BusinessMirror October 01, 2020

PHL down 2 rungs in world digital index

By Lorenz S. Marasigan

and employee training,” the report read.

IMD uses three factors to determine the ranking of each country.

First is knowledge, which refers to the intangible infrastructure necessary for the learning and discovery dimensions of technology. It has three subindices: talent, training and education, and scientific concentration.

The second is technology, which quantifies the landscape of developing digital technologies. Its three subindices are regulatory framework, capital and technological framework.

The last factor is future-readiness, which examines the level of preparedness of an economy to assume its digital transformation. Its three subindices are adaptive attitudes, business agility and

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HE Philippines dropped two notches in the World Digital Competitiveness Ranking of the IMD World Competitiveness Center, putting it at the bottom 10 of the list.

In its 2020 report, IMD ranked the Philippines 57th out of 63 countries in terms of digital competitiveness in the world.

“The Philippines slightly falls from 55th to 57th. The decline reflects the weakening of the talent and training and education subfactors. The deterioration of these subfactors is mainly driven by decreases in the availability of internationally experienced senior managers, attracting foreign highly skilled personnel

MAKATI City Mayor Abby Binay shows the On The Go (OTG) flash drive, which contains digitized self-directed modules and video broadcast editions designed for offline use of Makati City students. The flash drive is part of the free learner’s package given to public elementary and high school students of the city. NONIE REYES

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IT integration.

IMD compiled hard data and survey data to come up with 52 measurement tools to determine the rankings.

Mixed results

THE Philippines saw a decline in knowledge, ranking 62nd, as its scores for talent, training and education, and scientific concentration also dropped.

For technology, however, the Philippines rose to 53rd, as it saw increases for capital and technological framework, but was slightly offset by regulatory framework.

The Philippines also fared better in terms of future-readiness, ranking 54th, as business agility and IT integraContinued on A2

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COVID SPENDING TAKES 8-MO PHL DEBT TO P9.6T www.businessmirror.com.ph

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Q4 REBOUND NOT SEEN TO SAVE FULL-YEAR GDP FROM SHARP DECLINE

By Elijah Felice Rosales

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PROVINCIAL buses expected to arrive during the first day of the resumption of provincial operations are nowhere in sight at the Philippine Integrated Terminal Exchange (PITX) in Parañaque City. ROY DOMINGO

HE national government’s outstanding debt as of end-August swelled to P9.6 trillion as it secures more borrowings to finance its spending needs amid the Covid-19 pandemic.

Latest data from the Bureau of the Treasury showed the country’s debt stock surged by 21.1 percent from P7.94 trillion in end-August last year.

Compared to end-2019 level of

P7.731 trillion, the government’s debt portfolio as of end-August jumped by 24.4 percent. Month-on-month, the country’s debt stock is up by 4.92 percent from P9.16 trillion as of end-July.

Of the total outstanding debt, 69.8 percent was sourced domestically, while 30.2 percent came from foreign lenders.

Domestic debt as of end-August also rose by 27.3 percent year-on-year to P6.7 trillion from P5.27 trillion a year ago.

To date, domestic debt has increased by 30.92 percent from P5.13 trillion as of end-2019. The end-August domestic debt stock also increased by 7.3 percent from P6.26 trillion as of end-July.

According to the Treasury, domestic borrowings for the year as of endAugust amounted to P2.5 trillion. Of the total new issuances, P925.38 billion was in Treasury bills (T-bills), P447.86

billion was in Treasury bonds (T-bonds) and P827.11 billion in Retail Treasury Bonds. This also includes the P300billion short-term borrowing from the Bangko Sentral ng Pilipinas through a repurchase agreement.

Gross maturities also reached P914.08 billion. Of this, P540.08 billion was for T-bills and P374 billion was for T-bonds.

On the other hand, external debt as of end-August has reached P2.902 trillion, inching up by 8.8 percent yearon-year from P2.67 trillion in the same period in 2019.

It also went up by 11.5 percent from P2.604 trillion as of end of last year.

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Continued on A2 MAKSYM YEMELYANOV | DREAMSTIME.COM

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By Bernadette D. Nicolas

CONOMIC recovery may hasten in the fourth quarter as movement restrictions are relaxed one after the other, but this will fall short of saving full-year GDP from contracting by as much as 8.5 percent, a think tank has projected.

In the September issue of The Market Call, the First Metro Investment Corp. and University of Asia and Pacific (FMIC-UA&P) Capital Markets Research said the Philippines is showing signs it can recover in the second half. However, the rebound in the closing months of 2020 will fail to prevent full-year GDP from declining by 6.5 percent to 8.5 percent.

“Although the deep dive in Q2, which impacts also Q3, suggests full-year GDP to decline by 6.5 percent to 8.5 percent, we expect a more positive outlook for Q4 with the Philippine economy slowly recovering and milder restrictions in place starting September,” the report read.

The FMIC-UA&P Capital Markets Research pointed to the 7.5 million workers who returned to work as an indicator the economy is bouncing back. Based on the Labor Force Survey in July, unemployment rate worsened to 10 percent, from 5.4 percent during the same period last year, but improved from the record-high 17.7 percent in April.

“We should see even better improvements in the real sector as more people get back to work [and] quarantine constraints have become more focused on local hot spots,” it said.

Further, the think tank argued inflation may even sink below its original forecast of 2.5 percent, as food supply is now expected to steady and production is seen to normalize. Likewise, crude prices in the international market remained

As palay prices plunge, RTL review sought

By Jasper Emmanuel Y. Arcalas

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HE Federation of Free Farmers Inc. (FFF) is urging lawmakers to review the rice trade liberalization (RTL) law in light of falling palay prices and reimpose the powers of the government to place quantitative restrictions on imports under certain conditions.

In a statement on Wednesday, the FFF asked Congress to conduct

an immediate review of the law that ordered the deregulation of the rice industry, paving the way for easier entry of imports.

The FFF made the call following reports they received from farmers that wet palay prices have dropped to between P11 per kilogram and P13 per kilogram and P14 per kilogram to P17 per kilogram for dry palay.

The prevailing market prices, the group pointed out, are “significantly

PESO EXCHANGE RATES n US 48.4650

lower” than the National Food Authority’s (NFA) P19 per kilogram buying price for dry palay.

The P12 price prompted Senate President Pro Tempore Ralph Recto to lament that this made palay much cheaper than a face mask or face shield used as safeguard against Covid-19.

“Prices are expected to go down even more when harvests reach their peak in October and November,” the FFF said.

Uncontrolled imports

THE FFF attributed the price declines to “uncontrolled entry of rice imports and uncertainty over [Department of Agriculture’s] policy for the decline in prices this early in the harvest season.”

“Many traders are playing safe and buying low because imports might flood the market again like last year and make it unprofitable for them to dispose of their stocks,” it said.

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WILL DISTANCE LEARNING WORK? PARENTS, TEACHERS NOT SO SURE, BUT HOPEFUL

Continued on A2

n JAPAN 0.4588 n UK 62.3454 n HK 6.2539 n CHINA 7.1116 n SINGAPORE 35.4199 n AUSTRALIA 34.5362 n EU 56.9076 n SAUDI ARABIA 12.9216

Source: BSP (September 30, 2020)

News BusinessMirror

A2 Thursday, October 1, 2020

PHL down 2 rungs in world digital index Continued from A1

tion both rose, but adaptive attitudes slipped.

Despite increases in investments in the ICT sector, which saw an all-time high at P308.8 billion in

October 2019, the Philippines has been seeing a steady decline in digital competitiveness over the past five years.

In 2016 and 2017, it ranked 46th on the IMD’s list. A year after, it fell 10 notches to rank

56th, and improved by a single step to 55th in 2018. By 2019 it ranked 57th.

For 2020, IMD listed the United States of America, Singapore, Denmark, Sweden, Hong Kong, Switzerland, the Netherlands, South Korea, Norway and Finland as the 10 most digitally competitive countries.

“The digital technologies remain at the core of strengthening the competitiveness of an economy. In particular, the role of knowledge generation and talent development in combination with effective regulation and infrastructure continue to drive digital competitiveness,” the report read.

COVID SPENDING TAKES 8-MO PHL DEBT TO P9.6T Continued from A1

However, this is 0.2 percent lower from P2.908 trillion as of end-July.

The Treasury said the month-on-month decline in external debt was due to the P37.36-billion net effect of local currency appreciation.

For the period, project loan availment reached P17.09 billion, while program loans amounted to P306.54 billion.

Meanwhile, offshore bond issuances amounted to P186.06 billion.

Total guaranteed obligations of the national government as of end-August dropped by 8.8 percent to P446.997 billion from P490.278 billion a year ago.

The lower level of guarantees was due to the net redemption of both local and external guarantees amounting to P8.59 billion and P0.42 billion, respectively. Local currency appreciation further reduced the value of external guarantees by P2.85 billion, offsetting the effect of third-currency appreciation amounting to P0.03 billion.

Since the start of the year, guarantees as of end-August this year slid by 8.5 percent from P488.746 billion as of endDecember last year.

The government borrows to finance its spending requirements as well as to cover its budget deficit.

The Development Budget Coordination Committee (DBCC) also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP—a level it has not seen in over a decade—from a record low of 39.6 percent of GDP last year.

By the end of this year, the national government expects its outstanding debt to reach P10.16 trillion, up by 31.42 percent from last year’s amount.

As tax collections are down amid the pandemic, the Development Budget Coordination Committee projects the country’s budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

www.businessmirror.com.ph

ASF spreads to Sarangani

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HE Philippines has confirmed the spread of the dreaded African Swine Fever (ASF) to Sarangani Province, the fifth province in Mindanao to have an active case of the fatal hog disease.

In his report to the World Organisation for Animal Health (OIE), Bureau of Animal Industry Director and Philippine Chief Veterinary Officer Ronnie D. Domingo said ASF hit backyard farms in Brgy. Pangyan, Glan, Sarangani province.

The outbreak resulted in the culling of 81 pigs, of which seven tested positive for the fatal hog disease, according to the report.

Sarangani province shares a border in the east with Davao Occidental, where the first ASF outbreaks in Mindanao were recorded by the government.

In the report, Domingo noted that the source of the outbreaks remains “unknown or inconclusive” but one of the reasons being looked at is the “illegal movement of animals.”

The ASF has forced the government to cull over 300,000 pigs in the country to curtail the spread of the disease, which is fatal to pigs but harmless to humans. The amount accounts for about 3 percent of the country’s total 12 million pig herd.

In recent interviews, Domingo explained that online selling of processed meat products, which probably used cheap ASF-infected meat, was the possible cause of recent ASF outbreaks.

Domingo’s report to the OIE noted

the ASF outbreak in the backyard farms in Brgy. Pangyan started on July 29 and is still continuing to date.

Based on the government’s latest ASF Zoning Map, the zone color for Glan, Sarangani, has been changed to red, which means it is an infected zone.

Sarangani is the fifth province in Mindanao to have confirmed ASF outbreaks after North Cotabato, Davao Occidental, Davao del Sur and Davao del Norte, which are all neighboring provinces. Jasper Emmanuel Y. Arcalas

Q4 REBOUND NOT SEEN TO SAVE FULL-YR GDP FROM SHARP DECLINE Continued from A1

below $40 per barrel, it added.

“Headline inflation will likely end full year at 2.4 percent, from our earlier 2.5-percent forecast,” The Market Call read.

The FMIC-UA&P Capital Markets Research also raised the increasing spending of the national government as another factor for recovery in the fourth quarter. Based on data from the Bureau of the Treasury, July spending swelled 10.4 percent to P374.7 billion, from P339.4 billion during the same month last year, on the second release of social amelioration funds.

“National government shall ramp up spending, especially on infrastructure and health facilities, to inject vitality into the weakened economy,” the report added.

As for factory output and exports, the FMIC-UA&P Capital Markets Research said figures may start to improve but not at a dramatic pace. Manufacturing PMI in August fell to 47.3, from 48.4 in July, after quarantine protocols in Metro Manila were tightened for two weeks.

On the other hand, the think tank noted exports decline in July improved to 9.6 percent, from 12.5 percent in June, marking the fifth straight month that shipments slipped as the world economy grapples with the Covid-19 pandemic.

As the Philippines enforces one of the longest lockdowns to contain the spread of Covid-19, it endured its worst economic performance on record in the second quarter. GDP in the second quarter plunged 16.5 percent, the worst reading since 1981.

As palay prices plunge, RTL review sought Continued from A1

“Other traders have decided not to take risks and have reportedly stopped buying for the meantime. Difficulties in drying and transporting grains and the limited outreach of the NFA have also contributed to the drop in prices,” it added.

The FFF is proposing that Congress amend the law and reinstate government’s powers to allow the temporary imposition of quantitative restrictions during times that imports have caused injuries to the domestic sector, in this case the palay farmers.

“The FFF has proposed that the law should make it mandatory for the DA to avail of the safeguard provisions of the WTO and local laws. This will allow the government to impose additional customs duties on imports for a specified period in the event of an import surge and proof that the surge has caused significant harm to local farmers,” it said.

The BusinessMirror first broke the story in March 2019 that the version of the RTL law that was passed removed the government’s authority to reimpose import restrictions in times when an import surge causes harm or injury to the local agriculture sector.

Then Agriculture Undersecretary Segfredo R. Serrano told the Business-

Mirror that reimposing QR as a general safeguard measure, which is allowed under WTO rules, has become a “collateral damage” and is now “useless” since the RTL law was enacted.

(Read story here: https://businessmirror.com. ph/2019/03/14/what-philippines-gave-up-with-therecent-enactment-of-rice-trade-liberalization-law/)

Other proposals

THE FFF explained that the RTL law has tied the hands of the government in addressing crisis situations, citing the cancellation of the planned rice importation by the Philippine International Trading Corp. (PITC) that did not have any legal basis under existing laws.

The FFF also argued that programs funded by the Rice Competitiveness Enhancement Fund (RCEF) are experiencing delays in implementation since the law mandated small research agencies to oversee the programs.

“The FFF has also proposed the restoration of a provision allowing farmers to be represented in the management and monitoring of the RCEF,” it said.

“This provision was contained in the House version and the RTL’s draft Implementing Rules and Regulations, but was inexplicably removed from the final version of the law,” it added.

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Thursday, October 1, 2020 A3

NSC chief justifies ₧16.44-B budget for BDP T

HE National Security Council (NSC) has defended the P16.44 billion allocation for the Barangay Development Program (BDP), which seeks to extend help to 822 barangays liberated from the presence, or influence, of communist rebels.

National Security Adviser and Director General Hermogenes C. Esperon Jr. stood up for the defense of the NSC

budget after the Makabayan bloc in the House of Representatives moved to rechannel the fund to social services.

Esperon said the fund is meant to empower communities affected by the violence instigated by New People’s Army (NPA) rebels and partisans. The P16.44billion budget for BDP is being requested by the National Task Force to End Local Armed Conflict (NTF-ELCAC).

According to Esperon, the P16.44billion fund will be given to 822 cleared barangays, which will be provided P20 million worth of barangay development package per barangay.

He said the programs, activities and packages included in the BDP are farmto-market roads, school buildings, water and sanitation system, national greening program, health stations, elec-

trifications, crops, livestock and fisheries, interconnectivity and livelihood.

“I wish to make it clear that at no point will the NTF-ELCAC control, or manipulate the funds, being requested...the package of programs under BDP are itemized and specified according to the needs requested by the respective local government units,” he said.

Esperon said the BDP allows the

government to address the root cause of communist-inspired insurgency not just through a physical security issue but also the underlying social economic and political factors that are existing for more than 50 years now.

“During the budget deliberations, I have stressed that the Duterte administration is determined to fully address the local communist insurgency which

has hampered development and brought fear and suffering to thousands of Filipino families for more than 50 years now. This was the pretext by which the President issued Executive Order 70, institutionalizing the whole-of-nation and whole-of-government approach in attaining inclusive and sustainable place and specifically creating the NTFELCAC,” Esperon said. Jovee Marie N. Dela Cruz

A4 Thursday, October 1, 2020 • Editor: Vittorio V. Vitug

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PHL, India eye bilateral preferential trade accord

By Elijah Felice E. Rosales @alyasjah

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ANILA and New Delhi have agreed to negotiate a preferential trade agreement (PTA) to cut tariffs on various products and expand bilateral trade in a move that will integrate the markets of two emerging economies in the region.

The Department of Trade and Industry (DTI) on Wednesday announced the country will pursue a PTA with India as agreed upon by trade officials in their latest meeting.

The PTA is a bilateral contract that will reduce, if not eliminate, tariffs

on products of mutual interest.

Trade Undersecretary Ceferino S. Rodolfo explained both camps settled to work out trade on a bilateral level to allow them to address their respective sensitivities.

India used to be a negotiator in the Regional Comprehensive Economic Partnership, of which the Philippines—as a member of the Asean—is part of. However, India withdrew from RCEP talks last year on concerns over tariff reduction, which its government concluded may harm local industries.

RCEP negotiators, made up of Australia, China, Japan, New Zealand, South Korea and the 10 Asean

members, are eyeing to sign the trade deal by November without India.

With India out of the RCEP, the Philippines is now looking to improve economic ties with its trading partner in South Asia through bilateral mechanisms, Rodolfo said. Further, he argued that a PTA will improve and diversify the export activities between Manila and New Delhi.

“The Philippines is eager to conclude one with India not only to improve current trade levels in terms of value and volume but also in the breadth of products to be covered as current trade is highly concentrated on a few products,” Rodolfo said in a news statement issued on Wednesday.

Following up on Rodolfo’s insight, Trade Assistant Secretary Allan B. Gepty added a trade deal will identify how Philippine and Indian manufacturers should work together to fill in gaps in their supply chains. The Philippines, for one, has been wooing Indian pharmaceuticals to locate their Southeast Asian facilities here. “[A PTA is] a concrete response to harness the potentials of the complementarities, particularly in supporting linkages and addressing supply chain gaps through enhanced market access of inputs and raw materials,” Gepty pointed out.

On the other hand, India’s Commerce Joint Secretary Anant Swarup

admitted India will benefit from a PTA with the Philippines. He then called on state officials of both countries to secure the approval of their leaderships so negotiations can begin.

In a report last year, Oxford Economics projected India and the Philippines to post the fastest economic growths between 2019 and 2028 among 10 emerging markets.

For the period, India is projected to expand GDP by 6.5 percent, while the Philippines is seen to grow by 5.3 percent. Trailing India and the Philippines are China and Indonesia, 5.1 percent; Malaysia, 3.8 percent; Turkey, 3 percent; Thailand, 2.9 percent; Chile, 2.6 percent; Poland, 2.5 per-

cent; and South Africa, 2.3 percent.

Based on data from the Philippine Statistics Authority, two-way trade between Manila and New Delhi last year stood flat at $2.37 billion from 2018.

As much as trade stayed put, imports rose roughly 3 percent to $1.82 billion, from $1.77 billion. As for exports, Philippine shipments to India declined nearly 9 percent to $545.44 million, from $598.53 million.

Last year top exports to India include electronic parts, gold, manufactures, copra oil cake and mineral products, while major imports consist of petroleum, pharmaceuticals, meat, motorcycle parts and automotive components.

Cimatu condemns attacks vs forester and cops fighting illegal logging DFA mourns passing of the

By Jonathan L. Mayuga @jonlmayuga

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ECRETARY Roy A. Cimatu of the Department of Environment and Natural Resources (DENR) has condemned the recent attacks against a forester and two policemen by suspected illegal loggers in Aurora and Northern Samar provinces.

“We vehemently denounce any kind of violent acts inflicted on our defenders of the environment, especially at a time when we are all dealing with an unprecedented public health crisis,” the DENR chief said in a news statement.

He called for a swift justice for the attacks, which took place a day apart in the middle of the Covid-19 pandemic that has left many protected areas in the country un-

guarded against various environmental crimes.

DENR Forest Management Specialist II Danilo Pascasio is now fighting for his life after being shot several times by an illegal logging suspect in Aurora last September 27.

A day earlier on September 26, Patrolmen Jessie Golondrina and Edwin Fernando Velarde both died while conducting an operation against three suspected timber poachers in Northern Samar.

Initial reports reveal that Pascasio was shot several times in front of his house at Barangay Calabuanan in Baler town by a suspect identified as Dennis Ruzol.

On September 24, or three days before the incident, Ruzol was arrested for violating the Forestry Code. He posted bail and was granted

provisional liberty.

The forester sustained nine gunshot wounds, one which pierced his liver and pancreas. He immediately underwent an operation to remove the bullets from his body and is currently at the intensive care unit of a hospital in Cabanatuan City.

Police have mounted a manhunt to capture Ruzol.

“To assault an environmental worker, who is just doing his job amid this Covid-19 pandemic, is utterly inhumane and unjust,” Cimatu said.

According to Aurora Provincial Environment and Natural Resources Officer Alfredo Collado, Pascacio played a major role in 11 anti-illegal timber poaching operations from June 6 to September 24 this year.

One operation resu lted in the arrest and filing of charges

against Ruzol and two others, and confiscation of 422 pieces, or 4,865 board feet of illegally manufactured lumber, one elf truck, one Kia Besta van, two chainsaws, and a tricycle.

Meanwhile, Golondrina and Velarde were killed in a gunfight while securing a Masbate-bound pump boat carrying over 11,000 board feet of undocumented lauan timber they recovered from suspected illegal loggers in the coastal town of San Isidro in Northern Samar.

Regional Executive Director Tirso Parian of the Department of Environment and Natural Resources (DENR) in Region 8 said the two environmental policemen were part of the composite team put together by the agency as part of its intensified campaign against illegal loggers in the area.

Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

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HE Philippines joins the international community in mourning the demise of the Emir of Kuwait, His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

“God willing, His Highness Sheikh Sabah al-Ahmad alJaber al-Sabah, the Emir of Kuwait, who moved to the vicinity of His Lord,” said Foreign Affairs Secretary Teodoro Locsin Jr. in a tweet.

“Our deepest condolence to the Kuwaiti people for their inestimable loss; Filipinos share their deep sadness and sorrow. @DFAPHL.” Sheikh Sabah has seen the rise

and development of Kuwait for more than half a century from the time he was Foreign Minister, then Prime Minister until he became Emir in 2006, the Department of Foreign Affairs (DFA) said in a news statement.

Under the reign of Sheikh Sabah, Kuwait has become a force of moderation not just in the Gulf but in the entire Middle East, the DFA added.

