2.68%

-1.24%

-6.82%

First Metro Save and Learn Balanced Fund Inc. -a 2.4824

7.15%

-1.41%

-1.5%

-5.5%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.186

3.22% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a 1.8795

0.15%

5.83%

0.29%

PAMI Horizon Fund, Inc. -a

3.5178

6.81%

-1.08%

-1.11%

-7.14%

Philam Fund, Inc. -a

15.7618

7.1%

-0.96%

-1.12%

-6.94%

Solidaritas Fund, Inc. -a

1.9697

8.33%

-2.04%

-0.93%

-5.94%

7.8%

-3.4%

-2.18%

-6.52%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3401

6.67% n.a. n.a.

-7.12%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8519

9.67% n.a. n.a.

-10.25%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8337

10.98% n.a. n.a.

-10.65%

Sun Life Prosperity Dynamic Fund, Inc. -a

0.8223

7.76%

-4.58%

-6.34%

-4.3%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9498

-2.82%

-7.37%

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

$0.03801

-0.55%

3.03%

1.28%

-2.84%

PAMI Asia Balanced Fund, Inc. -b

$1.1386

23.23%

2.95%

5.55%

-1.01%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6521 26.52%

8.29%

8.4%

3.08%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.205 14.09%

4.74%

4.72%

0.24%

0.05%

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

371.27

2.1%

3.13%

2.48%

ATRAM Corporate Bond Fund, Inc. -a

1.9155

-0.99%

0.8%

0.12%

0.8%

Cocolife Fixed Income Fund, Inc. -a

3.2248

1.46%

3.87%

4.38%

0.31%

Ekklesia Mutual Fund Inc. -a

2.257

-1.04%

2.21%

1.44%

-1.7%

PSE STOCK QUOTATIONS

May 27, 2021

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

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

43 98.5 85.95 24.1 9.16 48.3 9.14 21.1 20.7 55.3 17.3 117.9 74.85 1.25 4.03 2.9 1.31 0.385 0.68 167 2,450

44.5 99 86 24.5 9.19 48.6 10.14 21.9 20.75 56 17.6 118.6 74.95 1.3 4.1 3.11 1.4 0.4 0.72 169 2,490

44.65 101.7 82.5 24.1 9.15 47.1 9.97 21.9 20.9 56.95 17.52 123 75 1.25 4.1 2.89 1.31 0.385 0.68 167.1 2,490

44.65 103.2 86 24.5 9.34 48.6 10.14 21.9 20.95 56.95 17.6 123.5 75 1.26 4.15 2.89 1.4 0.4 0.68 170 2,490

44.65 98.5 82.3 24.1 9.15 47 9.97 21.9 20.15 56 17.5 117.9 74.95 1.23 3.99 2.89 1.31 0.385 0.68 165 2,490

44.65 98.5 86 24.5 9.16 48.6 10.14 21.9 20.7 56 17.6 117.9 74.95 1.26 4.14 2.89 1.4 0.4 0.68 170 2,490

500 26,811,600 6,464,480 300 323,400 13,687,300 7,100 200 2,108,800 2,400 61,800 2,957,230 900 55,000 470,000 27,000 26,000 110,000 1,000 3,660 5

22,325 2,666,773,319 551,616,127.50 7,310 2,984,178 661,752,780 71,709 4,380 43,410,735 135,277 1,082,476 352,766,163 67,469.50 68,710 1,941,880 78,030 35,770 42,500 680 610,290 12,450

0 -897,882,652 125,044,787.50 -537,380 167,911,630 50,662 -2,159,740 5,125.50 -557,176 -107,743,679 20,986 12,400 -4,140 189,678 -12,450

INDUSTRIAL AC ENERGY 7.1 7.4 7.03 7.4 6.95 7.4 77,477,100 564,559,103 1.35 1.36 1.34 1.37 1.34 1.36 706,000 957,460 ALSONS CONS 20.9 21.2 20.85 22.1 20.85 20.9 110,215,000 2,316,759,805 ABOITIZ POWER BASIC ENERGY 0.8 0.81 0.8 0.82 0.78 0.81 36,302,000 29,274,230 FIRST GEN 29.2 29.7 29.45 29.85 29.2 29.2 3,921,900 114,845,285 68.8 69 68.9 69 68 69 4,910 338,065.50 FIRST PHIL HLDG 276 276.4 272.8 276.6 272.8 276 1,120,490 308,768,884 MERALCO MANILA WATER 14 14.5 14.44 14.68 14 14 3,239,300 46,296,866 PETRON 2.93 3.09 2.99 3.08 2.93 2.93 39,416,000 115,723,890 4 4.14 4.1 4.15 4.1 4.15 60,000 246,360 PETROENERGY 12.66 12.98 13.1 13.1 12.6 12.98 344,800 4,405,670 PHX PETROLEUM PILIPINAS SHELL 20.6 20.7 20.7 20.7 20.55 20.65 123,300 2,538,515 SPC POWER 10.44 10.5 10.46 10.5 10.4 10.5 163,600 1,705,410 14.6 14.8 15.02 15.02 14.98 15 2,200 33,002 VIVANT 6.18 6.27 6.32 6.32 6.15 6.27 3,673,000 22,831,335 AGRINURTURE AXELUM 3.05 3.07 2.99 3.06 2.99 3.06 252,000 767,210 12.96 13.08 12.96 13.1 12.96 13.1 2,200 28,540 CNTRL AZUCARERA 23.1 23.15 23.9 23.9 22.85 23.1 19,263,400 445,054,590 CENTURY FOOD 13.34 13.4 13.72 13.72 13.12 13.34 258,000 3,427,274 DEL MONTE DNL INDUS 7.33 7.48 7.55 7.56 7.33 7.33 4,175,800 31,005,975 EMPERADOR 9.6 9.8 9.4 9.8 9.38 9.8 4,258,500 41,444,841 73.05 73.45 72 74 71.8 73.05 357,000 25,991,781.50 SMC FOODANDBEV 0.61 0.63 0.61 0.63 0.61 0.61 66,000 40,340 ALLIANCE SELECT FRUITAS HLDG 1.4 1.42 1.36 1.44 1.34 1.42 30,926,000 42,901,330 GINEBRA 75.55 75.6 73.5 76 73.25 75.6 204,010 15,330,175.50 193.1 194.3 182 194.3 182 194.3 2,451,920 466,785,453 JOLLIBEE 28.15 28.95 28.5 29.25 28.15 28.15 1,500 43,045 LIBERTY FLOUR MAXS GROUP 6.26 6.3 6.1 6.32 6.1 6.3 301,200 1,882,054 MG HLDG 0.265 0.27 0.25 0.265 0.25 0.265 3,160,000 819,500 8.02 8.05 8.01 8.02 7.94 8 110,200 881,663 SHAKEYS PIZZA 1.03 1.04 1.03 1.05 1.01 1.03 1,287,000 1,319,300 ROXAS AND CO RFM CORP 4.53 4.74 4.5 4.53 4.5 4.53 3,000 13,560 1.43 1.5 1.47 1.47 1.47 1.47 6,000 8,820 ROXAS HLDG 0.129 0.13 0.127 0.133 0.127 0.129 710,000 91,530 SWIFT FOODS 140.7 142 133.5 142 133.4 142 3,092,260 432,986,205 UNIV ROBINA VITARICH 0.86 0.87 0.82 0.88 0.8 0.87 16,637,000 14,317,530 VICTORIAS 2.41 2.52 2.41 2.54 2.41 2.54 28,000 70,330 52.75 56.65 53 53 53 53 10 530 CONCRETE A 1.22 1.23 1.24 1.25 1.22 1.23 4,339,000 5,369,940 CEMEX HLDG DAVINCI CAPITAL 2.83 2.84 2.72 2.86 2.71 2.83 1,071,000 2,993,760 EAGLE CEMENT 12.5 12.6 12.5 12.74 12.44 12.5 351,400 4,408,230 7.06 7.34 7.06 7.12 7.06 7.06 25,000 177,820 EEI CORP 5.89 5.9 5.55 5.95 5.55 5.89 380,600 2,201,250 HOLCIM MEGAWIDE 6.17 6.18 6.21 6.31 6.15 6.18 898,500 5,608,661 PHINMA 12.3 12.36 12.38 12.38 12.3 12.36 127,000 1,566,280 1.08 1.1 1.08 1.13 1.06 1.1 588,000 648,350 TKC METALS 2.14 2.15 2.11 2.19 2.11 2.15 4,472,000 9,600,420 VULCAN INDL CROWN ASIA 1.76 1.77 1.77 1.77 1.75 1.76 426,000 748,380 EUROMED 1.88 1.93 1.93 1.93 1.93 1.93 4,000 7,720 4.26 4.8 4.5 4.5 4.25 4.25 220,000 946,750 LMG CORP 5.52 5.55 5.55 5.55 5.52 5.52 668,400 3,689,722 PRYCE CORP 3.89 3.9 3.8 3.93 3.8 3.9 21,150,000 82,144,210 GREENERGY INTEGRATED MICR 8.88 8.9 8.85 8.99 8.82 8.9 758,200 6,740,340 PANASONIC 6.38 6.49 6.4 6.49 6.38 6.38 147,900 947,668 1.3 1.31 1.29 1.31 1.27 1.31 167,000 216,460 SFA SEMICON 5.75 5.8 5.77 5.81 5.68 5.8 2,015,100 11,624,419 CIRTEK HLDG

304,120,302 -1,048,218,675 -15,470 -34,516,555 -21,374 -26,661,592 -9,810,580 -75,778,850 139,480 -62,100 16,794 4,890,663 77,002,600 18,648 -19,138,078 -1,362,116 18,051,543.50 -94,320 6,784,415 165,648,346 -146,437 12,000 224,000 -672,420 15,060 218,927,060 -9,570 -2,162,450 94,300 809,240 -27,056 -56,680 -3,010,482 -1,232,800 -39,960 129,000 17,590 2,760,000 -140,060 -3,705,045.00 15,520 2,005,845

