BusinessMirror May 31, 2021

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n Monday, May 31, 2021 Vol. 16 No. 229

P25.00 nationwide | 2 sections 20 pages |

NG GROSS BORROWINGS UP 36% TO P1.6T IN 4 MOS AMID TIGHTER SUPPLY, RUBBER PRICES RISING

By Tyrone Jasper C. Piad

I

MPORTING natural rubber—a raw material used to make some automotive parts—to the country has become costlier due to a global supply shortage.

Rubber commodity supplier Newpro Industrial Manufacturing Corp. has been feeling the pinch amid the lack of natural rubber supply as it is left with no choice but to buy the raw materials even though its prices have increased substantially.

The global shortage of rubber resulted in its import orders costing 40 to 50 percent more than they did in the last two years, the Laguna-based rubber firm said in an interview with the BusinessMirror.

THEY call it the “Northern Sunset,” to differentiate it from the more globally famous Manila Bay sunset. Locals paddle their way home after offering boats ride to the tourists who hurdle tight health protocols in order to visit the pristine beaches of Pagudpud, Ilocos Norte. The Department of Tourism has successfully pushed for the inclusion of tourism-oriented workers among priority lists for vaccination and assistance amid the Covid-19 pandemic. NONIE REYES

T

By Cai U. Ordinario

@caiordinario

HE national government’s gross borrowings in the first four months of the year reached P1.65 trillion, according to data from the Bureau of the Treasury (BTr).

The data showed this was a 36-percent increase over last year’s P1.22 trillion, and was traced to higher domestic borrowings in the January to April period.

Gross domestic borrowings surged by 43.38 percent to P1.41 trillion in between January and April 2021 from last year’s P982.13 billion.

In April, gross borrowings inched up by 3.5 percent to P271.95

billion in 2021 from P262.75 billion in 2020. This was mainly driven by external gross borrowings which surged 82.91 percent to P165.8 billion from P90.65 billion in April 2020.

The government’s external borrowings in April were composed of Euro bonds reaching P121.97 billion, followed by Samurai bonds worth P24.19 billion.

Continued on A9

PESO EXCHANGE RATES n US 48.0910

@Tyronepiad

“Both synthetic and natural rubber are encountering very tight supply issues and resulted to high prices,” Newpro said.

“Despite this, we have to buy at increased prices to maintain our supply lines.”

With this, Newpro considers material availability as a top priority. The current global shortage in natural rubber, which it characterized as unprecedented, has prompted the firm to request for understanding and material cost support from its customers.

Newpro said it was in a difficult situation as it has to agree with the increased prices of natural rubber; otherwise, their allocation for import orders will be given to others willing to pay the price.

Continued on A9

Bizmen nix PSA ‘reciprocity,’ state fund curbs

A

T least 15 private business groups have come out in support of the Senate bill amending the 85-year-old Commonwealth Act No. 146, or the Public Service Act, but want senators to revisit two provisions that they say would negate the objective of luring in more investments.

One provision they took issue with is a “reciprocity clause which requires a similar treatment by the home country of the foreign investor before it can be allowed to own more than 40 percent of the capital of public services engaged in critical infrastructure.”

Second is the provision “governing investments by foreignstate owned enterprises,” which the business groups said “can be interpreted as prohibiting sovereign wealth funds from investing in public service classified as critical infrastructure.”

In a statement sent to media outlets, the groups said, “We strongly urge that these provisions be revisited and/or refined as they pose obstacles to the achievement of the bill’s avowed objective to attract more foreign investments.”

Nonetheless, the organization said they “strongly support” passage of Senate Bill No. 2094,

which senators started deliberating on in plenary last week after the Committee on Public Services chaired by Sen. Grace Poe endorsed it.

The bill is one of three economic bills certified urgent by President Duterte—the other two being the amendments to the retail trade liberalization law and the Foreign Investments Act. In their statement asking senators to revisit the two disputed provisions, the 15 groups said: “The bill is a low-hanging fruit in the legislative tree to attract foreign investments instead of amending the Constitution which is highly controversial and ill-timed under

present circumstances.”

The bill will end, they noted, the “archaic” commingling of the concept of public utilities and other forms of public services, which they said impaired the country’s ability to attract foreign investments.

Some of the groups are: the Cebu Business Club, Financial Executives Institute of the Philippines, Fintech A lliance PH, Investment House Association of the Philippines, Management Association of the Philippines, Makati Business Club, Philippine Chamber of Commerce and Industry and the Philippine Institute of Certified Public Accountants.

Butch Fernandez

n JAPAN 0.4379 n UK 68.3085 n HK 6.1970 n CHINA 7.5331 n SINGAPORE 36.3307 n AUSTRALIA 37.2272 n EU 58.6566 n SAUDI ARABIA 12.8246

Source: BSP (May 28, 2021)

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A2 Monday, May 31, 2021

PHL lifts Saudi deployment ban but sanctions recruiters P

By Samuel P. Medenilla @sam_medenilla & Recto Mercene @rectomercene

HILIPPINE labor authorities have sanctioned 100 erring employers and foreign recruitment agencies (FRA) in Saudi Arabia for violating deployment protocols, even as Manila lifted at the weekend a short-lived deployment ban to press recruiters to shoulder the quarantine and insurance costs of overseas Filipino workers.

In a statement, Labor Attaché Fidel Macauyag said that of the 100 that were sanctioned, 39 were recruitment agencies and 18 companies.

The remaining 40 were employers, who were blacklisted by the Philippine Overseas Labor Office (POLO), Macauyag said.

Also at the weekend, Philippine Airlines advised OFWs who were bumped off at the last minute from flying to Riyadh, on orders of immigration officials, that they could now rebook their flights after DOLE lifted the deployment ban. PAL said it was waiving the rebooking fees of the hundreds of workers, who were stranded on Friday at Naia.

Labor and Employment Secretary Silvestre H. Bello III said on

Franchise…

Continued from A12

“The JFC believes that the enactment of this bill will substantially al-

Sunday he instructed concerned government agencies to extend aid to the stranded OFWs. The Overseas Workers Welfare Administration (OW WA) provided for the immediate needs of the OFWs including food, accommodation, transport and other necessities.

“So far, we were able to help 200 [OFW] in terms of the following: accommodation, rebooking and reswab testing,” OWWA Administrator Hans Cacdac told BusinessMirror in a Viber message.

“Also possibly coordination with the Saudi embassy for extension of expired reentry visas,” he added.

For its part, the Philippine Overseas Employment Administration (POEA) helped the affected OFWs leviate the challenges and difficulties brought by the Covid-19 pandemic to businesses of every size, schools, hospitals, and government who increasingly depend on digital connections in their daily work and life,” the joint

in terms of the Overseas Employment Certificate (OEC).

“Any expired OEC will be revalidated free of cost and expired visa will be assisted by the PRAs (Philippine Recruitment Agencies) thru the POEA strict monitoring protocols to the agencies,” POEA Administrator Bernard P. Olalia told BusinessMirror in a separate Viber message.

Employers, recruiters clean-up

MEANWHILE, according to Labor Attache Macauyag, the sanctions on the 100 foreign recruitment agencies in Saudi are part of their ongoing efforts to “cleanse” the list of 600 employers and FRAs in Riyadh. This will ensure that only those compliant with the government’s employment and deployment regulations for OFW will remain in business.

“We do not need many recruitment agencies, we just need a few good ones, which can be our partners,” Macauyag said. Aside from purging their registry, he said they also orient FRAs on their responsibilities to their OFW clients.

“Agencies are solidarily and statement read.

Meanwhile, as the legislation advances in Congress, the JFC also commended the Department of Information and Communications Technology for its plan to request for

jointly liable with employers. That is why if anything bad happens to our OFWs, this is part of their responsibility,” Macauyag said.

The labor official said the measures are expected to reduce the number of cases of distressed OFWs in Riyadh.

PAL advisory

STARTING Saturday, May 29, PAL said it will accept OFWs on its flights to Saudi Arabia (Dammam and Riyadh), a day after same 300 workers were offloaded due to a Labor department prohibition.

PAL said the ban was lifted after the Philippine government received official communication from KSA “that foreign employers and agencies will assume the costs of quarantine protocols upon arrival in the kingdom.”

OFWs who were unable to board their flights to Dammam and Riyadh due to the earlier prohibition may rebook their flights “with rebooking service fees waived,” said PAL Spokesman, Cielo Villaluna.

Affected passengers may call PAL Reservations at +63 8855 8888 for flight rebooking. the certification of the Open Access bill as urgent for immediate enactment, its news release continued.

The statement was signed by the American Chamber of Commerce of the Philippines, Australian-New Zealand Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce of the Philippines and Philippine Association of Multinational Companies Regional Headquarters Inc. Tyrone Jasper C. Piad

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In race to homestretch, Senate giving priority to certified bills

By Butch Fernandez @butchfBM

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HE S e n ate, g ive n t he delayed transmission of awaited bills originating from the House of Representatives, is likely to run out of time in passing economic reform measures, including the Duterte administration’s Bayanihan to Arise as One Law, before Congress goes on sine die adjournment from June 5 to July 25.

“Whatever measure emanates from the House of Representatives, if it has no counterpart with us, we [senators] can only start working on it once it reaches us. For the length of time it takes them to pass it, that’s the only time it will reach us,” Senate President Vicente Sotto III said, mainly in Filipino.

“So, when that reaches us, we have only four days before June 4, so I’m saying we may no longer tackle that,” Sotto told DWIZ in an interview at the weekend.

For instance, he said, the Senate Committee on Constitutional Amendments may have difficulty convening a hearing during the recess. “And our schedule is filled with priority measures that must be passed—like the Public Service Act, the Foreign Investments Act, the BARMM elections, to name a few.”

Sotto III also cited still unfinished business in the final version of the senior citizens bill, but added: “We have already passed a number bills...there are measures we are tackling for second reading and now for interpellations— we will try very hard to squeeze these in. Perhaps whatever we can pass by Monday (May 31), those could make it to third reading on Thursday if they are passed on second reading on Monday.

But if not, and it’s not certified urgent by the President, it cannot hurdle the three-day rule, Sotto said, referring to the rule that

Cha-cha…

certified bills may be passed on second and third reading without waiting for the usual three-day gap in between approvals.

The amendatory bills to the Public Service Act, the retail trace liberalization law and the Foreign Investments Act were earlier certified urgent by the President.

Cha-cha?

THE Senate leader likewise indicated an uphill battle for the joint resolution of both Houses to amend the economic provisions of the Constitution, saying, “in my view that will be very hard to take up this week.”

Sotto, however, said they are set to meet with Speaker Lord Allan Velasco, who is known to be ardently pushing the Charter change initiative in the House of Representatives.

“We have a meeting with them (House leaders) Tuesday,” the Senate President confirmed. “We will listen to what they will say,” he added.

Sotto added that more likely their meeting will have to do with the upcoming State of the Nation Address (SONA) before the joint session of Congress. He said only he, Speaker Velasco, and the Senate Secretary, the House Secretary General, and the Sergeant at Arms of both chambers are included in the meeting. “So, I’m sure the SONA [is] the topic.”

The Senate leader, however, did not completely rule out Charter changes down the line. “After our July resumption after the SONA, everything on the agenda has hopes of passing. Still, the question is, will measures like this make it?” He noted there is “enough time from July 26 all the way to January something, or mid-January or no, all the way to last week of January except the two breaks—Easter break and the Christmas break. Except for that.

Anything is possible.”

Continued from A12

“Why fritter away the House’s precious time this last session week prior to adjournment on passing Speaker Velasco’s RHB 2 on third and final reading, when it seems certain Cha-Cha doesn’t have a ghost of a chance of happening in the Senate between now and next year?” Villafuerte said.

Villafuerte said RHB 2 is “practically dead in the water” as key Senate leaders—among them Senate President Vicente Sotto III, Senate President Pro Tempore Ralph Recto, Sen. Panfilo Lacson and Sen. Grace Poe, who chairs the Committee on Public Services—have separately shot down this proposal to amend the restrictive economic provisions of the 1987 Constitution as soon as the House had passed it on second reading.

He said “a more pragmatic and faster route to attracting more foreign direct investment (FDI) inflows is for both the House and the Senate to fast-track committee and plenary deliberations on three investor-friendly amendatory bills that President Duterte had certified as urgent measures, and which Finance Secretar y Carlos Dominguez III and Trade and Industry Ramon Lopez both

endorsed in a recent hearing of the House constitutional amendments panel.

These three measures deemed likely to attract FDIs once enacted into law by the President are those proposing revisions to Commonwealth Act No. 146 or the Public Service Act (PSA), Republic Act (RA) No. 7042 or the Foreign Investments Act (FIA) of 1991 and RA 8762 or the Retail Trade Liberalization Act (RTLA) of 2000.

Villafuerte said the President’s decision to officially endorse the three economic bills in lieu of RHB 2 is a clear signal that Malacañang does not regard Cha-Cha as the silver bullet that would address the country’s relatively modest FDI inflows despite its prepandemic status as one of Asia’s fastestgrowing economies with a twodecade streak of uninterrupted growth.

For Villafuerte, the amendatory bills to the PSA, FIA and RTLA will “complement the Duterte administration’s earlier stimulus measures that will help reinvigorate the economy and return it to its pre-pandemic growth trajectory. These three priority bills will liberalize the economy, attract more FDIs and create more jobs.”

These three measures are immediately doable, Villafuerte noted, compared to Cha-cha, as presented by RHB 2.

For 3rd reading

MEANWHILE, Romualdez said the House is also committed to pass on third reading these measures:

■ House Bill (HB) 9087 or An Act Granting Survivorship Benefits to the Surviving Legitimate Spouse and Dependent Children of a Deceased Retired Member of the National Prosecution Service ■ HB 9072 or An Act Providing for a Free Annual Medical CheckUp for Filipinos ■ HB 914 4 or A n Act Establishing Greater Responsibility and Accountability from Private Employment Agencies, Amending for the Purpose Republic Act 10361, Otherwise Known as the Batas Kasambahay ■ HB 9175 or An Act Providing for the Permanent Validity of the Certificates of Live Bi r t h, Deat h, a nd Ma r r i age Issued ■ HB 9182 or An Act Declaring August 30 of Every Year as National Press Freedom Day ■ HB 9269 or An Act Providing for the Publication of Laws in Print or Online Version of the Official Gazette and of a Newspaper of General Circulation ■ HB 9183 or An Act Changing the Composition of the Advisory Committee of the National Council for Children’s Television ■ HB 9205 or An Act Establishing the Agriculture Information System in All Cities and Municipalities ■ HB 9061 or An Act Providing for a Physician’s Act Repealing for the Purpose Republic Act No. 2382, As Amended, Otherwise Known as the Medical Act of 1959 ■ HB 7725 or An Act Regulating the Operations and Imposition of Fees for the Use of Parking Spaces and Parking Facilities in Various Establishments; among other measures.

A4 Monday, May 31, 2021 • Editor: Vittorio V. Vitug

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Expanding vaccine priority list to help recovery–Neda

By Cai U. Ordinario @caiordinario

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N a bid to hasten the country’s economic recovery, more workers including government and household employees will be included in the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases A4 vaccine priority list, according to the National Economic and Development Authority (Neda).

Neda said the first phase of vaccine deployment for the expanded A4 group will be focused on approximately 13 million additional workers in priority areas since these areas make up majority of Covid-19 cases in the country.

Another 22.5 million workers will subsequently be included from areas outside priority areas or the National Capital Region (NCR) plus eight, bringing the total es-

timate to 35.5 million.

“There is a high demand for vaccines from the economic sectors. As we are expecting an increase in the supply beginning June 2021, we are now able to expand the list to protect more workers. Vaccinating them will also help safeguard their families, our health gains, and our economic recovery,” said Socioeconomic Planning Secretary Karl Kendrick T. Chua.

Neda said the IATF recently expanded the A4 priority list to include employees in government agencies and instrumentalities, including government-owned or -controlled corporations (GOCCs) and local government units (LGUs); informal sector workers and selfemployed individuals who work outside their homes; and those working in private households.

This will allow more Filipinos

to be vaccinated in NCR plus eight which includes Batangas, Cavite, Laguna, Rizal, Bulacan, Pampanga, Metro Cebu, and Metro Davao. The government expects to increase the supply of vaccines starting next month.

Neda Undersecretary for Policy and Planning Rosemarie G. Edillon said the stronger engagement with establishments, agencies and organizations (EAOs) is needed to facilitate vaccine deployment to the A4 priority groups and get us closer our target of inoculating 70 million adult Filipinos by year-end.

“We enjoin EAOs to work closely with us and help reach and vaccinate as many A4 group members as possible. The EAOs may organize vaccination of their A4-eligible workers in their offices or workplaces,” Edillon said.

The A4 group was initially fo-

cused on economic front liners and personnel who have high levels of interaction with the public, and are needed to ensure security and consumer and worker safety.

The IATF adopted Neda’s recommendation through Resolution No. 117. Neda cited data which showed that there is a high risk of exposure for workers living or working in areas with a dense population or dense economic activity.

This is the reason for the need to accelerate vaccination in NCR plus 8 areas and expand the list to include private sector workers who need to be physically present in their workplace.

Meanwhile, Neda said healthcare workers, senior citizens, and people with comorbidities—or those belonging to the A1, A2, and A3 groups, respectively—will continue to be prioritized for the vaccination program.

PHL’s top state maritime school PMMA on lockdown after 127 infected with Covid

By Henry Empeño Correspondent

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AN NARCISO, Zambales— A localized outbreak of Covid-19 has infected students and some administrative staff at the Philippine Merchant Maritime Academy (PMMA) here, leading local authorities to enforce a lockdown at the country’s premier state maritime school.

A report from the Zambales Provincial Health Office (PHO) on Saturday indicated that the virus has hit a total of 125 PMMA students and two administrative staff and caused the hospitalization of at least five cadets at the provincial hospital in Iba town.

The PHO said that most of the infected cadets had developed fever, coughs and colds, and headache and body pain, while a few reported losing their sense of taste and smell.

Only seven of the 127 cases were asymptomatic, or had not shown any symptom at all.

The students are from 19 to 28 years old, and come from various provinces in the country as far as Agusan del Sur and Zamboanga City down south and Tabuk, Kalinga and Ilocos Norte up north.

The two school personnel among the positive cases—a 56-year-old male and a 37-year-old female—both hail from San Narciso, Zambales.

The outbreak was confirmed by Zambales Governor Hermogenes Ebdane Jr. on Sunday. He said that the PMMA cases had dramatically increased the number of active Covid-19 cases in Zambales to 415, from just 288 the day before.

“We have taken cognizance of

ZAMBALES Health Officer Noel Bueno is shown here leading the joint inspection of PMMA school facilities last May 29 to determine further health safety measures needed at the maritime school amid a surge in Covid-19 cases.

the situation and joint actions with the PMMA and the municipal local government unit are ongoing,” Ebdane told BusinessMirror in a Viber message.

“PMMA is on lockdown and only essential activities occur, like regulated food procurement services. No visitors, including parents of cadets, are allowed entry,” he said.

“I have instructed the PHO to provide all possible health assistance to the PMMA, as well as authorized it to conduct necessary lateral coordination with other agencies,” the governor added.

The PHO said initial antigen tests on 308 PMMA students and staff yielded 136 positive and 172 negative results. Subsequent reverse transcription polymerase chain reaction (RT-PCR) tests first gave 105 positives, then 22 more confirmations among the 31 tests with pending outcome early Saturday.

Ebdane said that on Saturday, he ordered the Zambales PHO to inspect the PMMA facilities to see how the PMMA adhered to health safety protocols, and to determine what else should be done and how the provincial government can provide needed assistance. Among those who joined the inspection were Dr. Oscar Rosete, who is the PMMA health officer, and Provincial Disaster Relief Officer Rolex Estella.

A subsequent report from Zambales Health Officer Noel Bueno indicated two critical zones in the PMMA complex—the President Macapagal Hall, where 88 confirmed positive cases of PMMA cadets and one tactical officer are currently isolated, and the Richard Ritual Amphitheater, which houses 11 other positive cases, according to Ebdane.

The Macapagal building, which

can accommodate 90 persons, has a total of 15 rooms, with each room containing six cubicles. The rooms have centralized air-conditioning and adequate ventilation, although the toilets are shared, Bueno said in his report.

The two critical buildings are about one kilometer apart, the report added.

Following the inspection, the joint team met at the office of Sa Narciso mayor William Lim to formulate an action plan, Ebdane said.

The PMMA outbreak brought the total confirmed Covid-19 cases in Zambales to 2,431 as of May 29. Last year, the maritime school also experienced a brief surge of Covid-19 cases, with 19 recorded in August.

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Bill seeking to regulate vapes seen to curb illegal use, trade

By Jovee Marie N. Dela Cruz @joveemarie

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HE passage of the landmark bill regulating the manufacture, sale and distribution of vapes, e-cigarettes is expected to curb the rampant proliferation of the illegal industry and the increasing unregistered backyard stores, a leader of the House of Representatives said.

Deputy Speaker for Trade and Industry and Valenzuela 1st District Rep. Weslie T. Gatchalian said lawfully-registered vape shops are losing revenue to an estimated 800 unregistered backyard stores.

“We would like to emphasize that this bill will serve to regulate, and not ban, the sale of these products,” Gatchalian said.

With 192 votes, the lower chamber approved last week House Bill 9007 to curb illegal activities involving vapes and e-cigarettes.

Gatchalian explained that since the products come in the form of electronic devices, they will be regulated by the Department of Trade and Industry (DTI) to protect consumers.

“Manufacturers of electrical devices intended to be used in combination with ENDS/ENNDS shall ensure that the devices they produce will comply with the applicable electrical safety standards set by the Bureau of Product Standards of the DTI,” he said.

Under the proposed measure, only persons aged 18 years old and above shall be allowed to purchase, sell, and use ENDS, ENNDS and HTPs. Moreover, Gatchalian said that the bill will also limit the flavors that entice minors to vape.

All e-liquid receptacles shall also be child-resistant, tamper-resistant, and shall be protected against breakage and leakage.

“Retailers will be required to verify the age of all buyers by requiring the presentation of any valid government-issued ID showing the buyer’s photograph and age or date of birth.

Online sales will also require proof of age,” Gatchalian said.

“A person selling or distributing vape and e-cigarette products cannot use as a defense that he/she did not know or was not aware of the real age of the buyer,” he added.

House seeks ₧5B funding for dozen naval outposts

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O secure the country’s maritime domain against all forms of foreign encroachment, the chairman of the House Committee on Strategic Intelligence is pushing for the passage of a bill seeking to earmark an initial P5 billion for the installation of a dozen naval outposts.

Surigao del Sur Rep. Johnny T. Pimentel f i led House Bi l l 9420, or the proposed Philippine Nav y For ward Operating Bases (FOBs) Act. This was after the Department of Foreign Affairs fired off another diplomatic protest last Friday against the persistent deployment and “ i l lega l activ ities of Chinese maritime assets and fishing vessels” around Pag-asa Island, and demanded their withdrawal.

Under the bill, four of the facilities shall be positioned in Luzon’s western seaboard and three in the eastern coast.

He said the FOBs envisioned to guard the West Philippine Sea shall be established in Lubang Island in Mindoro Occidental; Subic Bay in Zambales; and, in the Palawan towns of Busuanga and Balabac.

Pimentel said those intended to keep watch over the Philippine Rise (formerly Benham Rise) shall be put up in Polillo Island in Quezon, and in towns of Divilacan and Casiguran in Isabela and Aurora, respectively.

Five other FOBs shall also be built in Mavulis Island in Batanes; Allen, Northern Samar; Surigao City; Sarangani, Davao Occidental; and in Mapun Island in Tawi-Tawi.

The bill defines an FOB as an outpost where the Navy can carry out its basic functions and duties,

and which can later be upgraded and expanded for national security purposes.

“We expect the outposts to serve as the future staging and resupply sites for the Navy’s new generation of warships and battle craft,” Pimentel said.

On top of the two multi-role guided missile frigates recently put into service, the Philippine Navy is procuring 16 new warships—another four frigates and 12 corvettes—between now and 2028, Pimentel said.

He added it is also buying 18 offshore patrol vessels, 40 fast attack interdiction craft and 42 smaller multi-purpose assault boats.

Recently, Pimentel said the Philippine Navy has released its Strategic Basing Plan of 2040 identifying small-scale naval and military facilities where the it can carry out its constitutionally-mandated duty and also can serve as a potential sites for future upgrade and expansion for national security purposes. Twelve key sites were identified in strategic locations around the Philippines.

“However, budget a r y constraints have caused the slow implementation of this crucial undertaking by our navy. Be it as it may, the present international situation requires a decisive implementation considering the situation and various incidents occurring in the waters of the West Philippine Sea,” he said.

“We are duty-bound to protect and preserve the vast natural gas deposits as well as the lush marine life in our strategic waters for the enjoyment of future generations of Filipinos,” the lawmaker added. Jovee Marie N. Dela Cruz

Airport customs foil smuggling of wildlife Cops collar nine alleged Maute Group members

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GENTS of the airport customs district foiled on Friday a smuggling attempt to bring into the country several preserved specimens of wildlife species from Kuala Lumpur, Malaysia A combined team of customs and wildlife personnel nabbed a package that contained 20 pieces of Sulcata tortoise, 10 pieces razorback turtle, one head of a red-bearded dragon, two heads of corn snake and eight heads of savannah lizards. The contraband is valued at P284,000.

The contraband was found concealed in a box declared

as “Lego toys” at the Federal Express warehouse in Pasay City.

Airport Customs agents and members of the Wildlife Traffic Monitoring Unit (WTMU) of Department of Environment and National Resources (DENR) apprehended the claimant.

A customs report said that around 6:15 p.m. last Friday, an alleged representative of the consignee came to the warehouse to claim the parcel.

Unknown to the claimant whom authorities didn’t identify, customs and wildlife agents have already known the contents of the package

as banned wildlife species.

The claimant who is also suspected as the importer was immediately apprehended by the authorities.

The claimant and all other personalities found involved in the smuggling attempt will face charges for Illegal importation of Wildlife species under the “Customs Modernization and Tariff Act” or “Wildlife Resources Conservation and Protection Act.” District Collector Carmelita M. Talusan said they are fully united with the DENR in upholding wildlife protection and conservation.

By Rene Acosta @reneacostaBM

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OLICE commandos arrested nine alleged members of a local terrorist group allied with the Islamic State during an encounter in Lanao del Sur on Saturday.

Philippine National Police chief General Guillermo Eleazar said the suspects are reported members of the Maute Group, which is allied with the IS and was involved in the siege of Marawi City in 2017.

The Maute Group has been branded is part of the Dawlah Islamiyah, an aggrupation of local terrorist groups which has pledged its allegiance to the IS.