The Philippines is especially saddened with his demise as Kuwait is home to a quarter of a million Filipinos who have benefited as well as contributed to the enhancement of PhilippinesKuwait relations. Recto Mercene

Marcos camp says new SC reso validates election protest in 3 Mindanao provinces

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HE camp of Ferdinand “Bongbong” Marcos Jr. on Wednesday welcomed a resolution issued by the Supreme Court, sitting as Presidential Electoral Tribunal (PET), which it said, further affirmed the validity of its election protest against Vice President Maria Leonor “Leni” Robredo covering three provinces in Mindanao.

However, Marcos’s lawyer Victor Rodriguez said they view the recent resolution with “extreme reservation” since it would further delay the resolution of the election protest and might end up already moot and academic.

“We welcome this latest assertion by the tribunal on the validity of our third cause of action calling for the annulment of the election results in Lanao del Sur, Basilan and Maguindanao as separate and distinct from the manual recount and judicial revision,” Rodriguez said.

The camp of VP Robredo, on the other hand, claimed it had won twice in the recount sought by Marcos and that she will win the third time.

Lawyer Bernadette Sardillo, a

member of Robredo’s team, said they welcome the order of the PET as this would hasten the resolution of the election protest filed by Marcos. “We will comply with the High Tribunal’s order and wait for the comments of the Commission on Elections [Comelec] and the Office of the Solicitor General [OSG] on the pending matters,” she said.

Marcos had asked the PET to nullify the election results from the three provinces, citing alleged “widespread presence of terrorism, violence, threats, coercion, force and intimidation.”

Rodriguez added: “Considering the very thin time left in the term of the contested position, our protest is under the real threat of becoming moot and academic by events leading to 2022 such as the filing of candidacy, campaign and national election that would educe the clamor and right of the people to know who really won the vice presidency illusory.”

In a unanimous vote of 12 justices, with two of the 14 incumbent magistrates on leave, the PET decided to furnish the Comelec and the OSG with its

October 15, 2019 resolution that was issued after the termination of the recount and revision of ballots in the provinces of Camarines Sur, Iloilo and Negros Oriental.

The PET, in its October 19, 2019 resolution, directed Marcos and Robredo to submit their respective memoranda within 20 days on the former’s third cause of action relating to the election protest.

Thus, the PET also ordered the parties’ to provide the Comelec and OSG copies of their respective memoranda submitted in compliance with the October 19 resolution.

Marcos’s protest has three causes of action—annulment of the proclamation of Robredo; recount and revision of ballots in 36,465 protested clustered precincts; and annulment of election results for vice president in the provinces of Maguindanao, Lanao del Sur and Basilan on the ground of alleged terrorism; intimidation and harassment of voters as well as pre-shading of ballots in all of the 2,756 protested clustered precincts.

Joel R. San Juan and Rene Acosta

Senate panel restores Palace cuts in OVP’s ₧723.39-million budget

By Butch Fernandez @butchfBM

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HE Senate finance committee took no less than 20 minutes on Wednesday to endorse plenary approval of the originally proposed P723.39million budget for the office of Vice President Maria Leonor “Leni” Robredo next year, voting to restore a P45 million allocation in the Office of the Vice President (OVP) budget slashed earlier by Malacañang.

With Robredo in attendance via videoconference at the committee hearing, the panel unanimously agreed to restore the cut in the budget requested by the

Vice President.

Senators sitting in the committee chaired by Sen. Juan Edgardo “Sonny” Angara, acted quickly to grant in full the original annual budget requested

by Robredo, including the P45 million slashed by the Palace.

Part of the restored fund was originally intended for the acquisition of six vehicles that the OVP reportedly need for relief operations.

According to Robredo, most of the vehicles acquired by the OVP in the previous administration are no longer running and stuck in the garage, prompting her and the OVP staff to use their own vehicles in extending assistance and

relief operations without getting reimbursements for gasoline.

This prompted senators to endorse quick approval of the OVP budget, with Sen. Nancy Binay asserting this was the right thing to do in order to provide dignity to the OVP. She recalled that when her father former Vice President Jejomar “Jojo” Binay was still in office, the budget of the OVP was allocated only P200 millon annually, compared to the multibillion budget of Makati when he was mayor.

For his part, Angara acknowledged that the OVP was indeed at a disadvantage renting office space having no official office and residence.

TheBroaderLook BusinessMirror

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Editor: Dennis D. Estopace | Thursday, October 1, 2020

A5

Will distance learning work? Parents, teachers not so sure, but hopeful Story & photo Winona Sadia

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Philippine Center for Investigative Journalism

ESIDENTS of Barangay BusoBuso in Laurel, Batangas have more reason to be wary when school opens. The village was among the hardest hit when Taal Volcano erupted in January, and families were still scraping mud off their homes when the coronavirus pandemic struck.

Confronted with two crises, teachers and parents in the barangay are left with no choice but to take their chances on distance learning come October 5.

Teachers in Buso-Buso Elementary School, which expects about 200 enrollees, admitted they had yet to grasp the “new normal” in education, which requires internet access. Glenda Tenorio said some of her fellow teachers resorted to “Piso Wifi” stations—coin-operated machines selling metered wireless connections in nearby sari-sari stores—to go online for training and webinars.

The signal here is bad and we’re having a hard time, Tenorio said in Filipino. She added they also need allowances for Internet connection.

In July, teachers were forced to shell out up to P150 (about $3.10) from their own pockets to attend a 3-day webinar organized by the regional office of the Department of Education (DepEd).

The “chalk allowance” was not enough, Tenorio said.

Students who do not own any gadget will have a more difficult time adjusting to distance learning, Tenorio told the Philippine Center for Investigative Journalism (PCIJ).

Not all kids have gadgets they can use. If there’s one, it’s a mobile phone shared by everyone, she said adding that only a few have their own gadgets.

The parents of Buso-Buso expressed willingness to adapt to the new normal, but were worried over the demands of the distance learning setup.

Gina Villalobos, parent of a Grade 2 student, said in Filipino that at home, the kids would rather play and you won’t be able to monitor them all the time. At school, they do what the teachers tell them to, and they are obliged to do their assignments, Villalobos added.

DepEd originally set the school opening on August 24, but worries over the lack of preparation for the distance learning setup forced the government to postpone it to October 5. Despite the six-week leeway, there are still no clear-cut solutions to the problems raised by the parents and teachers of Buso-Buso, which are shared by other parents and teachers across the country.

Lack of gadgets, digital skills

THE lack of gadgets is not only felt in remote areas, but also in rich cities like Quezon City, which has 156 public schools.

Fernan Gana, president of the Quezon City Federation of Parents and Teachers Associations (QCFPTA), said the city govern-

ment had provided 20 laptops for teachers in each school; but these were not enough.

In one school under my supervision, there are more than 200 teachers, Gana said in Filipino.

What are they going to do? What I see with DepEd, they toss the problems to the LGUs, which have no resources, he added.

A sur vey conducted by the DepEd in June found that tens of thousands of teachers nat ionw ide lac ked gadgets and internet connection needed for distance learning.

Out of nearly 700,000 teachers who responded, 87 percent had laptops or computers at home while 13 percent had none. Only 41 percent of those with gadgets had internet connections.

The survey also found that 49 percent had network signals but did not have internet connections in their households, while 10 percent lacked both.

More than the scarcity of gadgets and connectivity, many teachers did not have the digital skills needed to sustain online learning, Gana said.

The older teachers are not adept at using the Internet, Gana said. At the same time, they are struggling with how to teach online, he added.

The A lliance of Concerned Teachers (ACT) said its members were not confident of teaching online and feared that a significant portion of their meager salaries would likely end up being spent on prepaid internet load. ACT is calling for a P1,500 mont h l y - lo a d a l lo w a nc e for public school teachers.

Our teachers are not wellequipped. They can’t see how they will do their jobs effectively, ACT Secretary General Raymond Basilio said in Filipino. They want to go back to teaching, they want to fulfill their responsibilities, but where’s the support needed from the employer?, Basilio asked.

During a Senate hearing in June, lawmakers grilled the education department for training just 40 percent of the 800,000 public school teachers nationw ide. T he DepEd said it had trained 385,471 teachers on information and communications technology (ICT)-based teaching from April to June.

93% acquired devices

BUT Education Undersecretar y Diosdado M. San A ntonio said digital literacy among teachers

Chairs are stacked outside classrooms in GSIS Village Elementary School in Quezon City as workers make use of the prolonged summer vacation to renovate some school facilities.

shou ld not be the sole basis of deter mining the depar tment’s readiness for distance lear ning, as online classes were not the only means of deliver ing instr uction.

He said not even half of the students enrolled for the upcoming school year will use online as primary learning modality.

In the schools, the division and regional offices, the training of teachers is in full swing, San Antonio said in Filipino.

As of September 28, about 93 percent of public schools nationwide have acquired devices such as tablets, laptops, and desktop computers in preparation for online learning, according to DepEd ICT Service Director Abram Y.C. Abanil.

More than a mil lion dev ices h ave been d i st r ibuted to 43,948 public schools a l l over the countr y, Abanil said. T he DepEd plans to deliver 211,344 more dev ices before the end of December this year.

Not as effective as face-to-face?

SOME teachers and parents feared distance learning would not be as effective as face-to-face learning.

In Buso-Buso, parents even appealed for limited face-to-face classes especially for “difficult” subjects, like English and mathematics, that they admitted they won’t be able to teach their kids.

Most of us didn’t go to school, Villalobos said.

Gana, a father of four, warned that the country’s standing in reading comprehension could go down further because of students’ prolonged gadget use.

Gana was referring to the 2018 Programme for International Student Assessment (Pisa), where the Philippines ranked dead last in reading comprehension among 79 countries and economies. The worldwide study by the Organization for Economic Cooperation and Development gauged students’ knowledge in reading, mathematics and science.

If children get used to gadgets at a very young age, reading comprehension might suffer, Gana said. It’s unlike before when you had to find a book and read it,

and your reading comprehension and communication skills are practiced, he added.

Reading Association of the Philippines (RAP) President Frederick S. Perez allayed this fear, saying what mattered was the processing of ideas regardless of the learning modality.

“You can read the digitized format; you can read in printed format. [Just] clicking has no relation with [reading] comprehension. What is important is the processing of the text they’re reading,” Perez said.

“In this pandemic, it’s important that students [are] able to make meaning, and reading in a very technical term of transactional process should make meaning,” he added.

Perez said distance learning would be an opportunity for parents to promote reading at home.

“We have to expose our students to authentic texts aside from the books, the audio books, aside from what is digital. [We] have to make all means to promote reading at home in families. [That’s difficult] because the students are not in school,” he said.

‘Academic freeze’ debated

WITH potential hiccups in distance learning emerging ahead of the reopening of schools, several groups said it might be best for the government to declare an “academic freeze.”

Teachers Dignity Coalition Chairperson Benjo Basas told the PCIJ in Filipino they have proposed the opening of classes in January 2021. It will still be called School Year 2020-2021; there’s no problem there, Basas added.

Basas sa id t he e x tra t ime should be used to further train teachers and gather resources for distance learning.

But R AP, which is composed of teachers handling reading classes, said an academic freeze might result in a “learning lag,” citing studies that found that some students had struggled to catch up upon returning to school from long breaks.

“For me, learning should continue, whatever modality it is. We

just have to be prudent and wise in our choice of modality and it should be applicable to our children in our context in our locality.

It’s too much to delay it for a year.

For me, four months is enough,” Perez said.

Former Education Secretary Bro. Armin A. Luistro said giving distance learning a shot would be better than halting studies altogether.

“I think what is fair is we compare it not with face-to-face or ‘old normal.’ I think we should compare it with [staying at home and doing nothing, no lessons].

Even if they (pupils) learn just half of the competencies, that is already a very important element in ensuring the continuity of learning,” Luistro said.

Alberto T. Muyot, president of the nonprofit group Save the Children, said it would be unfair to deprive students of learning, despite the limitations brought by the health crisis.

“Kids will grow up with or without the Covid-19 pandemic, Muyot said in Filipino. He added that “we can stop face-to-face classes, but learning must continue.”

As parents, we just have to be patient in teaching our children, Muyot said.

To fill the gaps in distance learning, Save the Children launched “Project AR AL” in partnership with the DepEd, rolling out educational materials to be broadcast over TV and radio stations.

President Rodr igo Duter te earlier heeded the recommendation of the DepEd to resume faceto-face classes in areas with low Covid-19 transmission starting January next year.

Groups are now urging government agencies to put in place safety measures for pupils and students.

We still believe that face-toface learning is irreplaceable as the best modality of teaching, ACT’s Basilio said in Filipino.

However, in a pandemic, we have to ensure the safet y of all teachers and students. We are pushing for clinics, an adequate number of health workers, and other resources needed by schools to make sure they are

safe,” he added.

‘Learning must continue’

PEREZ said it was time to integrate new skills in the curriculum.

“Teachers and parents should be ready to face the new normal with new modalities in reading, w r iting , spea k ing , l istening , viewing and presenting. [The] new normal calls for new skills, actually, skills that have not been given importance like listening and speaking and then viewing and presenting,” Perez said.

San Antonio stressed the need for communication between parents and teachers.

“Com mu n ic at ion w i l l be a ver y i mpor t a nt a s pec t of ou r distance learning deliver y mod a l it y,” he s a id .

For his part, DepEd Undersecretary Nepomuceno A. Malaluan said the pandemic might be an opportunity to elicit greater participation among parents in their children’s learning process.

“For quite some time, [there’s] been a much greater reliance of our households on the schools for the learning process of their children, which is not really the ideal because a lot of learning has to happen at home,” he said.

Villalobos, one of the BusoBuso parents, ad mitted t hat playing a bigger role in her children’s learning process would be difficult.

We will do whatever it takes to keep our children in school, Villalobos said adding that the only thing we can bequeath them is education.

As of September 28, the DepEd has recorded a total of 24,661,788 enrollees in public and private schools combined for the upcoming school year. Of the total, 22,460,996 were registered in public schools.

T he education depar tment logged 27.7 million enrollees last year, 22.5 million of which were in public schools.

Winona Sadia finished AB Journalism at the University of Santo Tomas.

She works as a TV news producer. You may reach her on Twitter (@winonymous) or at sadiawinona@gmail.com for comments or suggestions.

A6 Thursday, October 1, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Water as weapon against Covid-19

T

he Covid-19 pandemic focused the spotlight on health campaigns like regular handwashing to help stop the spread of the deadly virus. However, this health campaign is hardly of value to billions of people in certain parts of the world who lack access to even the most basic handwashing requirements—soap and water. The World Health Organization (WHO) and Unicef said some 2.2 billion people around the world do not have safely managed drinking water services.

The Philippine water sector is also confronting unprecedented challenges in the time of the pandemic. Acting Administrator Jeci A. Lapus of the Local Water Utilities Administration (LWUA), the country’s governing body addressing water development in the countryside, knows that the virus threatens the most vulnerable segment of society—the poor, particularly those without access to clean water. This prompted him to call on the hundreds of water districts all over the country to make sure that millions of Filipinos would continue to enjoy safe water amid intensive lockdowns and quarantine procedures in areas outside the National Capital Region.

Lapus said: “Water supply and hygiene have now become our primary weapons against the spread of the virus, with the WHO enjoining everyone to wash hands and disinfect personal belongings as frequent as possible. Looking at the big picture and long-term solutions, LWUA has trained its sights on increasing funding for water supply and sanitation projects—especially for water districts with less than half of their intended coverage. We have also instructed our partner water districts to ensure continuous water supply to our frontliners in hospitals and quarantine facilities—regularly monitoring and guiding them to keep water flowing in these crucial times.”

As the agency marks its 47th year, Lapus said LWUA adopted a 7-point strategy to ensure uninterrupted supply of safe and clean water in the regions. These include increasing funding for water projects; expanding water supply coverage in underserved areas; speeding up project implementation by streamlining processes and utilizing a design-and-build scheme; developing new water sources; focusing on sanitation projects to address the public health threat of the pandemic; enhanced monitoring of water districts’ operations; and focusing on education and process improvements for more efficient utilization of water resources.

Water districts in Luzon, Visayas and Mindanao are not only LWUA’s partners in ensuring water supply but also its teammates in their concerted effort to fight the pandemic. In line with the national health campaign, the water districts helped local government units by putting up handwashing stations. They also donated personal hygiene kits to residents, and distributed rice and information materials to help people cope.

While LWUA recognized and commended the efforts of the water districts for delivering uninterrupted water services despite the handicaps imposed by the pandemic, the agency also called on the consumers to support their local water districts in return. “To sustain their operations, your local water districts need funds,” Lapus said. He called on those who can afford to promptly settle their monthly water dues, as these are the lifeblood of a water district’s operation, “especially the smaller water districts that have limited funds, they need your support.”

“We cannot yet see the light at the end of the tunnel in our fight against the pandemic. But one thing is certain; we will not fail our people in these difficult times. We will see to it that clean and dependable water supply will not be among their worries,” Lapus said.

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James Jimenez

spox

I

’m actually thankful that the idea was floated when it was. Better by far to have ideas like this out in the open where they can be addressed squarely, than to have them festering unnoticed in secret, gathering strength and momentum away from the glare of public scrutiny. So, I am genuinely grateful that an elected official, albeit in a roundabout way, suggested that we do away with the coming national and local elections because, you know, pandemic.

And now that the suggestion has been made, let us give it the benefit of a serious consideration because, ultimately, there is a kernel of reasonability in the idea. After all, it wouldn’t be the first time in the sphere of democratic experience that a national elections would be postponed.

Leaving the strictly legal arguments aside—those arguments have been all but conceded by the main proponent anyway—I would argue that the postponement of the 2022 National and Local Elections, on the premise that the nation might still be under pandemic conditions by then, is both unnecessary and inadvisable for the following reasons: first, there is enough time to adequately prepare for the Covid-safe conduct of elections; and second, elections

are precisely more necessary when the safety and security of society is threatened, as it is with the ascendancy of the coronavirus.

Unnecessary

Earlier this year, at the height of the pandemic, South Korea held its own elections using procedures designed to keep Covid-19 transmissions down to a minimum while ensuring the continuity of their contact tracing efforts. Those elections had one of the highest turnouts of any South Korean elections and it appears that no one got sick participating in it. Since then about 40 other electoral exercises have been held all over the world, proving definitively that popular elections and this pandemic are not mutually exclusive.

Here at home, with the elections

It’s time for business

T. Anthony C. Cabangon Lourdes M. Fernandez

John Mangun

OUTSIDE THE BOX

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Unnecessary and inadvisable

C

ovid-19 has rewritten the rules of everyday life. I have friends that suffered from the nightmare and after-effects of Covid-19. I also have a friend and several acquaintances that succumbed to the illness.

However, I have unofficially ended my personal six-month quarantine. No longer will I accept that the choice is either the “economy or health.” That is the nonsense of those that have promoted a false dichotomy, the choice between two things that are mutually exclusive.

Literally, millions have been told that if the economy was opened up so that they could return to their jobs, they could easily pay the ultimate price.

This is the first time in world history that healthy people—not just the sick—were in lockdown. The reason is obvious; all governments were unable to identify the sick

quickly enough to remove them from the healthy population. Further, the age demographics globally all say the same thing. Old people—like me— and old and sick people—not like me—needed a strong quarantine, as I have written as early as January 31 and February 7.

In the Philippines, 62.3 percent of all Covid deaths are individuals 60 years and older. The purpose of the quarantine was not necessarily to “save lives” but to prevent the number of critically sick from overwhelming the health-care system.

It worked.

However, there is no indication we were near that point unlike in other

While acknowledging that one of the main arguments against postponement is the danger that the current administration would be able to use the delay to its political advantage, speculating any further along those lines is unnecessary.

Better by far to focus on the other most commonly made argument that it isn’t good to change leaders during a time of war. To that I would respond that despite popular characterizations, we are not fighting a war with Covid-19. scheduled for May 9, 2022, the Philippines has even more time to prepare than did South Korea and all the other 40 or so countries that held elections. It follows, therefore, that we can do at least as good a job at making our electoral exercise Covidsafe. Quite relevantly, the fact that no case of Covid transmission has been reported as having probably occurred at any of the country’s registration centers, speaks well of the efficacy of our Covid-safe protocols and the consistency of their application. The challenge, therefore, is to scale up these protocols and procedures within the time remaining until election day.

On another front, thanks to the prompt response of the legislature, there are already a number of laws being crafted that would expand the coverage of alternative forms of voting. These measures, as I

countries. Even at the height of ICU and isolation bed usage, we had situations where a major hospital was “overwhelmed” but had only seven ICU beds devoted to Covid patients.

The press loves the drama: “34 of 136 NCR coronavirus hospitals under ‘danger’ level” on September 25.

Here is the “danger.” Asian Hospital has 47 ICU beds that were 100 percent full. But three days later it was down to 36 percent. Makati Medical Center was 100 percent occupied but has only five Covid ICU beds. The University of Santo Tomas Hospital was also “fully booked” with two ICU beds and five isolation beds. Strange how the actual numbers are left out of the reporting. Then the headline is “Nine in 10 Pinoys scared of getting Covid-19.” I wonder why?

My travels this last weekend around Metro Manila were enlightening and depressing, and “Boracay Beach on the Bay” is great and we should hope it works as planned.

SM Hypermarket at MOA was packed. But it took an hour to check out as half the cashier lines were closed. They cannot get their employees to work. Wilcon Depot’s average daily sales in July surpassed preECQ levels. But then the “economy

argued in several previous articles, have the potential to significantly reduce the number of people voting in person on election day—a necessary adjunct to whatever precautionary measures are implemented on election day.

Inadvisable

While acknowledging that one of the main arguments against postponement is the danger that the current administration would be able to use the delay to its political advantage, speculating any further along those lines is unnecessary.

Better by far to focus on the other most commonly made argument that it isn’t good to change leaders during a time of war.

To that I would respond that despite popular characterizations, we are not fighting a war with Covid-19. A war involves two or more thinking sides, employing strategies which, necessarily, must evolve as each side reacts to the other. In such a situation, having a continuity of leadership is essential because the leader at the start of the war learns more about their opponent, incrementally with every move and counter-move. This makes changing leaders—and therefore, strategies—in midstream a questionable decision since it needlessly discards any knowledge and insight gained from previous engagements with the enemy.

See “Jimenez,” A7

or health” experts shut us down for two weeks in August and killed everything. SM Prime Holdings reports sales of its tenants are now back to 60 percent of pre-Covid level. How much more if restaurants can actually have a full complement of servers and cooks, not to mention table space?