HOLDING & FRIMS ABACORE CAPITAL 1.04 1.05 1.01 1.04 1 1.04 5,343,000 5,500,250 7.1 7.49 7.35 7.39 7.04 7.39 7,200 52,363 ASIABEST GROUP 797.5 800 742 800 733 800 925,840 727,306,395 AYALA CORP ABOITIZ EQUITY 39.8 40 36 40 35.95 40 5,821,500 226,885,005 ALLIANCE GLOBAL 10 10.28 10.1 10.34 10 10 10,439,000 104,855,928 3.11 3.15 3.02 3.17 3 3.15 2,910,000 9,065,200 AYALA LAND LOG 6.78 6.79 6.78 6.79 6.78 6.78 12,300 83,397 ANSCOR ANGLO PHIL HLDG 0.71 0.72 0.7 0.73 0.7 0.72 468,000 330,740 0.7 0.71 0.72 0.72 0.7 0.7 277,000 194,670 ATN HLDG A 5.12 5.13 5.09 5.15 5.05 5.12 1,820,500 9,303,927 COSCO CAPITAL 5.65 5.66 5.6 5.65 5.59 5.65 6,157,700 34,605,647 DMCI HLDG FILINVEST DEV 8 8.1 8.1 8.1 8 8 46,300 371,280 0.255 0.28 0.255 0.28 0.255 0.28 60,000 15,550 FORUM PACIFIC 583 588 562 588 561.5 588 596,150 346,183,535 GT CAPITAL 3.58 3.6 3.49 3.58 3.49 3.58 30,000 106,750 HOUSE OF INV JG SUMMIT 58.15 58.7 52.3 58.7 52.3 58.7 8,956,870 513,651,321.50 LODESTAR 0.84 0.85 0.84 0.86 0.83 0.85 1,002,000 848,360 13.68 13.74 13.34 13.82 13.34 13.74 2,981,900 40,926,658 LT GROUP 1.58 1.73 1.6 1.6 1.55 1.55 13,000 20,510 MJC INVESTMENTS METRO PAC INV 3.92 3.93 3.85 3.95 3.84 3.92 97,341,000 381,162,170 PACIFICA HLDG 3.59 3.6 3.51 3.59 3.5 3.59 29,000 103,220 2.84 2.87 2.88 3 2.84 2.84 2,189,000 6,323,250 PRIME MEDIA 1.15 1.2 1.15 1.17 1.13 1.13 313,000 357,310 SOLID GROUP SM INVESTMENTS 1,000 1,004 935 1,004 931 1,004 1,001,380 995,522,080 SAN MIGUEL CORP 116.2 116.3 115 117 114.2 116.2 246,150 28,446,693 0.65 0.67 0.66 0.66 0.64 0.65 28,000 18,170 SOC RESOURCES 128.7 133 128.2 133 128.2 133 3,510 466,645 TOP FRONTIER WELLEX INDUS 0.25 0.26 0.255 0.26 0.255 0.26 280,000 71,450 ZEUS HLDG 0.205 0.211 0.204 0.211 0.204 0.205 360,000 74,100

169,700 29,208,975 97,164,765 -45,970,838 4,316,100 -5,445,771 1,731,884 86,589,415 -3,500 229,673,656 16,800 -19,230,840 14,587,380 275,150 183,871,820 5,921,323 -10,200 -

PROPERTY

Return

ALFM Growth Fund, Inc. -a

www.businessmirror.com.ph

ARTHALAND CORP 0.61 0.62 0.61 0.61 0.6 0.61 73,000 44,400 7.31 7.78 7.79 7.8 7.79 7.8 3,500 27,284 ANCHOR LAND 34.6 34.75 33.1 34.75 32.8 34.75 32,749,800 1,119,073,040 AYALA LAND ARANETA PROP 1.15 1.2 1.2 1.24 1.2 1.2 12,000 14,620 36.15 36.4 36.15 36.5 36.1 36.15 213,400 7,733,050 AREIT RT 1.41 1.44 1.41 1.43 1.38 1.41 672,000 947,230 BELLE CORP 0.96 0.97 0.96 0.98 0.95 0.97 1,713,000 1,649,840 A BROWN CITYLAND DEVT 0.88 0.9 0.86 0.9 0.85 0.88 1,029,000 899,980 0.122 0.127 0.128 0.128 0.122 0.127 210,000 26,140 CROWN EQUITIES 7.05 7.06 7.13 7.29 7.02 7.06 6,169,300 44,077,257 CEB LANDMASTERS 0.39 0.405 0.4 0.41 0.39 0.405 16,010,000 6,339,400 CENTURY PROP CYBER BAY 0.325 0.33 0.33 0.33 0.32 0.325 250,000 82,000 12.24 12.28 12.2 12.3 12.14 12.28 876,300 10,702,468 DOUBLEDRAGON 1.96 1.97 1.94 1.96 1.93 1.96 9,013,000 17,621,240 DDMP RT 6.85 6.87 6.87 6.87 6.85 6.85 26,900 184,275 DM WENCESLAO EVER GOTESCO 0.168 0.17 0.174 0.174 0.164 0.168 9,650,000 1,613,280 FILINVEST LAND 1.06 1.07 1.07 1.09 1.06 1.06 10,848,000 11,614,670 0.85 0.9 0.85 0.9 0.85 0.9 639,000 566,770 GLOBAL ESTATE 7.3 7.49 7.3 7.5 7.3 7.49 46,400 340,609 8990 HLDG PHIL INFRADEV 1.35 1.36 1.35 1.37 1.32 1.35 496,000 666,250 CITY AND LAND 1.78 1.79 1.48 1.83 1.48 1.78 8,798,000 14,748,080 2.96 2.97 2.85 3.06 2.85 2.96 816,728,000 2,422,396,800 MEGAWORLD 0.39 0.395 0.38 0.395 0.375 0.395 18,950,000 7,297,550 MRC ALLIED PHIL ESTATES 0.53 0.54 0.51 0.54 0.5 0.53 10,767,000 5,664,190 PRIMETOWN PROP - - - -- - - - 3.43 3.44 3.45 3.46 3.35 3.43 3,553,000 12,051,970 PRIMEX CORP 16.4 16.5 16.1 16.5 16.1 16.5 4,801,400 78,780,030 ROBINSONS LAND PHIL REALTY 0.239 0.249 0.25 0.25 0.24 0.24 480,000 115,690 1.49 1.5 1.49 1.5 1.49 1.49 16,000 23,850 ROCKWELL 2.55 2.6 2.6 2.6 2.55 2.6 72,000 185,020 SHANG PROP 2.6 2.63 2.55 2.63 2.45 2.6 322,000 823,200 STA LUCIA LAND SM PRIME HLDG 36.1 36.25 33.9 36.25 33.85 36.25 25,837,200 928,913,275 VISTAMALLS 3.78 3.79 3.77 3.78 3.77 3.78 27,000 101,940 1.55 1.57 1.55 1.57 1.55 1.57 236,000 366,990 SUNTRUST HOME 46 - 40 46 40 46 1,600 68,200 PTFC REDEV CORP VISTA LAND 3.72 3.73 3.66 3.78 3.66 3.73 7,176,000 26,561,970

SERVICES ABS CBN 11.3 11.36 11.5 11.9 11.3 11.3 70,500 812,496 8.89 8.92 9 9 8.85 8.89 1,878,600 16,725,329 GMA NETWORK 0.42 0.455 0.415 0.455 0.415 0.455 30,000 13,250 MANILA BULLETIN MLA BRDCASTING 9.52 10.38 10 10.36 10 10.36 5,800 58,288 1,849 1,850 1,839 1,892 1,833 1,850 457,640 847,559,870 GLOBE TELECOM 1,283 1,300 1,294 1,308 1,277 1,283 921,060 1,183,599,765 PLDT 0.186 0.187 0.185 0.187 0.182 0.186 108,630,000 20,096,430 APOLLO GLOBAL CONVERGE 19.8 19.82 19.62 19.82 19.5 19.8 2,660,300 52,322,264 DFNN INC 3.84 3.93 3.81 3.94 3.81 3.93 124,000 477,830 9.28 9.3 9.7 9.84 9.2 9.28 12,718,100 120,625,388 DITO CME HLDG 1.63 1.85 1.55 1.89 1.55 1.89 199,000 344,890 IMPERIAL JACKSTONES 2.05 2.13 2.12 2.13 2.12 2.13 3,000 6,370 2.35 2.36 2.38 2.38 2.32 2.35 1,081,000 2,538,440 NOW CORP 0.39 0.395 0.39 0.395 0.385 0.39 8,210,000 3,206,500 TRANSPACIFIC BR 2.48 2.5 2.42 2.5 2.4 2.5 528,000 1,279,500 PHILWEB 2GO GROUP 8.1 8.19 8.11 8.19 8.01 8.19 22,000 177,433 ASIAN TERMINALS 14.88 15.2 14.9 14.9 14.88 14.88 28,700 427,114 2.96 2.98 2.99 2.99 2.95 2.96 483,000 1,436,610 CHELSEA 43.3 44.4 44 44.7 43 43.3 515,800 22,493,515 CEBU AIR INTL CONTAINER 143.8 144 146.3 146.3 142.5 144 6,900,740 993,805,227 LBC EXPRESS 15.9 16.78 16.6 16.6 15.9 15.9 139,700 2,318,950 4.69 4.7 4.4 4.82 4.35 4.7 3,844,000 17,922,610 MACROASIA 2.03 2.04 2.08 2.1 2 2.03 156,000 318,480 METROALLIANCE A METROALLIANCE B 2.05 2.57 2.19 2.2 2.19 2.2 10,000 21,980 5.56 5.72 5.5 5.79 5.5 5.74 47,100 263,131 PAL HLDG 1.16 1.17 1.12 1.17 1.12 1.17 303,000 349,080 HARBOR STAR 0.091 0.092 0.092 0.094 0.09 0.092 94,650,000 8,639,850 BOULEVARD HLDG DISCOVERY WORLD 3.53 3.55 3.88 3.88 3.5 3.53 418,000 1,512,400 9.69 12.8 10.28 12.8 10.28 12.8 2,200 23,140 GRAND PLAZA 0.53 0.54 0.52 0.54 0.51 0.54 1,001,000 526,540 WATERFRONT 6.51 6.98 6.5 6.5 6.5 6.5 4,000 26,000 CENTRO ESCOLAR STI HLDG 0.34 0.345 0.345 0.345 0.335 0.34 610,000 207,500 4.68 4.8 4.75 4.8 4.75 4.8 6,000 28,700 BERJAYA 6.44 6.51 6.44 6.59 6.36 6.51 12,143,600 78,252,038 BLOOMBERRY 2.06 2.15 2.06 2.08 2.06 2.08 4,000 8,260 PACIFIC ONLINE LEISURE AND RES 1.51 1.59 1.5 1.57 1.5 1.57 42,000 65,240 MANILA JOCKEY 2.06 2.09 2.05 2.05 2.05 2.05 3,000 6,150 1.88 1.89 1.87 1.92 1.85 1.88 1,646,000 3,107,390 PH RESORTS GRP 0.41 0.42 0.41 0.42 0.4 0.42 1,240,000 507,350 PREMIUM LEISURE PHIL RACING 5.8 6 5.8 5.8 5.8 5.8 2,000 11,600 7.01 7.09 7.1 7.1 6.99 7.09 1,319,000 9,319,309 ALLHOME 1.26 1.28 1.25 1.28 1.25 1.26 385,000 488,480 METRO RETAIL 36.95 37 36.2 37.45 36.2 36.95 53,010,700 1,960,265,045 PUREGOLD ROBINSONS RTL 50.7 51.2 52.6 52.6 50.7 50.7 5,223,190 265,650,311 PHIL SEVEN CORP 103 104.8 101.2 105.4 101 104.8 329,480 33,951,353 1.17 1.19 1.17 1.19 1.15 1.17 1,728,000 2,039,120 SSI GROUP 18 18.02 18.06 18.06 17.6 18 2,513,100 45,227,412 WILCON DEPOT APC GROUP 0.37 0.375 0.37 0.375 0.365 0.375 840,000 311,150 6 6.23 6.25 6.25 6.25 6.25 2,000 12,500 EASYCALL 1.86 1.87 1.75 1.9 1.73 1.86 38,582,000 70,892,870 PRMIERE HORIZON