Citing a report from Brig. Gen. Eden Ugale, police regional director of BARMM, Eleazar said the alleged Maute members were arrested during a firefight at Barangay Paigoay, Pagawayan, Lanao del Sur. The nine were identified as Camaroden Tindug, Sabdullah Sarip, Oter Macaungun, Asnare Alisood, Alisood Dima, Sowaib Abdullah, Saaduden Adapun, Zaenal Abdulatip and Aleem Salih Pitiilan.

The police said they were apprehended after a warrant of arrest was served by policemen against Faharudin H. Satar, alias Abu Zacaria, 43, and a leader of the Maute Group- Dawlah Isalmiyah. The policemen were imple-

menting the warrant against Satar murder and attempted murder when the suspects “engaged the operating team in firefight,” the PNP said.

The team seized from the suspect a carbine, two M-16 rifles, two .45-çaliber pistols, two base radios, six portable radios, 13 mobile phones and a laptop computer.

The troops also seized a record book “indicating finances and personalities, sketches of suspected plans and atrocities, IDs, documents and other subversive materials.”

Eleazar said the police will “file appropriate criminal charges” against the suspects.

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Monday, May 31, 2021 A5

DTI urges electronics industry to further explore IoT market

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By Tyrone Jasper C. Piad

@TyronePiad

HE Department of Trade and Industry (DTI) urged the electronics and semiconductor industry to further explore the highvalue market for Internet of Things (IoT) amid growing demand.

LOTTO RETURNS

Lotto operations in the National Capital Region (NCR) Plus and areas under Modified Enhanced Community Quarantine are back, the Philippine Charity Sweepstakes Office (PCSO) announced recently. The PCSO cited the Inter-Agency Task Force for the Management of Emerging Infectious (IATF-EID) Resolution 115 allowing it and its authorized agents to resume selling of tickets even for areas under MECQ. ROY DOMINGO

Govt warns against rejecting National ID as proof of identity

By Cai U. Ordinario @caiordinario

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STABLISHMENTS that will not accept the National ID as proof of identity will be slapped with a P500,000 worth fine, according to the Philippine Statistics Authority (PSA).

Further, PSA warned that if a government employee refuses to accept the National ID, the public servant will be disqualified from holding public office or employment in line agencies as well as governmentowned and -controlled corporations and subsidiaries.

“As such, the PhilID card shall be accepted as sufficient proof of identity, without the need to present any other identification docu-

ments,” PSA said.

The PSA also added that the PhilSys Number (PSN) has been adopted as a key privacy-by-design and security strategy of the PhilSys. The permanent and irrevocable 12-digit PSN is microprinted on the back face of a registered person’s PhilID. This will allow PhilSys registered persons to retrieve their PSN when needed and prevent others from being able to easily see or capture their PSN. However, when transacting, PSA advised National ID cardholders to use their 16-digit PhilID Card Number (PCN) instead of their PSN. Similarly, government agencies and private entities were advised not to request the PSN. “(The PCN is) essentially a public and replaceable token of the PSN

Senate presses crackdown vs loan sharks, online lending firm scams

By Butch Fernandez @butchfBM

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HE Senate is poised to pass a resolution pressing for a crackdown against loan sharks and cast a wider net to catch on-line lending scam firms beyond the reach of Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

Sen. Sherwin T. Gatchalian, vice chairman of the Senate Committee on Banks and Financial Institutions, confirmed over the weekend the panel is also considering “a remedial legislation to address possible gaps in the existing policies being enforced by government regulating bodies and other concerned agencies following the emergence of online cash loan services of unlicensed lenders.”

This as the Senator prodded the BSP to promptly issue an advisory for the public “not to transact with these types of predatory lending.”

Gatchalian shared concerns over reports on rising incidents of death threats and suicides linked to unpaid debts from loan shark syndicates.

“Dahil sa marahas na pamamaraan nila ng paniningil, may mga biktimang nabalitang nag-suicide at marami na rin umano ang nakararanas ng death threats,” Gatchalian said. [Due to their violent method of billing, some victims have been reported to have committed suicide and many are already experiencing death threats.]

He aired hopes this would serve as a lesson to those looking for quick loans.

“Magsilbing aral din sana ito sa mga

naghahanap ng mapag-uutangan nang mabilis. Dapat marunong silang kumilatis kung kaduda-duda ang pamamaraan ng pagpapautang ng isang kumpanya.” [May this also serve as a lesson to those who are looking for a quick loan. They should be able to discern if a company’s lending method is questionable.]

The senator noted that his office continues to receive complaints from victims of online lending companies and lending apps, noting that the majority of them claimed to have suffered “various forms of grave threats, intimidation, and public-shaming from debt collectors.”

Gatchalian recalled that in December last year, the SEC revoked the certificate of authority of online firm Super Cash Lending Corp. after it was found to have engaged in unfair debt collection practices. The National Privacy Commission (NPC) last February, on the other hand, recommended the prosecution of Fynamics Lending Inc., the operator of the PondoPeso online lending app, for harassing and public-shaming delinquent borrowers and for violating the data privacy law.

At the same time, the lawmaker pressing for the early enactment of the proposed Fair Debt Collection Practices Act. Gatchalian’s Senate Bill 1366 prohibits debt collectors from harassing or threatening the debtor and his or her family with death or physical injuries, inflict harm on the debtor’s reputation or give misleading claims that non-payment of debt will result to arrest, imprisonment, garnishment or sale of any property.

that is valid for the life of the PhilID card—is printed conspicuously on the front face of the PhilID card, and is intended to be used for authentication purposes,” PSA said.

“PSA said the PhilSys will provide another form of token to be stored in databases of relying parties that are integrated with the PhilSys, subject to guidelines that will be issued by the PSA in the near future,” it added.

The PSA said the digital authentication and e-KYC using fingerprint, iris, facial, SMS-based One Time Passwords or demographic verification will be launched by PSA toward the end of 2021.

These PhilSys-enabled Services will allow identity to be verified even without the need for a physical PhilID, using the PCN or other tokens.

Train cars for North-South railway set to arrive in Q4

By Lorenz S. Marasigan @lorenzmarasigan

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HE train cars for the NorthSouth Commuter Railway (NSCR) are set to arrive in the fourth quarter of the year, according to the chief of the Department of Transportation (DOTr).

Transportation Secretary Arthur P. Tugade said the actual train cars will arrive in December, while a training simulator for the first phase of the Philippine National Railways (PNR) Clark Phase 1 will arrive between September and October.

“The trains will arrive in December, and we are building a facility to house the simulator. The simulator, which will arrive in September or October, will be used to train the people who will operate the trains,” he said.

Currently, the PNR Phase 1 is at 45.82 percent completion rate with girder piles set to be deployed over the next two weeks.

“In the next two weeks, we will be setting the girders on piles. You will really see that we are continuing to build this to completion,” Tugade said.

PNR Clark Phase 1 is envisioned tone a 38-kilometer railway that runs between Tutuban Station in Manila all the way to Malolos, Bulacan, passing through cities such as Caloocan and Valenzuela, as well as municipalities such as Meycauayan, Marilao, Bocaue, Balagtas, and Guiguinto.

In a recent event, Trade Secretary Ramon M. Lopez said that nearly all devices will be connected to the internet in the future; and semiconductor chips and electronics hardware will make this happen.

“IoT will be one of the 4IR [Fourth Industrial Revolution] dominant technologies that will introduce hyperconnected devices using sensors embedded with other advanced technologies such as AI [artificial intelligence], edge computing, virtual reality (VR) and augmented reality (or AR) for greater product quality and user experience,” Lopez said.

It is estimated there are over 10 billion active IoT devices in the world, the DTI chief said, noting that this number is expected to surpass 25.4 billion by 2030.

The trade chief said demand will be supported by industrial and consumer segments, including autonomous and connected vehicles, smart home products, smart health “wear-

ables,” clean and resilient technology and gaming products, among others.

“Entering these new markets will allow us to leverage on our comparative advantage in the electronics industry value chain and upgrade into more complex and high-growth products,” Lopez explained.

The Trade department has implementedtheInclusiveInnovationIndustrial Strategy, which is an innovationcentered and science and technologybasedindustrialpolicy,tomaximizethe said opportunities, Lopez said.

He said the strategy stresses the importance of using advanced technology in improving the local manufacturing sector’s global competitiveness, especially for the electrical and electronics cluster which is tagged as a priority industry for development.

Back in 2016, Lopez shared that the DTI also bankrolled the creation of the Electronics Roadmap. This covers AI, integrated circuit design, robotics, smart wearables, IoT de-

vices, smart sensors, 3D printers and autonomous vehicles.

“Currently, we are implementing multi-pronged ‘Industry 4.0’ programs to help manufacturers—across size and industry—navigate their ‘Industry 4.0’ transformation,” he added.

One of the said initiatives includes the development of the Securing Manufacturing Revitalization and Transformation (SMART) program. Lopez said this seeks to address the structural barriers that are facing as they participate in Industry 4.0 information, which include lack of financing, skills training and technical know-how.

Meanwhile, the trade official touted the electronics and semiconductor industry as the growth driver for the manufacturing sector.

“After four consecutive quarters of negative growth rates, Philippine manufacturing is now back at a positive growth rate largely driven by the fast growth of electronics sector,” he said.

For the first quarter, Lopez noted that the electronics sector posted 17.5-percent growth while the electrical equipment segment booked 5.1-percent improvement.

The electrical and electronic sector also comprised the most value created by the manufacturing industry in the first quarter after the food products, he added.

This year, the semiconductor industry aims to grow by 7 percent despite the shipment delays threatening its supply chain.

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Editor: Angel R. Calso

Covid outbreak partly closes one of China’s busiest ports

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n outbreak of Covid-19 has partly closed one of the world’s busiest ports, a shutdown that may add to the already record cost of shipping goods out of China.

Yantian Port in the export and industrial hub of Shenzhen in southern China stopped accepting containers for export until May 30, according to a notice posted Friday on Wechat. The container yard of the port has been partly shut since last week after an outbreak of Covid-19 among port staff and in the broader community, state media reported.

T he d i sr upt ion s w i l l continue into the coming week, with shipping firm AP Moller-Maersk A/S reporting delays in its schedules due to the closure. Any delays will likely put further pressure on the a lready sky-high costs of shipping goods from China, which have soared on record export demand, a shortage of containers, and other factors.

Those shipping costs are just one of the factors boosting the price of China’s exports, which is threatening to fuel global inflation.

Yantian is one of the busiest ports in the world, with a cargo throughput of 13.34 million twenty-foot equivalent unit in 2020, a standard

measurement used in freight industry, according to figures from the Shenzhen Transportation Bureau. It serves about 100 ships a week, according to a report on a Shenzhen government web site.

The local government said in a notice Friday it will conduct mass testing of the entire population of the Yantian district.

Key developments: India’s cases at six-week low

New infections in India fell to their lowest level in more than six weeks. The country added 173,790 cases, taking the confirmed nationwide total to 27.73 million as of May 29, government data showed.

Daily fatalities remained below 4,000 for a third straight day. The country reported 3,617 deaths, taking the total to 322,512.

US cases drop by half in a month

The US recorded almost 22,000 new cases on Friday, with weekly infections falling by more than half since the end of April, according

Vietnam finds new virus variant, a hybrid of India and UK strains

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ANOI, Vietnam— Vietnam has discovered a new coronavirus variant that's a hybrid of strains first found in India and the UK, the Vietnamese health minister said Saturday.

Nguyen Thanh Long said scientists examined the genetic makeup of the virus that had infected some recent patients, and found the new version of the virus.

He said lab tests suggested it might spread more easily than other versions of the virus.

Viruses often develop small genetic changes as they reproduce, and new variants of the coronavirus have been seen almost since it was first detected in China in late 2019. The World Health Organization has listed four global “variants of concern”—the two first found in the UK and India, plus ones identified in South Africa and Brazil.

Long says the new variant could be responsible for a recent surge in Vietnam, which has spread to 30 of the country's 63 municipalities and provinces.

Vietnam was initially a standout success in battling the virus—in early May, it had recorded just over 3,100 confirmed cases and 35 deaths since the start of the pandemic.

But in the last few weeks, V iet n a m h a s conf i r med more than 3,500 new cases and 12 deaths, increasing the country's total death toll to 47.

Most of the new transmissions were found in Bac Ninh and Bac Giang, two provinces dense with industrial zones where hundreds of thousands of people work for major companies including Samsung, Canon and Luxshare, a partner in assembling Apple products.

Despite strict health regulations, a company in Bac Giang discovered that one fifth of its 4,800 workers had tested positive for the virus.

In Ho Chi Minh City, the country’s largest metropolis and home to 9 million, at least 85 people have tested positive as part of a cluster at a Protestant church, the Health Ministry said. Worshippers sang and chanted while sitting close together without wearing proper masks or taking other precautions.

Vietnam has since ordered a nationwide ban on all religious events. In major cities, authorities have banned large gatherings, closed public parks and nonessential business including in-person restaurants, bars, clubs and spas.

Vietnam so far has vaccinated 1 million people w ith A straZeneca shots.

Last week, it sealed a deal with Pfizer for 30 million doses, which are scheduled to be delivered in the third and fourth quarters of this year. It is also in talks with Moderna that would give it enough shots to fully vaccine 80% of its 96 million people. AP

to data compiled by Johns Hopkins University and Bloomberg. Infections are at the lowest level since last June.

This week, half of all Americans 18 years and older had been fully vaccinated, though the pace of inoculation continues to slow.

Another 660 deaths were recorded Friday. Weekly fatalities rose slightly, though Maryland added more than 500 previously uncounted deaths to their toll. Fatalities continue to trend downward, according to data from the US Centers for Disease Control and Prevention.

Memorial weekend travel surges

Near ly 2 million people went through airport screenings on Friday ahead of the Memorial Day weekend, the highest since Covid-19 crisis began more than a year ago.

Data from the US Transportation Security Administration show that 1.96 million people were screened Friday, six times more than the same day in 2020. It’s still down 24% from the 2019 level on the same day.

Punk show in Florida $1,000 for unvaccinated

A concert promoter is seeking to skirt Florida’s rules against denying services to people who are not vaccinated. For a punk-rock show, he’s charging $18 a ticket to people who are vaccinated and $999.99 to those who are not.

“We’re just trying to do a show safely,” promoter Paul Williams told WFTS Tampa Bay. He said he has not sold any of the higher-priced tickets.

Movie theaters ease mask rules

AMC, Regal and Cinemark will no longer require face masks for fully vaccinated guests, following CDC guidelines, according to their websites.

At AMC, guests not fully vaccinated

are still required to wear a mask unless eating or drinking. Regal says masks will not be required unless mandated by state and local guidelines.

The move comes as theaters are bracing for what could be the biggest weekend since the pandemic began, a much-needed jolt after a year of delayed premieres and financial pain.

Two new major films will launch during the Memorial Day weekend.

Brazilians rally against Bolsonaro

Protesters rallied across Brazil against President Jair Bolsonaro’s handling of the pandemic, demanding more vaccines and his impeachment. Demonstrations took place in at least 16 cities across the country, Reuters reported. The rallies in Rio di Janeiro and Brasilia, the capital, were peaceful, but police deployed tear gas and fired rubber bullets in the northeastern city of Recife, the agency reported.

With almost 460,000 fatalities, Brazil has the second highest death toll after the US. Bolsonaro has been increasingly criticized for the slow rollout of vaccines. Less than 16% of the population has received a first dose, according to the Bloomberg Vaccine Tracker.

Paris tests crowd safety with packed concert

Paris health officials put on a concert Saturday to determine whether it’s safe for masked and tested people to gather in crowds, and even dance, without social distancing, the Associated Press reported. The test was aimed at helping France prepare for future large events.

About 5,000 attended the free concert, with the band Indochine and DJ Etienne de Crecy. Only people aged 18-45 were allowed to attend to minimize risk, and they were required to

take two tests before the concert and one after.

Texas hospital staff sues over vaccines

A Houston hospital will become the first in the US to fire workers for refusing Covid-19 vaccinations starting on June 7, unless a state judge intervenes.

About 117 staffers sued Houston Methodist Hospital Friday in Texas state court, claiming the facility’s vaxor-pink-slip mandate violates World War II-era ethics codes designed to prevent medical experimentation on unwilling human subjects. The socalled Nuremberg Code was developed in response to Nazi atrocities conducted on concentration camp victims.

South Africa calls for vaccine equity

South African President Cyril Ramaphosa reiterated calls for vaccines to be distributed more equitably.

“It is truly absurd, almost obscene, that western governments must now incentivize some of their reluctant citizens to be vaccinated whilst those of us in the developing world are literally dying for vaccines,” Ramaphosa said in an address Saturday at the Northern Cape Province conference. “We are simply asking for a waiver of the vaccine patents, whilst the pandemic is raging.”

South Africa has the continent’s highest number of cases with more than 1.6 million infections, with warnings that it’s on the brink of entering a third wave.

Canada extends vaccine expiry

To avoid wasting doses, Health Canada has extended the expiration date on some of its supply of AstraZeneca Plc vaccine from six months to seven months, according to a spokesperson for Ontario’s health ministry. That follows a decision by Ontario to al-

low some residents to get their second vaccination after 10 weeks to avoid wasting 50,000 doses set to expire on Monday. On Friday, the country’s most populous province said most residents will receive their second AstraZeneca dose after 12 weeks while the interval for second doses of the Pfizer and Moderna vaccines could be as short as 28 days depending on supply.

Half of Britons in their 30s get vaccine

More than half of people in their 30s have received a shot since they became eligible for vaccinations two weeks ago, UK Health Secretary Matt Hancock said on Twitter. Overall, 74% of the adult population have had one dose and 47% are fully inoculated, the U.K. said Saturday as it reported another 3,398 cases and seven deaths.

Belgium phases out Astra shot

Belgium’s vaccination campaign will halt appointments for first doses of the AstraZeneca Plc shot in two weeks due to delivery delays and new age limits, the campaign’s director Sabine Stordeur told the Belga press agency.

Stock will be reserved for second doses and the Covax program for poorer nations, she said. Belgium won’t use AstraZeneca to vaccinate people under 41. Half of all adults will have received at least one dose of a vaccine next week.

German infection rate declines

Germany’s seven-day incidence rate has plummeted to 37.5 cases per 100,000 population at the end of May, down from nearly 150 at the start of the month after the population’s firstshot inoculation rate rose to 42.6%.

School classes are returning to normal in most federal states from next week. Bloomberg News

In time for summer, Europe sees dramatic fall in Covid infections

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OME—When Italy won the Eurovision Song Contest with an over-the-top glam-rock performance, the victory signaled more than just a psychological boost for one of the countries hardest hit by Covid-19: Held before a live, indoor audience of 3,500, the annual kitsch fest confirmed that Europe was returning to a semblance of normalcy that was unthinkable even a few weeks ago.

Coronavirus infections, hospitalizations and deaths are plummeting across the continent, after Europe led the world in new cases last fall and winter in waves that cost hundreds of thousands of lives, forced more rolling lockdowns and overwhelmed intensive care units.

Now, vaccination rates are accelerating across Europe, and with them, the promise of summer vacations on Ibiza, Crete or Corsica. There are hopes for a rebirth of a tourism industry that in Spain and Italy alone accounts for 13% of gross domestic product but was wiped out by the pandemic.

“We don’t speak of 2020. We speak of from today onward,” said Guglielmo Miani, president of Milan's Montenapoleone luxury shopping district, where European and American tourists have started trickling back, wooed in part by in-person meetups with design teams and free breakfasts at iconic cafes. The hope is that Asian tourists will follow next year.

Europe saw the largest decline in new Covid-19 infections and deaths this week compared with any other region, while also reporting about 44% of adults had received at least one dose of vaccine, according to the World Health Organization and European Centre for Disease Prevention and Control.

Europe’s seven-day rolling average for new cases per 100,000 people had been higher than any other region from mid-October through the beginning of December, ceding the unwanted top spot to the Americas over the new year before reclaiming it from early February through April, accord-

In this May 28, 2021 file photo, customers sit in a terrace bar in downtown Barcelona, Spain. Coronavirus infections, hospitalizations and deaths are plummeting across much of Europe. Vaccination rates are accelerating, and with them, the promise of summer vacations. AP Photo/Emilio Morenatti

ing to an Associated Press analysis of data from Johns Hopkins University.

Now, no European country is among the top 10 for new cases per 100,000 people. And only Georgia, Lithuania and Sweden are in the top 20.

But the virus is spiking in Southeast Asia and much of Latin America and hitting the Maldives and Seychelles particularly hard this week.

Dr. Michael Ryan, WHO’s chief of emergencies, warned that with the global situation still “fragile and volatile,” Europe is by no means out of the woods.

“Relaxing measures prematurely has contributed to the surge we have seen throughout 2020 and during the first quarter of 2021,” he warned. “We must stay the course while striving to increase vaccination coverage.”

The biggest concern for Europe is the highly contagious variant first detected in India, which has brought that country to its knees and found a growing foothold in Britain. The British government warned Thursday that the variant from India accounts for

50% to 75% of all new infections and could delay its plans to lift remaining social restrictions on June 21. “f we’ve learned anything about this virus, it's that once it starts to spread beyond a few cases, it becomes very difficult to contain,” said Lawrence Young, a virologist at the University of Warwick. "Only extremely stringent local lockdowns soon after a few cases are detected will prevent the virus from spreading.”

Rising British cases linked to the variant prompted Germany and France this week to require UK passengers to quarantine.

Vaccines appear still to be highly effective against the variant detected in India, but it is important for people to get both doses to ensure full immunity, said Ravindra Gupta, professor of clinical microbiology at the University of Cambridge.

“In populations where there’s partial immunity, either from previous infection or low levels of antibody (from a single shot), then the virus will have that nice sort of sweet spot of an advantage of immune evasion,

plus greater transmission,” he said.

But that hasn't stopped countries from trying to woo back tourists, even from Britain.

At least 12,000 people from Britain began descending Friday on Porto, Portugal, for the Champions League final between Manchester City and Chelsea. Visitors have to show a negative Covid-19 test to get into the stadium for Saturday's match, but no quarantines are required on either end of the trip.

“Luckily I've had two vaccines” said Casper Glyn, a 51-year-old lawyer from London who came to Porto to cheer on Chelsea with his two young sons. “They are young and healthy, so I feel good.”

On Monday, Spain lifted entry requirements — including the need for a negative virus test — for visitors from 10 countries, including the UK British travelers are highly sought after at Spanish beach resorts because they tend to spend the most.

Spain lifted the measures after its two-week contagion rate dropped below 130 new infections per 100,000 people, down from a record of 900 at the end of January.

Fernando Simón, head of Spain's health emergency coordination center, said he would prefer authorities “shouted that Spain is open to tourism in 20 days, not now, when we still need to be cautious.”

“I think we should lower the tone of euphoria a little,” he said.

Greece, too, was voicing caution even after it recently allowed domestic travel and reopened most economic activity. About a third of the Greek population has received at least one vaccine dose, but new infections and deaths remain high.

“Yes, hospitalizations are dropping, yes, deaths and intubations are down, (but) there are still people entering hospital who could have been vaccinated and weren’t,” Prime Minister Kyriakos Mitsotakis said, encouraging Greeks to get their shots.

AP

The World BusinessMirror

www.businessmirror.com.ph

Monday, May 31, 2021

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Top Thai meat producer shuts Chinese city locks down after new virus upsurge factory on Covid-19 outbreak B

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haroen Pokphand Foods Pcl, Thailand’s biggest meat producer, will close its factory in Saraburi province for five days to stem the novel coronavirus outbreak, according to the provincial government.

The poultry processing plant, some 100 kilometers (63 miles) north of Bangkok, will be shut from Sunday to Thursday, the provincial administration said on its Facebook page late Saturday. The closure came after the

authorities found 245 employees had been infected with the virus.

Southeast Asia’s second-biggest economy is battling with a new wave of Covid-19 infections that have spread into prisons, lower socio-economic status re-

gions and factories. Sri Trang Gloves (Thailand) Pcl and CalComp Electronics (T hai land) Pcl closed some of their production sites this month to stem the spread of coronavirus among employees.

T he CP Foods factor y has about 5,800 employees. The provincial authority said it set up a field hospital at the factory to treat those infected.

CP Foods will start the disinfection process and tighten health measures at the factory during the closure, the company said in a statement. The company has moved the production of this factory to 18 other poultry processing facilities, it said.

Bloomberg News

EIJING—The southern Chinese city of Guangzhou shut down a neighborhood and ordered its residents to stay home Saturday for door-to-door coronavirus testing following an upsurge in infections that has rattled authorities.

Guangzhou, a business and industrial center of 15 million people north of Hong Kong, has reported 20 new infections over the past week. The number is small compared with India's thousands of daily cases but has alarmed Chinese authorities who believed they had the disease under control.

The spread of infections was “fast and strong,” the official Global Times newspaper cited health authorities as saying.

Saturday's order to stay home

applied to residents of five streets in Liwan District in the city center.

Outdoor markets, childcare centers and enter ta inment venues were closed. Indoor restaurant dining was prohibited.

Grade schools were told to stop in-person classes.

People in parts of four nearby districts were ordered to limit outdoor activity.

The city government earlier ordered testing of hundreds of thousands of residents following the initial infections. The government said some 700,000 people had been tested by Wednesday.

China reports a handful of new cases every day but says almost all are believed to be people who were infected abroad. The mainland's official death toll

stands at 4,636 out of 91,061 confirmed cases.

On Saturday, the National Health Commission reported two new locally transmitted cases in Guangzhou and 14 in other parts of the country that it said came from abroad.

Most of the latest infections in Guangzhou are believed to be linked to a 75-year-old woman who was found May 21 to have the variant first identified in India, state media say. Most of the others attended a dinner with her or live together.

That infection spread to the nearby city of Nanshan, where one new confirmed case and two asymptomatic cases were reported Saturday after people from Guangzhou were tested, according to The Global Times.

AP

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US, Britain seek new WHO probe into coronavirus origins in China

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ENEVA— The United States and Britain are stepping up calls for the World Health Organization to take a deeper look into the possible origins of Covid-19, including a new visit to China where the first human infections were detected.

WHO and Chinese experts issued a first report in March that laid out four hypotheses about how the pandemic emerged. The joint team said the most likely scenario was that the coronavirus jumped into people from bats via an intermediary animal, and the prospect that it erupted from a laboratory was deemed “extremely unlikely.”

Late Thursday, the US diplomatic mission in Geneva issued a statement saying the first phase of the study was “insufficient and inconclusive,” and called for a “timely, transparent, evidence-based and expert-led Phase 2 study, including in the People’s Republic of China.”

The statement—coming in the middle of the WHO’s annual assembly in Geneva—demanded access for independent experts to "complete, original data and samples" relevant to the source of the virus and early stages of the outbreak.

"We appreciate the WHO's stated commitment to move forward with Phase 2 of the Covid-19 origins study, and look forward to an update from

Director General Tedros Adhanom Ghebreyesus," the statement said.