“Mayors, experts want steady Covid-19 decline before MGCQ.” Now define “steady” and “decline.”

The 7-day Moving Average of new cases on August 10 was 4,283. On September 25 it was below 1,500.

You may say those numbers are not accurate, but that is the data the mayors are using to make decisions.

It is time to go back to work even with the risk. The opening of provincial bus lines is a start. For me, a six-month lockdown is enough. I do not want to read any more headlines like “Hunger levels at 30 percent— historic high.” I am going to Silang for lunch on Saturday wearing mask and shield and I will leave a big tip.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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Containing the other pandemic: Debt crisis of developing countries Dr. Rene E. Ofreneo

LABOREM EXERCENS

A

nother pandemic is sweeping the world: The ballooning debt of developing economies.

The Covid-19 pandemic means most governments have to spend extra for the health and survival needs of their citizenry, especially the most vulnerable in society. And then they have to spend more to breathe life to an economy flattened by forced lockdowns, social distancing rules and failing markets. On top of all these, they have to service existing debts while securing new ones or rolling over old loans.

One does not need any scientific research paper to conclude that most countries in the world are now swimming in debt. Our own Department of Finance reported that the total national debt increased by P1.9 trillion in the first seven months alone of 2020. The total borrowings for the whole year are expected to reach P3 trillion; hence, the debt-to-GDP ratio of 39.6 percent registered end of 2019 would now swell to 53.9 percent by the end of 2020 and to 59.9 percent in 2022. Decades of downsizing the debt-to-GDP ratio to less than 40 percent gone!

The mass media are flooded with stories on the debt situation in the developed OECD countries. And yet, the debt crisis of developing countries is rarely reported even if there are signs that the crisis in a number of developing economies is spiralling out of control.

The international financial institutions such as the IMF and World Bank are not blind to the deepening debt crisis of developing countries.

The IMF set up in April a Rapid Credit Facility (RCF) and a Rapid Financing Instrument (RFI) supposedly in response to the demand for emergency financing by over 100 countries. It also sought debt relief for the poorest member-countries under the socalled Catastrophe Containment and Relief Trust (CCRT) program.

However, the total financing needs of developing economies are estimated to be over $1 trillion. The IMF’s RCF and RFI received a fighting fund of only $50 billion. As to the CCRT, the IMF allocation is a paltry $500 million (to increase to $1 billion) for distribution to 29 countries.

Moreover, the biggest problem of the poor African, Asian and Latin American members of the IMF are the plunging prices of their export commodities, mostly in raw or semiprocessed form. Clearly, fair and balanced trade, free from the sanctimonious “trade sanctions” from the United States, should be part of a comprehensive debt and economic relief program for these countries.

According to UNCTAD, the total debt of developing countries in the pre-Covid period had been rising rapidly after the global financial crisis of 2008-2010, reaching an aggregate amount equal to 191 percent of their combined GDP. Most of the loans, ironically, came from private financial speculators, facilitated, again ironically, by the policy of financial and trade liberalization in the poor developing economies.

Ironic because the global financial crisis in America and Europe in 20082010 was blamed on the predatory activities of these financial vultures, mostly incorporated as private equity companies. The latter took advantage of the efforts of Bill Clinton and company to liberalize the financial markets by doing away with the strict banking regulations provided by the Glass-Seagall law, which was enacted during Franklin Delano Roosevelt’s presidency to tame the economic crisis of the 1930s.

In a major research paper, Joseph Stiglitz and Hamid Rashid (“Averting Catastrophic Debt Crises in Developing Countries,” Columbia University, July 2020) gave the following ob-

According to UNCTAD, the total debt of developing countries in the pre-Covid period had been rising rapidly after the global financial crisis of 2008-2010, reaching an aggregate amount equal to 191 percent of their combined GDP. Most of the loans, ironically, came from private financial speculators, facilitated, again ironically, by the policy of financial and trade liberalization in the poor developing economies. servations on the character of the looming debt crisis of the developing countries: n Total external debt of governments (public and government-guaranteed private debt) increased from $600 billion in 2008 to $1.3 trillion in 2018; n Debt owed to private creditors increased three-fold, from $186 billion to $535 billion in 2008-2018; and n Many borrowing countries avoided a full-blown debt crisis happening by rolling over existing debt and taking on new debt.

With the Covid-19 pandemic and the plunging export earnings and remittances (from migrant workers), the debt situation in many developing economies is simply unsustainable. Among the corrective solutions proposed by Stiglitz and Rashid are debt “standstill” (on debt servicing), debt restructuring, long “grace period” for debt payments, and, if needed, capital controls such as those imposed by Mahathir in 1997-1998 during the Asian financial crisis.

However, the proposals of the civil society movements such as the Asian People’s Movement on Debt and Development (APMDD) are bolder. They see the debt crisis of developing economies as a reflection of the unequal and unsustainable global economic order.

Lidy Nakpil observed that private finance capital has been lording over the global financial system, which explains why the system of lending to various countries (governments and private sector) has become more and more profitable to the big international banks, with help from the IFIs and their home governments. Under the scheme of things, the biggest slice of government spending in Covid times goes to these corporations in the form of debt service.

Hence, APMDD and other CSO formations such as Oxfam and Global Justice Now are seeking a cancellation of debt for the poorest countries and cancellation of public external debt payments by all lenders (bilateral, multilateral and private) for all countries in need for at least four years. In turn, they want the resources freed from back-breaking debt service arrangements be used to address immediate needs of the people for vital health care, essential services, and economic and livelihood assistance.

They also want the United Nations, now on its 75th year, to seriously address the challenge of building an inclusive, resilient and debt-free global community.

The killer caretakers Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

W

hat Jesus in His time intended for the ears of the chief priests and Pharisees, and which the evangelist in turn directed to the attention of His Christian community and their leaders, now apply to us in our own times and circumstances—the parable of the greedy and murderous caretakers (Matthew 21:33-43).

The Lord’s vineyard The vineyard of the Lord is a favorite imagery in Sacred Scripture to symbolize God’s chosen people. Two things matter about the vineyard: the love and care poured upon it by the owner, and the success or the failure of the vineyard to measure up to the owner’s expectations. And regarding the vineyard’s performance, two factors aside from the weather are of vital importance: the quality of the grapes planted and the fidelity of the caretakers of the vineyard. The gospel parable zeroes in on the conduct of the caretakers tasked with the management of the vineyard.

In context, Jesus was pointedly speaking about the kingdom of God and how we must qualify to be able to receive our part in it. And this time around it was the unconscionable example of the leaders of the people that He was taking under His

scrutiny. In the parable, the owner of the vineyard had done all the things needed for the vineyard to deliver well. After the planting, He hedged it around and prepared also a wine press. He even built a watchtower for the protection of the property.

But the problem would come from the caretakers or tenants he leased the vineyard to.

The murderous caretakers

The caretakers of the vineyard must “dress” the vines, pruning them at the right time, so that when summer comes the branches can explode laden with the precious nectar from the sun. And, of course, the caretaker-tenants must deliver to the owner of the vineyard his own share of the produce as agreed upon.

In the parable, the subsequent behavior of the caretakers was not only unimaginable but also outright brutal. They maltreated the

Thursday, October 1, 2020 A7

A fruitful stewardship of the gifts we are entrusted with by God demands fundamental loyalty to Him. This is the crux of the matter for any caretaker. It is obviously easy to slide into a mindset where what is proper and just becomes replaced by what is solely to one’s personal interest and advantage, where passions fuel murderous designs and others seen as threats to be eliminated in cold-blood. servants twice sent by the owners to collect his share from them; they stoned some and murdered others.

Reflected here were the prophets sent by God to His people to call them to bear fruits of fidelity to their covenant with the Lord. The martyrdom of the prophets at the hands of the people and their leaders belong to the shame-filled pages of Israel’s history (Matthew 23:37).

The tenants did not have any more respect for the son of the owner. They killed him too because they calculated that with the heir out of the way they could themselves get his inheritance and have the run of the vineyard. The evangelist made sure about the son of the owner of the vineyard, how the caretakers “seized him, threw him out of the vineyard, and killed him,” that the reference to Jesus who was killed outside the city wall would not go unnoticed. In retrospect, he was the stone rejected

by the builders, which has become the cornerstone, the victim violently set aside who turned out to be their only savior. For sure, those wretched caretakers will have a wretched end.

And the evangelist pulled up the curtain for the new people of God as the new and eternal vineyard of the Lord, which will be leased by the owner to tenants “who will give him the produce at the proper times.” Under a new management, the vineyard must now, and much more so, yield “a rich harvest.” This is the big challenge to us Christians.

Alálaong bagá, a fruitful stewardship of the gifts we are entrusted with by God demands fundamental loyalty to Him. This is the crux of the matter for any caretaker. It is obviously easy to slide into a mindset where what is proper and just becomes replaced by what is solely to one’s personal interest and advantage, where passions fuel murderous designs and others seen as threats to be eliminated in cold-blood. In the Church or in society, caretakers directly bear on the people. Those who dare to be dishonest to “the owner” precipitously graduate to grand scale deceptions and brazen-faced manipulations of everything, wanting all and thinking they can have all without accountability. Vintage time means the inevitable and ineluctable accounting.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Trump embarrassed his country and himself Jonathan Bernstein

BLOOMBERG VIEW

I

’ve watched a lot of presidential general election debates. This was the first time that I spent much of the time hoping that the feed to foreign nations was somehow disabled, because what we saw on Tuesday night—what President Donald Trump did on Tuesday night—was so deeply embarrassing to the nation. Whether it was the constant interruptions, or the refusal to condemn right-wing violence, or the false claims about the voting process and how they undermine the democracy, or the steady stream of false statements, or the habit of casting blame on anyone and everyone except for himself, or the wild conspiracy-theory rantings, Trump spent 90 minutes demonstrating how he’s not fit for the office he holds.

What he did not demonstrate is that he has any grasp of the US government or public policy. At one point, former Vice President Joe Biden—he was there too, he did fine—said of Trump: “He has no idea what he’s talking about.” I think it was about absentee voting, but there was hardly any evidence throughout the debate that Trump has learned, well, anything. Climate? Nope. Health care?

Nope. Even the stuff that he supposedly is running on. Policing? His basic message is that anything bad is the fault of Democrats and that he could easily handle it if it wasn’t for them.

But not only does he have no detailed plan, he can’t even talk about crime or law-enforcement in a way that demonstrates he has any understanding of the issues.

Trump claimed, as he has many times before, that voting by mail is full of fraud. It isn’t. Once again,

Jimenez. . .

continued from A6

The virus, on the other hand, is not a thinking enemy. It is simply an existential threat that we had no idea how to deal with. Unlike with a thinking enemy, we don’t have to “outsmart” the virus; we merely need to find a solution that works.

And unlike in a war where the main protagonists—the leaders of each army—learns more about the opponent with every move they make, in the struggle against the virus, the learning curve is effectively farmed out to the world’s scientific

he made a meaningless distinction between states in which ballots are sent to everyone automatically and states in which voters must request them. And once again, all his examples of supposed fraud were from states—Pennsylvania, New York, and others—that fall into the latter category. It’s a nonsensical distinction to begin with; experts have found no problems at all, as Biden pointed out, in the handful of states that send everyone a ballot. Trump, on this topic as on everything else, never demonstrated that he knows more than what a typical viewer of a third-rate partisan talk show would know.

Debates are typically useful for two reasons. They are a ritual of democracy, and they are a high-profile venue for making promises. Debates involving Trump barely qualify on either count. The ritual part of it is community, where knowledge and insight about the virus grows independently of political leadership. A change of leaders, therefore, will not reset knowledge or know-how about the virus, and all the elected really have to do is ensure that their respective populations survive and thrive, despite the pandemic.

And that is the reason for rejecting ideas of postponement. Holding elections essentially dangles the question before the electorate: are you satisfied with how you are surviving and thriving despite the pandemic? Those who believe they are then have the opportunity to refresh the mandates of those they

Debates are typically useful for two reasons. They are a ritual of democracy, and they are a highprofile venue for making promises. Debates involving Trump barely qualify on either count.

The ritual part of it is undermined when one of the candidates doesn’t appear to believe in democracy. I’ll put up with debates that feature a lot of squabbling and heated rhetoric; democracy doesn’t have to always have good manners, and it’s sometimes good when it doesn’t.

undermined when one of the candidates doesn’t appear to believe in democracy. I’ll put up with debates that feature a lot of squabbling and heated rhetoric; democracy doesn’t have to always have good manners, and it’s sometimes good when it doesn’t. Indeed, Biden didn’t exactly showcase civil etiquette Tuesday night. He interrupted a fair amount (although, as moderator Chris Wallace pointed out, not nearly as often as Trump), and he certainly didn’t show the respect for the presidency that many challengers have chosen to display on similar occasions.

But it’s on the promises part where Trump undermined the whole point of having debates. Because he’s unconstrained by the truth—check the fact-checking reports for the ugly details—and because he really doesn’t discuss real-world policy, he undercuts the entire process of representation. That’s the process of making promises, governing with those promises in mind, explaining thank for their handling of the health crisis; voters who believe otherwise will conversely have the chance to choose someone else to take up the challenge. That is a choice that should not be given up lightly.

Focus

So leave the elections alone. Focus instead on helping ensure that when the people vote in 2022, they can do so safely and without fear. Everyone has a role to play. Comelec’s burden is to ensure that its protocols are sustainable in the long term, specifically for the continued safety of the registering public; and that those

governing decisions to the voters, and then renewing and updating promises in the next election. The problem is not just that Trump will say anything. It’s that because his promises aren’t based on real policy, he apparently feels no incentive to execute policies that citizens actually like.

On the other hand, promises are also about what kind of person a politician will be. For that, Trump certainly demonstrated who he is, and it’s probably fair to say that he warned us.

Biden did fine. Going into the debate, the Trump campaign increased the volume on smears that Biden is cognitively impaired. Biden does trip over his words a fair amount (his childhood stutter has clearly come back to bother him more than it did 20 years ago), but he gave clear, coherent and occasionally clever answers when he could be heard over Trump’s interruptions. He also managed to do a pretty good job of controlling his temper, given the circumstances.

Biden has never been great at debating, but he’s experienced. Unlike Trump (and like every major-party presidential candidate other than Trump) Biden does his homework, whether it’s for debates or governing, and it shows.

I won’t guess what pundits will talk about in the debate’s aftermath, or how voters will react when pollsters get to them. I can say this: For the 51 percent to 55 percent of the electorate that had previously decided against Trump, and have been giving him poor marks for his presidency, it’s hard to see what he did in this debate that might change their minds. same protocols are scaled up properly so that they can withstand the pressure of millions of Filipinos voting in more than a hundred thousand locations, in potentially a single day.

We look to Congress to provide us the legal infrastructure needed to allow more people to vote remotely or early so that they don’t have to crowd in with other voters on election day. And we look to ourselves to educate others about how to safely engage with the electoral process. It is a true whole-of-nation approach that we need right now—not competing voices struggling to convince everyone to give up their right to vote out of fear.

A8 Thursday, October 1, 2020

Allies vote down Cayetano’s surprise resignation offer I

By Jovee Marie N. dela Cruz

@joveemarie

N a surprise move that critics described as meant to confuse the chamber despite the lateTuesday “agreement” they forged in the presence of President Duterte, House Speaker Alan Peter Cayetano on Wednesday offered his immediate resignation on Wednesday, daring Marinduque Rep. Lord Allan Velasco to take the reins and lead the budget passage.

A vote in the plenary led by his allies, however, immediately rejected the offer of the Taguig lawmaker.

Based on the outcome of the Tuesday night meeting, Velasco’s camp said he was set to take over the post starting October 14 to carry out the earlier gentleman’s agreement for term sharing, forged in 2019. That agreement, brokered

by Duterte, would have Cayetano leading the House for 15 months and Velasco, the last 21 months.

Duterte invited them to a meeting on Tuesday amid indications that Cayetano was reluctant to honor that agreement.

Late Tuesday, word got out that following Duterte’s admonition for parties to follow their term sharing, Velasco was to take over

on October 14.

But Cayetano, in an unprecedented move, offered his resignation as Speaker effective September 30, throwing the other side off balance.

“I will not be a party to letting the President down, so I am offering my resignation here and now to you my dear colleagues. My fate and the fate of the 2021 budget and the fate of the leadership of the House is in your hands,” said Cayetano in a speech.

“Please don’t vote on party lines.

Don’t accept or deny because of positions or what the President may say or what I might think. Vote for me or not, you are my friends, my colleagues,” he added.

His ally, Anakalusugan Partylist Rep. Mike Defensor, immediately moved to reject Cayetano’s

offer to resign. The motion was seconded by Bulacan Rep. Jonathan Sy-Alvarado.

The motion was already adopted through viva voce voting but a nominal voting was conducted to determine the number of votes. With 184 affirmative votes, one negative and 9 abstentions, lawmakers voted to reject Cayetano’s offer.

A manifesto was released earlier showing 202 lawmakers’ support to Cayetano.

According to Cayetano, the President repeatedly asked Velasco to move the term-sharing agreement to December to give way to the deliberations of the proposed 2021 national budget.

But Cayetano said Velasco insisted that the term-sharing agreement to start on October 14.

“The President asked this, not to give me a few months as a Speaker but because it was for good of the country, hindi para kay [this is not for] Allan; dahil sa [this is for the] budget. But this appeal to Congressman Velasco was rejected many, many times despite the reasonings given,” Cayetano added.

While Velasco might win after he steps down, Cayetano said, “I will make a fearless forecast: Hindi siya mananalo. Or if I step aside,

mananalo siya after one week makukudeta siya. Bakit? Maraming popular sa Kongreso.”

“Under the Constitution, you need the majority of all members to be elected Speaker. So I can step aside. But I can guarantee, he will not be elected,” he added.

Velasco’s camp

If they will follow the Tuesday meeting with Duterte, Mindoro Rep. Doy Leachon and Buhay Partylist Rep. Lito Atienza said Cayetano will take over the speakership on October 14.

Leachon said no less than President Duterte was witness to the agreement between the two parties.

“It was the agreement and it was enforced during the time they were discussing among the 3 of them.

Both parties agreed to leadership change on October 14 in front of the President,” Leachon said.

He added the current leadership tried to sweet talk President Duterte in extending his term until after Cayetano’s birthday on October 28 but Velasco objected.

“Also, it’s true that those on Cayetano’s side launched personal attacks vs. Velasco in meeting with President Duterte last night; Velasco was openly insulted,” said

Leachon as the President prevailed upon Cayetano’s allies.

‘Telenovela of insincerity’

In a separate interview, Atienza hit the current leadership for making it appear that Velasco did not honor the term-sharing agreement.

Atienza agreed that the changes in leadership would still go through the election process while certain committee chairmanships would be retained.

Also, Atienza accused Cayetano of creating a drama, saying “you create a script, you follow the script.”

Atienza said this is not the right time for the current Speaker to step down amid the term-sharing agreement. “I voted to reject the House Speaker’s resignation because he’s supposed to step down mid-October.

He created a drama, followed a ‘script’ with allies he depended on,” he added.

In an interview later with CNN Philippines, Atienza said the House need not look so chaotic if only Cayetano’s word could be trusted, saying the Speaker had spun “a telenovela of insincerity.”

Following the political noise, the plenary, meanwhile, decided to suspend the plenary deliberations on the P4.5-trillion budget for 2021 until this Friday.

Avoid lazy banking in pandemic, group urges

‘D

O not be lazy bankers.”

FintechAlliance.ph is calling on the banks and financial institutions to carefully assess the creditworthiness of their potential borrowers, especially during an ongoing health and economic crises.

Otherwise, the lender might fall in the category of lazy bankers, or those who have extreme risk aversion when lending money to debt-laden clients.

Gay Santos, the financial technology (fintech) group’s executive director, said in a webinar that it is best not to enforce a one-size-fits-all approach when structuring a loan. This was given an emphasis at a time when additional funding is needed to rehabilitate businesses and augment daily household expenses, among others, during a pandemic.

Santos said that evaluating credit risk should not be confined in the historical data of the borrowers.

“It cannot be just about yesterday and today but also about beyond today when assessing the risk profile of your clients,” she explained. “It is in the end about the character collateral for the most part and whether or not the business model is sustainable today and beyond the pandemic.”

Santos stressed that the banks should be able to take on more risks—based on informed decisions—when providing loans.

The industry players should be able to find innovative ways of extending borrowings even during a difficult situation, she added.

“Traditionally, as we know, banks are more open to taking on hard collateral to provide loans to consumers,” the FintechAlliance.ph official said. “In a risky environment such as this...you should be innovative, thinking outside the box in terms of structuring loans.”

Santos said that fintech players can help in designing solutions extending loans with proper governance, risk management and controls.

At the same time, she is enjoining micro, small and medium enterprises (MSMEs) and banks in promoting alternative channels to access finance.

Tyrone Jasper C. Piad

Agriculture Secretary William Dar (third from right), together with Former Candaba Mayor Jerry Pelayo (second from left) and young farmers Rap Pelayo (center) and Jeffrey Fernandez (right) show the okra harvested from different barangays in Tarlac: Victoria, Balayang, Palacpalac, Batang-Batang and San Pascual, during a ceremonial send-off of the first batch of okra export to Japan at Pair-Pags Center in Pasay City. The project involved 300 farmers led by young farmer-entrepreneurs. ROY DOMINGO

PHL gets $600-M WB loan for 4Ps and FIRST

T

he Philippines has obtained a $600-million loan from the World Bank to fund two of its social programs geared toward improving the lives of lowincome families.

In a statement on Wednesday, the World Bank announced it approved a loan of $600 million for the Philippines Beneficiary FIRST Social Protection Project. The amount will be directed to the Department of Social Welfare and Development (DSWD).

According to the Washingtonbased lender, at least 4 million families will benefit from the grant of the loan that will finance social interventions Pantawid Pamilyang Pilipino Program (4Ps) and Fast, Innovative and Responsive Service Transformation (FIRST).

Ndiame Diop, country director for Brunei, Malaysia, Philippines and Thailand, pointed out cash transfer programs like the 4Ps give the poor the means to spend especially in trying times such as this.

As a domino effect, this spending is circulated at the grass roots and in the process will generate economic activity.

“We are pleased to support the government’s efforts to sustain social protection for the poor and most vulnerable families,” Diop said.

“These efforts are critical to ensure that their children can remain in school and stay healthy as the country takes measures to control this pandemic. In these difficult times, cash transfers to the poor and vulnerable indirectly support local economies and boost prospects for recovery,” he added.