-1,800 52,906,245 -458,575 -29,100 -93,071 57,450 3,645,306 13,550 9,960 -5,829,710 -45,000 -11,900 254,840 -425,197,710 -190,100 73,470 3,337,880 -13,678,378 7,800 74,440,510 839,630 -18,336,155 28,401,785 412,940 -76,106 70,590 1,289,358 91,020 370,250 4,872 375,000 -357,810 -13,850,805 281,636,070 -8,434,970.00 34,100 -11,470 -235,780 166,680 26,000 -18,939,404 2,080 -3,140 -227,160 -4,100 602,346 60,940 -279,808,295 -42,413,601 -27,402 -1,201,380 26,546,776.00 928,620

MINING & OIL ATOK 9.21 9.35 8.93 9.35 8.93 9.35 176,700 1,642,395 -57,587 1.7 1.71 1.73 1.73 1.7 1.71 1,753,000 3,001,640 -10,260 APEX MINING ATLAS MINING 7.21 7.22 7.3 7.39 7.16 7.21 2,302,100 16,675,653 -37,170 BENGUET A 3.06 3.14 3.19 3.2 3.08 3.14 132,000 410,040 First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4343 0.19% 3.15% 1.71% -0.77% 0.3 0.32 0.295 0.32 0.295 0.315 570,000 176,600 COAL ASIA HLDG Philam Bond Fund, Inc. -a 4.4782 -1.3% 4.13% 1.6% -3.37% 2.8 2.85 2.8 2.85 2.8 2.85 7,000 19,850 19,850 CENTURY PEAK DIZON MINES 6.54 6.98 6.99 6.99 6.98 6.98 700 4,888 Philam Managed Income Fund, Inc. -a, 6 1.3226 2.85% 4.27% 2.76% 0.11% 2.55 2.58 2.55 2.58 2.48 2.58 2,507,000 6,335,450 -509,120 FERRONICKEL 0.315 0.32 0.325 0.335 0.31 0.32 470,000 148,850 GEOGRACE Philequity Peso Bond Fund, Inc. -a 3.9771 1.71% 4.42% 2.52% -0.6% 0.151 0.152 0.158 0.158 0.152 0.152 86,460,000 13,285,720 LEPANTO A LEPANTO B 0.157 0.166 0.158 0.158 0.158 0.158 410,000 64,780 Soldivo Bond Fund, Inc. -a 1.0259 0.35% 4.07% 1.67% -1.55% 0.014 0.015 0.015 0.015 0.014 0.015 8,200,000 116,600 MANILA MINING A Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.197 1.76% 5.28% 2.81% -0.28% 0.014 0.016 0.015 0.015 0.015 0.015 2,800,000 42,000 MANILA MINING B 1.24 1.26 1.24 1.26 1.23 1.26 1,001,000 1,244,710 318,660 MARCVENTURES Sun Life Prosperity GS Fund, Inc. -a 1.7436 0.6% 4.58% 2.13% -0.65% NIHAO 1.39 1.4 1.47 1.47 1.37 1.4 1,623,000 2,267,660 6,960 NICKEL ASIA 5.16 5.3 5.2 5.3 5.07 5.3 4,466,000 23,298,712 -410,592 Primarily invested in foreign currency securities 0.38 0.385 0.38 0.38 0.38 0.38 30,000 11,400 OMICO CORP 0.97 0.99 1 1 0.97 0.99 154,000 152,160 ORNTL PENINSULA ALFM Dollar Bond Fund, Inc. -a $484.74 2.95% 3.15% 2.35% 0.18% PX MINING 7.23 7.24 7.4 7.48 7.2 7.23 3,180,200 23,356,370 477,301 ALFM Euro Bond Fund, Inc. -a Є219.67 2.36% 1.1% 1.2% 0.22% SEMIRARA MINING 12.96 13.02 12.86 13.1 12.86 13.02 2,181,100 28,359,336 1,060,922 0.0096 0.01 0.0099 0.01 0.0099 0.0099 29,000,000 287,600 UNITED PARAGON ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1794 -2.89% 2% 1.15% -7.89% 17.26 17.4 17.28 17.5 17.14 17.48 60,600 1,052,294 -250,190.00 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 81,700,000 901,100 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0% 1.59% 0.95% -2.63% 0.012 0.013 0.012 0.012 0.012 0.012 11,400,000 136,800 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.011 0.012 60,400,000 697,100 PHILODRILL PAMI Global Bond Fund, Inc -b $1.0503 -1.09% 0.62% -0.56% -3.88% 8.09 8.14 7.74 8.28 7.72 8.09 1,903,900 15,387,208 300,308 PXP ENERGY Philam Dollar Bond Fund, Inc. -a $2.4909 3.17% 5.16% 2.24% -1.76%

PREFFERED Philequity Dollar Income Fund Inc. -a $0.0628219 4.7% 3.53% 2.22% 0.81% HOUSE PREF B 101.8 101.9 101.8 101.8 101.8 101.8 23,180 2,359,724 100.5 101 101 101 101 101 1,920 193,920 HOUSE PREF A Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1517 -0.41% 3.04% 1.08% -2.23% 525.5 536 528 528 528 528 410 216,480 216,480 AC PREF B1 ALCO PREF B 100.6 101.8 101.8 101.8 101.8 101.8 400 40,720 Money Market Funds 517 520 520 520 520 520 180 93,600 AC PREF B2R Primarily invested in Peso securities 41.8 41.85 41.95 42.9 41.45 41.85 346,300 14,440,720 -1,591,575 CEB PREF 506.5 507 507 507 505 505 5,200 2,630,540 GLO PREF P ALFM Money Market Fund, Inc. -a 130.13 1.9% 3.08% 2.52% 0.25% MWIDE PREF 100.4 100.7 101 101 100.4 100.4 10,140 1,018,246 1,004 1,005 1,004 1,005 1,004 1,005 720 722,930 -200,800 PNX PREF 4 First Metro Save and Learn Money Market Fund, Inc. -a 1.0517 1.21% n.a. n.a.

0.34% 1,095 1,099 1,095 1,095 1,095 1,095 50 54,750 PCOR PREF 3A 1,146 1,150 1,151 1,151 1,146 1,146 180 206,500 PCOR PREF 3B 2.89% Sun Life Prosperity Money Market Fund, Inc. -a 1.304 1.86% 2.57% 0.57% SMC PREF 2C 79.9 80 79.9 80 79.9 80 2,810 224,645 Primarily invested in foreign currency securities 78.8 79 78.8 78.8 78.8 78.8 5,940 468,072 -354,600 SMC PREF 2F 78 78.8 78.4 78.4 78.4 78.4 12,800 1,003,520 SMC PREF 2H Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.057 1.38% 1.7% n.a.

0.44% 78.2 79 78.9 79 78.9 79 90,000 7,109,805 SMC PREF 2I SMC PREF 2J 77.05 77.5 77 77.05 77 77.05 40,590 3,125,455 Feeder Funds 75.8 75.95 75.9 75.95 75.8 75.95 298,440 22,626,106.50 - SMC PREF 2K

Primarily invested in Peso securities PHIL. DEPOSITARY RECEIPTS Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2386 n.a. n.a. n.a. 9.65% ABS HLDG PDR 10.22 10.8 10.8 10.88 10.8 10.8 31,000 334,808 -1,088 8.42 8.5 8.5 8.6 8.4 8.5 38,300 324,004 -17,200 GMA HLDG PDR Primarily invested in foreign currency securities

WARRANTS

ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 7.61% n.a. n.a.

1.02% LR WARRANT 1.53 1.58 1.56 1.58 1.5 1.56 236,000 365,900 -

SMALL & MEDIUM ENTERPRISES 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).

ALTUS PROP 17.48 17.5 17.38 17.5 17.2 17.48 70,900 1,237,690 153,006 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.

2.38 2.41 2.3 2.42 2.28 2.4 495,000 1,173,210 23,400 ITALPINAS 5.2 5.35 5.05 5.2 5.04 5.2 8,200 41,654 -8,320 KEPWEALTH 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

MERRYMART 4.52 4.53 4.46 4.65 4.43 4.52 14,086,000 64,229,940 936,860 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

EXHANGE TRADE FUNDS

"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 FIRST METRO ETF 99.2 101 96.9 101 96.9 101 61,540 6,061,885.50 165,339

newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Inclusion in associations: Having a seat at the table

I

first learned about “D+I,” or “Diversity plus Inclusion,” from the American Society of Association Executives (ASAE) where I am a long-standing member. This was three years ago when the ASAE Board of Directors approved its D+I statement and strategic plan that encapsulates its commitment to D+I, pledging to: (a) practice inclusion; (b) pull in diverse backgrounds and perspectives to enrich group capabilities; and, (c) point out opportunities to support equitable work environments and behaviors.

For ASAE and many other associations, D+I is both a business principle and practice. Thanks to ASAE’s D+I Committee, it has now greater capacity to support associations and industry partners in developing their own D+I concepts, policies, and practices to improve organizational outcomes.

When US-based Save the Associations organized a webinar entitled, “Where Everyone has a Seat at the Table: Achieving Inclusion in Associations,” I immediately signed in to attend. Save the Associations is a virtual show hosted by founder Sarah Sladek, of which my organization PCAAE is a global partner. The phrase—having a seat at the table—means that one is part of a conversation and has as much to say as anyone else around the table.

The one-hour three-part interview-type show anchored by Sarah featured six associations and their leaders: Association Forum President and CEO Michelle Mason;

Association World Octavio Peralta School Nutrition Association CEO Patricia Montague; Association for Women in Science CEO Sandra Robert; Hispanic Marketing Council Executive Director Horacio Gavilan; National Association of Realtors General Counsel and Chief Member Experience Officer Katie Johnson; and, Pedro Juan Windsor, managing director of ABA Center for Diversity and Inclusion in the Profession of the American Bar Association.

Ideas and resources for associations I got from the session are as follows: The Association Forum has a Welcoming Environment Resource Center designed for association executives interested in lear ning , practicing , and implementing a WE at their association. AF defines WE as the creation of a sense of belonging and connectedness that engages individuals in an authentic manner in which uniqueness is valued, respected and supported through opportunities and interaction.

The American Bar Association (ABA) has a Diversity and Inclusion Center that promotes collaboration, coordination, and communication to advance ABA’s Goal III—to eliminate bias and enhance diversity and inclusion throughout the Association, legal

profession, and justice system.