Also Thursday, the British ambassador in Geneva, Simon Manley, said the first phase study was “always meant to be the beginning of the process, not the end.”

“We call for a timely, transparent, evidence-based, and expert-led phase two study, including in the People’s Republic of China, as recommended by the experts’ report,” he said.

At a press briefing on Friday, WHO emergencies chief Dr. Michael Ryan said the search for the origins of the coronavirus “has been poisoned by politics.”

“Over the last number of days, we’ve seen more and more and more discourse in the media with terribly little actual news or evidence or new material," Ryan said. "And this is quite disturbing."

He said WHO chief Tedros

has been clear that "all hypotheses for the origin of the virus remain on the table" and pleaded for space so scientists could do their work.

"If you expect scientists to collaborate and actually get the answers that you want... we would ask that all this be done in a de-politicized environment, where science and health is the objective, and not blame and politics," Ryan said.

W HO s p o k e s m a n Ta r i k Jasarevic said in an e-mail that a technical team—led by Peter Ben Embarek, who headed the WHO team in China that coauthored the first report—was preparing “a proposal for the next studies that will need to be carried out.”

Jasarevic said that proposal would be presented to Tedros “for his consideration,” but said there was no timetable such a presentation.

After the first report was released, the WHO chief acknowledged that further studies were needed on issues like early detection of cases and clusters, and the possible roles of animal markets, transmission through the food chain, and the lab-incident hypothesis, Jasarevic noted.

The push in Geneva amounts to a new front of US pressure a day after President Joe Biden said that he had instructed the US intelligence community to “redouble their efforts” to get

“information that could bring us closer to a definitive conclusion” on the virus’ origins, and to report back in 90 days.

Biden’s administration wants to step up calls for China to be more open about the outbreak, aiming to head off complaints from opposition Republican senators that the president has not been tough enough, as well as to use the opportunity to press China on alleged obstruction.

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

On Tuesday, a Chinese representative, who was not identified, told the WHO’s assembly that China believed the “China part” of the origins-tracing study “ has been completed.”

According to an interpreter, he said China wanted a “global origin-tracing cooperation”— which suggested his government wants the hunt to be carried out elsewhere.

On Wednesday, Chinese Foreign Ministr y spokesperson Zhao Lijian went further, suggesting that US sites should be explored—reiterating Chinesefanned speculation that the coronavirus could have erupted elsewhere. China has provided no evidence for such claims. AP

Indonesia ferry catches fire at sea; all 195 aboard safe

www.businessmirror.com.ph

Australian PM Morrison visits New Zealand leader Ardern

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HRISTCHURCH, New Zealand— Grow ing fr iction with China and how to reopen borders after the pandemic will likely be among the topics discussed by the leaders of Australia and New Zealand in their first face-to-face meeting since the coronavirus outbreak began.

Austra lian Pr ime Minister Scott Morrison arrived in the tourist resort of Queenstown for an overnight visit Sunday. He greeted his New Zealand counterpart Jacinda Ardern with a traditional Maori hongi, in which the pair pressed noses together.

Morrison is the first major world leader to visit New Zealand since both countries shut their borders last year to contain the virus.

T he neighbor ing countr ies opened a quarantine-free travel bubble last month, although a recent outbreak of the virus in Melbourne has prompted New Zealand to suspend the travel bubble with Victoria state.

Morrison's visit came as New Zealand was dealing with extensive flooding in the Canterbury region following heav y rains.

Video footage showed one farmer being rescued by helicopter from a raging river, while other swelling rivers threatened to f lood thousands of homes.

T he choice of Queenstow n

for the meeting was deliberate as New Zealand tries to revive its battered tourism industry.

Queenstown has been particularly hard-hit by the pandemic, although tourism operators say they expect a boost from Australian tourists during the upcoming ski season now the travel bubble has begun.

The changing dynamics with China have been a big topic in both countries.

Australia's relationship with China has deteriorated significantly. China has blocked some Australian exports after Australia excluded China-based telecommunications company Huawei from its 5G phone network and called for an independent investigation into the origins of the coronavirus.

New Zealand has also been more outspoken against China on some issues in recent months, although has so far maintained better relations with the superpower than Australia.

Ardern said she would talk with Morrison about the pandemic recovery as well as key regional challenges and security issues.

"Our relationship with Australia is our closest and most important and this has never been more evident than in these trying times for the world," Ardern told reporters. AP

Reports: Boris Johnson, fiancée Carrie Symonds wed in London

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AKARTA, Indonesia—A large ferry with nearly 200 people on board caught fire Saturday while traveling to a remote island in northeastern Indonesia, forcing passengers and crew to jump into the sea but causing no casualties, officials said.

The KM Karya Indah was in the Molucca Sea heading for Sanana, a port on the island of Limafatola, when the fire broke out at around 7 a.m. local time, said Wisnu Wardana, a spokesperson for the sea transportation directorate general. The blaze began 15 minutes after the vessel had departed Ternate, the provincial capital of North Maluku province.

Phone video of the incident provided by the National Search and Rescue Agency showed passengers and crew clinging to floating objects as they struggled in the choppy water, while the raging fire on the ferry sent up clouds of black smoke.

Wardana said all 181 passengers,

Ukrainian envoy in Thailand declared dead on resort island

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ANGKOK—The Ukrainian ambassador to Thailand collapsed and died on Sunday while on a resort island with his family, authorities said.

Andrii Beshta, 44, was declared dead on Lipe Island in southern Satun province, Gov. Ekkarat Leesen told The Associated Press.

Police quoted his teenage son, who was staying in the same hotel room, as saying his father vomited and fainted early Sunday. He said he was feeling fine before. Police said they suspect he may have suffered a heart failure.

Leesen said the body was sent to the police hospital for an autopsy.

Beshta had assumed the post of ambassador in January 2016. He is survived by his wife, daughter and two sons, according to a bio on the embassy’s website. AP

This May 29, 2021 photo released by the National Search and Rescue Agency (BASARNAS) shows smoke billowing from the KM Karya Indah ferry after it caught fire off Limafatola Island, Indonesia. The ferry in eastern Indonesia caught fire early Saturday with nearly 200 people on board, forcing passengers and crew to jump into the sea but causing no casualties, officials said. BASARNAS via AP

including 22 children, and 14 crewmembers were rescued and safely evacuated to a nearby island. He said the agency's rescue operation also involved local fishing boats that happened to

be in the vicinity.

He said authorities were still investigating the cause of the incident, and that survivors told authorities the fire apparently started in the engine room.

Ferry accidents are common in Indonesia, the world's largest archipelago nation with more than 17,000 islands. Many accidents are blamed on the lax regulation of boat services. AP

Family hopes for return of US journalist detained in Myanmar

B

ANGKOK—The mother of a journalist detained in Myanmar says she and the family “just want him here” in Michigan.

“It was a total visceral reaction, gut, visceral, numbing, nauseating, tearful, helpless feeling,” Rose Fenster said, describing how she felt when learning about the detention of her son, Danny Fenster.

The 37-year-old managing editor of Frontier Myanmar was detained at Yangon International Airport on Monday as he was preparing to board a flight to Kuala Lumpur, Malaysia, en route to the Detroit area to see his family.

“It’s important we get this resolved as quickly as possible.

We’re on Day 5, so time is crucial.

We want him out of there,” Bryan Fenster, Danny’s older brother, said during an interview Friday at their parents’ home in Huntington Woods, Michigan.

Earlier in the day, the US State

Department said it was deeply concerned about the detention of Danny Fenster and another American citizen who also has been working as a journalist in Myanmar. The State Department is pressing that country's military government for their immediate release. It said in a statement that it will keep seeking the release of Fenster and Nathan Maung “until they are allowed to return home safely to their families.”

Frontier Myanmar is a news and business magazine that is published in English and Burmese and also online.

Human-rights organizations and groups promoting freedom of expression have been calling for the release of both men, as well as all other journalists being held by Myanmar’s military government.

Michigan Rep. Andy Levin said he has been in close contact with the State Department and the Fenster family, whom he represents in Congress.

" This is about freeing an American citizen who has been unjustly detained," Levin said.

"And we're all rowing in the same direction here."

Bryan Fenster said his brother has been taken to Insein Prison in Yangon, which over decades has housed thousands of political prisoners, including many from the current movement protesting military rule.

“We’ve been hearing terrible things about the conditions there,” Bryan Fenster said, Maung and Myanmar national Hanthar Nyein, co-founders of the Myanmar news website Kamayut Media, were arrested on March 9, according to the New York-based Committee to Protect Journalists, citing accounts in Myanmar media. The group said it had reports that Maung, the website's editor-in-chief, and Hanthar, a news producer, had been physically mistreated by guards in their first few weeks at Insein Prison. AP

In this March 9, 2020 file photo, Britain's Prime Minister Boris Johnson and his partner Carrie Symonds arrive to attend the annual Commonwealth Day service at Westminster Abbey in London.

UK newspapers are reporting that Prime Minister Johnson and his fiancée Symonds married Saturday, May 29, 2021, in a small private ceremony in London. The Mail on Sunday and the Sun said the couple wed at the Roman Catholic Westminster Cathedral in front of a small group of friends and family. AP Photo/Kirsty Wigglesworth

L

ONDON—British Prime Minister Boris Johnson and his fiancée Carrie Symonds married on Saturday in a small private ceremony in London, UK newspapers reported.

Johnson's office declined to comment on reports in the Mail on Sunday and the Sun that the couple wed at the Roman Catholic Westminster Cathedral in front of a small group of friends and family.

The Sun said senior staff in Johnson's 10 Downing St. office were unaware of the wedding plan.

Under current coronavirus restrictions in England, weddings can be attended by a maximum of 30 people.

Johnson, 56, and 33-yearold Symonds, an environmental campaigner, announced their engagement in February 2020 and have a son together, 1-year-old Wilfred.

The marriage would be Symonds' first and Johnson's

third. He has at least five other children from previous relationships.

The last British prime minister to marry in office was Lord Liverpool in 1822.

Politicians sent congratulations after the news was reported. Northern Ireland First Minister Arlene Foster tweeted: "Huge congratulations to Boris Johnson & Carrie Symonds on your wedding today."

The reported nuptials come after a tumultuous political week for Johnson, who was accused by former top aide Dominic Cummings on Wednesday of bungling the government's response to the coronavirus and being "unfit for the job." On Friday, an ethics inquiry found the prime minister acted "unwisely" in renovating his Downing Street apartment without knowing where the money had come from, though it cleared him of misconduct. AP

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A. Ng • Monday, May 31, 2021 A9

Abaca output expanded by 10.7% in Jan-April

By Jasper Emmanuel Y. Arcalas @jearcalas

P

HILIPPINE abaca output in January to April rose by 10.7 percent year-on-year to 20,655.54 metric tons (MT), as production in Catanduanes—the country’s top producer of the natural fiber—recovered and Mindanao’s output went up.

Latest data released by the Philippine Fiber Industry Development Authority (PhilFida) showed that abaca production during the four-month period was 1,990.88 MT higher than

the 18,664.66 MT recorded last year.

Despite a 1.2-percent contraction, the Bicol region remained as the country’s top producer of the natural fiber as it accounted for 36 percent of total production. Abaca output in the Bicol region fell by 1.2 percent to 7,468.07 MT from 7,561.27 MT last year.

Production in Catanduanes in the January-to-April period went up by 3.6 percent year-on-year. PhilFida data showed that abaca output in Catanduanes reached 5,944.10 MT, which was 203.88 MT higher than last year’s 5,740.22 MT.

PhilFida Executive Director Kennedy T. Costales said abaca production in Catanduanes has “returned to normalcy,” adding that a lot of abaca stalks remained standing in the province despite the onslaught of typhoons last year.

“Salvaging of the abaca stalks to produce fibers started in December last year and peaked by February this year. At present, the abaca farmers are now in their normal mode of harvesting,” Costales told the BusinessMirror.

He said PhilFida released P5 million worth of support to abaca farm-

ers affected by typhoons in Catanduanes last December.

Costales added that farmers have “a lot of time to harvest and sun-dry their fibers” since the January-toApril period marked the start of the dry season.

PhilFida data also showed that regions in Mindanao continued to sustain the expansion in their abaca output.

Abaca production in Northern Mindanao grew by 86.5 percent to 2,389.31 MT from 1,281.18 MT last year. Davao region’s abaca output expanded by 26.8 percent

to 4,191.26 MT while production in Caraga rose by 12.2 percent to 2,383.25 MT. Movement restrictions imposed by the government to stop the spread of Covid-19 coupled with the devastation caused by Typhoon Rolly (international name Goni) pulled down the country’s abaca output last year to a 7-year low.

PhilFida data obtained and analyzed by the BusinessMirror showed that abaca production last year declined by 11.94 percent to 61,491.67 MT from the 69,828.8 MT recorded in 2019. Historical PhilFida

data dating back to 1980 showed that this is the lowest abaca output by the country since the 55,958 MT recorded in 2013.

Data also showed that the nationwide production of the natural fiber was below 70,000 MT for the second consecutive year in 2020.

For this year, Costales said the government aims to match the 2019 production level of 69,828.8 MT. “And we’ll be more than elated if we could produce more than 77,000 MT this year, which will break [production records set in] the past 40 years.”

PHL purchases of imported milk declined last year—NDA NIA unveils

T

HE country’s milk imports last year fell slightly to 2.936 million metric tons in liquid milk equivalent (MMT-LME) from the 2.969 million liters-LME recorded in 2019, latest National Dairy Authority (NDA) data showed.

While the volume of imports dropped by only 1 percent, the value of total milk products last year declined by 8.2 percent to P53.696 billion from P58.498 billion in 2019 due to a stronger peso and lower unit cost.

NDA data showed that the average unit cost of imported milk products last year was at P18.29 per liter, compared to the P19.70 per liter recorded in 2019.

Data from the attached agency of the Department of Agriculture also indicated that foreign exchange rate last year averaged P49.62 per dollar compared to P51.80 per dollar in 2019.

NDA data showed that dairy imports declined across all types of milk products except for skim milk powder, cheese and curd.

Skim milk powder imports, which accounts for about half of total dairy imports, last year grew 7.67 percent to 1.439 MMT-LME from 1.336 MMT-LME in 2019.

NDA data showed that imports

of cheese last year grew by 3.42 percent to 125,440 MT while curd imports expanded by 14.26 percent to 45,830 MT. “Powdered milk accounts for 79 percent of the imports,” the agency said.

NDA data revealed that the United States remained as the country’s top source of imported dairy products as it cornered 38.26 percent of total volume last year.

T he Ph i l ippi nes i mpor ted 1.123 MMT-LME of milk and milk products from the US last year, which was almost 50 percent higher than the 750,090 MT-LME it bought in 2019.

NDA data also indicated that the value of dairy imports from the United States expanded by 43.12 percent to $324.74 million from $226.89 million in 2019.

The agency said New Zealand remained as the country’s second top source of dairy products as it accounted for 23.23 percent of total imports last year.

NDA reported that the volume of milk and milk products imports from New Zealand declined by 9 percent to 682,050 MT-LME while its value fell by 21.43 percent to $324.74 million. Jasper Emmanuel Y. Arcalas

P1.523-B irrigation projects

T

CALVES stand in a barn at the Pickmick Dairy farm in Delta, British Columbia, Canada, on July 11, 2019.

JAMES MACDONALD/BLOOMBERG

Amid tighter supply, rubber prices rising

“Our policy of maintaining higher levels of inventory provides some cushion. However, we still have to keep buying at higher cost to ensure continued supply,” the company explained.

Newpro sources its natural rubber from Vietnam. “Quality of local natural rubber is not consistent for the standards of the automotive industry,” the firm said.

The company said that natural rubber is a component for anti-vibration parts in a car.

The automotive anti-vibration rubber absorbs vibration when the vehicle is being driven, which provides comfort during rides. Examples of these are engine and other mounts, suspension components

such as bump stops and air suspension, and damper pulleys.

Impact on production, prices

IN an April 2021 report by the Association of Natural Rubber Producing Countries (ANRPC)—which Vietnam and Philippines are part of—it was noted that the pandemic delaying economic activities has affected natural rubber production.

The report noted that world production of natural rubber has a capacity of 903,000 tons but demand is at 1.129 million tons in April this year. The price of futures and physical markets for natural rubber has been “relatively” volatile, it noted, which registered a “V” trend. “[The lockdown] may result in

delays in resuming the economic activities completely for full recovery due to health concerns,” ANRPC said. “Moreover, other uncertainties may arise from geopolitical tensions, trade war and other pressing issues, as commodity market is relatively sensitive to the global development.”

Other members of ANRPC are Bangladesh, Cambodia, China, Indonesia, Malaysia, Myanmar, Papua New Guinea, Singapore, Sri Lanka and Thailand. The members accounted for around 90 percent of the natural rubber’s global production in 2018.

According to the Philippine Statistics Authority, the production of rubber cup lumps in the country reached

155.18 thousand metric tons (MT) in October to December last year, which is 2.2 percent more than the 151.79 thousand MT output in the same period in 2019.

Forecasting supply needs

FOR automotive firm Adventure Cycle Philippines Inc. (ACPI), forecasting supply orders is a must to make sure it has enough parts and materials, including rubber.

“We...make use of finished rubber products provided by our suppliers for spare parts and other materials needed for motorcycle assembly in our factory under KTM Asia Motorcycle Manufacturing Inc.,” ACPI President and Chief Operating Officer Andre Angelo S. Santos told the

BusinessMirror.

In 2017, Adventure Cycle inaugurated its KTM manufacturing facility at the Laguna Technopark in Sta. Rosa, Laguna.

“Our spare parts supply has been quite consistent, as well as our material supply on the manufacturing side. A shortage would cause us to order stocks in advance, which would impact our storage costs,” Santos said.

While advancing orders will temporarily bloat the inventory, he explained this will ensure smooth supply of raw materials for the coming months.

He also advised the automotive sector to line up other suppliers as well to ensure a robust supply chain.

NG gross borrowings up 36% to ₧1.6T in 4 mos There were no Euro and Samurai bond offerings made in the same period last year.

Meanwhile, domestic gross borrowings in April contracted 38.32 percent to P106.15 billion in 2021 from P172.1 billion in 2020, BTr data showed.

There were no Retail Treasury bonds, premyo bonds, and shortterm borrowings from the Bangko Sentral ng Pilipinas in April 2021.

However, Fixed Rate Treasury bonds reached P95 billion in April, a 13-percent growth from the Fixed Rate Treasury bonds of P84.07 billion in April 2020.

The government also offered P11.15 billion worth of Treasury Bills, an 87.33-percent decline from the P88.03 billion floated in April 2021.

Crisis lessons

MEANWHILE, in an economic bulletin, the Department of Finance (DOF) said the adoption of a transparent and prudent deficit and debt management was among the lessons learned from previous crises.

The DOF said the country has undergone severe economic crises, namely: the debt crisis in 1984-1985; the Asian financial crisis in 19981999 and the Covid-19 health crisis in 2020 and is still ongoing.

The DOF said that during crises, the government should place debt benchmarks to avoid overborrowing. This means ensuring that the economic returns outweigh the costs in order for the country’s debts to be repaid.

“Project economic returns should be higher than project costs to ensure

that debts can be repaid. Public sector borrowings need to be approved by the independent monetary authority [the BSP] to ensure compliance with this good practice,” DOF said.

Other lessons from these crises include saving money for the “rainy years.” In good years when the GDP is growing rapidly and interest rates are low, debts and deficits should be placed at a minimum to accumulate reserves for “rainy days,” DOF said.

Another lesson is to conserve resources and undertake efforts to maximize them. DOF stressed that even during crises, revenues should be conserved to prevent the country from experiencing difficulties.

In previous years, DOF said the country scrimped on infrastructure spending, averaging only 2

percent of GDP from 1946 to 2000, to spend on social programs. This prevented the country from attaining the same level of growth recorded by its Asean neighbors.

“A country needs revenues not only to fund social programs but to also ensure building and maintenance of efficient infrastructure,” DOF said. Another lesson, DOF said, is to aim to be the best and the brightest even during crises. This means encouraging competition in order for local and foreign firms to offer cheaper prices for consumers.

DOF said competition is crucial in “taming the inflation tiger.” Through competition, firms are driven to innovate and offer the best goods at affordable prices to their customers.

“Inflation reveals a problem, ei-

continued from a1

continued from a1

ther supply or demand, and the problem cannot be solved by just imposing band-aid measures like quantitative restrictions, safeguard measures and price controls. Solve the root of the problem through a productivity program,” DOF said.

“Allowing inefficiencies to persist and shoving them under the dustbin of neglect will just enable them to fester and come back to haunt the economy years later,” it added.

Finance Secretary Carlos G. Dominguez III earlier said they expect the national government’s debt this year to reach 57 percent of GDP. As of end-2020, the country’s debt to GDP ratio surged to 54.5 percent—a 14-year-high—coming from a record-low 39.6 percent in the previous year.

HE National Irrigation Administration (NIA) said it inaugurated two Small Reservoir Irrigation Projects (SRIPs) with an aggregate cost of P1.523 billion.

These projects are the P645-million Benliw Small Reservoir Irrigation Project (Benliw SRIP) located in the Municipality of Ubay, Bohol, which was inaugurated on May 27 and the P878-million Upper Tabuating SRIP in the Municipality of General Tinio, Nueva Ecija, which was inaugurated on May 25.

Benliw SRIP, whose water source comes from Pasanan Creek, includes the construction of a 21-meter-high zoned earthfill dam with a length of 517 meters, irrigation and drainage canals, and other appurtenant structures. Its reservoir has a catchment area of 5.60 square kilometers that can store 2.86 million cubic meters of water.

“The project is expected to provide timely and reliable irrigation water supply to 400 hectares of agricultural land in barangays of Benliw, Emelda, Cagting, and Sinandigan, benefitting 600 farmers and their families,” NIA said in a statement.

Aside from irrigation, the project is also expected to provide other incidental benefits, such as flood control, watershed management, agro-tourism promotion, soil conservation, and aqua-culture.

Meat processors set list price hikes; hot dogs to cost more continued from a12

Based on the data, the list price of Frabelle Yummy Hot dogs Regular (1 kilogram) increased by P2.86 to P151.43 per pack. Likewise, the list prices for its cheesedog and jumbo variants rose by P2.86 to P151.43 per pack and P155.24 per pack, respectively.

The list price of Frabelle’s Bossing Hot dog Classic (200 grams) increased by P0.6 to P26.67 per pack while its Bossing Cheesedog Regular (250 grams) increased by P0.47 to P33.33 per pack.

The BusinessMirror earlier broke the stories that meat processors would increase the prices of their products as they start to use more expensive imported raw materials.

The Philippine Association of Meat Processors Inc. said prices of processed meat products may increase by as much as 20 percent —on a staggered basis over the next eight months—due to depleting stockpiles and thin volumes of imported supply.

A10 Monday, May 31, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Populism is not democracy?

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he Populares (Latin for “favoring the people”) were a political faction in the late Roman Republic who favored the cause of the plebeians or commoners. The Populares emerged as a political group with the reforms of the Gracchi brothers, tribunes of the plebeians. They attempted to redistribute public land, controlled principally by aristocrats, to the urban poor and veterans.

From this ancient political party, we get the term “populism.” The US Populist Party, founded in 1892, was started by farmers (from the Farmers’ Alliance), and their platform was to establish unionized collective bargaining, federal regulation of railroad rates because they were farmers and used the railroads, and a graduated income taxes, as well as a shorter workweek. “These measures were collectively designed to curb the influence of monopolistic corporate and financial interests and empower small businesses, farmers and laborers.”

That would seem to be a set of ideas that would appeal to any “pro-poor” and “pro-people” politician. Even the textbook definition of populist says it is “a political approach that appeals to ordinary people who feel that their concerns are disregarded by established elite groups.”

In political theory, populism pushes the idea that the majority ordinary citizens are being disadvantaged by a minority elite. For example, “Rightwing populism” often is against globalization because it can be disadvantageous to local workers. “Left-wing populism” can be against globalization because of giving too much power to multinational corporations.

Populist leaders are democratically elected to help “solve” that situation. However, it seems that their political opponents characterize these leaders as authoritarian.

In 2018, a local political leader said, “New modes of populism, protectionism and extreme nationalism have emerged as supposed alternative to defunct democratic values. This has given rise to a new breed of populist leaders seeking to introduce tyranny as a more alluring counterpoint to democracy.” In 2021 the same person said that what was needed was a push back against the rise of populism in the Philippines by listening more to the people. Apparently, listening to the people is a new idea.

Some “populist” leaders have low approval ratings, like Bolsonaro of Brazil and Moon of South Korea. But the list of those with majority positive approval ratings include Morrison of Australia, Widodo of Indonesia, Obrador of Mexico, Modi of India, and Duterte of the Philippines. From the Shorenstein Asia-Pacific Research Center in early 2020: “Democracy in South Korea is Crumbling from Within.” Yet in the 2020 South Korean legislative election, Moon’s Democratic Party won a historic landslide victory, taking the highest number by any party since 1960, guaranteeing a three-fifths super-majority.

Perhaps democracy is only crumbling—or dying—when the opposition’s candidate loses.

Now this paradox: The 2020 Tokyo Olympics is due to take place in July.

In January, 80 percent of the people said the Olympics should be postponed/ canceled. A petition to cancel reached 300,000 signatures two weeks ago.

Local fans in Japan may be barred from attending but some 90,000 athletes and support people will participate.

The International Olympic Committee and local organizers maintain that the Games will not be canceled. But then again, IOC President Thomas Bach canceled a visit to Japan due to rising Covid cases. Tokyo, Osaka, Kyoto, and six more major prefectures are under state of emergency.

Who should have the final say? The people or the government? And which represents democracy? Abhijit Naskar said, “Dictatorship is rule of the cunning, Democracy is rule of the halfwits.”

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Rest: The new work ethic Atty. Jose Ferdinand M. Rojas II

RISING SUN

R

est ethic. 24/6. Mental health day. Sacred rest. Unplugging.

These are just some of the buzzwords that seem to have gained popularity these days as we try to navigate through the challenges brought about by the pandemic. And while studies have shown that the remote work setup is actually making us put in more hours than before, people can’t seem to find the time nor the willpower to actually take breaks. Research has shown that sustained mental attention depletes us, leading to inferior performance, poor decision-making, higher stress levels, poor mental health, and burnout.

The fact is that breaks aren’t just nice, they are necessary. Even Jeff Bezos believes so. The Amazon founder and chief executive is known for spending some morning “puttering time” daily before taking calls or going into meetings. He makes it a point to schedule a do-nothing time

each day, which is aligned with what science tells us: Downtime allows the brain to make new connections and helps us make better decisions. Even a simple walk around the block or in the park, or a power nap, can refresh the brain and help us improve our performance.

Gone are the days when refusing breaks is glorified. The events of late are making us realize that we will be healthier and more productive if we take those breaks.