Moreover, the project will bankroll the DSWD’s use of digital technologies and platforms for the distribution of cash subsidy to the beneficiaries.

The shift to digital is seen to expedite procedures and rationalize systems that will enhance the DSWD’s mechanisms in finding qualified recipients. Diop said government-to-payment systems helped countries from all over the world minimize the impact of the Covid-19 pandemic.

Yoonyoung Cho, senior economist and project task team leader, explained that modernizing social programs like the 4Ps increases the number of beneficiaries, as it rationalizes the enrollment of beneficiaries in government database for ease of monitoring.

Yoon said the project will also allow the DSWD to expand its coverage for programs on poverty alleviation, as well as enhance its response measures for future crises. One of the key outputs of the $600-million loan is the creation of a unified beneficiary database for DSWD interventions integrated with the national ID system.

Elijah Felice E. Rosales

Pagcor, PCSO gaming ops privatization eyed

By Bernadette D. Nicolas

T

@BNicolasBM

HE Department of Finance said it is ready to work on the privatization of gaming operations of Philippine Amusement and Gaming Corp. (Pagcor) and Philippine Charity Sweepstakes Office (PCSO) to generate additional revenues to repay government’s debts incurred for Covid-19 response.

Finance Secretary Carlos G. Dominguez III said on Wednesday he backs the recommendation of Senate Minority Leader Franklin Drilon to privatize the gaming industry.

“Yes, we’re prepared to work on privatization of gambling activities,” Dominguez told reporters in a message.

This, after Drilon said he will strongly oppose any plan by the country’s economic managers to impose new taxes or raise taxes by 2021, adding that this will be an added burden to Filipinos and businesses who are striving hard to get back on their feet amid the pandemic.

Last year, Dominguez told the Senate Committee on Finance that they expect as much as P300 billion in revenues if Pagcor and PCSO’s gaming operations were privatized.

Sought to clarify whether this is still the expected amount of revenues that DOF expects from this move, Dominguez said: “A new study may be required given the effects of the contagion.”

Sale of assets

Aside from the privatization of the gaming industry, Drilon reiterated his call for the government to sell public assets such as Camp Aguinaldo and Camp Crame.

In April, however, Dominguez had said there is no need for the government to sell its assets at that time although he did not discount the possibility that the State may

do so in a worst-case scenario.

As of September 28, the government has so far secured $9.9 billion (or roughly P480 billion) in foreign loans and grants for its Covid-19 war chest.

The national government’s outstanding debt as of end-August has already reached P9.6 trillion, 21.1 percent up from P7.94 trillion a year ago.

Gross borrowings of the national government from January to August this year have already reached P2.47 trillion, equivalent to more than 80 percent of the all-time high nominal P3 trillion borrowing program set by the Development

Budget Coordination Committee (DBCC) for this year amid the Covid-19 pandemic.

The DBCC also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP— a level that it has not seen in over a decade—from a record-low of 39.6 percent of GDP last year.

The government borrows to finance its spending requirements as well as to cover its budget deficit.

As tax collections are down amid the pandemic, DBCC projects the budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

Companies BusinessMirror

www.businessmirror.com.ph

SMC gets nod to sell shares

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has approved the shelf registration of the preferred shares of conglomerate San Miguel Corp. (SMC), which will immediately offer some P20 billion worth of shares.

In its meeting on September 29, the SEC en banc approved the company’s registration statement of up to 533.33 million series 2 preferred shares to be offered within a threeyear period.

The company will initially offer 133.33 million in series 2 preferred shares, with an oversubscription option of 133,333,267 at a maximum price of P75 each.

At the said offer price, the com-

pany can raise as much as P19.88 billion, proceeds of which will be pumped into its Bulacan Airport Project and MRT-7 Project and for general corporate purposes.

The initial tranche to be issued in one subseries, Series 2-J, will be listed and traded on the Philippine Stock Exchange.

San Miguel has appointed BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and bookrunners for the offer.

The SEC approval of the shares sale comes on the heels of the House of Representatives' approval

of House Bill 7507 granting San Miguel Aerocity Inc. a franchise to establish the domestic and international airport in the Municipality of Bulakan, and develop an adjacent airport city.

To be built on a 2,400-hectare property in Bulakan, Bulacan, just north of Metro Manila, the $15-billion airport complex will have four runways, eight taxiways and three passenger terminals. It also has provisions for future expansion to sport six runways and to accommodate 200 million passengers per year.

It is also expected to help raise tourism levels to 30 million visitors annually, generate over a million direct and indirect jobs, and contribute roughly P900 billion annually to Philippine GDP by 2025.

STI Holdings releases first-ever sustainability report

S

TI Holdings, owner of one of the largest networks of private schools in the Philippines, has released its first-ever sustainability report alongside its annual report for its fiscal year ending March 31.

In the sustainability report, the company’s subsidiary schools detailed their respective initiatives towards the attainment of the United Nations’ Sustainable Development Goals.

Among the initiatives are the strengthening of school policies that will safeguard the health and well-being of students and employees and ensuring access to quality education through continuous program reviews as well as financial assistance programs and scholarships.

A key to achieving these goals is STI Holdings’ response to the challenges posed by the Covid-19 pandemic.

“The group has been quick to beef up its already outstanding learning management systems

and forge partnerships with key telecommunications players to provide the students with Internet connectivity assistance,” STI Holdings Chairman Eusebio H. Tanco and President and CEO Monico V. Jacob jointly said in the sustainability report.

“The group also worked with government institutions to be able to extend financial assistance options such as zero-interest student loans and 20 percent scholarship grants,” they added.

Tanco and Jacob likewise assured students and parents that STI Holdings is doing its best to ensure the quality of education amid the “new normal.” “Our faculty, through continuous and rigorous trainings, are well-equipped to deliver lessons and conduct consultations online.”

By demonstrating its commitment to continuing education amid the new normal, STI Holdings looks forward to bouncing back from the economic effects of the pandemic.

STI Holdings reported that its total assets

were valued at P15.2 billion for fiscal year 2019-20.

Based on the company’s annual report submitted to the Philippine Stock Exchange, the assets’ value increased by P384.3 million from the P14.8 billion it posted at the end of its previous fiscal year.

The appreciation in asset values was largely due to the increase in cash and cash equivalents, receivables, and property and equipment.

Property and equipment, net of accumulated depreciation, went up by P262.2 million to P10.23 billion from P9.96 billion. The increase includes costs of the recently completed STI Academic Center in Legazpi City. The four-story building, which stands on a 4,149-square-meter property, can accommodate around 2,500 students.

Prior to the completion of the STI Academic Center Legazpi, four other academic centers were built in Lipa City, Batangas; San Jose del Monte City, Bulacan; Sta. Mesa, Manila; and along Edsa in Pasay City.

Bolstered by a total enrollment of 83,967 students across 78 campuses, which includes STI West Negros University (WNU) and iACADEMY, STI Holdings posted total revenues of P2.7 billion for the year. EBITDA remains strong at P1 billion and EBITDA margin improved from 36 percent last year to 38 percent this year.

STI Education Services Group (ESG) offers associate and baccalaureate degrees and technicalvocational programs in the fields of Information and Communications Technology, Business and Management, Hospitality Management, Tourism Management, Arts and Sciences, Engineering and Education. STI ESG also offers senior high school.

STI ESG remains committed to educating the Filipino youth by enhancing its programs and making relevant investments including the acquisition of a simulator and other maritime equipment, specifically for the courses of NAMEI, which it acquired in 2019.

Thursday, October 1, 2020

B1

PLDT starts migrating copper cables to fiber

BusinessMirror File Photo

By Lorenz S. Marasigan @lorenzmarasigan

P

LDT Inc. has started recovering copper cables and replacing these with fiber optic cables to provide better connectivity to its subscribers, while promoting safety in the community.

Alfredo S. Panlilio, the company’s chief revenue officer, said the cleanup drive includes preventive maintenance activities that comply with national and local rules that require utility companies to implement measures for sagging cables and tilting poles, among others.

“In these times of the Covid-19 pandemic, high-speed Internet connection has become an essential need. Hence, we have launched a modernization program that entails the migration of our service connectivity from copper to fiber, and installing new fiber connections to meet the ever-increasing demand for high-speed Internet access,” he said.

Removing idle cables and wires will provide a “more pleasant en-

vironment for residents and visitors,” he added.

“As a good corporate citizen, PLDT is doing this cleanup drive, mindful of the safety and wellbeing of the residents as well as the community in general,” Panlilio said.

The company has put prime focus on the barangay level, especially those that have “high trouble index and poor line condition.”

“Currently, we have completed the inspection of 46 priority barangays and preventive maintenance activities are under way,” PLDT-Smart Network Operations Vice President Debbie M. Hu said.

Included in preventive maintenance are the following activities: replacement, relocation or re-attachment of network access points, distribution points, local convergence points, closures, and poles; replacement, relocation, and rehabilitation of cross connect cabinets and main distribution frames; replacement and repair of manhole covers; re-tensioning and regrooming of fiber and copper cables; and recovery of idle cables.

B2

Companies BusinessMirror

Thursday, October 1, 2020

PSE STOCK QUOTATIONS

September 30, 2020

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

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

44.5 86.2 64 21.7 8.61 38.2 8.8 23.35 50.9 16.42 92.1 54.2 0.77 25.6 0.55 3.1 1.23 0.285 680 154.1 1838

44.95 86.25 64.5 21.75 8.64 38.45 9.48 23.4 51.9 16.68 92.15 54.3 0.81 26 0.59 3.28 1.29 0.295 720 157 1900

44.5 87.1 64.75 21.7 8.4 38.45 8.8 23.75 51.8 16.4 92.15 54.2 0.81 25.3 0.59 3.22 1.25 0.285 681 157 1900

44.5 87.1 65 21.8 8.64 38.95 9.48 23.75 51.9 16.5 92.4 54.35 0.81 26 0.59 3.3 1.29 0.285 685 157 1900

44.5 86.25 64 21.7 8.36 38.1 8.8 23.35 51.8 16.4 92 54.2 0.75 25.15 0.59 3.22 1.17 0.285 680 154.1 1835

44.5 86.25 64 21.75 8.61 38.2 9.48 23.4 51.9 16.5 92.15 54.2 0.77 26 0.59 3.3 1.29 0.285 680 157 1838

9300 2975140 1479160 40900 1707700 4834600 16500 303700 1020 73100 240280 17660 110000 156800 3000 8000 1141000 100000 30 1060 15

413850 257412819.5 95055408.5 889335 14,603,861( 186377670 156118 7122210 52890 1205004 22143550 957178 83240 3999860 1770 25880 1375990 28500 20460 166391 27865

80100 -103893577 -62213281.5 -489385 1,484,338.0001) 71203690 -943825 -694274 -8835454 650400 1562730 6800 -

INDUSTRIAL AC ENERGY 3.1 3.11 3.16 3.21 3.1 3.1 14124000 44325990 1.24 1.25 1.25 1.25 1.2 1.25 3357000 4123120 ALSONS CONS 25.55 25.85 26.5 26.5 25.55 25.55 1945700 50174740 ABOITIZ POWER BASIC ENERGY 0.157 0.16 0.163 0.164 0.157 0.16 4470000 714590 23.35 23.6 23.15 23.8 23.15 23.35 1146400 26721310 FIRST GEN FIRST PHIL HLDG 61 61.8 61 61.8 61 61 5660 345348 271 274.2 278 278.4 271 271 191090 52299934 MERALCO 14.72 14.74 14.72 14.92 14.68 14.74 1450900 21456540 MANILA WATER PETRON 3.04 3.06 3.05 3.06 3.03 3.04 1624000 4946160 PETROENERGY 3.11 3.25 3.11 3.11 3.11 3.11 20000 62200 10.76 10.98 10.96 10.98 10.96 10.98 109400 1201024 PHX PETROLEUM 16.12 16.14 16.34 16.5 16.02 16.14 301000 4866454 PILIPINAS SHELL 9.85 9.9 10 10 9.82 9.9 70600 701642 SPC POWER 7.8 7.83 7.9 7.95 7.8 7.83 31800 249632 AGRINURTURE AXELUM 2.74 2.76 2.69 2.76 2.62 2.76 5094000 13562170 CNTRL AZUCARERA 12 12.44 12 12 12 12 1600 19200 17.16 17.2 17.42 17.42 17.16 17.16 1880700 32351716 CENTURY FOOD 4.79 4.83 4.7 4.83 4.67 4.83 126000 596820 DEL MONTE 5.53 5.54 5.46 5.59 5.37 5.54 4284300 23387509 DNL INDUS EMPERADOR 9.88 9.9 9.89 9.89 9.83 9.89 446200 4408474 SMC FOODANDBEV 63.5 63.95 64.2 64.2 63.5 63.5 75100 4792536.5 ALLIANCE SELECT 0.65 0.66 0.63 0.65 0.63 0.65 348000 224700 1.19 1.2 1.2 1.2 1.17 1.2 3849000 4544590 FRUITAS HLDG 49.5 49.95 50 50 49 49.95 4520 223828 GINEBRA JOLLIBEE 145 145.1 144.7 145 143.2 145 1423680 205,471,7261 MACAY HLDG 7.66 8 7.6 8 7.6 8 700 5448 4.96 4.97 4.95 4.97 4.95 4.96 105000 520750 MAXS GROUP 0.128 0.131 0.128 0.13 0.128 0.13 340000 43800 MG HLDG 5.81 5.82 5.8 5.85 5.8 5.82 95600 556282 SHAKEYS PIZZA 1.19 1.2 1.17 1.2 1.16 1.19 6597000 7833130 ROXAS AND CO ROXAS HLDG 1.68 1.77 1.68 1.68 1.68 1.68 31000 52080 0.105 0.111 0.105 0.105 0.105 0.105 160000 16800 SWIFT FOODS 134 134.8 134 135.8 134 134 547010 73446635 UNIV ROBINA 0.75 0.77 0.76 0.77 0.75 0.77 995000 752390 VITARICH 51.2 52 51.2 51.2 51.2 51.2 420 21504 CONCRETE A CEMEX HLDG 1.65 1.66 1.48 1.66 1.47 1.65 93790000 148424060 DAVINCI CAPITAL 3.12 3.28 3.12 3.12 3.12 3.12 4000 12480 14.2 14.3 14.02 14.3 13.9 14.3 698800 9931662 EAGLE CEMENT 6.84 6.89 6.77 6.98 6.77 6.89 1593900 11004444 EEI CORP 5.63 5.64 5.41 5.65 5.37 5.64 2162000 12082839 HOLCIM MEGAWIDE 7.25 7.28 7.11 7.25 7.11 7.25 864400 6233165 PHINMA 8.51 8.69 8.74 8.74 8.74 8.74 700 6118 0.7 0.71 0.7 0.74 0.7 0.71 258000 185920 TKC METALS 0.69 0.7 0.71 0.72 0.69 0.7 605000 423010 VULCAN INDL 1.91 1.92 1.85 1.93 1.85 1.91 777000 1486940 EUROMED 4.6 4.87 4.23 4.5 4.23 4.5 2602000 11007000 LMG CORP PRYCE CORP 4.1 4.17 4.18 4.18 4.1 4.1 10000 41160 20.6 21.35 20.85 21.4 20.05 21.4 2200 45470 CONCEPCION 2.17 2.18 2.22 2.22 2.17 2.18 11123000 24320590 GREENERGY 5.68 5.69 5.9 5.98 5.66 5.68 1277600 7384172 INTEGRATED MICR 0.97 1 1 1 0.98 1 240000 236790 IONICS PANASONIC 4.61 4.79 4.79 4.79 4.79 4.79 2000 9580 1.39 1.4 1.45 1.45 1.4 1.4 1405000 2001790 SFA SEMICON 5.55 5.58 5.5 5.6 5.47 5.55 7043800 39089950 CIRTEK HLDG

223940 -588790 -21617555 -20238280 -123220 -24758142 -5012248 -663790 -1109824 22945 -36820 -3335986 -94610 1826064 -125030.9997 -3014738 -1890 -109740 1717818.9997 -9100 -67461 -1450430 -48012948 -14970690 -1001298 -195434.9999 144861 190137 26580 1673620 -164107 -60 -155820

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.47 0.465 0.47 0.46 0.47 2340000 1087850 7.45 7.77 7.46 7.83 7.35 7.77 3500 26371 ASIABEST GROUP 688.5 689 690 693 688 689 335830 231585640 AYALA CORP ABOITIZ EQUITY 45.5 46 45.2 46 45.2 46 1124500 51540985 ALLIANCE GLOBAL 6.99 7 6.9 7.01 6.89 7 4412200 30810055 AYALA LAND LOG 2.62 2.63 2.44 2.65 2.41 2.62 5840000 14923830 0.56 0.57 0.55 0.57 0.55 0.57 16000 9080 ANGLO PHIL HLDG 0.56 0.57 0.58 0.58 0.56 0.57 3395000 1911090 ATN HLDG A ATN HLDG B 0.56 0.64 0.56 0.56 0.56 0.56 1000 560 5.12 5.18 5.12 5.16 5.12 5.12 499100 2556304 COSCO CAPITAL DMCI HLDG 4 4.03 4.03 4.04 4 4 5816000 23331560 8.51 8.6 8.75 8.75 8.51 8.6 8000 68770 FILINVEST DEV 386.2 386.4 394.4 394.6 385.2 386.4 206040 79897276 GT CAPITAL 3.17 3.2 3.17 3.2 3.17 3.2 15000 47850 HOUSE OF INV JG SUMMIT 60.1 60.2 59.35 60.8 59.35 60.2 2137000 128368787.5 LODESTAR 0.59 0.61 0.61 0.63 0.59 0.61 63000 38430 2.28 2.37 2.29 2.29 2.27 2.28 347000 792360 LOPEZ HLDG 8.92 9 8.88 9 8.88 9 555400 4966458 LT GROUP 3.48 3.49 3.48 3.54 3.48 3.49 10731000 37536730 METRO PAC INV PACIFICA HLDG 2.9 2.99 2.91 2.91 2.9 2.9 15000 43540 PRIME MEDIA 0.76 0.77 0.76 0.78 0.76 0.78 61000 46380 0.97 0.98 0.98 0.98 0.98 0.98 39000 38220 SOLID GROUP 872 880 894 894 866.5 880 312410 273352420 SM INVESTMENTS 98.7 98.9 98.6 98.95 98.55 98.9 135550 13396264.5 SAN MIGUEL CORP SOC RESOURCES 0.62 0.64 0.65 0.65 0.64 0.64 7000 4540 120 122 124.6 124.6 120 120 8400 1015922 TOP FRONTIER ZEUS HLDG 0.132 0.135 0.132 0.133 0.131 0.132 500000 65840

-106800 -115098490 -29750310 30192 2924960 681471 -18274830 -32680 -46450954 -60192168.5 168039.9999 -2290713 -9048020 31900 -138710940 -2652780 -967418 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.52 0.54 0.52 0.53 289000 151760 29.65 29.7 29.65 29.9 29.55 29.7 5789000 172030055 AYALA LAND 0.95 0.99 0.99 0.99 0.99 0.99 36000 35640 ARANETA PROP AREIT RT 25.75 25.8 25.8 25.8 25.6 25.8 370200 9501080 BELLE CORP 1.35 1.38 1.35 1.38 1.35 1.38 284000 387660 A BROWN 0.78 0.79 0.79 0.79 0.77 0.79 775000 604600 0.77 0.79 0.77 0.79 0.77 0.77 25000 19350 CITYLAND DEVT 0.13 0.133 0.133 0.133 0.129 0.133 1120000 144700 CROWN EQUITIES CEB LANDMASTERS 4.85 4.9 4.83 4.92 4.83 4.9 130000 632290 CENTURY PROP 0.36 0.37 0.365 0.37 0.36 0.36 7380000 2691350 CYBER BAY 0.295 0.3 0.31 0.31 0.285 0.295 1210000 359450 13.98 14 14.02 14.08 13.88 14 2620500 36686692 DOUBLEDRAGON 5.2 5.21 5.4 5.5 5.21 5.21 2543600 13681300 DM WENCESLAO 0.265 0.275 0.27 0.275 0.265 0.27 1220000 325750 EMPIRE EAST EVER GOTESCO 0.086 0.088 0.086 0.086 0.086 0.086 120000 10320 0.91 0.92 0.91 0.92 0.91 0.91 6005000 5476250 FILINVEST LAND 0.75 0.76 0.75 0.76 0.75 0.76 71000 53690 GLOBAL ESTATE 6.71 6.72 6.8 6.8 6.72 6.72 652900 4413728 8990 HLDG 1.14 1.16 1.11 1.16 1.11 1.14 2471000 2814630 PHIL INFRADEV CITY AND LAND 0.68 0.71 0.69 0.69 0.68 0.68 120000 82290 2.96 2.99 3 3.01 2.96 2.96 15598000 46303520 MEGAWORLD MRC ALLIED 0.242 0.243 0.247 0.248 0.241 0.243 18460000 4518360 0.3 0.31 0.3 0.3 0.3 0.3 100000 30000 PHIL ESTATES 1.18 1.23 1.15 1.25 1.15 1.23 88000 103930 PRIMEX CORP ROBINSONS LAND 14.2 14.3 14.3 14.4 14.2 14.2 1668900 23854410 PHIL REALTY 0.206 0.218 0.207 0.207 0.206 0.206 130000 26880 1.37 1.42 1.49 1.49 1.3 1.37 3535000 4864090 ROCKWELL 1.87 1.99 1.85 2 1.85 2 458000 896510 STA LUCIA LAND 29.1 29.4 28.55 29.8 28.5 29.4 24528300 710460655 SM PRIME HLDG 3.69 3.75 3.72 3.77 3.67 3.68 83000 307090 VISTAMALLS SUNTRUST HOME 1.15 1.16 1.15 1.17 1.15 1.16 801000 924070 3.41 3.42 3.54 3.69 3.41 3.41 8964000 32017260 VISTA LAND

-51919770 -3730955 -168360 13860 -4900 -627400 -8015234 -11582221 317910 -24873 -4307830 -14610 -11262378 -2421680 405028515 -8171080