It also has an ABA Diversity and Inclusion Advisory Council to collaborate and communicate on diversity and inclusion efforts and initiatives.

The National Association of Realtors has Diversity and Inclusion Grants that provide funding to state and local realtor associations to enhance the inclusion of diversity in their leadership and collaborate with local chapters of national multicultural real estate organizations.

No one disputes that D+I matters. However, amidst the convergence of demographic, social, and technological shifts, many associations still face the challenge of starting or sustaining progress in D+I. It helps that ASAE has the Association Inclusion Index, an online diagnostic tool for membership organizations seeking to measure and improve the management of their current D+I philosophies, policies, and practices.

How’s your association’s D+I initiative doing?

The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity.

Editor: Dennis D. Estopace • Friday, May 28, 2021

B3

Five sectors affecting climate seen to weigh on banks’ credit risks

P

By Bianca Cuaresma

@BcuaresmaBM

HILIPPINE banks have substantial exposures to sectors that have high credit risks because of environmental factors, Moody’s Investors Service warned.

In a research note published on Thursday, Moody’s said the Philippines’ big banks have the secondlargest exposures in the Asia-Pacific region to select sectors that have high credit risks linked to environmental factors, next only to China.

Moody’s identified five sectors that are expected to put pressure on banks’ credit risks because they are linked to environmental factors, particularly climate change. These sectors include mining; energy, oil and gas; surface transportation and logistics; steel and chemicals; and, building and construction materials.

The credit watcher’s data showed that big Philippine banks have a total exposure of 22 percent to these sec-

tors, one of the highest in the region.

The highest in Asia-Pacific is China’s big banks with an exposure rate of 24 percent.

Following the Philippines is Bangladesh at 17 percent, Indonesia at 16 percent and Vietnam at 15 percent.

Banking systems with the least exposure to these sectors include Korea and New Zealand; both at 4 percent and Australia at 5 percent.

“Asia-Pacific economies with weak infrastructure are particularly vulnerable to physical climate risks, which can hurt banks’ asset quality because a natural disaster can damage borrowers’ assets or disrupt their cash flow. Many banks in the region also face asset risks from

large exposures to sectors susceptible to carbon transitional risks,” Moody’s warned.

“In addition, legal and reputational risks are increasing for banks in Asia-Pacific as governments advance guidelines and regulations for sustainable financing and disclosure requirements related to climate risks while investors are increasing pressure on businesses and banks to step up efforts to fight climate change,” it added.

Just this week, the Bangko Sentral ng Pilipinas (BSP) announced that it will be issuing the second-phase regulation to allow the banking industry to be more responsive to risks arising from the transition to a low-carbon economy.

This second-phase regulation follows the BSP’s issuance in April last year of a “Sustainable Finance Framework” that encourages the offering of green and sustainable finance instruments.

“This issuance will provide granular expectations on the integration of climate change and other environmental and social risks in banks’ credit and operational risk management frameworks,” BSP Governor Benjamin E. Diokno said.

B4

Friday, May 28, 2021 • Editor: Gerard S. Ramos

Relationships BusinessMirror

Should I stay or should I go?

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Carey Mulligan, 36; Kylie Minogue, 53; Christa Miller, 57; Gladys Knight, 77.

PHOTO BY KINGA CICHEWICZ ON UNSPLASH

Happy Birthday: Stay on top of your spending habits this year. Look for alternative ways to bring in cash. Physical action will help you achieve what you set out to do. Listen to reason, verify facts and don’t rely on someone to do things for you. Indecisiveness is a red flag. Back away from questionable situations. Be direct and personable. Your numbers are 7, 15, 23, 29, 37, 41, 46.

a

ARIES (March 21-April 19): Look at the big picture before trying something new. Having a good sense of what you want and what’s available will help you choose a path that leads to victory. Intelligence and hard work will get you closer to your goal. HH

R

HAS been telling me of her recent troubles with some young employees who, despite the pandemic and its impact on company revenues, were able to keep their jobs and their usual salaries.

Yet midway, even as many others in the country lost their own sources of income and livelihood due to the lockdown, these 20-somethings, reared in upperclass homes and having studied in posh colleges and universities, decided that staying at R’s company didn’t do them any favors. They resigned.

I asked R what reasons these kids gave for their resignation. “Kasi daw, they didn’t get the raise they were promised. And we didn’t give them a bonus last Christmas.” But did you tell them that the company had not been earning as well as before because of the pandemic? R replied, “Yes. We had meetings with them to tell them about the state of the company’s finances.”

Haaay...I sighed to myself, while my eyes rolled back into my head.

According to R, when she asked her resigning employees what they would do instead, one answered she would go back to school and get her Master’s Degree. The other said she would just set up her own business, to be funded by the parentals, no doubt.

I get it. There is a difference between these younger generations’s concept of a “job” and ours. We would basically stay in an unremarkable job doing uninspiring work as long as it pays well. Even if the job is super-challenging, pressure-filled and lowpaying, many of those in our Generation X would still stick to it. “It pays the bills,” we would tell ourselves.

On the other hand, millennials and Z-lennials would rather work in a place they enjoy and be among people they can have fun with. They want a job that will pay them a high salary, despite their lack of experience. (Remember the Ateneo graduate who turned who turned down the P37,000-a-month job?)

They also want to work in a company that allows them to have the perfect work-life balance, which may be admirable to an extent...who wouldn’t want to spend more time with friends and loved ones, or go on regular vacations? They need to be cajoled into working long hours and on weekends, even if it comes with overtime pay.

b

TAURUS (April 20-May 20): Don’t cross boundaries. Make your aim to stabilize, not disrupt. An unnecessary change will leave you second-guessing your next move. Do what you can without compromising your beliefs, integrity or financial budget. Stick to what you know and do best. HHHHH

c

GEMINI (May 21-June 20): Take care of your responsibilities. If you let someone do things for you, disappointment will follow. Keep your plans and budget reasonable. Take responsibility for your actions and words. Take better care of your health and financial well-being. HHH

d

CANCER (June 21-July 22): Don’t jump to conclusions. Go directly to the source and get information in writing. Your meticulous nature will keep you ahead of the competition. An open mind will give you the vision to recognize what’s right for you.

HHH

e

LEO (July 23-Aug. 22): A steady pace and a curious mind will help you distinguish between what’s authentic and what isn’t.

Keep your wits about you to ensure no one takes advantage of your kindness or generosity. HHH

Look, I’m sure not all millennials and the new graduates are directionless. There will be some, who, out of necessity, will learn to live with the challenges their office throws at them, and hopefully, they overcome those. But for the most, their patience will wear thin, and despite this raging pandemic, will walk out the door without thinking of the next steps they will take.

So, is it worth staying or leaving your job?

1. First, try to identify what exactly about your job bugs you. Is it the salary? Is it boring, or are you receiving too much pressure? Are your colleagues insufferable, or, more importantly, is it your boss who’s a boil in the butt of humanity? (It’s important to find out as well if these non-endearing qualities of your coworkers/your boss are symptomatic of a larger issue in the company, or they were just born that way.)

2. Ask some friendly coworkers about their own experiences. It’s also important to discuss what your own feelings are about your work, not just with people

your age, but older coworkers or maybe supervisors.

If you admire them for how they’ve risen through the ranks, ask them how they became successful. You might get insights on how you can approach your own work challenges.

3. Even if working from home, the stress on many employees can multiply. (The Zoom meetings alone take a terrible toll on one’s mental health.) Because we’re in a pandemic, I think this is the worse time to be out of work, or to switch jobs. So ask yourself if the situation is so bad that you can no longer wait another day to get out of that office, or are there attractive features in the company that can compensate for the difficulties you’ve been having. I would urge caution, buckle down to work, and get enough experience and successes that you can take to your next job, post pandemic.

4. If you’re still unconvinced it’s not worth it to

Continued on B5

g

LIBRA (Sept. 23-Oct. 22): Channel your emotional energy into something constructive.

Idle time will lead to an unnecessary argument that can affect your personal and professional life. Bide your time, think matters through and focus on personal gains and self-improvement. HH

h

SCORPIO (Oct. 23-Nov. 21): Let go of sentimentality regarding how you live. A minimalist approach will help lead you to peace of mind and the opportunity to achieve goals.

Stop spinning your wheels; start making things happen.

HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Common sense will be your saving grace. If you let someone pressure or tempt you into something outlandish, you will have regrets. Change what’s necessary, and believe only what’s verified. HHH

j

At your service even more Formerly known as the SM Business Service Center, Servicio is one of the largest and most extensive over-the-counter, one-stop shops for bills payments, foreign exchange and remittances, government services, and more in the country. It has 25 outlets located at SM Supermalls.

“With the retail landscape changing, Servicio has embraced technology and is continuously adapting to changes,” says Cedie Nieva, AVP for Business Center Operations. With this, Servicio has introduced products like WiFi kits and entertainment for mobile TV, gifting requirements—gift cards and gift passes, SMAC, and even prayer cards—making Servicio a full-service operation.

The center also offers the cash-in of digital wallets (GCash, PayMaya, GrabPay), top-up of RFID accounts

f

VIRGO (Aug. 23-Sept. 22): You’ll accomplish the most if you find yourself a quiet cubbyhole where you can focus without interruptions. It’s OK to distance yourself from drama and people who insist on making life difficult. HHHHH

both for Easytrip and Autosweep, and top-up of reloadable bank cards like Metrobank and BPI. Enabling mobile payments have also been added to the services.

“All these transformations create a smoother and more convenient shopping experience for customers of Servicio, as we commit to naturally progress,” says Nieva. It began 25 years ago, when the SM Department Store—as it was then known—began offering services that went beyond shopping. At the store’s Customer Service counters, shoppers could avail of Forex services to exchange their currencies; and pay their bills for utilities, telcos and credit-card companies.

As SM grew, its bills payment service expanded to include government agencies like SSS and Pag-IBIG payment for monthly dues, fees and contributions.

It became the first and only private partner of the Philippine Statistics Authority as a processing center for civil registry certificates, birth, marriage, to death and CENOMAR. And through its partnership with PhilHealth, it became a processing center for member registration, premium payment, and issuance of I-PhilHealth Card. It now also accepts payments for LTO license renewals and NBI renewals.

SM also partnered with all of the major electric, water and cable providers in major cities and municipalities nationwide.

It now also has tie-ups with airlines like Cebu Pacific, PAL/Pal Express, Air Asia, Cathay Pacific/ TigerAir; BDO Insurance; and 2GO Express to provide courier service for parcels and documents; and 2GO Travel to sell travel tickets to ship passengers.

CAPRICORN (Dec. 22-Jan. 19): Share your thoughts and feelings, and make decisions in unison with people you care about and love. The changes you make will bring you closer to the lifestyle you want to live. Personal gain is within reach. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Uncertainty is the enemy. Use your ingenuity and do the research necessary to help you gain perspective regarding something you want to pursue. A positive change at home or to where you live is featured.