We all need to be deliberate and creative about taking breaks, maybe just as much as we are about our work. This is what Time Off (2020) authors John Fitch and Max Frenzel refer to as “cultivating a rest ethic.”

Advocates of the mental health day believe that we all need a full day once in a while to step away from work responsibilities and allow ourselves to recharge. The following tips that I found on the Internet may be helpful: 1) It is important to get good sleep the night before your scheduled mental health day; 2) On the designated day, nourish your body with healthy food and lots of water; 3) Spend the day exploring an interest of yours that can stimulate your

Putin is betting coal still has a future

By Yuliya Fedorinova & Aine Quinn | Bloomberg Opinion

E

uropean governments are drawing up plans to phase out coal, US coal-fired power plants are being shuttered as prices of clean energy plummet, and new Asian projects are being scrapped as lenders back away from the dirtiest fossil fuel. And Russia? President Vladimir Putin’s government is spending more than $10 billion on railroad upgrades that will help boost exports of the commodity. Authorities will use prisoners to help speed the work, reviving a reviled Soviet-era tradition. The project to modernize and expand railroads that run to Russia’s Far Eastern ports is part of a broader push to make the nation among the last standing in fossil fuel exports as other countries switch to greener alternatives.

The government is betting that coal consumption will continue to rise in big Asian markets like China even as it dries up elsewhere.

“It’s realistic to expect Asian demand for imported coal to increase if conditions are right,’’ said Evgeniy Bragin, Deputy Chief Executive Officer at UMMC Holding, which owns a coal company in western Siberia’s Kuzbass region. “We need to keep developing and expanding the rail infrastructure so that we have the opportunity to export coal.’’ The latest 720 billion ruble ($9.8 billion) project to expand Russia’s two longest railroads—the Tsarist-era Trans-Siberian and Soviet BaikalAmur Mainline that link western Russia with the Pacific Ocean—will aim to boost cargo capacity for coal and other goods to 182 million tons a year by 2024. Capacity already more than doubled to 144 million tons under a 520 billion ruble modernization plan that began in 2013. Putin urged faster progress on the next leg at a

meeting with coal miners in March.

“Russia is trying to monetize its coal reserves fast enough that coal will contribute to GDP rather than being stuck in the ground,” said Madina Khrustaleva, an analyst who specializes in the region for TS Lombard in London. Putin is betting that his country’s land border with China and good relations with President Xi Jinping make it a natural candidate to dominate exports to the nation that consumes more than half of the world’s coal. His case is helped by the fact that Australia, currently the number one coal exporter, is facing trade restrictions from China amid a diplomatic dispute over the origins of the coronavirus.

But the plan is fraught with risk, both for Russia’s economy and the planet. The UN’s Intergovernmental Panel on Climate Change rec-

“Russia is trying to monetize its coal reserves fast enough that coal will contribute to GDP rather than being stuck in the ground,” said Madina Khrustaleva, an analyst who specializes in the region for TS Lombard in London. Putin is betting that his country’s land border with China and good relations with President Xi Jinping make it a natural candidate to dominate exports to the nation that consumes more than half of the world’s coal.

ommends immediate phasing out of coal to avoid catastrophic global warming and the effects of climate change are expected to cost Russia billions in coming decades. Earlier this month the International Energy Agency went one step further and said no new fossil-fuel infrastructure should be built if the world wants to keep global warming below 1.5 degrees Celsius. With all but one of the top 10 economies committed to reaching net-zero emissions within decades, the IEA’s Net Zero by 2050 Roadmap calls for phasing out all coal power plants without carbon capture as soon as 2040.

It’s also not a given that Asian coal demand will keep growing. Coal consumption in China is poised to reach a record this year and the country continues to build coal-fired power plants, but it also plans to start reduc-

brain; 4) Avoid the TV, Internet, and gadgets; 5) Connect with positive people and loved ones; and 6) Treat yourself to a rare indulgence, but don’t spend large amounts of money on it, or too much time planning for it—the key is to keep it simple.

On a more regular basis like, say, weekly, we can try to unplug and spend a full day away from technology. The writer and filmmaker Tiffany Shlain suggests this in her book 24/6.

But a really simple action that we can do right now is to close our eyes for a few minutes—right in the middle of the workday—and breathe slowly to clear our head and calm our nerves.

Gone are the days when refusing breaks is glorified. The events of late are making us realize that we will be healthier and more productive if we take those breaks. We all need to be deliberate and creative about taking breaks, maybe just as much as we are about our work. This is what Time Off (2020) authors John Fitch and Max Frenzel refer to as “cultivating a rest ethic.”

ing consumption starting in 2026. At the same time it’s increasing output from domestic mines, leaving less room for foreign supplies. Even in the IEA’s least climate-friendly scenarios, global coal demand is expected to stay flat in 2040 compared to 2019.

A coal strategy approved by the Russian government last year envisages a 10% increase in coal output from prepandemic levels by 2035 under the most conservative scenario, based on rising demand not just from China, but also India, Japan, Korea, Vietnam and possibly Indonesia. The relatively low sulphur content of Russian coal might give it an edge in Korea, which has tightened pollution laws in recent years, but other Asian countries have struggled to secure funding for proposed plants and Indonesia said this week it won’t approve any new coalfired power plants. At a Group of Seven nations meeting, environment ministers agreed to phase out support for building coal power plants without carbon capture before the end of this year.

For Putin there is more at stake than just money. At a video conference in March, he reminded government officials that the coal industry drives the local economies of several Russian regions that are home to about 11 million people. Unrest among coal miners helped put pressure on the government before the Soviet Union collapsed in 1991, though the sector is now a much smaller and less influential part of See “Putin,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Musings on the amendments of the accountancy law Joel L. Tan-Torres

DEBIT CREDIT Third part of a series

L

et me immediately address the proposed amendment to the Accountancy Act of 2004 (Republic Ac 9298) that has so far attracted the most controversy and discussion. This provision is unpretentiously inserted as a very new requirement for getting a license as a Certified Public Accountant. Section 7 of the draft amendments revises the present Section 14 of the law pertaining to the CPA license and examination requirements to include an entirely new requisite of “at least two years of diversified experience in any field of practice in accountancy prior to the licensure examination.”

This particular provision raised the most number of howls from the stakeholders of the accountancy profession. Notable are the accounting students, the members of the accountancy education, that include teachers and school administrators, and even the prospective employers of the CPA aspirants. Objections came in many forms. Some say that this additional two years requirement for CPA test examinees is untimely at this time when the Covid-19 pandemic has already delayed the holding of the CPA licensure examinations by more than a year. Even if the application of the proposed rule will be prospective and will apply to future examinees, this definitely will disrupt the expectations of accounting students who are pursuing or planning to pursue their accounting programs. With this rule in place, these students will have to address the many challenges of additional costs to shoulder, the loss of momentum (and the stocked up knowledge) of proceeding from college studies to immediately taking the Board examination, and the burden of accumulating the diversified experience while still not having the CPA license. I further note that this reference to a “diversified” experience is a departure from the “meaningful” experience in the present law.

When I was the Chairman of the Board of Accountancy (BOA), we had already some issues implementing the “meaningful” experience rule. I can expect more difficult challenges in implementing this “diversified” experience requirement.

The BOA has its reasons for pursuing this requirement of diversified experience prior to allowing CPA examinees to take the licensure tests.

I have heard such reasons as meeting the global standard of licensed accountants being honed in both theory and practice, improving the passing percentages in the CPA board examinations, which have been at historic lows for the past examinations held in the more recent years, enhancing the Philippine CPA brand, and others. The intent of the BOA are noble and wise, but it is also necessary that they listen to the concerns being raised so that a more workable solution can be achieved.

Putin. . .

continued from A10

the economy. “We need to carefully assess all possible scenarios in order to guarantee that our coal mining regions are developed even if global demand decreases,” Putin said.

The country’s biggest coal producers are privately run, meaning they aren’t facing the kind of financing problems currently being encountered by listed companies elsewhere as banks pull back funding for dirty energy. Suek Plc, owned by billionaire Andrey Melnichenko, and Kuzbassrazrezugol OJSC, controlled by Iskander Makhmudov, are both planning to increase output. Russia also plans to boost coal production for steel making. A-Property, owned

I recall the very important piece of information that I got during my early months as the BOA Chairman in 2014. When I was inquiring on the reason why the Accountancy Law did not impose the requirement of prior experience or practice from those taking the board examinations, I was immediately reminded that the framers of the law, both the Congress and the then BOA and the Professional Regulation Commission, did not want to impose any additional burden and time for accounting students to pursue their dream of being a CPA. Now, if and when this two-year diversified experience is put into place, will the attainment of the dream be unduly delayed?

I recall the very important piece of information that I got during my early months as the BOA Chairman in 2014. W hen I was inquiring on the reason why the Accountancy Law did not impose the requirement of prior experience or practice from those taking the board examinations, I was immediately reminded that the framers of the law, both the Congress and the then BOA and the Professional Regulation Commission, did not want to impose any additional burden and time for accounting students to pursue their dream of being a CPA. Now, if and when this two-year diversified experience is put into place, will the attainment of the dream be unduly delayed?

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles for publication from the business and academic community.

Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

by Russian businessmen Albert Avdolyan, bought the Elga coal mine in Russia’s Far Eastern region of Yakutia last year and plans to invest 130 billion rubles to expand output to 45 million tons of coal from the current 5 million tons by 2023. A third stage of Russia’s railroad expansion project will focus on boosting infrastructure for shipping coal out of Yakutia, a Russian Railways official said last month. “In 2021, many Asia Pacific states have seen their economies recover from the pandemic,” said Oleg Korzhov, the CEO of Mechel PJSC, one of Russia’s biggest coal companies. “We expect that demand for metallurgical coal in Asia Pacific will remain high in the next five years.”

With assistance from Dan Murtaugh, Akshat Rathi and Ilya Arkhipov.

Mosquito killer Siegfred Bueno Mison, Esq.

THE PATRIOT

A

mosquito bite is a misnomer since mosquitoes don’t have teeth. They “bite” us through a pair of needle-like structures called “stylets.” Armed with pointy mandibles with saw-like edges, the female ones puncture our skin to suck our blood, not for a meal, but for protein needed to lay their eggs. Worse than just being blood suckers, these flying insects are also vectors, or pathogen (germ)-carrying creatures. Unwittingly, mosquitoes are the Uber delivery service of germs to the animal kingdom, humans in particular.

Recently, the “twinning” incidents that exposed swimming-hungry guests at a resort in Caloocan City and party-famished visitors at a compound in Quezon City are like watching a horde of mosquitoes in still waters! Such noxious episodes were perfidious by themselves. These scenes of the joys of summer, during a pandemic, can ultimately reveal a tragic message as there were no social distancing, no masks, and very little elbow room between and among friends, kin and strangers.

Indeed, those few hours of merriment turned out to be a lengthier nightmare as some of the attendees tested positive for Covid! Perhaps it only took one person in such events to transmit a viral component to another, multiplied 500 or so times, just like a single mosquito.

We can probably offer an ounce of kindness to those who took the irresponsible plunge of socializing

under those circumstances. After all, the summer heat was (and still is) getting unbearable. The months of April and May both constitute that time of the year when people from all walks of life “walk the life” of a “tourist”—enjoying the sights and immersing into a culture of adventure. Perchance, being locked inside one’s cave of a home for the longest time has proved to be difficult, if not intolerable. Hence, when the opportunity for a social event came, most if not all of these “mosquitoes” suddenly suffered from amnesia! They forgot that we are still living in the middle of a pandemic.

Unfortunately, such epigrammatic and reckless decision harmed more people. The entire assembly of guests, their families and every other person they may come in contact with after the event can eventually be contaminated. These kinds of erroneous choices are clearly

Monday, May 31, 2021 A11

reminiscent of what the Bible articulates in 1 Corinthians 5:6 where the Apostle Paul said: “Don’t you know that a little yeast leavens the whole batch of dough?” Knowing that one sin could corrupt the whole, Paul declared the necessity of bringing one sinful man for excommunication to protect the spiritual lives of others. If leaven used in bread is bad, the bacteria within can easily spread to the rest of the dough, making the bread worthless.

An undersized leaven, a tiny mosquito, a reckless decision to socialize, a lack of discipline, can mutate into a useless piece of bread, a strain of disease, a breeding ground for infection, and a society in endless disarray. Sin, if left unaddressed, or worse tolerated, will corrupt everyone in the community. It is practically the same as ordering germs via our Uber delivery mosquito! As tiny as they may look, mosquitoes are big in deadly diseases like malaria, yellow fever, encephalitis and dengue, among others. Former US President George Washington and his wife Martha suffered from malaria.

President Washington acquired it at a young age, and, eventually lost his sense of hearing. Malaria is quite prevalent in Africa, affecting mostly children. Dengue has such a fatal upshot in our country in recent years. All because of a diminutive insect, left to transmit, bludgeon and reproduce.

An impermeable solution to this contagion can either be defensive or offensive. Defensively, we can spray surfaces with a repellant to fend off these “mosquitoes” in our lives,

literally and figuratively speaking.

Or by way of an offensive strategy, we can opt for a fumigation to kill these germ/chaos-carrying insects and attitude. In our spiritual lives, house cleaning from the inside entails an exercise of discipline—a conscious decision to obey the rules crafted for everyone’s protection and an intentional effort to discover and spread the good news about the life-saving message of Jesus Christ. In the Bible, 2 Corinthians 7:1 tells us, “Therefore, since we have these promises, dear friends, let us purify ourselves from everything that contaminates body and spirit, perfecting holiness out of reverence for God.” If we are addicted to a certain vice—alcohol, pornography, or drugs—we simply have to stay away from friends and events that would tempt us to use them.

A single friend or event can easily make us succumb to the temptation to sin just like how mosquitoes can “bite” us and contaminate our systems with such defiling things!

But the best defense against any such infection from these mosquitoes of sin and folly is an inner cleansing that can only happen through an intimate relationship with our Heavenly Creator. One practice we can do is simply acknowledging His presence in everything that we do. It does not sound as offensive as killing mosquitoes in our midst but it surely helps.

Mosquito killers are hard to find since mosquitoes, similar to sin, are all over the place. But surrounding ourselves with God-fearing people is akin to using Baygon or any other mosquito killer available in the market.

It’s about time we issue vaccine passes to fully vaccinated people, regardless of age

By Atty. Romulo B. Macalintal

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he Department of Health (DOH) should now heed the call of Presidential Adviser for Entrepreneurship Joey Concepcion to “allow customers who are fully vaccinated against Covid-19 to enter indoor premises” regardless of age, on the basis of common sense and practical considerations.

DOH objections against Concepcion’s proposal and similar suggestions of various groups and private persons, like me, is so childish, if not so unreasonable. DOH said that there is no assurance that those fully vaccinated will no longer get sick and transmit Covid-19 to other people. Such argument instills fear among those unvaccinated persons who would entertain the idea that there is nothing to gain from being vaccinated, instead of encouraging them to get vaccinated by citing the

benefits received by those who had already been fully vaccinated.

Common sense and practical considerations would tell us that there is more protection against the virus to a fully vaccinated person than to one who has not even received the first dose. For instance, which has more protection: a group of 100 unvaccinated 18-65 years old persons in an indoor restaurant or a group of 100 persons, regardless of age, who are all fully vaccinated? Or a group of 100 persons in an indoor restaurant

composed of 50 unvaccinated persons and 50 fully vaccinated persons?

For sure, the indoor restaurant with fully vaccinated persons and/or the one with 50 percent vaccinated and 50 percent unvaccinated people would have more protection to their customers against the virus than the one with unvaccinated clients only.

In easing the regulation, the DOH need not fear of a sudden rush of fully vaccinated people to enter indoor premises because the number of people allowed indoor shall still be observed. All we are asking is that a certain percentage of those allowed in an area be allotted to fully vaccinated persons, regardless of age.

Example: If in al fresco 50 percent seating capacity is allowed, at least 20 percent should be allowed for fully vaccinated people while 30 percent given to unvaccinated persons.

It is about time that we recognize the importance of being vaccinated to encourage those reluctant to get vaccinated to trust and have confidence on the government’s vaccination program. As I said, instead of encouraging these reluctant people, DOH is instilling fear in them because of a DOH statement that those fully vaccinated have still the risk of being infected with Covid-19 virus, as if saying, there is nothing to get at all from being vaccinated.

In other countries, fully vaccinated people are given special access to hotels, restaurants, casinos, and other places of entertainment. There is no reason why the same could not be applied to fully vaccinated people in our country, regardless of age.

Atty. Romulo B. Macalintal is a senior citizens’ rights advocate

Fed’s taper talk is pre-emptive strike against inflation fears

By Craig Torres & Joe Deaux

I

Bloomberg Opinion

nflation readings are coming in hotter than Federal Reserve officials expected and could accelerate the timing of when they debate scaling back their massive bond-buying campaign.

Fed Vice Chairs Randal Quarles and Richard Clarida both declared this week that policy makers could begin this discussion at “upcoming meetings.”

Clarida called April’s consumer prices report an “unpleasant surprise.” On Friday, a key gauge of prices targeted by the Fed rose 3.6 percent from a year earlier, the biggest jump since 2008.

The post-pandemic economic-growth surge, which has pushed up prices on everything from bicycles to lumber, has Fed officials on alert.

While calling inflation “transitory,” they are also starting to wonder whether a slow response by the economy’s supply side—the millions of companies and people who make things and provide services—could result in several quarters of high inflation readings that start to creep into consumer psychology.

“Inflation will be 2.5 percent or higher this year—mostly tempo-

rary—but inflation could well be above 2 percent next year,” said former Fed Governor Laurence Meyer, who sees them tapering as soon as December.

The public conversation officials are having about tapering is a surprising shift because only a month ago, Fed Chair Jerome Powell was skeptical that actual inflation or expectations would move up in a lasting way “while there was still significant slack in the labor market.”

Inflation expectations

“The fear they have is that this gets built into inflation expectations,” said William English, a former senior Fed staff economist. Risks are two-sided, said English, now a professor at the Yale School of Management, because an inflation scare could also cause officials to reel in stimulus too aggressively and slow the recovery, especially if fiscal support wanes.

The agility Fed officials are showing now hearkens back to former Chair Alan Greenspan’s view that risk management was essential because the economy’s structure is always shifting.

Asset purchases are the most flexible tool the Fed has now because they can be gradually adjusted as neces-

sary. Raising interest rates, currently near zero, is a much more momentous decision.

Meyer said there will be a “serious discussion” about the timing of tapering. “They can’t raise rates pre-emptively in the new framework, but they can taper pre-emptively,” he said, referring to the Fed’s August shift toward average 2 percent inflation targeting and a commitment to focus on broader measures of labor market slack.

Price pressures

Forecasters surveyed by Bloomberg estimate the PCE price index, the Fed’s preferred inflation gauge, will rise 2.5 percent in 2021—about a full percentage point higher than Fed officials estimated a year ago. Producer prices rose 6.2 percent in April from a year ago, the most in data going back to 2010.

Fed officials say the price surge is to be expected as the economy reopens amid pent-up demand, and should prove temporary as supply glitches abate. But executives say they have such little clarity about what the future will bring that it doesn’t make sense to add new capacity.

American steelmakers are enjoying stellar profits with steel prices at record highs. But none of this has encouraged

companies to announce new plans to build more plants and hire more workers. US Steel Corp. actually did the opposite, last month scrapping a plan to spend $1.3 billion rehabilitating a mill that dates back to Andrew Carnegie and announcing it has no intention to re-open two blast furnaces closed in the last 15 months. Shares surged on the news.

The lumber industry is also instructive. Fueled by the Fed’s low rates, home construction surged out of the pandemic. North American softwood sawmill capacity increased by 1.4 billion board feet in the last year, the American Wood Council said. But when it comes to expanding further “lead times to get the new equipment” can take up to two years, the group said.

Signs of emerging cost pressures are also developing on the labor side of the inflation equation. The Labor Department’s first-quarter employment cost index report showed the biggest quarterly increase in worker pay at companies since 2003.

Economic models, and humans generally, like to draw smooth lines and curves to describe the future. But consider that tendency in light of the jagged peaks and valleys in the data caused by the pandemic.

A12 Monday, May 31, 2021

Meat processors set list price hikes; hot dogs to cost more

F

By Jasper Emmanuel Y. Arcalas

@jearcalas

ILIPINO consumers may have to pay at an average P3 more per pack to buy their favorite hot dog brands starting today (Monday) as meat processors implement nationwide list price increases.

Hot dog makers San Miguel Food and Beverage Inc. (SMFBI), which produces Tender Juicy, and CDO Foodsphere Inc., which owns the brands Bibbo! and Idol hot dogs, will implement price increases on their products, documents and data obtained by the BusinessMirror showed.

List prices refer to the manufacturer’s price, or the price being passed on by the hot dog maker to its distributors.

SMC price increase starts

IN a letter sent to its business partners, SMFBI said it will implement a nationwide price increase across selected hot dog stock keeping units

(SKUs) in both wet markets and supermarkets.

The price increase would take effect first on hot dogs sold in the wet market, which is on May 31, while price increase for supermarkets will be implemented on June 21. The letter also included the list of new suggested retail prices (SRP) for the hot dogs.

The products affected by the price increase are Tender Juicy hot dogs (regular, cheese dogs, cocktail, giant), Star hot dogs (regular, jumbo, cheese dog), and Higante hot dogs (queen size, king size, super jumbo).

For example, the list price of Purefoods Tender Juicy hot dog

(regular, 230 grams) for wet market would increase by P2.85 to P46.55 per pack from P43.7 per pack, translating to an additional P3 for its new suggested retail price of P49 per pack.

A kilogram of Purefoods Tender Juicy Hot dog (regular) would now cost at list price P165.83 per pack, P2.86 higher than its previous list price of P162.97 per pack. The SRP for that hotdog type would now be at P174 per pack versus the previous P171 per pack.

Likewise, a kilogram of Purefoods Tender Juicy Cheese dog (regular) would increase by P2.86 to P165.83 per pack (list cost), translating to a SRP of P174 per pack as well.

The SMFBI letter also showed that the list price for Star Hot dog (1 kilogram, regular) would increase

by P1.91 to P118.1 per pack while its cheese dog variant (1 kilogram) would also increase by P1.91 to P135.24 per pack.

The BusinessMirror sought SMC’s reaction to this story but it has not responded yet as of press time. SMC admitted last week that SMFBI is affected by the tightness in supply and increase in global prices of mechanically deboned

meat (MDM) of chicken, the primary raw material for hot dogs, but assured Filipino consumers that its hot dog brands would remain available in the market.

CDO price hikes next week

CDO is set to increase the list prices of its various hot dog products starting June 7 by as much as P8 per pack, depending on the variety.

The list price for CDO Premium Hot dog (230 grams) will increase

by P3 to P50 per pack while its 1-kilogram pack would increase by P2 to P179 per pack, based on data obtained by the BusinessMirror.

CDO Bibbo! Cheesedog (1 kilogram) would increase by P3 to P166 per pack while CDO Bibbo! Hot dog (1 kilogram) would increase by P3 to P164 per pack.

CDO Idol Cheesedog (regular, 250 grams) would increase by P1.5 to P39 per pack while Bigtime Negosyo Hot dog King Size (1.15 kilograms) would increase by P6 to P121 per pack.

CDO’s Bigtime Negosyo Hot dog Super King Size (1.1 kilograms) would increase by P8 per pack to P128 per pack.

Frabelle’s hot dogs

FRABELLE Corp. increased its hot dog prices last May 5, based on data obtained by the BusinessMirror, which also sought comment from Frabelle Corp., but it has not responded as of press time.

Continued on A9

DFA SENDS 99TH PROTEST VS. CHINA’S BOATS NEAR PAG-ASA

By Recto Mercene

T

@rectomercene

HE Philippines filed its 99th diplomatic protest at the weekend against China’s “prolonged” presence in the West Philippine Sea (WPS).

“The Department of Foreign Affairs lodged a diplomatic protest yesterday against the incessant deployment, prolonged presence, and illegal activities of Chinese maritime assets and fishing vessels in the vicinity of the Pag-asa Islands, demanding that China withdraw these vessels,” the DFA said in a statement.

“The DFA is demanding that China withdraw these vessels in these areas, which the Philippines claimed as part of its exclusive economic zone [EEZ].”

“The Pag-asa Islands are an integral part of the Philippines over which it has sovereignty and jurisdiction,” the DFA said.

Pag-asa is part of the Kalayaan Island Group (KIG) that is considered a municipality of Palawan province.

The country had filed a series of protests in March, when 220 Chinese maritime militia vessels were found massed in a tight formation in Julian Felipe Reef. Foreign Affairs Secretary Teodoro L. Locsin Jr. vowed to file a diplomatic protest daily until China removes its vessels in the contested waters, where some $3 billion worth of goods sail through annually.

The Chinese Embassy in Manila said the vessels were seeking refuge from rough seas

in the area, and denied there were militia men onboard the vessels. However, both the DFA and Defense Secretary Delfin Lorenzana rejected that excuse, noting that no weather disturbances were reported on those days.

Like sentries

THE American think tank, Asia Maritime Transparency Initiative (AMTI), said the Chinese vessels operate as sentries, staying at targeted features for weeks at a time and usually leaving only once a replacement has arrived to continue the watch.

This must have been the case because despite their promise to leave Julian Felipe Reef, which China claims as Niu’e Jiao Reef, the vessels were found to have scattered among other features in the WPS. “Whether the Philippines will continue its current pace of patrols, and how China might react, is unclear,” AMTI said.

“But while Manila’s combination of more public protest and greater presence seems to have had some success in dispersing Chinese vessels at Whitsun Reef and Sabina Shoal, it hasn’t impacted the overall number of Chinese vessels operating in disputed waters.”

The country’s increased patrols in the WPS, which is part of the South China Sea, is “drawing greater attention, and international condemnation, to China’s activities, particularly on the militia front,” AMTI said.

Including Cha-cha Franchise rule stymies on House priorities broadband investors–JFC is ‘a waste of time’ T

By Jovee Marie N. dela Cruz

A

@joveemarie

LEADER of the House of Representatives on Sunday said the lower chamber will maximize its time to approve several measures, including the P401-billion Bayanihan 3 and the economic Charter change, before Congress adjourns sine die this week.

However, a leader of the opposition said including the economic Charter change is a futile exercise, wasting precious time of lawmakers, since the Senate would never approve the initiative.

House Majority Leader Martin G. Romualdez of Leyte said the leadership under Speaker Lord Allan Velasco will work double time to expedite the approval of its priority legislative measures aimed at strengthening the country’s economy and protecting Filipinos from the ravages of the Covid-19 pandemic.

“We resume session on Monday with a full plate of priority bills scheduled for plenary deliberation before we adjourn sine die this week,” Romualdez, chairman of the House Committee on Rules, said.