SERVICES

ABS CBN GMA NETWORK MANILA BULLETIN MLA BRDCASTING GLOBE TELECOM PLDT APOLLO GLOBAL DFNN INC DITO CME HLDG IMPERIAL ISLAND INFO JACKSTONES NOW CORP TRANSPACIFIC BR PHILWEB 2GO GROUP CHELSEA CEBU AIR INTL CONTAINER LBC EXPRESS MACROASIA METROALLIANCE A METROALLIANCE B PAL HLDG HARBOR STAR ACESITE HOTEL BOULEVARD HLDG WATERFRONT CENTRO ESCOLAR STI HLDG BERJAYA BLOOMBERRY PACIFIC ONLINE LEISURE AND RES MANILA JOCKEY PH RESORTS GRP PREMIUM LEISURE ALLHOME METRO RETAIL PUREGOLD ROBINSONS RTL PHIL SEVEN CORP SSI GROUP WILCON DEPOT APC GROUP EASYCALL GOLDEN BRIA PRMIERE HORIZON SBS PHIL CORP

6.99 5.06 0.385 10.64 2080 1337 0.057 2.89 4.9 1.18 0.079 1.54 3.29 0.192 2.11 8.42 4.41 37.75 109 14.7 4.7 2.14 2.01 5.85 1 1.13 0.027 0.385 6.49 0.31 2.96 7.31 1.8 1.26 2.05 2.4 0.31 5.77 1.36 48.85 64.95 112 1.14 15.7 0.29 6.32 286 0.223 3.94

7 5.08 0.395 11 2086 1339 0.058 2.95 4.91 1.37 0.086 1.56 3.3 0.193 2.13 8.5 4.42 37.9 109.7 14.98 4.71 2.15 2.15 5.86 1.01 1.19 0.028 0.4 6.5 0.315 3 7.32 1.9 1.3 2.24 2.5 0.315 5.8 1.37 49 65 115.6 1.15 16 0.295 6.6 303.8 0.226 4.17

7.01 5.06 0.385 10.7 2098 1351 0.057 2.88 4.99 1.25 0.079 1.57 3.26 0.195 2.15 8.42 4.05 36.5 107.3 14.98 4.71 2.04 2.09 5.89 1 1.13 0.028 0.39 6.49 0.32 2.91 7 1.82 1.25 2.05 2.35 0.315 5.75 1.37 49.3 64.9 115.8 1.12 15.7 0.29 6.35 286 0.226 3.95

7.06 5.12 0.395 10.7 2136 1354 0.058 2.95 5 1.38 0.086 1.57 3.37 0.195 2.15 8.42 4.65 37.95 109.8 14.98 4.74 2.24 2.25 5.89 1.02 1.13 0.028 0.4 6.49 0.32 3.05 7.31 1.91 1.3 2.05 2.59 0.315 5.8 1.38 49.3 65.5 115.8 1.14 16 0.295 6.67 304 0.226 4.05

6.96 5.06 0.385 10.64 2080 1332 0.057 2.86 4.8 1.25 0.079 1.54 3.21 0.19 2.11 8.24 4.01 36.45 107.2 14.6 4.67 2.03 2.09 5.85 0.99 1.13 0.027 0.38 6.49 0.31 2.9 7 1.8 1.25 2.05 2.3 0.305 5.66 1.36 48.65 64.5 112 1.12 15.7 0.29 6.3 286 0.222 3.95

7 5.08 0.385 10.64 2080 1339 0.057 2.95 4.9 1.37 0.086 1.54 3.29 0.192 2.11 8.42 4.41 37.75 109.7 14.7 4.7 2.14 2.2 5.85 1 1.13 0.027 0.4 6.49 0.315 3 7.31 1.9 1.3 2.05 2.4 0.31 5.8 1.36 49 65 115.6 1.14 16 0.29 6.32 303.8 0.226 4.05

812700 284600 110000 4000 44815 326585 64650000 14000 113490000 5000 3170000 88000 16728000 9010000 774000 11400 15774000 211000 1231830 9100 1194000 4628000 126000 28900 898000 1000 94000000 160000 200 7100000 495000 6180000 119000 34000 5000 284000 8690000 2365500 1647000 1192200 585230 71280 2330000 1175300 2970000 67200 390 3420000 100000

5703440 1445081 42750 42696 94270790 437755090 3729120 40210 555964500 6620 263600 136330 54981130 1719230 1648500 94915 69079960 7883905 134708805 133908 5618950 10025540 269500 170105 903840 1130 2571200 62400 1298 2218800 1476550 44602710 215270 43650 10250 691120 2700850 13524546 2253650 58291410 38055224 7984510 2637140 18741482 863550 425440 117060 767850 400000

MINING & OIL

-27603740 -188034635 -28500 2860 3732620 721010 57300 -823929.9997 915005 60693919 -206990 8250 1298 63300 -5814815 175640 244900 -2457045 -5540 -8420645 -24947356.5 -0 31140 -1694496 87000 -

ATOK 7.15 7.89 7.02 7.89 7.01 7.89 3200 23147 1.45 1.46 1.48 1.5 1.45 1.45 5171000 7643000 -534580 APEX MINING ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0008 187000000 153800 3.84 3.85 3.8 3.85 3.8 3.84 167000 637780 ATLAS MINING 2.55 2.6 2.52 2.63 2.49 2.6 157000 398520 BENGUET A 2.44 2.62 2.5 2.64 2.5 2.64 2000 5140 BENGUET B 0.231 0.237 0.23 0.237 0.228 0.237 650000 153050 117920 COAL ASIA HLDG CENTURY PEAK 2.5 2.56 2.56 2.56 2.56 2.56 5000 12800 7.4 7.61 7.65 7.72 7.52 7.61 1000 7622 DIZON MINES 1.14 1.15 1.13 1.16 1.11 1.15 7779000 8816870 22900 FERRONICKEL 0.226 0.228 0.226 0.229 0.226 0.227 40000 9100 GEOGRACE 0.127 0.13 0.13 0.132 0.127 0.127 7930000 1022230 LEPANTO A 0.128 0.13 0.129 0.13 0.129 0.13 480000 62100 LEPANTO B MANILA MINING A 0.009 0.0091 0.0089 0.0091 0.0089 0.009 18000000 161900 0.0096 0.01 0.0095 0.0095 0.0095 0.0095 8600000 81700 MANILA MINING B 0.84 0.85 0.82 0.85 0.82 0.85 1172000 980390 MARCVENTURES 1.99 2 2 2 1.97 1.99 401000 797630 70000 NIHAO 2.97 2.98 2.92 3.03 2.89 2.97 12000000 35404900 -1292660 NICKEL ASIA ORNTL PENINSULA 0.52 0.54 0.55 0.55 0.52 0.54 35000 18500 4.19 4.2 4.14 4.26 4.14 4.19 1254000 5270110 1513190 PX MINING SEMIRARA MINING 9.97 9.98 10.06 10.08 9.97 9.98 2097300 20960865 1845398 0.0043 0.0044 0.0042 0.0044 0.0042 0.0044 18000000 76300 UNITED PARAGON 5.8 5.99 5.8 5.99 5.8 5.99 58800 345292 ACE ENEXOR ORNTL PETROL A 0.0083 0.0085 0.0085 0.0086 0.0085 0.0086 6000000 51100 0.008 0.0081 0.008 0.0081 0.008 0.008 49000000 392100 -8000 PHILODRILL PXP ENERGY 5.17 5.18 5.27 5.27 5.16 5.17 790100 4091692 144608

PREFFERED HOUSE PREF A 99.25 101.5 100 100 100 100 900 90000 511 515 515 515 515 515 230 118450 15450 AC PREF B1 514 515 506 514 506 514 110 55740 AC PREF B2R CPG PREF A 102 102.7 102.7 102.7 102.7 102.7 260 26702 100.3 101 102 102 101.8 101.8 160 16290 DD PREF 106.6 108 106.6 108 106.6 108 850 91786 FGEN PREF G 490.2 510 505 505 490.2 490.2 4000 1993080 FPH PREF C 1020 1029 1020 1020 1020 1020 150 153000 GTCAP PREF B MWIDE PREF 101.2 101.5 101.5 101.5 101.5 101.5 750 76125 98 99.6 98.4 98.5 98 98 3470 341662 PNX PREF 3A 101 102.5 101 102.5 101 102.5 1160 118885 PNX PREF 3B 951 957 950 957 950 957 9070 8616850 PNX PREF 4 1020 1050 1050 1050 1020 1020 1080 1107200 PCOR PREF 2B 1057 1058 1057 1057 1057 1057 1150 1215550 -105700 PCOR PREF 3A PCOR PREF 3B 1075 1088 1088 1088 1088 1088 200 217600 77.2 77.5 76.8 77.5 76.8 77.5 5280 406739 SMC PREF 2C 75.75 76 76 76.05 76 76 31690 2408540 SMC PREF 2E 77 78 77.1 77.1 77 77 608800 46878310 SMC PREF 2F 76 76.5 76 76 76 76 1800 136800 SMC PREF 2G SMC PREF 2H 76 76.5 76.15 76.5 76.15 76.5 20150 1541422.5 76 78 76.1 76.1 76 76 30100 2288460 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.64 7 6.69 6.69 6.64 6.64 109900 730208 -696089 4.84 4.98 4.71 4.83 4.71 4.83 6000 28380 GMA HLDG PDR

WARRANTS LR WARRANT 0.62 0.65 - - - - - -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 9.45 9.5 9.53 9.8 9.45 9.45 440800 4196403 -219342 2.08 2.09 2.1 2.1 2.05 2.09 3942000 8153020 -14450 ITALPINAS 5.13 5.19 5.1 5.24 5.1 5.24 10700 54887 KEPWEALTH MERRYMART 3.03 3.04 3.05 3.09 3.02 3.03 20915000 63847940 -61170

EXHANGE TRADE FUNDS

FIRST METRO ETF 89 89.1 89 89.25 88.5 89 7510 668124.5 166492.5

www.businessmirror.com.ph

SEC orders Forsage to stop offering Ponzi-like scheme

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has ordered Forsage and Forsage Philippines to stop soliciting investments from the public through a crowdfunding platform based on the Ethereum blockchain technology.

In an order issued September 17, the SEC directed Forsage to cease and desist from selling and offering securities in the form of investment contracts and to cease its internet presence until they secured a permit.

The SEC also ordered Forsage to refrain from transacting any business involving funds in its depository banks, and from transferring, disposing all related assets to ensure the preservation of the assets of the investors.

The order covers Forsage and its operators, representatives, salesmen and agents, including Rich Alex Apuntar, Vhellpoe Forlares Garves, Yuka Kuroyanagi, Christopher Doroliat, Iam Kim, Jairra Fab Teoxon, Mark Nicole Escabarte Valeria,

Myra Cris Sapar, Romnick Melañez, and Vel Cabalza. “[T]he investment practices of Forsage, if not restrained, will operate as a fraud on investors or to the investing public as it utilizes a ‘Ponzi scheme’,” the SEC order read.

“In many Ponzi schemes, the perpetrators focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business. It is not an investment strategy but a gullibility scheme, which works only as long as there is an ever increasing number of new investors joining the scheme.”

The SEC issued the order after finding that Forsage has solicited

investments from the public under a scheme promoted through its website and social networking sites as a crowdfunding platform with a smart contract based on the Ethereum (ETH) blockchain technology.

Under the scheme, Forsage offers 2 commission programs or cycle tiers, the Forsage X3 and Forsage X4, that promise payouts to investors.

The programs require a minimum investment of 0.05 ETH, equivalent to about P600, and allow a maximum investment of 51.2 ETH, equivalent to about P600,000.

The Forsage X3 and X4 programs have 12 income slots each that an investor may activate, with each slot having endless referral incomes, indicating boundless income potential for investors. It also promises income through “spillovers,” which are overflows or surplus of referrals gathered by a passive member’s sponsor or downline.

The scheme involves the sale of securities to the public in the form of investment contracts, in which a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others.

All securities are prohibited for sale or distribution within the Philippines without a registration statement approved by the SEC.

Forsage is not registered as a corporation or partnership with the SEC, nor has it been issued a secondary license to operate as a broker dealer of securities or issuer of any securities or of mutual funds.

Forsage is not qualified to operate as a crowdfunding entity in the country as it must be duly organized under Philippine laws or must be a Filipino natural person, according to SEC. It is also not registered with the Bangko Sentral ng Pilipinas, which requires all entities engaged in virtual currencies in the country to obtain a Certificate of Registration to operate as a remittance and transfer company. SEC said Forsage continued to solicit investments from the public, and even attempted to discredit the agency by spreading false information that they are outside the commission’s jurisdiction.

The SEC said Forsage’s claim that it is decentralized and is not subject to any government restriction and control is baseless.

“A profit making venture such as Forsage which utilizes smart contracts in selling or offering securities in the nature of investment contracts is required to be registered with the Commission which regulates public offering or sale of securities within the Philippines,” the SEC order read.

DBP profits decline in January-June

By Tyrone Jasper C. Piad @TyronePiad

T

he Development Bank of the Philippines (DBP) registered lower profits in the first half due to increase in provisioning against potential credit losses.

In a statement on Wednesday, the stateowned bank said that its net income declined by 6.45 percent to P2.9 billion in the first semester from P3.1 billion last year.

Gross revenues, meanwhile, inched up by 4 percent to P16.53 billion from P15.91 billion year-on-year.

“Notwithstanding the various congressional initiatives to strengthen DBP’s financial position, the bank will continue to maximize and re-allocate its resources to fund initiatives with optimal development impact, while ensuring DBP’s viability during these challenging times,” DBP Executive Vice President for Corporate Services and concurrent DBP Head of Operations Marietta M. Fondevilla said.

The bank extended P364.4-billion worth of loans in the first half, which is 15.6 percent higher than the P315.13 billion booked in the last year for the same period.

Majority, or P165.3 billion, of the borrowings approved were for the infrastructure and

logistics sector.

Loans to social services and environment projects amounted to P77.1 billion and P43.6 billion, respectively. Micro, small and medium enterprises borrowings, meanwhile, reached P29.6 billion during the period.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan portfolio growth was due to the “aggressive” lending activities by its 30 lending units.

“As the premiere infrastructure bank of the country, DBP will continue to streamline its lending programs to be more responsive to the funding needs of priority economic sectors, in support of the government's recovery initiatives given the adverse impact of the pandemic,” Herbosa added.

Meanwhile, Herbosa reported that the total deposits of DBP rose by 37 percent to P637.11 billion as of end-June from P463.83 billion last year. The increase was a result of the marketing and financial inclusion initiatives implemented by DBP, he said.

The bank chief said the deposit growth proves the “growing public sentiment that DBP is a strong and stable financial institution, manned by dedicated public servants who continued to provide service despite the prevailing health climate.”

DBP also said its assets stood at P835.81 billion for the period, which drew the bank nearer to its goal of becoming a one trillion-peso bank by 2020.

Aboitiz remits ER 1-94 funds to Cebu LGUs

A

boitiz Power Corp. has turned over a total of P40.6 million to various Cebu local government units (LGUs) and barangays as part of the power firm’s compliance with the Department of Energy’s (DOE) Energy Regulations 1-94 (ER 1-94) program.

The ER 1-94 Program is a policy under the DOE Act of 1992 and the Electric Power Industry Reform Act of 2001 (EPIRA), which stipulates that host communities will get a share of one centavo for every kilowatt-hour (P0.01/kWh) generated by power plants operating in its area.

The power firm and its partners have transferred P15.8 million to Cebu Province, Cebu City, Lapu-Lapu City, and Toledo City as well as host barangays within these localities. Another P24.8 million from Cebubased AboitizPower-led generation companies, accumulated as of 2019, has also been remitted by the DOE to the beneficiaries.

In all, the power firm’s direct remittances reached P40.6 million as of end-September.

While the ER 1-94 funds are primarily meant for the electrification of areas or households, development and livelihood programs, reforestation, watershed management, health, and environmental enhancement initiatives, a recent DOE circular now

allows the use of these shares to help mitigate the effects of Covid-19.

Brgy. Bato in Toledo City, the host beneficiary of Therma Visayas Inc. (TVI), has almost used up its P4.24 million shares after distributing relief goods to 3,200 families and 2,400 households.

The Toledo City government, whose financial benefits amount to P5.39 million, is planning to use all of its shares in the fight against Covid-19.

Part of the plan is to buy disinfecting equipment, personal protective gear, testing kits, agri-fishery inputs, relief goods, and to pay for the housing of frontline workers, among others.

Lapu-Lapu City has already used over P750,000 of its shares to buy disinfectant for local isolation facilities. Meanwhile, Brgy. Ibo, the host community of East Asia Utilities Corp. (EAUC), also plans to use a portion of the benefits to purchase anti-flu vaccines for its residents.

With the new circular covering ER 1-94 funds, host LGUs can now use these shares to help manage the effects of the new virus, in accordance with the Bayanihan to Heal as One Act, which includes the facilitation of mass testing by providing and constructing facilities, as well as acquiring proper medical testing kits. Lenie Lectura

mutual funds

September 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 192.46 -23.57% -11.96% -4.74% -23.58% ATRAM Alpha Opportunity Fund, Inc. -a 1.0706 -30.91% -12.79% -2.5% -22.53% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.584 -34.6% -16.24% -6.82% -29.75% Climbs Share Capital Equity Investment Fund Corp. -a 0.6633 -29.69% -12.91% n.a.

-26.14% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6803 -19.98% n.a. n.a.

-19.9% First Metro Save and Learn Equity Fund,Inc. -a 4.1327 -23.12% -10.14% -4.8% -22.44% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6441 -25.12% -12.78% n.a.

-24.54% MBG Equity Investment Fund, Inc. -a 82.88 -29% n.a. n.a.

-19.71% PAMI Equity Index Fund, Inc. -a 38.5258 -25.14% -10.67% -3.65% -24.87% Philam Strategic Growth Fund, Inc. -a 414.63 -22.54% -10.05% -3.84% -22.18% Philequity Alpha One Fund, Inc. -a,d,5 0.867 n.a. n.a. n.a. -15.83% Philequity Dividend Yield Fund, Inc. -a 0.9862 -23.69% -9.93% -3.39% -23.37% Philequity Fund, Inc. -a 28.8772 -24.15% -9.67% -3% -23.8% Philequity MSCI Philippine Index Fund, Inc. -a 0.7584 -25.63% n.a. n.a. -25.51% Philequity PSE Index Fund Inc. -a 3.9343 -24.77% -10.13% -2.95% -24.68% Philippine Stock Index Fund Corp. -a 657.72 -24.66% -10.05% -3.05% -24.57% Soldivo Strategic Growth Fund, Inc. -a 0.597 -34.3% -13.91% -6.98% -29.88% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0307 -28.49% -11.65% -4.45% -28% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7533 -24.9% -10.36% -3.15% -24.73% United Fund, Inc. -a 2.7615 -24.86% -9.24% -2.51% -24.41% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 88.3154 -24.53% -9.77% -2.26% -24.49% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0363 9.04% -0.13% 3.88% 0.77% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4977 16.24% 7.94% n.a.

8.63% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5371 -4.69% -5.37% -2.73% -1.64% ATRAM Philippine Balanced Fund, Inc. -a 2.0215 -11.38% -5.5% -1.25% -7.32% First Metro Save and Learn Balanced Fund Inc. -a 2.3658 -10.32% -4.19% -2.69% -10.1% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1707 n.a. n.a. n.a.

-25.3% NCM Mutual Fund of the Phils., Inc. -a 1.8186 -6.81% -2.01% 0.41% -7.29% PAMI Horizon Fund, Inc. -a 3.4134 -9.36% -3.9% -0.91% -9.92% Philam Fund, Inc. -a 15.2532 -9.62% -4.07% -0.99% -10.07% 1.8867 Solidaritas Fund, Inc. -a -11.56% -4.95% -1.19% -11.09% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2088 -16.83% -6.18% -2.26% -16.95% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.921 -8.91% n.a. n.a.

-9.32% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8143 -18.46% n.a. n.a. -18.28% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7903 -20.64% n.a. n.a. -20.43% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7846 -19.84% -7.49% -3.28% -19.51% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03886 1.12% 2.56% 2.08% 1.73% PAMI Asia Balanced Fund, Inc. -b $1.0272 4.68% 3.54% 1.5% 0.49% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1088 9.45% 5.59% 6.47% 5.07% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.156 4.38% 2.93% n.a.

2.42% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.25 3.93% 3.06% 2.61% 2.88% ATRAM Corporate Bond Fund, Inc. -a 1.9507 1.8% 0.85% 0.33% 2.56% Cocolife Fixed Income Fund, Inc. -a 3.2014 3.8% 4.79% 4.98% 2.68% Ekklesia Mutual Fund Inc. -a 2.2906 3.83% 2.61% 2.22% 3.02% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4473 4.91% 3.34% 2.04% 3.74% 4.6177 Philam Bond Fund, Inc. -a 7.52% 4.04% 2.7% 5.6% Philam Managed Income Fund, Inc. -a,6 1.311 5.87% 4.35% 2.46% 4.32% Philequity Peso Bond Fund, Inc. -a 3.9521 5.87% 4.26% 2.32% 4.33% Soldivo Bond Fund, Inc. -a 1.0351 8.97% 3.52% 2.04% 7.34% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1769 5.2% 4.71% 3.02% 3.29% Sun Life Prosperity GS Fund, Inc. -a 1.741 4.1% 3.95% 2.4% 2.35% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.15 2.81% 2.5% 2.87% 2.09% ALFM Euro Bond Fund, Inc. -a Є217.02 -1.52% 0.79% 1.19% -1.26% 2.48% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2371 3.21% 2.99% 2.63% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.94% 1.7% 1.68% 1.94% PAMI Global Bond Fund, Inc -b $1.0833 -1.41% 0.11% 0.27% -0.94% Philam Dollar Bond Fund, Inc. -a $2.4884 3.21% 3.62% 3.49% 3.53% Philequity Dollar Income Fund Inc. -a $0.0613434 2.04% 2.24% 2.12% 1.73% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1779 0.43% 1.82% 2.48% 0.09% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.16 3.59% 3.3% 2.51% 2.65% First Metro Save and Learn Money Market Fund, Inc. -a 1.0451 2.19% n.a. n.a.

1.83% Sun Life Prosperity Money Market Fund, Inc. -a 1.2907 2.84% 3.03% 2.62% 2.03% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0493 1.59% n.a. n.a.

1.06% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0073 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a.

-5.05%

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

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

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

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

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

latest NAVPS/NAVPU."

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

No Covid-19 vaccine clinical trials in PHL yet

By Anne Ruth Dela Cruz

W

hile the World Health Organization noted that as of September 22, 2020, there were nine candidate vaccines for Covid-19 that are already in Phase 3 of their clinical trials, the country’s Food and Drug Administration (FDA) has not yet received any applications for the conduct of clinical trials in the Philippines.