Romance is in the stars. HHH

l

PISCES (Feb. 19-March 20): Look at every angle of a situation before you make a decision. Listen to your inner voice, not to someone filling your head with unrealistic pursuits. If you want to make a change, be willing to do so on your own. HHHH Birthday Baby: You are colorful, engaging and charitable.

You are persevering and fastidious.

‘tri-state area’ by orrin konheim and brad wilber The Universal Crossword/Edited by David Steinberg

ACROSS 1 Pedometer count 6 Adds to one’s blog 11 Vowelless order at a deli 14 In the loop 15 Label-making giant 16 Close to the ground 17 Seoul’s landmass (see letters 2-3, 10-11 and 14-15 in this answer) 20 Athletic award 21 Rowboat steerers 22 Electric ___ (shocking swimmers) 23 Choose 25 Praise may inflate them 28 Washington archipelago with a Spanish name (letters 3-4, 10-11 and 12-13) 35 UV-shielding initials 36 Wildlife rescue agcy.

37 Think highly of 38 Substitution for forgotten lyrics 40 Clawfoot ___ 42 Way off?

43 Kenya neighbor 46 Speak hoarsely 49 Covert ___

50 Denver backdrop (letters 4-5, 6-7 and 12-13) 53 Fail to keep confidential 54 Curved trajectory 55 What liniment eases 58 Far-fetched, as a tale 61 Title above viscount 65 Vancouver’s province (letters 2-3, 8-9 and 14-15) 69 Affectedly shy 70 Sloughs off 71 Brewer that owns Olympia 72 Aromatherapist’s workplace 73 For this reason 74 Python or viper DOWN 1 Drink served with sushi 2 Deuces 3 Wyatt of Dodge City 4 Hunt, in the wild 5 Aquatic expanse 6 Bear with a hard bed 7 Concluded 8 Karate instructor 9 Arm muscle, informally 10 Thesaurus suggestion: Abbr.

1 Sapphire’s color, often 1 12 Dangle lazily 13 Start of “Jabberwocky” 18 Still asleep 19 Seedy bagel type 24 Slumber party attire 26 Fed. management org.

27 Former 28 Wolfgang Puck restaurant 29 Insurer with quack-filled commercials 30 Stop hesitating 31 Tiny Pacific nation 32 Cynthia with a pair of Emmys 33 Faucet troubles 34 Tennis match divisions 35 Disparaging remark 39 Diminutive sock 41 Refuse to allow 44 Easter egg treatment 45 Org. for physicians 47 Bazaar unit 48 Predicted golf score 51 “Yeah, in that case...”

52 Frosty Marvel mutant 55 Kindergartners learn them 56 Field yield

57 “Howdy!”

59 “Thunderstruck” band 60 Go down in defeat 62 Palindromic disco-era band 63 Game of world domination 64 Not prompt 66 “More or less” 67 Pronoun for a hen 68 Delivery co. with brown vans Solution to Tuesday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, May 28, 2021

Hollywood meets up with PHL entertainment JOSE MANALO

Jose Manalo gets his big break

By Pauline Joy M. Gutierrez IN his three-decade television career which spans from a three-year stint in Boyoyong (1990) to being a mainstay host in the long-running and top rating noontime variety show Eat Bulaga!, Jose Manalo has never considered himself as a “stand-out.”

“Matagal na rin tayong magkakasama at hindi ako masyadong nagi-expect ng mataas para sa sarili ko,” Manalo confided during an online press conference of GMA’s weekly reality game show Catch Me Out Philippines, which debuted in February.

Based on the UK original, the local production is headlined by “spotters” Kakai Bautista and Derrick Monasterio, with Manalo as the main host. It premiered on the network’s Sabado Star Power sa Gabi line up, and concluded with a total of 13 highly ranked episodes for its first season.

With the show’s success, Manalo shared that it was one of the most challenging roles he had taken on so far. “Noong una, nakakapanibago [to be a main host].

Sanay kasi ako na kasama si Wally [Bayola] o si Paolo [Ballesteros]. Ayoko namang i-pressure ang sarili ko dahil natatakot akong magkamali,” he said.

Manalo, instead, dazzled.

His take on observational comedy proved to be a hit, and guest stars including Paolo Contis and Andrea Torres along with the show’s audience, found it relatable.

For him now being pegged as a rival of veteran hosts Luis Manzano and Billy Crawford, the TV host said, “Ang mas maganda na gagawin ko ay pagbubutihin ko pa tong ginagawa kong trabaho eh.”

“Hindi ko din ’yan masyadong iniisip eh. Pero nakakatuwa syempre. So, kung dumadating ’yung mga bagay na ganito, tinatanggap ko lang siya ng walang pagi-isip na eto ako, katapat ko ’to, parang si ganito, hindi. Pero masaya at maraming nagsasabi na ’yun nga raw, thank you,” he added. Manalo first joined the Eat Bulaga! crew as a production assistant and was then promoted to become a floor director. After the show’s management saw his potential, he was soon asked to join the show as a cohost. Originally paired with Wally Bayola, the tandem has since grown to include Paolo Ballesteros to become JoWaPao, a comedy trio most popular for the segment “Juan for All, All for Juan: Bayanihan of d’ Pipol.”

In 2015, they found fame as the Zobeyala triplet sisters in the hit segment “Kalyeserye.” Jose Manalo played the role of Lola Tinidora, the free-spirited sister who is known for going up ladders dancing to “Mambo No. 5.”

According to an episode in Kapuso Mo, Jessica Soho, portraying the role of Lola Tinidora reminded Manalo of his early days as an entertainer when he used to dress up as a Boyoyong clown.

Manalo still has a few tricks up his sleeve, but for now he’s happy doing what he loves most.

Should I stay or should I go?

Continued from B4 stay, then by all means walk away. Talk to your boss, make sure you leave with the air all clear and no hard feelings between anyone. The world is too small; you might still end up working with these people in the future.

As for the managers and bosses out there trying to keep the company afloat amid this pandemic, just be open and honest about your company’s situation and how you’re dealing with the financial challenges.

Solicit ideas, get the help of your employees—who knows, they might have some excellent ideas on how to help you hurdle the obstacles you are currently facing. No one has the monopoly on good ideas; maybe these youngsters can teach us a thing or two about dealing with the hard stuff.

If they must go, then let them, especially if you did everything to keep them happy. Find out why they are resigning and make sure to keep a mental note about it. The reasons given will enable you to address employment issues in general, and help you build a better and stronger company in the future. n

I

F there is one thing the TV series Almost Paradise is, it is that it started out as a thrilling show, and it will end as a thrilling show. Starring American actor Christian Kane (of The Librarians fame) and a slew of talented Filipino actors, the show follows the story of former United States DEA agent Alex Walker as he goes into retirement in the Philippines but finds himself entangled in dark criminal elements.

Sure, it has a somewhat far-out premise but the suspenseful episodes get your adrenaline pumping and it’s fun watching a majority Philippine cast navigate roles you usually don’t see them doing here—at least not yet in the first episodes. While the show is sold as an American production series shot here, there are still a number of Philippine elements such as its uncanny blend of comedy and even some melodrama—but, hey, it works. The show is terrific and moves briskly, and it is a welcome change to Sunday night-viewing. Almost Paradise proves that an action-packed show can actually be refreshing to end the week.

While the talented cast (Zsa Zsa Padilla, Art Acuna, Ces Quesada, Will Devaughn, etc.) and Hollywood figures Dean Devlin, head of Electric Entertainment plus writer and producer of Hollywood blockbuster hits Independence Day and Godzilla, are what people will remember about Almost Paradise, one of the driving forces of this show is acclaimed film and TV director Ruel S. Bayani.

Ruel, also called Rekdi (a play on the word “direk”) by his friends, is intimidating when you get to meet him. He has a towering presence and a loud, booming voice. His resume is similarly intimidating. He’s written and or directed a number of TV shows that has made a huge impact on pop culture, such as Mula Sa Puso, Budoy, Tayong Dalawa and Kokey. His film credits include the seminal Cool Dudes 24/7 and genrebending films No Other Woman and One More Try. But once you get past the intimidation, you will not only find a great person of film and TV but a beautiful

human being.

Ruel, for all his achievements and his position in ABS-CBN, has never for half a second discriminated nor patronized us “lesser beings” in the network. Like a lot of ABS-CBN bosses, he would treat everyone decently and correctly. But when you ask me what I love about Ruel, I have to say it is his laugh. He has a loud, boisterous, no-holds barred laugh that is infectious. He would laugh at my jokes, he would laugh with me, and the best about him is he knows how to laugh at himself.

On a serious note though, as head of ABS-CBN International Productions and Co-Production Division, Ruel has had a direct hand in bringing Almost Paradise to life. He disclosed that the show is part of the international initiative of the network, and they had already shot a number of episodes—but then Covid-19 and the ABS-CBN shutdown happened. But

what’s more important about this experience is that the he and the rest of the ABS-CBN cast and crew who worked with Electric Entertainment learned from the Hollywood showrunners. He says,“Alam naman natin ang quality ng ABS-CBN shows, pero hindi ito dun natatapos. If you want to produce shows with such narrative and technical sophistication, you really have to go in deep and learn.”

“And with Almost Paradise, ang masasabi ko na ay kuha na. Magagawa na ’yan one after the other. Kahit nawala ang franchise namin, hindi magagawa ang mga natutunan namin at hindi mapapatay ang [ABS-CBN] spirit na nasa puso ng bawa’t tao at ang talent ng mga Pilipino, hindi kayang hadlangan,” he continues.

Almost Paradise aired its final episode recently on A2Z and Kapamilya Channel but continues to be streamed on iwantTFC. In the US, it is aired on the WGN Network. n

Best of Hannah Precillas in new GMA Music EP Rising GMA Music artist Hannah Precillas is ready to take listeners to an emotional ride with the release of her EP under the label, titled Hannah Precillas Sessions, which debuted on May 25.

Her fans are in for a musical treat through four songs she performed live: “Munting Hiling,” which was composed by Vehnee Saturno and originally performed by Willie Revillame; Ella May Saison’s “Hiram na Sandali;” Carol Banawa’s “Awit Kay Ina;” and a new version of her recently launched single “Sabi Ko Na Nga Ba.” Hannah shared her experience recording the EP: “It may not be perfect but I want to make sure na ’yung mga taong makikinig nito ay hindi madidisappoint. Kasi from the audio recording to video

shoot, lahat ay aking sariling sikap and diskarte because of the pandemic. But now, I am very happy and very excited for everyone to finally hear it, and also I feel so grateful that I’ve scored another milestone in my life.”

Hannah wants to uplift others through her music: “Gusto kong maiparating sa listeners that no matter what kind of challenges or hardships we face in our lives, if you’re passionate enough to fulfill your dreams and this makes you truly happy, you can surely do something about it to make it happen.”