The Congress is set to take a sine die adjourment this week and will return on July 26 for the opening of the third regular session and last State of the Nation Address of the President.

“Speaker Lord Allan Velasco wants to place in the front burner the passage of the proposed Bayanihan to Arise as One Act or the Bayanihan 3 and the economic

Charter change (Chacha) under Resolution of Both Houses (RBH) No. 2 on third and final reading,” Romualdez said.

‘One-two punch’

DEPU T Y Spea ker Bienvenido Abante Jr. described the passage of the Bayanihan 3 and economic Cha-cha as a “one-two punch to address the impact of the Covid-19 pandemic.”

Abante explained that Bayanihan 3 addresses these concerns by providing P2,000 cash assistance, emergency aid to affected households, wage subsidies to workers, assistance to displaced or disadvantaged workers, support for the agri-fishery sector, medical assistance to indigents, and wage subsidies for qualified workers in micro, small and medium enterprises (MSMEs).

After overcoming the pandemic, measures will then be needed to help further promote economic activity, boost the economy, and generate jobs. This, said Abante, is where amendments to the economic provisions of the 1986 Charter come in.

‘Dead in water’

HOWEVER, Camarines Sur Rep. Luis Ray Villafuerte has said the House leadership would just waste scarce time of the chamber should it go ahead this last session week on giving its final nod to Speaker Velasco’s initiative on Cha-cha, considering that senators appear in no mood to pursue constitutional reform in this 18th Congress.

See “Cha-cha,” A2

HE Joint Foreign Chambers (JFC) has asked the government to revisit a provision retaining the franchise requirement for internationa l cable landing stations under House Bill (HB) 8910 or the Open Access in Data Transmission Act, as this may prevent investors from entering the broadband industry.

While the foreign chambers support immediate passage of the Open Access bill, they have some reservations on the amendment about the franchise requirement for international cable landing stations.

“The JFC considers such amendment as a barrier to entry of more players in the broadband sector,” the business groups said in a joint statement on Sunday.

“Sadly, this will delay lowering the cost of broadband and providing a fuller range of digital access for consumers and citizens throughout the country,” they added.

The JFC urged the speedy enactment of the bill, which is pending for plenary deliberations in the House of Representatives, because it aims to bring in more players in the data transmission and broadband sector.

As a result, the foreign chambers see the gap in broadband infrastructure being addressed.

The business organizations noted that HB 8910 seeks to make the industry more welcoming for the internet service providers while allowing more competition and innovation.

In addition, it hopes to make access to internet cheaper and convenient for the local consumers, they noted.

See “Franchise,” A2

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, May 31, 2021

B1

ANI profit rises 26% in Q1 on higher overseas sales

A

By VG Cabuag

@villygc

griNurture Inc. (ANI) posted a net income of P40.06 million in the first three months of the year, 26 percent higher than last year’s P31.71 million on the back of the strong sales of its food and beverage products.

ANI’s consolidated sales of goods and services grew 45 percent to P1.2 billion from the previous year’s P827.74 million.

The Philippine operations of the listed firm of businessman Antonio Tiu contributed 44 percent while

sales from foreign operations accounted for 56 percent.

The company said its export sales reached P438.82 million, 10 percent higher than last year’s level due to the stable selling prices of banana and coco juice in the international

market, constant supply of raw materials and the increase in demand for its products.

“The slight increase is brought about by the challenge in the logistics in China brought about by the pandemic but sales increased significantly [both volumes and sales price] after the Chinese government lifted the lockdown. Also, sales for coco juice went up due to increase in demand in the United States of America during the period,” the company said.

Combined foreign trading operations posted an 81-percent hike in sales to P663.35 million from P366.18 million last year due to the increase in the sales of residential and commercial units. It said sales started to grow for both its merchandising and real estate businesses especially when the lockdown was

lifted by the Chinese government.

Local sales almost tripled to P93.35 million during the period from P34.23 million last year.

“Sales increased significantly especially during the start of the enhanced community quarantine.

Further, the group launched its own e-commerce platform through its ANI Express web site where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers,” it said.

The company said it is also launching new products, such as plantbased meat, nondairy ice cream, and Big Chill healthy drinks in cans for local and export distribution which is expected to start recording double-digit growth in the succeeding quarters of the year.

PLDT: Jupiter to attract hyperscalers W ith the completion of the new Jupiter Cable System by the end of 2021, PLDT Inc. is expected to increase its international capacity by 5 times, company officials said on Sunday.

PLDT Inc. Chief Revenue Officer Alfredo S. Panlilio said barring any construction delay, Jupiter may be completed “by the end of the year.”

This, he said, will increase PLDT’s international capacity to close to 60 terabits, which will help accommodate the growing demand for data.

“This further investment in subsea cables, along with the expansion of other physical infrastructures, such as network towers and 5G sites, secures the future of our country in this increasingly digital

world. We now have workloads that call for hyperscale data centers and we are focusing efforts in building capacities to bring hyperscalers into the country,” he said.

The Filipino telco has invested P7 billion in the consortium that is currently building Jupiter.

“With the ecosystem that we are building—the localization of content, combined with the telco infrastructure of PLDT and the other telcos in our Vitro data center, we enable seamless end-user experience in leading-edge proportions,” he said.

Jupiter was supposed to be completed in the third quarter of 2020. Jupiter spans 14,000 kilometers from its Philippine landing station in Daet, Camarines Norte eastward to Japan and westward

to the United States.

Consortium members for Jupiter include Amazon, Facebook, SoftBank, PCCW Global and NTT Communications.

“Ultimately, our vision is to help make the Philippines a strategic hyperscaler hub in the region. The completion of the Jupiter Cable System, along with other upcoming new international cable systems, will highlight the Philippines’s potential in the hyperscalers’ roadmap” Panlilio said.

The Jupiter submarine cable will employ at least 400 Gbps wavelength division multiplex transmission technology to connect landing points in Japan, Philippines, and the US which will also boost PLDT’s foray into more digital services including the Internet

shares and National Reinsurance Corp. of the Philippines.

released on June 4, which could reveal the corresponding response of the central bank to counter rising prices.

“Sustaining accommodative stance is nothing short of expected, but an inflation back to 2 to 4 percent range could be the extra push that marginbattered issues need,” 2TradeAsia said in its research note.

STOCK-MARKET OUTLOOK Last week

Share prices rebounded last week, with the main index returning to the 6,600-point level, as corporates had started their window-dressing activities.

The benchmark Philippine Stock Exchange index (PSEi) surged 475.26 points to close at 6,674.51 points. This is the strongest week of the main index for the year so far.

The main index started the week down, but it surged all throughout the week, rising the most on Wednesday and Thursday when corporates did their window-dressing activities ahead of the closing of the month.

Foreign investors, which cornered 60 percent of the overall trade for the week, were still net sellers at P7.2 billion.

Average daily trading value reached P9.95 billion, with Thursday having the biggest volume at P23.67 billion.

All other subindices ended in the green led by the broader All Shares index that gained 204.75 points, the Financials index rose 45.16 to 1,417.63, the Industrial index climbed 411.52 to 8,989.64, the Holding Firms index surged 583.87 to 6,728.41, the Property index soared 272.79 to 3,273.72, the Services index added 57.15 to 1,510.84 and the Mining and Oil index added 105.41 to 9,416.64.

For the week, gainers led losers 152 to 68 and 29 shares were unchanged.

Top gainers were Grand Plaza Corp., PTFC Redevelopment Corp., Discovery World Corp., Cebu Landmasters Inc., JG Summit Holdings Inc. and Imperial Resources Inc. Top losers were Greenergy Holdings Inc., Vulcan Industrial and Mining Corp., LMG Corp., Manila Mining Corp.

A shares, Lepanto Mining Co. A and B

This week

Trading is expected to be volatile this week as the government will announce the new quarantine classification of the busiest economic part of the country for June.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors will be watching out for the decision on the new classification status of the National Capital Region and nearby provinces, which account for a chunk of the country’s GDP. “Developments on the Bayanihan to Arise as One (Bayanihan 3) Bill are also expected to be monitored as it is set up for a third and final reading at the House of Representatives.

Further progress on the passage of the bill may spur market optimism.

Setbacks on the passage, however, are expected to lead to the contrary,” he said.

The local market may also take cues from the upcoming economic data this week including the IHS Markit Philippines Manufacturing PMI and the consumer price index data for May. “The PSEi’s immediate support now is seen at the 6,600 level followed by the 200-day exponential moving average which closed last week at 6,584.98. Its immediate resistance, on the other hand, is seen at the 6,900 level,” he said.

Monde Nissin Corp., the country’s biggest initial public offering so far, will hold its maiden listing on the Philippine Stock Exchange on June 1, which could funnel funds away from the market.

The May inflation figures will be

Stock picks

Broker Regina Capital Development Corp. advised investors to take their position on the stock of BDO Unibank Inc. as it moved in the opposite direction of the main index and got pulled below its key long-term moving average and support at P99.30.

“To be more specific, BDO settled at its session low of 98.50, reflecting a -2.86 percent or 2.90 points drop in a session. This drove the technical indicators to have raging bearishness,” it said.

“Given that BDO is now trading at a discount from all of its key moving average, investors may opt to start taking positions near its new support at P97.50.”

BDO shares closed Friday at P101.80 apiece.

Meanwhile, the broker recommended buying when its support price holds on the stock of International Container Terminal Services Inc. (ICTSI).

“Judging the chart of ICT, it appears as if it’s taunting for a bearish reversal after days of consolidating sideways.

In the near term, market participants may want to wait and see if support at P137.60 will hold before making their next move. Meanwhile, ICT’s resistance is at P140,” the broker said.

Shares of ICTSI closed last week at P146.40 apiece. VG Cabuag

of Things (IoT) and the roll out of 5G-powered technologies, as well as augment its existing fixed and mobile services. Lorenz S. Marasigan

LRT-1 deploys new e-tap loading kiosks

P

rivate operator of LRT1 Light Rail Manila Corp.

(LRMC) said it has deployed 65 e-tap loading kiosks to all LRT1 stations as part of its initiatives to promote a safer and more convenient commute for the riding public.

Through these e-tap kiosks, LRT-1 passengers can load their beep™ cards or Stored Value Cards (SVC) on their own and enjoy the convenience of hassle-free journey by avoiding queues at teller booths, limited face-to-face contact, and exchange of cash. Moreover, beep™ cards are one of the widely used payment methods today across railway lines.

Many transportation modes such as Point-to-Point (P2P), Metro Manila city buses, and modern PUVs are already accepting beep™

cards as a payment method making these cards very useful.

The e-tap kiosks will serve as an addition to the existing Ticket Vending Machines (TVMs), which are used to buy/load SVCs and purchase Single Journey Tickets (SJTs).

LRT-1 stations also have the beep™ e-load machine, which are Over-The-Air (OTA) loading machines allowing cardholders to transfer load from a mobile wallet or debit accounts to their beep™ cards. The load is reflected when the card is tapped and updated using a beep™ e-load machine. There are also SVC extender machines used by passengers to extend the validity of their expired beep™ cards. beep™ cards need to have a minimum balance of P10 to be extended.

B2

Monday, May 31, 2021

Companies BusinessMirror

Green Heat aims to install more rooftop solar panels

By Lenie Lectura

G

@llectura

reen Heat Corp. is targeting to complete more solar rooftop projects with a capacity of at least 6 megawatts (MW) to as much as 12 MW in the next 5 years.

“Despite the pandemic, we have planned to complete about 6MW of solar rooftop at a minimum and a maximum of 12MW this year. It will

depend on the situation, especially the limitation on travel, but that’s already in the pipeline. We assure you 6MW is a very short target and 12MW is a dream,” said Green Heat General Manager Roberto Martin.

Its latest solar panel project was for SM City Bacoor, which formally switched on its 1.3-megawatt (MW) roof-mounted solar power plant last Friday.

The solar rooftop of the first SM mall in the province of Cavite is the

largest of its kind in Bacoor City, reinforcing SM’s commitment to lead the private sector in harnessing clean and renewable energy.

“SM recognizes its impact on the environment and continuously takes measures to prioritize the efficient management of its resources, which in this case is our mall’s vast rooftop space that, aside from its use as shelter, is now a reliable source of power,” said SM Supermalls Assistant Vice President for Operations for South 1 Region Lorenzo Leon A. Calingasan IV. The Green Heat-designed system generates a monthly average of 128,000 kilowatt-hours (kWh) of electrical energy, which is enough to power 800 homes consuming an average of 160 kWh a month.

SM City Bacoor has maximized the use of its 6,230 square meters of rooftop space with 3,114 solar panels, which can generate an average of 1.13 MW of power a day.

This translates to savings of P10.3 million in the mall’s annual electricity costs, while reducing its dependence on grid power.

Green Heat has also introduced new technologies in the solar rooftop of SM City Bacoor as it installed a Zero Export/Smart PV System, used corrugated GI roof long span and roof-mounted all the solar panels.

Zero Export/Smart PV system allows Green Heat to produce the power demand of the end user for the day, but at the same time complies with the Distribution Grid Code of Zero Export for systems that produce 100 kW and above.

“We are very excited with our

partnership with SM City Bacoor as we fully support its efforts to complete the green business model,” said Green Heat Director Glenn Tong.

Tong said “our group guarantees providing top quality systems that will perform for many years for our partners, who in turn can expect to make significant savings while making a lasting impact on the environment.”

Green Heat and SM are looking forward for more solar power projects in the future. “For SM, we are still very interested to have some discussions on other locations also.

Definitely, there is interest in our side,” Calingasan said.

Green Heat accounts for over 40 percent of the solar rooftop installations in the Philippines, 85 percent of which are commercial installations, while the rest are residential installations.

The company has installed since 2009 a total of 14 megawatt-peak solar power rooftops that continue to provide an aggregate of 228 gigawatt hours.

Each rooftop provides a savings return of between 30 percent and 40 percent.

These installations have also helped reduce about 1,139 metric tons of carbon dioxide emissions, which can be the equivalent of planting 1,140 virtual trees.

Green Heat’s recent projects include St. Peter Chapels Commonwealth, the Technological University of the Philippines Manila and Jesus Good Shepherd School in Imus, Cavite.

mutual funds

May 28, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

214.85

17.51%

-6.36%

-3.59%

ATRAM Alpha Opportunity Fund, Inc. -a

1.2564

35.43%

-6.24%

0.22%

-4.31%

20.29%

-10.99%

-6.05%

-6.41%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9321

-5.44%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7541 20.21%

-6.24% n.a.

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7068 8.54%

-5.72% n.a.

-4.69%

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

-4.31%

-2.5%

-4.88%

9.66%

4.7004

17.55%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 MBG Equity Investment Fund, Inc. -a

0.6753

-6.19%

-8.24%

-7.21%

-6.33% n.a.

-8.02%

20.46%

-4.53%

-2.42%

-6.28%

17.37%

-4.45%

-2.79%

93.76

27.1%

PAMI Equity Index Fund, Inc. -a

43.9046

Philam Strategic Growth Fund, Inc. -a

462.1

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

1.0329

23.97% n.a. n.a.

-5.87%

Philequity Dividend Yield Fund, Inc. -a

1.1138

18.36%

-4.2%

-1.95%

-4.66%

Philequity Fund, Inc. -a

32.8559

19.31%

-4.13%

-1.45%

-5.5%

18.75% n.a. n.a.

-6.36%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8549

-5.5%

Philequity PSE Index Fund Inc. -a

4.4976

21.11%

-4.03%

-1.67%

-6.13%

Philippine Stock Index Fund Corp. -a

752.84

21.27%

-3.92%

-1.78%

-6.09%

Soldivo Strategic Growth Fund, Inc. -a

0.679

19.9%

-8.31%

-5.2%

-5.55%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4029

16.83%

-6.32%

-3.26%

-6.1%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.86 20.77%

-4.28%

-1.94%

-6.29%

-4.14%

-0.87%

-5.19%

-3.73%

-1.15%

United Fund, Inc. -a

3.1468

18.06%

-11.12%

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

101.0335

21.37%

-6.06%

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

$1.2671

42.45%

5.06%

9.29%

5.34%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7512

34.47%

10.61%

11.56%

4.69%

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

1.641

9.82%

-1.37%

-1.51%

-1.65%

ATRAM Philippine Balanced Fund, Inc. -a

2.182

11.91%

-1.81%

-0.76%

-4.52%

9.53%

-0.65%

-1.03%

-3.24%

First Metro Save and Learn Balanced Fund Inc. -a 2.5418

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1904

5.48% n.a. n.a.

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

1.86

4.52%

-0.05%

-0.06%

-5.3%

PAMI Horizon Fund, Inc. -a

3.6142

9.42%

-0.19%

-0.57%

-4.59%

Philam Fund, Inc. -a

16.1927

9.71%

-0.08%

-0.59%

-4.39%

Solidaritas Fund, Inc. -a

2.0249

10.88%

-1.11%

-0.39%

-3.3%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4317 10.48%

-2.49%

-1.65%

-3.96%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9693

8.51% n.a. n.a.

-5.21%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8842

13.33% n.a. n.a.

-6.85%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8689

15.13% n.a. n.a.

-6.88%

Sun Life Prosperity Dynamic Fund, Inc. -a

11.24%

0.8513

-3.42%

-2.14%

-4.13%

-4.1%

Primarily invested in foreign currency securities

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 28, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH

43 101.8 83.95 24 9.22 48.5 20.95 21.15 55.65 17.5 122.1 74.5 1.25 4.05 0.58 2.91 1.34 0.68 167.1

44.5 101.9 84 24.5 9.25 48.9 21.95 21.35 56.5 17.9 123 75 1.32 4.14 0.64 3.11 1.4 0.7 168

43 101 84.95 24.5 9.2 48.6 21.1 20.8 57 17.9 119.5 74.95 1.32 4.03 0.58 2.91 1.35 0.68 167

43 102.7 85.45 24.5 9.3 48.9 21.1 21.35 57 17.9 123.5 75.05 1.33 4.2 0.58 2.91 1.4 0.68 169

43 100.8 83 24 9.15 48.15 21 20.75 56.95 17.9 119.5 74 1.32 4 0.58 2.91 1.32 0.68 167

43 101.8 84 24.5 9.25 48.9 21 21.35 56.95 17.9 123 75 1.32 4.14 0.58 2.91 1.4 0.68 168

300 12,900 6,555,970 667,645,093 2,386,140 201,094,023.50 29,100 703,790 178,600 1,644,569 4,008,600 195,038,875 1,300 27,340 2,226,600 47,015,715 110 6,269.50 400 7,160 598,650 73,091,910 20,390 1,524,355 17,000 22,510 648,000 2,675,980 4,000 2,320 5,000 14,550 13,000 17,580 55,000 37,400 540 90,617

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE AXELUM BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MAXS GROUP MG HLDG SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED LMG CORP MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

7.27 1.36 23.3 0.8 28.7 68 282 14.3 3.08 4.01 12.6 20.7 10.52 14.5 6.24 3 60.3 13.12 23.2 13.08 7.35 9.78 70.05 0.61 1.38 74.25 190.5 6.27 0.26 7.98 1.04 4.6 1.46 0.129 141 0.89 2.4 1.25 2.92 12.62 7.08 6.24 6.29 12.2 1.07 2.14 1.76 1.89 4.25 5.25 5.52 21.45 3.73 8.88 1.05 6.5 1.29 5.83

7.28 1.37 23.4 0.81 28.95 69 284 14.42 3.09 4.15 13 20.75 10.54 15 6.26 3.08 76.9 13.2 23.5 13.38 7.37 9.8 70.95 0.63 1.41 74.3 191 6.35 0.265 7.99 1.06 4.74 1.5 0.132 142 0.9 2.53 1.26 2.93 12.8 7.26 6.25 6.3 12.4 1.08 2.16 1.77 1.9 4.79 5.4 5.59 21.5 3.75 8.9 1.09 6.55 1.3 5.84

7.3 1.35 21.8 0.82 29.2 69 276.4 14.4 3.02 3.98 12.64 20.5 10.52 15 6.27 3.07 76.9 13.1 23.1 13.34 7.46 9.8 73.05 0.61 1.42 76 192.9 6.4 0.265 8.05 1.02 4.5 1.53 0.129 140.3 0.88 2.52 1.25 2.85 13 7.28 6.2 6.25 12.3 1.07 2.14 1.76 1.83 4.26 5.3 5.59 21 3.93 9 1.05 6.49 1.28 5.9

7.35 1.37 23.6 0.83 29.7 69 285 14.5 3.09 4.15 13 20.75 10.54 15 6.3 3.08 76.9 13.2 24.2 13.9 7.47 9.8 73.05 0.63 1.43 76.5 192.9 6.4 0.265 8.05 1.07 4.74 1.53 0.13 142 0.91 2.53 1.27 2.92 13 7.28 6.4 6.38 12.36 1.08 2.19 1.77 1.93 4.26 5.4 5.59 21.5 3.96 9.3 1.09 6.57 1.29 5.9

7.21 1.35 21.8 0.8 28.6 68 276.4 14.02 2.95 3.98 12.56 20.45 10.5 15 6.17 2.99 76.9 13.1 23.05 12.9 7.22 9.65 69 0.61 1.38 74.1 188.2 6.24 0.255 7.9 1.02 4.5 1.5 0.129 139.1 0.84 2.52 1.23 2.79 12.62 7.02 6.18 6.25 12.3 1.06 2.14 1.75 1.83 4.25 5.28 5.52 21 3.7 8.89 1.04 6.49 1.27 5.73

7.28 1.36 23.4 0.81 28.7 68 284 14.42 3.08 4.01 13 20.75 10.52 15 6.27 3.08 76.9 13.2 23.5 13.08 7.37 9.8 70.95 0.63 1.41 74.25 191 6.35 0.26 7.99 1.06 4.74 1.5 0.129 142 0.9 2.53 1.25 2.92 12.62 7.02 6.24 6.3 12.36 1.08 2.14 1.76 1.9 4.25 5.4 5.52 21.5 3.75 8.9 1.09 6.5 1.29 5.84

18,599,900 326,000 37,857,100 11,492,000 3,053,700 105,910 372,260 3,559,100 4,842,000 22,000 144,700 171,500 41,900 1,000 3,917,500 317,000 20 12,000 3,515,100 794,100 2,831,600 4,198,200 92,630 302,000 13,364,000 272,720 901,970 191,000 1,400,000 493,900 1,641,000 2,000 2,000 2,400,000 1,593,490 11,883,000 40,000 3,779,000 988,000 54,500 7,800 1,524,800 1,350,700 92,600 65,000 3,350,000 430,000 46,000 209,000 4,800 207,600 103,400 12,704,000 1,331,200 140,000 50,800 376,000 1,155,300

-133,083,448 -11,021,132 177,645 -169,774 98,439,025 -10,551,645 7,160.00 27,662,816 1,034,142.50 14,550 -5,067

135,597,329 444,170 864,718,535 9,353,940 88,353,690 7,211,856 104,860,908 50,444,360 14,747,120 88,050 1,863,868 3,548,350 440,780 15,000 24,526,618 964,390 1,538 158,304 82,454,290 10,641,362 20,838,185 41,133,678 6,574,604 184,300 18,749,960 20,349,766 171,298,905 1,205,752 361,450 3,921,481 1,720,010 9,240 3,030 310,670 224,274,373 10,575,910 100,810 4,749,110 2,842,570 693,538 56,254 9,502,169 8,497,212 1,140,884 69,160 7,194,410 756,810 87,150 889,250 25,493 1,146,390 2,173,035 47,990,960 12,042,857 148,530 329,916 482,430 6,701,207

4,483,483 123,500 150,114,305 17,420 -17,513,820 -486,537 42,224,994 2,204,110 -3,047,150 -51,740 86,842 -1,106,345 66,300 31,827,200 1,524,548 -8,433,033 133,640 1,318,919.50 -20,900 15,171,046 68,325,430 -501,726 41,891 953,770 0 64,578,930 -294,100 -1,029,260 33,840 30,396 -25,182 -12,718 -615,000 -10,610 -28,030 20,498 -36,550 646,440 -6,504,823 37,800 25,400 849,200

HOLDING & FRIMS ABACORE CAPITAL 1.04 1.05 1.05 1.05 1.03 1.05 5,072,000 5,277,010 7.15 7.35 7.1 7.4 7.1 7.4 2,000 14,500 ASIABEST GROUP 779 782 780 789.5 768 779 457,590 356,067,865 AYALA CORP 39.75 40 38.9 40.9 38.65 40 3,205,600 127,719,960 ABOITIZ EQUITY 10.2 10.28 10 10.22 9.96 10.2 5,644,700 57,362,862 ALLIANCE GLOBAL 3.09 3.12 3.14 3.14 3.08 3.09 357,000 1,106,000 AYALA LAND LOG 6.71 6.8 6.79 6.8 6.79 6.8 10,000 67,956 ANSCOR 0.72 0.73 0.73 0.74 0.72 0.73 1,004,000 731,410 ANGLO PHIL HLDG 0.69 0.7 0.71 0.71 0.69 0.7 379,000 265,550 ATN HLDG A ATN HLDG B 0.68 0.74 0.69 0.74 0.69 0.74 2,000 1,430 5.1 5.13 5.14 5.15 5.02 5.1 1,618,600 8,278,243 COSCO CAPITAL DMCI HLDG 5.57 5.58 5.61 5.61 5.55 5.58 4,800,500 26,802,994 FILINVEST DEV 7.94 8.2 8 8.38 7.9 8.2 208,300 1,650,450 584 590 585.5 590 568 590 345,000 200,801,085 GT CAPITAL HOUSE OF INV 3.44 3.6 3.58 3.62 3.38 3.62 75,000 269,540 58.05 58.2 57.5 58.85 57.5 58.2 5,028,700 293,337,498.50 JG SUMMIT LODESTAR 0.88 0.89 0.86 0.91 0.86 0.88 3,724,000 3,295,950 3.14 3.29 3.29 3.29 3.14 3.14 99,000 313,690 LOPEZ HLDG 13.62 14.1 13.8 14.1 13.6 14.1 2,501,600 34,754,496 LT GROUP 1.58 1.69 1.7 1.7 1.6 1.6 8,000 13,400 MJC INVESTMENTS 3.92 3.93 3.92 3.96 3.89 3.93 24,438,000 95,882,650 METRO PAC INV 3.51 3.59 3.62 3.62 3.51 3.59 32,000 114,290 PACIFICA HLDG 2.85 2.86 2.84 2.89 2.79 2.85 1,127,000 3,188,120 PRIME MEDIA 1.15 1.2 1.22 1.23 1.15 1.15 240,000 279,430 SOLID GROUP 370 395.8 395.8 395.8 395.8 395.8 10 3,958 SYNERGY GRID 975 980 989 989 965.5 980 304,950 298,079,832.50 SM INVESTMENTS SAN MIGUEL CORP 116 116.2 117.1 119.5 115 116 211,560 24,789,218 SOC RESOURCES 0.64 0.68 0.68 0.68 0.64 0.67 50,000 33,270 129.1 133 130.1 133 130 133 500 65,329 TOP FRONTIER 0.244 0.255 0.255 0.265 0.244 0.255 80,000 20,240 WELLEX INDUS 0.204 0.212 0.212 0.212 0.21 0.21 240,000 50,580 ZEUS HLDG