FDA Director General Dr. Eric Domingo said that the Vaccine Expert Panel (VEP), which is led by the Department of Science and Technology, is currently reviewing two applications for clinical trials to be conducted in the Philippines. However, they have not been referred to FDA as the vaccine proponents are still completing the necessary documents.

“So officially, no application for clinical trial has been endorsed to the FDA. The expert panel is currently reviewing the papers submitted by the Russian vaccine company for Sputnik and Janssen of Johnson and Johnson. Their target is to start clinical trials by the end of October.

There is no mention of a Chinese pharmaceutical applying at this time,” Dr. Domingo said.

Dr. Domingo was one of the panelists of the webinar titled “Understanding the Landscape of Cutting Edge Vaccine Development” organized by the Pharmaceutical and Healthcare Association of the Philippines. Philippine Foundation for Vaccination and the Philippine Medical Association.

Regulatory perspective In his presentation, Dr. Domingo explained the regulatory perspective on vaccine development. The FDA has oversight on two aspects of the drug development process.

First is to regulate clinical trials and second is the Certificate of Product Registration.

“If you want to do a clinical trial in the Philippines, all establishments shall secure a License to Operate from the FDA as a clinical sponsor or as Contract Research Organization [CRO],” he said. “The application is deemed filed upon complete submission of documentary requirements including payment of fees and charges.”

The application will be evaluated based on the completeness and veracity of submitted documents and compliance with appropriate standards. It usually takes 60 days for the FDA to process a regulatory application.

For Covid -19 vaccines, the FDA evaluation process has been trimmed down to 40 days as all applications will first be submitted to the sub working group for Vaccine Development under the InterAgency Task Force on Emerging Infectious Diseases (IATF) and the DOST created a VEP which will simultaneously review the protocol.

Clinical Trial Registry If the application is cleared with the VEP and the Ethics Board, the application and the complete documents will be forwarded to the FDA. The FDA will then evaluate and give the final decision. Dr. Domingo reiterated that the FDA does not conduct clinical trials. They regulate clinical trials.

After the clinical trial has been approved by the FDA, the sponsor has to fulfill the following responsibilities: Upload information about the clinical trial in the Clinical Trial Registry which is accessible to the public. This should be done within 30 calendar days of their approval.

They have to give the FDA regular study reports. For the long-term

projects, these reports are yearly.

For Covid-19, it will be more frequent, possibly monthly. The sponsor is responsible for expediting all reporting on suspected, unexpected serious adverse effects to the FDA in compliance with international standards.

When the trial reaches the end, whether it has really ended or due to unexpected adverse events, the CRO has the responsibility to terminate the study; and FDA can also inspect the clinical trial at any time, especially in areas where there is Covid.

Once the FDA approves the CRO’s application, the clinical trial can proceed. Even before it reaches the clinical trial stage, the candidate vaccine has to undergo pre-clinical evaluation which is in compliance with good laborator y practice guidelines, production, characterization and quality assurance.

“The pre-clinical evaluation looks into toxicity and safe testing, the potency of the vaccine, the immunogenicity or the ability to produce an immune response in the body and the presence of adjuvants and additives,” said Dr. Josefina Carlos, a pediatric infectious disease specialist and clinical trialist of the Vaccine Study Group.

Clinical trial phases The phases of vaccine trial are Phase 1 were 20 to 50 healthy volunteer subjects are tapped to look into the safety and immunogenicity of the vaccine. Phase 2, on the hand, defines the optimal dose and schedule and the vaccine’s safety profile. Several hundreds of highrisk subjects are tapped for this study. Phase 3 involves thousands of subjects ranging from 3,000 to 5,000 people who will be studied for large scale safety and efficacy of the vaccine.

“Based on the data gathered from Phase 3 and if it is found that the candidate vaccine is safe and effective, the maker can already apply for market authorization,” Dr. Carlos said.

“After the FDA has evaluated that the candidate vaccine is safe and effective, the manufacturer will get their certification and the vaccine will now be made available to the public.”

Monitoring, however, does not stop there as Dr. Carlos explained the vaccine will still to undergo post marketing surveillance or Phase 4, also known as the post marketing phase. The government has a committee that looks into this and the trial subjects will be the entire population. The main objective of the post marketing phase is to evaluate the safety of the vaccine.

“The timeline for classical vaccines is 10 to 15 years. However, since we are the midst of the Covid-19 pandemic, there is a race to finish the development of the vaccine in 12 to 18 months,” Dr. Carlos said.

Dr. Domingo clarified that the clinical trials do not have to be conducted in the Philippines. It is possible that the clinical trials have already been conducted in other countries and with the proper endorsements coming from the World Health Organization or from foreign FDA counterparts, these candidate vaccines can undergo registration applications in the country.

“It is possible that by the end of the year or early part of next year, we are going to get registration applications already. We are targeting that once the vaccine manufacturers have given us an application and they have been approved somewhere else, we are targeting 45 to 60 days for evaluation and approval here,” Dr. Domingo said.

Thursday, October 1, 2020 B3

Pinoys are inactive, obese, lack sleep, survey shows

D

By Cai U. Ordinario

espite being aware of the need to be healthy, nearly half of Filipinos remain physically inactive and almost a third are considered overweight and smoke cigarettes, according to the latest health survey results from Manulife Philippines.

Based on Manulife Philippines’ sstudy, “Understanding Filipino Sentiments Toward Health and Critical Illness,” 63 percent of the respondents said that they prioritize staying healthy and avoiding illness.

However, some 41 percent are physically inactive, 29 percent are considered overweight, 10 percent are obese, and 22 percent smoke tobacco.

“Filipinos in general believe that they need to keep themselves healthy to prevent illness. However, the study revealed that their actions do not always align with their health goals, as many still admit to engaging in unhealthy habits,” Manulife Philippines said in a statement.

The survey also showed that Filipinos also ranked 4th in the world on being sleep deprived, clocking an average of only 6.5 hours versus the recommended seven or more hours for adults.

However, since the Covid-19 pandemic, Filipino respondents have recognized the importance of prevention through different

heath activities, with three out of the five formed health related habits they intend to keep in the next 18 months.

With this, around 81 percent of respondents are finding ways to be more physically healthy; 76 percent said they are monitoring key health indicators; and 74 percent are keeping track of mental wellness.

Around 75 percent are also using online services more for contactless needs in the age of social distancing and 78 percent are reviewing and managing personal finance more often.

“The disconnect between what respondents believe they should be doing and their actual behavior is influenced by barriers that include lack of time, the cost of healthy meals and fitness activities, the influence of their social circles and environment, as well as the need to cope with stress,” Manulife Philippines said.

Health scare The Manulife Philippines’s study found that the possibility of critical

illness looms large for 75 percent of Filipinos, who know someone who has been previously diagnosed with one.

Further, Filipinos’ fears are influenced by their perception of the related costs of treatment. While heart disease is the leading cause of death in the Philippines, cancer is the most prominent critical illness in the minds of Filipinos, especially those with higher income, at 57 percent.

Heart attack, hypertension, and diabetes are also on the top of the list, but they trail behind by a wide margin, all at 6 percent. Cancer is also the disease they are most afraid of acquiring for either themselves or their loved ones.

This fear is based on the perception that cancer requires the most expensive treatment among all critical illnesses. Filipinos also believe that the cost of treatment is more than they can afford.

The majority are either unsure or unconvinced that their medical savings are enough to cover related expenses for themselves and their loved ones. “ T hese evolving times have opened our eyes to the importance of health and wellness, and importantly, made many Filipinos appreciate the value of insurance protection,” said Melissa Henson, senior vice president and chief marketing officer of Manulife Philippines. “While Filipinos are universally aware of the importance of staying healthy, we saw that their behaviors are largely influenced by fears and worries, including concern for their family and feeling financially unprepared for illnesses. This study aims to shed light on how they can

overcome those worries through financial and health protection.”

Healthy finances The survey results also showed that Filipinos identified staying healthy and avoiding illness, having sufficient savings, and assuring their family’s well-being in case something unfortunate happens as their top 3 priorities in life.

Manulife Philippines said savings for medical emergencies, emergency funds, and health care are included in their short-term goals. Alongside health care, life insurance protection and retirement are also top longterm goals.

The data showed that while 82 percent of the respondents believe that illnesses can be prevented, more than half or 58 percent still noted that their most profound fear is a loved one being diagnosed with critical illness.

The data showed that this outranked contracting critical illness or getting into an accident themselves.

“Filipinos also consider being a burden to their family among their top worries. Losing a loved one is also high on their list of fears,” Manulife Philippines said.

During the pandemic, Filipinos’ top worries around health and safety of their family have heightened, given the fear of acquiring the virus and the number of cases continuing to rise.

Health, safety and family make up the top 3 worries, followed by concerns about work, well-being, savings, investment, home and community, insurance, friends, me-time, and love.

IATF asked to reconsider facility-based isolation

By Claudeth Mocon Ciriaco

S

hould Covid-19 patients with mild symptoms or asymptomatic isolate at home or in government quarantine facilities?

For Dr. Anna Ong-Lim of the Healthcare Professionals Alliance Against Covid-19 (HPAAC), as long as the patient has the capacity to isolate himself at home, he should be allowed to do so.

The Department of Health (DOH) earlier said that home quarantine is allowed provided that a person has his own room and comfort room. He will only allowed to leave his room by either a local health official or his designated physician, following the guidelines set under Department Memorandum 2020-0090 as well as DOH requirements.

However, on September 24, 2020, the Inter Agency Task Force on Emerging Infectious Disease (IATF) released Resolution 74, which contained a provision requiring facility-based isolation for asymptomatic and mild Covid-19 patients.

Option to home isolate

In the perspective of infectious disease ex-

perts like her, Dr. Ong said the IATF is right when it stated that the virus can spread easily if a person will not be isolated. She stressed though that the patient should be given the option to isolate himself so long as he has the capacity to isolate, “regardless of their status if they are asymptomatic or mild.”

She added that exceptions should apply in two cases—where the local government unit has insufficient capacity in terms of available isolation facilities, or if the patient has comorbidities or vulnerabilities and has sufficient capacity to home isolate.

In a statement, civil society groups said they agree with HPAAC who stated that mandatory facility-based isolation can lead to unintended behavior like patients denying their symptoms and refusing to be tested.

“Furthermore, requiring patients with the capacity to home isolate to be admitted in government facilities will strain government resources. And it will congest existing facilities, taking away available beds from those whose homes do not meet the conditions required for home isolation,” they added.

Cost effective approach

Given its limited resources, they added that the government should adopt a costeffective approach by having the facilitybased isolation serve the underprivileged with no capacity to home isolate. Funds should likewise be directed towards technological interventions to monitor those isolating at home.

Remy Cabello of Aktibong Kilusan Tungo sa Iisang Bayan and a member of Tondo’s Barangay Health Emergency Response Team, said they are thankful to the government for putting up Temporary Treatment and Monitoring Facilities or TTMS. The isolation facilities are a big help to her and her neighbors who do not have enough space in their house.

“Our houses have become crowded because many of us lost our jobs and some of our children were unable to go back to school. Transmission is very likely,” she said.

While civil society groups supported the IATF decision to isolate asymptomatic or mild Covid-positive individuals, they are asking that the necessary financial and social support be extended to them.

“We express our concern over the current

conditions and management of government facilities. Covid-19 patients have experienced issues in hygiene, waste management, gender-based violence and sanitation in isolation facilities. These issues have to be addressed,” they said.

They further also recommended that financial support to given to those who will temporarily lose their source of livelihood to follow isolation protocols; that the government provide care for minors whose parents have to undergo mandatory isolation; ensure that isolation facilities follow quality standards and have sufficient capacity and strictly enforce the monitoring of Covid-19 patients in government facilities and those under home isolation.

“We hope that the government will consider our appeal and recommendations. We call on our fellow Filipinos to monitor these policies and abide by the health protocols needed to contain the spread of Covid-19.

We commit to working with both the private and public sectors in the fight against the coronavirus,” read the statement signed by groups that included student groups, barangay health worker groups and communitybased organizations.

Valenzuela adopts “No QR code, No Entry” policy starting October 5

By Roderick L. Abad

S

TARTING next week, the City of Valenzuela will replace traditional forms with a software that could help in contact tracing and in the prevention of further transmission of Covid-19.

The Valenzuela Tracing (ValTrace) Application, which is supported by revised City Ordinance 783, Series of 2020, specifying amendments on Sections 11 and 17, will allow residents and non-residents to register and download their own Quick Response (QR) codes. These QR codes will be presented upon entering enclosed indoor establishments in the city as it officially rolls out the “No QR Code, No Entry” policy on October 5.

The local government unit collaborated with Appcase Inc. to develop the app. Registration and the use of the app is free of charge.

Establishments and individuals are required to register in the app by signing up at http://valtrace.appcase.net as Citizen (for individuals) and as Merchant (for establishments).

After registration, individuals will be provided with a unique ValTrace generated QR code which they can store on their phone or print for a physical copy.

On the other hand, establishments need to install the ValTrace QR scanner app which will have the software that will allow them to scan the QR code of registrants prior to

entering the establishments.

Tracing center

When the QR code is scanned by a listed establishment, an individual’s personal information will be transmitted to the Valenzuela Central Contact Tracing System at the Mega Contact Tracing Center for easy tracing.

There will only be one QR code per person.

The QR codes shall not replace the use of the Quarantine Pass as it is still required in Valenzuela City when entering establishments.

Individuals who fail to comply with the ordinance will be charged with an administrative penalty of P1,000 on the first offense; P3,000 for the second offense; and P5,000 for the third offense and/or imprisonment

of not more than 30 days subject to the discretion of the court.

Establishments that fail to comply will be charged with P5,000 and suspension of their franchise or business permit until the violation has been rectified on the first offense; P10,000, 24 hours of community service, and suspension of franchise or business permit until the violation has been rectified for the second offense; and P15,000 and revocation of franchise or business permit for the third offense.

The city government will handle all information gathered from the data subjects with the highest degree of confidentiality and will securely dispose of the information after 30 days from the time it was collected.

B4

Thursday, October 1, 2020 • Editor: Gerard S. Ramos

Show BusinessMirror

www.businessmirror.com.ph

Cosmic duet of good and evil

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Brie Larson, 31; Zach Galifianakis, 51; Esai Morales, 58; Julie Andrews, 85.

Happy Birthday: Mend what has fallen apart this year, and you will be able to move forward without regret or hesitation. Show compassion, but don’t let anyone take advantage of your kindness or generosity.

Bring about changes at home that will give you the freedom to do things your way. Let experience and intellect lead the way. Personal gain is within reach. Your numbers are 8, 19, 22, 25, 34, 42, 46.

TOM HOLLAND and Robert Pattinson in The Devil All the Time, now streaming on Netflix.

a

ARIES (March 21-April 19): Uncertainty will revolve around your work, position and future status. Stay calm, and work hard to show how valuable and resourceful you are. Benefits will come your way. Strive for personal gain, physical fitness and romance, and you will excel. HHH

W

HEN is Good overwhelming? When Evil is doubly enthralling and enticing. Thus glides before us an old tale about how the bad always appears with the good, or how the works of the devil consort with the achievements of angels.

A parable of cosmic proportion takes place in some towns in the US. It is 1957 and good men are back from a war whose dark sides will remain for a long time tucked in with the default memories of heroism. It was after all America, the land of the free and home of the brave. War is over and it is time to start anew.

The landscape is innocence: tall forests, pristine clear waters. Quiet towns have inhabitants who are linked by common genealogy. Peace has come; the possibilities for human societies are infinite.

Against this backdrop, the story of The Devil All the Time is told. It is the story of fate.

It is also the story of Marine Willard Russell who fought during the Second World War, and is now going home to Coal Creek in West Virginia.

In Solomon Islands, Willard is on a mopping-up operation with a fellow marine when he encounters a ghastly scene of a marine on a rough cross on a burning hill. The man has been left by the Japanese to die. When the soldiers come near him, he moves and out comes from his mouth flies.

This scene will never leave Willard’s mind.

On his way home to his mother in Ohio, Willard stops by a diner where he meets Charlotte. She will become Willard’s wife. In the diner, Willard is about to take a table when another man gets to that place ahead of him. Perhaps recognizing Willard as a man fresh from the warfront, the other man gives up the table.

That man will turn up in the latter part of the story. But at that moment, the “kind” man is served by this lovely waitress, Sandy, who becomes his wife.

The tandem would be known down the road as the “shooter” and “bait.”

Between Clark and Sandy—or, as the story unfolds, with them—is Sandy’s brother, Sheriff Lee. Home with his family, Willard goes to a small church with his mother. He is introduced to a woman, Helen, who is expected by Willard’s mother to be married off to him. The mother during the war has prayed to God that if his son were spared, then Helen should be the mother of his children. In this film, prayers become pacts.

In the church, a young evangelical preacher displays his charisma in a fiery speech that goes beyond fire and brimstone. This man, Roy, is affecting because he disturbs the churchgoers. When he talks of fears and how he overcomes them, Roy demonstrates his approach with the supreme magic of a carnival barker. A bottle of spider is opened and Roy pours all its grisly contents over his face.

It is barely 3o minutes into the film but The Devil All the Time has already opened boxes and boxes of sins and trepidations that will put to shame good ole Pandora.

A father finds a home for his wife and their son. He

b

TAURUS (April 20-May 20): Before you make a change, cover every angle and detail that’s required for you to be successful.

Taking physical action to ensure you have everything in place will eliminate an error. Don’t count on others to take care of your responsibilities. HHH

c

GEMINI (May 21-June 20): Look for help in familiar places. Reach out to those who are likeminded and have never let you down in the past.

Don’t be shortsighted when it comes to partnerships.

An unexpected change will take you by surprise. HHH

d

CANCER (June 21-July 22): Consider doing things differently if you want to bypass someone who has it in for you. Arguing will make you look bad, but going above and beyond the call of duty and coming up with a workable solution will pay off. HH

e

LEO (July 23-Aug. 22): Deal with emotional issues that surface between you and a friend, relative or peer. Ignoring problems will lead to uncertainty and an inability to take advantage of an opportunity that comes your way. HHHHH

builds a cross on a clearing behind that house. This father brings his son to the Cross and commands him to pray. He asks him to pray when he is bullied. In the middle of the night, he brings his son’s dog and shoots it. He offers this dog to God. The dog is important to his son and thus is a fitting bloody sacrifice to the divine. Another man brings his wife for a walk, prays over the poor woman and quickly stabs her by the neck. The woman dies but the man screams to God to bring her back to life. Meanwhile, a man finds out his sweet wife has a terminal disease. When the wife dies, he stabs himself in front that old rugged cross. In the clearing, a son finds a father dead while Kitty Kallen’s voice soars with the maudlin sweet lines from her song “Little Things Mean a Lot:” “Blow me a kiss from across the room. Say I look nice when I’m not.”

The son grows up and lives with his stepsister.

They attend a church service where a preacher dressed in blue jacket and white fancy shirt worthy of the tackiest prom works the crowd of believers.

This preacher has charm. He enters the life of a young girl bullied. She soon is pregnant and the evangelist is the father. Her brother kills the preacher; she commits suicide.

The young man delivers the comeuppance upon the tandem of killers murdering their target the two call their model. The young man hitches a ride with a hippie and, unlike the proverbial cowboy who rides into the sunset, falls sleep. What does he dream?

Perhaps the goodness of the world because he is the only good person in this narrative? It is 1965.

True enough, those little things, those little lives mean a lot. In the end, we pray that the fact of lives woven across each other is a parable if only to assure us it does not happen to us, or to others. But, in the seemingly disjointed biographies in this story are written down an autobiography of how we, in our vileness and goodness, work around each other’s life.

The Devil All the Time is filled with small lives and huge destinies, acted out by actors filling the screen

with a pageantry of characters that would have been caricatures in another filmmaker’s hand—from the little boy, Michael Banks Repeta, playing the nine-year-old Arvin Russel; to Haley Bennet as Charlotte, Arvin’s mother and Willard’s wife; from Mia Wasikowska as Helen to Kristin Griffith as Emma Russell, Arvin’s grandmother.

It must be said though that the film tenses up with the magisterial presences of Bill Skarsgård as Willard Russell, Robert Pattinson as Reverend Preston Teagardin, and Tom Holland as Arvin.

Bill Skarsgård’s Willard shatters our notion of a quiet man as somebody at peace with himself and the world. As the former soldier who constructs a cross near his home, he bears the burden of so many lives that we cannot but forgive him in the end.

Pattinson’s Preston and his duplicity as a preacher and pervert is disturbing because he makes that character a fixture in the landscape of believers who are either naïve or naturally good. And, yes, he makes us forget he once was a box-office vampire.

Who would think that Tom Holland is capable of depicting a brooding soul? In a society rendered devoid of that frail sociological tool called “human agency,” Holland’s young man is the true hope on a horizon that is barely delineated.

But this film benefits from the tight direction

by Antonio Campos from a screenplay cowritten with his brother Paulo Campos. Campos is noted for his feature-length debut Afterschool, which had its world premiere at the Cannes Film Festival in 2008.

Music is by Danny Bensi and Saunder Jurriaans; with cinematography by Lol Crawley. Sofía Subercaseaux is the editor.

The Devil All the Time is based on Donald Ray Pollock’s novel of the same name. The author also is The Narrator—the overall consciousness—in the film. The Devil All the Time had its release in select North American theaters on September 11, 2020, and digitally on Netflix in September 2020. n

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VIRGO (Aug. 23-Sept. 22): Voice your opinion, bring about change and handle financial, health and legal matters yourself.

Stay in control, take the initiative and live life your way.

Someone older or younger will offer insight regarding how to structure your next move. HHH

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LIBRA (Sept. 23-Oct. 22): Tie up loose ends without making a fuss. Do what you have to do, and be transparent regarding your intentions.

Clear the air, and put your plans in motion. Romance is on the rise, and physical improvements will fetch compliments. HHH

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SCORPIO (Oct. 23-Nov. 21): An opportunity will require you to make a lifestyle change. Don’t let uncertainty stop you from moving forward with your plans. Develop a strategy, and put your ideas in motion. HHH

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SAGITTARIUS (Nov. 22-Dec. 21): Spend time with the people who bring out the best in you.