Hannah Precillas Sessions is available for streaming on GMA Music’s YouTube channel, Spotify, Apple Music, YouTube Music, and other digital stores worldwide.

Oprah, Prince Harry host mental health discussion with Gaga, Glenn Close

PRINCE Harry

oprah winfrey

lady gaga

LOS ANGELES—Oprah Winfrey and Prince Harry are continuing their mental health series with a virtual town hall featuring Lady Gaga, Glenn Close and others.

Apple TV+ announced on Wednesday that it will release on Friday The Me You Can’t See: A Path Forward. The free town hall arrives a week after the mental health series cocreated by Winfrey and the Duke of Sussex, The Me You Can’t See, was released on the streaming platform.

The series features a mix of stories of celebrities and everyday people and their mental health struggles and breakthroughs. In one episode, Gaga revealed the trauma of a rape she said left her pregnant at age 19.

Harry discussed his own anxiety,

therapy and coping techniques for the series, which debuted last week. The duke and his wife Meghan are living in California while they await the birth of their second child.

Harry told The Associated Press he felt compelled to discuss his struggles in the hopes it will help other people. “I see it as a responsibility. I don’t find it hard to open up,” he told The Associated Press last week. “Knowing the impacts and the positive reaction that it has for so many people that also suffer, I do believe it’s a responsibility.”

Other notable participants include NBA players DeMar DeRozan and Langston Galloway, boxer Virginia “Ginny” Fuchs, and celebrity chef Rashad Armstead. AP

B5

B6 Friday, May 28, 2021

Hisense invites users to experience the best NBA games from home

TikTok launches new tools, partners with TSPA to combat bullying on the platform

T

IKTOK, the leading destination for shortform mobile videos, today launches a robust community management feature that empowers creators to manage interactions with their content more easily. The feature allows creators to bulk delete comments or report users who they feel violate the TikTok Community Guidelines in batches of up to 100.

To manage interactions on a video, users can long-press on a comment or tap the pencil icon in the upper left corner to open a window of options. From there, people can now select up to 100 comments or accounts rather than having to go one by one, making it more seamless to delete or report multiple comments or block users in bulk.

The feature is rolling out globally over the coming weeks and builds upon ongoing efforts to promote a kind and welcoming TikTok community. For example, the platform recently introduced a way to filter all comments so that only those a creator chooses would appear on their content. Prior to that, a comment-prompt feature was rolled out that encouraged users to reconsider posting a potentially unkind comment on a video. Additionally, users aged 13 to 17 have additional safeguards on their accounts designed to promote an ageappropriate experience, including restrictions on Duet, Stitch, DMs, and comments.

Joshua Goodman, Director of Product, Trust and Safety at TikTok said, “People put their hearts and souls into creating and

entertaining on TikTok, and we recognize how discouraging it can feel to receive unkind comments on videos. Community experience is an utmost priority for TikTok, and our long-term goal for the platform is to foster a welcoming and kind community where people can express themselves creatively. We hope this update helps creators feel more empowered over their TikTok experience, and hold their fellow TikTok community members accountable for their actions on the platform.”

TikTok is also safeguarding its internal Trust and Safety team with ongoing training, resources and other tools to support their day-to-day work and career development.

The company recently became a Trust and Safety Professional Association (TSPA) partner, allowing every Trust and Safety professional at TikTok to be supported in their day-to-day duties.

TikTok's partnership with TSPA will also enhance the platform and iterate upon its approach to keeping people safe within a kindness-driven community. For more information, visit the TikTok Safety Center which can be accessed via the app settings or https://www.tiktok.com/safety/en/.

Gen Z kids’ psyche revealed: This empowered generation knows the necessity of self-care

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ISENSE, a leading manufacturer in consumer technologies and the official sponsor of UEFA EURO 2020™, is bringing users all the best matches of the professional basketball league with NBA League Pass. It will be available internationally on Hisense’s televisions with the operating system VIDAA U4.

With this campaign, you will experience real-life tension, hear the sound of the shoes sliding down the court, and feel the emotions rising at the last-second three-point shot in the fourth quarter, all with the support of the league’s top stars like LeBron James, Stephen Curry and Luka Dončić.

This special offer will be available to anyone who purchases a Hisense Smart TVs (A4GS, A7200FSVI, A62GS, U6GS)

at the Hisense Official store at Lazada, Shopee and exhibits, starting May 21 to June 30, or while supplies last. You will receive codes for 2months free trial for the 2020/21 NBA season.

An operating system for the most enthusiastic sports fans

THE new Hisense televisions with the VIDAA operating system satisfy the needs of the biggest sports fans with a fast and personalized access to the best platforms dedicated to sports such as Redbull, from now on, NBA League Pass.

VIDAA places the user at the center of their entertainment experience by making interaction with the television more intuitive. A clean and

compact design provides users with an intelligent, intuitive, and personalized platform, offering the best global and local content currently on the market.

Models like the U6GS integrate Sports Mode, a function that brings an immersive experience in image and sound, making you feel like you’re sitting on court seats while watching the greatest rivals, such as the Lakers and the Celtics, battle it out for the crown. The secret to Sports Mode lies in the algorithm of the new Hisense models, which can analyze images, increase brightness, contrast, color, and sharpness to recreate truly amazing and realistic sports scenes that are bursting with colors.

For more information, visit http:// www.hisense.com.ph

Experience quality, flexible education in a better normal at Baliuag University

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HE past schoolyear was an extraordinary time for the BALIUAG UNIVERSITY (BU), with unprecedented challenges testing BU on many fronts. But through the hard work, commitment and tenacity of its administration, faculty, staff, students and parents, it was able to overcome them and adapt to the new normal.

Among its achievements during this period, BU undertook the big shift from in-person classes to its University Alternative Learning Platform (ULAP), which involved supporting both faculty and students as they transitioned to the virtual classroom setup and continued the learning journey. Its administration ensured that the BU community remained engaged and connected by hosting virtual activities, from commemorating achievements to

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EN Z has so much potential and they are aware that in order to give, there is a need to take care of ourselves which is a lesson learned in this time of pandemic”, said renowned educator Maria Luisa Manahan in an online talk conducted

by Enderun Colleges and Mommy Mundo.

“Access to information has empowered them. They have the opportunity to see that you can question the status quo, to see different models. This generation has so much potential. We need to have a shift in perspective—they are not self-centered, they are aware of the necessity of self-care. It’s us from the older generations that comes from a generation of suffering and sacrifice. This generation is aware that in order to give, you need to take care of yourself. It is a lesson learned in this pandemic.”

She further explained that there is a need to put ourselves in the children’s shoes and those that are older than us to seek the best interest of everyone in the family.

Intergenerational gaps occur because of the different ideas of success thus, the need for communication. The intergenerational gaps are due to the fact that we have different ideas of success so we need to have conversations about what success means for different generations.

When asked how to find commonalities between generations, she said “I’m always looking at future jobs reports and these reports are very explicit about what a successful member of the workforce will be like—to suspend judgment, to probe and be curious, [and to] allow them to pursue their interests.”

The recently held discussion entitled, “Know Your Gen Z Child,” aimed to decipher how parents can have a better understanding of the generation their children belong to and how they can guide them to their future careers. Moderated by Cherry Tan, Enderun’s Senior High School Principal, mother and social media influencer Mikaela Lagdameo-

Martinez was also invited as speaker.

The importance of personal conversations is also something that parents should be mindful of to fully guide children in becoming the best version of themselves.

Because of the various life experiences, such as dating specifically, it is significant to note that parents are the best people to explain and listen to what their children are going through. “It’s fun when you are open to your children—you don’t have to filter. It’s better for them to understand rather than you shut away all this information. Times are different now. Parents have a lot to learn from [their kids] them,” said Martinez.

Gen Zs are kids between the ages of 11 and 24 who are pre-adolescents and adolescents which entails that their minds are growing in identity. The brain matures at 25, thus, the inclusion of 20-24-year-olds.

“Their minds are growing, and they are growing towards identity. What we tend to perceive as a generation gap, having differences with authority figures—that’s something our brains are hard-wired to do when we reach adolescence and preadolescence. So, there’s a natural rebellion against authority. When there is questioning against authority, they will look like-minded.

They are hard-wired to do this. It’s not about you, it’s really about their seeking identity. To know what is happening in their development. The second is, we all want to be listened to. We have to nurture in the same way we want to be nurtured. How you nurture them is understanding where they are, who they are, where they are coming from,” Manahan shared.

In terms of supporting Gen Z toward careers of the future, Martinez shared, “We never know what will pop up in the next few years. But looking back on our children and seeing all the skills they have at their age, I’m not worried. As long as we just try and nurture and guide them and give them the best that we can, I think we’ll be okay.”

Extra Mile Delivery makes shopping, dining exciting

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celebrating cherished holidays.

After more than a year into the pandemic, BU is keen on keeping the momentum going and looks forward to another schoolyear with renewed energy and enthusiasm. While this year may bring its own challenges, BU remains steadfast and confident that with commitment, resiliency and team spirit, it can realize its goals and objectives of providing quality education and helping students succeed. It will make the most of now and continue to innovate to

support and be there for its beloved Baliuag University family always—and all ways.

Application for college freshmen, TRANSFoEREES and grade 11 for School Year 2021-2022 is now ongoing.

For online application, visit: Senior High School: https://tinyurl.com/ olshs2122, and for college: https:// tinyurl.com/olcollege2122 For more information, visit: https://baliuagu.edu.ph/ https://www.facebook.com/BaliuagU

OOD is often related to happy memories, but the experience of enjoying a fun dining experience at your favorite restaurant can be difficult because of the current situation. Whether it’s a random craving for milk tea, burger, pizza, or anything in between, off-the-grid locations can be frustrating.

Thankfully, you can now stay safe at home and enjoy them as you please as foodpanda has extended its delivery range via Extra Mile Delivery! This means that you don’t have to miss out on your favorite food items and more, because with foodpanda, they are now within your reach.

Through the foodpanda Extra Mile Delivery which increases the delivery radius from 3km to 8km from the delivery address, more restaurants and shops are now closer to their customers. This service comes with the foodpanda commitment to bring your orders

fresh to your doorstep, following the safe delivery standards that have been put in place for the riders.

The service also comes with a minimal charge, so you can create more good food memories at home. Just open the foodpanda app and find the Extra Mile Delivery banner, scroll through a wide variety of shops and restaurants, then pick and place your order.

Your friendly foodpanda rider will go the Extra Mile to bring you your long-distance food cravings and other essentials.

With just a few taps on the app, you can savor the dishes that you miss and enjoy the memories of hanging out with family and friends at your favorite restaurant. You also now have more choices when it comes to satisfying those cravings or celebrating an important occasion at home.

For more information, visit the official foodpanda Facebook and Instagram today.