176,160 -3,091,405 72,618,160 -38,243,108 136,820 -2,616,815 688,278 75,232,160 104,691,461.50 -69,700 -261,940 -7,900,590 12,779,880 214,130 53,100 -9,841,605 466,802 -

PROPERTY ARTHALAND CORP 0.61 0.62 0.61 0.63 0.61 0.62 274,000 169,520 34.45 34.5 34.3 35 34.05 34.5 29,652,500 1,026,321,895 AYALA LAND 1.17 1.2 1.17 1.17 1.17 1.17 246,000 287,820 ARANETA PROP 36.4 36.5 36.2 36.5 36.2 36.5 1,259,600 45,952,515 AREIT RT 1.4 1.42 1.4 1.42 1.37 1.42 169,000 236,510 BELLE CORP 0.95 0.96 0.97 0.97 0.95 0.96 1,816,000 1,737,840 A BROWN 0.9 0.92 0.88 0.92 0.88 0.92 908,000 822,700 CITYLAND DEVT 0.126 0.127 0.128 0.128 0.127 0.127 810,000 102,890 CROWN EQUITIES 7.08 7.11 7.1 7.17 6.86 7.11 3,366,800 23,806,577 CEB LANDMASTERS CENTURY PROP 0.39 0.41 0.405 0.415 0.39 0.41 16,480,000 6,629,850 CYBER BAY 0.32 0.325 0.335 0.335 0.315 0.325 440,000 141,500 12.24 12.3 12.3 12.3 12.18 12.3 695,400 8,522,352 DOUBLEDRAGON DDMP RT 1.96 1.97 1.96 1.97 1.94 1.96 5,624,000 10,985,890 DM WENCESLAO 6.85 6.89 6.85 6.89 6.83 6.85 56,000 384,254 0.265 0.275 0.275 0.275 0.275 0.275 60,000 16,500 EMPIRE EAST 0.168 0.17 0.168 0.173 0.161 0.168 6,740,000 1,123,330 EVER GOTESCO FILINVEST LAND 1.06 1.07 1.07 1.08 1.05 1.06 14,805,000 15,762,550 0.89 0.9 0.9 0.9 0.89 0.89 412,000 366,690 GLOBAL ESTATE 7.27 7.3 7.3 7.48 7.27 7.27 14,900 108,971 8990 HLDG 1.34 1.35 1.35 1.37 1.33 1.35 3,640,000 4,908,940 PHIL INFRADEV 1.73 1.74 1.85 1.85 1.67 1.73 4,086,000 7,158,660 CITY AND LAND 3.13 3.14 3.07 3.18 3.03 3.13 119,814,000 372,732,610 MEGAWORLD 0.385 0.39 0.395 0.395 0.38 0.385 15,970,000 6,196,800 MRC ALLIED 0.53 0.54 0.54 0.54 0.52 0.53 5,928,000 3,147,430 PHIL ESTATES 3.42 3.43 3.43 3.46 3.34 3.43 2,309,000 7,845,860 PRIMEX CORP ROBINSONS LAND 17 17.14 16.5 17.24 16.4 17.14 2,031,400 34,384,226 PHIL REALTY 0.241 0.249 0.24 0.249 0.24 0.241 1,320,000 318,720 1.49 1.5 1.5 1.5 1.49 1.49 7,000 10,440 ROCKWELL 2.55 2.6 2.6 2.6 2.55 2.6 622,000 1,598,750 STA LUCIA LAND 36.9 36.95 36 37.25 35.75 36.9 15,969,400 587,921,815 SM PRIME HLDG VISTAMALLS 3.7 3.78 3.78 3.78 3.7 3.78 19,000 70,760 1.54 1.6 1.57 1.62 1.52 1.54 1,384,000 2,188,500 SUNTRUST HOME PTFC REDEV CORP 46 60 46 46 46 46 300 13,800 3.8 3.82 3.73 3.82 3.71 3.81 37,964,000 143,234,920 VISTA LAND

SERVICES ABS CBN 11.4 11.6 11.8 11.8 11.32 11.4 91,600 1,044,138 8.92 8.93 8.89 9 8.88 8.92 1,971,400 17,578,394 GMA NETWORK 0.42 0.45 0.45 0.45 0.41 0.445 60,000 26,400 MANILA BULLETIN 9.65 10 10 10.8 10 10.4 6,300 63,544 MLA BRDCASTING 1,811 1,820 1,850 1,855 1,807 1,811 151,345 275,641,905 GLOBE TELECOM 1,310 1,320 1,288 1,325 1,281 1,320 219,960 285,577,890 PLDT 0.185 0.186 0.185 0.189 0.184 0.185 73,970,000 13,753,700 APOLLO GLOBAL 19.96 20 19.94 20 19.84 20 3,540,400 70,691,976 CONVERGE 3.94 3.95 3.93 3.98 3.83 3.95 281,000 1,101,990 DFNN INC DITO CME HLDG 9.36 9.37 9.32 9.44 9.2 9.36 5,233,700 48,847,781 IMPERIAL 1.74 1.79 1.78 1.78 1.62 1.74 117,000 199,840 2.01 2.13 2.13 2.13 2.13 2.13 1,000 2,130 JACKSTONES 2.43 2.47 2.36 2.49 2.36 2.43 2,699,000 6,597,970 NOW CORP TRANSPACIFIC BR 0.39 0.395 0.395 0.4 0.385 0.39 7,950,000 3,122,700 PHILWEB 2.45 2.5 2.45 2.45 2.41 2.45 107,000 261,510 8.05 8.15 8.05 8.19 8.05 8.05 21,100 170,874 2GO GROUP 14.86 14.88 15.28 15.28 14.88 14.88 14,500 216,216 ASIAN TERMINALS 3.03 3.04 2.99 3.07 2.97 3.03 737,000 2,231,380 CHELSEA 44.35 44.4 45 45 44 44.4 158,100 7,015,995 CEBU AIR 146 146.4 145 146.5 143.7 146.4 1,611,280 234,686,786 INTL CONTAINER 16 16.78 16 16 16 16 36,800 588,800 LBC EXPRESS 0.98 1.01 1 1 1 1 172,000 172,000 LORENZO SHIPPNG 4.88 4.89 4.74 4.95 4.74 4.89 2,776,000 13,465,290 MACROASIA 2.02 2.07 2.06 2.08 2.01 2.07 194,000 397,020 METROALLIANCE A 5.85 5.89 5.7 5.89 5.7 5.85 71,000 413,889 PAL HLDG 1.17 1.18 1.16 1.18 1.15 1.17 341,000 394,680 HARBOR STAR ACESITE HOTEL 1.53 1.65 1.53 1.65 1.53 1.65 10,000 15,420 0.1 0.101 0.092 0.102 0.092 0.1 572,320,000 56,966,300 BOULEVARD HLDG DISCOVERY WORLD 3.5 3.53 3.5 3.84 3.5 3.54 347,000 1,263,430 GRAND PLAZA 11.8 14.5 12.78 19.2 12.78 17.5 9,300 129,432 0.53 0.54 0.54 0.54 0.52 0.54 846,000 448,590 WATERFRONT CENTRO ESCOLAR 6.5 6.9 6.98 6.98 6.9 6.9 500 3,458 580 590 570 570 570 570 1,500 855,000 FAR EASTERN U 0.35 0.36 0.345 0.36 0.345 0.36 1,940,000 681,400 STI HLDG 4.71 4.9 4.8 4.8 4.8 4.8 3,000 14,400 BERJAYA 6.67 6.8 6.51 6.8 6.49 6.8 8,489,800 56,000,413 BLOOMBERRY 2.06 2.16 2.16 2.16 2.16 2.16 1,000 2,160 PACIFIC ONLINE 1.58 1.6 1.59 1.61 1.57 1.6 4,736,000 7,441,100 LEISURE AND RES 2.08 2.1 2.09 2.1 2.09 2.1 10,000 20,950 MANILA JOCKEY 1.89 1.9 1.89 1.91 1.89 1.9 1,288,000 2,448,000 PH RESORTS GRP 0.41 0.415 0.42 0.425 0.41 0.415 2,380,000 993,750 PREMIUM LEISURE 5.8 6 5.8 5.8 5.8 5.8 3,000 17,400 PHIL RACING ALLHOME 7.5 7.55 7.09 7.58 7.05 7.55 18,440,300 131,601,030 METRO RETAIL 1.29 1.3 1.26 1.29 1.26 1.29 354,000 455,380 39 39.25 37.35 39.25 37.35 39.25 14,143,700 547,253,335 PUREGOLD ROBINSONS RTL 51.4 51.8 51 52.3 51 51.8 1,222,610 63,407,210.50 PHIL SEVEN CORP 104 104.1 103 104.2 101 104.1 450 46,129 SSI GROUP 1.18 1.19 1.18 1.19 1.16 1.18 1,198,000 1,409,430 WILCON DEPOT 17.8 18.16 18 18.16 18 18.16 1,821,300 32,935,220 APC GROUP 0.36 0.38 0.375 0.38 0.365 0.38 840,000 317,850 6 6.2 6.22 6.22 6.2 6.2 3,600 22,370 EASYCALL 409 412 397 412 395.2 412 3,600 1,465,970 GOLDEN MV 1.94 1.95 1.91 1.97 1.83 1.95 22,860,000 43,453,580 PRMIERE HORIZON 4.05 4.24 4.1 4.1 4.1 4.1 14,000 57,400 SBS PHIL CORP

MINING & OIL

9,300 31,243,520.00 1,163,035 -25,080 9,500 1,665,470 -56,850 1,509,306 -693,530 11,410 -13,966,100 24,080 -435,220 -11,743,040 -146,300 36,570 4,082,020 -11,940,450 107,936,580 -47,400 50,660,470 -168,509,190 14,370,665 953,030 -12,989,116 476,010 3,336,170 48,140 -63,450 149,000 1,000 -3,177,055 -5,002,307 -3,427,280 7,410 -8,060 -362,740 30,400 265,000 -8,793,033 143,900 64,840 129,300,555 328,560,270 22,149,821.50 1,010 -1,001,120 5,810,734 -22,630 -

ATOK 9.15 9.16 9.35 9.35 9.16 9.16 235,600 2,178,140 36,028 1.71 1.72 1.71 1.71 1.69 1.71 1,203,000 2,049,940 10,230 APEX MINING 7.65 7.67 7.4 7.7 7.3 7.65 3,793,000 28,567,574 85,660 ATLAS MINING 3.15 3.18 3.15 3.15 3.05 3.15 190,000 594,920 BENGUET A 3 3.1 3.1 3.1 3.1 3.1 2,000 6,200 BENGUET B Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2056 13.53% 4.7% 4.73% 0.29% 2.78 2.8 2.8 2.85 2.78 2.8 104,000 290,920 84,100 CENTURY PEAK 6.71 6.9 6.97 6.97 6.52 6.9 18,000 123,063 DIZON MINES Bond Funds 2.55 2.56 2.57 2.62 2.53 2.55 2,032,000 5,209,520 -262,340 FERRONICKEL Primarily invested in Peso securities GEOGRACE 0.315 0.325 0.325 0.325 0.315 0.315 380,000 120,350 9,750 LEPANTO A 0.155 0.156 0.155 0.156 0.152 0.155 33,110,000 5,112,920 ALFM Peso Bond Fund, Inc. -a 371.17 2.05% 3.11% 2.48% 0.03% 0.158 0.165 0.158 0.158 0.158 0.158 130,000 20,540 LEPANTO B 0.014 0.015 0.015 0.015 0.014 0.014 139,500,000 1,969,200 MANILA MINING A ATRAM Corporate Bond Fund, Inc. -a 1.9142 -1.1% 1.05% 0.11% 0.73% 0.015 0.016 0.015 0.016 0.015 0.016 4,300,000 64,600 MANILA MINING B Cocolife Fixed Income Fund, Inc. -a 3.2248 1.44% 3.84% 4.38% 0.31% 1.26 1.27 1.29 1.29 1.24 1.27 843,000 1,069,700 -22,680 MARCVENTURES NIHAO 1.39 1.4 1.38 1.43 1.38 1.4 256,000 357,110 8,400 Ekklesia Mutual Fund Inc. -a 2.2543 -1.18% 2.16% 1.42% -1.82% NICKEL ASIA 5.18 5.22 5.26 5.27 5.11 5.22 14,720,900 75,744,420 33,068,331 First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4331 0.06% 3.12% 1.7% -0.82% 0.38 0.39 0.38 0.38 0.38 0.38 70,000 26,600 OMICO CORP 1 1.01 1 1.03 1 1.01 998,000 1,001,130 ORNTL PENINSULA Philam Bond Fund, Inc. -a 4.4756 -1.41% 4.04% 1.59% -3.43% 7.39 7.4 7.3 7.43 7.14 7.4 3,371,700 24,745,299 -1,304,169 PX MINING 13.18 13.2 13.1 13.26 13.02 13.18 1,222,100 16,072,472 1,826,668 SEMIRARA MINING Philam Managed Income Fund, Inc. -a,6 1.3233 2.88% 4.28% 2.77% 0.16% 0.0098 0.0099 0.0097 0.0099 0.0096 0.0099 25,000,000 242,700 UNITED PARAGON Philequity Peso Bond Fund, Inc. -a 3.9763 1.62% 4.47% 2.51% -0.62% 17.18 17.2 17.48 17.6 17 17.2 101,500 1,761,782 41,060 ACE ENEXOR 0.011 0.012 0.012 0.012 0.011 0.012 20,300,000 235,500 ORNTL PETROL A Soldivo Bond Fund, Inc. -a 1.0223 -0.06% 4.01% 1.6% -1.89% 0.012 0.013 0.012 0.013 0.012 0.012 19,500,000 239,100 ORNTL PETROL B Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1981 1.74% 5.29% 2.81% -0.25% PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.012 17,000,000 193,100 8.28 8.29 8.18 8.38 8.06 8.29 983,600 8,146,431 186,435 PXP ENERGY Sun Life Prosperity GS Fund, Inc. -a 1.744 0.55% 4.58% 2.14% -0.63%

Primarily invested in foreign currency securities PREFFERED HOUSE PREF B 100 101.8 101.8 101.8 101.5 101.5 6,240 635,213 ALFM Dollar Bond Fund, Inc. -a $484.66 2.89% 3.14% 2.35% 0.16% 517.5 520 520 520 520 520 7,500 3,900,000 AC PREF B2R ALFM Euro Bond Fund, Inc. -a Є219.68 2.34% 1.08% 1.2% 0.23% 41.8 41.9 41.9 42 41.55 41.8 105,700 4,408,580 -3,396,550 CEB PREF 103.5 104.3 104.3 104.3 104.3 104.3 250 26,075 CPG PREF A ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1795 -2.7% 2.01% 1.15% -7.88% 101 101.3 101.3 101.3 101.3 101.3 25,350 2,567,955 DD PREF 505 507 507 507 507 507 2,000 1,014,000 GLO PREF P First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0% 1.59% 0.95% -2.63% 1,005 1,010 1,010 1,010 1,000 1,000 810 810,100 GTCAP PREF A PAMI Global Bond Fund, Inc -b $1.0502 -1.06% 0.58% -0.57% -3.89% 1,020 1,044 1,044 1,044 1,044 1,044 5 5,220 GTCAP PREF B 100.4 100.9 100.9 100.9 100.5 100.5 300 30,190 MWIDE PREF Philam Dollar Bond Fund, Inc. -a $2.4909 3.03% 5.15% 2.24% -1.76% MWIDE PREF 2B 100.5 101.8 101.8 101.8 101.8 101.8 330 33,594 Philequity Dollar Income Fund Inc. -a $0.062819 4.7% 3.53% 2.22% 0.8% 104 106.9 104 106.8 104 106.8 600 63,884 PNX PREF 3B 1,000 1,008 1,004 1,008 1,000 1,008 2,385 2,386,415 PNX PREF 4 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1493 -0.5% 2.99% 1.06% -2.3% 1,020 1,035 1,021 1,035 1,020 1,035 55 56,180 PCOR PREF 2B 1,095 1,114 1,095 1,100 1,095 1,095 6,695 7,331,075 PCOR PREF 3A Money Market Funds 1,146 1,165 1,146 1,146 1,146 1,146 100 114,600 PCOR PREF 3B Primarily invested in Peso securities 79.5 80 79.9 80 79.9 80 14,910 1,192,493 SMC PREF 2C 77.35 77.85 77.35 77.8 77.35 77.8 27,400 2,131,045 SMC PREF 2E ALFM Money Market Fund, Inc. -a 130.13 1.88% 3.07% 2.52% 0.25% 78.8 79 78.8 78.8 78.8 78.8 790,000 62,252,000 SMC PREF 2F First Metro Save and Learn Money Market Fund, Inc. -a 1.0517 1.2% n.a. n.a.

0.34% 78.4 78.8 78.4 78.4 78.4 78.4 6,000 470,400 SMC PREF 2H 78.2 79 79 79 79 79 5,040 398,160 SMC PREF 2I 0.57% Sun Life Prosperity Money Market Fund, Inc. -a 1.304 1.85% 2.89% 2.57% 77 77.5 77 77 77 77 600 46,200 SMC PREF 2J Primarily invested in foreign currency securities 75.95 76 75.9 75.95 75.9 75.95 33,650 2,554,435 - SMC PREF 2K

Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.057 1.37% 1.7% n.a.

0.44% PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.34 10.8 10.8 10.8 10.26 10.34 48,500 507,564 -344,484 Feeder Funds 8.43 8.49 8.43 8.5 8.4 8.43 257,200 2,174,827 - GMA HLDG PDR Primarily invested in Peso securities

WARRANTS Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2365 n.a. n.a. n.a.

9.46% LR WARRANT 1.71 1.76 1.58 1.76 1.51 1.76 1,347,000 2,210,560 3,380 Primarily invested in foreign currency securities

SMALL & MEDIUM ENTERPRISES ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $1 8.7% n.a. n.a.

2.04% ALTUS PROP 17.6 17.78 17.5 17.78 17.5 17.78 50,500 891,544 2.44 2.45 2.45 2.45 2.37 2.45 350,000 847,020 ITALPINAS 5.1 5.2 5.06 5.1 5.06 5.1 1,700 8,644 KEPWEALTH 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).

2.53 2.63 2.53 2.53 2.53 2.53 1,000 2,530 MAKATI FINANCE 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4.59 4.6 4.6 4.68 4.55 4.59 4,358,000 20,075,410 604,190 MERRYMART 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

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 100 100.8 100.9 100.9 99 100 27,690 2,767,500 298,305 Cocolife Dollar Fund Builder, Inc. -a

$0.038

-0.73%

2.97%

1.27%

-2.86%

PAMI Asia Balanced Fund, Inc. -b

$1.1414

21.31%

2.96%

5.6%

-0.77%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6535 25.42%

8.23%

8.41%

3.12%

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

Perspectives Redefining operational resilience

A

S we move forward into the new reality, financial regulators view operational resilience for banks and insurers on an equal footing with, and as a key driver of, financial resilience and recognize that poor resilience has the potential to impact not only individual firms and wider financial stability, but also to cause significant customer detriment. For fiduciary businesses, deficiencies in operational resilience have potential implications for investor returns and security of client assets.

There has been a tangible shift in perspective. Regulators are taking a new approach to resilience: not if, but when. They now expect firms to consider not only what would happen if they were to experience disruption, but how they will respond when it does. And although firms were always expected to manage their operational risk, plan for contingencies and have business continuity and disaster recovery plans, in the new reality operational resilience is much more.

Historically, the primary resilience focus for global regulators was cyber and ICT security. These remain critical, particularly under the current stresses of the Covid-19 pandemic, with accelerated adoption of technology and increasing sophistication of external bad actors. Firms must consider the possibility of multiple concurrent disruptions and the emergence of new threats and vulnerabilities.

Extreme events arising from climate change, from floods to wildfires to unexpected snowstorms, could impact physical operations.

Geopolitical events could challenge operating models, for example through the loss of operating licenses in certain jurisdictions.

And evolving business models due to innovation or changes in economic conditions could lead to skill shortages.

Regulatory authorities have realized that a broader approach to operational resilience—incorporating equally important com-

ponents such as people, processes, technology and information—is needed.

Customer impact is always in mind and governance and accountability are in the spotlight. Proposed regulations highlight the importance of identifying severe but plausible tailored scenarios, and of performing stress-tests to reveal weaknesses in operating models.

Firms are required to define the amount of disruption that they would be willing to tolerate and to monitor and measure their ability to remain within these tolerances.

Operational resilience becomes a key driver of investment and business strategy. Firms must have a clear understanding of their end to-end processes, including critical dependencies, and how these would be impacted by disruption. Increased operational resilience should lead to greater trust amongst all stakeholders including regulators, customers, employees and third parties.

Connectivity is key. The financial services sector in the twenty first century is more interconnected and technology-driven than ever before. Outsourcing has been on the radar for some time, but never on the scale seen now as firms seek to manage down costs and create efficiencies through greater reliance on third parties.

Regulators recognize the dominance of a small number of large global technology and infrastructure providers and are seeking to update and expand requirements accordingly.

The excerpt was taken from KPMG International ISG Audit Quality Leader-Financial Services Andrea Schriber’s blog post entitled “Climate risk is financial risk – For banks it’s a board-level issue.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, 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.

@joveemarie

T

HE House Committee on Ways and Means has asked the Department of Finance (DOF) and the Department of Trade and Industry (DTI) to follow through with its commitment to release the implementing rules and regulations (IRR) on the fiscal incentives provisions of the Corporate Recovery and Tax Incentives for Enterprises (Create) Act as several investors are just waiting for the ground rules.

House Ways and Means Chairman Joey Sarte Salceda of Albay urged the two agencies to do so “so that the country can begin to truly say it is open for serious business.”

Earlier this month, the DOF and the DTI targeted May 17 for the release of the IRR. The agencies then revised the target date to end of May. “Their commitment was to release it this month so, I hope, at the very least, they could release the regulations for even just the applications process by Monday, the last day of the month,” Salceda said.

According to the lawmaker, the application process rules will be essential “because until then, we have little clue about the kinds of industries that are coming.”

“The Board of Investments also told investors last week that they hope to release the rules this

month. It’s crucial that we do so soon,” Salceda said. He added he’s “having conversations with several investors and they are telling me that they are just waiting for the ground rules and they will apply.”

The lawmaker said he expects a rebound in job creation beginning the second quarter if the DOF and the DTI issues the IRR.

Briefing

ONCE the rules are released, Salceda said his committee will exercise oversight powers and seek a briefing on the operation of the rules.

“We will continue to work with the implementing agencies to see how we can make the application process easier.”

The lawmaker added that the rules on the “superincentives” that the President can issue to exceptional investments will also be crucial, “given global industry trends.”

“Global companies are looking for areas that will be friendly to big investments. The electronics sector in particular is looking for hubs for mass production, given the shortage for semiconductors,” Salceda said.

Under Create, the President “may, in the interest of national economic development and upon the recommendation of the FIRB [Fiscal Incentives Review Board], modify the mix, period or manner of availment of tax incentives, or craft the appropriate financial

B3

SC rules allow probe of banks on money-laundering hunch

T

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court announced last Sunday the approval of new rules allowing bank inquiries and seizure of assets even before the filing of information relating to money laundering activities.

The High Tribunal said the recentlyapproved “The Court of Appeals Rule of Procedure in Cases of Bank Inquiry Into or Examination of Deposit and Investment Accounts Relating to an Unlawful Activity or a Money Laundering Offense Under Republic Act 9160, as Amended, or the Anti-Money Laundering Act of 2021,” will take effect starting May 31.

The Rule covers ex-parte applications for authority to inquire into, or examine, deposit or investment accounts with any banking institution or non-bank financial institution and their subsidiaries and affiliates, believed to be related to money laundering activities.

Under the rule, the Anti-Money Laundering Council (AMLC) through the Office of the Solicitor General (OSG) may file an ex parte application for bank inquiry before the CA when it has been established there is probable cause that the deposits or investments involved are related to an unlawful activity or a money laundering offense.

The application for bank inquiry should disclose the account number, or any other specific description of the deposit or investment accounts sought to be inquired into or examined, the owner or holder of the deposit or investment accounts, the address of the owner or holder, the name of the banking institution or non-bank financial institution where such account is maintained and their location.

The AMLC is also required under the rule to cite the ground relied upon for the grant of authority to inquire into or examine the deposit or investment account as well as the supporting evidence showing the existence of probable cause that the subject deposit of investment

accounts are in any way related to an unlawful activity.

“All members of the CA Division to which the assigned Justice belongs shall resolve the ex parte application within 24 hours from its receipt,” the rule said.

According to the SC, a bank inquiry order issued by the CA should contain the deposit or investment account sought to be inquired into or examined, as well as the names of the account owners and/or holders.

The order should also direct the banking or non-bank financial institution concerned to allow the AMLC full access to all information, documents and objects relating to the subject deposit or investment account within a specific period of time.

The rule also prohibits officials and personnel of the said institutions from disclosing to the owners that their accounts are being inquired into.

The bank inquiry order issued by the CA is enforceable for 120 days, which may be extended for a period not exceeding 120 days upon motion of the AMLC. Meanwhile, the SC announced that it has also approved the “Rule on Asset Preservation, Seizure and Forfeiture in Anti-Money Laundering Cases.” The rule allows the seizure of assets and properties even prior to the filing of an information.

The High Tribunal said the new rule recognizes the importance of preserving, seizing and forfeiting assets in preventing and restraining money laundering activities.

The rule allows the seizure of properties before or after the filing of a criminal information relating to money laundering offenses by virtue of a

Salceda nudges govt on Create IRR Economist sees

By Jovee Marie N. dela Cruz

Editor: Dennis D. Estopace •Monday, May 31, 2021

support package for a highly desirable project or a specific industrial activity based on defined development strategies for creating high-value jobs, building new industries to diversify economic activities, and attracting significant foreign and domestic capital or investment, and the fiscal requirements of the activity or project, subject to maximum incentive levels recommended by the FIRB.” The proposed IRR said the government’s financial support can include land use, water appropriation, power provision, as well as budgetary support through the yearly national budget.

The president can also grant qualified firms a maximum of 40-years of fiscal incentives, with a maximum of 8-year income tax holiday. Qualified firms must have investment capital of a minimum P50 billion, or its equivalent in US dollars, or a minimum direct local employment generation of at least 10,000 jobs within three years from the issuance of the certificate of registration.