Challenge yourself physically, and strive to take better care of yourself. Refuse to let anyone entice you to indulge or overspend. HHHHH

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CAPRICORN (Dec. 22-Jan. 19): Don’t get into a senseless argument with someone you love. Put your energy into positive changes that will make your life more convenient at home and work. A money matter will surface if you share expenses with someone who is extravagant. HH

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AQUARIUS (Jan. 20-Feb. 18): You’ll discover a way to make extra cash using one of your talents. A partnership with someone will help you get your plan up and running. Romance is on the rise and will improve your relationship and lifestyle. HHHH

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PISCES (Feb. 19-March 20): Look for a unique way to earn money, and you will change the way you live. Invest more time in honing your skills and putting your plan in motion.

Someone you’ve collaborated with in the past will have something to offer. HHH Birthday Baby: You are aggressive, focused and active.

You are convincing and playful.

‘unappetizing fare’ by lee taylor The Universal Crossword/Edited by David Steinberg

ACROSS 1 Tiny pieces 5 Posh 10 Lively Irish dances 14 “___ Breaky Heart” (Billy Ray Cyrus hit) 15 Chicago airport 16 Be up against?

17 Sore loser’s reaction 19 Extremely serious 20 Follow 21 Totally stoked 23 Like some discretion 27 Restorative resort 30 Bad influence 35 Ties the knot 37 Sigh of relaxation 38 Business connection?

39 Red pencil wielders 41 Took off on social media 43 Vicinities 44 KGB adversary, once 45 Stuffing seasoning 46 Hardened person 50 Took command

51 Erodes 53 Source of lava 57 Discernment 61 Something to think about 62 Abrupt way to quit 66 Like most stuffed animals 67 Unescorted 68 Bronte’s Jane ___ 69 Glassblowing and others 70 Country whose name anagrams to “plane” 71 Some are man caves DOWN 1 Military installation 2 Zoom’s contains a video camera 3 Therefore 4 Sundae topping 5 ___ once 6 “Now I get it!”

7 Quick snooze 8 Give birth to 9 Agreeable guy?

10 Gem featured in Maori carvings 11 Footnote abbr.

12 Hindu spiritual leader

3 Important first for a baby 1 18 Specialized equipment 22 Item between a fork and knife 24 Laugh loudly 25 Airport estimates, briefly 26 To the ___ degree 27 Exercise byproduct 28 Pitching great Martinez 29 Farewell, in Paris 31 A bowling ball topples them 32 Propel a bicycle 33 Feudal lord 34 Came to a conclusion 36 Without a date 40 ___ Jackson Jr. (Straight Outta Compton star) 41 Kind of torch 42 Unwelcome wedding-day forecast 44 Sin/___ = tan 47 Moulin Rouge dance 48 Peter of Lawrence of Arabia 49 Caesar’s words to Brutus 52 Propelled a rowboat 53 Major credit card company 54 Air freshener target

55 <-- 56 Indoor or outdoor pets 58 Kind of terrier 59 Seabird whose tail is often forked 60 Some are beady 63 Cut (off) 64 Double-helix molecule 65 Business card no.

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Parentlife BusinessMirror

Editor: Gerard S. Ramos

• Thursday, October 1, 2020

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AIA Philam Life brand ambassadors Nico Bolzico and Solenn Heussaff, and Cebu-based AIA Philam Life influencers Kryz and Slater Young

Safeguarding the health and well-being of children

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OR most parents, getting medical insurance for their child rarely crosses their minds. The more pressing matter, especially for firsttime parents, are the immediate physical needs. But the truth is, a child’s medical needs can be costly, and with 54 percent of health expenses coming from the household budget, this can be a burden to many. (Source: Health Expenditures Philippines 2008, Philippine Statistics Authority) As a company committed to developing innovative products that address the needs of its

customers, AIA Philam Life recently introduced AIA Med-Assist for children, its variable life insurance plan with a medical benefit rider designed to address medical expenses due to hospitalization of zero to 17-year-olds.

Tennyson Paras, AIA Philam Life head of products, shares the reason behind the development of this product: “We wanted a product that can give parents peace of mind in case of hospitalization. As a parent myself, I understand the additional burden that these unexpected medical expenses have on families. With AIA Med-Assist, they can simply focus on taking care of their children and recovery.”

AIA Med-Assist for children is based on the same product launched early this year, but this time with benefits available to zero to 17-year-olds which helps parents be one step ahead and protect their children and finances against health-related risks. It covers 90 percent of in-patient hospitalization and other medical expenses.

“Most parents will agree that the first five years is the most vulnerable age of children. As parents, we do everything we can to ensure they are healthy

and provide their needs during this critical period in their lives. But no matter how prepared we are, we can’t avoid the trips to the Emergency Room and the hospital,” Paras added. Aside from hospitalization, the product also has a life insurance benefit and an investment fund that can help parents build their own medical fund in the future.

To introduce the availability of AIA Med-Assist to children, the company sought the help of its brand ambassadors Nico Bolzico and Solenn Heussaff, joined by Cebu-based influencers Kryz and Slater Young, in a wacky live online talk show, called “Tea Time with the Bolzicos.”

Both couples are months-old parents who are now experiencing hands-on parenting during the pandemic. In the course of their discussion on the changes in their priorities and discovering the joys of parenthood, they talked about the importance of protecting their children against risks, especially during this time when health risks abound.

AIA Philam Life Chief Executive Officer Kelvin Ang shares: “Making AIA Med-Assist available

for children is another manifestation of our commitment to fulfill our mission of protecting Filipino families from life’s uncertainties. We are one of the few insurance companies who make insurance products available to children, an age group whose protection needs are not given much attention. Through this product, parents are able to show their love and responsibility for their children.

For us, it’s a way to bring to life our brand promise of helping Filipinos live healthier, longer and better lives.”

More information about AIA Med-Assist for children is available Life web site at www.philamlife. com. The Philippine American Life and General Insurance Co. (AIA Philam Life) is the country’s premier life insurance company. Established in 1947, AIA Philam Life has earned the trust of customers for its financial strength, strong brand name and ability to deliver on its promises.

AIA Philam Life has P291.38 billion in total assets as of December 2019, while serving over 500,000 individual policyholders and over 1,500,000 insured group members. n

Stressful times are an opportunity to teach children resilience

By Vanessa LoBue Rutgers University Newark BETWEEN the global Covid-19 pandemic, the associated economic downturn and widespread protests over racism, it’s difficult for everyone.

Many people are struggling, consumed with anxiety and stress, finding ourselves unable to sleep or focus. As a developmental psychologist and researcher on anxiety and fear in infants and young children, I have been particularly concerned about the impact of the pandemic on young people’s mental health.

Many have not physically been in school since March. They’re isolated from friends and relatives. Some fear that they or loved ones will contract the virus; they may be hurt in racial violence or violence at home—or they might lose their home in a wildfire or flood. These are very real life stressors.

Decades of research have documented serious consequences from chronic stress in childhood. But psychologists have identified ways in which parents teach children how to cope with adversity—an idea commonly known as resilience. n THE EFFECTS OF CHILDHOOD STRESS. Children cannot be protected from everything. Parents get divorced. Children grow up in poverty. Friends or loved ones are injured, fall ill or die. Kids can experience neglect, physical or emotional abuse or bullying. Families immigrate, end up homeless or live through natural disasters.

There can be long-term consequences.

Hardship in childhood can physically alter the brain architecture of a developing child.

It can impair cognitive and social-emotional development, impacting learning, memory, decision-making and more.

Some children develop emotional problems, act out with aggressive or disruptive behavior, form unhealthy relationships, or end up in trouble with the law. School performance often suffers, ultimately limiting job and income opportunities. The risk of suicide or drug and alcohol abuse can increase. Kids who are exposed to chronic stress may also develop lifelong health

issues, including heart attack, stroke, obesity, diabetes and cancer.

So how do some kids thrive amid serious challenges, while others are overwhelmed by them? Researchers in my field are working to identify what helps children overcome obstacles and flourish when the odds are stacked against them. It seems to come down to both support and resilience.

Resilience is defined as the ability to spring back, rebound or readily recover from adversity.

It’s a quality that allows people to be competent and accomplished despite tough circumstances.

Some children from difficult backgrounds do well from a young age. Others bloom later, finding their paths once they reach adulthood.

Ann Masten, a pioneer in developmental psychology research, referred to resilience as “ordinary magic.”

Resilient kids don’t have some kind of superpower that helps them persevere while others flounder. It isn’t a trait we’re born with; it’s something that can be fostered. n THE KEY FACTORS THAT HELP KIDS BUILD RESILIENCE. The same executive function skills that create academic success seem to bestow critical coping strategies. With the capacity to focus, solve problems and switch between tasks, children find ways to adapt and deal with obstacles in a healthy way.

Controlling behavior and emotions is also key. In a recent study, eight- to 17-year-olds who maintained emotional balance despite mistreatment were less likely to suffer from depression or other emotional problems.

However, relationships seem to be the foundation that keep children grounded.

“Attachment relationships” provide a lifelong sense of security and belonging. A parent’s or caregiver’s consistent support and protection is crucial for healthy development and the most important of these relationships. Other caring adults can help: friends, teachers, neighbors, coaches, mentors or others. Having steadfast support lends stability and helps kids build selfesteem, self-reliance and strength. n HOW TO ENCOURAGE RESILIENCE AT HOME.

There are many ways parents can help their children build resilience. Allowing children to talk—and really listening—shows caring and acceptance, validates their feelings and helps them contextualize issues.

Sometimes the answer is allowing kids some degree of autonomy. Trusting them to try things on their own—and even fail—can help them learn to solve problems or deal with anger, disappointment or other uncomfortable emotions. “Calm breathing” techniques offer another tool that helps children control emotions. It’s important to note that many children face not just one but many hardships.

For example, kids who live in poverty may have less present or less competent parents; have high daily levels of stress; suffer hunger, poor nutrition or live in crowded conditions, with few parks; have no health care; study in substandard schools; and have greater likelihood of abuse.

Community-level interventions can help reduce risks while helping children build resilience. These initiatives can provide better living circumstances through affordable housing and improve health by reducing pollution.

Strong programs can engage teachers, parents and community members build a stable support system for local children.

Classes in “social and emotional learning” have been gaining traction in schools. This curriculum teaches children to understand and manage their feelings, develop empathy for others, make responsible decisions and solve problems.

These programs yield tangible results: one analysis of 270,000 participants showed that students raised their grades by an average of 11 percent. Other studies revealed that fewer participants dropped out of school, used drugs or engaged in criminal activity—and school behavior improved.

Helping children build resilience is particularly critical now, as Americans face particular turbulence in daily life. Parents, too, need to guard their mental health in order to provide kids with crucial support: Building resilience isn’t just kid stuff. THE CONVERSATION

Sarah Geronimo-Guidicelli

Celeb-wives cook up a storm

Whether you’re an experienced cook or a newbie in the kitchen, there’s one thing you’re after: delicious-tasting healthy dishes that the family will love. In order to do this, though, oftentimes, you will need to combine and layer several ingredients in order to create supremely delicious and aromatic dishes.

But what if you could confidently achieve this through an innovative, all-in-one kind of cooking aid? That’s what the new MAGGI Supreme Sarap All-in-One Cooking Sauce hopes to do for you.

In an hour-long Facebook Live event, the latest superstar celebrity wife to become part of the MAGGI family, newlywed Sarah GeronimoGuidicelli, excitedly gushed about this product with another celebrity mom who is well-known for her culinary skills, Judy Ann Santos-Agoncillo.

Apart from catching up on their lives—from Judy Ann needing to multitask more than ever, especially with family members being on lockdown together, to Sarah’s new realizations about herself as a new wife and homemaker—they exchanged stories about their cooking experiences and shared tips and hacks to cook tasty and nutritious dishes.

Sarah asked for advice from Judy Ann, as the more experienced between the two. She realized that being a new homemaker, not only should she be after the flavor of her dishes, but that they’re healthy too.

She also realized that she is no longer cooking just for herself, but that her husband enjoy her cooking.

So while Judy Ann did have a lot of practical advice to give in many aspects of running a household, the conversation eventually shifted toward Sarah’s excitement about the new MAGGI Supreme Sarap All-inOne Cooking Sauce.

Sarah even took things to a supreme level by demonstrating how easy it is to use the product to add flavor to dishes by cooking Supreme Chopsuey live. MAGGI Supreme Sarap All-in-One Cooking Sauce has a balanced combination of soy, oyster, onion, garlic and meaty flavors.

More information about MAGGI Supreme Sarap All-in-One Cooking Sauce is available on the brand’s Facebook page.

B6 Thursday, October 1, 2020

Tiger Crackers supports Rise Against Hunger

Toyota PH produces face masks, distributes to various stakeholders

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TMP Foundation assistant vice president and operations manager Ronald Gaspar (left) turns over boxes of face masks to Toyota-City of Santa Rosa-Gawad Kalinga Village head Rodolfo Rivera (right).

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OYOTA Motor Philippines Corporation (TMP), the country’s leading automotive company, donated 5,000 units of face masks to its supported communities to help in the nation’s fight against the spread of COVID-19. Recent beneficiaries include Pulong Sta. Cruz Barangay Hall, Pulong Sta. Cruz Elementary School, and ToyotaCity of Santa Rosa-Gawad Kalinga Village in Laguna. In Batangas, some were turned over to the Lian Fisherfolk Association, TMP’s environmental partner. Such donations form part of the 43,000 total units of face mask distributed, made

through TMP’s in-house production initiative.

With safety and health of people as TMP’s priority, the company decided to implement in-house face mask production as early as May 2020. The globally-renowned Toyota Production System (TPS) enabled TMP to design a lean production capability, which is also mirrored in the local production of the Vios and Innova. The project team, composed of production line Team Members and supervising engineers, stayed inside TMP’s lodging facilities at its headquarters in Santa Rosa City, Laguna during the Enhanced Community Quarantine

(ECQ) to oversee production start-up.

They engaged in in-house trainings, trial-runs, and continuous application of improvements in the processes to achieve viable production.

When Laguna province was put under the more lenient General Community Quarantine (GCQ) status in June, TMP ramped up face mask production with around 100 Team Members assigned in eight sewing lines running efficiently on two shifts.

Through TPS, the team successfully increased production according to volume requirements, while achieving efficiency and quality targets.

T’S safe to say that since the start of the lockdown, a lot of us have been doing “food trips” at home, as evidenced by the proliferation of online sellers and home cooks on social media. Having food trips is a good way to spend time with family, and to take your mind off whatever else is happening outside.

With delicious snacks, food trips become ‘good trips’ or happy memories with loved ones.

Tiger Crackers is the latest snack which gives Filipino consumers a food trip that’s also a good trip. It’s a delicious and Pinoy-loved cracker format that comes in delicious local flavors of Leche Flan, Ensaymada and Plain.

It’s also a good trip because it only contains 120 calories per pack of three crackers. It’s the latest product from snack maker Mondelez Philippines, that aims to promote mindful snacking, or eating with intention and focusing on the experience of snacking to fully enjoy your food.

Recently, Tiger Crackers brought a ‘food trip’ to those who need ‘good trips’ now more than ever. With the support of partner Rise Against Hunger, Tiger Crackers shared delicious snacks with 1,200 front liners in Metro Manila, who are working hard to protect and serve us during this pandemic.

They are our health, food and transportation front liners who bravely face each day to do their work and be of service to the country.

“Tiger Crackers salutes our health, food and transportation front liners – our heroes,” shares Kristine Enriquez, Senior Brand Manager for Biscuits of Mondelez Philippines.

“We recognize the critical role they play to keep our economy and country moving forward, especially at this time. That’s why through our own way, we wanted to bring a ‘good trip’ to their day. As a community we owe them a lot and wish to express our gratitude the best way we know how, by sharing delicious snacks to keep them fulfilled.”

“With the support of Tiger Crackers, we were able to share snacks with the health workers and patients of Quezon Institute, a Mild Covid-19 isolation facility; 400 7-Eleven staff, and 400 jeepney drivers members of the Parañaque Integrated Transport and the Del Pan Pier South PEJODAP,” adds Jomar Fleras, Executive Director of Rise Against Hunger Philippines. “Our mission to help feed communities in need does not stop and will continue even after we overcome this pandemic. Feeding is critical not only for nutrition but to ensure to overall wellbeing of our countrymen. That’s why we thank Mondelez Philippines and our other partners for joining us in this initiative.”

To support Rise Against Hunger’s initiatives, visit their website https:// riseagainsthungerphilippines.org/

Outstanding Mimaropa tourism stakeholders feted

Villar Sipag Farm Schools give various trainings on modern technology farming

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O date, there are 2,367 accredited farm schools all over the country that serve as learning sites for farmers and plant enthusiasts who are given the opportunity to train for free on the ways of modern farming.

Included in this roster are four farm schools operated by the Villar Social Institute for Poverty Alleviation and Governance (Villar SIPAG). Supported by Sen. Cynthia Villar, the Villar SIPAG Farm Schools have welcomed thousands of trainees and hosted hundreds of training sessions on agriculture-related courses for free. The other farm schools in the country also offer training courses with the support of the Agricultural Training Institute (ATI) and the Technical Education and Skills Development Authority (TESDA).

“Our farm schools have a special role in our objective to make our farmers and fisherfolk competitive and profitable through training programs that will help them produce more and earn more with the help of modern technology,” Villar said.

The first Villar SIPAG Farm School opened in September 2015. It is located in a 4 hectare lot within the boundary of Las Piñas City and Bacoor City, and is situated beside the Molino Dam.

The second farm school which opened in October 2016, sits in a 4-hectare land in San Jose Del Monte, Bulacan.

Both schools have training areas, dormitories, farm houses and kitchen areas. Also featured are vermi- composting facilities, kitchen waste composting facilities, greenhouse, spaces for livestock production and aquaculture and a cacao plantation under coconut trees.

Before the pandemic, the training program on Agri-Crops Production was held in both farms three times a year. The 3-month course has 12 sessions and has about 200 participants per batch. The culmination of the program was marked by simple graduation rites and a harvest festival.

Conducted in partnership with the East West Seeds Foundation, the agricrops training program continues in the new normal with modification to properly observe the needed health protocols. For now, only 20 participants are accommodated and young people, the elderly, and those with health issues are discouraged from participating in the program.

The Las Pinas Farm school caters to farmers from the National Capital Region,

VILLAR SIPAG farm school located in the boundary of Las Pinas City and Bacoor city. Aside from this farm school, there are 18 farm schools in NCR; 244 in Region 4-A; 124 in Region 4-B; and 133 in Region 5. These farm schools cater to farmers in NCR, Southern Luzon, and Bicol.

Cavite, Laguna, Batangas, Rizal, Quezon and Bicol Region while the Bulacan Farm caters to farmers in Northern and Central Luzon and the Cordillera Autonomous Region.

Villar also built farm schools in San Miguel, Iloilo and in Davao to cater to farmers in Visayas and in Mindanao, respectively.

The Iloilo farm school opened in January this year with the program Training of Trainers on Production of High-Quality Inbred Rice Seeds and Farm Mechanization. The trainees were 30 farmers from the provinces of Iloilo, Capiz, Negros, Aklan, and Antique.

The farm school is specifically for training the trainers on new farming technology where the graduates are expected to train farmers back in their respective towns.

The Villar SIPAG Farm Schools give free training opportunities to farmers in cooperation with other agencies such as the Farm Business School with the ATI; Rice Seeds Production and Mechanization with PhilRice and PhilMech; Aquaculture Production with the Bureau of Fisheries and Aquatic Resources; Livestock Production with the Bureau of Animal Industry; and cacao production intercropping with coconut with the Philippine Coconut Authority.

The growth of farm schools all over the country was attributed to two pieces of legislation that Villar principally authored: Republic Act 10816 or the Farm Tourism Development Act of 2016, which encourages the conversion of farms into tourist farms and learning sites; and Republic Act 11203 or the law that created the P10-billion Rice Competitiveness Enhancement Fund which mandated a special role for farm schools as venues of extension services program.

Villar recently released the 5th edition of the “Directory of Farm Schools, Tourist Farms and Learning Sites in the Philippines,” which lists 2,367 sites from all 17 regions. The first edition of the book contains 386 farms.

The world-famous Puerto Princesa Subterranean River National Park

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IMAROPA, the home to the Tubbataha Reefs Natural Park and the Puerto Princesa Subterranean River National Park, both Unesco World Heritage Sites located in Palawan, recently held the Mimaropa Tourism Appreciation and Recognition Day honoring tourism players who rendered the Filipino brand of service beyond the call of duty.

Themed “Pink Life: Nurture, Foster and Understand Amid A Pandemic!”, the Department of Tourism feted outstanding individuals, public and private stakeholders, who provided valuable support to the national efforts to contain the Covid-19 pandemic despite its impact on the tourism industry, in the same event.

“We are recognizing the tourism establishments and personalities who made great contributions to the industry and who exemplified the renowned Filipino hospitality that makes visitors want to come back,” says DOT Secretary Bernadette Romulo.

She cited the regional office which was able to assist 6,628 foreign and local tourists, and board them on 150 sweeper flights and ferries to their points of origin.

Mimaropa or Region IV-B is composed of the island provinces of Mindoro Occidental and Oriental, Marinduque, Romblon, and Palawan, which are known for their terrestrial and marine biodiversity.

According to regional director Engr.

Christopher Morales, the awards event hopes to inspire local governments and the private sector in restarting the region’s tourism industry.

Naturally, taking center stage were Palawan which was voted as 2020’s World’s Best Island

by Travel + Leisure; El Nido which was named as one of the Best Travel Destinations by Trip Advisor and Hufftington Post, and by Condé Nast Traveller for its Hidden Beach as among the world’s best; and Puerto Princesa Subterranean River National Park which was hailed by Tripadvisor as Traveller’s Choice.

Private sector honorees included 2Go Shipping, Air Swift, Montenegro Shipping, Starhorse Shipping, Starlight Shipping, The Funny Lion Resort, and Bayay Sibuyanon.

Other recipients are Lio Airport, Yoshi Ohtsoka of Palawan Divers, El Nido Chamber of Commerce, Inc. Pilipinas Shell Foundation, Inc., and Sitel Philippines Corp. which are all located in El Nido.

Local governments recognized were the municipalities of San Jose, Sablayan, Puerto Galera, Magdiwang, Romblon, Busuanga, Coron, El Nido, San Vicente, cities of Puerto Princesa and Calapan, and all the five provinces for assisting stranded tourists during the quarantine.