Sports BusinessMirror

Editor: Jun Lomibao

mirror_sports@yahoo.com.ph | Friday, May 28, 2021 B7

MYANMAR FOOTBALL IN CRISIS M

EUMIR FELIX MARCIAL will fight an Uzbek in Friday’s semifinals.

Marcial ‘show’ in Dubai delayed after Mongolian rival defaulted

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By Josef Ramos

UMIR FELIX MARCIAL didn’t get that chance to showcase his preparedness level for the Tokyo Olympics on Wednesday at the Asian Boxing Confederation Asian Elite Men and Women Boxing Championships at the Le Meridien Hotel bubble in Dubai.

His quarterfinal round opponent in the men’s middleweight class, Mongolia’s Otgonbaatar ByambaErdene, was a no-show because of a shoulder injury.

Thus, it will take two more days—on Friday—for the 25-year-old Marcial to display what he has learned from his six-month professional training under world renowned Freddie Roach at the Wild Card Gym in Los Angeles.

Marcial, the top seed in his weight class, faces Uzbekistan’s Jafarov Saidjamshid in the semifinals. The Uzbek advanced following a 5-0 rout of Kyrgystan’s Omurbek Bekzhigit Uulu in Wednesday’s quarterfinals.

One of nine Filipinos who has so far qualified for the Olympics, Marcial shunned a long interview.

“Thank you for your understanding [no long interviews],” he told BusinessMirror via messenger. “I have to keep my focus. I really want to prove that I can win the gold.”

Association of Boxing Alliances in the Philippines President Ricky Vargas liked Marcial’s gesture.

“Winning every tournament is really important and that’s really good because you’re learning,” Vargas said. “It’s a good attitude that you will always do your best in every tournament.”

“So if that’s what Marcial is trying to prove, then it’s very good,” Vargas said. “But Dubai is just part of the training for the Olympics.”

Also qualified for the Olympics are Carlo Paalam, Nesthy Petecio and Irish Magno. They skipped the Dubai tournament opting to continue their training camp in Thailand.

Lightweight Jere Samuel Dela Cruz, meanwhile, suffered a stinging 0-5 loss to a taller and much durable Varinder Singh of India in their quarterfinal duel also on Wednesday, joining flyweight Marvin Tabamo, light welterweight John Paul Panuayan and women’s lightweight Maricel dela Torre to the exit.

Josie Gabuco defended her women’s light flyweight gold medal against Gulasal Sultonalieva of Uzbekistan in the semifinals late Thursday, while light flyweight Mark Lester Durens and bantamweight Junmilardo Ogayre seek spots in the finals on Friday.

Durens faces Kazakhstan’s Daniel Sabit while Ogayre meets Uzbekistan’s Mirazizbek Mirzahalillov.

ISSING up to 10 players who are boycotting the World Cup qualifier against Japan on Friday has ratcheted up the degree of difficulty for Myanmar against Asia’s topranked team.

Experienced stars such as defender Zaw Min Tun, striker Kyaw Ko Ko and goalkeeper Kyaw Zin Htet are among the players who are refusing to participate in international matches for Myanmar in protest at February’s military coup.

The struggle to assemble a team to face Japan, then Kyrgyzstan on June 11 and Tajikistan on June 15, meant that the national squad had to delay its departure to Tokyo from May 14 to 21.

“In these challenging days there are more important issues than football,” Myanmar coach Antoine Hey told the Associated Press.

Hey, a German, said while he accepted the feelings of the players who have made themselves unavailable, “we have a responsibility...and hope for the support and the blessing of all Myanmar people.”

Myanmar hasn’t played a World Cup qualifier since November, 2019 because of the Covid-19 pandemic.

A number of footballers made their intentions known as early as February 13 as they protested

ANTI-COUP protesters flash the three-finger salute during a demonstration in Yangon recently. AP

in Yangon, and played impromptu games on the streets of the country’s biggest city.

“We will only play football on the street until we get democracy,” Kyaw Zin Htet told German television at the time. “We won’t play for the national team under the military dictatorship.”

Some other athletes are following suit. In April, Melbourne, Australia-based swimmer Win Htet Oo said he would not represent Myanmar at

the Tokyo Olympics.

The Myanmar Football Federation has said that players who refused to represent the country could face future suspension. And there’s also the prospect of sanctions from soccer’s international governing body if the team doesn’t fulfill its international commitments because of political issues.

The UN special envoy for Myanmar warned earlier this week of possible civil war in

5 Filipino archers seek Tokyo Olympic berths

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IVE Filipino archers will fly to Paris next month to vie in the World Olympic Qualifiers, according to World Archery Philippines President Jesus Clint Aranas.

Vying for slots to Tokyo are Riley Silos and Jason Emmanuel Feliciano in the men’s division and Pia Elizabeth Bidaure, Phoebe

Nicole Amistoso and Gabrielle Monica Bidaure in the women’s side.

The qualifiers are set from June 18 to 21 at the Charlety Stadium located in southeast Paris.

“They will vie in both the team and the individual events,” Aranas told on Thursday, adding the archers will fly to the French capital

on June 15.

Close to 300 archers will be competing in the qualifiers. Only the top three teams and individuals will qualify for the Tokyo Olympics set from July 23 to August 8.

Aranas said the archers will stay for the Hyundai Archery World Cup scheduled from June 20 to 28 in the same Paris venue as additional

the country, saying people are arming themselves against the military junta and protesters have started shifting from defensive to offensive actions.

Chrisrine Schraner Burgener told a virtual UN news conference that people are starting selfdefense actions because they are frustrated and fear attacks by the military, which carried out a coup against the democratically elected government, and is using “a huge scale of violence.” AP exposure for the team.

The archery head also announced that the archers and their coaches, who are in a training camp in Dumaguete City, will get their anti-Covid-19 vaccines (AstraZeneca) courtesy of Negros Oriental Governor Roel Ragay Degamo next week.

The Philippine Sports Commission, meanwhile, rolled out a P3,172,313.60 financial assistance for the archers’ Olympic qualifying campaign. Josef Ramos

DepEd welcomes sports academy officials in virtual oath-taking rites

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HE Department of Education (DepEd) formally welcomed the officials of the newly-established National Academy of Sports (NAS) which is set to admit its first batch of learners this August.

Created through Republic Act No. 11470, the NAS is an attached institution of the DepEd in close coordination with the Philippine Sports Commission (PSC) and aims to develop more future world-class Filipino athletes and increase youth

interest in sports.

Education Secretary Leonor Magtolis Briones, also the Chairman of the Board of Trustees of the academy, administered the virtual oath-taking of NAS Executive Director Josephine Joy Reyes, Deputy Executive Director Emil Arroyo and System Registrar and Board Secretary Mary Grace Ramoy.

Patrick Gregorio also took his oath as a member of the NAS Board of Trustees representing the private sector.

Briones expressed her excitement over the inauguration of the NAS, citing the need for a specialized institution that will develop the skills and character of promising student-athletes.

“The NAS is just a phase in the development of kids who are interested in sports,” Briones said.

“There’s sports as a science and sports as an art.”

The virtual oath-taking ceremony was witnessed by Officer-InCharge Assistant Secretary for the

Bernal hangs tough with 4 stages to go IRISH cyclist Daniel Martin wins the 17th stage.

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IAMI—On their respective ways to the National Basketball Association (NBA) Finals last season, there was one important element missing for both the Los Angeles Lakers and Miami Heat.

No fans were there.

That changes for last year’s finalists on Thursday night, when the Lakers play host to Phoenix and the Heat return home to face Milwaukee in a pair of Round 1, Game 3 matchups. Those are two of the three games on Thursday’s

S

EGA DI ALA, Italy—Irish cyclist Daniel Martin won the 17th stage of the Giro d’Italia on Wednesday to complete a set of Grand Tour victories, while Egan Bernal had three seconds shaved off his overall lead and saw one of his main rivals gain significant time after a disappointing day in the high mountains.

Martin, who rides for Israel Start-Up Nation, attacked from a breakaway at the start of a

tough climb to the summit finish and rode solo to victory to add to his two stage wins in both the Tour de France and the Spanish Vuelta.

“That’s what I came here for and I knew that today was one of my last opportunities,” the 34-year-old Martin said. “With the extra time I lost the day before the rest day, I knew it was possible I go in the breakaway.”

João Almeida was second, 13 seconds behind Martin at the end

NAS and Field Operations Malcolm Garma, the family members of the officials, and members of the NAS Management Committee.

The NAS is currently conducting a logo and hymn-making contest in preparation for its inaugural school year. For guidelines and important updates, the public may check NAS System’s official social media accounts at www.facebook. com/nassystemph, www.twitter. com/nassystemph, and www.instagram.com/nassystemph. of the 193-kilometer route from Canazei to Sega di Ala that also featured two other categorized climbs.

Simon Yates crossed the line in third, 30 seconds behind Martin, to move up from fifth into third place overall, three minutes and 23 seconds behind Bernal.

Bernal, who rides for Ineos Grenadiers, was dropped from the group of his main rivals shortly before the end of the climb and crossed in seventh.

The 2019 Tour champion saw his lead cut slightly to 2:21 ahead of Damiano Caruso. AP

LAKERS, HEAT FINALLY PLAYING BEFORE FANS slate, the other being Denver heading to Portland for a Game Three contest.

Portland and the Lakers are going home having taken away home-court advantage from higher-seeded opponents in their respective series by getting splits of the first two games, at third-seeded Denver and secondseeded Phoenix. Miami is limping home, the No. 6 seed in

the Eastern Conference down 2-0 against the third-seeded Bucks and after getting simply blown out in Game Two. Heat fans can get a shot in the arm—literally. The Moderna vaccine will be available if any of the expected 17,000 fans want to begin the process of getting inoculated against the coronavirus. AP

Antipolo sends Laguna reeling in ‘Wesley’ Cup

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By Rick Olivares

HE Antipolo Cobras passed a test despite splitting their double header on Wednesday night in the virtual Professional Chess Association Wesley So Cup The Cobras, one of the surprise leaders in the Northern Division, opened the evening with an 11.5-9.5 loss to the Manila Indios Bravos, but closed it out with a squeaker of an 11-10 triumph over the reeling Laguna Heroes.

Antipolo entered Wednesday with a 4-1 won-lost record, good for second. By night’s end, they were at 5-2 with the Indios Bravos leapfrogging past them with a 6-1 record.

The top boards were split as Antipolo’s Fide Master David Elorta won both his matches in blitz and rapid. Manila’s Indonesian import International Master (IM) Yoseph Taher ruled his Board 2 tussles.

The blitz chess ended up in a 3.5-all draw.

In the rapid contest, Manila took Boards 2 to 5 that swung the match their way and the Indios Bravos’ Cris Ramayrat Jr. and Jerome Balico on the homegrown boards also won, leaving it to their lady player, Mira Mirano, to get back at the Cobras’ Christy Bernales in their blitz face off.