“That area is straightforward, so we can release the rules for this already. The vaccination drive is making significant progress, and we will probably be able to reopen the manufacturing sector fully by end of this year,” Salceda explained. “We also need the jobs now. We need to take the initiative, before our competitors are able to take better advantage.”

inflation still on plateau this May

By Bianca Cuaresma @BcuaresmaBM

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HE growth of consumer prices in the country likely remained steady in May this year as underlying price pressures started to temper, a private economist said.

Security Bank Corp. Economist Robert Dan J. Roces forecasts inflation to have hit 4.5 percent in May this year similar to March’s and April’s rate for 2021.

Roces said the inflationary pressures that pushed the growth of prices early on this year likely dissipated in May. In particular, he noted substantial decline in the heavily-weighted food price basket. “[This helps] curb overall price growth on the back of the preliminary effects of the temporary reduction of pork tariffs and the increase of the minimum access volume [MAV] for imported pork,” the economist said.

The lower food inflation is also expected to outweigh the higher electricity costs for the month.

The Bangko Sentral ng Pilipinas (BSP) forecasts inflation to average 3.9 percent for the year. This is within the 2 to 4 percent inflation target of the Central Bank for the year.

Just last week, BSP governor Benjamin E. Diokno said inflation will remain within target on average for this year despite the expected uptrend in the global oil prices.

Diokno said they have already factored the recent uptrend in global oil prices into its latest baseline inflation projections which showed a target-consistent inflation path over the policy horizon.

Roces, meanwhile, said threats from second-round effects may remain subdued for now, but the steady uptick in global oil prices as the rest of the world recovers from the pandemic provides significant upward risks to local inflation. This, according to hime, is something to watch out for.

search warrant or warrantless arrest, and shall be disposed of in accordance with the Rules on Criminal Procedure.

However, the SC noted that if the property preserved is perishable or is disproportionately expensive to keep or store, it may be released from preservation upon deposit of an equivalent cash bond or sold in public auction. The proceeds from these shall be deposited with the clerk of court to be disposed of according to the final judgment of the court.

On the other hand, the SC said real estate property ordered preserved s should not be physically seized before a final order of forfeiture, nor shall its owners and occupants be evicted or deprived of its use and enjoyment.

The Court said the rule will also take effect Monday, May 31. The rule covers criminal cases before any court involving money laundering activities.

The rule further provides that the prosecution may move for asset forfeiture by making an allegation in the criminal information that it will proceed against the subject of the crime or offense, proceeds or fruits of the crime of offense, or any property used as the means of committing a crime.

“The rule provides that the State or prosecution may pursue the remedy of asset preservation for the court to issue and order an ex parte provisional asset preservation order, effective im-

mediately for a period of 20 calendar days, upon determining the existence of probable cause to hold and conserve specific property and forbid any transaction, withdrawal, deposit, transfer, removal, conversion, concealment or other disposition thereof,” the SC said.

Prior to the approval of the rule, there were no clear-cut rules regarding the forfeiture or preservation of property related to unlawful activity or money laundering.

The SC had only promulgated the “Rule of Procedure in Cases of Civil Forfeiture, Asset Preservation and Freezing of Monetary Instrument, Property, or Proceeds Involving, or Relating to an Unlawful Activity or Money Laundering Offense Under RA 9160, effective December 15, 2005.”

The issuance of the new rule stemmed from the findings of the Asia-Pacific Group on Money Laundering in its October 2019 “Mutual Evaluation “Report on the Philippines that neither prosecutors nor law enforcement agencies have a policy or practice of seeking confiscation orders at the point of conviction.

In response, the SC created the Special Committee on the Proposed Rule on Criminal Confiscation and Forfeiture to make a report and recommendation for the issuance of rules on criminal confiscation and forfeiture.

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High-Performing Teams Start

With a Culture of Shared Values

By Greg Satell and Cathy Windschitl

from the top to achieve the desired results.

M

anagers will face unprecedented challenges over the next decade. Not surprisingly, many leaders will focus on the strategic aspects of change.

What makes a great team?

There has been abundant research into how teams function best and what makes them perform most efficiently and productively. In one wide-ranging study, scientists at MIT and Carnegie Mellon found that high-performing teams are made up of people who have high social sensitivity, who take turns when speaking and

that include women in the group.

But perhaps the most important trait of any team is that its members contribute a diversity of talents, experiences and perspectives, which maximizes the number of possibilities the team can explore and leads to smarter, more innovative solutions. However, building a diverse team that works well together is a challenge that takes real effort to overcome. Leaders shouldn’t underestimate it.

The diversity paradox

Di v er sit y, a ll too often, is viewed as an element in conflict with performance; something that leaders will get around to once they’ve made their quarterly numbers. However, the evidence that diversity improves performance is nothing less than overwhelming.

One study found that diverse groups solve problems better than more homogenous teams of objectively skilled problem solvers.

Another experiment that simulated markets showed that ethnic diversity deflated price bubbles.

A McKinsey report that covered 366 public companies in a variety of countries and industries found that groups that were more diverse in ethnicity and gender performed significantly better than others.

The list goes on.

While the benefits of diversity are clear, so are the challenges.

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Just as important, however, is driving a skills-based transformation that can create teams that are diverse enough to be vibrant and innovative, as well as inclusive and cohesive. That’s easier said than done.

Decades of research show that diverse teams, while often highperforming, also encounter obstacles. Managers who attempt to reshape the workforce without first acknowledging the challenges of difference risk getting mired in conflict and acrimony.

What we have found in our work advising some of the world’s most high-performing firms on how to accelerate transformation and drive growth is that successful leaders strive to identify shared values and build change upon common ground. This means that managers need to not only evaluate technical skills, but also clearly communicate their organization’s shared mission and hire people who will be inspired to dedicate their talents to it.

A high-performance culture is a journey, not a destination

We are hard-wired to be hostile to those we see as “other,” and to some extent, tribalism is unavoidable. These tensions, if not addressed, can inhibit performance.

Consider that when researchers at Northwestern’s Kellogg School of Management and Stanford Graduate School of Business put together groups of college students to solve a murder mystery, cohesive groups were much more able to come to consensus and feel confident in their solution than diverse groups. Even so, cohesive groups were also much more likely to be wrong.

This is why leaders need to be able to square the circle and build teams that are diverse enough to be innovative, but cohesive enough to work together smoothly. The best way to do that is by building a culture of strong, shared values.

Building a shared mission and shared values

The link between values and performance isn’t always immediately obvious. But culture and values are how an enterprise honors its mission, and that means that values are a crucial component of strategic intent. For example, throughout his tenure as CEO at Apple, Steve Jobs’ commitment to fusing design with technology was a value that attracted both customers and talent. More recently, Tim Cook, Jobs' successor, has been leveraging the value of privacy in much the same way.

Similarly, signaling a shift in values can help attract new domains of expertise. This was very much the case in the artificial intelligence community, which for decades had prided itself on its meritocratic values. When it became clear that the industry was

encountering serious ethical challenges, its commitment to taking those concerns seriously helped attract organizations such as the ACLU and Chatham House to its Partnership on AI effort.

What is crucial for leaders to understand is that commitment to values always comes with costs and constraints. Over a century, one company we worked with has provided high-quality products and earned a reputation for ethics and excellence. Due to technological disruption, the firm needed to hire people with more diverse skills and mindsets.

T heir challenge was twofold.

First, leadership needed to have a frank discussion about how it needed to operate differently.

Second, it needed to signal to outsiders that the change was genuine. Managing the shift required a sustained commitment

Strictly speaking, values are how an enterprise honors its mission. To achieve any significant objective, capabilities must be brought to bear, and some of the most crucial capabilities are the skills embedded in an organization’s talent. However, while skills enable an enterprise to achieve its mission, they are separate and distinct from it. Values are central.

There is a fundamental difference between hiring people to do what you want and hiring people who already want what you want.

The value of any particular skill is likely to degrade over time. On the other hand, people who share your mission and values can acquire the skills needed to achieve your shared objectives.

What we’ve found in our work helping to develop high-performing organizations is that every strategy requires specific capabilities and those capabilities come with people attached.

Those people, in turn, come with their own needs and peccadilloes, rough edges and dreams. The art of leadership is no longer merely to plan and direct action, but to inspire and empower belief.

In today’s disruptive marketplace, every organization needs to attract, develop and retain talent with diverse skills and perspectives. The difference between success and failure will not be in the formulation of job descriptions and compensation packages, but in the ability to articulate a higher purpose. That begins with a clear sense of shared mission and values.

Greg Satell the author of Cascades: How to Create a Movement that Drives Transformational Change. Cathy Windschitl is practice director at Proteus.

What do people need to perform at a high level?

By Zorana Ivcevic, Robin Stern & Andrew Faas

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ven before the Covid-19 pandemic, American workers were struggling to reach their full potential. In a national survey we conducted of more than 14,500 workers across industries in 2017, approximately 85% of them said they were not working at 100% of their potential. In fact, only 15% of workers said they were.

Moreover, 16% of respondents said they were using less than 50% of their potential. What was keeping the vast majority of workers from using all of it? And what was empowering the minority of people who reported that they were able to do so? In that research, we identified organizational, interpersonal and individual factors that contributed to a person’s capacity to do their job most effectively.

When the pandemic hit, with all its uncertainty and anxiety, we revisited our research and began interviewing nurses at a large university hospital. We learned that the factors helping (or hurting) employee effectiveness that we identified earlier became even more important in a time of crisis.

The insights we gleaned can help organizational leaders and managers to boost employees’ poten-

tial—even in times of crisis.

In our survey of 14,500 US workers we learned that employees report working to their full potential when: n They are clear about what they are expected to do; n They are willing to ask questions and feel safe doing so; n They are not overwhelmed with rules about how the work has to be done or with unproductive meetings; n Their organization supports creative problem-solving and provides rewards and recognition for jobs well done; n Their supervisors notice and acknowledge employee feelings, and understand how their decisions will impact employees; n Employees see purpose and meaning in their work and are committed to their organization.

Importantly, this list combines personal, interpersonal and organizational factors. An individual’s mindset is just as important as the support that the person receives from supervisors and the organization as a whole.

Looking at nurses’ experiences in hospitals during the Covid-19 pandemic allowed us to test our

understanding of how these factors shape workers’ job experience.

During the first wave of infections, much was unclear—what kind of masks offered sufficient protection, when to intubate patients, how to weigh the countless new risks people faced. Many nurses felt they couldn’t perform at their usual skill level or make relatively simple decisions at bedside because of the uncertainty.

In one interview, a nurse shared an experience about asking for time off. The supervisor agreed that it would help manage her exhaustion and stress, but her request went against hospital policy about allotted paid time off and the request was denied. The nurse was forced to keep pushing forward despite being emotionally and physically exhausted, and unable to do her best work. Other nurses said they were not comfortable speaking during meetings with nurse educators. They described their discomfort about asking nuanced questions or more details about how to perform new procedures.

Despite this, we did see that many nurses, managers and institutions were finding ways to succeed. First, as messages from scientists and hospital leaders became clearer, nurses became less anxious about what was expected

and were better able to take care of their patients. Second, supervisors encouraged nurses to consider ways they could creatively provide comfort to families, who were not able to visit ill patients at the time. Some nurses decided to paint hearts and place them in their patients’ palms, eventually sharing photos of the initiative with the patients' families, who repeatedly mentioned finding solace in this small act. Third, emotionally intelligent supervisors were able to support employee growth, helping nurses reframe feedback and offering them coaching.

The nurses we spoke with discussed seeing their jobs as a calling and deriving pride and fulfillment from the knowledge that their actions eased patients’ pain, helped the healing process and sometimes saved lives. One nursing leader described intentionally reminding herself of the commitment to her calling to serve both her patients and staff every morning.

During the pandemic, the organizational, interpersonal and individual factors we identified shaped how effective nurses were in their work. When nurses had clear expectations about how to perform their jobs from the hospital leaders, they were also more likely to connect with their sense

of purpose as healers. When super v isors suppor ted creative problem-solving and helped manage challenging feelings, nurses were indeed more resourceful and pushed themselves to work to their full potential. These lessons can provide guidance for managers and other organizations to best support their employees.

In our experience guiding organizations through significant changes, we have found that focusing on the granular details of employees’ days can reveal ways to reduce bureaucratic, redundant and unnecessary activities that get in the way of a person's work. Building trust rests on employees seeing how supervisors and organizational leaders care about their work-related concerns and well-being. To truly develop trust, managers should solicit input from employees at every level of the organization, acknowledge employee ideas, understand how their decisions influence employees’ experiences at work and communicate why some ideas cannot be accepted. Asking for input and communicating a response to it leads to employees feeling heard and not feeling dismissed by pat explanations of budget shortages or other standard replies.

Leaders should work to develop

and practice their own emotional intelligence skills in order to perceive, use, understand and manage emotions better. During the pandemic, acting in emotionally intelligent ways means acknowledging employees’ heightened anxiety and assuring them that being overwhelmed under these circumstances is not a sign of poor skills. Supervisors who act in emotionally intelligent ways will create a more positive work climate, have employees who are able to grow in their jobs and be more effective.

In the best of times, many employees do not work to their full potential. This should be a call to action. Our potential is like an energy reservoir, and when some of it is drained by unmitigated stress, less is left to fuel work performance. To mitigate these productivity-sapping stresses, managers should consider employees’ experiences through the lens of the factors we identified above.

Productivity and well-being at the personal level will enable productivity and success at the organizational level.

Zorana Ivcevic is a senior research scientist at the Yale Center for Emotional Intelligence, where Robin Stern is associate director. Andrew Faas is a management consultant.

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, May 31, 2021

Panasonic Manila Fashion Festival Season 12: The reboot begins

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HE first big sign that local fashion is getting back on its feet is the staging of the “Panasonic Manila Fashion Festival [PMFF] Season 12: A Fashion Reboot.” With health protocols strictly in place, the runway shows will be streamed at www.mff-official.com from Okada Manila, the five-star hotel resort in the country, from May 31 to June 4, at 6 pm with re-runs at 8 pm.

“PMFF has always championed Filipino design, and every season we invite fashion innovators from other parts of the country. The first few seasons we had designers from Manila. Then we invited Cebu, then Davao [Davao Fashion Design Council]. This season, we invited Cagayan de Oro [Oro Fashion Designers Guild],” Jackie C. Aquino, the fashion director, says via e-mail. “Personally, I am so proud of what our designers brought to the table. I was blown away. Magaling talaga ang Pinoy.”

The dates and featured designers are: May 31— Avel Bacudio, Camlu x Creative Definitions, Dodjie Batu, Mark Yaranon, Melvin Lachica, Windel Mira; June 1—Ann Semblante, Bamba Limon, Dino Lloren,

Edgar Buyan, Joshua Guibone, Ziggy Savella; June 2— PMFF x Stylem Collection: Collaboration collection of 23 PMFF Designer using Stylem Fabrics; June 3—Bessie Besana, Chris Diaz, Dexter Alazas, Emir Yamamoto, Marc Rancy, Renan Pacson; and June 4—Alodia Cecilia, Benjie Panizales, Gil Macaibay III, Mavy Ladlad and Steph Tan. “I was really looking forward to meeting the designers from CDO but with the pandemic still a force to contend with, almost all designers from Davao and CDO opted to have their collections shipped to Manila and it was like opening a treasure chest as each garment was simply inspiring,” says Aquino.

In mounting the shows amid a pandemic, the main challenge is ensuring the safety of all participants with proper planning and by limiting the number of staff. “We followed strict safety protocols but the best part is that Okada Manila has already one in place that has proven to be effective, efficient, safe and actually a joy doing. The guidelines were sent to everyone coming to the [preshow editorial] shoots and the success of any event at this point will be how you can find the discipline to follow simple rules like social distancing, masking and shielding, washing of hands and requiring each person to have alcohol handy,” explains Aquino.

“What seems difficult becomes easy when you get to figure out the best formula to follow. After countless rounds of virtual meetings and electronic exchanges, the festival took shape. With the vision and leadership of Genshi Shigekawa of the Go Lifestyle Group and Alodia Cecilia of AC Design Yard, all these became a reality,” says Aquino.

“What made the experience a source of joy was getting to interact again and experience the fun that comes with doing an actual show. This time, though, there is no audience and everything that is tangible will have to be translated to the digital space,” adds Aquino. “What is key here is the support of both the private and public sectors, and they are really taking center stage in helping all industries craft their road map to recovery.”

Aquino isn’t exempted from experiencing personal loss from this pandemic. “Coping is your best tool and with a positive frame of mind, we can all

B5

FROM left: Alodia Cecilia, Dino Lloren, Mark Yaranon, Emir Yamamoto, Bamba Limon and Melvin Lachica. Inset: Jackie Aquino

overcome and rebuild our lives. As a private citizen, I found that the best way to help is to simply help, be it in the form of either something physical or just support,” he shares.

From these dark times, a beacon of hope for the fashion industry was born: the Philippine Fashion Coalition, with Aquino as president, in the hope of being the umbrella organization that will represent Filipino fashion. “PFC has embarked on and continues to create programs for its members as we recover.

Then PMFF Season 12 was a blessing as a step in the right direction. Now, my main focus is how to unite the design communities all over the country so we can really be a force down the road.”

How will live shows adapt during this pandemic?

Or will Aquino and his team still press the pause button?

“For now more than ever, we move forward and navigate the real new normal with the demands of both the digital and the tangible, the virtual and the physical reality. How I wish the pause can play again.

Fashion continues to evolve and with imagination and proper support, we can reboot and discover new ways in capturing the fashion spirit in the virtual world.

“But with all these comes the hope that taking baby steps will lead to the day when the energy of a live audience and a runway show is once again a part of the total experience of a runway event. My hope is that more designers and brands do come up with innovative and economical ways in mounting events that can reach a wider audience in the digital space.

You will be surprised at how the bayanihan spirit is so alive, as everyone will do more than their share to ensure that our craft endures.” ■

Why you should take a look at these beautiful C-beauty eyeshadow palettes THE beauty world these days is taking a second look at beauty products from China, with a special interest in eyeshadow palettes. The images and videos doing the rounds of social media show beautifully crafted palettes with wearable colors and different textures from matte to glittery.

The Perfect Diary is probably the best-known Chinese makeup brand in the Philippines. It’s also well-known globally.

Perfect Diary is popular for its lipsticks and exquisite-looking 12-pan eyeshadow palettes.

The eyeshadow palettes contain colors that actually work with each other in terms of shades and textures. They weren’t just placed there randomly.

The Red-Crowned Crane palette, for instance, has shades of red and browns from lightest to darkest that allow you to create different looks. The Fancy Carp palette has more varied shades like brown, pink, purple, orange and silver but everything looks wearable. The Perfect Diary has an official store on Shopee (www.shopee.ph/perfectdiary.ph).

Another Chinese brand making waves on social media is Zeesea, which is known for its collaboration with The British Museum. The collaboration produced several 16-pan eyeshadow palettes with names like Ankh, Eye of Horus and Cobra. The collection also has other products such as lipsticks.

The palettes contain pans of different colors and textures.

The Papyrus, inspired by the The Great Harris Papyrus, is a warm-toned palette in browns, pinks and yellows. The Gayer Anderson Cat palette has shades of burnt orange, red, gold, bronze and yellow with some shimmer and glitter pans.

Zeesea Cosmetics also has an Alice in Wonderland collection in collaboration with The British Museum and the eyeshadow palettes are definitely worth checking out. You can find Zeesea on Shopee (www.shopee.ph/zeeseaofficial. ph).

In 2018, Perfect Diary also collaborated with The British Museum. Palace Identity is Zeesea’s sister brand. It’s more expensive and has very elaborate designs. The lipsticks are worth checking out.

Judydoll is an affordable brand that’s a favorite on social media. Their Play Colour All in One Makeup Palettes have gotten good reviews for their quality and wearability. The palettes include eyeshadows, blush and highlighter. The brand’s Judy Color Lab collaborated with Chinese artist Santu Song, Hello Kitty and The British Museum. Judydoll products can be found on Shopee but there’s no official store yet.

There are so many C-beauty brands worth checking out.

Another interesting one is Tick & Lick, which is a relatively new brand that has created a lot of online buzz because of its 3D animal highlighters.

HADA LABO LAUNCHES WHITENING RANGE IN PHL THE Hada Labo lotion has been the No. 1 facial lotion in Japan for 13 consecutive years. Since Hada Labo’s Philippine launch in 2019, Filipinos have enjoyed the hydrating powers of the brand’s products to give them soft, hydrated and bouncy skin.

Finally, Hada Labo brings the Hada Labo Premium Whitening Range to the country. The line harnesses the hydrating power of hyaluronic acid and combines it with the brightening effect of tranexamic acid for visibly brighter and bouncier skin with a youthful glow.

Tranexamic acid is the active ingredient in the Hada Labo Premium Whitening Range. The ingredient addresses skin

discolorations such as melasma, hyperpigmentation, acne scarring and redness.

The Premium Whitening Lotion, which is used after cleansing and before moisturizing, is the flagship product of the range. This watery lotion (which is more liquidy than the original facial lotion) has tranexamic acid to help brighten and prevent dark spots, while vitamins C and E offer protection against free radical damage. To help skin retain moisture, the lotion has also been formulated with concentrated hyaluronic acid.

The Hada Labo Arbutin Whitening Face Wash not only removes dirt from pores but it also purifies for a clearer, brighter complexion. It contains arbutin and plant extracts to help restore and optimize skin’s evenness for visibly fair and radiant skin. This face wash is skin pH balanced for low irritation.

If you want to try the products first, get the Premium Whitening Trial Set which includes Premium Whitening Wash (12g), Premium Whitening Lotion (30ml) and Premium Whitening Cream (14g).

With regular use, it will give you brighter and glowing skin. Hada Labo Premium Whitening Range products has no mineral oil, no alcohol, no colorants and no fragrances.

Find Hada Labo at selected Watsons retail stores nationwide and via www.watsons. com.ph, and on Lazada and Shopee.

Tip: If you’re not into skin whitening, you can mix the Hada Labo Hydrating Lotion with the whitening variant to fade discolorations and dark spots on your face. You can also use the Hada Labo Whitening Lotion on your elbows and knees to brighten and soften them.

TICK & LICK’s 3D animal highlighters TICK & LICK ON WEIBO

PERFECT DIARY eyeshadow palette PERFECT DIARY

B6 Monday, May 31, 2021

Tudor launches contemporary, hightech details in Black Bay Ceramic

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HE Black Bay Ceramic is a prime example of TUDOR's expert command of one of the industry's most demanding standards in terms of chronometry and resistance to magnetic fields. Tested by the Federal Institute of Metrology (METAS), this Black Bay model is the epitome of high-tech aesthetic language. Its matt black ceramic elements and black Manufacture Calibre accentuate the Black Bay Ceramic’s outstanding performance.

Aesthetically, the TUDOR Black Bay Ceramic combines contemporary, high-tech details with subtle references to its significant heritage.

Its matt black monobloc ceramic case has sand-blasted surfaces with bevelled edges, mirror-polished for a striking contrast, and is finished with very pronounced lines. The insert of its rotatable bezel is also in black ceramic with a sunray satin finish. The engraved graduations in matching tones offer a complementary additional matt detail, which responds subtly to changes in light. Its dial is also black on black, the only contrast being its applied hour markers with off-white luminescent material. Finally, a hybrid leather and rubber strap, black of course, with a “Snowflake” motif on the inside and folding clasp, as well as a complimentary black fabric strap with cream band completes the stealthy black look of this model.

Tudor is launching the Black Bay Ceramic model The Black Bay Ceramic is a prime example of TUDOR's expert command of one of the industry's most demanding standards in terms of chronometry and resistance to magnetic fields. Tested by the Federal

Now you can have a play date with your fur babies in a safe, cool environment at SM City

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ET paw friends enjoy SM City Fairview's indoor Paw Park which features various fun and unique courses perfect for pets of all sizes.

Last May 28, a simple ceremony was held where invited pets and their companions enjoyed an awesome time of play and other fun activities at the Paw Park. Safety protocols and safe distancing measures were in place, and the facilities were sanitized in between usage.

Pet owners can also conveniently shop for pet essentials and treats from Pet Express and SM Hypermarket at our PupUp Market located right at the Paw Park.

The Paw Park is also open for every paw parent who wants to celebrate birthdays and milestones of their fur babies. For more information on how to book the Paw Park as a venue, just message SM City Fairview on Facebook.

SM City Fairview has also partnered with Jack and the Balbons for a series of adorable videos to be released via the mall’s official Facebook page. The first instalment featured Angel, Zeus, and Ming having a great time strolling the mall and having a fun playtime at the Paw Park.

The Paw Park is located at the Upper Ground Level.

Fun ways to supersize your ‘Me Time’ with your favorite snack

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Institute of Metrology (METAS), this Black Bay model is the epitome of high-tech aesthetic language. Its matt black ceramic elements and black Manufacture Calibre accentuate the Black Bay Ceramic’s outstanding performance.

Aesthetically, the TUDOR Black Bay Ceramic combines contemporary, high-tech details with subtle references to its significant heritage. Its matt black monobloc ceramic case has sandblasted surfaces with bevelled edges, mirror-polished for a striking contrast, and is finished with very pronounced

lines. The insert of its rotatable bezel is also in black ceramic with a sunray satin finish. The engraved graduations in matching tones offer a complementary additional matt detail, which responds subtly to changes in light. Its dial is also black on black, the only contrast being its applied hour markers with offwhite luminescent material. Finally, a hybrid leather and rubber strap, black of course, with a “Snowflake” motif on the inside and folding clasp, as well as a complimentary black fabric strap with cream band completes the stealthy black look of this model.

USTLING is all about chasing and achieving goals, creating a positive cycle of self-motivation and productivity. And when goals are already achieved, it’s always important to take a step back and enjoy the little moments of Me Time. Having time for yourself is essential, as Me Time is the fun element that allows you to keep going with your hustle, or the reward you deserve to enjoy the fruits of your efforts.

One way you can elevate your Me Time is by indulging in your favorite treat! Iconic snack brand Piattos is launching the New Piattos Supersized, the supersized snack that will satisfy your supersized cravings. The new Piattos Supersized is available in two flavors: classic and mouth-watering Cheese and the new Sour Cream and Onion, both of which now have bigger chips and bigger flavor!

Here are fun ways you can enjoy your new Piattos Supersized:

Pick up a new hobby you’ve always wanted to try

THERE are days when you’re just too busy to do other things, so when you have your much needed downtime, it’s best to try out that hobby you’ve been eyeing for a while now! It’s always a rewarding feeling when you succeed with your hobby, giving you the confidence to try out new fun activities you can also share with everyone else in the future.

Disconnect for the day

SOMETIMES, it can be pretty rewarding to just tune out all the things that cause you stress. You can’t really have fun if you’re constantly being disturbed, so go ahead and switch on the airplane mode. Me Time just hits different when you physically cut out all interference.