Individual awardees for excellence in the delivery of tourism services were Peter Collings of D’Pearl Bay Busuanga, and former DOT director Director Rebecca VillanuevaLabit who pushed an aggressive accreditation campaign in Puerto Princesa, now a Hall of Famer for having the region’s most tourist enterprises and frontliners.

Other awardees were Loreto Mantana, Charmaine Rhoda Mantana, Jose Ernadio and PSMS Rocelle Ramos Mayo, all of Busuanga, who were cited for their acts of honesty.

Envoys&Expats BusinessMirror

www.businessmirror.com.ph

PHL champions gender agenda mainstreaming

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MBASSADOR Elizabeth P. Buensuceso, Asean Senior Officials Meeting Leader, recently represented the Philippines in the Asean Ministerial Dialogue on Strengthening Women’s Role for Sustainable Peace and Security.

“The Philippines has been a constant advocate of gender and women’s issues, and has pushed hard for gender mainstreaming in [the region],” the ambassador said in the videoconference.

A staunch advocate of women’s rights, Buensuceso highlighted on September 10 such Philippine advocacies, including her initiative to conceptualize and launch the Asean Women for Peace Registry during her stint as the country’s permanent representative to the bloc—an aspiration aimed at enhancing the role of women in peace and reconcilia-

tion processes.

She also underscored the fact that among the major accomplishments of the Philippine Asean Chairmanship in 2017 were the adoption of the Joint Leaders’ Statement on Promoting Women, Peace and Security, as well as the Leaders’ Declaration on Gender-Responsive Implementation of the Asean Community.

The Filipina envoy cited the Philippines as the first Asian country to give flesh to the United Nations Security Council Resolution No. 1325, a landmark resolution on women, peace and security (WPS), when the

B7

‘Hanggang sa muli:’ An unforgettable four years

THE US PERSPECTIVE

Amb. Sung Y. Kim

I AMBASSADOR Elizabeth P. Buensuceso (center) in the Asean Ministerial Dialogue on Strengthening Women’s Role for Sustainable Peace and Security DFA

country formulated and adopted in 2010 the UNSC 1325 National Action Plan. She hailed Dr. Miriam Coronel-Ferrer as the first woman in the world to have signed a peace agreement, which is today being implemented.

Buensuceso conveyed Secretary of Foreign Affairs Teodoro L. Locsin Jr.’s call for the incorporation of the WPS agenda in the Asean Comprehensive Pandemic Recovery Framework, especially since women and children

are among the vulnerable sectors disproportionately affected by the pandemic and the ensuing lockdown.

Among those who spoke at the gathering were Indonesia’s Foreign Affairs Minister Retno Marsudi, Australia’s Minister for Foreign Affairs and Women Marise Payne, Vietnam’s Chairman of the Union of Friendship Organizations Nguyen Phuong Nga and the UN’s Undersecretary-General for Political and Peacebuilding Affairs Rosemary A. DiCarlo. DFA

Spanish film fest lands online in 3 countries

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ROM October 3 to 11, the 19th edition of PELÍCULA Spanish film festival will showcase the best of contemporary cinema from Spain, as the 2020 installment will screen eight full-length movies and four short films online.

According to organizers, the Spanish film festival has been an annual attraction in Philippine cinemas since its conception in 2002 by Instituto Cervantes de Manila. With the health crisis posing the greatest challenge in the history of the festival, PELíCULA responds by offering online screenings and webinars.

Even better, it is expanding to two other countries on this side of the world: Thailand and Australia.

Each movie will be available for viewing for free at www.pelikula.es for 24 hours starting at 6 p.m. in the Philippines and Thailand and 8 p.m. in Australia on the programmed screening date.

The festival will open on October 3 with La filla d’algú (2019), a film directed by 11 students from the Escuela Superior de Cine y Audiovisuales de Cataluña. Other movies in this year’s lineup are El increíble finde menguante (by Jon Mikel Caballero, 2019), the comedy Asamblea (by Alex Montoya, 2019) and dramas like Jaulas (by Nicolás Pacheco, 2018), and Arima (by Jaione Camborda, 2019).

Likewise, there will be documentaries such as Mudar la piel (by Ana Schulz and Cristóbal Fernández, 2018) and El cuadro (by Andrés Sanz, 2019).

PELÍCULA will also feature Latin American cinema with one film from Costa Rica: El despertar de las hormigas (by Antonella Sudasassi, 2019).

Thursday, October 1, 2020

Encounters thru short films

THE Tagalog word pelikula comes from the Spanish película (film)—proof of the deep cultural ties shared between the Philippines and Spain. With this spirit in mind, since its first editions, PELÍCULA had among its main objectives the joint organization of Spanish-Filipino programs which could foster dialogue and collaborative projects between filmmakers from the Philippines and the Spanishspeaking world.

Under a similar approach, on October 10, PELÍCULA will offer “En corto: Short Films from the Philippines, Thailand, Australia and Spain,” where four recent short films—one from each country—will be featured, as their directors will take part in an online discussion thereafter.

Audiences get to judge

Aside from the screenings, webinars and online discussions will be conducted, with the participation of the directors of the films featured in the festival. On October 5, there will be a roundtable discussion about “Marketing Asian Cinema in Europe, and Spanish Cinema in Asia.” On October 9, the directors of Spanish, Thai and Filipino major film festivals will hold a discussion to answer the question: “Any Future for Film Festivals?” These may be accessed for free via www.pelikula.es.

LAST, but not least, film buffs should not miss the yearly Audience Choice award. Established in 2004, the Premio del Público (Audience Choice Award) recognizes in each edition the film PELíCULA viewers have voted as the best of the festival. As a popular feature of the festival among the attending public, it will be maintained in 2020, adapting to the new condition of online festival.

Viewers will be given “virtual stubs” which they will use to rate the movie they have seen online.

The winning movie will be screened once again on October 11, 6 p.m. at www.pelikula.es.

For the schedule, film details and further information on the Festival, visit www.pelikula.es, https://manila.cervantes.es, and on Facebook: InstitutoCervantesManila.

T is with a heavy but full heart that I bid farewell to the Philippines—my home for the last four years.

As I think back to my November 2016 swearing in, I recall vividly the immense pride I felt at being appointed US ambassador to our oldest ally in Asia. Coming from Los Angeles—the US city home to the largest number of Filipino-Americans—I had experienced the unique generosity, warmth and hospitality of the Filipino people.

But I could have never imagined the incredible journey ahead: From our partnership to end the Marawi Siege, to the historic return of the Balangiga bells, to fighting the pandemic…time and time again, I was amazed at what Americans and Filipinos could achieve together.

When I depart, I will take with me many indelible memories.

One of them was visiting Marawi City not long after the end of the siege.

While the massive destruction caused by the terrorists was heartbreaking, I saw the best of humanity in the strength and resilience of the local people. During a meeting with teachers and students, I was awestruck by their positive attitude, energy and resolve to rebuild.

Since the onset of the conflict, we have provided more than P3.1 billion to support the recovery of their communities. Philippine military leaders briefed me on the siege and recounted the critical assistance we provided to help the Armed Forces of the Philippines defeat terrorists.

Testifying to the strength of the alliance, President Trump—like so many of his predecessors—visited the Philippines within the first year of taking office, and the Philippines continues to be the largest recipient of US military assistance in the Indo-Pacific region.

This alliance did not happen overnight. On the battlefields of World War II, American and Filipino servicemen forged bonds that laid the foundation of our alliance—a bedrock of peace and security for our nations and the region. In recognition of our deep gratitude to those who fought so bravely for our freedom, in 2018, I had the honor of presiding over the first-ever Congressional Gold Medal ceremony in the Philippines.

Last year, we joined the Armed Forces of the Philippines and veterans groups to commemorate the 75th anniversary of the end of World War II, where we honored the shared sacrifice and heroism of Filipinos and Americans, whether they defended Bataan, fought in Corregidor, or liberated Manila. Their poignant

stories will remain with me for the rest of my life.

In addition to our security alliance, we share a robust economic partnership which creates jobs, builds skills, and supports inclusive development. US companies are the largest employers and electronic exporters, and among the largest taxpayers in the Philippines.

From Bohol, to Davao, and Cebu, I’ve seen firsthand the positive impact US companies are making by investing in their Filipino work force. In the face of the pandemic, US companies stood by their Philippine partners by providing medical supplies, information technology support and food for frontliners. The US government has provided more than P1 billion to support Philippine government pandemic efforts—including the recent donation of state-of-the-art ventilators manufactured in the US. I depart optimistic about the future of the US-Philippines alliance at large, part due to the outstanding Filipino youth I met throughout my tenure. Alumni of our Young Southeast Asian Leaders Initiative inspired through their dedication to community and country, while Filipino teams impressed with technological innovations in global NASA competitions.

Enthusiastic US-bound students I met at our EducationUSA fairs will spark new collaborations with American classmates. As honorary chairperson with Fulbright Philippines, I learned from the best and brightest Filipino students and academics. Recognizing the unlimited potential of these ties, our governments elevated higher education cooperation to a bilateral strategic priority. This mutual investment reinforces our shared values as democracies and underscores that the Philippines’s greatest resource has, and always will be: its people.

Whether watching college basketball, meeting Filipino youth, or traveling to stunning destinations, I’ve been inspired and energized by the promise of this dynamic country and the depth of our special partnership. The next time I wear a barong, enjoy lechon, crispy tilapia or savor buko pandan with my wife and daughters, we will remember with fondness the wonderful friendships we made here.

It has been an honor and a privilege to serve in the Philippines these past four years. With profound gratitude, I bid the Philippines and my Filipino friends farewell and say: Maraming, maraming salamat! And until next time…hanggang sa muli!

Asean-EU: Strengthening our partnership is a necessity

By Josep Borrell

European Union High Representative and Vice-President

O

N September 12, I had the pleasure to discuss with my Asean counterparts the strengthening of cooperation between our two regions. In a world hit by the pandemic and characterized by power politics, we have a lot in common. Our joint work should ensure that we defend the rules-based international system and ensure every human being can enjoy the security and rights we sometimes take for granted.

If the coronavirus disease 2019 (Covid-19) pandemic has taught us anything, it is that the European Union (EU) and Asean must come together as like-minded “partners in integration,” even if they are geographically distant.

While others choose to undercut multilateralism, our organizations should ensure that our trading systems, prosperity and security are governed by rules and based on international agreements—not on the idea that “might

makes right.” Neither Asean nor the EU is ready is to become part of any “sphere of influence.”

It is not the law of the strong that must prevail, but the strength of the law.

We know that only by being together can we overcome this terrible pandemic. Last May, we successfully pushed for the adoption of a resolution on Covid-19 by the World Health Organization, which foresees an impartial, independent and comprehensive review of lessons learned from the international health response.

Acting together as the EU, we are assisting partners around the world in tackling the virus and its socioeconomic impact. In Asean alone, we were able to mobilize about €800 million as a “Team Europe” effort, more than any other partner of Asean.

‘Covax,’ trade

FOR this pandemic, the only viable exit strategy is a safe and reliable vaccine. Here also, we choose a multilateral response: The EU is mobilizing €400 million in guarantees to support the initiative for the Covid-19 vaccine, or Covax, for a global

BORRELL

supply for citizens across the world—in poor and rich countries. We have proposed that experts from the EU and Asean get together to see how best we can cooperate on vaccine security.

The second priority for both sides will be to reboot our economies. As the first investor in Asean, the EU is committed to stepping up our economic partnership. The challenge is to promote deeper Asean economic integration, as well as closer ties between us.

That means first to pursue our trade agenda:

The trade agreements between Singapore and Vietnam have entered into force, and the EU is negotiating other agreements with several of you.

We should pursue these with renewed urgency.

In parallel, we have to work even more together to enhance connectivity. We will build on our numerous EU-Asean programs to facilitate trade and integration, as well as build infrastructure to speed up economic recovery. The launch of the EU-supported Asean Customs Transit System later this year is just one other example.

The EU and its member-states contribute 50 percent of the €1.2-billion Asean Green Finance Catalytic Facility. An immediate common objective should be the establishment of an EU-Asean energy dialogue to tap into the potential of sustainable connectivity and the green recovery.

We also look forward to finalizing our Air Transport Agreement as soon as possible. The agreement would be the first of its kind, creating the world’s biggest aviation market for over 1 billion people.

Mutual security

WHILE we focus on Covid-19 and plan the recovery, we should be vigilant about the undercutting of the international rules-based order in other domains. We cannot allow countries to unilaterally undermine international law and maritime security in the South China Sea, thereby representing a serious threat to the peaceful development of the region. Any disruption or instability affects trade flows for everyone, at a time when the pandemic has already struck all our economic systems. Around 40 percent of the EU’s foreign trade goes through the South China Sea. All parties should refrain from the threat or use of force, the militarization of maritime features, and from any provocative actions.

Instead, they should exercise self-restraint and resolve disputes through peaceful means, such as the dispute settlement mechanisms under the United Nations Convention on the Law of the Sea, or Unclos. We look forward to the conclusion of the talks on an effective, substantive and legally binding Code of Conduct in the South

China Sea, which should not prejudice the interests of third parties.

Asian security is closely linked to European security. Here also, we need to intensify our cooperation. Last year, the EU signed an agreement on Vietnam’s participation in our European military and civilian missions, which are deployed from the Indian Ocean to Africa. I hope it will be the first of many with our friends in Asean, because our missions do not only serve European interests. They serve the interest of peace and security in some of the most troubled parts of the world.

In the EU, you will always find a trustworthy, reliable and predictable partner. We have no hidden agenda—only a clear and public one: to defend the rules-based international system, and ensure everyone can enjoy the security and rights we sometimes take for granted.

We share a special responsibility: to uphold the global, multilateral order. At times of protectionism, United States-China rivalry and global uncertainty, it is more relevant than ever. Our partnership is no longer a luxury, but a necessity.

Sports BusinessMirror

B8 Thursday, October 1, 2020

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

CALOY MISSES HOME

By Annie Abad

W

ORLD champion gymnast Carlos “Caloy” Yulo is homesick.

Locked down in Japan for the last eight months and unable to come home for a break in training because of travel restrictions, Yulo misses his family in Leveriza, his friends and fellow Filipino athletes.

“Caloy [Yulo] called me one time and told me he wanted to go home because he said he is already burnt out from the training and all that,” Gymnastics Association of the Philippines (GAP) President Cynthia Carreon told the BusinessMirror by telephone from the US where she is vacationing.

“But I explained to him that if he would come home, he could not do anything here, because everything is closed,” Carreon said. “So he said ‘Ok ma’am, I was just thinking maybe I can be around with my fellow Filipino athletes during training and be with my family.’’

“But eventually, he understood that he can’t really train here because of the situation,” Carreon added.

Yulo is only 20 and has been away from his family most of the time training, particularly in Japan where he is based under the watchful eyes of Japanese Coach Munehiro Kugimiya.

He won the floor exercise gold medal at the Gymnastics World Championships in Stuttgard, Germany, in 2019, earning a ticket to next year’s Tokyo Olympics.

Winning gold at the worlds—he clinched silver in his first try in 2018 in Doha—involved a lot of sacrifice, including being away from home while he was growing up as a teenager in a community

that never sleeps just across the Rizal Memorial Sports Complex.

And now it’s tolling on the very athlete who could potentially win for the country its first Olympic gold medal next year.

“We’re on video call everyday so he would feel that we are always there for him to support him,” Yulo’s mom, Angelica, confided to BusinessMirror. “I am so proud of him for his latest achievement. I know he is giving all his heart in training and in his sport. I hope he wins the Olympics.”

Yulo recently bagged a bronze medal, not in floor exercise but in vault, in his first tournament during the Covid-19 pandemic at the 53rd All Japan Senior Masters Gymnastics Championships in Takasaki, Japan.

It was also his first since the Philippines 30th Southeast Asian Games in Manila where he won gold last December.

Carreon said Yulo’s participation in vault at the Takasaki event was intentional.

“The goal is to get the gold medal in the floor exercise—I am talking about the Tokyo Olympics here. Then silver in the vault, maybe even gold who knows,” Carreon said. “We just want him to be versatile just like the other best gymnasts in the world.”

Carreon said the Philippine Sports Commission (PSC) has been supporting Yulo’s training, along with the MVP Sports Foundation.

SASO

Saso vies in tough Fukuoka leg

Y

UKA SASO sets out in a featured potent threesome with Sakura Koiwai and Ayaka Furue in the Ladies Professional Golf Association (LPGA) of Japan Tour’s second major championship, Japan Women’s Open, on Thursday at The Classic Golf Club in Fukuoka Prefecture.

Any of the three could explode anytime—they have won at least once in the Tour’s first six legs with the International Container Terminal Services Inc.-backed Saso bagging two in consecutive fashion.

They are also the top 3 in the current list of records covering average stroke, birdie, per break rate, par save rate and average number of putts,.

But the field also teems with seasoned campaigners, including LPGA Tour stalwarts Momoko Ueda and Mamiko Higa, as they strive for the trophy that ranks next to the Japan Ladies Professional Golf Championship won by Saki Nagamine.

Also in the roster is 16-time JLPGA winner Ai Suzuki, Earth Mondahmin Cup winner Ayaka Watanabe, former Japan Open titlists Mika Miyazato and Teresa Lu, and Eri Okayama, runner-up to LPGA-based Nasa Hataoka last year.

The Y112.5 million event is set at the par72, 6761-yard The Classic Golf Club known for its length, up-and-down terrain, thick roughs, hazards and bunkers.

CARLOS “CALOY” YULO is still that young son in a men’s world champion’s body, sitting on his mom Angelica’s lap as his dad Mark Andrew joins the picture. This was taken in November last year.

Boxing back in Mandaue

COACH LEO: BUBBLE’S C A WHOLE NEW WORLD F

OR multi-titled San Miguel Beer Head Coach Leo Austria, it’s a whole new world for him and the Beermen at the Philippine Basketball Association (PBA) bubble at the Clark Freeport Zone in Pampanga.

“We are like overseas Filipino workers here, working away from home and our families,” Austria on Wednesday told BusinessMirror from his room at the Quest Hotel where he is completing the two-day compulsory quarantine imposed under the PBA’s health and safety guidelines.

“But all the players here are professionals,” added Austria, noting his players, like himself, are adjusting to the new environment and situation.

“Everyone is required to adjust and adapt to what will happen inside the bubble,” he said.

The PBA bubble will last for 49 days—or at least for those who make the best-ofseven finals—with no one allowed to leave the sanitized facility. Violators will be fined P100,000 for leaving the bubble and if the offender is a player, he will be suspended for five games next season.

Making the bubble entirely different for the Beermen is the absence of six-time Most Valuable Player June Mar Fajardo, who was left behind in Manila recuperating from a broken right tibia he sustained in practice last February.

Thus, Austria refused to commit or make promises as the Beermen go after an unprecedented sixth straight Philippine Cup crown.

“There is no such thing as a promise to anyone, you can never tell what will happen because this is a [new] competition,” Austria

SAN MIGUEL Beer Head Coach Leo Austria takes a selfie for the BusinessMirror from his room at the Quest Hotel.

said. “What I and the team could promise is to adjust to the new environment.”

Playing for San Miguel Beer in the bubble are Arwind Santos, Alex Cabagnot, Daniel de Guzman, Mo Tautuaa, Gelo Alolino, Marcio Lassiter, Terrence Romeo, Chris Ross, Von Pessumal, Paul Zamar, Billy Mamaril, Bambam Gamalinda, Russel Escoto and Wendel Comboy.

Filipino-American Matt Ganuelas-Rosser is not in the bubble because of personal reasons.

The 12 teams are given two hours each for collective training and scrimmage starting on Thursday at the Angeles University Foundation Gym in Angeles City.

The Philippine Cup resumes on October 11.

EBU-BASED Omega Sports Promotions will hold a groundbreaking boxing card in a bubble on October 7 at the International Pharmaceuticals Inc. compound in Mandaue City.

“We are honored and privileged to be holding this historic boxing card in Cebu. It is a challenge but we are looking forward to it,” Omega Sports Promotions Head Jerome Calatrava told the recent online Philippine Sportswriters Association Forum.

Sanctioned by the Games and Amusements Board, the card is the first to be held in the country since the Covid-19 pandemic lockdown was implemented in March.

Also known by his alias “Joe Romeo” as he moonlights as a disc jockey, Calatrava added in the session supported by San Miguel Corp., Philippine Amusement and Gaming Corp., Milo, Go Gold, Amelie Hotel and Braska Restaurant and powered by Smart with Upstream Media as webcast partner, that the card is made up of four bouts.

Omega’s Ronnie Vecilles and Baguio City’s Junel Lacar collide in a 10-round light-flyweight (108-pound) clash, while stablemate Christian Araneta takes on Richard Rosales of Bohol also in a 10-round light-flyweight match.

Omega’s Penitente Apolinar tackles Cagayan de Oro’s Jetro Pabustan in a featherweight (126-pound) bout, also a 10-rounder, while his stable partner Carlo Bacaro tangles with fellow Cebuano Jeffrey Stella in a light-welterweight (140-pound) encounter set for six rounds.

Vecilles is the reigning World Boxing Association South light flyweight champion and is ranked No. 10 in the World Boxing Council ratings, while Araneta was an ex-WBC Asia silver champion in the light-flyweight division, according to Calatrava.

JAMES VS. MIAMI STORY LINE SHAPES UP IN FINALS

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AKE BUENA VISTA, Florida—LeBron James wants to beat the Miami Heat. The Miami Heat want to beat LeBron James.

These shouldn’t be surprising notions to anyone, not with a title at stake.

Those looking for more acrimony than that, well, they may be disappointed.

The National Basketball Association (NBA) Finals start Wednesday night and the James versus Miami story line is shaping up as little more than a meeting of the mutual admiration society, albeit with a championship at stake.

James is looking to bring the Los Angeles Lakers back to basketball’s mountaintop for the first time since 2010 and the Heat are looking to cap a surprising season with their fourth crown.

“I’m here for one reason and one reason only, and that’s to compete for a championship,” James said on the eve of Game 1 of his 10th finals, where he’ll be seeking ring No. 4.

James was asked any number of different ways Tuesday about his time in Miami, his thoughts on Coach Erik Spoelstra, his opinion

of Heat President Pat Riley. He never took the bait, speaking only with fondness for the four years he spent in Miami and the two titles the Heat won during that stay.

“Being a part of that culture allowed me to grow, allowed me to see what it takes to not only compete for a championship but also to win a championship,” James said. “So, it definitely put me in a position where I knew what it took. I saw what it took. But also, I fit that culture as well because of how hard I worked. It was a perfect match for those four years.” AP