With the pressuring increasing in the second match of the day’s double header, this time against the Laguna Heroes, Antipolo faltered in blitz and went down, 4-3.

The Cobras’ Indonesian import IM Ronny Gunawan got back up in his matches with Laguna’s FM Efren Bagamasbad while teammate Bernales took both results from the Heroes’ Jean Enriquez.

With US National Masfer Rodolfo Panopio beating Laguna’s Vince Media and FM David Elorta drawing with GM Banjo Barcenilla in both blitz and rapid, the tide turned Antipolo’s way.

Laguna fell to sixth spot with a 4-3 record.

THE Heat’s Bam Adebayo shoots over the Bucks’ Brook Lopez during Game One of their first-round playoff series recently. AP

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

B8 Friday, May 28, 2021

Trimotors introduces

the all-new Bajaj RE Story by Randy S. Peregrino

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RIMOTORS Technology Corp., the exclusive distributor of Bajaj three-wheelers in the Philippines, levelled up its game with the recent release of the all-new Bajaj RE. Also introduced was the company’s new campaign “Bagong Biyahe: Aarangkada na with Bajaj.” The allnew Bajaj RE comes with additional advanced features that will surely please its customers.

Over the years, Trimotors paved the way for technologically advanced three-wheelers such as the Bajaj RE, Bajaj Maxima Z, and the multi-purpose Bajaj Maxima Cargo. The company also joined exclusive bike shows and showcased a designed piece of art pleasing to the eyes of spectating crowds. Even Bajaj three-wheelers didn’t escape the eyes of such creative art-hungry enthusiasts and owners.

Bajaj’s symmetrically arranged and factory-built three-wheeler is not just a crowd favorite. Because of its aesthetically pleasing physique, it also has better potential in performance when driven along the country roads.

Newest upgrades of the all-new Bajaj RE There’s a new sleek dashboard with an MP3 player that will provide passengers with endless entertainment while on the road. The new rear seat metal door will provide added safety and security to passengers. Further, there are the latest stylish ergonomic seats with a design for the best comfort and functionality.

As for passenger’s better view and visibility, there’s the updated Symmetrical Transparent Hood on both sides. Then, of course, a smoother engine performance thanks to the

The all-new Bajaj RE three-wheeler.

198.88cc DTS-I FI engine with a silencer assembly mounted on the engine crankcase with an enhanced timing chain, resulting in minimized noise and vibration.

Priced at P182,888.00 SRP, the allnew Bajaj RE is available in Yellow, Blue, Red, White and Green. To know more about Bajaj RE, the customer may access the company’s social media page via fb.com/BajajPhilippines or its web site www.bajaj.com.ph.

The first custom-made Bajaj RE for PWD

The custom-made Bajaj RE for PWD.

Trimotors Philippines

Meanwhile, also launched was the brand’s first custom-made Bajaj RE for PWD. Comfort and safety are the primary considerations when purchasing a vehicle. With the currently emerging trend for the use of last-mile transportation, Bajaj RE is a top choice regarding those two components. Besides, owners can also personalize their three-wheelers according to their liking and creativity.

Pinoy’s attraction towards customized rides has been building a culture.

Still, out of many bike builders, only a few have impeccable dedication, passion, and enthusiasm for the craft in the industry. One of those is no other than the first Pinoy to land the world of custom car and motorcycle building in Japan, Yokohama Hot Rod Custom Show by Mooneyes—Jeffrey “Pong” Ylagan of Ylagan Kustom. Coming from the family of skilled and expert industrial fabricators of foot pump model air guns and developer of dentist chairs, safe to say, talent indeed runs in his blood.

Ylagan’s vast knowledge in motorcycle fabrication bagged him awards from numerous competitions he has engaged in. Upon realizing Japan’s prioritization of disabled persons, he figured out how turning his passion into a cause would greatly help a community close to his heart—the PWD community. His insightful thinking made him realize how Bajaj RE would be an excellent fit for his so-called Advocacy Project.

According to Ylagan, the Bajaj RE is a suitable vehicle for the ortho-

pedically disabled aside from being legal to operate on the roads.

Moreover, it is safe and secure for the PWD driver given its symmetrical built, fuel efficiency and powerful engine performance to carry the additional weight brought by the customization. Though the Bajaj RE PWD Transport Vehicle is still in its prototype stage, it already comes with five main modifications to meet the needs of its riders.

It has a door that doubles as a rectangle ramp to help the driver get in the vehicle. There’s also a rotating floor with grip tapes to keep the wheelchair in place while driving. Easy access controls are in place. One is on the dashboard area, and there are prominent PWD signages on both sides of the vehicle and at the rear. Ylagan’s creation only proves how versatile he can be as a custom bike builder. He has brought to life an authentic equalizer for the underrepresented sector, which promotes inclusivity in the transportation landscape in the country.

Expressway to Quezon on; Toyota ‘kaizen’

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T is obvious. There’s no stopping Ramon S. Ang (RSA) from pursuing his nation-building platform. Not even the pandemic. If only half of the nation’s billionaires can have RSA’s mindset, economic resurgence will never be utopia as it is now.

With the metropolis still euphoric over the recent opening of the RSA-authored Skyway from South to North and vice versa that drastically reduced the mammoth traffic jams bedeviling Edsa for years, another road network is being built by, who else, but RSA again.

It’s the Slex extension from Sto. Tomas, Batangas, to Lucena City in Quezon Province. Another state-ofthe-art highway construed for completion in 2022, the 66.74km highway will cut road travel time by almost two hours, opening up massive economic benefits for Bicol-bound commerce.

If truth be told, this gateway to Bicolandia all the way to the Visayas should have been completed years back if not for the usually troublesome rightof-way (ROW) issues, among others, bedeviling the project time and again.

The massive thoroughfare is a strategic road project that

Kia expands with new dealership in Bohol

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IA Philippines continues to bring its award-winning vehicles and outstanding services to more Filipinos across the country.

Recently the car brand expanded to Central Visayas with the opening of a new dealership in Tagbilaran City, Bohol.

Situated in CPG North Avenue, corner Upper Niño Street of the Dao District, the new Kia dealership is designed by Strong Moto Centrum Incorporated to deliver an exceptional customer experience to every guest.

The new facility—headed by President and CEO Dr. Silvestre A. Lumapas Jr. along with Vice President Marilou Du-Lumapas and Managing Director Louise Camille Lumapas—features a six-car showroom to display the latest models from the Korean car manufacturer. It also allotted two service bay areas to provide customers with topnotch services as part of the brand’s Promise to Care.

“From a dealer standpoint, we are not just setting up a dealer for the showroom. We put it up for after-sales too,” said Manny Aligada, President

is seen to boost the southern Tagalog region’s business potential and significantly contribute to the country’s pandemic-recovery efforts.

“We are in the initial stages of construction for Slex-TR4, but despite the limitations of the pandemic and delays in ROW acquisitions, we’re moving forward and making good progress,” said RSA, the feisty San Miguel Corp. CEO/ president.

“Next to the TPLEx [Tarlac-Pangasinan-La Union Expressway], Slex-TR4 is our longest expressway project by far,” said RSA. “We know from experience the inherent challenges of a project of this scale, so we are able to mitigate them and do the best we can.”

As usual, he is undaunted by ROW hitches.

“As with any project of this size, acquiring all the necessary rights-of-way is the primary challenge,” RSA said. “While we anticipated that it will take some time, it also doesn’t mean we don’t do anything. We are using the same strategy we utilized for our Skyway 3 project which is to concentrate work on all workable areas and then adjust as other areas become available.”

From SMC’s Jon Hernandez: “Work on Slex-TR4, which started in 2019, is currently concentrated on the project’s Section B in Alaminos, Laguna, and Section C in Tiaong, Quezon, near the Hacienda Escudero area.

“At Section B, construction is focused on the project’s PNR underpass, Koquinkona bridge, and Maharlika underpass, all parallel to the Alaminos-

of Kia Philippines. He added that the expansion of their retail footprint is also for the people to have their vehicles maintained by a certified dealer for after-sales.

Kia Bohol is strategically placed in the business hub of the province to serve Boholanos everywhere with a world-class lineup of cars. From sporty sedans to stylish SUVs and even powerful cargo vans, Kia has a vehicle to suit varying lifestyles and transportation needs. Each model is equipped with technologically advanced features that meet and exceed customers’ needs and thus provide them with a top-notch ownership experience.

Currently, there are 41 dealerships strategically located across the country. Kia Philippines plans to continue increasing its market reach in the country in 2021.

Customers are welcome to stop by Kia Bohol in CPG North Avenue, corner Upper Niño Street, Dao District from Mondays to Saturdays, from 8 am to 5 pm. https://www.kia.com/ph/.

Tiaong Bypass road. Pipelaying for drainage as well as embankment works to level the road prior to laying of concrete, is also ongoing.

“Meanwhile, at Section C, work on the Tiaong, Quezon, interchange has also progressed well.

Construction of the Tiaong bridge, Tiaong underpass and Dolores bridge, as well as drainage and embankment works, are also underway.”

Said RSA: “We are confident that we will eventually overcome all these challenges, with the support of our government, LGUs and all stakeholders. We are committed to do our part and put all our energy and focus on getting this project done because it is vital to the growth of the Southern Tagalog region.”

He keeps repeating the importance of the project.

“Slex-TR4 will form part of our interconnected expressway network in the South, designed not just to ease transport of people and goods, but also to disperse economic growth and growth opportunities so it can reach and benefit our countrymen in our regions,” RSA said.

I can’t wait for it to be finished. I go to Calauag, Quezon, at least twice a year to recharge.

philosophy that is innate to its entire network. This philosophy in mind is what keeps Toyota ready to quickly adapt to the changes brought about by the different quarantine protocols and shifting customer needs and buying behavior amid the Covid-19 pandemic.

“Toyota Motor Philippines (TMP) is taking a two-pronged approach to provide Filipinos with fast, reliable service while prioritizing safety for both customers and staff.

“As more Filipinos embrace online in their daily activities and transactions, Toyota has been proactive in developing digital access and shopping tools. MyToyota.ph, the TMP and respective dealers’ websites, and TMP’s virtual showroom all help vehicle owners and buyers with their needs from the comfort of their homes.

“MyToyota.ph, launched in May last year, lets users conveniently set appointments, choose a dealer, select the service they need, and even make special requests for specific car needs.

“Toyota’s focus has always been making car ownership as affordable as possible.

Well aware of the financial challenges brought about by the pandemic, interested car buyers can avail of services offered by Toyota Financial Services PH.”

HERE is Nadinne Capistrano, Toyota’s sharp-shooting stringer of words, once again upon the urging of TMP vice president Tini Arevalo: “Kaizen, a Japanese term that means continuous improvement, is a Toyota

PEE STOP About time we built vehicles/ambulances dedicated for Covid-19 patients. When the coronavirus is gone—within a year, perhaps?—disinfect them for normal ambulance services.

Toyota ‘at your service’