Checkout everything in your cart

YOU deserve to treat yourself every now and then by supersizing on rewards. Now’s the perfect time to reward yourself with plenty of gifts by checking out all the items you’ve added to cart, because you deserve it!

Catch up on your fun “to do” list

REMEMBER all the books you’ve bought but never opened, the games you’ve started but never finished, or all the titles you’ve added to your movie list? It’s time to finally catch up on the list that truly matters for fun. No work, no chores—just pure entertainment for hours on end.

The new Piattos Supersized are available at stores near you and online via Shopee and Lazada.

ValuePlus, Jandusay and Sons open Value Plus Auto Service Express Batangas City

ATTENDING the ribbon-cutting ceremony are, from: Mr. Normann Chiu, President of ValuePlus, Mr. Jett Martel Jandusay, Operations Manager of VPX Batangas City, Mrs. Menjie Jandusay, Treasurer of VPX Batangas City, Mr. John Alvin Jandusay, Branch Manager of VPX Batangas City, Mr. Mark Saberola, General Manager of ValuePlus and Mr. Richmann Uy, Chief Financial Officer of ValuePlus.

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ALUE Plus Auto Service Express (VPX), the franchising brand of Value Plus Auto Services Philippines Inc., enters the market at the most opportune time, with more Filipinos relying on private transportation to stay safe from COVID-19.

With the opening of VPX Batangas City, last May 26, 2021, ValuePlus now has 4 branches in its franchising program, two of which are in Metro Manila.

Established in 2013, VPX is an aftermarket auto service that’s dedicated to helping millions of drivers across the metro with their automotive concerns.

With the official opening of VPX Batangas City, VPX proudly welcomes to its family Jandusay and Sons, its newest ValuePlus franchisee-partners.

Brothers John Alvin Jandusay and Jet Martell Jandusay, along with their father Hanniel, had first started thinking about putting up a business in 2018 and came across ValuePlus online. “We were

considering several different types of businesses. But we got to thinking, ‘Why should we go for the common? Let’s be different!” shares John Alvin, the 24-yearold branch manager of VPX Batangas City.

As car enthusiasts themselves, the family decided to partner with VPX and franchise their own “casa alternative.”

The VPX franchise is one of the most competitive businesses in the industry, shares VPX General Manager Mark Saberola. “ValuePlus is founded on a sound business model that’s been proven to be crisis-proof. Despite the pandemic, all our branches have thrived. With our newly introduced Starter Package, ranging from P4.5M-P7M, franchisees can have their very own auto repair shop up and running in 2 to 3 months’ time. We assure our partners that ValuePlus will guide them every step of the way,” he adds.

Located along Batangas-TabangaoLobo Road in Barangay Libjo, the 300-sqm repair shop caters to the needs of drivers

in this part of South Luzon.

To date, according to Saberola, around 3.5 million cars are no longer covered by their manufacturer’s warranty. And thus, car owners seek trusted auto repair service providers for their vehicles’ needs. “While there may be many other auto repair shop franchises, the unique advantage of ValuePlus is the quality of their work and the expertise of the personnel. From the managers to the technicians, they are all very professional and skilled. They know exactly how to fix your cars,” shares Jet. As first-time franchisees, Jandusay and Sons found great confidence in VPX, especially as they were guided by management through numerous trainings to further learn the ropes of the business. “The training was very thorough, and the management was very hands on during the training.

All our questions and concerns were addressed, so now we’re more knowledgeable about the workflow,” says Jet. “You can’t learn a business in just 30 days, but with the help of VPX management, we felt more secure and confident. Partnering up with them was definitely the best decision!”

Saberola urges other businessminded individuals who have long wanted to start their own enterprise to consider franchising programs such as theirs. “Though we are an almost decadeold brand and our systems are wellestablished, we still work closely with our franchisees to ensure that we provide the direction and assistance they need in building up their business,” says Saberola.

“We want to help them achieve their dream; their success is our success, too.”

For more information on franchising, email vpx@valueplusph.com or call 0917637-2085. Visit fb.com/solutionsvpx.

CCP presents Bayanihan’s 2021 Sayaw Finale

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HE grand finale of SAYAW, a component of Bayanihan, the National Folk Dance Company of the Philippines’ Teaching and Touching Lives program, will be streamed live by the FB Page of the Cultural Center of the Philippines on May 31 at 3 p.m. It will also be available at the Philippine Women's University FB page.

Sayaw is a two-week intensive workshop for children, teens and dance enthusiasts.

Annually, the PWU hosts the training workshop of Sayaw. But due to pandemic this year, Bayanihan Executive Director Suzie Benitez, decided to make it online -- with students learning the dances via zoom -- at the comfort of their homes.

Now on its 25th year, the program has become a potent tool not only in bringing dance to a wider base of enthusiastic participants but in becoming a value laden, character building program.

It was conceptualized to help the

participants appreciate and discover their own talents and potential that can hopefully build confidence in their capabilities to pursue many choices in their lives. It also endeavors to bring and share the beauty of the Philippine cultural heritage through music and dances to the youth.

"This pandemic really poses a lot of challenges. But art and culture through dances continues to grow. This time, we fully harness the power of the new technology so we can all be together despite the absence of face-to-face learning including in dances.

Prior to the CCP finale, the Bayanihan also held online sayaw workshop in February 2021 at Masbate, Isabela and Gensan.

Currently, the dance instructional videos of the Bayanihan are being developed and will be launched very soon according to Benitez as the group has been receiving hundreds of requests from dance enthusiasts here and abroad.

SOME of the children participants attend the final zoom meeting for the Sayaw grand finale.

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Monday, May 31, 2021 B7

Lessons I learned from leading teams

PR Matters

By Ritzi Villarico-Ronquillo, APR, IABC Fellow

A THROWBACK PHOTO A salute to my 160 fellow employees from various offices and of various ranks, who had volunteered to rehearse tirelessly for our company’s 100th year. This was one of my most fulfilling special events to lead, organize and manage, with the support of my colleagues, management and awesome teams. Together we premiered the Centennial Song written by Louie Ocampo with lyrics

by Jules Dacanay, performed it live with choreography by Julie Borromeo on Employees Day, recorded it on audio and video with National Artist for Music Ryan Cayabyab conducting, and accompanied by a live orchestra. In the audience were 1,000 company leaders and employees. I cherish the videos of that milestone launch. That song went on to be played every day as we arrived for work, and for special occasions.

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NE very important aspect of communication and public relations is the ability to have people skills that build relationships based on trust, that enable goals and objectives to be met, and outcomes and positive change to happen. It also builds the ability to bounce back from disappointments, from matrices of deadlines and bumps in the road, and to know which battles to fight, and which to let be.

It’s easier said than done as this stamina for both joy and pain is built over time, as we move on in our profession. Here are insights from that journey.

I began as a project-based talent, then moved on into being a plantilla-based entry-level employee, and finally beginning a corporate career as a junior writer, a rank-and-file employee.

In the years that passed, I was blessed to move up in the corporate ladder to head communication and cross-functional teams for both internal and external stakeholders in a company in the energy industry, to teach and conduct training sessions for students, corporate executives, engineers and other technical personnel; and later, head country communications for a manufacturing company, a member of a big multinational group.

Newbie in the work world

AS a newbie in the professional world, I knew that while academic records and performance were a qualifying plus, one had much to learn.

I really wanted to be mentored and guided. Luckily, I found wonderful mentors who probably saw some potential in me, something I had no visibility of as a young employee. I imbibed every single assignment, especially the ones that needed organizing and leading. It took my experienced mentors with their clinical eye honed by years on the job, to be there for me in my corporate formative years.

They trained me daily, not by spoon feeding, but by giving me tough assignments, projects, activities and start-up programs that were valuable opportunities for me to learn. I had to learn to write and interview for stories, any kind, on the spot, and think of the photo and visuals needed for it. If it meant filling a page right there and then, flying in a helicopter for a sudden interview in Bataan, or hurriedly gathering

the precious manuscripts and leaving the printing press as the building beside it was burning, so be it.

Loving diversity

LUCKILY, too, I had peers who were not the jostling-for-positions type of personalities. And perhaps it was also due to our line of work and our outputs—publishing, writing and editing, video production, event management, information management—where you need a team: editor, writer, artist, photographer, production team, press team, etc.

We worked well together despite different personalities, styles and opinions at times, because each one brought his/her talent to the table.

By merging our abilities, we got the job done. It was a diverse group of unique persons whose individual talents complimented and completed the other in the field of communication.

Moving up and onward

WHEN my mentors retired, I found myself inheriting the roles, posts and responsibilities they had. This included leading crossfunctional teams that combined creative, technical and analytical thinkers and doers. You learned to appreciate each one for who he or she was.

Providentially, the company I was with required and provided us with intensive leadership training and practice: visionary leadership, coaching and counseling, and PLOC (planning, leading, organizing, controlling).

These were held weeks apart to give us time in the training batch (around 30 of us) to practice what we learned in the workplace, managing our teams, and requiring us to report and give feedback the next time the batch met.

Leading

Leading teams is not a walk in the park. n You have to be constantly ahead of the curve in anticipating scenarios while feeling the pulse of each team member as you all strive to deliver the outputs and outcomes that determine your team’s ratings and each one’s future in the company. n You have to sometimes keep closer watch over a team member whose performance may not be up to par for some reason. n Or there may be team members who are so driven that the rest may not be able to catch up.

n Then there are those who challenge rules that they feel curtail their freedom. n There are those who need counseling and a listening ear as they go through family problems.

They need someone whom they can trust as they open up their vulnerability knowing that in the future, it will not be taken against them.

Mentoring is not a walk in the park either. n First, mentees have to be willing to learn and be guided. n Second, you have to spot their potential and help them develop it by giving them opportunities to grow. n Third, almost like a parent, you have to be patient, know when to take a firm stand and when to let things go, know how to give feedback, when to understand and when to say no. Be firm but kind.

Each team will have its own collective personality shaped by the diversity of the individuals who comprise it.

So, leading teams, especially if they are highly creative communication teams, calls not only for IQ (intelligence quotient) but also lots of the EQ (emotional quotient), SQ (social quotient) and AQ (adversity quotient).

Insights and tips

LOOKING back at those many years of corporate leadership experience, these are what I can share:

1. You have to strive to be good at what you do, and what you ask the team to do. That establishes

credibility and earns respect that you are qualified and competent to lead the team and set standards.

2. Be ready to work side by side with them as often as possible. A leader who naturally and willingly rolls up his/her sleeves and works with the team will understand what they go through and understand the process. Together, you can improve and achieve. Together, you can process down time. Go to the gemba (shop floor), know what is happening on the ground.

3. Find the unique potential in each one and let them know they are appreciated for who they are and how you can work together to further the team goals and their personal goals. Career coaching and conversations are valuable, and so is the time spent hanging out, bonding, learning to trust and appreciate each other.

4. Understand where they are coming from and make your management style clear especially at the outset, so expectations are in place.

I would tell my team that it was okay to let me or the other team members know if they were having a tough day so that we could help see them through.

5. Be fair and courteous. Earn the respect, don’t demand it. Don’t play favorites. Don’t be vindictive. The grapevine picks up on these rather quickly with wordof-mouth.

6. Build trust. Let them tell you bad news and mistakes firsthand before you hear it from others.

Conversely, give them a heads-up of matters you can disclose to them before they hear it from the grapevine. By knowing any slip-ups or problems right away and suggested solutions, I could, even if it would get my goat, work together with the team to find a solution to mitigate the impact, contain and resolve it immediately.

7. Provide a focal point to keep the team motivated and encouraged, and remind them of that north star especially when difficulties happen.

Keep the eyes on what is the aspired target.

8. Celebrate little victories. Sincere words of deserved praise for a job well done, for hard work, have to be said while the experience is still fresh. It could be a simple act that encourages positivity and achievement. This did not have to be lavish celebrations, it could be a round of milk tea.

9. Encourage the heart. Keep the door open for any dialogue, conversation, work-related or otherwise, that can help them process a difficulty. I encouraged my team members to let me know if they were going through something, even if with no details, just so that I could understand why for that day, they seem distracted. We have to respect each one’s humanity. If you can recommend them for promotion, for awards, for scholarships, even for a new post that was in their bucket list, why not do it. By doing that, you are shaping them as a leader.

10. Be sincere. See the good in others. Be an example of what you ask them to be.

11. Embrace every single moment and experience. Each experience,

happy or sad, brings with it a lesson. It adds to our stamina for difficulties and breadth and depth, readying us for more intricate and meshed responsibilities and situations.

Life after leadership posts

ALL in all, it’s really a combination of managing (getting the job done), leading (inspiring and motivating to get the job done), and doing unto others what you would like others to do unto you.

Work will always be there. But it will be the friendships and fond memories that will live on and really matter, and we will meet our teams again, outside of work.

Our former CEO celebrated his birthday in May, and there was an outpouring of wishes from former employees here and abroad from different generations. Everyone spoke fondly of the times together, baha man o bagyo, looking back to both the happy and even the difficult times together. He led a company and invested in people.

Now if that’s not leadership, I don’t know what is.

My favorite guiding statement is: “We become successful by helping others become successful.”

After all our years leading teams, the question we can ask ourselves is, what legacy will I leave behind, in people’s hearts and memories? So that for that moment in their lives, when we were together, we helped them find and become the best they could ever be, that set them on the mission and purpose they were to do or destined to become.

Communication and public relations are built sincerely over time. And hopefully, built to last.

PR Matters is a roundtable column by members of Ipra Philippines, the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Ritzi VillaricoRonquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 40 years of experience in leading internal and external communication and PR in corporate, communities, academia and associations.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

After loss in Dubai, Marcial to return to US for training

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UMIR FELIX MARCIAL’s wake-up call that came in the way of a stinging loss in Dubai last Friday has prompted the Tokyo Olympics-bound middleweight to return to the US to make the necessary adjustments he needed for the Games that are opening in 53 days.

The Association of Boxing Alliances in the Philippines (Abap) said in a statement over the weekend that they are setting up Marcial for the USA Boxing training camp at the US Olympic Training Center in Colorado Springs.

Sean Gibbons, president of MP Promotions that signed the 25-yearold Zamboangeno to a professional contract, on the other hand, told BusinessMirror that Marcial could momentarily return to the Wild Card Gym of renowned trainer Freddie Roach in Los Angeles and continue training there while awaiting Abap’s instructions.

“We have arranged for Marcial to participate in a multi-nation training camp in Colorado Springs, the home of Olympic boxing in the USA,” Abap President Ricky Vargas said in a statement over the weekend. “This is the milieu that he needs to be training under and USA Boxing is also graciously assisting us in getting visas for our three other Olympians and our coaches to the Colorado Springs camp.”

The three other Tokyo qualifiers—Nesthy Petecio, Carlo Paalam and Irish Magno—are in a training camp in Thailand.

Vargas said Abap coach Donald Abnett has drawn up a comprehensive 10-week program for the final push to the Olympics that are “attuned to the environment and platform in which the event will be staged.”

“We are happy that Marcial participated in Dubai under the aegis of Abap and has committed to train under our coaches’ mentorship in this crucial period,” Var-

EUMIR FELIX MARCIAL needs a lot of tinkering to enhance his chances for a gold medal in Tokyo.

Chooks-to-Go backs Azkals’ World Cup, Asian Cup campaign

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HOOKS-TO-GO will be supporting the Philippine Azkals in its campaign in the joint 2022 Fifa World Cup and 2023 Asian Football Confederation Asian Cup Qualifiers set from June 3 to 15 at the Suzhou Olympic Sports Centre in China.

It’s a reunion between the country’s top rotisserie chain and the national team as Chooks-toGo, through its president Ronald Mascariñas, supported the Azkals from 2016 to 2018.

Mascariñas and Azkals team manager Dan Palami also worked together in 2016 when Chooksto-Go supported the University of the Philippines Men’s Basketball Team in the University Athletic Association of the Philippines.

“Chooks-to-Go has been a staunch supporter of the Azkals since 2016. I’ve also experienced first-hand how generous of a sponsor Sir Ronald is,” Palami said.

“When the UP Men’s Basketball team was backed by the countries number one rotisserie, he took very good care of the team.”

“We are hoping that me and Sir Ronald rekindle the magic we had a few years ago as it always leads to something positive,” he said. “It’s really an honor to have them back.

Mayroon talagang puso para sa ‘Pinas ang Chooks-to-Go. We are proud to be a Manok ng Bayan.”

For Mascariñas, he is hoping that the Azkals rise above the challenges it has faced heading to the qualifiers.

“We have heard about the challenges that have been stacked in front of the Azkals.

But knowing the Philippine Football Federation, Dan, and Scott [Cooper], they know how to handle these things,” Mascariñas said. “We want the Azkals to fully focus on the task at hand.”

gas said. “This will address the kind of challenge he will face in Tokyo.”

Marcial admitted he learned a lot from his loss in Dubai and vowed to come back stronger in the Olympics set from July 23 to August 8.

“I have to adjust and improve more on my way [of fighting], more on my tactics,” Marcial said. “In terms of stamina and power, I got it. I will do whatever I can to win the gold.”

Marcial lost to non-Olympic qualifier Jafarov Saidjamshid of Uzbekistan, 0-5, in the semifinals on Friday. He earned a bronze medal and a $2,500 cash prize as a consolation.

Marcial and three other Filipino boxers settled for bronze medals in the Asian Boxing Confederation Asian Elite Men and Women Boxing Championships that wound up at the Le Meridien Hotel bubble in Dubai over the weekend.

Light flyweight Mark Lester Durens and bantamweight Junmilardo Ogayre bowed to top-ranked boxers in the semifinals, with Josie Gabuco fell victim to another Uzbek, young sensation Gulasal Sultonalieva, 4-1.

Marcial is expected to arrive in the US on Tuesday. He will no longer come home and instead will fly directly to Tokyo for the Olympics. Josef Ramos

Sports BusinessMirror

B8

| Monday, May 31, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BLEACHERS’ BREW

Crossroads reflections by a soccer player

EGAN BERNAL (pink jersey) and Simon Yates pedal close to each other during the 20th stage on Saturday. AP

BERNAL 30 KMS AWAY FROM TITLE V ALLE SPLUGA-ALPE MOTTA, Italy—Egan Bernal looks set to add the Giro d’Italia title to his Tour de France win after maintaining a significant lead at the end of the penultimate stage, which was won by Italian rider Damiano Caruso on Saturday.

It was a first-ever victory in a Grand Tour for Caruso, who also all but secured second place overall, and it came on one of the most difficult stages.

Stage 20 had been given the maximum difficulty rating of five stars.

The 164-kilometer route from Verbania to Valle SplugaAlpe Motta featured more than 4,200 meters of vertical gain and three top-category climbs, including the final ascent to another summit finish, where Caruso soloed to victory.

The Bahrain Victorious rider shook his head in disbelief as he rounded the final corner before zipping up his top and raising his hands across his head as he crossed the line.

“I thought about a thousand

RICK OLIVARES bleachersbrew@gmail.com

things in the last meters before the finish line, all my sacrifices, my training, and all the work done by my teammates,” Caruso said.

“We rode in an exemplary way today, Pello Bilbao in particular did an incredible job and he played a fundamental role in this victory.

Today I realized a dream, I think I am the happiest man in the world!”

Bernal finished 24 seconds behind and has an overall lead of one minute and 59 seconds over Caruso heading into the final day’s time trial in Milan on Sunday. Bernal is 3:23 ahead of third-place Simon Yates after the expected attack from the British rider failed to materialize.

Bernal, the 2019 Tour de France winner, was helped heavily throughout the stage

by Ineos Grenadiers teammate Daniel Martinez, who paced him brilliantly up the final climb and finished the stage in third, 35 seconds behind Caruso.

“Today we rode very well as a team, we controlled the race in the best possible way,” Bernal said. “My teammates did a super job...I had good legs and I knew

I had teammates around me but when Caruso attacked, with his advantage increasing, I admit I was worried.

“Now I am confident for tomorrow’s last stage, I have a twominute lead in the GC and I will give everything in the time trial.”

The Giro finishes in familiar fashion. The individual time trial is an entirely flat, 30.3-kilometer route that ends in front of Milan’s famous cathedral.

An emotional Matteo Tosatto, meanwhile, was congratulated by rival Matt White of Team BikeExchange after stage 20, but the Ineos Grenadiers sports director refused to celebrate victory.

After a tense final two mountain stages, where the Colombian looked weaker than his rivals, Tosatto did not want to know about preparations for postrace celebrations.

“As I always say, the Giro ends in Milan, not before. We need to stay focused with our fingers crossed,” he insisted to Eurosport in Italian, surprising journalist Andrea Berton, who asked if

he was being superstitious.

“No, this is not a one-day race, the tension builds and builds and a lot of people want to have a say on things but I want the team to stay focused for Sunday’s time trial,” Tosatto explained.

“People have been preparing lots of things. I don’t want to start a polemic but I want to be clear: the Giro ends when you cross the finish line in Milan,” he added.

Tosatto is a veteran domestique of the sport, having raced for Fassa Bortolo, QuickStep and Tinkoff in a 20-year career.

He was perhaps a surprise choice for a role at Ineos but has emerged as a leading sports director who can combine the team’s hardnosed pragmatism with Italian passion.

Tosatto directed Tao Geoghegan Hart to victory in 2020 and this year will surely see Bernal triumph in Milan on Sunday, despite his warnings.

Nobody really knows if or how Bernal’s back problems have affected his Giro d’Italia.

He was on form from the start, dispelling most doubts, he gained time on his biggest rivals on key finishes but then faded at the very end, exposing potentially huge weakness only for Ineos to step in, ride like the dominant super team they are and help Bernal hold his nerve and his race lead. AP with Cyclingnews

ME, OLD? DONAIRE KAYOES FRENCHMAN, CHAMP ANEW

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By Josef Ramos

ONITO “THE FILIPINO FLASH” DONAIRE JR. dethroned Frenchman Nordine Oubaali via a fourthround technical knockout on Sunday to become the oldest boxer at 38 to hold the World Boxing Council (WBC) bantamweight belt.

Donaire was a class act in the abbreviated championship fight, pummeling—and crippling— Oubaali with thunderous left hooks that squeezed all the power out of the 31-year-old Frenchman.

“It doesn’t matter how old you are. What important is you stay healthy and you know how to take care of your body,” Donaire told BusinessMirror just minutes after his stunning victory. “You are only as good as your body is.

So if you take care of your body, you’ll go a long way,” Donaire upped his record to 41 wins (27 by knockout) with six losses. He is now a three-time world bantamweight champion.

“Even if you’re 38 or 40 as long as you’re very disciplined, you’ll never go wrong,” said Donaire, whose wife Rachel manned his corner.

Armed with a 20-year

experience in pro boxing, the Talibon (Bohol) native smelled a knockout in the fourth round after knocking down Frenchman twice in the third round.

Donaire forced Oubaali into the corner and bombarded the Frenchman with vicious shots, including a devastating left hook that forced referee Jack Reiss to stop the bout with 74 seconds left in the fourth round.

“It was the timing and the great strategy prepared by my team,” said Donaire, thanking his wife for being in his corner. “I was very blessed with my team, I was very grateful. She [Rachel] has really a good understanding of boxing and fighting.”

“We predicted an early knockout win, not past six, and we’re able to accomplish that,” said Donaire, who sat out more than a year without a fight because of the pandemic.

Donaire was scorching in third round, continuously hurting Oubaali with left hooks and uppercuts. He floored Oubaali with a thunderous left hook for the first knockdown of the round and followed it up with another killer left for the second knockdown.

Oubaali appeared badly hurt but Reiss still allowed to continue

NONITO “THE FILIPINO FLASH” DONAIRE JR., heads to the neutral corner as the referee makes a 10-count on Frenchman Nordine Oubaali. COURTESY JHAY OH OTAMIAS

the fight. But it was just a matter of time in the fourth round for Donaire to get his spot back after five years in the elite circle of Filipino world champions since losing his World Boxing Organization super bantamweight belt to American Jessie Magdaleno in November 2016.

The four-division world champion joined International Boxing Federation (IBF) super flyweight champion Jerwin Ancajas, WBO bantamweight titlist Johnriel Casimero and IBF minimumweight king Rene Mark

Cuarto on the elite list.

It’s worth the wait though for Donaire and Rachel, who now have two sons—Jarel and Jarel Logan.

Before the bout, former Filipino world champion Gerry Peñalosa was on record as the oldest fighter to capture the world bantamweight (WBO) crown at 35 after he defeated Mexican Jhonny Gonzalez in 2007 in Sacramento, California.

Oubaali, a 3-1 favorite coming into the fight, experienced his first knockout and eventually his first defeat in 18 fights highlighted by his 12 knockouts.

IF there is anything this ongoing pandemic has taught people is at any moment, your life can be ripped away from you.

For American football player Victor Parra, it is a double whammy.

He was supposed to have played for Global FC in the Philippines Football League (PFL) but not only did the pandemic put a stop to that, but its so-called owners stiffed him and the other new signees.

Even worse, Parra paid for some things to his so-called club to process his papers when he should have not done so. Not only did he not play, but he lost money too.

“I was greatly looking forward to making a name for myself in Asia and in the top league of the country [the Philippines],” he said of the initial plan. “Unfortunately, once the pandemic hit, it put a pause to everything. The travel ban made it impossible to enter the Philippines let alone play [the PFL eventually did get going but only for a few weeks and with no outsiders flying in to suit up].”

Currently a free agent, Parra has found it difficult to find a club given all the travel restrictions and uncertainty brought about by the pandemic. And yet, he remains optimistic, “I am healthy and happy through these times which is very important.”

With sports reopening in many parts of the world, it has still been difficult outside playing in top flight football.

“I had a few teams and agents from a few different countries reach out by playing this past 2020-21 season,” bared Parra who resides in California. “Some are in the United States while others are in Europe. However, being a professional footballer during this pandemic has been difficult. It is tough to get quality training or even travel outside where you live.”

In spite of these setbacks, Parra has been unshakeable in his faith that he will get to resume his football career.

“I decided to work hard in this time when I am not playing,” he shared. “I have a personal trainer who I work with on specific soccer skills and fitness every day. I decided to also chase my business endeavors and am currently running a real estate business along with my business partner.”

“It’s important to have different goals in life as football does not last forever,” Victor said of his reflections during these difficult past two years. “The effects of the pandemic is a big wake up call to me that anything can be taken from you at any given moment and soccer has been my whole life.”

The pursuit to get what he is owed by Global FC continues with Parra saying he and other players are working with FIFA and the league.

“We work hard for that money and for them not to have paid shows poor ownership and management. The pandemic is no excuse not to honor contracts.”

In the meantime, Victor Parra remains hopeful and refuses to be brought down by any negativity. While he has looked for another means to earn a living, he remains undeterred that he will play again.

“I am looking forward to the next steps in my footballing career,” he summed up. “I will weigh my options and look forward to a return. I am very much open to playing in Asia.”

Anywhere to be honest.

It’s just to get back on that field of dreams.